Codere hit by LatAm decline in Q1

first_img Codere has cited a decline across its Latin American operations as the key reason behind a drop in operating revenue in Q1 AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Codere has cited a decline across its Latin American operations as the key reason behind a drop in operating revenue during the first quarter of 2018. Operating revenue amounted to €383.3m ($458.4m) in the three-month period, down 5.4% on €405.1m in the opening quarter of last year. Codere said the struggles in Latin America were “driven by an adverse evolution of most local currencies and the US dollar versus the euro”, but added that these were “partially offset by revenue increases in Spain and Italy”. In constant currency terms, group revenue would have increased 11.2% year-on-year. Meanwhile, operating profit fell by 2.2% from €35.8m to €27.9m, while adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) dropped 0.4% from €68.1m to €67.9m. Codere said its adjusted EBITDA result was “especially remarkable”, due to the increased gaming tax implemented in Italy and Argentina in Q2 of last year, as well as adverse foreign exchange trends that have resulted in the devaluation of the US dollar and Latin American currencies. Elsewhere, net income slipped 70.3% from €2.7m in Q1 of 2017 to €800,000 in the most recent quarter.Related article: Codere posts revenue, profit growth in 2017 Tags: Mobile Online Gambling OTB and Betting Shops Codere hit by LatAm decline in Q1 Finance Topics: Finance Sports betting 14th May 2018 | By contenteditor Regions: Europe LATAM Southern Europe Italy Spain Subscribe to the iGaming newsletter Email Addresslast_img read more

Greece launches new consultation on iGaming rules

first_img The Hellenic Gaming Commission has launched a second consultation on its proposed online gambling regulations, giving the industry a window of just 10 days in which to submit comments. 16th January 2019 | By contenteditor Greece launches new consultation on iGaming rules Subscribe to the iGaming newsletter The Hellenic Gaming Commission (EEEP) has given the industry just 10 days to respond to its proposed online gambling regulations after publishing an updated list of rules. The updated draft rules include a number of amendments to the earlier set of regulations that were circulated for consultation in September and October. The regulator is now inviting comment from the gaming industry and other interested parties, though the consultation period closes on January 25.The regulations cover sports betting and table games, with random number generated casino games still controversially omitted. Among the rules under consultation are responsible gambling controls, with the EEEP proposing a range of player protection measures. Licensees will be required to feature responsible gambling information on all pages of their website, as well as offering players the ability for players to set wagering limits. Operators will also be required to intervene by restricting players’ accounts if a customer displays signs of problem gambling. Players will also have the option self-exclude online gambling either temporarily or permanently, with licensed operators required to check whether any new customers are listed on a national self-exclusion database before allowing them to gamble. Licensees will also have the ability to exclude player from gambling, should they have a valid reason for doing so. Operators will be required to follow guidelines set by the EEEP for the self-exclusion process. The EEEP has also moved to address concerns related to advertising and online gambling, setting out a number of rules for operators to follow. Licensees must avoid any malicious or offensive graphics and sounds in ads on their websites, while adverts should not block or overshadow the gaming area. All adverts must be consistent with the terms and conditions of the game that they are promoting, while the EEEP has also made clear that ads should not target players who have been excluded from gambling. In relation to advertising, all licensees must seek permission to use the images of any sports players in their adverts. Should operators breach any of the rules, the EEEP could move to suspend their licence. Meanwhile, the updated list of regulations also set out measures regarding bonus features in games. The EEP said that unless advertised differently, bonus games should subject to the same theoretical paytable as all other games. Operators will also be required to clearly set out the rules of bonus games to players, displaying how much a player can win and the range of features that are included in the game. If players are required to collect a certain amount of symbols to trigger a bonus game, the licensee must make this clear. Consumers should also be made aware of how many games they have to play to secure the bonus offered, if the promotion includes multiple rounds. Other measures set out by the EEEP include a requirement for all operators to have in place a central information system, intermediate control system and gateway control technology as part of their security set-up. In addition the online gaming system must have the ability to detect the physical location of a player to ensure that they are situated in Greece. The EEEP is yet to confirm when the new regulations will come into effect.The expanded regulations follow a similar consultation launched in September last year, which set out costs associated with securing a licence in the country.Companies seeking a online gaming and sports betting licences will face a fee of €5m (£4.4m/$5.7m). An individual sports betting licence will be priced at €4m, with operators having to pay an extra €1m to also offer igaming services. Operators will also have to put up a €500,000 guarantee as part of their application, must hold a licence in another European Union country. However, companies that have been blacklisted in Greece within the past 12 months will not be considered for a new licence. The new licences will run for five years, with operators required to renew their certification at least one year before the expiry date.Image: Big Albert Legal & compliance Topics: Legal & compliance Sports betting Regions: Europe Southern Europe Greece AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Tags: Online Gambling Email Addresslast_img read more

Sportnco targets US and LatAm after 2018 revenue grows

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Email Address Subscribe to the iGaming newsletter 24th January 2019 | By contenteditor Tags: Mobile Online Gambling OTB and Betting Shops Race Track and Racino Topics: Sports betting Horse racing Regions: Europe LATAM US Central and Eastern Europe Nordics Southern Europe Western Europe Switzerland Sweden Italy Malta Spain France Portugal Argentina Colombia Horse racing Sportnco, the B2B arm of French betting operator France Pari Group, will look to further expand its presence in Europe as well as move into US and Latin American markets after posting a 35% increase in revenue for 2018.The operator generated fees and royalties of €5.4m (£4.7m/$6.1m) from its B2B sportsbook solution, daily fantasy sports product and player account management system over the year.Currently licensed in Belgium, France, Malta and Spain, it launched three new clients during the year, taking the total number of customers to 18. This included the launch of its daily fantasy product with French betting and gaming giant Pari-Mutuel Urbain.However Sportnco credited the year’s growth to a strong performance in the Spanish market, which it expects to become its largest territory in terms of customers by the end of 2019. It is to power a dot.es offering for Italian operator Sisal, in what will be the operator’s first move beyond its native market.The supplier will also look to expand its client base by moving into the regulated Swedish and Portuguese markets, with the certification process of its sports betting solution already underway in each.It is also looking to move into Italy and Switzerland, as well as looking further afield, with plans to enter US states were sports betting is permitted, the Colombian iGaming market, and certain Argentinean states. Sportnco, the B2B arm of French betting operator France Pari Group, will look to further expand its presence in Europe as well as move into US and Latin American markets after posting a 35% increase in revenue for 2018. Sportnco targets US and LatAm after 2018 revenue growslast_img read more

West Virginia to consider new igaming bill

first_img12th February 2019 | By contenteditor A group of West Virginia lawmakers have introduced a new bill in the latest effort to legalise online gambling activities in the US state. The West Virginia Lottery Interactive Wagering Act, or H 2934, would enable the state’s four racetrack casinos – Hollywood Casino, Mountaineer Racetrack and Casino and Delaware North’s properties in Nitro and Wheeling – as well as the Greenbrier resort to offer legal igaming services. The West Virginia Lottery Commission would be responsible for regulating the market and administering licences under the proposed framework. Slots and table games, as well as other services, would be permitted under the bill. Venues seeking to operate online gaming services would need to secure a licence for a fee of $250,000 (£194,500/€221,500). These licences would run for five years, after which the holder would need to pay a renewal fee of $100,000. Licence-holders would face a tax rate of 10% of their adjusted gross interactive wagering receipts. Tax levied and collected would be due and payable to the Commission in weekly instalments. Aside from operator licences, the Commission would also be permitted to award a number of other licences, thus opening up the market to wider range of brands. These would include management service provider licences, whereby licence-holders may work with a separate entity to offer online gaming. These licences would cost $100,000 and only run for one year, with an annual renewal fee of $100,000. The Commission may also award supplier licences, under which providers would be able to sell or lease interactive wagering equipment, systems, or other gaming items necessary to conduct interactive wagering. These one-year licences would cost $10,000, with an annual renewal fee of $10,000. In addition, all persons employed to be engaged directly with igaming activities would require an occupational licence for $100. The licences would include an annual renewal fee of $100, although the bill would allow the person’s employer to pay these fees on behalf of their staff. The West Virginia Lottery Interactive Wagering Act has now been referred to the House Judiciary Committee for its first consideration.  The latest bill comes after Representatives Shawn Fluharty and Joe Canestraro last month also introduced House Bill 2178, seeking to amend the 1931 Code of West Virginia to legalise igaming for players aged 21 and above. Much of the language in the new West Virginia Lottery Interactive Wagering Act is similar to that of the state’s recently enacted sports betting laws. Since last August, consumers have been able to place bets in-person, and this was extended in December to allow for online wagering. Hollywood Casino was the first venue to launch in-person sports betting, via a partnership with William Hill. Mountaineer Racetrack and Casino, Delaware North’s two sites and the Greenbrier resort have since followed suit. Image: Joel Kramer Legal & compliance West Virginia to consider new igaming bill AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Tags: Online Gambling Topics: Legal & compliance A group of West Virginia lawmakers have introduced a new bill in the latest effort to legalise online gambling activities in the US state. Subscribe to the iGaming newsletter Email Address Regions: US West Virginialast_img read more

Dutch trade body calls for tax hike reversal

first_img Tags: Online Gambling OTB and Betting Shops Topics: Casino & games Finance Casino & games AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter 3rd April 2019 | By contenteditor Frits Huffnagel, chairman of Dutch gambling trade body Van Kansspelen Branche-organisatie, has called on a temporary gambling tax increase to be reversed after the country revealed an €11bn (£9.4bn/$12.4bn) budget surplus. Dutch trade body calls for tax hike reversal Regions: Europe Western Europe Netherlands Frits Huffnagel, chairman of Dutch gambling trade body Van Kansspelen Branche-organisatie, has called on a temporary gambling tax increase to be reversed after the country revealed an €11bn (£9.4bn/$12.4bn) budget surplus for 2018.The 2018 surplus – equivalent to 1.5% of the Netherlands’ gross domestic product – came after an increase from 29% to 30.1% of gross gaming revenue was introduced in July last year.Under the country’s Remote Gaming Act, which was finally approved in February by the Senate upper house of the Dutch legislature some five years after it had been introduced by the House of Representatives, operators will eventually be taxed at 29.1% of GGR.However, with the first licences not expected to be awarded until the middle of next year at the earliest, and in light of the country’s healthy balance sheet for 2018, Huffnagel (pictured) insisted there is no reason why the temporary tax increase cannot be reversed “as quickly as possible, but no later than January 1, 2020”.He added that, given the budget surplus, “this unfair tax increase was therefore not necessary to ensure central government could balance the books”.Huffnagel, in a meeting with Van Kansspelen members, said that it was in State Secretary for Finance Menno Snel’s powers to reverse the tax hike, which had contributed a total of €20m towards the country’s surplus.Under current plans, the temporary increase will only be reversed on January 1, 2021 – six months after the Netherlands’ Remote Gaming Act is set to come into force.“It was already unreasonable and unfair, and it now appears to be unnecessary,” Huffnagel added.“Providers have been paying for two years for political dawdling and the premature behaviour of the State Secretary for Finance. It is now a natural moment to reverse the increase. By doing this, providers will also have the necessary financial headroom to meet the strict new requirements.”Van Kansspelen lists 102 members on its website, including slot machine manufacturers, lotteries, casinos and online providers.Van Kansspelen is a member of Euromat, the European Gaming and Amusement Federation.Image: Euromat Subscribe to the iGaming newsletter Email Addresslast_img read more

Swedish regulator joins national effort to combat money laundering

first_img Email Address Topics: Legal & compliance 11th June 2019 | By contenteditor Swedish gambling regulator Spelinspektionen has joined forces with a number of its fellow national governing bodies and organisations on a joint effort to tackle terrorist funding and money laundering in the country. AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Tags: Online Gambling Legal & compliance Swedish gambling regulator Spelinspektionen has joined forces with a number of its fellow national governing bodies and organisations on a joint effort to tackle terrorist funding and money laundering in the country.The new initiative will act as a forum for exchanging both information and knowledge between all participating organisations, as well as identify, map and analyse the risks and methods for money laundering and terrorist financing. Other organisations that have committed to the national effort include Sweden’s Police Authority (Polismyndigheten), Tax Agency (Skatteverket) and Customs Service (Tullverket).Bodies supporting the new effort will compile national risk assessments on how to best tackle issues related to such activities and also provide information to operators across their relevant markets as to how to support efforts to tackle these issues in Sweden.Spelinspektionen will focus on how gambling can be exploited by money launderers and terrorist financiers, offering advice and guidance to other organisations involved with the initiative.The regulator already carries out in-depth checks on applicants for gaming licences in the country, with operators required to demonstrate that they have controls in place to stop their sites being used to launder money.“We are currently procuring a solution for verifying information on licence applicants’ and licensees’ group structures, company information and ownership,” Spelinspektionen anti-money laundering compliance officer Fredrik Lindquist explained. “Currently, by constructing complex and cross-border structures with legal entities in different jurisdictions, one can hide the people involved and the origin of funds.” Subscribe to the iGaming newsletter Regions: Europe Nordics Sweden Swedish regulator joins national effort to combat money launderinglast_img read more

GiG to sell Highroller B2C brand to Ellmount Gaming

first_imgFinance Gaming Innovation Group (GiG) has reached an agreement to sell its Highroller B2C brand to affiliate and operator Ellmount Gaming for €7m (£6.5m/$7.8m).As part of the deal, Ellmount Gaming will now become a B2B customer of GIG and continue to operate Highroller using GiG’s Platform Services, Front End solution and Managed Services.Highroller will initially remain as an operator under GiG’s licences with a long-term white label agreement, but plans are in place to migrate to Ellmount Gaming’s licences after regulatory approval. Its existing B2C brand, CasinoRoom.com, is licensed in Malta, Curacao and the UK.Launched in December 2017, Highroller generated revenue of €1.4m in the first half of 2019, but reported an earnings before interest, tax, depreciation and amortisation loss of €200,000.GIG said the sale forms part of its ongoing strategy to focus on its core Rizk.com brand, with a focus on boosting earnings quality and margins through increased customer engagement and loyalty.Should the deal go through as expected, GiG would operate with four brands: Rizk, Guts, Kaboo and Thrills.“The sale of Highroller is a confirmation of our discipline and focus as we are growing Rizk.com to become a Tier 1 casino operator in select markets,” GiG chief executive, Robin Reed, said.“Through this agreement, we gain increased cash flow, a strong B2B partner and Highroller will get the marketing muscle and focus it deserves. The brand was launched only two years ago and with this sale, it has returned three-digit ROI for GiG.“I am looking forward to seeing the brand prosper in the hands of very capable owners, empowered by our full suite of products and services.”Terms of the deal state GiG will receive the €7m payment in monthly instalments over the contract period of 48 months, starting seven months after today (13 August).GiG is due to announce its financial results for the opening six months of the year tomorrow (14 August). Tags: Online Gambling 13th August 2019 | By contenteditor Email Address Companies: GiG Subscribe to the iGaming newsletter Topics: Finance Strategy Gaming Innovation Group (GiG) has reached an agreement to sell its Highroller B2C brand to affiliate and operator Ellmount Gaming for €7m (£6.5m/$7.8m). GiG to sell Highroller B2C brand to Ellmount Gaming AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitterlast_img read more

Phumelela shares to delist from JSE as creditors wind up business

first_imgThis was then exacerbated by South Africa’s first lockdown as a result of novel coronavirus (Covid-19), prompting management to file for business rescue. “The company will maintain a register of shareholders who will be advised accordingly via the business rescue status reports issued monthly to affected persons.” Initially there was a suggestion that the business rescue practitioners may have continued to trade its horse racing or Betting World businesses. The plan always included selling its racetrack business, and its share of the Phumelela Gold International joint venture with Gold Circle.  It will therefore be officially delisted from the JSE on 11 January, 2021.  Shares in stricken South African horse racing operator Phumelela Gaming and Leisure Group will delist from the Johannesburg Stock Exchange early next year, as the business is broken up to repay creditors. Tags: Phumelela Gaming and Leisure Group This, in turn, saw creditors reject a ZAR925m (£46.0m/€50.7m/$61.7m) rival takeover bid from British operator Betfred. The plan set out by MOD will see all of Phumelela’s assets put up for sale, with net proceeds used to repay creditors. This, Phumelela noted, amounted to “an orderly winding up” of the operator’s affairs, that will leave it with “no business, no assets and no employees”.  Management The MOD offer will see main creditors Rand Merchant Bank (RMB) and Investec receive 100% of money owed. Other creditors will only ZAR242.0m (72.2%) of the ZAR335.0m owed. An additional ZAR100m was originally to be made available for shareholders. The company’s chief executive John Stuart and finance director Andreas Heide both resigned when Phumelela filed for business rescue. While Andrew Langham was appointed interim finance chief, neither position will be permanently filled, with management control resting with the business rescue practitioner John Evans.  Subscribe to the iGaming newsletter Phumelela shares to delist from JSE as creditors wind up business This now looks unlikely, however. Email Address “It is not clear at this stage whether, at the end of business rescue, any surplus funds will be available for distribution to shareholders,” the operator said.  Regions: Southern Africa South Africa AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Topics: Sports betting Strategy Horse racing Management The business was already struggling badly after a Gauteng court ruled its joint venture with the state’s Economic Development department to be illegitimate, resulting in a major loss of earnings.  As a result, its board of directors is unable to fulfil the role required of it in the JSE Listings Requirements. It fails to comply with the minimum listing criteria, such as having the ability to control its assets or affairs, or to determine its future.  Trading of Phumelela shares has been suspended since 8 May, when the company was placed in business rescue – a form of bankruptcy protection – that ultimately saw it accept a rescue deal from Mary Oppenheimer Daughters (MOD).  14th December 2020 | By Robin Harrisonlast_img read more

Chhetri matches Messi’s 64 international goals record

first_img Previous articleFIFA World Cup 2018: How ₹32,000 cr revenue will be distributedNext articleDSPORT to broadcast South Asian Football Federation Championship 2018 Kunal DhyaniSports Tech enthusiast, he reports on Sports Tech industry and writes on sports products. Football Euro 2020, Ukraine vs Austria: Ukraine to ensure round of 16 berth against Austria, Follow Live Updates Copa America 2021 COL vs PER LIVE: When and where to watch Colombia vs Peru LIVE streaming in your country, India, Follow live update FIFA World Cup Qualifiers: Sunil Chhetri says he is Messi’s fan, ‘I’ll give him a nice handshake’ Sunil Chhetri has matched the feat of Lionel Messi among his contemporaries for the second highest number of international goals. The Indian football team captain and the Argentine are now tied at 64 goals, only behind Cristiano Ronaldo.Chhetri himself does not like any comparison with Messi and Ronaldo, the two among the all-time greats of global football. However, the numbers do matter. And, these numbers put Chhetri, the most successful striker ever for India, in the league of the greats. Instead, marginally above the best – in his scoring prowess. There can be no argument on the class, but the record book in sports is governed by sheer numbers, class matters on the field. TAGSLionel MessiSunil Chhetri SHARE Cricket Facebook Twitter Copa America 2021 RELATED ARTICLESMORE FROM AUTHOR FootballLatest Sports NewsSports BusinessNewsSportSportstars Cricket Latest Sports News Football Euro 2020 MKD vs NED LIVE, North Macedonia vs Netherlands: North Macedonia to inflict a surprise defeat on Netherlands Chhetri matches Messi’s 64 international goals record Share on Facebook Tweet on Twitter Football WTC Final LIVE: Devon Conway continues red-hot form, slams fifty to provide New Zealand dream start Football By Kunal Dhyani – June 11, 2018 Copa America 2021 VEN vs ECU LIVE: When and where to watch Venezuela vs Ecuador LIVE streaming in your country, India, Follow live update by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeSuresh Raina issues statement after arrest, says the incident in Mumbai was ‘unintentional’Suryakumar YadavPUBG Mobile Big Update : For the first time ever, India Government makes it official, ‘No Permissions to PUBG’For records, Chhetri’s name, for now, will be listed above Messi and only behind Ronaldo for the highest number of international goals.Even Quentin Tarantino couldn’t have written a better script. Sunil Chhetri, a national hero, pleaded with his fellow countrymen to come and watch his team play in the stadium after a low attendance in India’s 5-0 win over Chinese Taipei in the Intercontinental Cup. By the end of the tournament, Chhetri had played his 100th international match, won India the tournament, and equalled the record of Lionel Messi for the number of international goals.Ronaldo till date has netted 81 goals for Portugal in his 150 appearances for Portugal. Chhetri and Messi have 64 each. While Chhetri matched Messi with his brace in the Continental Cup final against Kenya on Sunday, on his 101st appearance for India. Messi has donned the Argentine jersey on 124 occasions for his 64 international goals.Chhetri has been in an enviable form throughout the tournament. He has netted eight goals in four outings, including 5 against Chinese Taipei with a hat-trick. He has also been the driving factor to drive Indian football fan to the stadium. Following his personal appeal on social media, the stadium was a complete sell-out for his 100th international against Kenya in spite of torrential rain in Mumbai.The Indian skipper did not disappoint thousands of his fans thereafter with his brilliant run culminating into the title triumph for India. WTC Final IND vs NZ: Virat Kohli displays his dancing skills on the beats of Bharat Army’s Dhol; Watch video Euro 2020- Switzerland beat Turkey 3-1: Shaqiri brace ensure 3-1 win; Switzerland’s fate hangs on other Group results Football Euro 2020, Italy vs Wales LIVE: Matteo Pessina goal helps Italy beat Wales, finish top of Group A with flawless record; Follow Live Updates WI vs SA 2nd Test Day 3 Live: South Africa lose early wickets; SA 50/3 (16.4 ov)- Follow Live Updates Cricket YourBump15 Actors That Hollywood Banned For LifeYourBump|SponsoredSponsoredDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily Funny|SponsoredSponsoredDefinitionTime Was Not Kind To These 28 CelebritiesDefinition|SponsoredSponsoredHollywood TaleHow Victoria Principal Looks At 71 Is HeartbreakingHollywood Tale|SponsoredSponsoredPost FunThese Twins Were Named “Most Beautiful In The World,” Wait Until You See Them TodayPost Fun|SponsoredSponsoredMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStory|SponsoredSponsored Tokyo Olympics: BCCI provides fuel in Indian Olympic flame, to contribute Rs 10 crorelast_img read more

COVID-19 Impact: IMG parent company Endeavor lays off 250 staff

first_img Cricket Latest Sports News By Kunal Dhyani – March 27, 2020 Cricket Euro 2020, Switzerland vs Turkey LIVE: Shaqiri adds another as Switzerland lead 3-1; Follow Live Updates by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTripCuratorYou Haven’t Lived Until You Visit These 10 All-Inclusive ResortsTripCuratorAssociated PressHawaii’s Kilauea has pushed lava up through fissures, destroying homes and forcing evacuations.Associated PressGrab the Redeem Code just released for Wilderness Hunter UMP & Shimmy Emote before it expires, Garena Free Fire India ‘Rampage Party Giveaway Day 2’Also Read: Sports Business: Sky, BT face £1bn loss if sporting events shut till AugustIMG and Ultimate Fighting Championships are prominent acquisitions among the company’s sports business interests.Endeavor CEO Ari Emanuel and Chairman Patrick Whitesell have agreed to work without any salaries during the year.In a further sign of how the coronavirus outbreak is buffeting the entertainment industry, the operator of one of Hollywood’s largest talent agencies disclosed that it would lay off as many as 250 employees due to the health crisis.“As we all focus inward to protect our personal health and safeguard our families, every company around the world is simultaneously faced with safeguarding the health and future of its business. We are no different,” Emanuel has reportedly written an internal note while announcing the job cuts. “All parts of our company are feeling the effects.”Endeavour operates it major business interests from the global entertainment hub Los Angeles, which remain under complete lockdown and the USA is facing a major brunt of the Coronavirus attack. The country now has the highest number of more than 85,500 COVID-19 positive cases, leaving behind China. Over 1,288 Coronavirus-related deaths have been confirmed in the USA.Endeavor and others in the representation business, including Paradigm Talent Agency and United Talent Agency, have been hard hit by the effects of the novel coronavirus. The pandemic has caused live events and Hollywood productions to be canceled or delayed, causing more than 100,000 workers to lose their jobs, Los Angeles Times has reported.The latest layoffs underscore how rapidly circumstances have changed for Endeavor and others in the agency business who were already facing economic pressures before the pandemic struck.Last summer, Emanuel and Endeavor, the powerhouse talent agency he founded in 1995 with no clients and no money, were on top of the world. Emanuel was considered one of the most powerful men in Hollywood, and he eagerly awaited a highly anticipated initial public offering in the fall.Endeavor partners anticipating a windfall from the IPO who had taken large cuts in their bonuses were now left without the expected pay out. Rumblings of unease and unhappiness began to bubble up.Endeavor in past few years had acquired or took major stakes in IMG Worldwide Holdings for $2.4 billion and Ultimate Fighting Championship for $4 billion, as well as the Professional Bull Riders, the Miss Universe Pageant, Frieze Art Fair, and a full basket of seemingly disparate assets in the realms of technology, fashion, food and investment banking — largely live event businesses that were now forced to close.Also read: UFC, IMG parent company Endeavor in debt pressure Tokyo Olympics: Deepika Kumari to be sole entry to Tokyo Games as Indian women’s recurve team fails to qualify Tokyo Olympics: BCCI provides fuel in Indian Olympic flame, to contribute Rs 10 crore Latest Sports News BCCI to form committee to take call on compensating domestic cricketers RELATED ARTICLESMORE FROM AUTHOR Cricket Formula 1 YourBump15 Actors That Hollywood Banned For LifeYourBump|SponsoredSponsoredDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily Funny|SponsoredSponsoredPost FunThese Twins Were Named “Most Beautiful In The World,” Wait Until You See Them TodayPost Fun|SponsoredSponsoredMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity Week|SponsoredSponsoredDefinitionTime Was Not Kind To These 28 CelebritiesDefinition|SponsoredSponsoredMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStory|SponsoredSponsored WTC Final LIVE: Devon Conway continues red-hot form, slams fifty to provide New Zealand dream start Cricket COVID-19 Impact: IMG parent company Endeavor lays off 250 staff Football Share on Facebook Tweet on Twitter WI vs SA 2nd Test Day 3 Live: South Africa lose early wickets; SA 35/2 (11 ov)- Follow Live Updates TAGSCoronaviruscoronavirus IndiaEndeavor sports businessIMG parent companySports BusinessSports Business NewsSports Business News India SHARE F1 French GP 2021: Max Verstappen pips Lewis Hamilton to win French GP, Perez finishes 3rd PSL 2021 Playoffs: Schedule, Timing, LIVE streaming, list of champions; all you need to know Latest Sports NewsSports BusinessNews Previous articleFanatics halts MLB jersey production, to make medical masks, gownsNext articleNBA cuts 20% base salary of top executives: Report Kunal DhyaniSports Tech enthusiast, he reports on Sports Tech industry and writes on sports products. Facebook Twitter With the Coronavirus pandemic bringing the entertainment and sports business to a screeching halt, IMG’s parent company Endeavor has laid off 250 staff to survive the financial crisis.More people among the 7,000 Endeavor staff are feared to lose jobs the company, under tremendous debt pressure, will continue with its retrenchment plans through April. The people whose profiled don’t have scope to work from home are feared to be the worst hit. Cricket WTC Final IND vs NZ: Virat Kohli displays his dancing skills on the beats of Bharat Army’s Dhol; Watch video Football Euro 2020 LIVE broadcast in more than 200 countries, check how you can watch Live Streaming of EURO 2020 in your country last_img read more