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Media Man News Blog: To Wrestle, With Love brings together 12 wrestling couples and 12 events that featured them; Exclusive Nick Aldis and Mickie James interview brings passion to the action; NWA 'Nuff Said' - Feb 12. Watch it all on FITE+
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To Wrestle, With Love brings together 12 wrestling couples and 12 events that featured them; Exclusive Nick Aldis and Mickie James interview brings passion to the action; NWA 'Nuff Said' - Feb 12. Watch it all on FITE+
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Friday, February 10, 2023
"Musk worries about AI. hope he leads the charge" (Rupert Murdoch) - 2016
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"Musk worries about AI. hope he leads the charge" (Rupert Murdoch) - 2016
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Media Man News: Big Tech groups disclose $10bn in charges from job culls and cost cutting Amazon, Meta, Alphabet and Microsoft reveal hefty price tag as they rein in spending
Media Man News
Big Tech groups disclose $10bn in charges from job culls and cost cutting
Amazon, Meta, Alphabet and Microsoft reveal hefty price tag as they rein in spending
Profiles
Amazon, Meta, Alphabet and Microsoft will collectively incur more than $10bn in charges related to mass redundancies, real estate and other cost-saving measures, as the Big Tech companies reveal the hefty price they incur to rein in spending.
The US companies that have been implementing the largest job cuts in the tech sector disclosed the high costs related to their restructuring efforts in earnings statements released this week.
The four groups had previously announced 50,000 job cuts to convince Wall Street they were heading into a “year of efficiency”, as Meta chief executive Mark Zuckerberg described it. This trend comes after more than a decade of heavy spending in a focus on aggressive top-line growth.
Despite the companies’ high upfront costs such as severance payments, investors appear encouraged by the steps taken.
Since formally announcing their cuts, the companies have together added more than $800bn to their market capitalisations. Meta, the earliest mover among the Big Tech groups, has seen its value almost double since detailing its job cuts in November.
While savings could have been made by implementing more gradual cost reductions, tech companies were being rewarded by the markets for “ripping the band aid off”, said Wedbush analyst Dan Ives.
“Big Tech has been spending money like 80s rock stars for the last four to five years,” he said. “It feels like there’s adults in the room now.”
The process to become leaner in the wake of macroeconomic pressure contrasts starkly with the pandemic-era hiring boom, with headcounts increasing rapidly at tech companies that were responding to a rise in demand in digital products and services.
Apple remains the only large tech company that has not announced any job cuts or a cost-cutting programme, despite on Thursday reporting its first decline in quarterly revenues in three and a half years.
According to Layoffs.fyi, a tracker logging instances of tech redundancies, almost 250,000 employees have been let go across the sector since the start of last year.
Some of the most recent, from this past week, include software group Okta, which laid off 300 employees, data analysis company Splunk, with 325, and image-sharing social network Pinterest, which said 150 roles would go.
The deepest cuts have come from the biggest names. In November, Meta announced it would let go 11,000 of its employees, as well as dump office space and data centres.
On Wednesday, the Facebook parent detailed charges of $4.6bn related to restructuring. Severance costs ran to $975mn, according to a company filing, though that cost was offset by “decreases in payroll, bonus and other benefits expenses”. A further $1bn in charges related to reducing office footprint is expected in 2023.
Amazon chief executive Andy Jassy told employees in January the company would eliminate 18,000 roles.
Speaking to investors on Thursday, Amazon’s chief financial officer Brian Olsavsky said $640mn had been spent on severance in the fourth quarter of 2022, as well as an additional $720mn on abandoning real estate, primarily due to pulling back on opening new physical grocery stores. The company did not share further details on charges it might incur in the current quarter and beyond.
Google parent Alphabet, which is laying off 12,000 people, said it expected to incur severance costs ranging from $1.9bn to $2.3bn, with most of the impact in the current quarter. At the high end of that guidance, the cost of severance will work out at approximately $191,000 per employee. Alphabet faces a further $500mn in costs relating to office space reduction in the current quarter, it said.
Despite the cuts, Alphabet chief financial officer Ruth Porat told investors on Thursday the company would continue “hiring in priority areas, with a particular focus on top engineering and technical talent, as well as on the global footprint of our talent”.
Microsoft’s planned savings — which include 10,000 job cuts — has resulted in it incurring a $1.2bn charge in the final three months of 2022, $800mn of which was from severance pay.
Salesforce, which will not report earnings until March, is expected to be another company facing significant restructuring costs, having announced a 10 per cent reduction in its workforce last month. That move came as activist investor Elliott Management took a multibillion-dollar stake in the company, saying it intended to work “constructively with Salesforce to realise the value befitting a company of its stature”.
Likewise, Alphabet has drawn attention from activist Sir Christopher Hohn, of TCI Fund Management, who wrote to chief executive Sundar Pichai, saying he needed to make further headcount cuts and trim “excessive employee compensation”.
Media Man News Blog: Casino, Gaming, Sports Betting and Pop Culture News
Media Man News Blog
Casino, Gaming, Sports Betting and Pop Culture News
DraftKings lays off roughly 140 employees in corporate restructure
DraftKings is eliminating about 140 jobs, part of what the sports betting company is calling a reorganization. A majority of the eliminated positions are based in Europe, Asia and the Middle East, and primarily span both engineering and HR roles related to hiring, according to someone with direct knowledge of the moves. The 140 positions amount to a low single-digit percentage of the company’s workforce. DraftKings stock jumped nearly 10% on the day to close at $16.48.
Penn Entertainment reports small year-over-year revenue increase in Q4 despite Mattress Mack payout
Despite a huge winning bet by Jim “Mattress Mack” McIngvale and inclement weather in December, Penn Entertainment’s 2022 fourth-quarter results were consistent, according to CEO Jay Snowden during Thursday’s investors’ call. McIngvale’s bet on the Houston Astros to win the World Series via Penn’s Barstool Sportsbook cost Penn $10 million. And Snowden claimed that “severe weather in certain parts of the country”...put a drag on revenue.
Las Vegas sports news
If the Oakland Athletics relocate to Las Vegas, north Strip and downtown resort operators would strongly support the team building a $1 billion ballpark in their area. Resorts World Las Vegas President Scott Sibella confirmed that he and hotel owners from the north Strip and downtown Las Vegas met with A’s brass Wednesday. They discussed the potential of a 35,000-seat domed stadium on the Las Vegas Festival Grounds site, located on the southwest corner of Las Vegas Boulevard and Sahara Avenue.
Las Vegas Strip breaks monthly revenue record
Led by a record surge on the Las Vegas Strip, Nevada closed 2022 with its 22nd consecutive months of $1 billion and higher in gaming revenue and added to its record gaming revenue for the year, which was set in November. For calendar-year 2022, Nevada reported $14.8 billion in gaming revenue, topping the $13.4 billion in 2021, a 10.5% increase. The Nevada Gaming Control Board reported Tuesday that casinos collected $1.31 billion in revenue in December, a 14.3% jump over December 2021.
Sharp bettors weigh in quickly on Super Bowl; two 6-figure wagers
Patrick Mahomes needed all of his magic to help send the Chiefs to their third Super Bowl in four years. But sharp bettors don’t believe in magic. They’re banking on the Philadelphia Eagles to beat Kansas City in Super Bowl LVII for the franchise’s second NFL title in six years. Less than 30 minutes after the Super Bowl line opened at pick’em at multiple sportsbooks, the Eagles emerged as consensus 1½-point favorites.
Governor names ex-judge George Assad to seat on Nevada Gaming Control Board
Former Las Vegas judge George Assad, who was sanctioned by judicial overseers for a punishment he meted out and lost his re-election bid after his son robbed the Bellagio in a high-profile heist more than a decade ago, was named to the Gaming Control Board on Monday by Gov. Joe Lombardo. Assad, 71, who was a Las Vegas Municipal Court judge from 2002 until 2011, will have a four-year term as a member of the board that directs the statewide agency charged with regulating and enforcing laws.
Tribes need to do a better job of coordination
Tribal organizations with departments ranging from casino gaming to health care need to do a better job of understanding everyone’s needs, thinking strategically, and working toward common goals that benefit tribes for the long term. That was the prevailing sentiment that emerged from the panel discussion, “The Top Five Things Tribal Councils Should Expect and Evaluate from Their Executive Leaders,” held at the Raving Next gaming conference in Albuquerque.
Some overdue recognition
I’ve always been a fan of awards in the gambling industry. In my mind, any recognition beyond a paycheck and a pat on the back has value. Our industry has never lacked awards. The biggest enchilada is certainly induction into the American Gaming Association’s Hall of Fame. Like all Halls of Fame, only the most successful movers and shakers get inducted into the AGA’s Hall, no posers or wannabes. Many gaming-media companies issue awards, including regional gambling publications and newspapers that serve casino cities, although most newspapers are just trying to sell advertising to the honored casinos and companies.
Industry poised for “biggest-ever” ICE London
Clarion Gaming has confirmed next week’s ICE London 2023 will be the biggest on record, occupying 41 halls of its London ExCeL home. Having returned from the pandemic last April with a scaled-back offering, this year’s ICE will occupy 51,466 square metres of the London-docklands exhibition centre, exceeding the previous high of 49,690 m2 in 2020. Sister show iGB Affiliate London will occupy ExCel’s remaining three halls, with a week’s worth of satellite events throughout London.
Las Vegas tourism helps fuel strong Boyd Gaming earnings
Aided by a boost in the Las Vegas economy and tourism, Boyd Gaming set a record for revenue and adjusted earnings during the fourth quarter and 2022 as a whole, setting the stage for strong earning reports to come in February from Strip and other operators. For all of 2022, Boyd Gaming reported revenue of $3.56 billion, compared to $3.37 billion for 2021. Net income was $639.4 million, or $5.87 per share, compared to net income of $463.8 million, or $4.07 per share, for 2021.
Aristocrat finalizes acquisition of Roxor Gaming
Aristocrat Leisure Limited Friday announced it has completed the acquisition of igaming supplier Roxor Gaming Limited. The deal was first announced in September 2022. Roxor will form part of Aristocrat’s igaming business Anaxi, which was rebranded in October 2022. Aristocrat initially announced the creation of a dedicated igaming business in February 2022 to pair with Aristocrat Gaming and the Pixel United mobile-first publishing business. “We’re thrilled to welcome Roxor to Anaxi and the broader Aristocrat group,” said Anaxi CEO Mitchell Brown in a statement.
Texas: Casinos in Dallas-Fort Worth? Lawmakers will consider expanded gambling
A North Texas representative has filed legislation to expand casino gambling in Texas and legalize sports betting. Fort Worth Republican Rep. Charlie Geren filed the proposal on Friday. The legislation is supported The Destination Resort Alliance, which is backed by casino and resort company Las Vegas Sands. It remains to be seen whether the bill passes in a state that in the past has been reluctant to expand gaming, but Gov. Greg Abbott and House Speaker Dade Phelan have left the door open for expanded casino gambling as the legislative session that started in January begins to ramp up.
Las Vegas tourism helps fuel strong Boyd Gaming earnings
National (results) - Aided by a boost in the Las Vegas economy and tourism, Boyd Gaming set a record for revenue and adjusted earnings during the fourth quarter and 2022 as a whole, setting the stage for strong earning reports to come in February from Strip and other operators. For all of 2022, Boyd Gaming reported revenue of $3.56 billion, compared to $3.37 billion for 2021. Net income was $639.4 million, or $5.87 per share, compared to net income of $463.8 million, or $4.07 per share, for 2021. Total adjusted EBITDAR for 2022 was $1.39 billion versus $1.37 billion for 2021. Full-year 2022 adjusted earnings were $662.0 million, or $6.07 per share, compared to adjusted earnings of $584.2 million, or $5.12 per share, for 2021.
Penn reports small year-over-year revenue increase in Q4
National (results) - Despite a huge winning bet by Jim “Mattress Mack” McIngvale and inclement weather in December, Penn Entertainment’s 2022 fourth-quarter results were consistent…Penn’s revenue for the fourth quarter reached $1.6 billion, a year-over-year increase of 0.8%. But net income for the quarter, $20.8 million, decreased by more than 50% compared to the $44.8 million generated in the fourth quarter of 2021.
The World Series of Poker announces its full 2023 schedule
Nevada (Las Vegas) - The World Series of Poker has announced its full summer schedule with an eye on having the largest Main Event field in history and, if it happens, awarding the poker promotion of a lifetime. The 54th version of the world’s largest poker tournament runs May 30-July 18 at the recently rebranded Horseshoe Las Vegas with 95 bracelet events. The No-Limit Hold ’em World Championship, known as “The Main Event,” will take place from July 3 to 17 and if it sets a record for entries, one entrant will be drawn at random to win a Main Event for Life package, buying him or her into the next 30 Main Events.
Video gambling up statewide, mostly flat in area in 2022
Illinois (slots/results) - Video-gambling terminals in Illinois continued to rake in the dough in 2022, though in our area, revenues were flat or fell slightly…the amount of money put in minus the amount paid out — amounted to $2.71 billion in 2022, a 9.5 percent increase over 2021's $2.47 billion. At the same time, the number of terminals grew by about 7.6 percent, from 41,826 at the end of 2021 to a hair over 45,000 a year later.
Officials moving forward with plans for Diamond Jacks Casino
Louisiana (Bossier City) On Feb. 1, Mayor Tommy Chandler of Bossier City met with the Foundation Gaming Group to discuss the construction activity which will soon be happening at the former Diamond Jacks Casino property…Chandler and members of his staff met with the group and the project's general contractor AnderCorp to discuss the initial details of the future transformation on this casino and hotel.
Horseshoe Casino Baltimore workers rally
Maryland (Baltimore) - Unionized workers at Horseshoe Casino Baltimore are demanding raises in line with others in the gaming and hospitality industry in the city and elsewhere, saying casino revenues have rebounded since the pandemic while compensation has stalled. About 20 workers and union representatives demonstrated Wednesday in front of the casino on Russell Street near downtown, calling for raises, holiday pay and other changes. Workers said bargaining has stalled with owner Caesars Entertainment on a contract that expired in October.
Media Man News Blog: WWE and NXT News
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