Category: Announcement

Telegram Raises an Initial $850 Million for Its ICO

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According to a document filed with the U.S. Securities Exchange and Exchange Commission (SEC) after being signed by Telegram CEO and co-creator Pavel Durov, Telegram’s billion-dollar initial coin offering (ICO) has already amassed a whopping $850 million in the pre-sale stage. The figure was initially expected to get to about $600 million and was to be raised entirely from venture capital firms. As a result, not only has the company reached and surpassed its first milestone by a significantly huge margin but it has also gained a lot more confidence from the venture capitalists it intended to appeal to.

The document that was filed, a “Notice of Exempt Offering of Securities”, that was filed by Pavel and Nikolai Durov with the US Securities and Exchange Commission (SEC) on February the 13th reported that the $850 million that had been raised under the SEC exemption Rule 506(c) from 81 venture capitalist investors would be for “the development of the TON Blockchain, the development, and maintenance of Telegram Messenger.”

The SEC filing offers a type of securities that is referred to as the “Purchase Agreements for Cryptocurrency” and are filed under the Rule 506(c) exemption. This means that citizens of the United States who invest must be accredited investors, that is, they have to either be worth over a million dollars or have an annual income of about not less than $200,000 in order for the tokens they are investing in not to be registered as securities with the SEC. The investors, in this case, reportedly bought rights to Telegram’s TON internal cryptocurrency known as “Grams” – these will be distributed once the platform is launched next year.

What This Means for the Company

The $850 million raised by the messaging company is the highest amount ever accumulated from a pre-sale – the closest comparisons are from previously completed ICOs by Filecoin and Tezos, which raised $257 million and $232 million respectively. In many ways, this affirms Telegram’s popularity within the crypto community and things are about to get even better as the company plans to use the funds to extend its services to include such offering as VPN solutions, cloud file storage as well as peer-to-peer micropayment transactions.

Considering the huge overshoot of the initial funding, there are a couple of questions that have arisen with regards to how it might affect the proposed public sale that is set to begin in March. However, everything seems to point to the public sale proceeding as planned although it is quite apparent that it might end up being heavily oversubscribed.

The Drew Las Vegas Casino Resort Set to Open in 2020

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Global development firm Witkoff and Marriott International have partnered in a bid to open a new integrated resort and casino on the site of a project that was previously known as the Fontainebleau Las Vegas. The large casino-resort whose construction on the Las Vegas Strip has been left unfinished since 2009 is now scheduled to launch towards the end of 2020 under a new moniker – The Drew Las Vegas.

The site initially hosted the Thunderbird Hotel and Casino that opened in 1948, after which it was later renamed to Silverbird then El Rancho before it was finally closed in 1992. Eight years later in 2000, Fountainbleau Resorts purchased the property but after imploding El ranch bought additional acreage and began a construction project that was halted in 2009 before it was sold to Icahn Enterprises’ L.P.’s majority shareholder Carl Icahn for $600 million.

In addition to featuring a casino and about 4,000 rooms and suites, the new luxury entertainment project will also be hosting the Las Vegas strip’s first JW Marriot. Also, once open, Marriot International will be responsible for managing the hotels.

“It is going to be a design-forward building, and when we bring it all together, people are going to say, ‘I really want to come back,’” said Steven Witkoff, chairman, and CEO of Witkoff. “The structure here is so well conceived, even from nine years ago, that there are a lot of possibilities for us to put our imprint from a design standpoint on that property.”

What to Expect

The resort is expected to include 50,000 square feet of convention and meeting space alongside a variety of nightlife, entertainment, retail and over 20 dining options. Witkoff further mentioned that while the building’s design is yet to be finalized, the existing eight-and-a-half acre pool deck will be redesigned to make it stand out among all other in Las Vegas.

Another project that is also in the works and has an anticipated 2020 launch date is the multibillion-dollar Resorts World Las Vegas that is going to lean more towards Chinese and Chinese-American tourists. In total, the two projects will be offering 7,000 rooms to the area and this will also be at about the same time that a mega expansion of the Las Vegas Conventions Centre will be completed. Looks like Sin City is about to get even more exciting.

Overwatch’s Shanghai Dragons Announces First Female Player

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The Overwatch League has finally announced the first ever female player – there has been a tremendous amount of speculation regarding the matter in recent weeks and the League officially confirmed it on the team Twitter on Wednesday. The announcement also comes after recent discussions pertaining to the lack of female players in the very popular Esports title.

“I’m kind of shocked with the absence of women in the Overwatch League teams. For such a diverse game, with more than half of its roster being girls, it’s kind of disappointing. Girls play games too, and the lack of representation is not okay,” one critic pointed out on a Twitter post.

In what might seems to be an acknowledgment of concerns by critics, Shanghai Dragons, the team, announced the signing of four new players, who included Kim “Geguri” Se-Yeon, who will be the Overwatch League’s first female player. Joining Geguri will be Le “Fearless” Eui-Seok, He “Sky” Junjian and Chon “Ado” Gi-Hyeon.

The Shanghai Dragons have had a good number of wins in previous seasons and it seems that the only way to go is up. However, the team will have to brace itself for the uphill task it will have to try and make their way up the overall standings in a bid to reach the playoffs by the end of the season. The newly signed players are going to be a critical part of this journey. For instance, Fearless is a tank main who previously played with Element Mystic while Ado is a great DPS player with great strength on Genji and many other Attack heroes. Sky, also, is recognized mostly for his Ana play in China’s Miraculous Youngster squad – in essence, he will be adding a great deal of flexibility to the team.

Being the first ever female player in the Overwatch League is definitely going to make Geguri the biggest name of the four newly signed games, but she brings so much more to the table. She had her first brushes with mainstream popularity within the competitive gaming community for her Zarya play, where she had an amazing 80 percent win rate. While other players thought that she was cheating, it turns out that she just that good. The Shanghai Dragons also seemed to be particularly impressed by her expanded hero pool that now includes D.Va, Roadhog as well as Zarya at higher levels.

Hopefully, these new additions will better Shanghai Dragons’ luck – they have not won a single series in the first stage of the season.

MGM Cotai Finally Opens in Macau As License Renewal Looms

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On Tuesday, MGM Resorts International finally opened its $3.4 billion casino resorts in Macau, a venture that is latest big bet by foreign gaming operators on the Chinese gambling haven. MGM Cotai, the casino, opens after months of delays and will be the new highlight if Macau’s Cotai Strip with its 1,390-room hotel-casino offering. Also, with the Chinese Lunar New Year just around the corner, the casino is expected to draw in massive crowds within the next few days of its launch.

MGM Resorts International is one of the six licensed casino operators in Macau which is the only place in China where the citizens can gamble legally. However, MGM’s operational license in the region is due to expire in 2020 alongside SJM Holdings’ license. The other four operators, that is, Wynn Macau, Sands China, Melco Resorts and Galaxy Entertainment, on the other hand, will be able to operate normally until 2022 when their licenses expire.

While Macau authorities are yet to provide more information regarding the renewal of the licenses, the launch of the new MGM Casino in Cotai is anticipated to hasten the process in one way or the other. In fact, Grant Bowie, the chief executive of MGM China, MGM Resorts International’s Macau unit, believes that the launch was critical for the concession renewal process.

“Concession renewals will be determined on diversifying Macau into more than just a gaming town,” Bowie told a news conference.

Riding the Revenue Boom?

As the license expiration dates draw nearer, MGM Resorts and other operators have worked tirelessly towards diversifying their non-gaming offering in a bid to pacify Beijing which has grown more wary about Macau’s acute dependence and reliance on gambling – 80 percent of revenue in Macau is derived from gambling.

At the moment, Macau gambling revenues are on the upswing having risen by 19 percent in the last year to $34 billion following years of declining fortunes as a result of wealthy Chinese gamblers shying away from the casinos to avoid being probed by an extended corruption campaign by President Xi Jinping. These Chinese high rollers who are making a come-back to the casinos helped to propel Macau’s rapid transformation into what is now considered to be a global gambling powerhouse.

Analysts are anticipating that MGM Cotai will open with about 177 mass gaming tables. VIP gaming is expected to be handled by middlemen junkets that are likely to go live by the end of the first half of year alongside MGM Resorts’ luxury mansion villas.

Pro Gaming: Could Esports Be the Future of the Olympics?

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This year’s Winter Olympics was graced by Esports or competitive video gaming is what is considered to be a warm-up of better things to come. Having been finally recognized as “real” sports by Olympic officials, Esports has its sights set on expanding more and eventually getting their own spot on the medal table.

The most recent debate on what the requirements pertaining to Esports relevance as part of the Olympics was rekindled by a gaming tournament of sorts that was held in PyongChang, which is also the venue of the ongoing Olympics. Professional video gamers who were brought in by Intel Corp, an Olympic sponsor, got the attention of everyone by playing Starcraft II. The game is known for being a real-time strategy game that demands tactical thinking, concentration, and even quick reflexes. While this may sound like the characteristics of any Olympic sport, the raging debate is about whether the rigorous requirements are sufficient to earn Esports a spot among other Olympic games.

A decent number of nations and the International Olympic Committee already recognize Esports as a “sporting activity” and thus it could go Olympic as early as 2024. Looking back at some of the key factors for its success outside all the Olympic buzz, Esports has certainly earned it;

It’s been with us for a while

Prior to the true beginning of Esports in 2000 when the Korea eSports Association (KeSPA) was created to promote and regulate Esports competitions, there were lots of video game competitions of varying scales. Remember Pac-man? Or Space Invaders? If anything is to make Esports Olympic-worthy, then, this is it.

It is a diverse and complete ecosystem

Today, Esports draws a flurry of different participants from all over the world just like regular physical sports. Other characteristics that make it such a worthy newcomer of the Olympics include the fact that it too has had its fair share of scandal. Controversies ranging from doping to abuse by Esports organizers are not completely unheard of in the Esports community. This is, of course, not something that we should be proud of but it does go a long way in proving the maturity of the Esports ecosystem as well as how serious the participants, stakeholders, and spectators are.

Resorts World Catskills Opens New Casino in Sullivan County

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After decades of waiting, the New York’s newest casino, a $1.2 billion project in the Catskills finally began operating. The Resort World Catskills casino is a 100,000-square-foot behemoth that sits on a site that is approximately 1,700 acres – which was previously owned by the former Concord Resort Hotel. This particular Resorts World Catskill project was spearheaded by Empire Resorts which also happens to be operating the Monticello Casino & Raceway in Sullivan County.

Resorts World Casino & Resorts becomes the fourth state-approved casino to open since December 2016. The state currently hosts three other commercial, non-Indian casinos – the Tioga Downs Casino in Nichols, Tioga County; del Lago Resort & Casino in Tyre, Seneca County; and the Rivers Casino in Schenectady.

What To Expect

Already, there are huge expectations being mounted on the new casinos. For instance, the Resorts World officials are projecting that the complex will draw about 4 million visitors every year. Also, the operator’s management held job fairs in Orange and Sullivan Counties this winter in order to fill around 1,400 vacancies the casino would have when it finally launched. As it stands, this has been handled quite well and the state officials have confirmed that about three-quarters of the 1,300 permanent employees that the casino hired were either women or minorities. The number will eventually be bumped up by adding 600 more permanent employees next year when a planned indoor water park, entertainment village and the Concord’s redesigned Monster golf course open.

Resorts World Catskills’ Sullivan County complex boasts of a 100,000-square-foot floor comprising of a whopping 2,151 slot machines, 150 exciting table games as well as a poker room. Also available at the venue is a meeting space and 27,000 square feet of entertainment.

Customers will also be treated to some dining options including the Cellaio – restaurant operated by celebrity chef Scott Conant – which will be offering an Italian-style steakhouse menu. The casino will further host Good Friends Market and Lotus, both of which are outstanding Asian restaurants.

 “Resorts World Casino will be a destination with a variety of gaming, entertainment and dining options for tourists near and far that will boost the region and the entire state,” said Lt. Gov. Kathy Hochul, who attended Resorts World Catskills’ grand opening ceremony on Thursday.

The casino has a hotel that has 336 premium all-suite rooms and another with 324 rooms even though the latter will not be opened until next year.

Pennsylvania Online Poker May Go Live by the End of the Year

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This week, the Pennsylvania Gaming Control Board (PGCB) announced that manufacturers and suppliers will be allowed to apply for online gambling licenses as from April 2. The development follows the state’s legislation last October to pass the legislation to legalize online poker and other forms of online gambling in Pennsylvania.

Poker enthusiasts are hopeful that this implies that online poker games could be a thing by the end of the year if everything goes smoothly. It took so long for lawmakers in the state to agree on the details of expansion that it came as a surprise when they finally settled on a bill and passed it. It will certainly take a little more time before online casinos and online poker become a reality in the state but since the process has already kicked off, stakeholders will have to be patient and see how it all plays out in the end.

The PGCP is yet to announce dates for when online gaming operators will be able to apply for licenses – this makes the timeline a little uncertain but this is probably because the state is also moving forward in other areas of the planned expansion. This includes applications for the Video Game Terminal Operators and Establishments that the board has placed on their website.

The manufacturers and suppliers who will apply for the online casino licenses are expected to team up with Pennsylvania’s land-based casino operators in coming up with internet versions of the games they offer. Sounds familiar? Well, it should – the same model was implemented in the neighboring state of New Jersey which now boasts of $250 million per annum online gambling market.

The PGCB further outlined that the process for the applications involving Interactive Gaming will require the submission of an application after which it will provide instruction on how to be fingerprinted. After the fingerprint results are provided and all the other steps are followed, the application process will be considered to be complete. Also, background checks and investigations will be carried out for each every individual and entity that will be part of the applications.

Online poker will most certainly boost Pennsylvania’s live poker market which presently stands at about $60 million annually but seems to be stagnated.

Iowa Sports Betting Bill Facing Opposition from NBA and MLB

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As it turns out, the state of Iowa has been preparing a House bill that is aimed at legalizing sports betting in case the U.S. Supreme Court lifts the nationwide ban on sportsbetting, but the Major League Baseball (MLB) and the National Basketball League are not too happy about it. Both leagues have officially registered an opposing bill against the Iowa House bill.

However, it is more complicated than it seems – the leagues are not actually opposed to the state’s bid to legalize sports betting, per se. Apparently, the real problem is a provision of the bill that points to a proposed “integrity fee.” The integrity does not guarantee the leagues a piece of the profits that will be amassed from sports betting once it is legalized. According to the Iowa Gaming Association, while the leagues are not being forward about it, NBA and MLB are essentially demanding for major league sports fees.

Members of the Iowa casino industry have unanimously pointed out that the fees that the leagues are demanding is not only unrealistic but will also make sportsbooks unprofitable in the long run.

“It would kill sports betting in any state,” said Iowa Gaming Association president, Wes Ehrecke in an interview with a news outlet.

“It is unfortunate there wouldn’t be a good partnership with all the leagues because they will benefit from people watching games and betting on games,” Ehrecke told the news outlet. “But there certainly doesn’t need to be an integrity fee.”

Ehrecke further pointed out that in case the leagues are allowed to have the 1 percent fee that they are asking for, they would be walking away with about 20 percent or more of what is left after pot money is paid out. In addition to this, he also based his reasoning on the fact that 95 percent of the money wagered would be returned to the gamblers, and the remaining 5 percent is divided among the state, overhead expenses, federal taxes and a small share of the profits for the casinos and community groups.

Iowa’s sports gambling legislation is scheduled for consideration today (Wednesday, 7th )and if passed will establish a framework to legalize sports betting on college and professional sports which would then be regulated by the Iowa Racing and Gaming Commission.

Hard Rock Collaborating With GiG to Build Online Casino

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Hard Rock International, which owns what is considered to be the world’s most recognizable gambling brands, has announced that its iGaming division is entering into a strategic partnership with Gaming Innovation Group (GiG) to create a new online casino platform.

As part of the terms of the partnership, Gaming Innovation Group (GiG) will be providing Hard Rock International with a state-of-the-art digital consumer portal and a back-end platform for operation management. GiG’s design and development team will collaborate with Hard Rock in designing and developing the online casino which is expected to launch later in the year. Furthermore, GiG expects to move into its third regulated market and it has already kicked off preparation towards that by beginning the application process for the Casino Service Industry Enterprise License in New Jersey.

“Hard Rock has an ambitious plan to become a global leader in the international online gaming space,” said Kresimir Spajic, Hard Rock International’s Online Gaming SVP. “We are confident that, together with GiG, we can disrupt the market, through product innovation and unique user experience.”

Already, Hard Rock boasts of a portfolio of over 10 casinos. The company recently invested $500 million in Hard Rock Hotel & Casino Atlantic City with the new establishment expected to launch in the summer of 2018. This partnership with GiG will certainly strengthen both companies’ already solid foundations and reputation while helping them plow back some huge chunks of revenue.

“We are excited to be part of Hard Rock International’s inspiring and innovative plans to become a global leader in the international online gaming space,” says Robin Reed, the GiG CEO. “The online casino will be a stand-out product with the sizzle of the Hard Rock music, entertainment, and lifestyle brand.”

GiG has had a number of lucrative partnership deals in the recent past but this one is expected to be a very important building block towards an initiative that the company has had towards launching some its other products to the mainstream market.

Seattle to Host First-Ever Esports-Dedicated Convention

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It is finally here! All roads lead to Seattle’s GG Expo where Esports champions, enthusiasts, and fans will be coming together for the very first Esports convention in history. Even though the rapidly growing Esports industry has had a number of video game conferences in various parts of the globe, there has never been any major convention where the primary focus is on Esports in a broader sense and not to certain specific video games. This is the void that the organizers of the Seattle convention are seeking to fill.

“There are a lot of shows that cover video games very broadly,” said the GG Expo’s Executive Director, Joe English. “And on the esports sides, there are a lot of tournaments. But where do esports players come together for community building and learning and the experience of esports? That’s where the genesis of the GG Expo came from – bringing the community together and bringing pro players to an event where they can talk about how they become successful.”

Esports has proven to be quite a big deal especially considering the huge market potential it has. Case in point, according to Newzoo, a gaming analyst firm, in 2017 Esports global market hit $660 million with the number of hardcore Esports enthusiasts growing to over 191 million worldwide.

The three day convention will address three of the biggest areas in Esports during each of the three days – the first day will focus on sports games such as NBA 2K and FIFA, the second day will be set aside for Fantasy games like Hearthstone and the third day will be all about battle games like Counter-Strike: Global Offensive. Furthermore, the focus programming will feature player panels on various Esports titles.

The programming will be extended beyond the scheduled focused programming on each day. For instance, the programming for each day will further included panels whose major focus will range from issues such as career opportunities in Esports and associated tech industries. In addition to that, people who attend the conference will be treated to some exciting daily Esports contests and match play.

The guest roster comprises of some pretty big names in Esports. They include players from the Lenovo Silver Snipers, Team Fnatic as well as their team managers, coaches, and even team operations managers.

Tickets for the conference went on sale last Friday. So, if you are interested in attending and partaking in making history or meeting your favorite Esports champions, head over to the GG Expo website and get yourself a ticket.