Hit and Run: Caesars Stock Nosedives; Negreanu Makes Grantland List; Yahoo’s DFS Gaffe

Staff : July 23rd, 2015


Betfair’s CEO cashes in on balloon payment. Caesars is in serious trouble after court rules against them. Negreanu chosen by Grantland for their Summertime Hero list. Trailer for Ryan Reynold’s new movie about poker, Mississippi Grind, released on YouTube.

Caesars stock plummets as bankruptcy concerns mount

Caesars Entertainment took one right on the chin on Wednesday after a federal judge denied the company’s request to put a hold on several lawsuits filed by several of the company’s investors. The lawsuits total billions of dollars.

Following the ruling, Caesars’ stock plummeted, and the company appears headed towards an inevitable bankruptcy filing.  Had the ruling gone Caesars’ way the company may have been able to wipe $10 billion in debt off its books according to the Las Vegas Review-Journal.

Pay that man his money!

Betfair CEO Breon Corcoran has more than 11 million reasons to smile today (even though he isn’t in the picture that accompanies the article we linked to) considering the company’s Board of Directors voted to remove a third performance target , allowing Corcoran to cash in on a £10 million bonus after just three years on the job.

The third performance bonus Corcoran needed to achieve was apparently a clerical error, and the board decided to pay that man his money anyway.

According to PokerNews.com, with the new bonus, the former Paddy Power exec pocketed a total of £11.6 million in salary and bonuses in 2014.

Quick Hitters

- Marco Rubio is learning firsthand what it means when you hitch your faux-Libertarian wagon to Sheldon Adelson’s proposed online gambling ban.

- Global online poker traffic (of the cash game variety) continues its steady decline.

- Italy raids BetUniQ offices in massive sting operation with over 40 arrest warrants issued.

- Check out the trailer for the new poker movie, Mississippi Grind, which stars Ryan Reynolds:

- Thanks to some superior sleuthing by former PTP Hit & Run writer Dustin Gouker we’ve learned Yahoo flubbed its early DFS numbers.

- Daniel Negreanu makes Grantland’s “Non-Major Sports Heroes of the Summer” list.

- Full Tilt names their first Player Ambassador, Marc “PlayinWitDreams” Kennedy.

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