makingamaark

Friday's Scottish gossip

2011-11-04T03:30:00.001-07:00

Owner Vladimir Romanov will not walk away from Hearts despite ongoing cost reduction measures at Tynecastle. (Herald)

Hearts players could shatter Romanov's plans for a January windfall by walking away for nothing if they don't get paid by 31 December. (Sun)

Ayr United and Kilmarnock will play their League Cup semi final at Hampden. (Sun)

Winger Gregg Wylde insists he can play a more central role as Rangers look to fill the gap left by Steven Naismith's long-term injury. (Daily Express)

Celtic midfielder Ki Sung-Yueng is almost certain to miss Saturday's visit to Motherwell with a virus. (Various)

Teenager Marcus Fraser hopes to stay in the Celtic side for the trip to Fir Park after making his debut in the Europa League win over Rennes. (Herald)

Kilmarnock have extended striker Liam Boyce's trial period at Rugby Park. (Daily Express)

Kilmarnock are also in talks with Doncaster about keeping Dean Shiels on after his current loan deal expires on 16 January. (Various)

Raith Rovers have signed Hearts midfielder Denis Prychynenko on a two-month loan deal. (Various)

Source http://news.bbc.co.uk/sport2/hi/scotland/15589658.stm

LSI Posts Lower 1Q Profit on One-Time Charges

2011-04-27T22:22:00.001-07:00

LSI Corp., a maker of storage and networking chips, said Wednesday its profit fell by 57 percent in the first quarter after the company booked several one-time charges.

But its adjusted results still beat analyst forecasts, sending its shares up 40 cents, or 5.8 percent, to $7.30 in aftermarket trading. The shares slipped 3 cents to $6.90 in the regular session on Wednesday.

LSI reported net income of $10.2 million, or 2 cents a share, for the three months ended April 3. That compares with net income of $22.5 million, or 3 cents a share, in the prior-year quarter.

Excluding restructuring, acquisition and stock-based compensation charges, the company said it earned $81.7 million, or 13 cents a share.

That's ahead of the 10 cents a share profit in analysts' consensus forecast, according to FactSet.

Revenue slipped to $629 million, down from $637 million a year earlier. That still beat the $623.1 million analysts had been expecting.

Last month, LSI agreed to sell its external storage systems business to NetApp Inc. for $480 million. The transaction is expected to close next month.

LSI classified the results of the division as discontinued operations, recording an $8.4 million loss.

The company said it expects adjusted earnings per share for the second quarter to range from 7 cents to 13 cents. Analysts are anticipating earnings of 11 cents a share, according to FactSet.

Source http://abcnews.go.com/Technology/wireStory?id=13474140

Local casinos' slot machine payouts keep dropping

2011-04-01T02:58:00.000-07:00

Statistically speaking, slot machine gamblers are losing more than ever before at the two casinos in southwestern Pennsylvania.

Payouts from slot machines at both the Rivers Casino on the North Shore and The Meadows Racetrack and Casino in Washington County dropped below 90 percent in February, according to statistics provided by the Pennsylvania Gaming Control Board.

It marked the first time since Rivers Casino opened in August 2009 that payouts have fallen that low. It was the second time it has happened at The Meadows, the first being in January.

At Rivers Casino in February, slot machines on average paid out 89.7 cents for every dollar gambled. Or put another way, gamblers on average lost 10.3 cents for every dollar they wagered.

Since the casino's 2009 opening, payoff percentages have been steadily dropping, from a high of 91.84 percent in October 2009 to 89.77 percent in February.

The payout percentage at the Rivers was the second lowest in the state, ahead of Harrah's Chester in Delaware County at 89.44 percent.

At The Meadows in February, slots gamblers on average lost a fraction more than 10 cents for each dollar wagered. Machines on average paid out at 89.93 percent. In January, it was slightly better at 89.99 percent.

In January and February, both casinos rang up payout percentages that were lower than the statewide averages of 90.2 and 90.08 percent, respectively. Like Rivers, payout percentages at The Meadows have been declining since the casino opened in June 2007. The high was 91.98 percent that first month.

While the statewide average topped 90 percent in February, six of the 10 casinos in Pennsylvania had slot machine payout percentages below that, in a range from 89.9 percent to 89.44 percent.

Under state law, slot machines on average must pay out at least 85 cents on each dollar wagered.

Officials at Rivers and The Meadows casinos attributed the drop in the percentage to the advent of live table games last July.

That prompted both casinos to drastically slash the number of electronic table games, all of which were classified as slot machines but with much higher payout percentages than a typical slot machine.

Rivers Casino reduced the number of electronic table games from 16 units with 80 seats -- each a separate slot machine -- to six units with 30 seats. The Meadows went from 12 units with 60 seats to three with 15. Meadows spokesman Dave La Torre said some of those machines paid out as much as 99 cents for each dollar wagered.

When they were removed, it caused the casino's overall payout percentage to decline, officials said.

"It's a big reason," Mr. La Torre said. "When you take 45 of your highest payout machines off the floor due to inactivity, that certainly has an impact."

Despite the drop in the overall payout percentage, Corey Plummer, Rivers' vice president of gaming, said nothing much has changed for the vast majority of gamblers who play regular slot machines. Those gamblers on average are not winning or losing any more today than they were before table games arrived last summer, he said. The casino, he added, has not reduced the overall payout percentages on its slot machines.

"For the regular slots player, nothing has changed," he said.

Nonetheless, the Rivers still posted some big revenue numbers in February, with the casino's so-called "average daily win" per slot machine ranging from $251.38 to $308.27, one of its the highest ever.

Mr. Plummer said one reason the casino has experienced an overall decline in payouts since it opened is that it has added more of the penny and 2-cent games that are popular with gamblers. Those lower denomination games typically have lower payout percentages than quarter, dollar or other higher denomination machines.

At Rivers Casino Thursday, some weren't buying the table game explanation.

"I don't believe it," said Russ Companion of Natrona Heights, who plays slot machines at the casino twice a week. "I just think they got you sucked in and you're going to come down [to play]. You're addicted."

Told of the casino's reasoning, a West Mifflin woman playing slots smiled and then replied, "What I know, I know. I know they're paying less and it's few and far between."

The woman, who did not want her name used, said she has noticed a decline in payouts since she started wagering at the casino after it opened. "Absolutely, they're not paying out as much. The same thing down at The Meadows," she said.

Rhonda Dzudan of Tarentum said she also has noticed a difference in the way machines have been paying out. "In my opinion, it never was very good. But it's a little worse now," she said.

Joseph Weinert, senior vice president of Spectrum Gaming Group, an industry consultant, said such views are probably more perception than reality. He said it would be very hard to tell the difference between payout percentages that vary a point or two.

"For gamblers to notice a difference between a 90 percent payout and a 93 percent payout, they would have to play slot machines until they're brain dead," he said.

Mr. Weinert believes that a prime factor in the overall reduction in the payout percentage at the Rivers and Meadows and other casinos in the state is the reduction in the number of electronic table games. He said another factor that could influence payouts is the number of promotional slots credits issued by a casino.

Overall, for the past 12 months ending in February, slot machine payouts at casinos on the East Coast averaged 91.06 percent, according to Spectrum. In Pennsylvania, it was 90.53 percent. At Rivers and The Meadows, it was 90.42 and 90.37 percent, respectively.

Those numbers were still higher than West Virginia, where the average payout statewide was 89.93 percent.

Source http://www.post-gazette.com/pg/11091/1136128-455.stm

China usurps UK as second-largest art market

2011-03-14T22:03:00.000-07:00

China overtook the UK as the world's second-largest market for art and antiquities last year as mainland buyers became increasingly important players, Reuters reported. The influx of Chinese buyers has also boosted prices. According to a report commissioned by the European Fine Art Foundation, the estimated value of the global art and antiques market in 2010 was US$60 billion - 52% higher than the previous year. The report also showed that China’s share of the world art market nearly doubled last year to 23%, edging past the UK’s 22% share. The European Fine Art Foundation also noted that concerns have been growing in the UK over its future role in, and share of, the global art market due to an EU art tax due to be introduced in 2012, which could hamper the country’s ability to compete internationally.

Source http://www.chinaeconomicreview.com/dailybriefing/2011_03_15/China_usurps_UK_as_second-largest_art_market.html