Industry News
$1 Million Check Presentation by Rivers Casino to Penn Treaty SSD Helps Riverwards Neighborhoods
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Rivers Casino Philadelphia, in collaboration with local elected officials and community leaders, presented the Penn Treaty Special Services District (SSD) with $1 million to support ongoing reinvestment in the community.
Through grants the SSD makes to community organizations, the casino funds are used to benefit residents of Fishtown, Northern Liberties, Olde Richmond, and South Kensington. Recipient organizations sponsor neighborhood festivals and community gatherings; make physical improvements to parks, playgrounds, gardens and other infrastructure; and operate arts, sports, education, and recreation programs.
Over the past 14 years, the Penn Treaty SSD has made 737 grant awards, totaling $10 million, to 182 nonprofit organizations.
This yearâs $1 million check brings Riversâ total contributions to the Penn Treaty SSD to $11.4 million since 2009, just before the casino opened.
âAs a dedicated community partner, Rivers Casino takes great pride in its ongoing collaboration with the Penn Treaty SSD. This organization has played a crucial role in enhancing the well-being of our neighboring communities, and weâre privileged to support its mission,â Eric Althaus, general manager of Rivers Casino, said.
At the check presentation ceremony, the Penn Treaty SSD board of directors also presented its annual Community Service Awards. Two individuals and two organizations were recognized for their outstanding service benefiting local neighborhoods. The following received City Council citations.
Maggie OâBrien â community activist and founder of Fishtown Neighbors Association.
Donald Phillips â former vice president of the Northern Liberties Neighbors Association and founder of Friends of Orkney Park.
Photography Without Borders â giving a voice to students in South Kensington, and empowering them to inspire hope in their community through the powerful images they have created.
Friends of Hackett â parents and community members committed to supporting their local neighborhood school, Horatio B. Hackett Elementary, which serves Olde Richmond, Fishtown and East Kensington.
âWe take great pride in acknowledging the remarkable leaders and community organizations that have worked tirelessly to improve the quality of life in our neighborhoods. Weâd also like to extend our gratitude to Rivers Casino for its steadfast support and unwavering commitment. Without Riversâ annual contribution to the SSD, none of the work we do for our communities would be possible,â Rick Angeli, chairman of the Penn Treaty Special Services District board, said.
Industry News
Penn Entertainment to Lay Off About 100 Employees
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Penn Entertainment plans to lay off about 100 employees as it focuses on growth for ESPN Bet.
CEO Jay Snowden told staff members in an internal email that the changes will enhance operational efficiencies following its 2021 acquisition of Canadian media and gaming powerhouse theScore.
The company employs about 20,000 people.
âWhen PENN acquired theScore, we hit the ground running with the build-out of our proprietary tech stack and the migration of our sportsbook to theScoreâs best-in-class-platform,â Snowden wrote in the memo. âThis led us to temporarily set aside any potential organizational changes that would typically follow a major acquisition.â
Penn went on to say itâs embarking on a new phase of growth in its interactive business, which includes ESPN Bet, a $2 billion branding partnership with Disneyâs ESPN. Snowden said the initiatives include product enhancements and deeper integration into ESPNâs ecosystem.
Investors are impatient for Penn to demonstrate its muscle with the rebranded sportsbook, and activist investor Donerail Group has called on the board to sell the casino company.
Rumors have swirled about the potential interest from many other online gaming and brick-and-mortar casino companies.
Truist gaming analyst Barry Jonas wrote in a note Thursday that a sale is unlikely in the near term because of the complexity of a transaction that would likely involve major divestitures.
Pennâs release of new ESPN Bet features this fall during football season should meaningfully improve its product, Jonas said, and a focus on costs indicate the companyâs commitment to seeing its investment yield results.
Penn shares have plummeted 25% year to date. It has missed earnings expectations the last two quarters and lowered guidance.
âInvestors continue to wonder what an ESPN Bet success could look like, and how much more investment (beyond whatâs guided) itâll take to reach,â Jonas notes.
Industry News
Stevin âHedakeâ Smith to Promote Gambling Harm Awareness Through EPIC
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Stevin âHedakeâ Smith was at the center of one of the most high-profile examples of gambling-related harm in basketball history, which makes him the perfect latest addition to EPIC Global Solutionsâ team as they continue to educate the current generation of professional and collegiate athletes on how to avoid the repeat of a similar scenario.
The former point guard made his name as a star player at Arizona State University in the early 1990s, setting college records for three-point attempts and being a two-time All-Pac-10 selection. However, his involvement in point-shaving â which was the subject of a 2021 Netflix documentary â led to a one-year prison sentence and impacted an NBA career with hometown team, Dallas Mavericks.
The source of his gambling harm â being approached by a gambler to change the final score of a game without changing who wins â is an issue that remains very pertinent to student-athletes 30 years on, in spite of the significant changes to sports wagering legislation.
This ensures that his planned involvement in EPICâs range of education sessions to teams connected to partners such as the NCAA, MLB, and MLSPA will be an important lesson for the athletes, coaches, and staff in attendance when he travels to address them in his new role as US sports advisor for the company.
âIâm passionate about wanting to tell my story and get out there to prevent this from happening again,â he explained.
âIâve been able to tell my story to players previously and Iâm able to have a relationship with all of them in the audience because of the way I deliver my message and coming from one big fraternity in sport. Knowing that EPIC has a global reach is something that really stood out to me about this opportunity and Iâm passionate about getting out there and speaking about my experience.â
Though already a renowned name in sporting circles, Smithâs profile is set to rise again in the months ahead with the release of eponymous autobiography, âHedakeâ, which will coincide with his work with EPIC.
âWeâre proud to welcome Hedake to our team and canât wait to see the impact heâll have on audiences,â added Teresa Fiore, EPICâs VP of partnerships.
âIn being approached to shave points on game, Hedake has experienced a type of gambling-related harm which is different to many of our other team members. His story represents an area of increasing concern within sports, which adds to the range of our education designed to benefit our valued partners and the key people in their organisations.â
Industry News
Public Health Advocacy Institute (PHAI) Calls for Overhaul of âResponsible Gamblingâ Model
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As the National Council on Problem Gambling (NCPG) gathered for their annual conference in San Diego last week, the Public Health Advocacy Institute (PHAI)âa nonprofit research center for public health laws affiliated with Northeastern University School of Lawâ released a new video to highlight the ethical and scientific failure of the âResponsible Gamblingâ model.
Under the direction of its president, Professor Richard Daynard, Executive Director Mark Gottlieb, and Director of Gambling Policy Dr. Harry Levant, PHAI is leading the efforts to replace the Responsible Gambling model with a comprehensive public health response to the unprecedented expansion of the gambling industry and online gambling. PHAI will be advocating for and advancing much-needed public health reform and regulation at both the federal and state levels.
The new video, which can be found on the PHAI website here, analyzes key flaws in the Responsible Gambling modelâan approach favored by both the gambling industry, and the gambling-industry-funded NCPG.
In the video, Dr. Levant highlights the situationâs urgency, stating âThe expansion of online gambling without appropriate safeguards and regulation is an industry-driven âwild westâ environment, resulting in a looming public health crisis.â
President Daynard echoed this statement by criticizing the current Responsible Gambling model: âThe Responsible Gambling model puts the onus on the customer, rather than focusing on the irresponsible design and marketing decisions of the gambling industry.â
Professor Gottlieb also emphasized the need for change. âThe time has come to expose the failures of the Responsible Gambling model and move forward with a public health approach to regulation and reform,â he said.
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