Casino Action Group...what are your thoughts
I couldnt believe reading earlier about the Casino Action Group going into liquidation, and having their licence took off them.
I love this group and have never once had any problems with the site the support or payments so as many are thinking, why?
What are your thoughts on this, i know nothing is confirmed as yet so all is just speculation. I keeping positive.
Thank you
I love this group and have never once had any problems with the site the support or payments so as many are thinking, why?
What are your thoughts on this, i know nothing is confirmed as yet so all is just speculation. I keeping positive.
Thank you
Tags: action, casino, casinoaction, group, profit, share
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Replies to This Discussion
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Permalink Reply by JTodd on -
Unfortunatly I have been waiting for this for the past several days. A few of my friends deep in the industry tells me that they are several million dollars in debt.
It's my information that they received a buy out offer that would have allowed them to stay in business by covering 80% of their debt, but they wouldn't give up 80% of the company and the offer was turned down... they insisted on a 50 / 50 split and that killed it.
I sent them an email earlier today which has not been replied to by my contacts there. I don't know if they will be able to reply... they may have had to clean out their desks and go.
It's sad. Casino Profit Share was such a strong and profitable program just two years ago, and now... *POOF!* They lost many great and key personelle, and that didn't help either.
Casino Profit Share was an APCW Member for many years. Best wished and prayers to my friends who are now jobless.
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Permalink Reply by Mel - Gamblers Resort on -
It really is unfortunate that they couldn't just take that offer and continue with the fantastic reputation that they had. I only realised last night something was wrong when I tried to deposit into one of my accounts and the banking pages were blocked quoting a message "A restriction has been placed on the deposit function" though it was just a system update at first. never thought it would have been this.
In your opinion then do you think there is any hope of this group recovering from this and continuing online or is this the end for them?
Thanks
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Permalink Reply by JTodd on
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To be honest, no.
Every time I've seen something like this in the past it's pretty much been a "done deal". However, there's always a first time... and we can hold out hope =0)
Anything can happen...
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Permalink Reply by Ian "Doolally" Ross on -
This is one of the biggest problems for Affiliates in this industry, knowing who will go down next. Luckily, I didn't really push them but I'm sure many affiliates got their fingers burnt. My sympathy to them and hope that no affiliates will be struggling because of this.
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Permalink Reply by The Gooner on -
I also didn't know much about them - but they were in my book as one of the good programs that we may have gone with if we looked at new programs.
The only thing I'll note here is the extra information that JTodd has provided regarding the buy-out proposal. Surely 20% of an expanded profit generating business is surely better than 100% of one that liquidates?
I saw this sort of thing time and time again in my career working in a bank looking at small technology companies - where existing owners of a business that's gone bad incorrectly over-rate the value of their business and prior investment and refuse a buyout that will allow the operation to continue.
By all accounts CPS was well run but hit by the turnover downturn of the UIGEA. Their departure will not help the remaining players as the bad news it generates will surely put US players off.
Buckle in ladies and gents - and try to diversify into legitmate European facing programs.
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Permalink Reply by RobWin on -
Has anyone heard any new news out of Tusk Investment Corporation Limited regarding this issue ?
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Permalink Reply by RobWin on
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Yea thanks J, I had actually read that one earlier in the week but I thought that maybe by now they would have come forward and made a more formal statement, but it appears they are taking the low road...
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Permalink Reply by Jazzy on -
I had three withdrawls pending here, do you think there is any chance I will receive any of them?
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Permalink Reply by JTodd on
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I know that they are severly in debt. However, I also know that the people I used to associate with at CPS are upstanding and will pay if at all possible.
I also believe that it's in the best interest of MicroGaming to honor these payouts to players if CPS cannot. It may take a while... kind of like NETeller... but I believe Micro will pay.
I've been known to be wrong, tho! =0)
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