Nintendo misses profit forecast
Japanese video game maker Nintendo, owned by the sixth generation of the Yamauchi family, report net profit fell 60.6% in 2015 to ¥16.51 billion ($139.5 million), as consumers reined in spending ahead of its new console launch.
The Kyoto-based videogame maker added that its digital sales netted ¥44 billion in the same period, which is up from ¥31 billion, highlighting to investors that last year’s move into the smartphone gaming market is likely to prove fruitful.
Nintendo also announced that it would release two new smartphone games in the fall and a new videogame system in March 2017 and that it expected revenue to be roughly flat until the launch.
The videogame maker long resisted jumping into the smartphone game industry but switched course last year and teamed up with Japanese smartphone game maker DeNA.
Last year, Nintendo’s first non-family CEO Satoru Iwata lost has battle with cancer.
Red Rock Resorts raises $531 million in IPO
Red Rock Resorts, a US-based holding company that owns a portion of Station Casinos, owned by second-generation brothers Frank and Lorenzo Fertitta, has raised $531 million in its initial public offering. It is the second gambling company to go public this year.
About $400 million of proceeds will fund the purchase by Red Rock of Fertitta Entertainment, which manages Red Rock, and is controlled by the Fertitta brothers, Frank and Lorenzo, who are company executives. Station Casinos was founded by their father, Frank.
The Fertitta brothers took Red Rock private in 2007 in a deal valued at $5.4 billion only to go bankrupt two years later in the wake of the financial crisis. The brothers currently own 29% of company each company, while Deustsche Bank owns 25%.
Frank and Lorenzo Fertitta also own the Ultimate Fighting Championship - one of the fastest-growing sports in the US.
Bouygues CEO to unveil succession plan
Martin Bouygues, the billionaire scion of the eponymous French telecommunications and construction conglomerate, has laid the groundwork for his succession after appointing his son and a nephew to the board.
According to a company statement, shareholders voted to appoint Edward Bouygues, 32, the chief executive’s eldest son, and his thirty-year-old cousin Cyril, at an annual meeting in France.
"In one or two years I will have made my position evolve, precisely to bring near me people who are maybe younger, more dynamic, more attuned to the modern world we live in," Bouygues said.
Martin Bouygues, along with his brother, Olivier, control 20% of the company and 28% of the voting rights through family holding company SCDM.