Analyzing the Global Casinos & Gambling Industry 2013

• Publication date: March 2013
• Report size: 315 pages

The global industry for casinos and gaming holds down a current net worth of over $125 billion. Since early 2008, the center of the casinos and gaming has progressively shifted from Las Vegas and Atlantic City to Macau in China. This shift of the industry’s activities to Asia is expected to continue. Assisting the shift has been the recent casino openings in Macau. More casino openings are expected in other parts of Asia in the near term. Singa...

The global industry for casinos and gaming holds down a current net worth of over $125 billion. Since early 2008, the center of the casinos and gaming has progressively shifted from Las Vegas and Atlantic City to Macau in China. This shift of the industry’s activities to Asia is expected to continue. Assisting the shift has been the recent casino openings in Macau. More casino openings are expected in other parts of Asia in the near term. Singapore, with its two mega-casino developments, has already made a significant splash to the extent of rivaling Las Vegas. However, Chinese Government activities, along with other Asian countries, limit domestic access to their casinos and thus these casinos are highly reliant on international and particularly VIP tourist gaming revenue.

The industry at the moment is in a growth phase. This is driven by the introduction of legislation by governments that formerly banned casinos to operate and the lifting of some bans on foreign investment and ownership of casinos. Also relevant is the emergence of many new establishments in these areas which are mega-casinos with hotels and other major entertainment elements attached to attract their domestic as well as international guests.

SJM Holdings Limited, Las Vegas Sands Corporation, Caesars Entertainment Corp. and MGM Resorts International are the top players in the industry. The global economic recovery in 2010 is estimated to have boosted industry performance across most regions, particularly in China and Asia. These regions have not suffered as much as some developed nations from the ill effects of the global recession and associated substantial rise in unemployment. Furthermore, recent major player consolidations, largely in the United States and United Kingdom, and global expansion by major players have encouraged employment growth. The fall in revenue was also associated with a massive rise in competition, particularly for international high rollers, especially from online casinos and gaming, and some other forms of wagering and gaming.

Aruvian Research analyzes the Global Casinos & Gambling Industry in its report Analyzing the Global Casinos & Gambling Industry. The report begins with an industry definition and moves on to the complete industry analysis. An analysis of the Global Casinos & Gaming Industry is the first section of the report. In this section we look at industry statistics, industry value, industry segmentation by categories and region, as well as regulatory framework governing the global casinos and gaming industry. Industry competition is also analyzed in this section.

Following an analysis of the global casinos and gaming industry, we analyze the global casinos and online gambling industry. In this section we look at industry statistics, industry revenue growth, industry segmentation and the major products & services of online gambling and other services. We also analyze the major regions, industry trends, market share, industry competition and a look at what the future holds for the global casinos and online gambling industry.

Next we analyze the factors that impact the global casinos and gambling industry such as mergers and acquisitions, the impact of regulations in various countries, factors driving demand in the industry, industry costs, industry globalization, and the high barriers to industry entry, amongst other factors.

Moving on we analyze online and mobile gambling versus traditional gambling. We also analyze the industry statistics for the global online gambling industry along with value analysis, industry segmentation and a forecast for the global online gambling industry.

Major markets analyzed in the report include Australia, Belgium, Canada, China, France, Germany, Italy, Japan, Netherlands, Spain, UK and the US. We also analyze the gambling industry in Las Vegas and Macau in-depth.

A forecast for the global casinos and gambling industry till 2016 is included in the report. This report from Aruvian Research also analyzes 45 major players in the global casinos and gambling industry.

Global Gambling Industry

Table of Contents

A. Executive Summary

B. Industry Definition

C. Global Casinos & Gaming Industry
C.1 Industry Overview
C.2 Industry Value Analysis
C.3 Industry Segmentation
C.3.1 Segmentation by Categories
C.3.2 Segmentation by Regions
C.4 Regulatory Framework
C.4.1 Regulations for Online Gambling
C.5 Industry Competition

D. Global Casinos and Online Gambling Industry
D.1 Introduction
D.2 Industry Overview
D.3 Industry Revenue Growth
D.4 Industry Segmentation
D.5 Major Products & Services
D.5.1 Online Gambling
D.5.2 Other Services
D.6 Major Markets
D.6.1 Asia
D.6.2 Europe
D.6.3 North America
D.6.4 Middle East
D.6.5 Latin & Central America & Caribbean
D.6.6 Africa
D.6.7 Others
D.7 Industry Trends
D.8 Market Share Analysis
D.9 Industry Competition
D.10 Global Casinos & Online Gambling: Future Perspective

E. Factors Impacting the Industry
E.1 Impact of Mergers & Acquisitions
E.2 Impact of Regulations
E.2.1 US Regulations
E.2.2 France Regulations
E.2.3 Germany Regulations
E.2.4 Italy Regulations
E.2.5 UK Regulations
E.3 Factors Driving Demand
E.4 International Trade & Impact
E.5 Industry Costs
E.6 Increasing Globalization in the Industry
E.7 High Barriers to Entry
E.8 Impact of Technology

G. Analysis of Major Markets
G.1 Australia
G.1.1 Industry Overview
G.1.2 Industry Value Analysis
G.1.3 Industry Segmentation
G.1.4 Future Perspective
G.2 Belgium
G.2.1 Industry Overview
G.2.2 Industry Value Analysis
G.2.3 Industry Segmentation
G.2.4 Future Perspective
G.3 Canada
G.3.1 Industry Overview
G.3.2 Industry Value Analysis
G.3.3 Industry Segmentation
G.3.4 Future Perspective
G.4 China
G.4.1 Industry Overview
G.4.2 Industry Value Analysis
G.4.3 Industry Segmentation
G.4.4 Gambling in Macau
G.4.5 Future Perspective
G.5 France
G.5.1 Industry Overview
G.5.2 Industry Value Analysis
G.5.3 Industry Segmentation
G.5.4 Future Perspective
G.6 Germany
G.6.1 Industry Overview
G.6.2 Industry Value Analysis
G.6.3 Industry Segmentation
G.6.4 Future Perspective
G.7 Italy
G.7.1 Industry Overview
G.7.2 Industry Value Analysis
G.7.3 Industry Segmentation
G.7.4 Future Perspective
G.8 Japan
G.8.1 Industry Overview
G.8.2 Industry Value Analysis
G.8.3 Industry Segmentation
G.8.4 Future Perspective
G.9 Netherlands
G.9.1 Industry Overview
G.9.2 Industry Value Analysis
G.9.3 Industry Segmentation
G.9.4 Future Perspective
G.10 Spain
G.10.1 Industry Overview
G.10.2 Industry Value Analysis
G.10.3 Industry Segmentation
G.10.4 Future Perspective
G.11 United Kingdom
G.11.1 Industry Overview
G.11.2 Industry Value Analysis
G.11.3 Industry Segmentation
G.11.4 Future Perspective
G.12 United States
G.12.1 Industry Overview
G.12.2 Industry Value Analysis
G.12.3 Industry Segmentation
G.12.4 Domestic Casinos
G.12.5 Las Vegas
G.12.6 Online Gaming Industry
G.12.7 Future Perspective
G.13 Other Markets
G.13.1 Philippines
G.13.2 Singapore
G.13.3 South Korea
G.13.4 Taiwan
G.13.5 Vietnam

H. Global Casinos & Gaming Industry: Future Perspective

I. Major Industry Players
I.1 Caesars Entertainment Corporation
I.1.1 Corporate Profile
I.1.2 Business Segment Analysis
I.1.3 SWOT Analysis
I.2 Ladbrokes plc
I.2.1 Corporate Profile
I.2.2 Business Segment Analysis
I.2.3 SWOT Analysis
I.3 Las Vegas Sands Corporation
I.3.1 Corporate Profile
I.3.2 Business Segment Analysis
I.3.3 SWOT Analysis
I.4 MGM Resorts International
I.4.1 Corporate Profile
I.4.2 Business Segment Analysis
I.4.3 SWOT Analysis
I.5 William Hill Plc
I.5.1 Corporate Profile
I.5.2 Business Segment Analysis
I.5.3 SWOT Analysis
I.6 Wynn Resorts
I.6.1 Corporate Profile
I.6.2 Business Segment Analysis
I.6.3 SWOT Analysis
I.7 32Red Plc
I.8 888 Holdings Public Limited Company
I.9 Ameristar Casinos
I.10 Aristocrat Leisure Limited
I.11 Betfair Group Plc
I.12 Boyd Gaming Corporation
I.13 Bwin.party Digital Entertainment Plc
I.14 Camelot Group Ltd
I.15 CIRSA Gaming Corporation SA
I.16 Codere S.A.
I.17 Crown Limited
I.18 Gala Coral Group Limited
I.19 Gamehost Inc.
I.20 Genting Berhad
I.21 Great Canadian Gaming Corporation
I.22 Groupe Partouche SA
I.23 GVC Holdings
I.24 Holland Casino BV
I.25 Isle of Capri Casinos
I.26 La Francaise Des Jeux
I.27 Loterie Nationale
I.28 Maruhan Corporation
I.29 Melco Crown Entertainment Limited
I.30 Netplay TV Plc
I.31 New York State Lottery
I.32 Novamedia Holding B.V.
I.33 Oddset
I.34 Paddy Power Plc
I.35 Pari Mutuel Urbain
I.36 Penn National Gaming
I.37 Pinnacle Entertainment
I.38 Playtech Ltd
I.39 SJM Holdings
I.40 SKYCITY Entertainment Group Limited
I.41 SNAI S.p.a.
I.42 Sportingbet PLC
I.43 Tatts Group Limited
I.44 The Rank Group Plc
I.45 Zynga Inc

J. Glossary of Terms



List of Figures

Figure 1: Global Casinos & Gaming Industry Value (in USD Billion), 2007-2011
Figure 2: Global Casinos & Gaming Industry Segmentation by Categories (%), 2011
Figure 3: Global Casinos & Gaming Industry Segmentation by Geography (%), 2011
Figure 4: Forecast for the Global Casinos & Online Gambling Industry, 2008-2018
Figure 5: Sportingbet Share Price on LAD Talks
Figure 6: Impact on Share Prices of the German Gambling Regulation in April 2011
Figure 7: Black Friday Indictments (18/04/2011)
Figure 8: US DoJ Opinion on Wire Act
Figure 9: Global E-Gaming Breakdown, 2011
Figure 10: Italy Gaming Industry - Online Product Breakdown 2011 GGY (%)
Figure 11: MGD Impact on UK Retail Growth
Figure 12: OTC Gross Win (in £ million), 2006-2011, William Hill vs. Ladbrokes Plc
Figure 13: OTC Gross Win Rebased 2006, William Hill vs. Ladbrokes Plc
Figure 14: Online Revenues (in million), 2006-2011, William Hill vs. Paddy Power
Figure 15: Online Revenues Growth Rebased 2006, William Hill vs. Paddy Power
Figure 16: Global Mobile Gross Win (in USD Million), 2009-2015
Figure 17: Share of Mobile Betting & Casino by Regions (2015)
Figure 18: Global Online Gambling Industry Value (in USD Billion), 2007-2011
Figure 19: Global Online Gambling Industry Segmentation (%), 2011
Figure 20: Global Online Gambling Industry Segmentation by Region (%), 2011
Figure 21: Australia Casinos & Gaming Industry Value (in USD Billion), 2007-2011
Figure 22: Australia Casinos & Gaming Industry Segmentation (%), 2011
Figure 23: Geographical Segmentation of Casinos & Gaming Industry in Australia (%), 2011
Figure 24: Australia Casinos & Gaming Industry Forecast (in USD Billion)
Figure 25: Casinos & Gaming Industry Value in Belgium (in USD Billion), 2007-2011
Figure 26: Belgium Casinos & Gaming Industry Segmentation (%), 2011
Figure 27: Belgium Casinos & Gaming Industry Geographical Segmentation (%), 2011
Figure 28: Belgium Casinos & Gaming Industry Forecast (in USD Billion)
Figure 29: Canada Casinos & Gaming Industry Value (in USD Billion), 2007-2011
Figure 30: Canada Casinos & Gaming Industry Segmentation (%), 2011
Figure 31: Canada Casinos & Gaming Industry - Geographical Segmentation (%), 2011
Figure 32: Canada Casinos & Gaming Industry Forecast (in USD Billion)
Figure 33: China Casinos & Gaming Industry Value (in USD Billion), 2007-2011
Figure 34: China Casinos & Gaming Industry Segmentation (%), 2011
Figure 35: China Casinos & Gaming Industry - Geographical Segmentation (%), 2011
Figure 36: Percentage Growth of Macau Mass Market and VIP Gross Gaming Revenues in 2012
Figure 37: Percentage EBITDA Margin Versus Share of VIP Gross Gaming Revenues to Total in Macau
Figure 38: Percentage Change in Real GDP in China
Figure 39: China’s Purchasing Manager Index
Figure 40: China’s Retail Sales Value Growth
Figure 41: Country Market Cap as a Percentage of Nominal GDP
Figure 42: China Corporate Debt Issuance ($100 million RMB)
Figure 43: LTM Visitation to Macau and Monthly % Change
Figure 44: Total Monthly Visitation from Mainland China & Percentage Entering through IVS
Figure 45: LTM Visitation by Province
Figure 46: Macau Peninsula Casino Map
Figure 47: Cotai Strip and Taipa Casino Map
Figure 48: China Casinos & Gaming Industry Forecast (in USD Billion)
Figure 49: France Casinos & Gaming Industry Value (in USD Billion), 2007-2011
Figure 50: France Casinos & Gaming Industry Segmentation (%), 2011
Figure 51: France Casinos & Gaming Industry – Geographical Segmentation (%), 2011
Figure 52: France Casinos & Gaming Industry Forecast (in USD Billion)
Figure 53: Germany Casinos & Gaming Industry Value (in USD Billion), 2007-2011
Figure 54: Germany Casinos & Gaming Industry Segmentation (%), 2011
Figure 55: Germany Casinos & Gaming Industry - Geographical Segmentation (%), 2011
Figure 56: Germany Casinos & Gaming Industry Forecast (in USD Billion)
Figure 57: Italy Casinos & Gaming Industry Value (in USD Billion), 2007-2011
Figure 58: Italy Casinos & Gaming Industry Segmentation (%), 2011
Figure 59: Italy Casinos & Gaming Industry – Geographical Segmentation (%), 2011
Figure 60: Italy Casinos & Gaming Industry Forecast (in USD Billion)
Figure 61: Japan Casinos & Gaming Industry Value (in USD Billion), 2007-2011
Figure 62: Japan Casinos & Gaming Industry Segmentation (%), 2011
Figure 63: Japan Casinos & Gaming Industry - Geographical Segmentation (%), 2011
Figure 64: Japan Casinos & Gaming Industry Forecast (in USD Billion)
Figure 65: Netherlands Casinos & Gaming Industry Value (in USD Billion), 2007-2011
Figure 66: Netherlands Casinos & Gaming Industry Segmentation (%), 2011
Figure 67: Netherlands Casinos & Gaming Industry - Geographical Segmentation (%), 2011
Figure 68: Netherlands Casinos & Gaming Industry Forecast (in USD Billion)
Figure 69: Spain Casinos & Gaming Industry Value (in USD Billion), 2007-2011
Figure 70: Spain Casinos & Gaming Industry Segmentation (%), 2011
Figure 71: Spain Casinos & Gaming Industry - Geographical Segmentation (%), 2011
Figure 72: Spain Casinos & Gaming Industry Forecast (in USD Billion)
Figure 73: Breakdown of the UK Gambling Industry (%), 2011
Figure 74: UK Casinos & Gaming Industry Value (in USD Billion), 2007-2011
Figure 75: UK Casinos & Gaming Industry Segmentation (%), 2011
Figure 76: UK Casinos & Gaming Industry - Geographical Segmentation (%), 2011
Figure 77: UK Casinos & Gaming Industry Forecast (in USD Billion)
Figure 78: Breakdown of the US Gaming Market, 2011
Figure 79: US Casinos & Gaming Industry Value (in USD Billion), 2007-2011
Figure 80: US Casinos & Gaming Industry Segmentation (%), 2011
Figure 81: US Casinos & Gaming Industry - Geographical Segmentation (%), 2011
Figure 82: Change in US Gaming Revenues vs. Change in US Unemployment Rate
Figure 83: Growth in US Real GDP
Figure 84: Change in Employment over 6 Months in the US
Figure 85: Consumer Confidence Index in the US
Figure 86: U.S. Personal Income Y/Y % Change
Figure 87: US Mid-Atlantic Gaming Market
Figure 88: Casino Map in Atlantic City
Figure 89: US Northeast Gaming Markets
Figure 90: Sample and Projection of Existing Gaming Markets in US
Figure 91: Casino Map of Ohio
Figure 92: Casino Map of Chicago
Figure 93: Gaming Industry in the US Rust Belt
Figure 94: US Midwest Gaming Industry
Figure 95: Alabama & Mississippi Gaming Industry
Figure 96: Florida Gaming Industry
Figure 97: Louisiana Gaming Industry
Figure 98: Baccarat Revenues in Las Vegas vs. VIP Revenues in Macau
Figure 99: Las Vegas Baccarat Monthly Wins (in USD ‘000s)
Figure 100: Win per Visit Remains Low
Figure 101: Las Vegas LTM Gaming Revenue Detail (in USD ‘000s)
Figure 102: LTM Table Revenues - Excluding Baccarat (in USD ‘000s)
Figure 103: LTM Slot Revenues (in USD ‘000s)
Figure 104: LTM Baccarat Revenues (in USD ‘000s)
Figure 105: Change in Room Supply in Las Vegas
Figure 106: Las Vegas Room Occupancy and ADRs
Figure 107: Weekend versus Midweek Occupancy Rates
Figure 108: Convention Attendance vs. Midweek Occupancy Rate
Figure 109: Las Vegas Strip Casino Map
Figure 110: History of Online Gambling in the US
Figure 111: US Casinos & Gaming Industry Forecast (in USD Billion)
Figure 112: Marina Bay Sands (MBS) versus Venetian Macau Quarterly Rolling Chip Volume (in USD Million)
Figure 113: Global Casinos & Gaming Industry Forecast (in USD Billion)

List of Tables

Table 1: Global Casinos & Gaming Industry Value (in USD Billion), 2007-2011
Table 2: Global Casinos & Gaming Industry Segmentation by Categories (%), 2011
Table 3: Global Casinos & Gaming Industry Segmentation by Geography (%), 2011
Table 4: Global Casinos & Online Gambling Industry Statistics, 2005-2017
Table 5: Key Industry Ratios
Table 6: UK Machine Categories Defined by 2005 Gambling Act
Table 7: UK Off-Course Betting GGY (in £ million), 2008-2011
Table 8: Online GGY (in £ million), 2009-2011
Table 9: Global Online Gambling Industry Value (in USD Billion), 2007-2011
Table 10: Global Online Gambling Industry Segmentation (%), 2011
Table 11: Global Online Gambling Industry Segmentation by Region (%), 2011
Table 12: Australia Casinos & Gaming Industry Value (in USD Billion), 2007-2011
Table 13: Australia Casinos & Gaming Industry Segmentation (%), 2011
Table 14: Geographical Segmentation of Casinos & Gaming Industry in Australia (%), 2011
Table 15: Australia Casinos & Gaming Industry Forecast (in USD Billion)
Table 16: Casinos & Gaming Industry Value in Belgium (in USD Billion), 2007-2011
Table 17: Belgium Casinos & Gaming Industry Segmentation (%), 2011
Table 18: Belgium Casinos & Gaming Industry Geographical Segmentation (%), 2011
Table 19: Belgium Casinos & Gaming Industry Forecast (in USD Billion)
Table 20: Canada Casinos & Gaming Industry Value (in USD Billion), 2007-2011
Table 21: Canada Casinos & Gaming Industry Segmentation (%), 2011
Table 22: Canada Casinos & Gaming Industry - Geographical Segmentation (%), 2011
Table 23: Canada Casinos & Gaming Industry Forecast (in USD Billion)
Table 24: China Casinos & Gaming Industry Value (in USD Billion), 2007-2011
Table 25: China Casinos & Gaming Industry Segmentation (%), 2011
Table 26: China Casinos & Gaming Industry - Geographical Segmentation (%), 2011
Table 27: Casinos by Concessionaires in Macau
Table 28: Estimated Macau Gross Gaming Revenues by Segment
Table 29: Macau Profit Contribution by Gaming Segment (in USD Million)
Table 30: Macau versus US Gaming Markets
Table 31: LTM Visitation by Province
Table 32: China Casinos & Gaming Industry Forecast (in USD Billion)
Table 33: France Casinos & Gaming Industry Value (in USD Billion), 2007-2011
Table 34: France Casinos & Gaming Industry Segmentation (%), 2011
Table 35: France Casinos & Gaming Industry – Geographical Segmentation (%), 2011
Table 36: France Casinos & Gaming Industry Forecast (in USD Billion)
Table 37: Germany Casinos & Gaming Industry Value (in USD Billion), 2007-2011
Table 38: Germany Casinos & Gaming Industry Segmentation (%), 2011
Table 39: Germany Casinos & Gaming Industry - Geographical Segmentation (%), 2011
Table 40: Germany Casinos & Gaming Industry Forecast (in USD Billion)
Table 41: Online Gambling in Italy, 2010 & 2011
Table 42: Italy Casinos & Gaming Industry Value (in USD Billion), 2007-2011
Table 43: Italy Casinos & Gaming Industry Segmentation (%), 2011
Table 44: Italy Casinos & Gaming Industry – Geographical Segmentation (%), 2011
Table 45: Italy Casinos & Gaming Industry Forecast (in USD Billion)
Table 46: Japan Casinos & Gaming Industry Value (in USD Billion), 2007-2011
Table 47: Japan Casinos & Gaming Industry Segmentation (%), 2011
Table 48: Japan Casinos & Gaming Industry - Geographical Segmentation (%), 2011
Table 49: Japan Casinos & Gaming Industry Forecast (in USD Billion)
Table 50: Netherlands Casinos & Gaming Industry Value (in USD Billion), 2007-2011
Table 51: Netherlands Casinos & Gaming Industry Segmentation (%), 2011
Table 52: Netherlands Casinos & Gaming Industry - Geographical Segmentation (%), 2011
Table 53: Netherlands Casinos & Gaming Industry Forecast (in USD Billion)
Table 54: Spain Casinos & Gaming Industry Value (in USD Billion), 2007-2011
Table 55: Spain Casinos & Gaming Industry Segmentation (%), 2011
Table 56: Spain Casinos & Gaming Industry - Geographical Segmentation (%), 2011
Table 57: Spain Casinos & Gaming Industry Forecast (in USD Billion)
Table 58: UK Casinos & Gaming Industry Value (in USD Billion), 2007-2011
Table 59: UK Casinos & Gaming Industry Segmentation (%), 2011
Table 60: UK Casinos & Gaming Industry - Geographical Segmentation (%), 2011
Table 61: UK Casinos & Gaming Industry Forecast (in USD Billion)
Table 62: US Casinos & Gaming Industry Value (in USD Billion), 2007-2011
Table 63: US Casinos & Gaming Industry Segmentation (%), 2011
Table 64: US Casinos & Gaming Industry - Geographical Segmentation (%), 2011
Table 65: Unemployment Rates in Select US Gaming Markets
Table 66: Gaming Revenues in Select US Gaming Markets (in USD ‘000s)
Table 67: Casinos in Ohio
Table 68: Sample and Projection of Existing Gaming Markets in US
Table 69: Recent Las Vegas Strip Developments and ROIs
Table 70: State Legislations Regarding Online Gaming in the US
Table 71: Frank and Barton Bills
Table 72: US Casinos & Gaming Industry Forecast (in USD Billion)
Table 73: Global Casinos & Gaming Industry Forecast (in USD Billion)




Companies Mentioned

Caesars Entertainment Corporation
Ladbrokes plc
Las Vegas Sands Corporation
MGM Resorts International
William Hill Plc
Wynn Resorts
32Red Plc
888 Holdings Public Limited Company
Ameristar Casinos
Aristocrat Leisure Limited
Betfair Group Plc
Boyd Gaming Corporation
Bwin.party Digital Entertainment Plc
Camelot Group Ltd
CIRSA Gaming Corporation SA
Codere S.A.
Crown Limited
Gala Coral Group Limited
Gamehost Inc.
Genting Berhad
Great Canadian Gaming Corporation
Groupe Partouche SA
GVC Holdings
Holland Casino BV
Isle of Capri Casinos
La Francaise Des Jeux
Loterie Nationale
Maruhan Corporation
Melco Crown Entertainment Limited
Netplay TV Plc
New York State Lottery
Novamedia Holding B.V.
Oddset
Paddy Power Plc
Pari Mutuel Urbain
Penn National Gaming
Pinnacle Entertainment
Playtech Ltd
SJM Holdings
SKYCITY Entertainment Group Limited
SNAI S.p.a.
Sportingbet PLC
Tatts Group Limited
The Rank Group Plc
Zynga Inc