Posted by admin in Casinos
An altered plan for raising the state tax on casinos was given by the Governor Terry Branstad to the legislators, but from lawmakers and a key lobbying group, it is getting the same chilly response.
Raising the state tax on all casinos to 36 percent was recommended by Branstad in late January. Now, for the casinos, Branstad advises a “graduated” tax based on profits, in the same way individuals who make more money have higher tax rates.
Raising the casino tax was proposed by Branstad so legislators then would be able to cut the state’s top corporate income tax rate in half.
A casino’s first $25 million would be taxed at 24 percent under the governor’s proposal. At 30 percent, revenue of $50 million or more would be taxed and revenue of $75 million or more would hit the top rate of 36 percent.
Tim Albrecht, Branstad spokesman said that those casinos that had already agreed to this same 36 percent rate last decade would be primarily be impacted by the top rate, when they were able to put slot machines in the horse tracks.
Meanwhile, Branstad said that he believes it was the right thing to hold off on online gaming for at least a year; even though to allow it, Washington, D.C., will likely become the first place in the nation.
On payments for lawyers and other professionals who provide legal services to youthful and impoverished defendants is one of the most contentious issues this session has focused upon. Since mid-February, hundreds have gone unpaid, largely because in this year’s budget the Legislature did not have suitable enough money to pay for the program.
Posted by admin in Casinos
During the fiscal year that ended June 30, Nevada’s largest casinos lost $3.4 billion, cutting costs by nearly $4.5 billion. State gambling regulators said on Monday that the cost cutting was done to help narrow losses from an even worse stretch in late 2008 and early 2009.
The largest casinos in the Silver State lost nearly $6.8 billion, during the year that ended June 30, 2009.
On Monday, the Nevada Gaming Control Board said that the 256 casinos, combined for nearly $21 billion in total revenue, grossed at least $1 million in gambling revenue, which included money earned from other sources like: hotel rooms, restaurants, bars etc. Compared with just over $22 billion taken in by 260 large casinos in fiscal 2009, regulators said that the revenue was down by more than 5 percent.
The report said that from 68 casinos owned by publicly traded companies, comes the 76.2 percent of the total gambling revenue. As per the report, the casinos paid 7.8 percent of their gambling revenue, which is $777.6 million in taxes. Gambling revenue made up nearly 47.5 percent of casinos’ total revenue, which is nearly $10 billion.
Jeremy Aguero, Applied Analysis said that it is better not to fool self in any shape or form. He added that the report shows improvement in our core tourism industry but it is not a good performance. They are still losing $3.4 billion. He said that the overall industry is not performing in a profitable way, which means that jobs are still at risk.
In recent years, one of the hardest hit areas is Stateline at South Lake Tahoe. $90.4 million in the red was what the five casino licensees finished. South Shore casinos lost $260 million in the previous year. At South Shore, the $366.4 million is the lowest amount ever reported for that area.
From total revenues of $1.49 billion, Washoe County’s 31 casinos had a net loss of $27.5 million. 148 of the 256 licensed casinos in Nevada are in Clark County, which from $18.2 billion in revenue, generated $3.36 billion in losses. For just over $37 million in net income, the brightest spot was Elko where 18 casinos combined. In rural Nevada, the 41 other casinos reported combined net income of just under $11.45 million.
Posted by admin in Casino
Louisiana’s state-licensed casinos in the last month pulled in a bit more money from gamblers than in October 2009.
According to a state police report issued Thursday, the 13 riverboats, Harrah’s downtown New Orleans casino and the 4 racetrack casinos won $196.7 million last month. From the October 2009, tally of $193.3 million, that is up 1.8 percent.
The New Orleans land casino won $29.6 million and the four slot casinos at racetracks won $31.4 million, the riverboats took in $135.7 million in the last month. Gamblers lost $185.7 million in September 2010.
Industry analyst Cory Morowitz of Galloway, N.J.-based Morowitz Gaming Advisors said, “It’s encouraging. It tells you the consumer may be seeing some recovery, albeit a weak recovery. That of itself is encouraging. It fits with the overall economic situation.”
Shreveport-Bossier City and Lake Charles, the two markets that depend heavily on players from Texas were a mixed bag. Last month, the five riverboats and the Louisiana Downs casino that make up Shreveport-Bossier city won $62.8 million, which is up from $58.6 million in October 2009.
With three riverboats and the Delta Downs track casino, the take was about even in the Lake Charles market. Last month, those outlets took in $51.3 million, a slight drop from $52.9 million in October 2009.
Two riverboats, the land casino and the Fair Grounds casino won $55.6 million in October in New Orleans; a bit more than the $54.5 million take in October 2009. $29.6 million was won by Harrah, which was a drop from the year-ago total of $30.7 million.
Down from $15.9 million in October 2009, the two riverboats in Baton Rouge won $15.3 million. Morgan City won $4.4 million near the lone riverboat, a boost from the year-ago total of $3.8 million. At Opelousas, the Evangeline Downs track casino took in $7.3 million, a dip from the October 2009 take of $7.6 million.
Nine of Atlantic City’s 11 casinos reported a decline in revenue for October, contributing to an overall 12.3 percent drop in revenue for Atlantic City casinos over the previous year in casino games.
The figures, released by New Jersey’s Casino Control Commission on Wednesday, showed losses for nine out of 11 major casinos operating in Atlantic City. Tropicana Casino and Resort, which features an Old Havana theme, showed the biggest gain with a 7.1 percent increase. Trump Marina Hotel Casino, a 2 million square foot complex, posted a 3.4 percent gain.
The Mardi Gras themed Showboat Casino Hotel had the biggest decline among the nine that lost money, down 22.7 percent. Competition from legalized gambling in neighboring states such as Pennsylvania, which opened prominent casinos in Philadelphia and Pittsburgh, along with ongoing economic woes are among reasons for the decline.
Casino Control Commission chairwoman Linda Kassekert noted that people are still spending money at the combination casino-hotels, just not on gambling activities. An example of this is a fraction of a percentage point loss for the Borgata Hotel Casino and Spa, Atlantic City’s top casino.
Among other casinos posting losses are Trump Taj Mahal Casino Resort (-17.1 percent), Atlantic City Hilton Casino Report (-8.3 percent), Bally’s Atlantic City (-14.4 percent), Trump Plaza Hotel and Casino (-17.8 percent), Harrah’s Resort Atlantic City (-18.3 percent), Caesar’s Atlantic City (-19.7 percent) and Resorts Atlantic City (-19.1 percent). Total revenue for this year so far is $3.1 billion, a 9.1 percent loss from this point last year.
Posted by admin in Baccarat
Las Vegas— What is a seven-letter game, which means simple rules, high-limits and natural thief attractor? Baccarat. In this recession stricken city, this table game is one of the few table games on the rise.
Baccarat and online casino games are loved by Cash-rich Asians and money hungry criminals. Thieves view Baccarat as being “ripe for the picking”, at $100,000 per hand, according to security consultant Bill Zender.
The con is not difficult. Baccarat players, upon their wager must draw a third base. To determine the order of the following cards, the con person is now enabled. By stating cheats will be profitable “if they know the next 40 cards”, Zender concurs. Eight hands of winnings will be the approximate result.
Embedding playing and shuffled cards with radio frequency identification chip is what the casinos are attempting to combat the potential loss. The cards will be able to be tracked, once the cards pass over the reads.
For the casinos, this is a win-win situation. To track unusual winning patterns or if non-tracked cards are incorporated into the decks, they will have the ability. Protection of their money is the second win. Over a four year period, the San Diego based Tran Organization is believed to have stolen close to $15 million from casinos.
The house always wins, look out thieves.
Posted by admin in Casino
It has been reported on Wednesday, August 18 2010 that due to its earlier announced amendment to a credit facility, that the Las Vegas Sands is planning to pay off over $1 billion dollars of its outstanding debt. On June 30th of this year the company had reported its long-term outstanding debt at just about $10.4 billion.
The resort which is operated by Sheldon Adelson has said that the amendment will extend the maturity of 75% of it’s nearly $4 billion dollars in term loans. This will push the maturity of them to between 2015 and 2016.
The company has also said that this payment will allow its business to mature in other up and coming gaming markets; This is in addition to its overall profile in the financial field.
The company had recently been upgraded in the corporate credit ratings from a “B-” to a “B”, and the company’s outlook is also said to be a positive one. This upgrade in its rating is mainly attributed to the company’s debt maturity profile. It was also reported that the company’s financial flexibility has also improved along with its rating.
A new casino in Singapore and exceptional business in China has by far helped narrow its losses in the second-quarter. The Sands also operates additional casinos in Bethlehem, PA as well as Macau, China. Almost 80 percent of its earnings come from the Asian part of the business, where casino table games are very popular.
Posted by admin in Casino
The slump in the economy in the past couple years has taken its toll on many businesses. It seems the Louisiana casinos were not spared by the recession. During 2009-2010 state fiscal year, Louisiana casinos had a 7.1 percent loss in posted winnings.
There were losses posted all across the board from poker machines that are at restaurants, bars and truck stops to the four race track casinos the state has. The poker machines showed a loss of revenue of about 9.8 percent and the four race tracks were down to $2.36 billion from previous earnings of $2.54 billion. Only Atlantic City posted bigger revenue losses for the year.
Casinos have been taking losses since the economic downturn started. Analysts say that people are tightening up their spending on are less likely to go to casinos and gamble. Even a destination spot like Las Vegas has taken a revenue loss due to the economy.
Casinos hope they can post better revenue results next year, since many believe the economy is rebounding and consumers will once again start spending money. The losses seem to be slowing down and might be reversed by the time next year’s revenue results are to be posted.
Posted by admin in Casino
In B-0939.1, the MGM Mirage is one of Las Vegas’s most recognized names. Now it has become MGM Resorts International. Share holders voted and announced Tuesday at their annual meeting the unveiling of the new corporate name, MGM Resorts International. Immediately, this name change took effect.
To increase public awareness of the MGM Resort brand globally is the strategy behind the new name. Into Asia, the Middle East and elsewhere, the resort developer is expanding. Company officials feel the new name change better expresses the developer’s global presence. MGM Resort’s goal is to set themselves apart from the rest of the hospitality and entertainment industry and to high light the brand’s range.
In 1989, it was originally opened as the Mirage, it changed to MGM Mirage in 2000. Since early 2009, a name change has been reportedly in the works and it manifests other changes within the company. MGM Resorts International has stakes in about 16 other well known Las Vegas strip resorts, casinos and casino table games in Mississippi, Michigan and now globally with joint ventures internationally.
The loyalty program is undergoing a huge make over, making a comeback. It will link the casinos together through its M Life Loyalty Program and it will become M Life. Expect to see M Life revealed in phases starting this summer.
Expect to the changes that make them without rival and become the best world renowned destination resorts, now that MGM Resorts International is one company.