7Oct
The slot machine was once an after thought to casinos in the early days of gambling in Las Vegas. Most older gamblers did not trust the mechanical gambling devices and they flocked to the table games to gamble their money with actual dealers, dice and cards.
Now casinos feature four to five times as many slot machines as they did in the early days of Las Vegas. The trend is more profound on Indian reservations and jurisdictions away from Las Vegas.
Once corporations began to buy gaming companies and become gaming companies, they saw the slot machines as an employee who never needed a break and never talked back. Slot machines don’t try to unionize and they rarely make a mistake.
Now slot machines are high-tech and sped up by the player to give faster results and of course make more money for the casino. The slot machines are also used to gather information on a player. How fast does the player play? How much does the player play and do they ever walk away with a win. A “good player” for the casino is one who plays fast, loses all their money and plays for extended period of times.
Slot machines have come a long way from their simple timing reels that would spin randomly. Now they are computer marvels that lure players in with high quality graphics and noises designed to peak their interest. The next time you walk by a slot machine that is compelling to play, you will see first hand how the slot design teams have taken every step to attract you to play their machine.
25May
As the Mississippi River began to go up in April, Casinos along the Mississippi River saw a plunge in revenue. Compared to April 2010, casinos in South Mississippi also were downward for the month.
Winnings at the Coast casinos fell to $87.4 million from $92.5 million in April 2010 and it was reported by the Mississippi Department of Revenue. The 19 casinos along the Mississippi River won $101.9 million from players, while the casinos along the Gulf Coast took in $87.4 million in April.
Indian reservation casinos are not included in the Mississippi figures. These casinos are not required to report their winnings to the public. During the potholed economic recovery, the casino business has had its ups and downs with money for discretionary spending and travel were being tight for individuals and businesses watching dollars spent on conventions.
On a fiscal year, that begins July 1 and end June 30, Mississippi collects the gaming tax. Gaming taxes have brought in $234.2 million for the first 10 months of the fiscal year, including $77.8 million that is transferred to local governments.
Analysts have said that in addition to the plunge in the revenue, high gasoline processes have also weighed in.
3May
Arizona is witnessing a bounce back from the casinos. For the quarter that ended March 31, tribal contributions to the state from gaming revenue totaled $22.6 million. From the same quarter, that is a 6 percent boost in 2010.
Director of the Arizona Department of Gaming, Mark Brnovich said that they have seen an increase in casino revenue for the third quarter in a row. With other indicators, this is consistent that the broader economy is improving. He added that even though it is a small trend, it is a good one.
With the rest spread among five other state programs, half of that state money will go to education funding.
Contributions will be distributed among a trauma and emergency services fund, the Arizona Wildlife Conservation Fund, Problem Gambling Education, Treatment and Prevention, an instructional improvement fund, Arizona Department of Gaming operating costs and the State Tourism Fund.
The casinos saw their net win descend for 10 straight quarters, before a 1.1 percent year-over-year increase in the third quarter of 2010. Executive director of the Arizona Indian Gaming Association, Sheila Morago said that in tribal services supported by gambling revenue, falling revenue prompted cutbacks in addition to belt-tightening at the casinos and hotels.
For the tribes that have spent hundreds of millions of dollars on new casinos and resort hotels, the turnaround is particularly encouraging that opened in the midst of the worst economic downturn in decades.
A $60 million Lone Butte Casino in Chandler in 2008 was opened by the Gila River Indian Community and they spent $200 million on the Wild Horse Pass Hotel & Casino, which opened in 2009 south of Phoenix. Near Scottsdale last year, the Salt River Pima-Maricopa Indian Community opened Talking Stick Resort, a project valued at $440 million.
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19Apr
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.
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30Mar
Playtech in a quest to become the exclusive platform provider for the Malta-based company’s Grand Duke Casino, has signed a contract with Integra Gaming. In both download and flash formats, the deal will see the online casino to have room for more than 150 games from Playtech’s stable.
The Grand Duke Club is an ideal example of its over-the-top treatment approach and Grand Duke Casino is planning to take care of its players. In an aptly named “Royal Package,” there are special game limits and a record-breaking €7000 bonus, which are only some of the unbelievable perks the casino will shower on its most valuable players.
From The Lotteries and Gaming Authority (LGA) in Malta, Grand Duke Casino has already obtained permission and players will finally be capable to place their bets this coming April.
Integra Partners, Integra Gaming’s very own affiliate program are the supporters of the Grand Duke Casino brand. Integra Partners is in the business of forming real partnerships and assisting affiliates in taking full advantage of revenues from their player base, backed by solid financial support, and an experienced team of dedicated affiliate managers. Every need and requirement will be met by a personalized & customized solution and every client is assured to be given immaculate service.
A GrandDuke.com statement read that they want players to take it to a whole new level, even though most casinos put their players first. At GrandDuke.com, players will see implausible promotions, uncompromising service and see bigger bonuses. Integra Gaming is determined to take the online casino industry by storm, with a fresh approach that shows both affiliates and players that veracity comes first.
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15Mar
A new series of live high-roller tournaments called the Onyx Cup has been freshly unveiled by Full Tilt. In out of the ordinary locations in the United States, Europe and Asia, the six-tournament series will attribute buy-ins ranging from $100,000 to $300,000.
For the series, tournament organizers are guesstimating an overall prize pool of $30 million, which also feature a leaderboard to determine which player will become the Onyx Cup Series Champion. On the Onyx Cup Series trophy, the champion of the Onyx Cup will have his name carved and he will drive away in a spanking new luxury sports car.
All tournaments will be No Limit Hold’em and the events are open to any players wishing to play who can afford the six-figure buy-in. For the player many consider the world’s best, it is not just about the dollars, although the buy-ins and prizepools are astounding numbers.
For May 11 and 12 in Las Vegas, the first Onyx Cup Series event is scheduled. While the events will most likely be programmed around the same time as other major events in those countries, the complete dates and locations have yet to be declared. On FullTiltPoker.com, qualifying for the events will be offered absolutely, beginning on March 15.
Erik Seidel is the hottest player on the planet right now. He is looking forward to a buy-in level and format that guarantees the best of the best are in play. With a similar focus of bringing the best together, in 2011, this is the second new league/tour created. The first league being the Federated Sports and Gaming league of which Annie Duke is the Commissioner.
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1Mar
Ameristar Casinos, regional gaming operator will get hold of the bulk of the common stock of more than 26.1 million share of the company’s common stock, owned by the Craig H. Neilsen Foundation for $457.6 million ($17.50 per share). The common stock at present is possessed by the estate of the company’s founder, who expired in 2006.
The transaction will result in the foundation’s controlling stake in Ameristar to 17 percent, down from 55 percent. The public shareholders, who manage eight casinos in seven markets, will be superior in command of the casino company.
Ameristar Chairman Ray Neilsen, who is Craig Neilsen’s son, said that based on the distinctive financial requirements of the estate and its beneficiaries, the verdict to sell the shares back to the company was made. The beneficiaries include The Craig H. Neilsen Foundation. It was established by his father, which was to support spinal cord injury research and treatment.
Ameristar said that in new debt financing, it also plans to acquire about $2.1 billion and to withdraw approximately $1.5 billion of its existing debt, it will use the proceeds to fund the buyback and for general working capital purposes.
Ameristar Casinos, in its 3-month average volume has already traded 1.714 times and has calculated resistance and support at $17.31 and $16.16 respectively. For price action moves through predefined trading ranges, traders like to use volume as their lie detector.
Ameristar Casinos stock is surpassing the overall market, as on the whole, market index S&P 500 is trading higher by 0.54% from its prior trading close.
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17Feb
On Thursday U.S. casino operator Las Vegas Sands’ founder and CEO Sheldon Adelson said, they are seeking more land to expand their casino complex in Singapore due to strong demand for convention and exhibition space.
In order to keep the company moving forward, Adelson believes that not only Asian expansion is necessary, but also the expansion in other areas of the world. For future Sands expansion Spain has become a target and the plans for Spain are even bigger than in Singapore.
Adelson told reporters ahead of the official opening of the Marina Bay Sands casino complex that, “We are already running out of meetings, incentives, conventions and exhibitions space and I’ve told the government that we need some more land to expand.” He further added that Las Vegas Sands will bid for whatever additional land the Singapore government puts up for auction.
After MGM’s CityCenter in Las Vegas, the $5.5 billion Marina Bay Sands, which started operations in April last year, is the world’s second most expensive. Las Vegas Sands said its Singapore casino had earnings before interest, tax, depreciation and amortization (EBITDA) of $306 million in the fourth quarter, boosted by above-normal table game winnings, earlier this month.
The casino mogul claims that his Sands Company would like to create a gambling strip in Europe. With gambling as popular as it ever has been, all of the expansion talk is warranted.
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1Feb
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.
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18Jan
A Malaysian maid as won more than HK$30 million ($4.98 million) in a lottery in Hong Kong. She was working for the fourth wife of gambling tycoon Stanley Ho. At the urging of her employer’s family, the middle-aged woman bought a ticket on her birthday.
The woman has reportedly worked for more than 10 years at the mansion of Mr. Ho’s fourth wife, Ms Angela Leong. At the mansion of casino tycoon Stanley Ho’s fourth wife, Angela Leong, the middle-aged woman is employed. Ho is widely known as the “King of Gambling”. The lucky maid purchased a Mark Six lottery ticket on her birthday, according to her employer’s family.
Angela Leong did acknowledge that there were some Malaysian women working at the mansion, although she has denied the reports of the lottery win. Despite the new found fortune, the women reportedly will remain at her job at the mansion. In order to continue to look after Leong’s oldest daughter, Sabrina Ho Chiu-ying, the unnamed woman reportedly wanted to stay on as a maid.
In the gaming industry, Stanley Ho is one of the most recognizable names. Before the industry was opened up to foreign companies, the mogul had a monopoly on casino gambling in Macau. At the idea of moving closer to the millions of gamblers in Asia, Las Vegas gaming giants jumped. In the world, Macau has become the top gaming destination.
For the Las Vegas companies, it has not been all roses. After their Asian clientele started staying closer to home to do their gambling, many of their casinos back in the state have suffered. Las Vegas casinos have also been hurt by the increase in competition within the US industry.
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