03.31.2008 | 7:09 am | Poker
As the future of Poker in Norway is still shrouded in mystery, organisers of the official Norwegian Poker Championships have take the rather unusual step of moving the event to Nottingham in the UK. The tournament will take place between 28th April and 5th May 2008 and even after the move overseas the event organisers are still expecting upwards of 500 players to travel to the UK. So what does this mean for the future of Norwegian Poker?
As we have covered before on this Blog, the Norwegian authorities recently began a major clamp down on the game and have effectively deemed it to be illegal. They gate crashed a number of events, they have arrested a number of people and basically the sport seems to be dead in the country. This was all after the authorities began to grow concerned that the industry was becoming too strong with Annette Obrestad’s win at the World Series of Poker Europe 2007 event attracting record numbers of Norwegians to the game.
Many countries are using the US style of closing down the Poker industry as a mean to dictate the future direction of the sector with many of the opinion that once a suitable tax charging arrangement is agreed then Poker will resume in the Norway. Until the parties are able to come together it seems that police raids and headlines about illegal Poker dens are set to hit the front pages of the local press for some time to come.
While horse racing and many other forms of gambling are still legal in countries such as Norway it seems that Poker has been singled out for special treatment by many countries around the world. This is a reflection of the growing stature and power of the game, a game which has swept around the world on the back on the internet revolution. However, the harder the authorities try to stop people playing the game, the more popular it seems to become!
03.28.2008 | 9:47 pm | News, casinos
A consortium of investors, including Australian giant Crown Casino Ltd, have been forced to put a $5 billion Las Vegas project up for sale after the group failed to supply the increased equity which was being demanded by their lenders. While no official announcement has been made, the consortiums inability to attract another investor to the project has forced them to hoist the for sale sign. So what next?
There had been ambitious plans to build the tallest tower in Las Vegas as part of the project, together with a 5,000 room hotel, casino and other entertainment facilities. Normally the venture would have been able to attract the required additional capital but with money markets still tight and investors running scared after recent stock market falls, all is not well in the world of finance. While the site has affectively been put up for sale, the likelihood of receiving an acceptable offer in the short term seems to be fairly remote. All but the highest quality blue chip investments are able to attract the additional capital required, and even then the terms are not as good as they once were.
There is every chance that we will see some of the larger casino ventures scaled down or delayed over the next few months as the industry finally realises that it is not insulated from the affect of the on going credit crunch. Those with funding already in place may well be in a great position to pick up ventures such as the Crown Las Vegas one for a sub-market price, with the possibility of reselling for a substantial profit once the credit crunch works its way through the system.
The next few months are most defiantly a buyers market in general industry, and with the possibility that some casinos will struggle as the economy slows, the number of casino assets up for sale could begin to grow.
03.27.2008 | 5:34 am | News, casinos, gambling
Kentucky must be one of the few states in the US where most forms of gambling are illegal, but there had been a glimmer of hope that this would change. Governor Steve Beshear had hoped to push through his plans for the introduction of 12 new casinos in the state, which he estimated would have brought in some $600 million a year in taxes and revenue for the authorities. While the idea seems to have been purely based upon the need to increase tax revenue, his plans were defeated in the “House”. So what next for the state of Kentucky?
The problem for the governor was the fact that he was already struggling to attract an acceptable majority to change the statute of the state and allow gambling – which was only part one of his master plan to introduce casinos. As he has not been able to muster enough support for this stage of his plan he has no chance of pushing through the additional changes prior to the 15th April deadline, meaning that Kentucky will remain casino free until at least 2010 when no doubt they authorities will try and push through a new amendment. So why are there no casinos in Kentucky?
While we have all seen the power of the anti-gambling movement in the US and the damage which they have done to the industry over the years, areas such as Kentucky have long been used as a focal point for various campaigning groups. Many of these groups are fearful that if the likes of Kentucky were to fall into the lap of the casino industry, then this would heap pressure on an array of other states in a similar situation. The gambling ban in the state goes back decades and many people actually feel this is out of date in the new free world, not to mention the fact that state budgets can benefit enormously from casino tax income – something which is said to have been at the heart of the recent move to change the laws.
03.26.2008 | 5:32 am | News, casinos
This could only happen in America, the opening of an Elvis Presley themed casino!
New York Company FX Real Estate and Entertainment, who own the licensing rights to the name and image of Elvis Presley, have announced plans for an 18 acre development on the Las Vegas Strip. The outline of the development has been published but now we have the issue of raising the $3 billion capital needed to complete the project. While normally this would not be a problem, we are in the middle of a worldwide credit crunch and the flow of corporate funding capital is not what it was a year ago. So does the King still sell?
When you consider that the hotel will have 2,269 rooms, the venture will need to start producing a return fairly quickly because we are talking prime Las Vegas real estate which has taken nearly 10 years to piece together. As well as the hotel and casino, there will be a second smaller hotel and various “Elvis” themed shops as part of the overall complex, the ownership of which will be shared between the parties involved. While Elvis may have died over 20 years ago the fact remains that he is still big news worldwide and especially in the US. His name lives on and if anything the appreciation of his life and music seems to be growing.
While the Elvis venture should go ahead at some stage, even if the funding is delayed to take account of the credit crunch, it has opened up the possibility of other themed casino ventures throughout the industry. Can you imagine a Simpson’s casino? A Rocky casino? The potential is enormous when you consider how this area of the industry may develop. This could be the new angle which will spawn a whole host of new and exciting ventures.
03.25.2008 | 7:37 pm | casinos
While Sunderland based poker star Neil Channing may not have much to shout about with regards to his local football team Sunderland FC, the rising star of the European poker circuit took away a massive 800,000 Euros when he won the Paddy Power Irish Open tournament in Dublin’s City West Hotel. Channing successfully took on 667 poker players and came away with the largest cheque of his career to date. So what next for the man from Sunderland?
After his breath taking win last night there is no doubt that Channing is looking to break into the big league, and why not after he left the likes of Doyle Brunson and Donal Norton in his wake – not to mention the array of sports stars such as Tony Cascarino, Teddy Sheringham and Reggie Corrigan whom he out played and out gunned. The European poker tour is growing but it must surely be the US tour which he should be looking towards now?
When you consider Neil Channing’s background there is every chance that he has the razor sharp mind and determination need to make a mark on the US circuit. Channing was once a book maker on the UK horse racing courses, an industry which requires not only substantial backing but a real skill in reading a market very quickly. While he has own tournaments prior to the Irish Open this is by far and away his most high profile victory to date. Yet this is no fluke, when you consider that his earning for 2008 are fast approaching the $2 million barrier (with £1.7 million already in the “bag”).
It will be interesting to see what approach he takes over the coming weeks and months and whether he does actually decide to go for the bigger name events. His is currently the rising star of the European circuit and many in the industry are pinning their hopes on him.
03.24.2008 | 6:57 pm | Poker, casinos
While we have seen a major increase in poker tournaments around the world and the number of people playing over the last 10 years, there has also been a substantial increase in those who use poker machines. These machines allow you to play against a computer, or in some cases against somebody else playing on the same network of machines, without actually seeing a person. For those who have a skill at poker but maybe struggle with the one on one scenario of the table, these machines have been very well received. So what are they suggesting down in Australia?
Like a whole host of other countries around the world the Australian government receive a substantial income from the casino industry, and have attracted some very big name players to their shores. However, there has always been a very vocal anti-casino movement in the country and it seems that they are starting to impact upon the opinion and actions of the government. Under pressure from these groups, the Australian government have announced plans to half the maximum stake per game on the poker machines from $10 to $5 by 2010. They have also announced plans to introduce a voluntary element which will see a time limit introduced to these machines, stopping players from simply going from game to game to game. But will they make a difference?
The Australian government have been accused of introducing measures which will have no real impact upon the industry, and the fact they are not even mandatory has not gone down well either. However, it has put the authorities in a very difficult situation and they are pretty much stuck in the middle – they cannot be seen to introduce a major crackdown on the industry (after attracting big investment to the sector), but they need to be seen to appreciate the potential pitfalls of the machines. A difficult position for the Australian government and one which the seemingly cannot win!
03.21.2008 | 6:57 pm | casinos
Over the last few months we have seen a spate of casino licence applications rejected by the US authorities and it is starting to cause some concern in the industry. Have the authorities changed their opinion of the industry? Are they paying games ahead of the presidential election? Or is it just by chance that a whole host of rejections seem to have happened at the same time?
There seems to be a new attitude towards casinos in the US with more anti-casino groups appearing from the shadows, more complaints from many locals and a concern amongst some that casinos are causing problems in some areas of the country. However, behind the headlines and the vocal concerns about casino licence applications, it has emerged that many of these casinos which have been blocked are actually being pushed through at a later stage. So is this all just show for the voters?
The growth in the casino industry in the US is as strong as ever, and while there will be an inevitable lull at some point due to the economic situation, the industry is still moving ahead on a medium to longer term basis. More and more states are actually depending upon the tax income from these operations, some of which can literally bail many local authorities out of what could be state budget funding problems. There is a feeling that many of these states who are “fighting” the casino industry are actually doing this to show voters they care about their opinions – but many still go ahead with casino licences on appeal.
While many people have differing opinions on the casino industry, as we have covered on this blog on numerous occasions, the industry is one of the most heavily regulated in the world. Income is strong, regulations are even stronger and yet still the up roar from some areas of the population continues. The bottom line is that if people did not visit casinos, there would be no demand.
03.20.2008 | 9:08 pm | News, Poker Stars
One the surface the game of Poker looks very high profile, exciting and great to be involved in, but how do the professional poker plays really get on? Is it as glamorous as many would have us believe?
The world of professional poker is cut throat with friends trying to beat each other in the race for the big pot, and basically anything goes. While there is etiquette to the game this can be lost in the hustle and bustle of turning over big hand cards, with literally thousands of dollars – and more – at risk!
Let us consider the specific pressures of a professional poker player :-
Living Costs
Let us not forget that very often income from their poker games is all they have to live on. While the very best in the industry will have big sponsorship deals and win big tournaments on a regular basis, these are the cream of the cream. The rest are left to fight over scraps as they try to raise enough money to live and move onto the next tournament.
Travel Expenses
As the game of poker becomes more and more popular, tournaments are becoming further and further apart with many players travelling hundreds of miles just to get there. Life on the road as a poker player can be very expensive and when the money does dry up, it can be heart breaking.
Taxes
Recent laws in the US have given the authorities the information they have always wanted, a list of every casino win in the US over US$5,000. No more excuses for not paying tax, no more hiding winnings from the tax man.
Life on the road is not as easy as many would have you believe, and while we see the headline makers living it up, these are the top 10% of the professional players on the circuit, with the rest left in their wake to fight over the smaller dollar pots.
03.19.2008 | 9:28 pm | News, casinos
While may of us may play with simple $1 chips, there are major changes afoot in Atlantic City which will see new chips made available with a face value of some $25,000!
These new chips will take over the limit currently held by the $20,000 chip, but not everybody seems to be happy about the new change. It has to be said it has taken a robust campaign by Caesars Atlantic City casino to finally persuade the Casino Control Commission to agree to the change, but campaigners are concerned that it is yet another way to attract more and more money to the table and more and more money for the casinos. But does it really matter?
When you consider that some of the higher play tables have $50,000 hand limits in Atlantic City, does it really make a difference if this is made up of 2 x $20,000 and 1 x $10,000 chip, or 2 x $25,000? The fact is that if these people have the money to gamble $50,000 they are not necessarily bothered how many chips they will need. Money talks and once it begins to speak the number of chips you need will not make a difference!
The new chips will be clearly marked so that there is no confusing them with the existing colour codes, although you would guess if you are laying up to $25,000 on a hand you would double check what the chip was. The argument about increasing the chance of serious gambling habits seems a little weak to say the least. It might be different if you were able to take credit from the casino when you were short, but you can’t.
As the chip denominations now range from just $1 to $25,000 there is surely something for everyone, no matter how large you like to bet!
03.18.2008 | 1:34 pm | Poker, News, Poker Stars, casinos
Harrah’s Entertainment, owners of the World Series of Poker (WSoP) brand, have announced that this year’s European tournament will be held in London between 19th September and 1st October 2008, with players in the shout for what looks like being a fairly large pot.
Last year saw 18 year old Annette Obrestad take away a European WSoP record jackpot of $2 million, making her the youngest ever winner of a main event as well as elevating her to the top woman earner on the WSoP tour. The tournament will once again be held at the famous London International Clubs casino in Leicester Square, London, which has been home to the event for some time.
While there is no doubt that US poker tournaments are drawing ever larger crowds and jackpots, the European circuit is very much showing signs of improvement. Poker is often seen as a way of life for many in the US, and while perhaps not as engrained into UK culture, there is a growing interest in the sport. Perhaps we will see UK interest catch up on the US industry with the US players not able to play online after US regulations were introduced a while back.
Whatever happens over the next few years, it seems inevitable that we will see more and more of the US poker tour coming to the shores of the UK. Interest is growing, sponsorships money is on the up and recent changes to TV regulations will make it far easier to attract substantial entrance numbers for future tournaments.
As the record books show, there have already been a number of high profile UK based winners of large US tournaments. However, many in the UK are waiting for that big hitter from these shores, the one brave enough to bluff the US masters and finally put UK poker on the map!
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