01.27.2009 | 9:09 am | casinos
As the US casino industry continues to struggle due to reduced visitor numbers and the general economic downturn hitting the country, there are concerns that local authority budgets in many states of America could be under pressure. It has long been known that a great number of US local authorities depend upon income from casino operations to bolster their local budgets which are required to fund local public services. Will the ongoing economic downturn, and the struggling casino industry, have a serious impact upon public services across America?
It may not be widely known but the taxation system and licensing system with regards to the US casino industry is a severe as any in the world. Local authorities are taking literally hundreds of millions of dollars a year in income and taxation from a variety of casino operations across the country. This is perhaps one reason why the religious based political parties in the US, who have constantly criticised the growing gambling culture, have been unsuccessful in their attempts to knock the industry off course.
However, this dependence to a certain extent upon gambling income has left many US states significantly short of funding in these troubled times. Many people believe this is one of the main reasons why the US government is said to be reconsidering its position in relation to the online gambling ban introduced by George Bush. If, as expected, the US authorities finally decide to legalise online gambling it seems inevitable that they will put themselves forward as a tax collection point for online gambling sites, in exchange for the ability to trade with US customers.
This would put the US at serious odds with the likes of the UK where Gordon Brown has in the past put the country forward as a licensing centre and taxation centre for the industry. However, it would appear that in this David and Goliath battle the US authorities have substantially more firepower and will inevitably take the spoils.
01.23.2009 | 4:39 am | casinos
As the competition between the off-line casino sector and the online industry continues to mount a number of people have been looking at ways in which the off-line casinos encourage you to play longer term. There are many subtle changes to your environment and ways to distract your attention which will keep you at the poker table or the roulette wheel longer than you had anticipated!
Lighting
Have you ever noticed that every time you go to your local casino there is a distinct lack of natural lighting on the casino floor?
The reason behind this common occurrence is the fact that if you have no access to natural lighting it can be very difficult to estimate the time of day and minutes could turn into hours before you know where you are. How many times have you walked out of a casino and been suddenly surprised to see that it is in darkness outside and you have been on the casino floor for hours?
Drinks and food
While the drinks and food services seen in many casinos around the world are presented as complimentary many people believe these are a subtle ploy to ensure you stay on the tables longer and do not lose your concentration. The bottom line is that the more minutes and more hours you spend around the table, with fewer distractions, the more money you are sure to gamble and the more chance that the “house” will be successful.
Crowded casino floors
While the extent to which a casino floor may be crowded with different tables, different games and players walking around can differ from casino to casino the hive of activity can often encourage you to move from table to table. The chances are if you are getting bored with the game you’re playing there will be another game just yards from you which may catch your eye.
Conclusion
There is no doubt that there are a number of subtle ploys to keep you at the casino tables for long as possible but at the end of the day why do people visit casinos in the first place?
01.22.2009 | 4:51 am | casinos
Casino magnate Steve Wynn would appear to be a one-off in the casino sector with plans to open his new “sky casino” on the Las Vegas strip. The casino, named Encore, is set to appeal to the top end of the casino gambling sector but how has he managed to plough on with his massive investment when others around him are pulling back and running short of cash?
Even though Steve Wynn has seen his personal fortune collapse over the last 12 months, due to the significant fall in casino share prices, it would appear that his aims and ambitions remain relatively unchanged. The 2,000 room Encore hotel and casino development cost a total of $2.3 billion to build and is situated opposite the Wynn Las Vegas casino on the Las Vegas strip.
The casino itself is situated on the 63rd floor of the massive hotel and offers five “gaming salons” but there are conditions attached!
To gain entry to the Encore casino you will need to have at least $300,000 “in your pocket” which will allow you access to one of the five casino “gaming salons” where you can play an array of casino games in private. In a move which is seen as contrary to the general casino sector, the casino floor is open plan and the design is such that natural light and outdoor views are very prominent. As we covered in one of our earlier post, many casinos for many years have hidden casino floors away from natural light as a means of “confusing” player’s body clocks.
While there is no doubt that the Encore casino and hotel has probably opened at the worst possible time it would appear that Steve Wynn and his casino company are more than capable of taking the short-term hit while awaiting the medium to long term gains from the development. Once the sector bounces back there is no doubt that venue such as the Encore casino and hotel will prove very popular.
01.7.2009 | 11:58 pm | casinos
Since the government even hinted at various changes in the UK gambling laws and regulations, Blackpool has been put forward by numerous experts as the potential Las Vegas of Northern England. In simple terms it has a number of elements which would make such a comparison possible, including significant tourist numbers, a welcoming local authority and the need for significant employment. It would be nice to say that the area has the right weather most of the year around but this would be untrue as it can be very cold in the winter time!
Unfortunately for Blackpool the UK government has been seriously dragging its heels with regards to the increase in large casino developments across the country, something which has hit various plans for Blackpool and surrounding areas. These delays have also allowed other areas of the country such as Manchester and Birmingham to step forward and try to steal some of the limelight which Blackpool has held for some time. While they are not able to compete with regards to the tourist industry element there are other factors such as transport networks and large-scale surrounding populations which could come into play and offer a serious threat to Blackpool.
Even though there is potential for enormous employment opportunities if Blackpool gets the go ahead to become the UK capital of gambling and the Las Vegas of the North, not everybody is in favour of the plans. While Las Vegas tends to grab the headlines for all the right reasons, big jackpots and show business, there is also a seedy side to Las Vegas which is often ignored in the wider press. Some people are concerned that Blackpool could also attract a number of unwanted guests to the region which could result in many areas of Blackpool moving downmarket.
If Blackpool is to be successful and indeed become the Las Vegas of the North there is a requirement to ensure the region is not swamped by undesirables and offers a fresh and welcoming experience for those looking to sample “Las Vegas”. If the local authorities are unable to control the growth of certain elements often attached to the casino industry this could well play into the hands of other cities around the UK who would be only too happy to step into the large boots of Blackpool.
11.4.2008 | 8:33 pm | casinos
News that massive casino and entertainment group MGM Mirage has tapped the money markets for over $700 million of additional finance in the last week has received a mixed response from investors around the world. While many believe that the move was forced upon the group, something which may be reflected in the 15% interest rate they were forced to offer, there are some in the industry who believe this is actually a very clever move which could see the group strengthen its position in the industry.
As the casino sector struggles to make ends meet at the moment, and many of the majors such as MGM Mirage have been reduced to junk status in the debt markets, there is a feeling that the next 12 months could well see the collapse of some large companies in the industry. MGM Mirage, although struggling on the financial front like all others in the industry, has now been refinanced for the short to medium term which could see the group pick up some cheap assets over the next 12 months.
Interestingly the company has not withdrawn each and every high profile and high cost project planned for overseas and appears to be looking beyond the current economic climate to a time when consumers will again visit their venues in great numbers. It is this forward thinking and forward planning which could well see MGM Mirage take top spot in industry for the foreseeable future.
Those casino groups which have decided to fight the ongoing slowdown with existing resources may well be forced back to the market over the next 12 months but whether the finance required will be available remains to be seen. The fact that MGM Mirage has already secured this finance for the future is a very interesting move indeed.
09.8.2008 | 3:16 am | News, casinos
As news flows through that US mortgage giants Fannie Mae and Freddy Mac have been affectively taken over by the government it seems that there is another way to make ends meet in the current recession. Casino frauds have been on the increase for some time with more sophisticated equipment now available which has seen a number of gangs bag some very large wins. So are the casinos winning the fight?
A look at the most recent of casino frauds will show you that the likes of the FBI are now involved in a number of investigations as the crooks become slicker and organised crime gangs target the sector. Even the prospect of spending years in jail for being involved in an attempted or actual casino fraud project has not deterred the hardest and most determined of crooks. Thankfully, online protection systems have kept online casino frauds down to a minimum although there have been the odd one or two internal rackets which have been discovered – thankfully not at any of the recognised and more mainstream sites.
Online casino have also been knocked by those who do not quite understand the safety systems in place but after recent events they have been shown to be more secure than many offline casinos. That is not to say that any system, casino or site is impregnable but the chances of being caught up in an online casino fraud are near zero.
It will be interesting to see what new and inventive security systems the offline casinos bring in after the discovery of a number of high profile frauds. They have literally spent millions in the past but money is a little tighter at the moment due in the main to the shaky worldwide economy.
09.5.2008 | 4:34 am | Poker, News, Poker Stars, casinos
As we near the final table of WSOP 2008 the tension is starting to mount and the money is starting to flow on who will pick up the prize this year. A quick look at the betting exchanges will show you that there is a very small band of the final 9 whom gamblers think are in with a chance but could it all change when the event begins?
As a taster here is a list of the betting exchange odds for each of the players left at the final table of the main even WSOP 2008 :-
Dennis Phillips 9/2
Craig Marquis 12/1
Ylon Schwartz 9/1
Scott Montgomery 11/2
Darus Suharto 12/1
David Rheem 11/1
Ivan Demidov 9/2
Kelly Kim 39/1
Peter Eastgate 11/2
The odds would suggest that the likes of Dennis Phillips, Ivan Demidov, Peter Eastgate and Scott Montgomery are in the driving seat but is it really that clear? Or will we see one of the so called outsiders sneak in and grab the pot?
The beauty of poker is that fact that it can change from hand to hand and results can literally turn the betting on its head in a matter of minutes. While all of the players at the final table know what they can do and how to play the game, playing the final table at the main WSOP event can be daunting for even the most hardened professional.
How easy must it be to let your heart rule your head, to feel you heart pumping and make the wrong move or fall for a well disguised bluff?
Life in the world of poker is never straight forward and while those carrying big chip stacks to the final table have the cutting edge at the moment, this can all change very very quickly.
08.15.2008 | 8:20 am | Poker, News, casinos, gambling
It was announced yesterday that the groundbreaking London-based online poker room, PKR.com, surpassed other leading online gambling companies such as Betfair, and one of the leading UK gambling company Ladbrokes, in terms of the number of clients it attracted last year.
This is an especially remarkable achievement due to the fact that PKR.com has not yet celebrated its second birthday – its second anniversary is in fact on Sunday, August 17th. This clearly shows the potential for innovative online gambling websites to grow and expand, surpassing their more traditional rivals – and certainly indicates that the online gambling field in the UK is set for further expansion, with even more unique and original companies setting up every week.
In the last 12 months alone, over 1.1 million people have signed up to PKR.com, taking their total membership to the astonishing figure of 2 million in less than 2 years. This makes the site the fastest growing online gambling internet resource which does not accept US players, and the second fastest growing overall in the world – clearly showing the increased interest from Europe in the online gambling sector. The incredible growth of PKR.com was illustrated last month where the site surpassed Betfair and Ladbrokes to become the 15th busiest network worldwide for ‘real money’ internet poker.
Alongside the growth in clientele has come an expansion of the brand itself – it has launched a television series, PKR TV, which reaches a potential audience of 15 million people across Europe, as well as its own magazine, entitled Stacked, and the launch of the loyalty program Club PKR, which rewards regular customers with bonuses and hints and tips on how to succeed in their games. Whilst this expansion is impressive, Managing Director Simon Prodger is realistic about the future, saying that the company’s aim for next year is simply to “build on our achievements and keep looking forwardsâ€.
08.13.2008 | 8:15 am | Poker, News, casinos, gambling
The world’s largest provider of online poker and casino software, Microgaming, announced today that it has signed a contract with the successful online casino Unibet in order to allow the online gaming site to access the popular Microgaming casino platform. This statement comes after the announcement by Unibet that they are switching to a new URL, widening access to the website as a whole – and thus is beneficial not only for the gambling website, but also for gaming provider Microgaming. This follows Unibet’s 2006 decision to join the Microgaming Poker Network, and their recent renewal of this poker deal on a multi-year basis. The partnership between these very successful enterprises looks set to go from strength to strength.
This move will see Unibet players given access to some of the most advanced games in the online gambling industry, such as Lara Croft: Tomb Raider, The Osbournes and Hitman – which are three of the gaming industry’s biggest licensing deals. Additionally, traditional casino games will also be provided, such as poker and blackjack, which boast some of the largest jackpots in the market – for example, the progressive total in the Microgaming Progressive Jackpot Network is currently at $6 million, and the four-tiered “Mega Moolah†winnings are not far behind at $3.3 million.
The CEO of Unibet, Peter Nylander, has stated that the decision to further the partnership with Microgaming was easy - “Since joining the Microgaming Poker Network, we’ve enjoyed a strong working partnership, and so this decision has actually been straightforward. Microgaming’s Casino software has an outstanding reputation in the industry for delivering cutting edge, graphic rich games, and one of the most reliable platforms in the business – critical when running any online operation.†In addition to these exciting developments, Unibet will also retain their original URL, meaning that the company has expanded. The partnership between these two gaming giants is set for a bright future.
08.12.2008 | 5:58 am | News, casinos
It was yesterday revealed that the worrying slump in both the number of gamers and the revenue produced by gambling in Atlantic City has continued into July. For the popular casino resort city, this is a real blow because July is traditionally the peak of the gaming season, where tourists from all over the United States and the rest of the world flock to casinos for their summer vacation. It had been hoped that the previous popularity of gambling tourism in the summer months would turn around the slump that the casino industry has seen this year – but the crisis shows no signs of letting up.
The official figures from the New Jersey Casino Control Commission speak for themselves – the 11 casinos in Atlantic City took in $438.7 million in revenue at slot machines and gaming tables, which is a 6.6% decline from last year’s figure of$469.8 million in July 2007. This was even more of a setback when combined with June’s figures, which charted an 11% decline from last year’s figures, which suggests that a weak summer is virtually unavoidable. It also appears that 2008 will follow the trend of 2007 in declining revenue overall. It is down by 6.6% to $2.7 billion overall.
Analysts have suggested plenty of reasons for the enormous slump in past years, including the rise of the online gambling industry, which makes gambling tourism superfluous as gamers can now access huge jackpots from their own homes, without having to pay for travel and lodging expenses.
Additionally, the credit crunch has been blamed for the reluctance of tourists to splash out on expensive gambling holidays. The rising price of gas is a major reason or the decline of United States gambling tourism, as it has caused both rises in fuel for cars and planes. Another more complex reason may be the partial smoking ban implemented in Atlantic City, which has acted as a deterrent for those who smoke as they are banned from casinos whilst smoking. With so many reasons, the slump shows no sign of letting up.
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