US gambling revenue dropped 15% in May. In Las Vegas, the percentage is 16.4%. As for Atlantic City, the casinos gambling revenue down 11% in June, comparing with the same month of the last year (a single casino shows an increase in revenue, Harrah’s Resort Casino). In Illinois, gambling revenue was down more than 20 percent in June compared to June 2007.
The analyst Robin Farley of UBS wrote in a report that “the decline in Strip revenues is worse than the period immediately following Sept. 11, 2001 and except for January 2002 is the worst monthly performance in more than 10 years…The weakness in gaming revenues was not confined exclusively to the Strip as the Las Vegas locals market declined 19.5% in May, bringing year to date revenues down 8.7%.”
Sands, Wynn, Boyd… everything is sliding.
“The decline appears to be accelerating,” said Nick Danna, an analyst with Stern Agee & Leach.
Jim Murren, president of MGM Mirage, says that this drop is a temporarily situation, an usual cycle.
For Atlantic City, the most important decline is for Trump Marina Casino, 23%.
For the casino games, the reports say that table games and slot machines fell down almost the same in Las Vegas, but slots declined more in Atlantic City.
I am not a specialist, but I think that there are some important factors, external to the gambling industry, that influence it. And one of the most important, if not the most important, is the economic crisis. Including the petrol price, unemployment, the real estate crisis, as well as the reduction in flights as airlines cut back their services.
A second factor is the tourist market, influenced also by the economic crisis but not only. The restrictions implemented last years by US for the external tourists is, maybe, more important for the tourist market than the crisis.
And, to not forget the smoking ban, that will decrease even more the gambling revenue.
The crisis in US gambling industry will be increased by the casino and hotel investments started by the operators, for which it will not be possible to make the payments to the banks (for ex., Tropicana Entertainment defaulting on $2.7bn debts).
In fact, when you start an isolationist policy, including for the online gambling market, you have to take into consideration the secondary effects that can become major effects, in time.
Gambling revenue will grow to $155 billion in 2012 from a 2007 revenue of $114 billion with an annually rate of 6.5 percent per year, says PricewaterhouseCoopers LLP in a report released this week.
Asia, and especially Macau, will be the world’s fastest growing gambling region.
In accordance with this report, the US revenue will decline in 2008, due to the mortgage crisis and high gas and travel price. But, starting with 2010, Las Vegas will expects a new raise.
Online gambling and sports betting is expected to have a 4.9% yearly increase in Europe, the Middle East and Africa, and a 4.5% yearly increase for the US tribal casinos. The most important increase for US is predicted for sports betting, rising 7% to $7.6 billion in 2012.
Queenco Leisure International (QLI) has finalised the terms of an agreement with Constanta Municipality, Romania, granting the QLI concession rights over a historic building in the city, which the company intends to renovate and operate, Casino Constanta.
The agreement is for an initial period of 49 years, but grants QLI the option to extend the terms for a further 24 years, subject to the consent of both the company and Constanta Municipality. Under the terms of the agreement, QLI will invest an approximate total of €10.0 million and pay gross annual royalties of €140,000 to Constanta Municipality.
The building covers an area of 801m² and is located on Constanta’s beachfront. It was built in 1909, and declared a national architectural treasure in 1956. Completed between the two World Wars in art nouveau style according to the plans of the architects, Daniel Renard and Petre Antonescu, the Casino features sumptuous architecture and a wonderful view of the sea. The pedestrian area around the Casino is a sought-after destination for couples and families, especially at sunset.
QLI plans to open Casino Constanta in the second half of 2009, which will operate approximately 24 gaming tables and 250 slot machines. The company also intends to develop the casino as a comprehensive leisure venue with restaurants and other entertainment facilities. In addition to local visitors, QLI believes it will benefit from the high volume of tourists visiting the destination each year, and will also focus on developing a VIP customer base as part of its high roller strategy.
‘I am delighted we have finalised the terms of the Concession Agreement in Constanta, and look forward to working closely with the Municipality over the coming years. We believe that the Constanta concession, upon completion, will generate excellent returns for our shareholders and will be another key step in Queenco’s strategy of expanding our casino portfolio in emerging markets to capitalise on their superior growth.’, said Dror Mizeretz, CEO of QLI.
Queenco Leisure International Ltd. operates and manages two of Greece‘s nine licensed casinos under exclusive gaming licences and the Casino Palace in Romania.
As at 18 June 2007, the Group operated approximately 1,400 slot machines and 130 gaming tables, and employed 2,487 people in 4 countries.
Constanţa (historical names: Tomis, Greek: Κωνστάντια or Constantia, Turkish: Köstence, Bulgarian: Кюстенджа) is the oldest living city in Romania. Constanţa has the biggest harbour on the Black Sea, Port of Constanţa, the fourth largest in Europe, having the potential in the next few years to become the second largest in Europe after Rotterdam. Constanta is also the most popular destination for summer holidays in Romania for both the national and the international market because of its beachfront and cultural attractions.
Poker Stars started a new experience, beginning to operate a poker room in Cotai Strip (Dubbed PokerStars Macau), at Grand Waldo Hotel and Casino (25 tables, 250 players, cash games and tournaments).
The poker room was launched this week with a No-Limit Texas Hold’em Charity Poker tournament, for the victims of the recent earthquake in China. Participants competed for HKD $150,000 in prizes, including entries to the $25 000 HKD buy-inSeptember’s APPT Macau event, which features an HKD $25,000 buy-in. That event runs September 1-6, 2008 and has a guarantee of HKD $10,000,000.
“PokerStars is committed to the development of poker in Asia” said Joe Hachem, Poker World Champion and member of Team PokerStars Pro.
$4.5 billion Canadian investment in casino-resort project (“Ho Tram“) in the South of the Vietnam, the themehighlighting the lush natural beauty of the area while showcasing Vietnamese and Asian culture.
The most important investors in this project are Asian Coast Development Ltd. from Toronto and Harbinger Capital LLC from New York
The Ho Tram Stripis being designed by Steelman Partners andspread across 19 hectares of prime real estateon a beach in Xuyen Moc Commune, in Bà Rịa–Vũng Tàu Province, near Ho Chi Minh City.
The first stage of the project (2008-2011) will include two luxurious five star hotels with 2300 rooms and a Las Vegas-style casinos – featuring live entertainment stages and an exclusive VIP area to compliment gaming floors with more than 180 live table games and 2000 electronic games. As recreational facilities, an expansive and luxurious spa, state-of-the-art performance facilities, an engaging upscale retail experience and a wide selection of elegant dining facilities offering local and international cuisine.
It is the most important investment in Vietnam, including, in the first stage, a 2,300 rooms hotel and a casino with 900 gambling tables, 500 slot machines, and a VIP area.
Finally, in 2015, the resort will comprise five hotels with 9,000 rooms and a second casino.
The site plan includes several theatres and museums, a cultural center, and an ongoing parade of events, a championship 200-acre golf coursedesigned by Greg Norman, a country club, and and a site for guests to swim with dolphins.
Vietnam (Vietnamese: Việt Nam), officially the Socialist Republic of Vietnam (Vietnamese: Cộng hòa Xã hội Chủ nghĩa Việt Nam), is the easternmost country on the Indochina Peninsula in Southeast Asia. It is bordered by China to the north, Laos to the northwest, Cambodia to the southwest, and the South China Sea to the east. With a population of over 85 million, Vietnam is the 13th most populous country in the world.
Bà Rịa–Vũng Tàu is a province of Vietnam. It is located on the coast of the country’s southeastern region. It also includes the Côn Đảo islands, located some distance off Vietnam’s southeastern coast. From 1954 to 1975, this province belonged to the Republic of Vietnam.
Gambling with the futures Socialist Worker Online, IL
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A new MGM Grand casino will open at Foxwoods this weekend. The festivities will be overshadowed by the United Auto Workers that will protest against unfair tipping policy and the Mashantucket Pequot Tribe’s refusal to bargain, trying to negotiate a union contract.
A new way the tips are distributed among dealers is going to decrease their earnings.
“We’re glad we could reach an agreement on this event that works for everyone. We’re glad to be there, we protected our first amendment rights, and we are confident we will get our message out,” said Director of UAW Region 9a, Bob Madore.
The Union will try to make aware the casino customers of the unfair labor practices, many dealers joining the protest.
The opening will have as guests many celebrities, such as Michael Douglas and his wife, Catherine Zeta Jones, and Jamie Lynn Sigler.
Airbus is in discussion with more clients interested to use the world’s biggest passenger plane, Airbus superjumbo A380, into a flying casino.
David Velupillai, marketing director for Airbus’s executive and private aviation division, said a fully-fitted casino could be delivered as early as 2012.
The gambling “is clearly a growing business in Asia and what this interest reflects is what is happening in Macau and Singapore. The idea of a flying casino has been mentioned before but it’s now looking a lot more concrete,” said the head of Airbus’ Executive and Private Aviation Division, Francois Chazelle.
The most important destination for the future casinos will be Asia, especially Macau.
Las Vegas Sands Corp., a hotel, gaming, and resort development company headquartered in Las Vegas, Nevada and owning The Venetian Resort Hotel Casino, the Sands Expo and Convention Center, and Venetian Macao Limited, a developer of multiple casino hotel resort properties in The People’s Republic of China’s Special Administrative Region of Macao, hopes to launch VIP charter flights between Hong Kong and Las Vegas featuring baccarat tables in Lockheed Martin planes, in accordance with a South China Morning Post
Interesting change, isn’t it? It seems that starting with this year, Las Vegas will be no more the capital of the gambling world. The Sin City is growing old.
In accordance with Macau’s Gaming Inspection and Coordination Bureau, casinos in Macau took in gross gambling revenue of $10.4 billion in 2007, up 47 percent from about $7.05 billion the year before. Four new casinos opened on Macau last year. At the end of December, Macau had 4,375 gaming tables and 13,267 slot machines in 28 casinos, up from 2,762 tables and 6,546 slots in 24 casinos a year before.
Minimum bets in the Chinese territory usually set at US$12.85, compared with a less than US$1 in some Vegas locations, allow Macau to take in far more per customer and per table than Las Vegas, says Asian Times.
“Macau has built properties based on Las Vegas’s 30 years of experience, but the Chinese market doesn’t have any experience with the Vegas product,” Andy Nazarechuk, dean of the University of Nevada Las Vegas-Singapore’s William F. Harrah College of Hotel Administration, said. “Once they learn, there will be money to be made.”
Las Vegas is growing much more slowly, and it is not entirely its fault. It is the US general policy about gambling that makes the US gambling to slow down every year. Including the policy for online gambling. At a first glance, UIGEA helped Las Vegas and the other US land casinos.
The true is, the US gambling industry lost its way during the last years, and now it tries to find it again. I am not talking about the companies, that expanded their activity in all the world, but about the US internal gambling market. The development of the Indian casinos is part of this process.
Las Vegas, billed as The Entertainment Capital of the World, is famous for massive and lavish casino resorts, the unrestricted availability of alcoholic beverages (as is true throughout Nevada), and adult entertainment. Once officially referred to as Sin City, this image made Las Vegas a popular setting for films and television programs. The major attractions in Las Vegas are the hotels. The most famous hotels line Las Vegas Boulevard South, also known as the Las Vegas Strip. Many of these hotels carry thousands of rooms and are featured on various themes. There are, of course, large casino areas in these hotels as well. There are many hotel casinos in the city’s downtown area as well, which was the original focal point of the city’s gaming industry in its early days. Several large hotels and casinos are also located somewhat off the Strip but adjacent to it, as well as in the county around the city. (Wikipedia)
Juniper Research says that revenues for mobile games, that include mobile gambling too, are expected to rise from just under $5bn in 2007 to nearly $16bn in 2012.
“More widespread penetration of 3G handsets, or entertainment-focused 2.5G handsets like the iPhone, will mean a much greater surge in the adoption and overall use of rich media services.”, said Dr Windsor Holden, the report’s author.
As for gambling, that restrictions on gambling services in the key US market will ease in the medium term, says the author.
In accordance with Mobility Site, Warwick Bartlett Lead Partner of Global Betting and Gaming Consultants (GBGC) in his opening presentation to the M for Mobile Conference in London on Tuesday 22nd January said that a combination of three crucial factors was creating a perfect storm of opportunity for the Mobile Gambling Operators.
He cited better mobile phone handsets and the innovative apple iphone as being more functional and sophisticated with better screens and keyboards enabling mobile gambling operations so much easier.
The traditional on line and offline businesses has now reached maturity and the gambling companies were in earnest looking for new products that would reach new consumer segments. Many and in particular the majors like Ladbrokes, William Hill and Bet 365 are investing in mobile gambling and their marketing spend will do much to promote this hitherto neglected segment of gambling.
Finally the software providers had listened to their customers and responded with much more user friendly easier to navigate products.
Merchant bank Clairvest Group Inc. and Clairvest Equity Partners III Limited Partnership are investing $41.6 million in a new gambling and entertainment centre in southern Chile, adjacent to the city of Concepción.
The centre will include a casino, hotel, entertainment theatre, restaurants and family entertainment facility. The completion of the casino is scheduled for August 2008.
Clairvest Group is contributing 25% and CEP III is contributing 75% of the $41.6 million investment, which results in a combined interest of 50% in Casino Marina del Sol. The other 50% is held by Empresas Valmar, a well established local real estate company.
In accordance with Wikipedia, Chile, officially the Republic of Chile (Spanish: República de Chile), is a country in South America occupying a long and narrow coastal strip wedged between the Andes mountains and the Pacific Ocean. The Pacific forms the country’s entire western border, with Peru to the north, Bolivia to the northeast, Argentina to the east, and the Drake Passage at the country’s southernmost tip. The government has encouraged the use of Chile as an “investment platform” for multinational corporations planning to operate in the region.
Concepción is a city in Chile, capital of Concepción Province and of the Bío-Bío Region. Greater Concepción (Gran Concepción, including Talcahuano, San Pedro de la Paz, Hualpén, Chiguayante, Penco, Tomé, Lota, Coronel, Hualqui and Concepción) is the second-largest conurbation in the country, with 889.725 inhabitants (2002 census). Individually, it is the 11th largest comune in the country, with a population of 212,003.
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