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Hotel,
Casino And Gaming News: U.S, Global
October
9, 2024
Hard
Rock Casino Rockford has 2nd largest GGR
Illinois
Hard
Rock Casino Rockford brought in the 2nd highest casino
gambling revenue of any casino operating in Illinois.
In September 2024, Hard Rock Casino Rockford brought
in $13,717,722 in revenue. That makes Rockfords
casino the second largest in revenue in the state,
behind the Rivers Casino Des Planes, which brought
in $41.5 million in September. The total GGR for Illinois
in September was $138.9 million with 1,140,023 admissions;
the 2023 GGR was $132.1 million with 1,038,436 admissions.
News
Tropicana
implosion paves way for A's stadium
Nevada
The
Tropicana Casino and Resort, one of the last true
mob buildings on the Las Vegas Strip, was reduced
to rubble Wednesday morning. The implosion cleared
land for the proposed $1.5 billion baseball stadium
for the relocating Athletics, which is part of the
city's latest rebrand into a sports hub.
News
Shift
to attract millennials to casinos
Nevada
Innovations
in gaming space and expanding technology in the postpandemic
era continue to attract a new, younger generation
to Las Vegas and its casinos, MGM Resorts International
President Bill Hornbuckle said Tuesday at the Global
Gaming Expo.
News
Allegiant
Stadium to host Gold Cup soccer matches
Nevada
International
soccer will once again kick off at Allegiant Stadium
next summer. The Las Vegas Convention and Visitors
Authority approved an event production agreement during
its Tuesday board meeting, including matches in the
CONCACAF Gold Cup tournament in June 2025.
News
Ten
Vegas restaurants together grossed almost $200M in
2023
Nevada
Never
underestimate the power of a seat on the Las Vegas
Strip. Alexxas in Paris Las Vegas, which offers
some of the best street-side dining on the boulevard,
was the highest-grossing independent restaurant in
the city in 2023, according to Restaurant Business.
Alexxas brought in $28.8 million in food and
drink sales, and about 600,000 meals served. The restaurant
ranked No. 9 on the list
The 10 Vegas restaurants
(all but one on the Strip) in the top 100 together
racked up nearly $200 million in sales for 2023.
News
Revenue
Surges 48% Year-Over-Year in September 2024
West
Virginia
West
Virginias sports betting revenue surged in September
2024, seeing a 48% increase compared to the same month
last year
the state generated $7.1 million in
revenue from a $46.4 million handle, marking the second-highest
monthly revenue ever recorded for the states
sportsbooks
the total handle$46.4 million
wageredwas down 7% compared to September 2023.
Casino And Gaming News
Macau
October
2024
Macau's
gaming revenue jumps 15 percent
Macau's
gaming revenue rose 15.5 percent year-on-year in September,
exceeding analysts' forecast as casinos gear up for
one of China's biggest holidays, which usually fuels
travel to the gambling hub.
Gross
gaming revenue reached 17.25 billion patacas (HK$16.73
billion) for the month, according to data released
by the Gaming Inspection and Coordination Bureau.
The result is compared to the median analyst estimate
of a 14.2 percent increase and has returned to 78
percent of the pre-pandemic level seen in 2019.
The
reporting was still lower than in the previous month,
as September - when children go back to school and
it being a peak typhoon month - is historically a
weak season for Macau.
Expectations
for the Golden Week holiday, which started yesterday,
are high. Advanced bookings for hotel rooms are strong,
with bigger gamblers making reservations earlier than
usual, Citigroup analyst George Choi wrote in a note.
Affluent
players remain able and willing to spend, and the
trend seems to be accelerating, Choi said, citing
a survey of gaming table performances.
Still,
retail sales in Macau have shown signs of weakness.
Lower-spending players appear to be betting less for
the first time since China's reopening from Covid
early last year, according to Choi. It is expected
that this trend will ease as Beijing's recent announcement
of a series of economic stimulus measures boosts disposable
income, he added.
News
Global
Gaming
Eklutna
tribe clears land for anticipated casino
Alaska
A
tribe near Anchorage has begun clearing land for the
possibility that it will soon win federal approval
to build a 50,000-square-foot facility with a tribal
gaming operation. The casino would be the first of
its kind outside Southeast Alaska. The Native Village
of Eklutna has long pursued the idea of building the
gaming hall on 8 acres of land
The parcel is
in Birchwood, about 20 miles northeast of downtown
Anchorage.
News
Julapun
pushes for talks on casino complex plan
Thailand
Deputy
Finance Minister Julapun Amornvivat is calling on
all relevant state agencies to discuss the government's
push to allow casinos to operate within entertainment
complexes. He hopes the discussion can be concluded
by the middle of the month. He said the discussion
will focus on the mechanism for tax collection, as
there are restrictions in the State Fiscal and Financial
Disciplines Act that the government must adhere to.
News
Nevada
Sports
Betting Revenue Grows in August
Nevada
sports betting posted August gains in handle and revenue,
total August volume surpassed $455.2 million, a boost
from the $431.6 million bet during the same month
last year. Nevada sports betting operators cleared
$25 million behind a 5.5% August win rate
The
5.5% hold for NV sportsbooks is one of the lowest
this year, though on par with the markets average
win rate of less than 6%.
News
Florida
Slot
revenue rises to $54.9 million in August
Florida
Gaming Control Commission has revealed that the states
non-tribal casinos collected almost $54.9 million
in net slot revenue in August from around $825.6 million
in wagers. Thats a 1.5 percent year-on-year
increase from the $54.1 million generated in August
2023. With 1,236 machines, Harrahs Pompano Beach
Casino, reported as the Isle Casino & Racing at
Pompano Park, led with $9.8 million of the total.
News
Pete
Rose dies at age 83
Pete
Rose, baseballs career hits leader and fallen
idol who undermined his historic achievements and
Hall of Fame dreams by gambling on the game he loved
and once embodied, has died. He was 83. Stephanie
Wheatley, a spokesperson for Clark County in Nevada,
confirmed on behalf of the medical examiner that Rose
died Monday. Wheatley said his cause and manner of
death had not yet been determined. Rose is in the
WWE Hall of Fame (Celebrity Wing) Rose was grabbed
around the neck in a staged skit by the late, great,
Andre The Giant. And yes, there are some WWE themed
slot games, mainly found in Vegas, Atlantic City and
Florida from what the foot soldiers tell us.
News
Australia
Star
Sydney could be worth as little as $8m: Barrenjoey
consultants; Star Entertainments Sydney casino
has emerged as a laggard in the troubled companys
property portfolio with one estimate putting its valuation
as low as $8m!
News
Atlantic
City
Atlantic
City hotels defeat latest class action over casino
room rates
Major
casino-hotel operators in Atlantic City including
Caesars Entertainment and MGM Resorts have persuaded
a U.S. judge to dismiss a proposed consumer class
action accusing them and a revenue management platform
of overcharging for room rentals.
U.S.
District Judge Karen Williams in Camden, New Jersey,
ruled, opens new tab on Tuesday that the consumers
had failed to present enough evidence to let their
price-fixing lawsuit move ahead.
Williams
dismissed the consumers lawsuit with prejudice,
meaning it cannot be filed again. The case was part
of a wave of new lawsuits claiming the use of revenue
management platforms that rely on rivals' data can
be deemed price-fixing.
The
judges ruling marked a second setback for plaintiffs
claiming that major hotels schemed to artificially
jack up room rates. Consumers in a related case have
appealed a Nevada federal judges order dismissing
their lawsuit against Wynn Resorts, Caesars and others.
In
both cases, the plaintiffs alleged hotel owners fed
sensitive internal information such as real-time
price and occupancy data to a shared software
platform that offered pricing recommendations.
The
hotels and the software maker, Cendyn, which was also
a defendant, have denied any wrongdoing.
Representatives
from Cendyn, Caesars Entertainment, MGM Resorts and
Hard Rock on Tuesday did not immediately respond to
messages seeking comment.
The
plaintiffs attorneys in the New Jersey case
at law firms Lite DePalma Greenberg & Afanador;
Burns Charest; and Susman Godfrey did not immediately
respond to a similar request.
The
consumers said in their lawsuit that the hotels used
Cendyns Rainmaker software as
their shared pricing brain that does all
the hard work for them.
They
said while the AI-driven technology at issue
may be fairly novel, the underlying conduct is not.
(Wires)
Casinos/Profile
via Grok
Here's
an overview of the latest updates and trends regarding
casinos as of October 2024, based on the information
available:
Global
Expansion and New Developments:
Jamaica
is re-opening the application period for an integrated
casino-resort license, indicating interest in expanding
its tourism and entertainment offerings through casino
gaming.
Norfolk,
Virginia has given final approval for a new casino
project, which will likely contribute to local tourism
and economy, reflecting a trend where cities are increasingly
seeing casinos as economic development tools.
Japan
and UAE are among the regions moving towards establishing
casino facilities, aiming to attract tourists. However,
these might be restricted to non-locals, a common
practice to control potential social impacts of gambling
within the local population.
New
York continues to explore online gambling legislation,
which could significantly expand the casino industry's
reach in the state by legalizing online casinos.
Economic
Performance:
Nevada,
particularly Las Vegas, reported a slight decline
in casino winnings for August 2024 compared to the
previous year, suggesting possible market saturation
or shifts in gambling preferences towards other forms
like online betting.
Innovation
and Entertainment:
Steve
Cohen, the owner of the New York Mets, has proposed
an $8 billion casino and entertainment complex next
to Citi Field, illustrating how casinos are increasingly
integrated with sports and entertainment complexes
to offer multifaceted experiences.
Technological
and Gaming Trends:
There's
a noted trend towards tightening up on various casino
offerings like comps, free play, and even slot machine
payouts, possibly in response to increased competition
from online gambling platforms and a need to adjust
profit margins.
Online
Gambling continues to grow, with platforms like Ignition
Casino, Cafe Casino, and DuckyLuck Casino highlighted
for their offerings in the U.S. This reflects a broader
shift towards digital platforms, where convenience,
a variety of games, and bonuses are key attractions.
Security
and Social Responsibility:
Casinos
globally are enhancing their surveillance and security
measures, often referred to as "the eye in the
sky," to combat cheating and fraud, ensuring
a safer environment for all patrons.
There's
an ongoing emphasis on responsible gambling, with
various regions implementing measures and support
systems for gamblers, recognizing the potential social
and economic impacts of casino gambling.
Market
Sentiment:
From
posts on X (formerly Twitter), there's a mix of excitement
about new casino developments and concerns over the
tightening of casino offerings, suggesting a complex
relationship between gamblers and the industry.
In
summary, the casino industry in 2024 is witnessing
expansion into new markets, integration with broader
entertainment complexes, technological adaptation
towards online platforms, and a strategic focus on
security and responsible gambling. This reflects an
industry evolving to meet new consumer behaviors,
technological capabilities, and regulatory environments.
(Grok)
Casino News/Profile via Grok
The
term "casino" refers to a facility where
gambling activities take place, which often integrates
with other entertainment options like hotels, restaurants,
and live shows, making it a central hub for leisure
and gambling. Here's an overview based on current
insights and historical context:
Evolution
of Casinos: Originating from the Venetian Ridotto
in 1638, casinos have evolved from exclusive gambling
houses to multifaceted entertainment centers. Today,
they are known for merging traditional gambling with
modern technology, offering everything from classic
table games to digital slots and live dealer sessions.
Modern
Online Casinos: The digital age has ushered in online
casinos, providing an accessible platform for gambling
from anywhere. These platforms, like those highlighted
in recent promotions on X, offer various incentives
such as bonuses for new sign-ups, free spins, and
the integration of cryptocurrencies for transactions,
enhancing user engagement with promises like "deposit
now and receive FREE BTC!" This reflects a trend
towards digital currencies in gambling for increased
security, anonymity, and efficiency.
Cultural
Impact and Controversy: Casinos, both physical and
online, are not without controversy. They're often
discussed in terms of their societal impact, including
issues like gambling addiction. A perspective shared
on X questions the legality and morality of state-run
casinos like Holland Casino in the Netherlands, pointing
out the potential for addiction due to high stakes
gambling, contrasting it with smaller community events
like bingo nights.
Entertainment
Beyond Gambling: Besides gambling, casinos are pivotal
in the entertainment industry, hosting concerts, stand-up
comedy, and even sports events. This diversification
aims at attracting a broader audience, not just gamblers,
enhancing their appeal as comprehensive entertainment
hubs.
Global
Presence: Casinos like Marina Bay Sands in Singapore
and those along the Las Vegas Strip are not just gambling
venues but architectural marvels and economic powerhouses,
contributing significantly to local economies through
tourism.
Technological
and Thematic Innovation: Modern casinos incorporate
advanced technology for surveillance and game fairness,
alongside themes that range from historical to futuristic,
creating immersive environments for visitors.
Community
and Legal Perspectives: There's an ongoing debate
about the accessibility of casinos to locals, especially
in regions where gambling might be viewed as culturally
or legally sensitive. This reflects in discussions
on platforms like X, where the impact of allowing
locals into casinos like in Vietnam is pondered, weighing
tourism benefits against social costs.
In
summary, "casino" in today's context represents
more than just gambling; it's a convergence of technology,
entertainment, and sometimes, societal debate. The
integration of online platforms and cryptocurrencies
is pushing the boundaries of traditional gambling,
making it more inclusive yet sparking discussions
on regulation, addiction, and societal impact. (Grok)
Casino
And Gaming News
Macau
October
2024
Macau's
gaming revenue jumps 15 percent
Macau's
gaming revenue rose 15.5 percent year-on-year in September,
exceeding analysts' forecast as casinos gear up for
one of China's biggest holidays, which usually fuels
travel to the gambling hub.
Gross
gaming revenue reached 17.25 billion patacas (HK$16.73
billion) for the month, according to data released
by the Gaming Inspection and Coordination Bureau.
The result is compared to the median analyst estimate
of a 14.2 percent increase and has returned to 78
percent of the pre-pandemic level seen in 2019.
The
reporting was still lower than in the previous month,
as September - when children go back to school and
it being a peak typhoon month - is historically a
weak season for Macau.
Expectations
for the Golden Week holiday, which started yesterday,
are high. Advanced bookings for hotel rooms are strong,
with bigger gamblers making reservations earlier than
usual, Citigroup analyst George Choi wrote in a note.
Affluent
players remain able and willing to spend, and the
trend seems to be accelerating, Choi said, citing
a survey of gaming table performances.
Still,
retail sales in Macau have shown signs of weakness.
Lower-spending players appear to be betting less for
the first time since China's reopening from Covid
early last year, according to Choi. It is expected
that this trend will ease as Beijing's recent announcement
of a series of economic stimulus measures boosts disposable
income, he added.
News
Global
Gaming
Eklutna
tribe clears land for anticipated casino
Alaska
A
tribe near Anchorage has begun clearing land for the
possibility that it will soon win federal approval
to build a 50,000-square-foot facility with a tribal
gaming operation. The casino would be the first of
its kind outside Southeast Alaska. The Native Village
of Eklutna has long pursued the idea of building the
gaming hall on 8 acres of land
The parcel is
in Birchwood, about 20 miles northeast of downtown
Anchorage.
News
Julapun
pushes for talks on casino complex plan
Thailand
Deputy
Finance Minister Julapun Amornvivat is calling on
all relevant state agencies to discuss the government's
push to allow casinos to operate within entertainment
complexes. He hopes the discussion can be concluded
by the middle of the month. He said the discussion
will focus on the mechanism for tax collection, as
there are restrictions in the State Fiscal and Financial
Disciplines Act that the government must adhere to.
News
Nevada
Sports
Betting Revenue Grows in August
Nevada
sports betting posted August gains in handle and revenue,
total August volume surpassed $455.2 million, a boost
from the $431.6 million bet during the same month
last year. Nevada sports betting operators cleared
$25 million behind a 5.5% August win rate
The
5.5% hold for NV sportsbooks is one of the lowest
this year, though on par with the markets average
win rate of less than 6%.
News
Florida
Slot
revenue rises to $54.9 million in August
Florida
Gaming Control Commission has revealed that the states
non-tribal casinos collected almost $54.9 million
in net slot revenue in August from around $825.6 million
in wagers. Thats a 1.5 percent year-on-year
increase from the $54.1 million generated in August
2023. With 1,236 machines, Harrahs Pompano Beach
Casino, reported as the Isle Casino & Racing at
Pompano Park, led with $9.8 million of the total.
News
Pete
Rose dies at age 83
Pete
Rose, baseballs career hits leader and fallen
idol who undermined his historic achievements and
Hall of Fame dreams by gambling on the game he loved
and once embodied, has died. He was 83. Stephanie
Wheatley, a spokesperson for Clark County in Nevada,
confirmed on behalf of the medical examiner that Rose
died Monday. Wheatley said his cause and manner of
death had not yet been determined. Rose is in the
WWE Hall of Fame (Celebrity Wing) Rose was grabbed
around the neck in a staged skit by the late, great,
Andre The Giant. And yes, there are some WWE themed
slot games, mainly found in Vegas, Atlantic City and
Florida from what the foot soldiers tell us.
News
Australia
Star
Sydney could be worth as little as $8m: Barrenjoey
consultants; Star Entertainments Sydney casino
has emerged as a laggard in the troubled companys
property portfolio with one estimate putting its valuation
as low as $8m!
News
Atlantic
City
Atlantic
City hotels defeat latest class action over casino
room rates
Major
casino-hotel operators in Atlantic City including
Caesars Entertainment and MGM Resorts have persuaded
a U.S. judge to dismiss a proposed consumer class
action accusing them and a revenue management platform
of overcharging for room rentals.
U.S.
District Judge Karen Williams in Camden, New Jersey,
ruled, opens new tab on Tuesday that the consumers
had failed to present enough evidence to let their
price-fixing lawsuit move ahead.
Williams
dismissed the consumers lawsuit with prejudice,
meaning it cannot be filed again. The case was part
of a wave of new lawsuits claiming the use of revenue
management platforms that rely on rivals' data can
be deemed price-fixing.
The
judges ruling marked a second setback for plaintiffs
claiming that major hotels schemed to artificially
jack up room rates. Consumers in a related case have
appealed a Nevada federal judges order dismissing
their lawsuit against Wynn Resorts, Caesars and others.
In
both cases, the plaintiffs alleged hotel owners fed
sensitive internal information such as real-time
price and occupancy data to a shared software
platform that offered pricing recommendations.
The
hotels and the software maker, Cendyn, which was also
a defendant, have denied any wrongdoing.
Representatives
from Cendyn, Caesars Entertainment, MGM Resorts and
Hard Rock on Tuesday did not immediately respond to
messages seeking comment.
The
plaintiffs attorneys in the New Jersey case
at law firms Lite DePalma Greenberg & Afanador;
Burns Charest; and Susman Godfrey did not immediately
respond to a similar request.
The
consumers said in their lawsuit that the hotels used
Cendyns Rainmaker software as
their shared pricing brain that does all
the hard work for them.
They
said while the AI-driven technology at issue
may be fairly novel, the underlying conduct is not.
(Wires)
Gaming,
Hotel And Casino News: U.S
September
2024
New
Jersey Internet gambling sets new record at $198M
in revenue, but land casinos lag
Internet
gambling in New Jersey had its best month ever in
August, bringing in over $198 million in revenue even
as most of Atlantic Citys land-based casinos
continued to win less than they did before the COVID-19
pandemic. Figures released Monday by the New Jersey
Division of Gaming Enforcement show that internet
gambling brought in $198.4 million, the highest monthly
total ever recorded in the state and an increase of
nearly 28% from a year earlier. That was the good
news for Atlantic Citys gambling industry.
News
BetMGM
impresses in NFL Week One, Jefferies analyst says
BetMGM
handily outperformed the field in New York state in
the first week of NFL wagering, according to data
published September 15 in a Jefferies Equity Research
investor note penned by analyst James Wheatcroft.
According to Wheatcrofts analysis, BetMGM grew
its handle 54 percent from last year, revenue 24 percent,
and winning margins 8.2 percent. For the market overall,
the handle grew by 14 percent, but revenue dropped
43 percent and margin was down 6.8 percent. FanDuel
recorded a seven percent decrease in handle and 54
percent lower revenue.
News
llinois:
Casino revenue shoots up 3.1% in August after a slow
summer
Illinois
casinos posted positive monthly revenue for the first
time since the spring. The states 15 casinos
combined for a win of $140 million in August, up 3.1%
from Julys total of $135.8 million. Revenue
totals do not include online casinos because iGaming
is illegal in the Prairie State. Illinois is a leading
earner for land-based revenue and sports betting handle
(total amount bet). But, is nowhere to be found in
the world of online casinos. The states legislators
made two attempts to legalize IL online gaming this
year, but both fell short.
News
F1
not moving the Vegas needle, Truist analyst says
F1
stuck in neutral for now, wrote Truist Securities
analyst Barry Jonas, leading off a September 16 investor
note on the subject of Las Vegas room rates. He deemed
them fairly stable but soft into the fourth
quarter. A Truist survey of Las Vegas hotel-room prices
had shown growth in August followed by slowness throughout
the fall. Jonas said these findings were congruent
with MGM Resorts Internationals forward-looking
commentary during its second-quarter earnings call.
Wrote Jonas, While our survey is just one facet
of the market and can change, we note continuing investor
concerns around slowing growth amidst tough comparisons.
News
August
casino revenue $63 million
Virginia
(results) - Lottery Commission - The Virginia Lottery
released its report on casino gaming activity for
the month of August 2024. There are three operating
casinos in Virginia: HR Bristol, Rivers Casino Portsmouth,
and Caesars Virginia. During August, gaming revenues
from Virginia casinos totaled $63.1 million. Hard
Rock Bristol $15.9 million, Rivers Casino Portsmouth
$26.6 million, and Caesars Virginia $20.4 million.
Virginia law assesses a graduated tax on a casinos
AGR, or wagers minus winnings, and $11.8 million in
taxes were paid to the Gaming Proceeds Fund.
News
MGM
getting more solar energy with rural Nevada solar
farm
Nevada
(Las Vegas) - A solar farm in the remote Nevada desert
will double MGM Internationals capacity to use
solar energy. It entered a power purchase agreement
with a utility-scale solar company to use its forthcoming
facility in Lincoln County. The company is expected
to begin using that boost in green energy in 2026.
MGM uses 90 percent renewable energy for 11 of its
Las Vegas resorts daytime needs, the company
said, but the new solar farm and battery storage facility
will power 100 percent of daytime needs and some of
whats needed for nighttime.
News
Three
Strip casinos get new top exec
Nevada
(Las Vegas) - Three casino properties on the Las Vegas
Strip will soon have a new boss following the company
departure of the trios former top executive.
Ken Ostempowski will be assuming the role of senior
vice president and general manager of Paris Las Vegas,
Planet Hollywood and Horseshoe. Ostempowski currently
holds similar roles overseeing The ROW Reno, a three-casino
resort destination in Northern Nevada operated by
Caesars. According to Ostempowskis LinkedIn
profile, he has held executive-level positions in
multiple gaming markets, including Las Vegas, the
Gulf Coast, the Midwest and Colorado.
News
Strip
resort reveals rare tier-match offer
Nevada
(Las Vegas) - For the first time since introducing
a new player rewards program, a Las Vegas Strip casino
is offering to upgrade gamblers loyalty cards
to a comparable level from other casinos. The Venetian
casino-hotel is launching a tier-match promotion that
will allow customers to receive a Venetian Rewards
card status that is on par with or better than what
they currently have with another casino operator.
The Venetian Resort Las Vegas tier-match event
begins Oct. 1, according to a recent email, and will
run through Jan. 1.
News
Boyd
bets big on large sportsbooks even as mobile betting
flourishes
Nevada
(Las Vegas) - The largest sportsbook operated by Boyd
Gaming Corp. may not be the place where everybody
knows your name. But that sentiment is the reason
the company (with its nine Las Vegas casinos) and
other gaming operators continue to invest millions
of dollars into expanding or modernizing large sportsbooks
with massive viewing screens, comfortable seating
areas and food and beverage options. Those expenditures
happen even as more than 65 percent of Nevadas
$8 billion sports gaming industry come through mobile
wagering accounts bets made anywhere outside
the casino. A sportsbook is more than just a
place to make wagers, said Boyd Gaming Vice
President of Race & Sports Bob Scucci. At
our properties, the sportsbook is the place where
people come four or five times a week. Its where
they go to meet their friends and congregate.
News
Opening
sportsbook with Jay-Z at Ocean Casino, Fanatics CEO
Michael Rubin explains Atlantic Citys appeal
Michael
Rubins love for Atlantic City goes back to when
he was about 12 years old. The gambling age
was 18 when I was a kid, the once-small kid
from Philadelphia recalled. I remember when
I was 12 years old, I went to an Atlantic City casino,
to Caesars. It was 40 years ago. I won $2,500. I called
my mom from a pay phone and said, Mom, I got
great news! I just won $2,500! She asked how,
and I said, Im in a casino in Atlantic
City, and she goes, Youre grounded,
get home. Thats my favorite story.
News
A
jobs boon from a casino at Manhattans Hudson
Yards? Experts arent betting on it.
When
casino giant Wynn showed off plans for its Hudson
Yards West casino proposal last month, it enlisted
progressive heavyweights to make the case that the
venture would be a jobs bonanza for poor and working-class
New Yorkers. The endorsements were full-throated and
infused with hope and promise. Leaders from the NAACP,
National Urban League and Win, New York Citys
largest provider of family shelter and permanent supportive
housing, were among the groups that said the proposal
would bring significant career opportunities.
News
Maines
first in-person sports betting bar opens in Portland
Maines
first, in-person sports-betting bar is officially
open. Oddfellahs opened on Market Street
on Friday
The bar has partnered with Caesars
Sportsbook, one of two sportsbooks authorized under
Maines new law to run sports betting, the other
being DraftKings. The founder of Oddfellahs
says theres more to the bar than just sports
betting.
News
IIlinois
Gaming Board renews Rivers Casinos license
The
Illinois Gaming Board on Thursday renewed Rivers Casinos
gaming license as well as Hawthorne Race Courses
master sports wagering license. Both renewals by the
state agency came via unanimous 4-0 votes and are
good for four years, with Rivers now licensed through
August 2028 and Hawthorne through September of that
year.
News
Bellagio
removing trees as F1 prep begins on the Las Vegas
Strip
The
Las Vegas Grand Prix is around the corner and the
Bellagio casino-hotel is days away from starting race
preparations. On Monday, work crews will begin removing
the trees in front of the Fountains of Bellagio along
Las Vegas Boulevard to make room for the construction
of the Bellagio Fountain Club (an F1 spectator area
for VIPs). (Wires, A.I News)
Sydney,
Australia
24 hours to fix a casino: Star chases cash to fend
off insolvency -
September 1, 2024
The
Star Entertainment Group is chasing hundreds of millions
of dollars in extra funding from investors as the
embattled casino operator fights the clock to stave
off financial collapse.
Discussions
with its major investors, such as pokies billionaire
Bruce Mathieson, continued deep into Sunday evening
ahead of the expected release of Star Entertainments
annual results on Monday.
A
fresh injection of cash into the business would allow
Star to secure its ongoing viability after a second
probe into the companys culture found it unsuitable
to hold a casino licence.
Mathieson,
with an estimated wealth of $2.5 billion, is one of
the investors to have backed Stars previous
rounds of capital raising last year, which netted
close to $1.5 billion. The casino operators
business is currently worth just $1.3 billion, based
on the last trading price of its stock at 45 cents.
Fund
manager Perpetual has been another willing backer
of Star Entertainment in recent months. Mathieson
owns a 9.6 per cent stake but recently received regulatory
approvals to acquire up to 20 per cent of Stars
shares. Meanwhile, Perpetual lifted its stake to 8.8
per cent in May but would need regulatory approval
to lift its stake above 10 per cent.
The
next 24 hours will be crucial for the casino operator,
which was forced to delay the announcement of its
full-year results on Friday. Star Entertainment needs
to show the market it has the funding needed to stabilise
its underperforming casino business while also fixing
the probity issues that have left the companys
retention of its Sydney casino licence in doubt.
According
to reports in the Australian Financial Review, Star
is also talking to its lenders about debt relief and
possible fresh funding. It is also said to be talking
to the NSW and Queensland governments about tax relief.
The
company was sounding out investors for a $300 million
raising last week via a convertible notes issue before
the final report of a second inquiry into its Sydney
casino landed from Adam Bell, SC, on Friday. While
the report said Star Entertainment was still unfit
to hold a licence, it stopped short of recommending
the licence be revoked.
Stars
latest results are expected to reveal massive writedowns
of its newly opened Brisbane casino, Queens
Wharf, which cost nearly double the initial $2 billion
estimate, and at a time when casinos are underperforming
across the country due to the cost of living crisis
and anaemic tourist interest. The Queens Wharf
precinct is a joint venture with Chow Tai Fook Enterprises
and Far East Consortium.
Star
Entertainment chief executive Steve McCann, who previously
led Crown Resorts through to its takeover by US private
equity group Blackstone, joined the company in June.
I
recognise that there are many complex issues and challenges
for the company to address, McCann said at the
announcement of his appointment.
I
am committed to working with the board and the various
stakeholders to help drive change, restore confidence
and achieve a sustainable resolution.
Star
Entertainment will also have to contend with the soon-to-be-implemented
cashless gaming cards, which are designed to stop
money laundering and address problem gambling on poker
machines but will hit the companys pokie revenues
in Sydney.
Earlier
this year, Star issued a downgrade saying it now expects
to generate just $1.68 billion in total revenue from
its two casinos in Queensland and its casino in NSW
this financial year. This is a fall from $1.8 billion
in 2023, which was originally thought to be the low
point.
The
Star recorded a total loss of $2.44 billion in 2023.
Its then CEO, Robbie Cooke, was adamant at the time
the group would do better this year.
On
top of its underperforming casino business and the
remediation needed to retain its casino licence, Star
also faces further fines, including from the money
laundering regulator AUSTRAC. Last year, Star provided
for fines and penalties of $150 million from alleged
non-compliance with anti-money laundering laws in
its financial report for the half-year ended December
31, 2022, after ASIC raised concerns.
Gaming
analysts from Macquarie estimate the AUSTRAC fine
could hit $350 million, but another significant issue
is what cost-cutting is needed to keep it in line
with structurally lower revenues next year.
Star
Entertainment has attractive long-duration casino
licences across Queensland and NSW, but there are
near-term uncertainties on the earnings, and a long
list of outstanding issues which need to be cleared
before we can get comfortable with the investment
thesis, Macquarie said.
Star
also faces class action lawsuits on behalf of investors
who have watched the stock plunge from a pre-pandemic
high of $4 to just 45¢ as of last week.
Star
declined to comment on Sunday. (Wires)
Profiles
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Gaming,
Hotel, Casino and Sports News: USA
July
2024
American
Gaming Association announces 2024 Gaming Hall of Fame
inductees
The
American Gaming Association Wednesday announced the
Gaming Hall of Fame Class of 2024, honoring three
individuals for their contributions to the industry.
The new members are: Jim Allen, Hard Rock International
Chairman, Seminole Gaming CEO, and former chairman
of the AGA. Alan Feldman, UNLV International Gaming
Institute Director of Strategic Initiatives and Distinguished
Fellow in Responsible Gaming, and a former executive
with MGM Resorts International. Debi Nutton, Everi
Holdings Board Member, executive coach-consultant,
and former casino operations executive. (CDC, AI News,
Wires)
News
Las
Vegas: Downtown Grand hotel-casino seeks buyer
A
downtown Las Vegas hotel-casino is looking for a buyer.
Downtown Grand, the 1,124-room property one block
north of the Fremont Street pedestrian mall, is on
the market, multiple industry sources confirmed. The
property is owned by real estate investment firm CIM
Group and operated by Fifth Street Gaming, a Las Vegas-based
operator whose portfolio includes the Silver Nugget
and Ojos Locos Sports Cantina and Casino in North
Las Vegas and the Golden Tiki restaurant in Chinatown.
Fifth Street Gaming and the propertys agent...did
not respond to multiple requests for comment Tuesday.
News
New
Jersey fines DraftKings $100K for reporting inaccurate
sports betting data to the state
In
one of the most sternly worded rebukes they have ever
issued, New Jersey gambling regulators have fined
DraftKings $100,000 for reporting inaccurate sports
betting data to the state, which it called unacceptable
conduct that demonstrated weaknesses in the
companys business abilities. The errors resulted
in regulators having to post corrected financial data
for several months, something that had not happened
in 13 years. The mistakes involved overstating the
amount of money wagered on multi-tiered bets, or parlays,
and understating other categories of wagers.
News
Golden
Nugget Lake Tahoe hotel renovations set to begin
The
Golden Nugget Lake Tahoe Hotel and Casino is moving
ahead with major renovations under its new owner,
billionaire Tilman Fertitta. Last August, Ferittas
Golden Landrys LLC and GN NV Holdings acquired
the Hard Rock Lake Tahoe from Paragon Gaming with
cash, then rebranded it. Fertittas attorney
Sonia Vermeys with Brownstein Hyatt Farber Schreck
told the Nevada Gaming Control Board Wednesday that
the her client had always intended to finance the
transaction. In December, the owner of the land entered
into a term-loan agreement with Deutsche Bank.
News
Bermuda
regulators reports show efforts to resolve casino
industry roadblock
Failed
efforts by the Bermuda Gaming Commission to solve
the banking issues that have held up the launch of
a casino industry are described in newly released
annual reports. David Burt, the Premier, finally tabled
the publicly funded regulators reports for 2020
to 2023 in the House of Assembly last Friday, after
falling behind in sharing them with taxpayers. They
shed some light on how the commission has tried to
get banks to handle casino transactions a necessity
for the sector to get up and running but even
the most recent report, for 2022-23, is out of date.
News
Ballys
Chicago secures casino financing, unveils new hotel
design
One
week after taking possession of the Freedom Center
printing plant, Ballys has secured the needed
financing to supplant it with a $1.7 billion Chicago
casino complex on the 30-acre site in River West.
Ballys announced a deal Friday with Gaming and
Leisure Properties, a Pennsylvania-based real estate
investment trust, to provide $940 million to fund
the construction of the permanent casino. In addition,
Ballys has also finalized redesign of its planned
500-room hotel tower, which has been shifted from
north of the casino to the south to avoid damaging
city water pipes along the Chicago River, pending
approval from the citys planning department.
News
Walmart
is preparing major push into lottery sector
At
its annual summit in early April, retail giant Walmart
convened various lottery industry vendors and suppliers
and revealed, more or less: Walmart is preparing a
push from lottery bystander to active participant
and competitor, with plans to launch an app that it
may eventually equip with iLottery capabilities. The
message was conveyed in meetings with the likes of
IGT, Scientific Games, NeoPollard, and others currently
working with the retail behemoth. Walmart representatives
unveiled a slogan aimed at the lottery industry, Be
in it to Win it, according to presentation materials
from the Bentonville, Arkansas summit that were reviewed
by Lottery Geeks.
News
Colorado:
RCI Hospitality pulls casino license applications
in Colorado
Entertainment
company RCI Hospitality Holdings has withdrawn its
applications to operate casinos from the Colorado
Division of Gaming. The company, known for operating
strip clubs and nightclubs like Ricks Cabaret
and restaurants like Bombshells Restaurant and Bar,
also disclosed its intention to develop its share
buyback program. The decision follows the NASDAQ-listed
companys acquisition of three properties in
Central City for potential casino developments, which
will not proceed as planned. The company also intends
to sell other properties that are no longer required,
including a 20,000-square-foot building and another
site initially intended for a 30,000- to 40,000-square-foot
development.
News
Las
Vegas: Tropicana operators take the next step toward
implosion
The
Tropicana is one step closer to coming down, after
property operators submitted a commercial implosion
permit application with Clark County officials on
Thursday. A permit application shows Ballys
Corp., operators of the former Rat Pack-era resort,
want to implode a 22-story concrete tower and a 22-story
steel tower in a single explosive event.
A spokesperson for Ballys said the company is
still expecting an October implosion. No other details
were available. The company tasked with the implosion
will be Controlled Demolition Inc., according to the
application. (CDC, AI News, Wires)
News
Gaming,
Casino and Property News
Nevada
sets May gaming revenue record
In
Case You Missed It
June
27, 2024
Nevada
set a May record with $1.32 billion in gaming revenue.
It was also the eighth highest total in history as
the Strip continues to benefit from a strong events
calendar that boosted hotel occupancy and room rates.
The
$1.32 billion rose 2.5% or $31.6 million versus May
2023. For the year, total win is up 3.2% or $202 million,
according to the Nevada Gaming Control Board.
Of
that, the combined total for the Las Vegas Strip and
the balance of Clark County are up $207.2 million
or 4.9% for the year. The Strip alone is up 3.5% for
the year.
The
Strips gaming win of $742.5 million increased
3.7% or $26.6 million and accounted for 84.1% of the
statewide increase in May. Statewide win excluding
the Strip increased $5 million or 0.9%, according
Michael Lawton, senior economic analyst for the Gaming
Control Board.
Lawton
said the Strip benefited from a very robust event
calendar in May. Harry Reid International Airport
recorded its second highest month in passenger count
in history in May.
The
Las Vegas Convention and Visitors Authority reported
3.65 million visitors in May, a 4.6% increase over
May 2023s 3.49 million. The LVCVA cited the
Electric Daisy Carnival, which typically attracts
hundreds of thousands of attendees, and convention
attendance of 461,900, up 1.8%.
Lawton
said special events or other items of note included
Canelo Alvarez fighting Jaime Munguia at the T-Mobile
Arena on May 4 for the undisputed Super Middleweight
world title. Justin Timberlake performed at the T-Mobile
Arena for his Forget Tomorrow world tour
on May 10. The Rolling Stones played Allegiant Stadium
on May 11. The MGM Grand Garden Arena featured Pearl
Jam for two nights on May 17-18. Maroon 5 returned
to Dolby Live at Park MGM May 17-31. Garth Brooks
and Adele were both in town for their residencies
at the Colosseum at Caesars Palace for multiple dates
during the month of May. Carrie Underwood returned
to the Resorts World Theatre from May 22-31.
The
strong event schedule helped fill hotel rooms; overall
occupancy was 86.1%, up from 84.4% a year ago. Weekend
occupancy was 93.4%, up from 93.2%. Strip occupancy
hit 88.5%, up from 87%. The average daily room rate
on the Strip was $212, up 9% from $194 a year ago,
according to the LVCVA.
The
Strips slot win totaled $402.9 million and increased
2.6% or $10.1 million with a 6.5% or $306.3 million
increase in coin-in. Slot hold was 7.99% versus 8.29%
last year, Lawton said.
The
Strips games win totaled $339.5 million and
increased 5.1% or $16.4 million and drop increased
4.9% or $100 million. Games hold percentage was 15.8%
versus 15.7% last year.
Strip
baccarat win totaled $122.1 million, but was down
$8.7 million or 6.6%. Volume totaled $758.1 million,
down 2.4% or $18.2 million. Hold was 16.1% versus
16.9%. Total win excluding baccarat increased by 6%
or $35.2 million.
Strip
twenty-one win of $93.2 million increased 17.6% or
$13.9 million. Volumes totaled $615.3 million and
increased 10.43% or $58.1 million. Hold percentage
was 15.15% versus 14.23% last year.
Strip
roulette win of $37.4 million increased 55.5% or $13.3
million. Volumes totaled $185.9 million and increased
28.7% or $41.5 million. Hold percentage was 20.09%
versus 16.63% last year.
Locals
casinos generate $277.7 million in revenue in May,
up 5.1% year over year. Revenue is up 10.3% for the
second quarter compared to a year ago.
Downtown
casinos had $74.8 million, up 1.6% over $73.6 million
in May 2023. North Las Vegas had $24.7 million, up
2.1% over last year. Downtowns occupancy reached
76.1% in May, up from 71.4% a year ago. Room rates
were up 15.4% to $124.92
Elsewhere,
Laughlin had $36.9 million, down 21.4% from $46.9
million a year ago. Mesquite had $16.3 million, up
8.5%. Reno had $65.2 million, down 1.1%. Sparks had
$15.3 million, up 2%. South Lake Tahoe had $17.6 million,
down 9.4%.
Lawton
said Laughlin was impacted by slot-revenue timing
in May 2023, as April 2023 ended on a Sunday and revenue
was subsequently reported in May 2023. Laughlin casinos
also experienced some softness in slot volume, down
5.7% even with an additional weekend day. Total win
of $36.9 million was down 21.4% or $10.1 million.
For the year, Laughlin is down 6.2%. Slot win was
down 23.4% or $10.2 million. Slot coin-in was down
5.7% ($27.9 million), while the hold was 7.2% versus
8.9%.
Statewide,
Nevada sportsbooks won $36 million, up 19.8% or $6
million compared to May 2023 on a hold percentage
of 7% versus 5.7% last year. Sportsbook wagers totaled
$515.1 million, down 2.3% or $12 million compared
to last May, when $527 million was wagered statewide.
Mobile wagers totaled $351.2 million, down 1.9% or
$6.7 million and accounted for 68.2% of total wagers,
Lawton said.
Statewide
slot win of $886.1 million increased 1% or $8.5 million
and coin-in of $12.3 billion was up $501.2 million
or 4.2%. Slot hold percentage was 7.19% versus 7.43%
last year.
Statewide
table, counter, and card games win of $434.3 million
increased 5.6% or $23.1 million and games drop of
$2.9 billion, increased 4.8% or $132.6 million from
May 2023. Games hold percentage was 15.13% versus
15.01% last year.
Statewide
baccarat win of $126.4 million decreased 5.5% or $7.4
million and baccarat drop of $780.3 million decreased
1.8% or $14 million. Baccarats hold percentage
was 16.20% versus 16.84% last year. Statewide total
win excluding baccarat increased 3.4% or $39 million.
This is the first decrease in monthly baccarat win
since June 2023, ending a streak of 10 consecutive
increases.
Statewide
twenty-one win of $116.8 million increased 11.4% or
$12 million. Volumes totaled $788.1 million and increased
12.9% or $90.2 million. Hold percentage was 14.82%
versus 15.02% last year.
Statewide
roulette win of $44.1 million increased 45.9% or $13.9
million. Volumes totaled $217.6 million and increased
24.9% or $43.3 million. Hold percentage was 20.29%
versus 17.37% last year. (CDC, AI News, Wires)
UK
teen arrested in connection to global cybercrime group
that targeted MGM Resorts
- July
19, 2024
LAS
VEGAS
Police
in England arrested a teenager in connection with
a global cyber online crime group that targeted several
companies, including MGM Resorts, according to the
FBI office in Las Vegas.
West
Midlands police arrested a 17-year-old boy from Walsall,
a town in West Midlands, England, on Thursday, July
18, the bureau posted on X Friday morning.
The
arrest was made by officers from the Regional Organised
Crime Unit for the West Midlands (ROCUWM) and the
National Crime Agency in coordination with the FBI,
according to West Midlands police.
Officers
took the suspect, who was not named, into custody
on suspicion of blackmail and computer misuse act
offenses. He was released on bail while West Midlands
police continued its investigation.
Officers
recovered evidence that they said included several
digital devices that will be forensically examined.
The
suspects arrest is part of a global investigation
into a large-scale cyber hacking community that targeted
major companies, including MGM Resorts.
These
cyber groups have targeted well-known organizations
with ransomware and they have successfully targeted
multiple victims around the world taking from them
significant amounts of money, Detective Inspector
Hinesh Mehta, cyber crime unit manager at ROCUWM,
said in a West Midland Police release.
On
Sept. 11, 2023, a cybersecurity issue
affected some of the systems for MGM Resorts International.
The company shut down some of its systems to help
protect the companys data.
Nearly
ten days later, MGM Resorts posted on social media
stating that all operations returned to normal.
We
know first-hand the damage these criminals can do
and the importance of working with law enforcement
to fight back, a spokesperson from MGM Resorts
said in the release. By voluntarily shutting
down our systems, refusing to pay a ransom and working
with law enforcement on their investigation and response,
the message to criminals was clear: its not
worth it.
2023
High
Stakes: The life-or-death battle over
a company name
Two
stars of Australias new economy the similarly
named share trading platform Stake and online cryptocurrency
casino juggernaut stake.com are locked in a
life-or-death court battle over naming rights amid
growing concerns the gambling outfit has major plans
for its home country.
Stake
the share platform launched legal action in the Federal
Court in August seeking to enforce its trademarks
and stop stake.com, a multibillion-dollar enterprise,
from using that name for its business in Australia.
The
fast-growing Sydney-based share trading platform,
the third-largest broker in the country, alleges that
the casino group stake.com has been breaking Australian
consumer law and has misled consumers through the
use of its brand in Australia and its marketing, including
its sponsorship of the Alfa Romeo team and the sale
of apparel.
Stake
the share trading platform, which owns the URL stake.com.au,
alleges stake.coms use of the name in Australia
has potentially led to consumers believing the two
brands are related when they are not.
The
share trading platform Stake, founded in 2017 by entrepreneurs
Dan Silver and Matt Leibowitz, alleges there is a
threat that more consumers could be misled if stake.com
is allowed to continue with its plans to grow its
business significantly in Australia under the brand
name Stake.
The
casino group, led by Melbourne-based twenty-somethings
billionaires Ed Craven and Bijan Tehrani, is expected
to seek to have the matter summarily dismissed.
A
spokesperson for stake.com said: We are aware
of a frivolous claim lodged in the Federal Court by
Stakeshop, which in part claims that our global Formula
One team sponsorship impinges on their ability to
sell trucker hats.
We
are proud of the global stake.com brand. As a group,
we abide by the laws of the countries in which we
operate, and do not offer our stake.com platform to
Australian customers. We believe the claim has no
legal merit and will vigorously defend our rights.
The
court case has shed new light on stake.coms
expansion plans for Australia, where it remains blocked
to Australian users.
Court
documents reveal the casino group has sought to buy
the stake.com.au website from the sharemarket trading
platform business. According to the court documents,
the casino group has also registered several Australian
website domains for its Australian expansion and applied
to register a slew of trademarks including Stake Australia,
Stake Bet and Stake Casino.
The
Federal Court action comes after years of simmering
tensions between the two groups over the use of stake.coms
name in Australia.
Stake.com
was established in 2017 but flew under the radar in
Australia until late 2021, when this masthead revealed
the local origins of the business that had grown to
be one of worlds largest online casinos, processing
hundreds of billions of bets on sports, virtual table
games and online slot machines.
In
early 2022, stake.com signed hip-hop megastar Drake
as its lead ambassador. Later in 2022 it signed a
multi-year deal to become lead jersey sponsor for
English Premier League team Everton FC as well as
its sponsorship of Alfa Romeos F1 team.
The
significant increase in stake.coms marketing
and media presence was noticed at the share trading
platform group that built its user base during the
COVID-inspired boom in Gen Y and Gen Z investors,
thanks in part to its ultra-low cost brokerage fee
model, savvy marketing and the broadening into other
financial services including a superannuation product.
A
spokesman for Stake the share trading platform said
that since the group was founded in Australia it had
built a client base of more than 500,000 and more
than $2.5 billion in assets under management.
Over
the past six years, we have established a trusted
and culturally relevant Australian brand that reflects
our dedication to meeting customer needs. It permeates
all parts of our business, spanning products, content,
internal culture, customer interactions and much more,
making it our most valuable asset. We are committed
to protecting the Stake brand and the high level of
consumer trust associated with it, the spokesman
said.
We
are concerned by the threatened use of the Stake brand
in Australia by stake.com in relation to gambling,
casino and sports betting services, due to the potential
for customer confusion and damage to our brand and
reputation.
Stake.com
is not available in Australia but according to court
documents, the group is already making arrangements
for a major expansion in this country and is seeking
a sports betting licence.
In
October 2022, stake.com casino executive Brais Pena
Sanchez contacted Stake share trading founder Silver
on LinkedIn and arranged a video conference meeting
where the pair discussed Stake the share platform
selling its Australian URL, stake.com.au, to the Curacao-registered,
Australian-operated casino group.
During
those discussions, Sanchez the casino groups
chief strategy officer informed Silver that
stake.com planned to launch in Australia under the
name Stakebet, or similar, according to court documents.
A deal never ensued and the website remains owned
by the share trading platform.
Tensions
flared again in early 2023 after stake.com the casino
was announced as the new team sponsor for Formula
1 team Alfa Romeo, sparking a flurry of legal letters
between the two groups ahead of the Melbourne race.
According
to the court documents, the casino groups lawyers
assured the share trading Stake that it would not
use its logo in conjunction with the Melbourne Grand
Prix and did not intend to display the name on any
vehicles or uniforms or as part of the Alfa Romeo
team name.
However,
the share trading Stake alleges that during the four
days of the Grand Prix, Stake casino logos appeared
on banners for official team merchandise, the team
display and on signs at the event and in the race
program.
In
May, Stake.com was applying to register a large number
of new trademarks for goods and services. This included
Stake Australia, Stake Bookie, Stake Betting, Stake
Gaming, Stake Esports, Stake Casino, Stake Sportsbook,
Stake Bet, Stake Punt, Stake Sports, Stake Pokes and
Stake Slots.
The
casino group has also registered a series of Australian
website names under the .au domain including
stakebet.au; stakecasino.au, stakesports.au and playstake.au.
The
case continues.
Crown
to launch digital self-exclusion scheme for casinos
- July 2023
People
with gambling problems will be able to ban themselves
from Crown casinos over the internet instead of having
to do so in person, as part of a wider overhaul of
the groups approach to harm minimisation.
Crown
Resorts new safer gambling program also includes
the establishment of a dedicated gambling policy team,
which will monitor customer playing behaviour and
create interventions to better prevent gambling harm
from occurring.
Crown
boss Ciaran Carruthers joined the business last year
following an overhaul of Crowns management,
after a series of bruising inquiries into the company.
Carruthers, who has led other global casino groups
including Wynn Macau, said the new leadership of Crown
was committed to making gambling safer, even if it
meant less turnover in its casinos.
I
have been in this business for 34 years and I can
tell you no one does this, Carruthers
said.
It
is critically important to me that when I look at
the long-term viability of this business that people
see our resorts as entertainment to enjoy safely.
Under
the changes, customers will be able to block themselves
from entering a Crown casino through a new digital
self-exclusion portal. Those who wanted to ban themselves
from Crown venues were previously required to visit,
in person, a designated responsible gambling centre
run by the group.
The
group has also moved to cashless gaming at Crown Melbourne
and Crown Sydney a condition of its temporary
gaming licences in NSW and Victoria as well
as introducing $10 maximum bet limits on poker machines
at Crown Perth. The technological overhaul required
to facilitate the changes has so far cost the business
$13 million.
Carruthers
pointed to changes Crown has already made which go
beyond government regulation, such as encouraging
customers to take breaks every three hours, as an
indicator of its commitment to shifting problem gambling
patterns.
The
group said it wanted to establish advisory panels
to work with state regulators and community groups
to improve gambling harm education and share its research.
Carruthers
conceded some aspects of its new approach to harm
minimisation, called Crown PlaySafe, would not be
welcomed by heavy gamblers. But he argued the changes
would make the casinos more appealing to the general
public.
Crowns
new head of gambling policy research, Dr Jamie Wiebe,
said the most critical shift in the groups gambling
policy was a move away from harm minimisation to prevention.
We
want to prevent a problem from ever happening,
she said.
The
new program was unveiled just weeks after the Federal
Court determined Crown will pay one of the biggest
penalties in Australian corporate history to the financial
crimes watchdog, after past anti-money laundering
and counter-terrorism failings in its Perth and Melbourne
casinos.
The
$450 million fine is about five per cent of Crowns
last listed market capitalisation before it was taken
private by Blackstone Capital for $8.9 billion in
May last year.
In
2019, an investigation by this masthead and 60 Minutes
revealed Crown had been infiltrated by international
criminal syndicates and money launderers.
Crown
was forced to overhaul its board, management and procedures
to satisfy the regulators, who approved a conditional
licence for Crown to operate its Barangaroo casino
in June 2022. The conditional licence is valid until
the end of this year.
Carruthers
said the integrated hospitality offerings at Crown
meant the casino could afford to embrace the shift.
I
want people to enjoy the experience of our casinos
whether theyre coming for dining, casino or
retail. Im fairly agnostic across which one
of those experience or how many of those experiences
you want to enjoy, he said.
Reclusive
Sydney gambling mogul emerges as kingmaker in South
Africa - September 2023
Reclusive
online gambling mogul Martin Moshal is playing an
increasingly influential role in a push to oust the
South African government.
Mr
Moshal, who lives on the exclusive Sydney Harbour
row of Camp Cove alongside shopping centre billionaire
Steven Lowy, is not on many rich lists but has made
a fortune from online casino technology.
Herman
Mashaba is the leader of ActionSA, one of a handful
of opposition parties Mr Moshal has backed in the
lead up to the 2024 South African national election.
Mr Mashaba, known for taking a tough line on immigration
and endorsing hard labour for prisoners, is hoping
the gambling tycoon will continue his support.
I
wish he wont give up on us and help us democratically
remove the [incumbent African National Congress] and
bring about a peaceful transition... please help ActionSA,
Mr Mashaba said in an interview with The Australian
Financial Review.
I
have been lucky to have known Martin long before I
went into politics, he added. I approached
him and he was willing to back me up because he knows
me as a capitalist... Martin was one of the first
to come to the party.
President
Cyril Ramaphosas social democratic African National
Congress party is set to come under pressure next
year amid South Africas dire economic troubles.
A senior party official has warned the country could
become a failed state.
Mr
Moshal is the largest individual political donor in
South Africa in the last two years. He has given 46.5
million rand ($3.8 million), according to electoral
records analysed by My Vote Counts, a non-profit advocating
for more transparency in politics.
Given
the amounts donated it has become clear to us he now
has a large stake in our politics, said Robyn
Pasensie, a researcher at the organisation.
The
size of Mr Moshals wealth is unknown. He is
extremely private and only admitted to his ownership
of online gambling giant Betway after UK journalists
traced his ownership back to offshore trusts. Mr Moshal
did not respond to a request for comment.
Aside
from ActionSA, Mr Moshal has donated to the Democratic
Alliance (DA), Build One South Africa and said he
also intends to support the Inkatha Freedom Party.
Mr Moshal is ActionSAs biggest backer. The Australian
Financial Review is not suggesting Mr Moshal supports
the partys policies.
Im
not saying these parties are all perfect, but we shouldnt
let perfect be the enemy of good... They are all far
better than the government we have today, Mr
Moshal told The Jewish Report earlier this year.
Pirkei
Avot was my late dad John Moshals
favourite part of the Talmud within which Rabbi Tarfon
is quoted as saying, Its not up to you
to finish the task, but you arent free to avoid
it.
Mr
Moshal said he believed South Africa needed a new
government and was on its way to becoming a failed
state.
[This
is a] government thats corrupt, cannot provide
basic security and opportunity to its citizens...
we need the change of government and leadership that
these parties can provide.
ActionSA
is known for advocating for life sentences and hard
labour for serious offenders and also wants to repeal
the ANCs Broad-based Black Economic Empowerment
(B-BBEE) policy, a form of affirmative action introduced
post-apartheid.
Martin
knows my views on racial policies and how dangerous
they are, said Mr Mashaba, who started off in
business and was the founder of African hair care
brand, Black Like Me.
ActionSA
has also been vocal on immigration, views labelled
as xenophobic by some critics and politicians.
We
recognise that South Africa was built... on the back
of migrants, said Mr Mashaba. But they
must come here legally... you break our laws, we will
send you back to your country, the country where you
came from.
One
of South Africas main economic problems is mismanagement
and corruption inside the countrys electricity
utility Eskom. The utility has been forced to implement
rolling blackouts, which have further stymied economic
growth.
If
Eskom cannot run on a commercial basis then it must
die a natural death, Mr Mashaba said, adding
changes were needed to give other companies the opportunity
to compete.
Mr
Moshals Entrée Capital is one of Israels
most active funds in the Israeli VC space. He is the
beneficiary of a trust which is the largest individual
shareholder in Super Group, which became the parent
of Betway and online casino brand Spin after a 2022
listing. The group reported net gaming revenue of
€1.3 billion ($2.1 billion) in 2022.
Moshal
is one of the least visible betting entrepreneurs
in the world, Guardian reporter Rob Davis wrote
in his book Jackpot: How Gambling Conquered Britain.
Moshal
made much of his fortune from his home in Durban where
he patented a series of technological solutions for
the online gambling world and developed them via his
company Microgaming. The company has since become
one of the industrys leading software players
A
philanthropist, he sits on the capital management
advisory committee of Sydneys Moriah College,
alongside Steven Lowy and former Babcock & Brown
chief executive Phil Green. He is also a life trustee
of the Moriah Foundation and previously donated to
Israels SpaceIL project attempting to land spacecraft
on the moon.
SkyCity puts aside $45m for potential AUSTRAC penalty
- August 2023
SkyCity
Entertainment set aside $45 million for a penalty
if it is convicted of breaches of anti-money laundering
and counterterrorism laws.
The
financial crimes watchdog, AUSTRAC, lodged proceedings
against SkyCity in December over alleged serious and
systemic non-compliance with the laws at its Adelaide
casino.
SkyCity
said on Monday it was difficult to determine the size
and timing of the penalty, given the proceedings are
in the early stages. But it decided to lodge a $45
million provision on the basis that each breach attracts
a maximum civil penalty of between $18 million and
$22.2 million.
Estimating
the potential exposure to penalties with any degree
of accuracy at this stage of that ongoing process
remains challenging, particularly given the outcome
is highly dependent on a range of factors which are
not yet known, a statement said.
AUSTRAC
has alleged serious noncompliance with
anti-money laundering laws against SkyCity, claiming
the company allowed 59 suspicious patrons to churn
more than $4 billion in dirty cash through its Adelaide
casino. The independent review is on hold because
of the Federal Court action.
The
company cut full-year earnings expectations at an
investor day in May, with a slowdown in revenue from
the international business and rising legal and compliance
costs related to a crackdown on money laundering weighing
on its bottom line. Analysts have provisioned about
$50 million for the AUSTRAC fine, but there is no
guarantee that will be enough.
In
late May, SkyCity announced it would hire an independent
expert to review its anti-money laundering and counter-terrorism
programs. It is still waiting for South Australias
investigation into whether it should hold a casino
licence to recommence.
Judgements
in civil penalty proceedings bought by AUSTRAC to
date demonstrate that the Courts determination
of the appropriate penalty ... is very specific to
the fact in each case and that the Court will have
regard to a broad range of factors, SkyCity
said.
SkyCitys
provision announcement coincided with a $45.6 million
write-down of the Adelaide casino licence, which was
attributed to the value and timing of future discounted
cash flows.
The
company said the impairment and provision were non-cash
and would not affect earnings for fiscal year 2023.
Earnings before interest, tax, depreciation and amortisation
remain in line with guidance of $NZ300 million ($276.6
million) to $NZ310 million.
SkyCitys
provision comes a month after the federal court agreed
on rival casino operator Crowns $450 million
fine for breaches of anti-money laundering and counter-terrorism
laws. The fine is being paid over a two-year period
without interest.
Shares
closed on Friday at $2.09.
Hotel room rates plummet for F1 Las Vegas Grand
Prix weekend - September 2023
Hotel
room rates for Las Vegas Grand Prix weekend have fallen
by nearly 60 percent in some cases since they were
first posted last fall. But an industry expert says
that does not necessarily mean interest in the event
is failing to meet expectation.
When
select Las Vegas resorts in November 2022 opened their
booking schedules for race weekend, listed prices
were as high as they have been seen in the citys
history. While still at higher than normal rates,
a major decrease has occurred.
When
a drop in booking pace occurs, it automatically triggers
revenue management systems to suggest the lowering
of room rates, according to Dr. Mehmet Erdem, professor
of hotel operations and technology at UNLVs
William F. Harrah College of Hospitality.
Pennsylvania online casinos cross $5 billion in
lifetime revenue - September 2023
Business
is booming in Pennsylvania. The Keystone State is
the clear market leader when it comes to online casino
revenue within the US. After Augusts total of
$171.9 million, Pennsylvania surpassed the $5 billion
threshold for lifetime revenue.
Pennsylvania
online casinos are constantly upgrading and adding
new content, and customers are responding. It doesnt
appear the market will be slowing down anytime soon,
either.
Pennsylvania
has set the US online casino revenue record four times
over the last 11 months, and almost did so again.
Augusts revenue total of $171.9 million came
second to Marchs figure of $181.5 million. It
was the second-best month of all time for any state
with legal online casinos.
Atlantic City: Five-year turnaround of Ocean Casino
Resort among citys greatest successes - September
2023
In
the winter of 2019, if any New Jersey sportsbook had
tried to offer odds on the Atlantic City casino hotel
then known as Ocean Resort Casino making it through
another summer, no gambler in their right mind would
have taken the bet.
Fast
forward to the end of summer 2023, and the property
now called Ocean Casino Resort is one of the citys
best performers. In fact, an argument can be made
that Oceans rise to the upper echelon of the
Atlantic City casino market is the most remarkable
turnaround of any gambling parlor in history.
From
its failed origins as Revel Casino Hotel to its seemingly
doomed trajectory in February 2019, the $2.4 billion
casino at the north end of the AC Boardwalk felt almost
cursed (if you believe in that kind of stuff). But,
apparently, the gambling gods decided Ocean was deserving
of a better fate.
Once shunned by casino operators, responsible gaming
campaign turns 25
At
a time when problem gambling matters were rarely mentioned
in gaming company boardrooms, Harrahs Entertainment
decided the issue needed to be raised on casino floors.
But
it wasnt just rival corporate executives that
looked askance at the idea of employees learning how
to spot signs that a customer might have a gambling
problem.
Our
own lawyers tried to block it, recalled Jan
Jones Blackhurst, who was then a Harrahs senior
vice president. With the support of company CEO Phil
Satre, she led Harrahs launch of the casino
industrys first responsible gaming initiative
in the mid-1990s.
We
had employees that wanted to be educated on the subject.
They wanted to be able to help, said Jones Blackhurst,
who completed two terms as Las Vegas mayor before
joining Harrahs. Maybe because I came
out of politics. You have a responsibility to your
communities, your customers and your employees. We
believed it was the right thing to do.
Sportsbooks ratchet up targeted advertising at start
of NFL season
Shortly
after the NFL forged authorized gaming partnerships
with a host of leading sportsbooks in the 2021 offseason,
operators began flooding the airwaves with a series
of humorous spots that featured celebrities hawking
their products.
Caesars
Sportsbook spent lavishly on an ad package starring
the Manning Brothers and actor J.B. Smoove as the
eponymous emperor. During Super Bowl LVII last February,
Kevin Hart expressed his displeasure for taking
the under in a DraftKings spot while standing
mere feet from WWE wrestler The Undertaker. Another
commercial from FanDuel featured a live field goal
attempt by former New England Patriots tight end Rob
Gronkowski, one that drifted wide left of the upright
at the last second.
Former lieutenant governor calls for Nevada Gaming
Commission cyber briefing after MGM and Caesars hacks
- September 2023
In
light of cyberattacks on MGM Resorts International
and Caesars Entertainment, former Nevada Lt. Gov.
Brian Krolicki, now a Nevada Gaming Commission member,
called for a briefing on the hacking incident to shed
more light on what happened and how it can be prevented
in the future.
The
suggestion comes the same day the Massachusetts Gaming
Commission met in executive session to consider
information related to an MGM cybersecurity issue.
It held a similar closed meeting on Monday.
After
it returned to the public session on Thursday, the
Commission entered into an executive session regarding
security at MGM Springfield, according to the Commission
agenda.
Krolicki
made his comments at the end of Thursdays five-hour
meeting of the Nevada Gaming Commission. Since it
was made during the public comment session, the commission
could not take up the matter, but its likely
the issue will return to the Commission and the Nevada
Gaming Control Board at some point.
In
the latest cyberattack that started being felt Sept.
10 and went into this week, hackers knocked slot machines
out of commission and created havoc with ATMs and
computer systems. MGM, which is reported by a Wall
Street analyst to have lost between $4.2 million and
$8.4 million a day with the hack, said its systems
were operating normally across their properties nationwide
as of Wednesday. Caesars reported it was hacked in
late August and had customer information stolen but
paid a $15 million ransom that avoided any shutdowns.
In
December, the Commission approved cybersecurity regulations
for the states gaming industry to protect operators
information systems from attacks that could shutter
casinos and compromise customer data. The rules went
into effect Jan. 1. That approval came right after
BetMGM reported that its customers personal
information including Social Security numbers
was obtained in an unauthorized manner and
included information on their transactions.
In
the regulations, casinos were required to do a risk
assessment of their systems by the end of 2023 and
take any necessary steps on an ongoing basis to ward
off an attack. If any breach was successful that compromised
player data, credit card information and other records,
including that of employees, properties would be required
to report it to gaming regulators within 72 hours.
It
would be important and enlightening given the recent
events of the past week regarding cyber security and
ransomware in particular at MGM and our friends at
Caesars and look at how it impacts our world and regulatory
responsibilities, Krolicki said, later adding,
I think at some point in time when theres
the energy and understanding of what just happened
if we could get some kind of briefing of what transpired
thats appropriate for public record and perhaps
policies going forward of how do we avoid these things
and if they do happen whether the reporting schemes
on whether it was immediately reported to the Gaming
Control Board. There are a lot of questions and a
lot of publicity. Its a global story, and I
just think it would behoove all of us to get a good
handle on what just happened.
The
Nevada Gaming Control Board released a statement on
Sept. 13 saying Gov. Joe Lombardo and the board are
monitoring the cybersecurity incident with MGM Resorts
and are in communication with company executives.
Additionally, the Nevada Gaming Control Board remains
in communication with other law enforcement agencies.
Casino
consultant Brendan Bussmann, managing partner of B
Global, which tracks gaming boards and commissions,
said the Massachusetts hearing wont be the last
and expects states across the country to hold similar
sessions wanting to hear from MGM executives.
Nevada
is the second regulator that I know has raised their
hand on this after Massachusetts, Bussmann said.
It should be about what happened and how it
happened, which should be considered confidential
information. This is going to be a question that every
regulator for both commercial gaming and tribal gaming
is going to be concerned about. Since were still
trying to figure out what happened, then we can see
what tools we need as an industry to beef up our efforts
on cyber-related events.
While
everyone is focused today on MGM and Caesars, this
is not the first cyber attack, Bussmann said.
This
can go back to the Las Vegas Sands attacks in 2014
from the Iranians and any other data breaches that
happened between then and now, Bussmann said.
I would expect every state at a minimum has
MGM and Caesars in it to at least say what happened
and what can we do regulatory to help this and what
can we do with testing and what can we do IT and host
of things.
Bussmann
said the regulators cant be reactionary but
instead should get evidence on how it happened and
use the best resources outside of the casino industry,
such as security firms, to do it right.
Theres
no one better suited to regulate Nevada on this issue
than the Gaming Control Board in working with law
enforcement partners across the country, Bussmann
said.
2023
Casino,
Gaming, Sports Betting and Pop Culture News
DraftKings
lays off roughly 140 employees in corporate restructure
DraftKings
is eliminating about 140 jobs, part of what the sports
betting company is calling a reorganization. A majority
of the eliminated positions are based in Europe, Asia
and the Middle East, and primarily span both engineering
and HR roles related to hiring, according to someone
with direct knowledge of the moves. The 140 positions
amount to a low single-digit percentage of the companys
workforce. DraftKings stock jumped nearly 10% on the
day to close at $16.48.
Penn
Entertainment reports small year-over-year revenue
increase in Q4 despite Mattress Mack payout
Despite
a huge winning bet by Jim Mattress Mack
McIngvale and inclement weather in December, Penn
Entertainments 2022 fourth-quarter results were
consistent, according to CEO Jay Snowden during Thursdays
investors call. McIngvales bet on the
Houston Astros to win the World Series via Penns
Barstool Sportsbook cost Penn $10 million. And Snowden
claimed that severe weather in certain parts
of the country...put a drag on revenue.
Las
Vegas sports news
If
the Oakland Athletics relocate to Las Vegas, north
Strip and downtown resort operators would strongly
support the team building a $1 billion ballpark in
their area. Resorts World Las Vegas President Scott
Sibella confirmed that he and hotel owners from the
north Strip and downtown Las Vegas met with As
brass Wednesday. They discussed the potential of a
35,000-seat domed stadium on the Las Vegas Festival
Grounds site, located on the southwest corner of Las
Vegas Boulevard and Sahara Avenue.
Las
Vegas Strip breaks monthly revenue record
Led
by a record surge on the Las Vegas Strip, Nevada closed
2022 with its 22nd consecutive months of $1 billion
and higher in gaming revenue and added to its record
gaming revenue for the year, which was set in November.
For calendar-year 2022, Nevada reported $14.8 billion
in gaming revenue, topping the $13.4 billion in 2021,
a 10.5% increase. The Nevada Gaming Control Board
reported Tuesday that casinos collected $1.31 billion
in revenue in December, a 14.3% jump over December
2021.
Sharp
bettors weigh in quickly on Super Bowl; two 6-figure
wagers
Patrick
Mahomes needed all of his magic to help send the Chiefs
to their third Super Bowl in four years. But sharp
bettors dont believe in magic. Theyre
banking on the Philadelphia Eagles to beat Kansas
City in Super Bowl LVII for the franchises second
NFL title in six years. Less than 30 minutes after
the Super Bowl line opened at pickem at multiple
sportsbooks, the Eagles emerged as consensus 1½-point
favorites.
Governor
names ex-judge George Assad to seat on Nevada Gaming
Control Board
Former
Las Vegas judge George Assad, who was sanctioned by
judicial overseers for a punishment he meted out and
lost his re-election bid after his son robbed the
Bellagio in a high-profile heist more than a decade
ago, was named to the Gaming Control Board on Monday
by Gov. Joe Lombardo. Assad, 71, who was a Las Vegas
Municipal Court judge from 2002 until 2011, will have
a four-year term as a member of the board that directs
the statewide agency charged with regulating and enforcing
laws.
Tribes
need to do a better job of coordination
Tribal
organizations with departments ranging from casino
gaming to health care need to do a better job of understanding
everyones needs, thinking strategically, and
working toward common goals that benefit tribes for
the long term. That was the prevailing sentiment that
emerged from the panel discussion, The Top Five
Things Tribal Councils Should Expect and Evaluate
from Their Executive Leaders, held at the Raving
Next gaming conference in Albuquerque.
Some
overdue recognition
Ive
always been a fan of awards in the gambling industry.
In my mind, any recognition beyond a paycheck and
a pat on the back has value. Our industry has never
lacked awards. The biggest enchilada is certainly
induction into the American Gaming Associations
Hall of Fame. Like all Halls of Fame, only the most
successful movers and shakers get inducted into the
AGAs Hall, no posers or wannabes. Many gaming-media
companies issue awards, including regional gambling
publications and newspapers that serve casino cities,
although most newspapers are just trying to sell advertising
to the honored casinos and companies.
Industry
poised for biggest-ever ICE London
Clarion
Gaming has confirmed next weeks ICE London 2023
will be the biggest on record, occupying 41 halls
of its London ExCeL home. Having returned from the
pandemic last April with a scaled-back offering, this
years ICE will occupy 51,466 square metres of
the London-docklands exhibition centre, exceeding
the previous high of 49,690 m2 in 2020. Sister show
iGB Affiliate London will occupy ExCels remaining
three halls, with a weeks worth of satellite
events throughout London.
Las
Vegas tourism helps fuel strong Boyd Gaming earnings
Aided
by a boost in the Las Vegas economy and tourism, Boyd
Gaming set a record for revenue and adjusted earnings
during the fourth quarter and 2022 as a whole, setting
the stage for strong earning reports to come in February
from Strip and other operators. For all of 2022, Boyd
Gaming reported revenue of $3.56 billion, compared
to $3.37 billion for 2021. Net income was $639.4 million,
or $5.87 per share, compared to net income of $463.8
million, or $4.07 per share, for 2021.
Aristocrat
finalizes acquisition of Roxor Gaming
Aristocrat
Leisure Limited Friday announced it has completed
the acquisition of igaming supplier Roxor Gaming Limited.
The deal was first announced in September 2022. Roxor
will form part of Aristocrats igaming business
Anaxi, which was rebranded in October 2022. Aristocrat
initially announced the creation of a dedicated igaming
business in February 2022 to pair with Aristocrat
Gaming and the Pixel United mobile-first publishing
business. Were thrilled to welcome Roxor
to Anaxi and the broader Aristocrat group, said
Anaxi CEO Mitchell Brown in a statement.
Texas:
Casinos in Dallas-Fort Worth? Lawmakers will consider
expanded gambling
A
North Texas representative has filed legislation to
expand casino gambling in Texas and legalize sports
betting. Fort Worth Republican Rep. Charlie Geren
filed the proposal on Friday. The legislation is supported
The Destination Resort Alliance, which is backed by
casino and resort company Las Vegas Sands. It remains
to be seen whether the bill passes in a state that
in the past has been reluctant to expand gaming, but
Gov. Greg Abbott and House Speaker Dade Phelan have
left the door open for expanded casino gambling as
the legislative session that started in January begins
to ramp up.
Las
Vegas tourism helps fuel strong Boyd Gaming earnings
National
(results) - Aided by a boost in the Las Vegas economy
and tourism, Boyd Gaming set a record for revenue
and adjusted earnings during the fourth quarter and
2022 as a whole, setting the stage for strong earning
reports to come in February from Strip and other operators.
For all of 2022, Boyd Gaming reported revenue of $3.56
billion, compared to $3.37 billion for 2021. Net income
was $639.4 million, or $5.87 per share, compared to
net income of $463.8 million, or $4.07 per share,
for 2021. Total adjusted EBITDAR for 2022 was $1.39
billion versus $1.37 billion for 2021. Full-year 2022
adjusted earnings were $662.0 million, or $6.07 per
share, compared to adjusted earnings of $584.2 million,
or $5.12 per share, for 2021.
Penn
reports small year-over-year revenue increase in Q4
National
(results) - Despite a huge winning bet by Jim Mattress
Mack McIngvale and inclement weather in December,
Penn Entertainments 2022 fourth-quarter results
were consistent
Penns revenue for the fourth
quarter reached $1.6 billion, a year-over-year increase
of 0.8%. But net income for the quarter, $20.8 million,
decreased by more than 50% compared to the $44.8 million
generated in the fourth quarter of 2021.
The
World Series of Poker announces its full 2023 schedule
Nevada
(Las Vegas) - The World Series of Poker has announced
its full summer schedule with an eye on having the
largest Main Event field in history and, if it happens,
awarding the poker promotion of a lifetime. The 54th
version of the worlds largest poker tournament
runs May 30-July 18 at the recently rebranded Horseshoe
Las Vegas with 95 bracelet events. The No-Limit Hold
em World Championship, known as The Main
Event, will take place from July 3 to 17 and
if it sets a record for entries, one entrant will
be drawn at random to win a Main Event for Life package,
buying him or her into the next 30 Main Events.
Video
gambling up statewide, mostly flat in area in 2022
Illinois
(slots/results) - Video-gambling terminals in Illinois
continued to rake in the dough in 2022, though in
our area, revenues were flat or fell slightly
the
amount of money put in minus the amount paid out
amounted to $2.71 billion in 2022, a 9.5 percent increase
over 2021's $2.47 billion. At the same time, the number
of terminals grew by about 7.6 percent, from 41,826
at the end of 2021 to a hair over 45,000 a year later.
Officials
moving forward with plans for Diamond Jacks Casino
Louisiana
(Bossier City) On Feb. 1, Mayor Tommy Chandler of
Bossier City met with the Foundation Gaming Group
to discuss the construction activity which will soon
be happening at the former Diamond Jacks Casino property
Chandler
and members of his staff met with the group and the
project's general contractor AnderCorp to discuss
the initial details of the future transformation on
this casino and hotel.
Horseshoe
Casino Baltimore workers rally
Maryland
(Baltimore) - Unionized workers at Horseshoe Casino
Baltimore are demanding raises in line with others
in the gaming and hospitality industry in the city
and elsewhere, saying casino revenues have rebounded
since the pandemic while compensation has stalled.
About 20 workers and union representatives demonstrated
Wednesday in front of the casino on Russell Street
near downtown, calling for raises, holiday pay and
other changes. Workers said bargaining has stalled
with owner Caesars Entertainment on a contract that
expired in October.
The
High Rollers
News
The
Psychology of High Rollers: What Motivates Big-Time
Gamblers?
We've
all heard about them, but have you ever wondered who
high-rollers really are? To get an answer to this
intriguing question, we must first define this category.
So, high-rollers are individuals who enjoy gambling
and are willing to wager large sums of money on their
favorite casino games.
Generally,
they are wealthy individuals (business people, celebrities,
royalty, etc.) who can afford to spend large amounts
on entertainment. Of course, they can also afford
to lose thousands of dollars without worrying about
the consequences.
You
can easily recognize them because they are usually
attracted to the adrenaline rush and excitement. Sometimes
they tried other adrenaline-rush activities before
deciding to get involved in high-stakes gambling.
You'll find them in both land-based and online casinos
like Spinfever,
and many of these establishments offer specially-designed
perks and incentives to attract and retain this category
of players.
The
Role of Money: Why Do High Rollers Keep Betting Big?
Some
might say it's all about the money regarding high
rollers, but that's not the case. Still, it's a crucial
motivator for this category of casino players when
it comes to placing big stakes in brick-and-mortar
or online casino sites. The potential for high payouts
is a significant draw for high-rollers looking to
turn their bets into big wins.
In
most cases, these
individuals are wealthy and have much disposable
income, making it easier to take risks and place large
bets. We've all heard the basic rule of gambling -
don't gamble the money you can't afford to lose. These
people keep getting big because they won't notice
the losses even if they enter a losing streak.
Of
course, we shouldn't ignore the fact that there's
an opportunity for these people to win significant
amounts of money. Yes, they are already wealthy, but
they can always become wealthier. So, the potential
rewards seem attractive to high rollers because they
can get more power and influence, improve their status
and prestige, and support their lifestyle thanks to
the big prizes.
Beyond
Money: The Other Factors that Motivate High Rollers
The
chance to win substantial amounts of money can be
an excellent motivator for many people. Still, it's
not just the financial gains that make high rollers
keep betting big. We created a list of other things
contributing to this behavior and lifestyle.
The
Thrill
For
high-rollers, the thrill of winning and the chance
of earning even more money can be compelling. The
larger the bet, the greater the potential payout,
and the more exciting the game becomes. This approach
to this form of entertainment keeps players on the
edge of their seats, which is why it's often a major
factor in motivating high-rollers to place large stakes
at casinos.
The
Feeling of Exclusivity and the VIP Treatment
Another
thing that makes high-rollers consider wagering a
lot of money is the exclusivity and VIP treatment
accompanying these players. Whether they prefer online
casinos or their physical counterparts, it doesn't
matter because the best options usually provide special
perks and deals to make high-rollers join these casinos
and keep coming back.
For
instance, some can enter private gaming rooms or access
luxurious
accommodations and personalized services. Many
online casinos with VIP programs provide special gifts
and access to exclusive tournaments to high-rollers.
Some of them have bonuses and promos designed for
these users. In any case, these exclusive perks can
make high-rollers feel valued and appreciated and
motivate them to continue betting big at casinos.
The
Challenge
Besides
the potential for high payouts and unique incentives,
high-rollers find this form of gambling attractive
due to the challenge of playing high-stakes casino
games. Games like poker, blackjack, and baccarat require
a high degree of strategy and skills and offer the
potential for high rewards for those who are successful.
Those who enjoy a good challenge will find these high-stake
games particularly appealing.
Final
Thoughts
All
in all, money is a significant motivator for high-rollers
when it comes to using big stakes in casinos, but
this is not the only thing that makes them visit these
places. The exclusivity and VIP treatment, the challenge
of playing high-stakes games requiring skills, knowledge,
and strategy, and the thrill also motivate these players
to take risks and bet big.
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