There are not many places in the US that casinos are increasing their revenues. Despite the sharp decreases, the country is still in the middle of one of the greatest gamble casino expansions in history.
One of the states that is being hit the hardest by the economy is Mississippi. The state has reported that revenue numbers were down $205 million in November. That is a drop of almost nine percent.
Like Las Vegas, Mississippi is known for being a tourist destination for gamblers. The State Tax Commission, however, has delivered the bad news for a slumping industry. There was a big difference between river casinos and coast casinos.
The river casinos fell by $12 million in November from their last years numbers. The coast of play casino only fell seven million, from $103 to $96 million.
For the year, the numbers are not that bad compared to some other states. Through November, casinos revenue has dropped $147 million from last year, to $2.5 billion.
Around the US. many casinos have began cutting back staff, while others have already closed. In addition, uk casino companies have suspended many projects that were in the works.
Article Source:
http://www.casinogamblingweb.com/gambling-news/casino-gambling/mississippi_casinos_continue_to_take_a_turn_for_the_worst_50532.html
Thursday, December 25, 2008
Mississippi Casinos Continue To Take A Turn For The Worst
Bush Pardons Bally's Gambling Executive With Ties To The Mob
President Bush on Tuesday pardoned a man whom was convicted of knowingly doing business with companies with ties to the mob. The original crime was committed thirteen years ago.
Alan Maiss, the former president of Bally's Gaming Inc., was one of nineteen people who were pardoned on Tuesday. Maiss plead guilty in a plea deal back in 1995 for failing to report a crime.
The crime stems from knowledge that Maiss had that his company, Bally's, was dealing with companies that were being run by the mob. Maiss had knowledge, according to prosecutors, that Christopher Tanfield was running one of the companies without a Nevada gaming license.
"What Bush did by pardoning Maiss on Tuesday was show once again that he has no real stances on anything. He has opposed casino gambling through his entire presidency, then he pardons a person who had ties to the mob," said Jack Lybrid.
Maiss' cooperation with prosecutors led to the convictions of several others in the case. Twenty five people were eventually convicted in the case related to best casino gambling.
Maiss had appealed to try and change his guilty plea in 200. He was having a hard time in business and felt the convictions were holding him back. He lost those appeals.
Article Source:
http://www.casinogamblingweb.com/gambling-news/gambling-law/bush_pardons_bally_s_gambling_executive_with_ties_to_the_mob_50535.html
Monday, November 3, 2008
IGT's cost-cutting steps overshadow lower profits
LAS VEGAS, Nevada -- Profits earned by slot machine giant International online gambling Game Technology were cut in half during the fourth quarter, but Wall Street wasn't focused on results.
Investors had more interest in the cost-cutting measures being undertaken to right the Reno-based company's listing ship.
"We expect that the fourth-quarter results will be overlooked as investors know this would be a soft quarter and will rather focus on the direction the company is heading," Stifel Nicolaus gaming analyst Steven Wieczynski wrote in a research note shortly after IGT reported earnings Thursday.
During a conference call with analysts and investors, IGT Chairman and Chief Executive Officer TJ Matthews said the year had been one of the most difficult in the company's history. The company is focused on cost reductions, including previously announced job reductions, that could result in $100 million in annual savings.
"We're trying to be as gentle as possible with our employees," Matthews said. The company has offered a voluntary job separation program, which will be followed by involuntary layoffs. He hopes the total number of job reductions from the company's 5,400-person work force will be determined by mid-November.
IGT has been exploring other areas for cutbacks.
"We're looking at every expense area that could be refocused," Matthews said.
IGT's earnings in the quarter ended Sept. 30 were $52 million, or 18 cents a share. The company had earnings of $123 million, or 38 cents a share, in the same quarter a year ago. IGT said its net income included 10 cents a share in write-downs on investments.
Analysts polled by Thomson Reuters had expected the company to report earnings of 31 cents a share.
Revenues fell 4.7 percent, to $632 million from $663 million.
For the 12 months of fiscal 2008, IGT reported revenues of $2.5 billion, a 3.5 percent decline from 2007. Net income also fell. The company reported profits of $342.5 million, or $1.10 a share, compared with $508.2 million, or $1.51 a share, in 2007.
"On balance, revenues were in line to be slightly better than expected," Oppenheimer casino gambling David Katz told investors. "At the corporate level, the expense base appears to be weighing on performance. We assume the company is addressing this with recent streamlining efforts."
Shares of IGT, which have fallen roughly 72 percent this year, closed at $12.01 on the New York Stock Exchange, down 56 cents, or 4.46 percent.
Wednesday, October 22, 2008
Mike Ditka gets behind Champions Casino & Resort proposal
STICKNEY, Illinois -- (PRESS RELEASE) -- Just seven miles from downtown Chicago on I-55 at the gateway to Midway Airport, the owner-operator of Hawthorne Race Course is proposing an entertainment destination unlike any in the nation, in its unprecedented bid for Illinois' tenth online casino license.
Hawthorne's Board of Directors, a 100-year old family business, has partnered with Altium Development Group and Merit Management Group, both leaders in gaming, entertainment and retail development and management to dramatically expand the use of its 136-acre holdings between Cicero and Laramie Avenues to create the premiere regional entertainment destination. The location is a ready-made setting for the proposed casinos, resort and entertainment district, that could phase in casino operations within 180 days, generating nearly $200,000,0000 in immediate tax revenue. Additionally, the location would serve as a vital stop-gap to hundreds of millions of consumer gaming dollars spent in Hammond, Indiana, while directly servicing the highest density market in the state.
"Location, location, location" says Tim Carey, Hawthorne Race Course president and representative of the development partners. "The statute requires that the license benefit an economically depressed area while maximizing revenue for the state. Not only is the Village of Stickney and the surrounding area in desperate need of this type of economic impact, but we have the real estate and an existing facility to quickly develop an entire entertainment and retail park. We can be the first to market. And we can do so at the doorstep to Chicago without cannibalizing Illinois' existing casinos."
Named CHAMPIONS Casino & Resort, the proposed development will be an entertainment destination that showcases the renowned heritage and nostalgia of Chicago sports but with the comfortable luxury and complete amenity of modern entertainment facilities. Several high profile Chicago sports icons have joined discussions to support the development, most notably Coach Mike Ditka who will develop a restaurant and/or hotel on the property.
Physical development plans include:
- 40,000 sq. ft casino
- 1,150 slot positions
- 50 table games and poker room
- 300-room casino hotel, and conference center
- 140,000 sq. ft entertainment district
- 8-12 restaurants
- 8 movie theaters
- 25,000 sq. ft. bowling lounge
- 150,000 sq. ft. water park resort with 400 all-inclusive suites
- 4,800 seat outdoor subterranean amphitheater
Hawthorne anticipates as many as eight other applicants for the tenth license, but has been silently winning-over south suburban municipalities to support its bid. "Hammond, Indiana is the largest regional draw for gaming entertainment," says Joseph Canfora, CEO of Merit Management Group, formerly president of Empress and Horseshoe Casinos. "Over $720,000,000 is spent out of state every year for lack of a competitive casino alternative to service the south side of the Chicagoland area. The solution is not another casino close to the Indiana border, it's a casino closest to the market that spends this money. The Hawthorne development will not only serve as the most complete stop-gap for that lost tax revenue, but its sheer scope will create thousands of new jobs in Illinois—more than any other proposed site."
Current projections for job creation—many designated for union positions—within the casino are over 1,200 positions, with an additional 2,000 jobs per the water park and retail development. Because of CHAMPIONS ability to open within six months, it is estimated that 500 jobs will be created in 2009.
However, Hawthorne, Merit, Altium and their investment partners, are covering their bets so to speak by including top-line development of non-gaming entertainment. "The way that this venue succeeds is as an entertainment destination for the whole family. It will be a part of the Chicago community with specific appeals to the downtown and south suburb markets," adds Ed Pilarz, president of Altium. "But perhaps most importantly we have a 400,000 sq. ft. facility ready to go that will serve as catalyst for economic development along Cicero Avenue's Midway Airport Corridor. No other applicant for the 10th license can provide this, which means no other applicant can benefit the state as much as this development can, both in terms of tax revenue and jobs created to staff a bigger and more varied regional entertainment destination."
Though other applicants have proposed entertainment complex concepts, CHAMPIONS would be the first casino venue in the nation to additionally showcase live racing. "Hawthorne's proposal will have dramatic benefits for both the racing and casino industries," says Joseph Sinopoli, chairman of the Illinois Racing Board. "It will be great for Illinois horsemen and Illinois racing fans, and will provide tremendous revenues for the state. Hawthorne and its management have a long and exemplary record in Illinois racing."
"There are over 40,000 people employed by the agribusiness of Illinois horseracing," explains Carey. "This development would be a vital benefit to Illinois racing, and would certainly return Illinois to national prominence in racing. CHAMPIONS will be a complete sports and gaming entertainment destination like no other in the country. Not even Vegas has live racing alongside table and slots entertainment. Hawthorne Race Course is the oldest sports venue in the state, and our family has been a part of the grand tradition of Chicago sports for 100 years. This development would ensure the vitality of horseracing by exposing it to hundreds of thousands of new fans, and it would help ensure Chicago's national renown for the next 100 years."
Source: http://www.casinocitytimes.com/news/
Monday, October 20, 2008
Indian gaming dominates 20 years later
WASHINGTON -- Twenty years after President Reagan signed the Indian Gaming Regulatory Act, tribal casinos rake in more money than those in Las Vegas and Atlantic City combined.
"I believe the expectation of almost every lawmaker then was that the future of Indian gaming was going to be in high stakes bingo," said Phil Hogen, chairman of the National Indian Gaming Commission.
Instead, about 90 percent of the $26 billion in Indian gaming revenue last year came from casinos. By comparison, Nevada casinos collected $12.8 billion and New Jersey casinos collected $4.9 billion.
Indian gaming employs more than 700,000 workers; more than half of them are not American Indians.
Frank Fahrenkopf, president of the American Gaming Association, said the act signed Oct. 17, 1988, by Reagan "changed the landscape" of the casino industry.
"I don't think anyone ever thought the result would be as dramatic as it has been," Fahrenkopf said.
Senate Majority Leader Harry Reid of Nevada, who played a key role in drafting the legislation, said the objective was to protect Nevada casinos from competition.
"Just the opposite has occurred," Reid said.
Northern Nevada has borne the brunt of an explosion of tribal casinos in California. Especially during winter, online casino in Carson City, Lake Tahoe and Reno see business plummet as customers from the once-fruitful market of Sacramento stay home to play at the slot machines and card tables offered by tribes.
On the other hand, some mainstream gaming companies such as Harrahs and Boyd Gaming Corp. have entered into lucrative management contracts with tribes.
Despite their success, Indian gaming officials still regard the legislation as a violation of tribal sovereignty "What other business in America has a federal law that tells it what it has to do?" said Ernie Stevens Jr., chairman of the National Indian Gaming Association.
Tribes gained the upper hand in 1987 when the U.S. Supreme Court ruled in California vs. Cabazon Band of Mission Indians that federally recognized tribes could operate gambling businesses without state regulation.
Fearful of being unable to control gambling within their borders, states turned to Congress for help and the result was the 1988 regulatory act.
In addition to Reid, one of the primary architects of the legislation was Sen. John McCain of Arizona, this year's Republican presidential nominee.
The Senate passed the bill by voice vote on Sept. 15, 1988, and 12 days later, the House approved it 323-84.
"It's one of the ugliest pieces of legislation there is. That old saying about legislation being like making sausage fits it," said Kevin Washburn, a law professor at the University of Arizona who served as general counsel of the National Indian Gaming Commission from 2000 to 2002.
For example, the law sought to encourage negotiations between tribes and states to establish regulations for Indian gaming.
But that has not happened. After giving the tribes a major victory with the Cabazon decision in 1987, the Supreme Court ruled in Seminole Tribe vs. Florida in 1996 that tribes could not sue states that refused to negotiate gaming compacts.
"The drafters just blew it. They should have caught that when they wrote the bill," Washburn said.
Stevens, the NIGA chairman, said every piece of legislation proposed by tribes now includes a provision attempting to "fix" the Seminole decision.
The law also hamstrings tribes by limiting management contracts with mainstream casino partners to seven years, Washburn said.
"That's unduly paternalistic," Washburn said. "The tribes have become capable business people at this point and if they want a 20-year contract, they should be able to get it."
Nevertheless, tribes remain fiercely opposed to any attempts by Congress to amend the regulatory act, which has allowed them to finally develop a wildly successful economic tool to help their people.
As Hogen, the chairman of the federal commission overseeing Indian gaming, said, "There were so many abject failures before."
Source: http://www.casinocitytimes.com/news/
Monday, October 13, 2008
Atlantic City casinos likely had biggest decline ever in Sept
ATLANTIC CITY, New Jersey -- As reported by the Burlington Country Times: "If the president of the Borgata Hotel Casino and Spa is right, Atlantic City casinos experienced their biggest revenue decline in history in September.
"Revenue figures for September are due out on Friday from the state Casinos Control Commission, but Larry Mullin says he expects them to be down about 15 percent.
"Mullin made his comments at a City Council meeting in support of delaying a smoking ban for a year, due to the worsening economy.
"...Mullin estimated that if a smoking ban took effect next week, the city could experience a 25 to 30 percent decline going forward.
"...The council gave preliminary approval to the delay, but confusion reigned over whether the ban would still take effect next Wednesday, only to expire after a week..."
Source: http://www.casinocitytimes.com/
Wednesday, September 24, 2008
Online Casino Games Odds
For exemplar, if the player is playing roulette, each number on the wheel has the same possibility of being hit. In the American version of this casinos game, this probability is 1/35. The odds for each number are 35 to 1. There are mathematical odds for every game, and it is significant that the player know these odds.
One place the player can look for the odds of each game is at online casino Game Odds. This website is devoted to studying and presenting the odds. The player will find the odds for games like roulette, keno, blackjack, craps, video poker, poker, slots, etc. There are also articles explaining how the odds are computed and the importance of knowing about the odds of a game and where they come from.Once a player understands odds, he then can understand the reasons for basic plans & strategies in various online casinos games and why his chances are better of winning when he follows basic strategy. Once the gambler learns about odds and the importance of studying them, his own playing habits will update. He will never again bet on hunches or myths. The information on this website is important information for any serious casino gambler. Take enough time to learn about odds.
Tuesday, September 23, 2008
Online Gambling Bulletin Board
Since several people participate in forums, the player is never pretty sure who is going to react to him. If he has a query about software, he may find the response comes from an important person at the software company. A question about an exact online casinos might have a response from somebody associated with the online casino’s staff. A forum is a good place to substitute information with the so-called business VIPs.Mainly common gambling forums are further alienated into each casino game and topic. Players should check the discussions once in a while to see what the current topics of interest are. All forums have guidelines for their use. The player that was to post a commentary just needs to follow the directions and make sure he places his comment in the correct forum grouping.
Depending on the thread, forums outside of the online casino may be more purpose and provide more information. They will almost certainly also has more variety because people do not have to be online casinos members to take part. If one has to be a member to take part in a discussion board, this limits the opportunities of non-members. Some online casinos site has forums that are open to anybody. Do not overlook the forum as a source of good current information about different themes.Monday, September 22, 2008
How Bingo developed into Keno
The game of bingo is derivative from lotto and Keno. Keno play is a close imitative of bingo. According to a very old scroll a man named Cheung Leung introduced Keno over 2000 years before in China. Cheung's city was at war for many years and provisions for his army were running out. The citizens of his city refused to confer any more money to the war effort, so Cheung Leung produced a game of chance (called Keno) for them to play to turn out revenue to provision his army.
The game of Keno was an immediate success and the city was saved. Everyone appreciated to play keno. The keno game increase throughout China and was used to help fund the housing of the Great Wall. The keno game developed into known as the White Pigeon Game to those who played keno because carrier pigeons were used to send the results from the keno games in the immense cities to the smaller villages. When Keno initial originated about 200 years B.C. in China, characters were utilized in the body of the ticket rather than numbers 1 through 80 we recognize today. These lettering are the first eighty of an early poem famous as “The Thousand Character Classic ".
The Thousand Character Classic was used in China as a introduction for teaching reading and writing to children. By putting one thousand characters into a more or less logical versed form, learning was most probably made easier and more interesting. It is something of a very great success in that no character is repeated. This poem was so fine known in China that its one thousand characters, arranged in order, were often used as a way of information or counting from one to a thousand. The bingo game which is similar to the keno played today was brought to the United States by Chinese settler who worked on the trans-continental railroad.
Thursday, September 18, 2008
Be a Good Loser in Online Casinos
Pay concentration to why you lose. Are you doing something to make yourself lose? For example, if you are playing blackjack, are you playing according to essential strategy? If not, don’t talk in relation to the bad luck. Learn the basic stratagem and play by it. You don’t always have to accept losing when there is incredible that you can do regarding it, like learning and following basic policy and following sound money managing plans for online casino games..
When you do lose, be attractive. Don’t shout and rave at the other players. It is not considered to be communally acceptable manners. Keep your emotions under manage. Gamblers don’t always be successful in any casinos betting game. That is a truth. Don’t fall into ensnare of betting larger and larger amounts trying to get back your losses. This strategy doesn’t frequently work and the player that is using it is acting out of fright, not good sound playing plan.It is a good way to increase your losses for the reason that you are not thinking clearly when playing online casinos this method. You need to know when to quit and this may be one of those era. If you reach your money or time limit, or you realize that playing and betting is not balanced, then it is time to playing stop and quit.
Casino Coinage - UK Casinos Gambling Portal
The Daily Sports Stats page has the chances for the different games that are coming up. For those new to horse racing there is a division explaining all of the important terms used in the sport. There is also a general section explaining the terms used in sports gambling. These are the conditions that the bettor should know. There is another segment that explains the different kinds of gambles and which bookmakers offer them. This part also explains the terms used in wagering. There is also a Betting Blogs & Forum that includes areas for general announcements, sports betting, online casino and online video poker.
There is quite a bit of advertisement on the portal but some of it provides useful information for people who are looking for the terms at the different casinos betting establishments since it is anxious with special deals and bonuses. There is a division that reviews the dissimilar sports book sites with their terms and additional benefits.A separate section is dedicated to online casinos. There are also links to free Flash games to enjoy and free your stress. There is a section devoted to odds for the different sporting events. The visitor also has his selection of languages to view the site in. This is a good informational site with links to additional establishments.
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