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Nevada Casinos Can’t Profit for Losing for Fifth Straight Year

Nevada Casinos Can’t Profit for Losing for Fifth Straight Year

It was the fifth 12 months running for a downturn in Nevada’s net revenues for fiscal 2013, based on the Gaming Control Board

It had been bad news and type of good news for the Silver State’s casinos when Nevada’s Gaming Control Board circulated their annual Gaming Abstract Report week that is late last. The bad news was that Nevada’s 263 combined casinos experienced a fifth straight 12 months of financial net losses; nevertheless the good news is that their actual intake revenues increased a tad contrasted to 2012.

However, a net loss is a net loss, and fiscal 2013 had been a little bit worse than 2012, having a final tally of minus $1.348 billion,compared to $1.212 billion in 2012.

Sluggish Recovery

It’s all an element of the child step healing up process from Nevada’s massive turndown from the country’s recession, which definitely hit this casino-centric area hard since 2009. In reality, fiscal 2008 ended up being the time that is last’s casinos overall showed a net profit, and that was for $721.1 million. The following year, the state took its hit that is biggest, having a $6.8 billion net loss for casinos statewide. Ouch.

The vegas Strip naturally sets the speed in regards to Nevada gaming, and a small 1.7 per cent revenue jump during the final fiscal year simply was not sufficient to go out of a revenue; overall, Strip casinos marked a $1.5 billion loss for the season. But again, some silver lining 阅读更多

Nevada Revenues Rebounded Heartily in 2013

Nevada Revenues Rebounded Heartily in 2013

Vegas’ marketing campaigns positioning the city as hip and happening seem to be working, based on 2013 income tallies

It has been awhile since Las Vegas could actually upload any really news that is positive profits, but 2013 appears to have been a watershed year financially for las vegas. Numbers posted end-of-year by the Nevada Gaming Control Board show a whopping 22.6 percent spike in gaming revenues for the month of November, adhering to a significantly flat October, a reality that guarantees to show exemplary year-end overall numbers once compiled.

Second Best of the 12 Months

Turns out was the second best of the year for Las Vegas Strip properties november. Baccarat took home the gold literally with a 94 percent hike, while dining table games also pulled a 53.5 percent jump to their weight, in comparison to 2012. Certainly no one is ripping out slot machines, but it seems that old-school gambling is the moneymaker these full days in the City of Neon.

Statewide, the image had been also a positive one. A bump of 11.9 percent compared to the year prior across Nevada, casinos took in $875.9 million in November. And even more encouraging, it had been the 3rd hike that is monthly the past four months.

Las Las Vegas’ uber-successful marketing campaign of being the coolest, hippest, swag-est place to be on the planet appears to be working when it comes to gambling as well; the Strip earned $529.4 million in November overall, largely 阅读更多

California Legislators Continue to Grapple with Gambling Options

California Legislators Continue to Grapple with Gambling Options

California lawmakers will mull several state bills that could affect both land and online gambling efforts this present year (Image: Michael Macor, The Chronicle)

A brand new California gambling bill approved last week by the State Senate could up taxes and review regulatory procedures on the Golden State’s ever-expanding gaming industry. Introduced by Sen. Leland Yee (D-San Francisco), SB 601 goes under the microscope of the gaming policy advisory committee comprised of both industry executives and members of the general public, with all the goal of determining whether or not the existing regulatory structures that are in place are aiding or abetting California’s current and future outlook that is economic.

Regulatory Review

Also, the panel will review the impact of the state’s numerous card clubs on both state and local tax flows, also as on costs to both. Yee stated he’s exploring the chance that more gaming that is non-Indian could help improve California’s ever-struggling coffers to become fuller.

‘Despite the news that is good’ve seen in budget projections, I do believe it is usually worth looking at new revenue sources for our state,’ noted Yee. Once the committee review is complete, the new bill will move on to the state Assembly for further assessment.

Of course, as Newton so wisely noted, for each and every action there’s a similar and reaction that is equal and nowhere does that hold truer than in t 阅读更多

Genting Gambles in Florida with Uncertain Results

Genting Gambles in Florida with Uncertain Results

A rendering of 1 portion of the proposed Resorts World Miami Genting casino resort project; the $3 billion project nevertheless has not received a high sign from Florida lawmakers.

They say money talks, but in Genting Resorts World’s case, it’s perhaps not been speaking as loudly as the company might like.

The asian gambling conglomerate has largely met with nothing but resistance despite pouring $236 million into a 14-acre waterfront Miami spread back in 2011 and then sprinkling millions more into pressuring state politicians to ‘adapt’ a construction law to accommodate a new $3 billion resorts World Miami casino project. So they’ve now determined on a new, less direction that is cumbersome the Sunshine State: a slots-only task that would pair them up with Gulfstream Park racetrack in Miami’s Key Biscayne area.

Antagonists Await

Of course, anytime a potential new casino operator appears in a state, the first thing that happens is some kind of anti-gaming coalition forms; and Florida has been no exception to that particular guideline. Anti-casino group NoCasino.org is also releasing a movie mid-January called Pushing Luck that claims to show a ‘sobering glimpse’ of ‘broken claims’ from casino operators.
According to Genting’s new partner Gulfstream, the racetrack holds an as-yet-unused video gaming license that has the prospect of use with in either Miami-Dade or Broward counties, as the track rests simply between the 2 are 阅读更多

European Bookmakers Lose Millions on Horses Linked to Barney Curley

European Bookmakers Lose Millions on Horses Linked to Barney Curley

Iconic gambler Barney Curley has done it again when a 9000- 1 shot on four horses came through (Image: The Guardian)

There is absolutely nothing quite like the feeling of striking a daily double, pick six or other big accumulator at the battle track, specially when that final horse comes in to complete your once-in-a-lifetime payday. But while there has been some epic wins over the course of horse history that is racing few compare towards the story that played out this week in britain as four horses linked to renowned gambler Barney Curley pulled down shocking victories that could have cost bookmakers millions.

Long Odds on Four Horses

The story began on Tuesday night, as odds began showing up for some of Wednesday’s races. There have been four horses in all, each coming off a long layoff to race at fairly long odds. Horses Eye associated with Tiger and Indus Valley were both longshots that are 20-1 while Seven Summits and Low Key had been more fairly priced at 7-1. in every instance, a $1 accumulator bet on all four horses to win could have acquired a bettor around $13,000 at Bet365, if the bets came in at simply the best time when all four races were on the board and also the odds were as favorable as feasible.

Estimates of so just how much money was lost by bookmakers from the four unlikely winners varied greatly. One spokesman for Paddy energy said that the industry-wide hit could have now been since 阅读更多