Category: Casino Info

Casino Profits

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Casino Profits Taking Nose Dive For MGM Mirage

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Casinos in Las Vegas and around the United States are seeing profits being driven to the ground. The economy has slowed to such a point, that even casinos are feeling the crunch.

Some industries are supposed to be immune to the problems of a damaged economy. The food and casino industries are two of those industries. Casinos, however, are showing that they might not be as immune as first thought.

MGM Mirage Inc. released their first quarter numbers, and if they are any indication, the casino industry could be in trouble. Profits fell thirty percent in the first quarter.

“This quarter was challenging, and it was clearly impacted by the economy. Our job is to manage within the context to maximize profitability in what will surely be a challenging year,” said MGM Chief Executive Terry Lanni, to investors on a conference call.

Marketing is going to have to be at its best if there is going to be a turnaround for casinos. Trying to get people to spend money that they do not have will be a tough task. The goal will be to maximize profits from people who can afford to still go on vacations and gamble.

MGM employees are already feeling the effects of the decreasing profits. 400 employees have already been laid off by the company. They claim they will not be making any more cuts, but if profits continue to drop, they will be forced to lower their costs.

Earnings from the company were at $118.3 million, compared to $168.2 million from the same quarter last year.

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Casino Expansion Slows

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Casino Expansion Slows, But Revenue Increases In United States

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While casinos all across the country have been experiencing sharp declines in their revenue numbers from this year, last year saw an increase in revenue. Casino revenue from 2007 was up 5.3 percent.

The American gaming Association released figures that contradict what most casinos and analysts are saying. They are claiming that revenue is down across the board for casinos in the United States.

A report released by the Association on Wednesday, however, claims that revenue was increased in 2007 by 5.3 percent. The total revenue from commercial casinos was $34.1 billion.

While those figures are strong, the casino boom that has been taking place across the nation has slowed. Recently, several states turned down the chance to legalize casino gambling. Among them were Kentucky and Massachusetts.

Other areas are showing rapid growth in the casino industry. Atlantic City is being hurt financially by slot parlors that have opened in Pennsylvania and New York.

While the numbers from 2007 were increasing, the Gaming Association is not oblivious to the current problems facing the industry.

“We’re facing some difficult economic times. People said for years that we were recession proof. I’ve been saying we’re not recession proof. we’re recession resistant,” said Frank Fahrenkopf, President of the American Gaming Association.

Sands Name Coming Back To Casino In United States

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The Sands casinos in Las Vegas and Atlantic City were legendary. The famous ‘Rat Pack’ used to frequent both casinos when in town. They were a must see destination when in either gambling town.

The Sands name has been missing from the United States since last summer when the Sands casino in Atlantic City was demolished. The Las Vegas Sands was destroyed in favor of what is now The Venetian.

Now, the Sands name will once again be on a casino in the United States. Sands Casino Resort Bethlehem will be the name of the new casino in Bethlehem.

“This is a great opportunity to reintroduce the brand in the United States for gaming. All in one, we get a wonderful city, a great brand, and a good locational identifier,” said Robert DeSalvio, the casino president.

The casino is on the sight of the former Bethlehem Steel plant. The casino name is bringing joy to some, but not to others that oppose the name.

“We used to be known as the Christmas City. I don’t like the sound of this at all. This will transform how we are viewed, and ultimately who we are,” said anti-casino group member Esther Lee, from Citizens for a Better Bethlehem.

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Casino Dealers

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Casino Dealers Relying on Workers Union Ad For More Tips

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Casino dealers are in a tough situation. The majority of them are paid mostly in tips. So when the obnoxious player comes along and does not tip, dealers lives can be affected.

The Transport Workers Union of America has begun to try and deter gamblers away from not tipping dealers. The union represents dealers at Wynn and Caesars casinos in Las Vegas.

Their latest efforts are being poured into an advertising campaign that will ask the public to make sure they tip dealers when playing table card games.

“Most dealers rely on tips for the bulk of their income. We represent dealers on the casino floor, at the bargaining table, that is clear. Now, we will be their voice to the public. Until now, dealers lacked an association, union, or spokesman that could educate the public about the need to tip,” said TWU International President James C. Little in a statement regarding the ad campaign.

This may just be the first move for dealers. It is becoming commonplace around the country for dealers to join unions. They are finally standing up for what they feel they deserve.

The ad campaign will most likely not change how particular people tip dealers while playing. It will, however, put a bit of pressure on these people. It will give exposure to the dealers, which, in turn, should at least get people thinking about tipping.

Kansas Moving Slowly To Expand Gambling in The State

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Kansas made it official last year. Casino gambling is coming to the state. Last year’s law allows for four state owned casino resorts to be built. Private developers will run the casinos.

The state is moving slowly, however, towards having those casinos open. On Monday, it was announced that the Kansas Lottery Commission needs more time in negotiating contracts with the developers.

Executive Director Ed Van Petten has indicated that he will seek an extension from the Governor to allow for more time to negotiate. This month was the original deadline for the negotiations, but Van Petten believes he will get the extension.

Thirteen contracts are being negotiated by the Commission. They span four different zones. The extension for the negotiations would give them another sixty days to tie up all the loose ends.

Four of the proposals that have been received will eventually turn into the casinos. A review board is in charge of selecting which of the four proposals will be accepted by the state.

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Casino Contract

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Casino Contract Approved By Kansas Lottery Commission

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Penn National Gaming Inc. had been looking for a way to phase their investment for a casino in Southeastern Kansas. The group was hoping the Kansas Lottery Commission would go along with their phasing request.

On Monday, the Commission approved a contract that will allow Penn to build a casino complex in Cherokee County. The deal still needs to be accepted by a review board.

Penn would build the casino complex that would also have a hotel. the company would also run the day to day operations of the complex. The Lottery Commission, however, would own the casino.

The deal that was made would allow Penn National to spread their $225 required investment over twelve years. They will also have to give the state between twenty two and twenty eight percent of the revenue generated from the casino.

Penn National is anchored out of Wyomissing, Pennsylvania. They have casino interests in other states, and now will run the casino in Kansas. If the review board agrees to the contract, Penn would then begin to build the facility.

The Commission was not particularly happy with the agreement to spread the investment over twelve years, but they felt it was the best deal they could get.

Lack Of Funds Makes New York Move Quickly For Racino

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New York is struggling to maintain financial stability just like almost every other state in the country. One way they are trying to raise money intake is to speed up plans for a gambling racino.

Aqueduct thoroughbred track in Queens has been waiting for the state to move forward on allowing them to add gambling machines to their facility. The state, up until now has been slow to move on allowing the gambling.

Now, however, with the economy in a free fall, the state has rapidly picked up the pace to get the gambling at the track. They have begun the process of choosing the developer of the racino.

Three developers have placed bids, and within weeks the state should pick one of them. One of the bidders, Steven L. Green and operators of the Hard Rock Cafe, have vowed to have a temporary facility open by the end of the year should they win the bid.

No table games would be allowed at the new racino. There would be, however, 4,500 video slot machines that would give a boost to the state. Revenue money would go to the state from the machines.

It has been years since the proposed racino has been at the mercy of the state. With the economy struggling, it is no surprise that lawmakers are taking the quickest road towards trying to balance the state budget.

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Canada Casinos

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Canada Casinos Join Group Feeling Effects Of Gas Prices

In the United States, many casino operators are turning to the economy as an excuse for their lower than expected revenue money. The U.S. is not the only country where casino operators are struggling due to a variety of reasons.

In Canada, the Casino Niagara and the Niagara Fallsview casino employees are not happy with an memo they recently received from their employers. The memo told employees that there would be a freeze on employee wages.

“After reviewing our wages and salaries to other commercial casinos in Ontario, to similar positions in the local area and to our competition in New York, we believe it is necessary to freeze all wages and salaries this fiscal year,” said the memo.

The reasons were not specified, but rising gas and food prices are speculated to be part of the cause. The management at the casinos still feel that their employees are paid well, and that the freeze should not be a problem.

“Our compensation and benefit package remains the best in Ontario,” said Greg Medulun, spokesperson for Niagara Casinos. The move to freeze wages may once again cause the Canadian Auto Workers Union to increase efforts to unionize casino workers.

American Idol Gambling Down To Final Five Contestants

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On Tuesday, the songs of Neil Diamond will seep into everyone’s living rooms through their television sets. The five remaining American Idol contestants will be singing tunes from the legendary musician.

The gambling odds, which have been missing, have now re-emerged. Two people have an opportunity to win, according to odds makers, David Archuleta and David Cook.

The pair of male vocalists have been nearly flawless for the better part of the competition. They have been rewarded, or cursed, depending on how you look at it, by sports books.

Archuleta is the favorite, and gamblers actually have to lay money to get money back. His odds are -150 at the current time. Cook, is +100, meaning he is virtually a co-favorite.

The other three contestants are considered long shots by bookmakers. Jason Castro is the third choice, but his odds are still 15-1. Brooke White has slipped to 20-1 after being a favorite early in the competition.

Syesha Mercado has been dealing with being an underdog for the whole season so far, yet she has survived every elimination. The odds makers feel her time will soon be up. She is also 20-1.

Tuesday night is the next live show, which will feature Neil Diamond as the contestants’ mentor.

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Casino Owners Insulting

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Casino Owners Insulting Our Intelligence With Smoking Exception Please

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In several states, people cannot go out to eat and enjoy their freedom by lighting a cigarette. The smoking ban holds true in all public indoor places in some states.

Casinos, in some of these states where smoking is banned, feel they have the right to be above the law. Much like the Indian tribes that run them, they feel they should be exempt from smoking laws.

They really have no basis for their argument. They are doing their best to scare lawmakers into allowing them to continue to let patrons smoke in their casinos.

In Pennsylvania, there has been actual testimony to how a proposed new smoking ban would hurt the casino industry. Then, in turn, tax revenue money that goes to the state would be down.

“If this legislation to ban smoking is passed without an exception for casinos, it would severely hinder our ability to continue our early success and our role as an economic development engine for Western Pennsylvania,” said Mike Jeannot, Administration Director of The Meadows.

So there you have it. Casinos must be exempt from the smoking ban or else. There is no way any of these casinos will be able to market themselves if not for cigarette smoking.

Smokers will no longer gamble if they are not allowed to smoke. Arguments against casino gambling have long fought that the reason for their opposition is the fear of addiction.

Now, that theory goes out the window. All of those people who were at risk of gambling addiction, have now been healed by a smoking law.

If smoking bans are that affective of a deterrent against gambling, then treatment centers should use the technique. Any smoker who comes for treatment for a gambling addiction, must leave their cigarettes at the door. Then, magically, once inside the treatment center with no cigarettes, they are cured of their gambling problem.

It is not that easy to help problem gamblers, so it makes the argument that smoking is needed to reach maximum revenue, ridiculous.

Casino owners would be better off just saying, “We’re a casino. We’re above the law. Let our patrons smoke.” Then, at least, these owners would not be insulting our intelligence.

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