March 19, 2010
MGM Mirage Stock Drops After Big Increase On Tuesday - Casino Stocks
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We just don't follow casino stock prices that much, but it looks like the MGM Mirage was one of the US-based gaming companies that had their stock jump on Tuesday after word on the future of the Macau casino industry was announced. That bump, however, was short lived, as MGM stock dropped slightly yesterday. Huh? Well - it sounds like speculation drove it, and then some people took back that small jump. If you want our advice on gambling or selling and buying stocks - make sure you take your BUMP and get up from the table occasionally.
Via New Online Casinos
March 12, 2010
Aqueduct Racino deal is officially dead in New York
New York state has officially pulled the plug on a controversial group chosen to run a planned racino at Aqueduct Racetrack. We're pretty sure you could just pull the plug on any casino project if you call it a racino. Racino? We get it but do we have to? Just call it a casino at a former race track or a race track with a casino please.
"The Division of the Lottery has concluded that it cannot issue a gaming license to Aqueduct Entertainment Group," Gov. Paterson's administration said in a statement.
"Therefore, the state has officially withdrawn its support for AEG to develop and operate a video lottery" slots parlor at the racetrack.
More at New York Daily News
February 26, 2010
Wynn Has plan for Foxwoods Casino in Philadelphia
Stephen A. Wynn, chairman of Wynn Resorts, said yesterday that he would go to Harrisburg Wednesday to outline to the state Gaming Control Board his plans for a Philadelphia casino that he said would be "the cutest casino you have ever seen."
Wynn discussed for the first time his ideas for reviving the Foxwoods project in South Philadelphia during a conference call with stock analysts after the release of the Las Vegas company's year-end results.
Wynn Resorts confirmed Tuesday that it had signed a letter of intent to take control of developing and running the struggling Foxwoods Casino project. But the deal is contingent on approval from Pennsylvania gaming regulators. The Foxwoods project is at risk of losing its license for repeated delays since winning one of the city's two slots licenses in 2006.
Via Philadelphia Inquirer
February 19, 2010
Hawaii May Add Casinos to Drive Revenue
Really? Casinos in Hawaii? Why not? I guess they don't have any other revenue possibilities? Does this seem to be a trend? If you add Casinos revenue will come? Let's hope so.
Hawaii has always been known for its sun, sand and surf. It may soon add another attraction: slots. Hawaii is one of the last two states with no legalized gambling, but lawmakers facing billion-dollar budget deficits and hunting for ways increase revenue are thinking about allowing casinos in tourist-filled Waikiki or on Native Hawaiian lands. Proponents say casinos would draw much-needed new money and jobs into the long-troubled, tourism-dependent economy.
Via latimes.com
February 12, 2010
Can CityCenter Save Las Vegas? We Hope So
Another amazing Forbes article about the fate of Las Vegas and City Center. Can it save Las Vegas? Well - we hope so but it's unclear how.
Towering over the heart of the Las Vegas Strip, CityCenter--a joint venture between gaming giant MGM Mirage ( MGM - news - people ) and Infinity World, a subsidiary of Dubai World--opened this week under a dazzling display of fireworks and glitz. The property encompasses 67 acres between the Bellagio and Monte Carlo casinos, and features four hotels, including its flagship, Aria, which is complete with 4,004 rooms, a casino, shops, restaurants, nightclubs and lounges and an Elvis-themed Cirque du Soleil production.
At Can CityCenter Save Las Vegas? - Forbes.com
January 29, 2010
Delaware legalizes table games at its casinos
Looks like Delaware is joining the casino gaming world and truly having the full experience at it's casinos. New Jersey's tiny neighbor to the south now poses a bigger threat to Atlantic City's $3.9 billion casino market.
In a final legislative vote Thursday, Delaware's Senate legalized Atlantic City-style table games such as blackjack, poker, craps and roulette. Gov. Jack Markell immediately signed the bill into law.
Atlantic City is already playing 3rd to Pennsylvania in revenues - what's next? Probably 4th place to Delaware.
At Delaware legalizes table games at its casinos
January 15, 2010
Inside Man - The Man Behind Massachusetts Casinos
Casinos in Massachusetts? There may be no more electric debate coming to Beacon Hill this year, as legislators take up an issue that polarizes the state and its leaders every time it arises. This article (link below) features the man behind making it happen.
Why do we want them? Some covet the new jobs and tax dollars that expanded gambling could bring in; others are troubled by the prospect of adding slot machines and blackjack tables to a state already among the highest in per-capita lottery spending.
But there’s another aspect as well. If casino gambling is legalized - an idea that looks far more likely now that the state’s three top leaders agree on it - it would introduce a whole new industry to the Bay State, attracting international casino developers and demanding a new set of regulations.
At Inside Man
January 8, 2010
Hollywood Casino In Pennsylvania Should Have Table Games by Summer
That's right - it's just a matter of time before these state casinos start rolling the dice It's now just a matter of time before blackjack, roulette, craps and poker are added to Pennsylvania's casinos. Gov. Ed Rendell on Thursday signed the bill making table games legal.Casinos can add up to 250 tables each, but it will be far less than that at the Hollywood Casino at Penn National in Grantville; at least for now.
"We're looking at perhaps 40 to 50 tables to start," Penn National spokesman Fred Lipkin said. "It'll be the traditional mix of blackjack, craps, roulette and we'll also be setting up a poker room."
At Hollywood Casino Should Have Table Games by Summer
December 11, 2009
Atlantic City Casino Revenues Experience Double Digit Loss
Remember when the news was always good for caisinos? It seems lately the news is always about losses - and everyone here at Casino Snob is sick of it. Seems the east coast Vegas is experiencing year long decline to put the losses in the double digits.
Overall, Atlantic City's casinos took in$299.3 million in revenue for November, down 13.4 percent compared with the same month a year ago. Slot winnings declined 9.5 percent to $206.8 million, while table game revenue plunged 21 percent to $92.5 million, according to figures released Thursday by the New Jersey Casino Control Commission.
Good luck Atlantic City - we're going to hang in there with you and hope for an amazing 2010.
Via PressofAtlanticCity.com
November 13, 2009
Casinos and Tax Revenue for States - Who Wins?
Yeah - who really wins when the revenues are in the toilet?
In Las Vegas, house prices have dropped 55 percent since peaking in August 2006, and the foreclosure rate is seven times the national average. Gigantic new condo towers sit nearly empty (real-estate pros call them "see-through buildings"), and unemployment tops 13 percent. The recession has sent casino revenues plunging 20 percent from two years ago.
"Up until the '90s, we never suffered with the downturn of the economy," William Thompson, a professor at the University of Nevada-Las Vegas and an expert on the casino business, told me.
The sad plight of "Sin City" is a morality tale for other municipalities seeking economic salvation through gambling. And it is against this dark vision that Ohio voters just approved casinos in their state.
At National Ledger - Casinos and Tax Revenue for States - Who Wins?
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