January 8, 2010

Hollywood Casino In Pennsylvania Should Have Table Games by Summer

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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

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December 11, 2009

Atlantic City Casino Revenues Experience Double Digit Loss

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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

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November 13, 2009

Casinos and Tax Revenue for States - Who Wins?

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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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November 6, 2009

Casinos Coming to Ohio Very Soon


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The casinos are coming, and their coming to Ohio. Voters on Tuesday reversed the decision they made on four earlier occasions and said they’d allow casino gambling in Cleveland, Cincinnati, Columbus and Toledo. The vote was a reflection of just how receptive people have become to any promise of new jobs, however dubious the numbers.

At Get ready to be disappointed about casinos

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October 30, 2009

Beacon Hill in Boston Struggles With Casinos

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Why is this so hard? What won't Massachusetts do to get their gambling act together? Well - apparently discuss it until they do nothing. Times are tough all over, and jobs from the State's dog tracks to budget shortfalls have casinos back on Beacon Hill's mind - what are they considering?

  • Save the Massachusetts economy with resort destination casinos.
  • Save jobs at the state’s dog tracks by allowing slot machines.
  • Save the state from itself by blocking casino expansion.

Read the full story at The Boston Globe, but we'd like to see at least the Dog Tracks fixed and get some of those job back.

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October 23, 2009

Foxwoods and Mohegan Sun Take Hit As Fewer People Play the Slots

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Yep - they're still down on revenues as fewer people play the slots. I think this is to be expected for at least the next 6-12 months, but since I'm headed to the woods tonight I'll see what I can do to help their revenue.

Slot revenues continued to tumble at the two Connecticut casinos as gamblers spent fewer dollars on the one-armed bandits last month.

Foxwoods Resort Casino and MGM Grand reported that slot revenues in September fell by nearly 3 percent to $54.8 million, down from $56.4 million a year ago, the sixth consecutive month of year-over-year declines.

Mohegan Sun saw slot returns slip to $59.4 million last month compared to $67 million one year ago, an 11 percent dip and the 16th consecutive month of declines.

Via BostonHerald.com

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October 9, 2009

Las Vegas Builders Say No More New Casinos For The Next Decade

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We do hope you like the current casinos in Las Vegas, because that's what you can look forward to for the next 10 years or so. There simply will be no new casinos built due to overbuilding, and of course the wonderful economy we're in.

No newly built Mount Rushmore facade, no Mini Grand Canyon indoor shopping avenue, no Godzilla-shaped hotel—nothing new to delight the vulgar parts of your optic nerve. The Wall Street Journal says after a decade in which casinos spent more than $30 billion on expansions, they're now going to pay off debt and focus on "branding, marketing and customer loyalty."

The bad economy abruptly ended a boom period earlier this decade when visitations, gambling, and room rates were all climbing. Now casinos are loaded with debt and searching for more cost effective ways to bring in business.

The new approach represents a challenge for an industry that has relied on glitzy casino and hotel openings as one of its primary draws. "It's the theme-park dilemma," says Robert LaFleur, an analyst for Susquehanna Financial Group. "You've got to build a new roller coaster. Everyone likes to go but you need a reason to keep them going back."

Via Consumerist

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October 2, 2009

Foxwoods Casino and Tribe's Fortunes Linked

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Want the history of the new in trouble Foxwoods casino? This Boston Globe article outline it and the current state of affairs at the Foxwoods Casino.

When the doors at Foxwoods first swung open in 1992, more than poker fanatics and bingo mavens began trekking to the sparkling new casino nestled in the thick forests of the Mashantucket Pequot reservation.

Dozens of Pequots traveled from as far away as California and Hawaii to their native lands in southeastern Connecticut. Many came for the promise of a steady job, and to reconnect with a tribe that had come close to extinction. But Foxwoods did not just help revive the Pequot nation; it made it fabulously wealthy. Within a few years, Foxwoods was the world’s largest and most successful casino resort, an entertainment mecca that racked up more than $1 billion annually.

Read at Foxwoods casino, tribe’s fortunes linked - The Boston Globe

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September 11, 2009

Casino Revenues Continue To Drop - But for How Long?

A very cool report on Bloomberg confirms - casinos are in tough shape, but for how long?

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September 4, 2009

Las Vegas Casino Bellagio files lawsuit against Sir Allen Stanford

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Photograph: Dave Einsel/Getty Images

Looks like you need to pay your debts Mr. Billionaire.

Unwell, behind bars and stripped of his fortune, the billionaire financier Sir Allen Stanford is facing yet another headache - a Las Vegas casino is suing him for $258,480 (£160,000) in unpaid gambling debts.

The Bellagio,on the Las Vegas Strip, has filed a lawsuit in Nevada's Clark County district court accusing Stanford of running up gaming losses in January barely a month before the US authorities raided the Houston headquarters of his Stanford Financial Group and charged him with fraud.

At Las Vegas casino files lawsuit against Sir Allen Stanford | World news | guardian.co.uk

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