August 31, 2009

Casinos Earning Tons of Money from Penny Slots

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Yep - penny slots. We like them too and find them always a blast to play on max bet when we visit a casino. Seems like gamblers in the recession find penny slots alluring too - they are raking it in.

The penny slot machine, once a joke among serious gamblers, is the hottest form of betting during this recession. Even casinos that cater to wealthy gamblers are replacing $1 machines with video slots that accept bets one cent at a time. "You can play longer with less money on penny slots," says Ed Feigenbaum, editor of Indiana Gaming Insight, a newsletter. The penny machines accounted for 36% of bets at Indiana casinos in July, up from 8% in 2005.

At USATODAY.com

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August 7, 2009

Hard Rock Hotel & Casino Las Vegas Introduces Paradise Tower - Cheap Room Rates

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Paradise Tower becomes the newest addition to Hard Rock Hotel & Casino. The highly anticipated project, completed almost two months ahead of schedule, has created jobs and hope as the Las Vegas horizon begins to see signs of resurgence. The new tower opened this past week and is ready for booking.

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Just as Hard Rock Hotel & Casino is known in a sense for upping the game in Las Vegas, the new Paradise Tower steps up the Hard Rock's game on the hotel side. The tower's 490 lavish rooms were designed with the property's signature party attitude in mind but with a jolt of sexy sophistication. Hotel devotees will notice a significantly more luxurious atmosphere in Paradise Tower, but without sacrificing the irreverent, anything-can-happen feeling that they've come to expect. Rooms evoke visions of a rock 'n' roll manor house, using iconic materials like leather, wood and silver studded velvet to enhance the sensory experience and emphasize that this is no standard hotel room. Designed by Mark Zeff, the rooms exude a chic playfulness with atmospheric touches that allow for optimal comfort and function by day, but then come alive at night.


ArrowContinue reading: "Hard Rock Hotel & Casino Las Vegas Introduces Paradise Tower - Cheap Room Rates"

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July 31, 2009

Las Vegas Hotels Go Budget - Cheap Show Tickets, Rooms, and More

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It's about time. We think cheap rooms, cheap tickets, and the like should be standard fare. Room rates over the past 10 years have just climbed and climbed - and we're thinking Casinos should worry about making money from our gambling losses and not everything else too. We do understand good entertainment costs money - but maybe they can put some of that money back into the operation instead of the profit train they've been on.

Discounted tickets are being offered to the biggest shows such as Cirque du Soleil - two tickets can now cost as little as $124 instead of nearly $200.

Some hotels are even offering credit in their casinos as part of their deals to attract more customers.

The dash to cut prices comes as big casino operators post losses or insignificant rises despite new casino openings, swathes of new slot machines and table games being introduced.

At Las Vegas hotels go budget as casinos post huge losses | Mail Online

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June 26, 2009

Table Games Could be Coming to Pennsylvania

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That's right - Blackjack, baccarat, craps, and roulette could be coming to PA. The money that could be generated would far outweigh any potential problems, according to an analyst, but we think there's always a few problems. The state believes it could bring in $165 million annually if table games were allowed.

Read

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June 19, 2009

MGM Mirage CEO Doesn’t Plan to Sell Vegas Casinos - Good News for Us

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We love the MGM, and would find it sad to be in anyone else's grubby little hands. Looks like MGM is not getting the money it wants for offers, and we expect they won't for awhile.

MGM Mirage Chief Executive Officer Jim Murren doesn’t plan to sell any casinos on the Las Vegas Strip because of low offers.

“As it relates to Strip properties we haven’t engaged in any discussions on those,” Murren said yesterday in a telephone interview. “We don’t feel like we could come close to what we believe the values are worth. The multiples are low, it seems like the wrong time.”

The company, the largest operator of casinos on the Las Vegas Strip, will probably decide “within the next month” whether to sell three properties in Michigan and Mississippi, and is in a fresh round of bidding, Murren said. Prospective buyers are offering more “now that we’re not as forced a seller,” he said. “Bid valuations are rising.”

At MGM Mirage CEO Doesn’t Plan to Sell Vegas Casinos

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May 22, 2009

Sands Opens New Casino in Bethehem Steel Mill

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Pennsylvania is in for a treat because nearly 14 years after a century of steelmaking ended in south Bethlehem, PA, gambling will step into the void left by the death of Bethlehem Steel. At 9 a.m. today, Bethlehem will become Pennsylvania's eighth casino town.

The $743 million gambling hall in the former Bethlehem Steel ore field at the south end of the Minsi Trail Bridge features four restaurants and two lounges.

At A new era to begin at the old Steel site

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May 9, 2009

Nevada Gaming Revenue Slips 11.6% in March

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That's right - the numbers are still slipping, but we predict a Summer and Fall turn around.

Numbers from the Nevada Gaming Control Board released on Thursday show that the recession's hold on Las Vegas could be loosening.

Although gaming win on the Strip fell 12 percent year over year, there was an uptick in revenue when compared to February 2009.

For Las Vegas, March revenue came in at $456.1 million -- up 6.7 percent from $427.4 million in February. In February, year-over-year Las Vegas casino win dipped 23 percent.

At Nevada Gaming Revenue Slips 11.6% in March

Jay Brewer at Permalink | Comments (0) | social bookmarking

May 1, 2009

MGM Mirage Gets Full Funding for City Center Project

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Looks like it's a go!

Shares of MGM Mirage skyrocketed Thursday, gaining as much as 50% after the company cut a deal with a joint-venture partner -- and its lenders -- that will apparently ensure the completion of its massive CityCenter project.

After the close of trading Wednesday, MGM Mirage (MGM:MGM 7.97, -0.41, -4.9%) and Dubai World, co-owners of CityCenter, ended more than a month of turmoil and infighting with a pact under which they will fund their remaining contributions to CityCenter via letters of credit, while current lenders will fully fund a $1.8 billion senior secured credit facility.

Furthermore, Dubai World said it will dismiss a lawsuit it filed last month against MGM Mirage, which charged that the casino giant was mismanaging the project.

"CityCenter is now fully funded and on track to open in December 2009," the two companies said in a joint statement.

At MGM Mirage shares soar on CityCenter pact - MarketWatch

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April 27, 2009

Sands to sell Macau casino

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Las Vegas Sands plans to put the Sands Macao (left) up for about US$1.3 billion (S$1.95 billion) after failing to sell its luxury shopping centres in the southern Chinese territory. This is more bad news for the already troubled Las Vegas Sands corporation.

At Sands to sell Macau casino

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April 10, 2009

N.J. Casinos Post Biggest Monthly Revenue Drop Ever

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Ouch - blame it the recession? Maybe blame this one on stiff competition from neighboring Pennsylvania slots and other factors.

Atlantic City topped itself for all the wrong reasons yesterday, and posted a monthly revenue decrease that outdid its record 19.2 percent drop in February compared with the same month a year ago.

The seaside resort's 11 casinos reported a 19.4 percent decrease in March, the largest year-over-year decline in Atlantic City gambling's 31-year history, according to the New Jersey Casino Control Commission.

The casinos took in $318.4 million in March, compared with $395 million a year earlier.

At N.J. casinos post biggest monthly revenue drop | Philadelphia Inquirer | 04/10/2009

Jay Brewer at Permalink | Comments (0) | social bookmarking

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