October 16, 2009

Prof's Las Vegas News Blog - Las Vegas Gets Posted There

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We thought we'd tip our hat to the Las Vegas Blog. We get their updates via email and the web each week - and they're awesome. Yep - if you want daily Vegas news - the Las Vegas Blog is for you. Recent stories include:

  • Garth Brooks out of retirement, in Las Vegas
  • Las Vegas Halloween Photos 2009 Hi-Rez Free
  • Cobra, Mustang auctioned in Las Vegas for over $300,000
  • Palazzo/Venetian takes flight with Southwest Airlines
  • Paranormal Activity followup filming in Las Vegas

At Prof's Las Vegas News Blog - Las Vegas Gets Posted Here

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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 25, 2009

Homeless People Live in Tunnels Under Las Vegas

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Nightline just did a segment on the underground tunnels in Las Vegas that are home to thousands of homeless people. The segment is both amazing and horrifying. In a city with so much money - why are the homeless options to live underground in filth?

Millions of tourists walk up and down the Las Vegas strip every year, looking to have fun and make some money. But beneath the flashing lights, there is a much darker side of Las Vegas.

Underneath Sin City's most famous casinos is a secret world: a labyrinth of tunnels that run for miles under the Las Vegas Valley. Built to protect the desert city from flash floods, the tunnels have become home to hundreds of Las Vegas' homeless.

Nightline visited the underground world beneath the Las Vegas strip, with Matthew O'Brien, author of "Beneath the Neon: Life and Death in the Tunnels of Las Vegas," as our guide.

Video at Las Vegas Strip Home to Homeless

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September 18, 2009

Poker Generating More Money than Race Books

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Seems like poker rooms are starting to really pull in the money. Since 2003 poker has steadily been rising in popularity and it really contributing to the bottom line.

Poker is becoming a revenue generator for Las Vegas. According to state figures, Nevada's 106 poker rooms generated $155.7 million in revenues in 2008. That is more than the $136 million gained by the state's 185 sports book and almost twice the $80 million won by the state's 96 race books.

Poker play in Nevada has more than doubled since 2003, the beginning of the poker boom.

Poker, like all gaming, suffered a slight setback in 2008, but it was much lower than all other games of chance. Poker play revenues fell 4.6 percent in Nevada. Overall gaming revenues dropped 9.7 percent.

Full read at Vegas casinos ride wave of poker boom

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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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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 21, 2009

iPhone Casino App - Play Craps and More

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We just got word of a Casino video game for iPhone. We downloaded it and can safely say it's pretty solid. You can read a full review here.

Astraware has made a casino video game into an app for the iPhone called Astraware Casino. Here you can play blackjack, two types of video poker, Texas Hold em, roulette, craps, baccarat , 3-card poker, keno, slots and horse racing. It's 99¢ right now and looks easy to play. In addition, it's only a game. No money is lost. Except your 99¢.

Via Digital City

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August 14, 2009

Gambling Revenue Down Across U.S. - Las Vegas Down 15 Percent in June

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Yep - it's not looking like a very HOT summer in Las Vegas or other casinos across the US. Things should rebound once we have jobs, money, a home to stay in - etc. :-)

Gambling revenue is no longer a sure thing for many states.

In yet another sign of the recession's toll on the U.S. economy, eight of the 12 states that allow commercial gambling, including Nevada, experienced declines in revenue, the Wall Street Journal reports.

In 2008, states' take from casinos was down 2.2 percent to $5.7 billion, according to the American Gaming Association, and casinos as a whole earned roughly $33 billion, down 5 percent from the previous year's total.

At Gambling Revenue Down Across U.S. - Gambling Casinos Profits Down - WKRG.com

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Jay Brewer Permalink | Comments (0)

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