Casino News Blog
Station Casino Losses
August 20th, 2010
The Las Vegas gaming sector continues to slide and reports from Station Casinos second quarter aren’t helping matters.
The casino company reported that its net loss during the second quarter was $69.6 million. Though the company was able to emerge from bankruptcy this month with all properties intact and with business operating as usual, the loss represents a 6 percent decline compared to the second quarter in 2009.
In total, the casino’s second quarter revenues were $233.6 million. Some experts have predicted that the Las Vegas locals market, where most of the Station companies are located, will have a slower economic recovery than the Strip, where most of the city’s gaming sector is located.
The company filed bankruptcy protection a year ago after reporting $6 billion debt.
Some of Station’s more notable properties include Red Rock Resort, Palace Station, Boulder Station, the new Wild Wild West and Sunset Station.
Station’s reported downturn follows the pattern of many Las Vegas casinos, both those on the strip and off. Many casinos reported losses in the second quarter and while gaming revenue is rising in other parts of the country, Las Vegas is still struggling. Some analysts say that Vegas will be several months behind the projected upturn in other gaming sectors.
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Slotland Payout
August 19th, 2010
Progressive slots online are proving to be profitable to those who play them these days. Last week, a progressive slot at GoCasino.com paid out more than $900,000, and this week, a progressive jackpot at Slotland.com paid out nearly $150,000.
The winner, known as SOUTHBELLE, said the winnings will be enjoyed.
“I’m so excited I can’t think straight,” the winner said. “I’m sure not used to having that kind of spending money, so I really don’t know what I’ll do with it. I’m terrible for spoiling my family. Can’t help it. So I’ll have fun with this, that’s for sure.”
Slotland’s manager noted that progressive jackpots usually get a bit smaller in the summer, but can still pay big dividends at their casino and many of the best online casinos currently offering progressives.
“People play a little less in the summer so the progressive hasn’t increased as fast as it has shot up a few times in the past,” said Slotland manager Michael Hilary. “But it was worth waiting for, I’d say.”
All the slots at Slotland are linked to the same jackpot. Monies go to the progressive jackpot when a player plays the maximum bet on any of the games linked to the jackpot. If a player hits the right combination (after playing a max bet), he or she wins the progressive jackpot.
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Millionaire Casino Promos
August 18th, 2010
Fans of Millionaire Casino are sure to find something that will entice them to the site in the next week and new players might also want to see what’s going on because there are many special promotions on the horizon.
We are in the dog days of summer and millionaire Casino wants to celebrate that this weekend with two promotions: Dog Days Afternoon on Saturday and Lazy Sunday on Sunday.
This Saturday, you can enjoy the Dog Days of Summer promotion, which offers players double loyalty points when they wager on the table game Red Dog between noon and 5 p.m. On Sunday, players can partake in a Lazy Sunday Afternoon. Between noon and 5 p.m. on Sunday, players who wager on the Princess Jewels online slot game will earn double loyalty points.
These weekend promotions will work well with the month-long offer of double loyalty points on the slot game Safari.
Millionaire Casino (www.millionairecasino.com) will also offer a number of tournaments this week. Players who enjoy Sit N Go Quick Slots will want to play Sunday and Monday when entry fees are just $.50. Winners share whatever pot is collected. Players who prefer blackjack will find that this weekend’s tournament will offer a prize pool of $5,000.
New players can collect on the generous casino bonus offered at Millionaire Casino and many other of the best online casinos. New players can get a 100% match on their first deposit up to $2,000.
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Macau gaming increases
August 16th, 2010
It used to be that if you wanted to head to the center of gambling you’d go to Las Vegas. But Las Vegas is no longer the gambling powerhouse it once was. Revenue is down, rooms sit empty, and gamers are looking for a new Mecca.
There is a new gaming Mecca on the horizon, and it’s not Atlantic City. While both Las Vegas and Atlantic City have reported losses in recent months, Macau seems to be the industry’s bright spot.
According to reports released this week, hotels and resorts in Macau are reporting big increases. Revenue was up 70% in July of this year compared to July of 2009. In fact, revenue was up 20% between June and July of this year.
These promising numbers are encouraging to casino developers who are moving ahead with expansion and development plans.
Wynn Resorts opened a second casino in Macau in April and reported that revenues climbed more than 70% in the second quarter. The company now is planning a Cotai Strip resort. Las Vegas Sands Corp. is reporting similar successes and is restarting construction on a Cotai Strip resort which has been delayed for nearly two years.
MGM Resorts International is also considering expansion in Macau. The company currently has one property in Macau, the MGM Grand Macau, and is reporting dramatic increases in the second quarter of this year.
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Ontario Online Gaming
August 13th, 2010
Following in the footsteps of British Columbia, the Ontario government is also entering the online casinos business.
The Ontario Lottery and Gaming Corporation plans to roll out the new online portal in early 2012, according to Dwight Duncan, Ontario’s finance minister.
Specifically, the government is hoping its ownership of the gaming site will bring big rewards to the province. It’s estimated that online gaming could bring in more than $100 million a year within five years of the site getting online.
The Ontario Lottery and Gaming Corporation, or OLG, said they’ll let private companies bid to operate the gaming sites. It’s not known yet exactly what kind of gaming the government will offer, but online poker is likely a definite, according to Duncan. Other options might include online lottery tickets and online casino games.
According to the OLG, residents in Ontario spend about $400 million a year in online gaming, which is unregulated and which also doesn’t benefit the government financially. The online gaming is currently not taxed or assessed fees.
The OLG says it will likely not encounter any security glitches, and particularly not of the kind that shut down British Columbia’s online gaming site within hours of its opening. The OLG, by contrast, is promising a dedicated effort toward player security and days that specific secure transaction and other measure swill prevent a repeat of the BC incident.
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Go Casino Player Wins $990k!
August 12th, 2010
Who says playing online casino games doesn’t pay off? Certainly not Catherine M. of California, who this week won nearly $1 million at GoCasino.com.
Catherine was paying a progressive slots online game and hit the win with just a $7.50 bet. Her winnings? $990,529.74.
For her part, Catherine was understandably thrilled with her winnings.
“I have been playing at Go Casino for years now,” said Catherine. “I couldn’t believe I hit the jackpot. I have never won anything like this in my life. I am now going to buy a house for my mother and me to live in.”
Catherine was playing the Red, White and Win progressive slots when she hit the big prize.
“This is not the first progressive win at Go Casino,” said Go Casino Promotional Manager Danny Michaels. “This is certainly the biggest one in our history. Our progressive jackpots were over $2 million before Catherine’s hit, so there’s still over $1 million of progressive slots to be won.”
Go Casino was the first online casino to offer a welcome bonus worth up to $20,000 on multiple bonuses. There are more than 150 casino games ready to be played at Go Casino and a number of card games, video poker, table games and slot machines.
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New Jersey Gambling Summit
August 11th, 2010
Democratic lawmakers in New Jersey began the first of three gaming summits Friday morning.
Gov. Chris Christie appointed a task force charged with considering the idea of the state taking over some section of Atlantic City and privatizing the horse tracks. The lawmakers are meeting to essentially answer some of the questions posed by the task force.
Ten of the state’s top lawmakers met today at the Atlantic City Convention Center and their goal was to hear from a variety of union leaders, vendors, developers and casino executives. Two of the state’s top democrats – Stephen Sweeney (D-Gloucester), the senate president, and Sheila Oliver (D-Essex), the assembly speaker, were participating.
State senators have already said they are committed to horse racing. One element of a proposed bill would eliminate horse racing at the Meadowlands. It’s less clear how lawmakers feel about the element of a bill that would allow the state to take over elements of Atlantic City gaming. That proposal, similar to many other state’s proposals that would allow states to run online casinos, would help bring needed revenue to the state and might even help to improve the financial standing of many Atlantic City casinos.
Other hearing will be held in Trenton and at the Meadowlands.
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PartyGaming Income
August 10th, 2010
PartyGaming, which is soon acquiring Bwin Interactive, posted a profit during the first half of the year. The increase was due largely to an increase in casino games and online sports betting.
According to the company’s report, net income was $26 million which compares significantly and favorably to a loss of more than $60 million a year ago.
The company reported that online casino play continues to be popular with its users, with sales jumping 23 percent to $100 million in the first half of the year. Thanks to the popularity of this year’s World Cup, the company also reported that its sports betting arm benefited with a climb equal to 89 percent. While the company reported a bit of a drop in online poker playing during the World Cup, sports betting did increase. Other online sports betting sites have reported the same thing.
PartyGaming and Bwin reported last month that the sites would be joining forces; when the deal closes next year, the result will be the world’s largest publicly traded online gaming company, according to company officials.
PartyGaming reported that it added 80 games during 2009 and will add 50 more during 2010.
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MGM Loses
August 9th, 2010
The Las Vegas Strip in general has been struggling in recent years and MGM Resorts International is no exception. The company announced Thursday morning that its second quarter loss exceeded $800 million.
The company reported that its loss a year ago, for the same quarter, was $212 million, while the loss in this third quarter this year was $883 million, or $2 a share. Analysts were predicting a loss of 24 cents per share, so the news was a blow to expected results.
The company reports that it believes much of the loss is due a $1.12 billion impairment charge related to the construction of CityCenter, the $8.5 billion development hat opened on the Strip in December. MGM shares ownership 50-50 of the City Center with Dubai World, the Persian Gulf emirate’s investment arm.
Despite the bottom line reports, many MGM officials say they believe that the company is rebounding. Aria, the 4,000+-room hotel casino that opened recently, reported an increase in occupancy in the third quarter and also reported that its non-casino revenues increased.
Net revenue companywide actually increased in the third quarter to $1.54 billion, compared with $1.46 billion in the first quarter of 2010.
While CityCenter has struggled, and its total operating loss in the third quarter was $128 million, it also reported net revenues of $401 million. Experts say the area is developing nicely.
Reports show that overall room occupancy is up in Las Vegas, thanks in large part to an increase in convention bookings.
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Michael Jackson Online Casino?
August 6th, 2010
One brave entrepreneur is in trouble along with the site that sold him the domain name MichaelJacksonCasino.com.
The site was taken down almost immediately and featured an image of Jackson’s “Moonwalker” film and suggested that Jackson, the “King of Pop” was going to bring players the “most exciting Vegas-style online casino betting experience on the Net!”
Jackson’s estate argued that the person or persons who bought the domain name didn’t have permission to use Jackson trademarks or Jackson’s likeness. According to TMZ.com, Howard Weitzman, who is the attorney for the Jackson estate, said he would take whatever steps were necessary to get the site taken down. Most believe that his bid was successful since the site is no longer operational.
But others might also be in trouble. According to Fox News, the site GoDaddy.com, which is a major domain name registrar and the company that sold the MichaelJacksonCasino.com domain name, will be or is being sued for $100 million by another Howard –Howard Mann. That Howard argues that the site was using photos that Mann owns the copyrights to.
Many believe that Mann’s interest is mostly at getting GoDaddy to release the name of the person or persons who bought the MichaelJacksonCasino.com domain name.
The troubled and trendsetting Jackson died in June 2009.
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