Nevada Casinos Can’t Profit for Losing for Fifth Straight Year

Nevada Casinos Can’t Profit for Losing for Fifth Straight Year

It was the 5th 12 months running for a downturn in Nevada’s web revenues for fiscal 2013, based on the Gaming Control Board

It had been bad news and kind of good news for the Silver State’s gambling enterprises when Nevada’s Gaming Control Board released their annual Gaming Abstract Report later a week ago. The bad news was that Nevada’s 263 combined casinos experienced a fifth straight year of financial internet losses; nevertheless the good news is that their actual intake revenues increased a tad compared to 2012.

However, a web loss is a net loss, and fiscal 2013 had been a little bit worse than 2012, having a final tally of minus $1.348 billion,compared to $1.212 billion in 2012.

Slow Recovery

It is all part of the baby step healing up process from Nevada’s massive turndown from the nation’s recession, which undoubtedly hit this casino-centric area hard since 2009. In reality, fiscal 2008 was the time that is last’s casinos general showed a net profit, and that was for $721.1 million. The following year, the state took its biggest hit, by having a $6.8 billion web loss for casinos statewide. Ouch.

The Las vegas, nevada Strip naturally sets the rate as it pertains to Nevada gaming, and a small 1.7 percent revenue jump through the final year that is fiscal was not enough to leave a revenue; overall, Strip casinos marked a $1.5 billion loss for the entire year. But once again, some silver lining here; ادامه خواندن “Nevada Casinos Can’t Profit for Losing for Fifth Straight Year”

Chinese Online Lottery 500.com Pays Off Well for Investors

Chinese Online Lottery 500.com Pays Off Well for Investors

Chinese on the web lottery 500.com has entered the nyc Stock market, and appears to be winning (Image: Wan Li/China everyday)

Investors in Chinese lottery that is online 500.com Ltd. are off to a happy start to the New 12 months; into the six weeks since its nyc Stock market birth, the value associated with company has almost tripled from its initial public offering cost of $13.

Winning the Lottery Lottery

As the only Chinese lottery firm become listed in the United States, 500.com is one of just a handful of companies set to take advantage of the Chinese government’s whittling down of thousands of private lottery operators, as they license and regulate the industry to just a little number of companies. Most of these will ultimately be vying for a market that is potential of 400 million lottery players in the nation.

‘Over the next 5 years it is extremely clear that the market that is chinese continue to grow very quickly and also the government regulatory regime will become more open and transparent,’ explained 500.com’s Chief officer that is financial Pan.

China’s lottery market has removed remarkably in recent years, many thanks to a rise in disposable earnings through the entire country, and a nationwide appetite for gambling and advancements in gaming technology. As a result, Asia’s lottery spending reached $23 billion in 2012, while the U.S. the lottery market that is largest in the world was still stau ادامه خواندن “Chinese Online Lottery 500.com Pays Off Well for Investors”

Penn National Partners with Jamul Indian Village for California Casino

Penn National Partners with Jamul Indian Village for California Casino

Nestled in the hills of San Diego County, the now under-construction Hollywood Casino Jamul are going to be managed by regional operator Penn nationwide (Image: artist’s rendering)

Penn National Gaming is moving into the Ca market by having a casino that is new in partnership with Jamul Indian Village, about 20 miles east of north park. The $360 million development still requires the blessing associated with National Indian Gaming Commission for Penn become approved as its management company, but that’s mostly seen as a formality at this true point, and construction is underway.

Penn National runs the chi-chi M Resort on the far south end associated with Las vegas, nevada Strip; the very final casino, in fact, before you head off to Southern California.

Native Compact Put to Use

To be called the Hollywood Casino Jamul, the new task is likely to make utilization of the Native American tribe’s Ca video gaming compact, held since 1999. The new construction should be three stories and a total of 200,000 square legs once completed. It’s anticipated to start towards the end of next year.

Penn National Chief Operating Officer Jay Snowden says the casino that is new ‘bring to fruition [the Jamul’s] eyesight to revitalize their reservation and become self-sufficient, while simultaneously sharing video gaming revenue with local governments and charities.’

Rising off of San Diego’s State Route 94, one concern had been ادامه خواندن “Penn National Partners with Jamul Indian Village for California Casino”

Caesars Preps for Possible Revel-ation in Atlantic City

Caesars Preps for Possible Revel-ation in Atlantic City

Hail, Caesars Entertainment: the casino business may or may not be eyeing Atlantic City’s Revel as their acquisition that is newest

We question that the Roman emperor himself kept his name center and front as well as Caesars Entertainment Corporation does today. And despite continuing to hold the gaming industry’s heaviest debt load hovering at the $24 billion mark, buying and building new properties does not appear to be always a issue because of this casino conglomerate.

Lately, they are in talks with Japanese leaders to construct a potential new casino in Osaka just as gaming is legalized in Japan, and now the news that is latest, based on some insider reports, is the fact that they will have their attention on Atlantic City’s problem youngster casino, Revel.

Could Revel Be Next on Their List?

Revel formally went into bankruptcy back in March 2013; not even 12 months into its once-gloriously touted entrance onto the beleaguered Atlantic City land video gaming scene. Now anyone interested in snatching the casino up has under fourteen days to submit a bid, and according to Bloomberg, Caesars is not a slam dunk for this purchase; nor is it even 100 % particular they shall even move to do so.

Other contenders are in the mix; those include Orlando-based tough Rock Overseas, who the New York Post month that is last as being in ‘advanced negotiations’ for the purchase. That was after a decision by Hard Rock to scrap plan ادامه خواندن “Caesars Preps for Possible Revel-ation in Atlantic City”