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Vegas April Earnings Down Again
Friday June 10,2011 : VEGAS REVENUES STILL TROUBLE
April numbers still down on previous year
The Nevada Gaming Control Board said Thursday that statewide gambling revenues were $806 million in April, compared with $810 million in April 2010 -- a drop of less than 1 percent.
$42.6 million in taxes were levied on the revenues, $2.9 million more that the amount collected during the same month last year and an increase of 7.3 percent, reports Associated Press.
Industry observers said the taxes were up despite revenue being down because of credit play and collections from prior months. When players lose money gambling on casino credit, casinos tally the monthly revenue but it isn't taxed until the winnings are actually collected.
AP reports that following a double-digit jump in March this year, Las Vegas Strip casino winnings were down 2.2 percent to $427.5 million. Revenue from casinos on the Strip made up just over half the statewide revenues in April.
However, one analyst noted that the Strip's revenue would have been up 1.4 percent had its revenues for the last weekend of April been counted with the rest of the month, and slot machines kept an average win percentage.
Casinos in Lake Tahoe and Elko County reported the largest percentage jumps compared with the prior year.
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Gambling News :
Phil Ivey Loses Borgata Casino -
Phil Ivey has lost in his four-year legal tussle with the Borgata over baccarat winnings; on Friday a US federal judge ruled that he and a companion violated New Jersey state gambling regulations in the manner in which they won nearly $10 million playing at the Atlantic City casino.
NYX Gaming in deal with Endemol -
"Endemol Shine’s IP will be a strong addition to the NYX portfolio of content and we look forward to working together to bring additional instantly recognizable brands to market.”
NEW CAMBODIAN GAMBLING LAWS -
After more than two years of debate and drafting, Cambodia may be closing in on final agreement regarding its proposed gambling law changes.
Playtech Acquires ECM Systems -
Online gambling soiftware provider Playtech plc has announced the acquisition of a ninety percent stake in UK bingo software developer ECM Systems for a consideration of GBP 14.9 million.
Marks and Spencer store Manager steals to Gamblie Online -
The Cambridge News reports that a 28-year-old manager of a Marks and Spencer store, Martin Trenor, has been jailed for three years for stealing GBP 254,538.11 in shop takings over the course of a year and spending it almost immediately at online gambling websites.
Chinese Gambling crackdown could damage high roller revenue -
Fast-moving events this week have seen Australian media reports quoting hundreds of millions of dollars wagered by Chinese high rollers in Aussie land casinos, offset to some extent by Crown claims that this whale gambler" demographic generates only 12 percent of turnover.
EvenBet Open Face Chinese Poker -
Open Face Chinese Poker online games provider EvenBet has reported that its Open Face Chinese Poker product is gaining traction with games recently integrated for desktop action at the Malta-licensed operational site Poker Grant.
2016 EPT Malta -
The European Poker Tour is off to a good start in Malta, with German pro Dietrich Fast claiming a well-earned Euro 174,000 main prize in the Euro 10,000 buy-in Single-Entry Rebuy event.
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