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Finally VEGAS Revenues RISE
4/9/10 - February gaming revenue jumped 32.9 percent on the Las Vegas Strip according to the latest official statistics, lifting shares of MGM Mirage, Las Vegas Sands Corp. and Boyd Gaming Corp. And Nevada state-wide gambling winnings were up almost 14 percent.
The Nevada Gaming Control Board revealed this week that land casinos' winnings increased to $946.6 million, compared with $831 million in February 2009, with most of the momentum coming from the Strip, where casinos won nearly $568 million, up 33 percent from $427 million in the same month last year.
Associated Press reported that this is the largest increase in casino win on the Strip since November 1999.
Gaming Control Board spokesman Frank Streshley said a positive calendar where both the Super Bowl and Chinese New Year fell entirely in February had helped push the numbers upwards, generating high visitor volume from high rollers in Asia and Pacific Rim countries.
Analysing the stats, Associated Press reported that February's statewide posting is the largest monthly casino win increase since December 2006 and the first double-digit increase since July 2007.
Streshley commented: "We've either hit bottom or will be slowly climbing out."
Gamblers wagered $11.7 billion on slot machines and card games, with $8.9 billion wagered on slots (down 2.3 percent) and $2.8 billion on table games (up an impressive 37 percent) from the same month a year ago.
Baccarat, a high-roller game, was again a popular choice for gamblers, generating $1.2 billion in wagers (up 130 percent) and $206.1 million in earnings for the casinos Streshley said.
Taxation from gambling during February brought $47 million into state coffers, down some 28 percent from February 2009, largely because of credit play. Casinos do not pay taxes on markers — short-term loans extended to players — until the debt is collected.
Elsewhere, casinos in northern Nevada's Washoe County reported winning $60.9 million, up 2.7 percent for the first monthly increase in 32 months, whilst in Reno, casino winnings of $43.9 million was an increase of 4 percent. South Lake Tahoe continued to battle, dropping 15.4 percent to $14 million as a result of increased competition from tribal casinos in California.
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In related news, Reuters reported that gambling revenue in Macau will reach close to $1.68 billion for March 2010, underscoring sustained growth in the world's largest and fastest-growing gambling market.
Stanley Ho's casino flagship SJM Holdings retained the biggest share of the market, at around 30 percent, while Sands China, the Macau unit of Las Vegas Sands, was second with around 20 percent.
Macau casino revenue last hit a record in January 2010, when revenue rose 63 percent from a year earlier to $1.80 billion.
Gambling News :
MAJOR TAX INCREASES AHEAD FOR RUSSIAN GAMBLING -
The Russian newspaper Kommersant reports that the Russian Ministry of Finance has proposed a massive ten-fold increase in tax on the nation's land gambling business, with an additional provision for a 10 percent tax on any future earnings from online bookmaking activity.
Phil Horne New CEO SG Gaming -
Phil Horne, an online gambling industry veteran with previous management experience at Gala Coral, has been tapped for the CEO post at SG Gaming, the retail and online games development subsidiary of Scientific Games.
GLOBAL POKER LEAGUE PUBLISHES DRAFT PLAYER LIST -
#gpl Alex Dreyfus's new Global Poker League has published its first player draft list, featuring many well-known and respected names in the international game who have signed contracts to play in 12 super-teams.
Amendment to bill AB431 California Poker -
Gray's solution is fairly straightforward - give the racing industry a $57 million a year share in the revenues via a tax and licence fee mechanism in order to keep racing companies from competing in the market.
GameAccount Network In Deal With Rock Gaming -
After a careful review of the fast-growing online social casino market, GAN proved to be a great match for our needs and the needs of our patrons. We look forward to being able to offer our patrons a fun and interactive way to engage with our properties in Ohio.”
Atlantic City January 2016 Earnings -
Overall, Atlantic City operators took in $190.1 million in the first month of this year, a decrease of 3.8 percent compared to January 2015. Land operations reported $122.9 million won on slots, and $52.5 million at table games.
CALIFORNIA TRIBES DISCUSS ONLINE POKER LEGALISATION -
A coalition of tribes led by the Pechanga Band of Luiseño Indians expressed doubts on the economic provisions of the Gray bill, which calls for a $15 million license fee, 15 percent tax and a $57 million subsidy to the racing industry.
Changes to Microgaming's Poker Network -
Microgaming's Poker Network has unveiled planned improvements to its Sit 'n Go offering, inviting public comment on the project to ensure that a favourable product emerges when the changes are implemented end February.
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