Online Casino Edition – Casino News News about online casinos and gambling

October 11, 2012

Oregon Indian Tribes Fighting Over Proposed Casino

Filed under: Casino — Tags: — OCE News @ 2:25 am

The American Indian tribe known as the Cow Creek Umpqua that operates the Seven Feathers Casino in Canyonville, Oregon has said that it plans to block what it reports as an aggressive attempt by the local Coquille Indian Tribe to construct a new and thusly competing casino in Medford.

Attorney for the Cow Creek Umpqua tribe, Wayne Shammel, said recently that some tribes that are located in Oregon agreed some years ago to limit the number of operating casinos as a way of preventing market oversaturation. According to Shammel, if the Coquille Indian Tribe is allowed to build a new casino in Medford, that action would open the gates to other gambling facilities within the state. At one point, he referred to it as a “casino arms race” should it be allowed to take place. He went on to say that of the Seven Feathers customers that patronage the casino, most are from the Medford area. A new casino in Medford could siphon off many of these customers as the Medford casino would be closer. Shammel went on to say that Medford is the largest urban market for the Seven Feathers Casino and even larger than nearby Eugene, Oregon.

The Coquille tribe already operates a casino in North Bend called The Mill Casino. Recently the Coquille tribe bought property known locally as Kim’s Restaurant and Roxy Ann Lanes which is located along the South Pacific Highway in Medford. They have also said that they have agreed to lease a golf course that is located next to these two properties. Once that happens, they plan to have the property placed into a US government trust which is the first step toward achieving reservation status for the land.

The Cow Creek tribe is claiming that the Coquille tribe has no territorial rights in the Rogue Valley which is where the property exists. They contend that if the Coquille tribe is allowed to expand its territory into Medford, then they (the Cow Creek tribe) may reconsider its own current policy and make a move themselves into this area.

According to a spokesperson for the Cow Creek tribe, this action to open a casino at this location by the Coquille tribe goes against an executive order that was previously signed by Gov. John Kitzhaber. That order created a framework that allowed each tribe within the state to own one casino. Chairman of the Coquille tribe, Edward Metcalf, said that he believe that having more casinos means more people will come into any particular region of the state which he sees as a good business move. He went to say that if the casino is allowed in Medford, it will only provide access to gaming machines. It would not have card tables which are available at the Seven Feathers and at The Mill Casino.

Current federal Indian gaming regulations allow that a Class III casino can have craps, slot machines, roulette, and blackjack. Under the same act, a Class II casino is not allowed that level of gaming and is only allowed to have limited gaming machines. The Mill Casino and the Seven Feathers are both Class III facilities. Edward Metcalf said that the proposed gaming machine facility in Medford would be a Class II facility.

October 9, 2012

Shuffle Master Products Reaching New Demand Levels

Filed under: Casino — Tags: , — OCE News @ 2:24 am

It is a simple fact: the global demand for Shuffle Master products has definitely increased the company’s quarterly profits. The company sells and leases card shufflers and slot machines and demand for its products has never been higher. This continued steady revenue generation has made this company a star in the world of both online gaming and casino gaming where its products are becoming staples found in most of the better gaming establishments.

Shuffle Master is based in Las Vegas and for its FY third quarter (which ended on July 31) the company reports profit earnings of $10.4 million or 18 cents per share. This amount is an increase from year-ago quarter earnings which came in at $9.1 million or 17 cents a share. Overall, company revenue increased 9 percent to $63.4 million.

The company seems to be having good luck across the board as it reports that its installed base of leased shufflers increased by 7 percent and now stands at 8,245. Its shuffler sales and lease revenue is reported to have increased by 8 percent which represents $24.4 million. And its table game revenue rose by an impressive 18 percent to hit $13 million. Revenues for its electronic gaming machines increased as well by 11 percent, representing an estimated $20 million.

In a statement that was recently released by the company, it was reported that an estimated 55 percent of the company’s overall revenue came from sources outside of the US which only makes sense as more and more foreign countries are turning to gaming for revenue generation. It also stated that it hopes this trend continues and that its new products will help to keep the momentum going. One new slot, the Flintstones slot, is expected to be a big hit once it hits the floors in the near future. Other games are in development as well.

Unlike many other gaming product companies that have had to rack up mounting debt, Shuffle Master has no net debt. It also has an estimated $186 million credit line at its disposal. As such, the company is seeking new growth avenues and opportunities which may include acquisitions of other companies.

Other good news for Shuffle Master came this last summer when it received a Nevada license allowing it to provide an online real-money poker system for its casino clients. The company has also received a very similar license in Gibraltar has opened a new office there. The company will continue to invest in developing social gaming products as well as online real money products for use in growing mobile gaming market. The new license from Gibraltar will allow Shuffle Master to aggressively compete in the booming EU online gambling market.

Some of the more popular and well known proprietary table games the company provides include Ultimate Texas Hold’em, Three Card Poker, and Fortune Pai Gow Poker. Release dates and other details of new products have not yet been released. But with earnings such as what Shuffle Master is seeing to date, the company is certain to stay on the move.

October 7, 2012

Atlantic City Casino See Some Light At Last

Filed under: Casino — Tags: , — OCE News @ 2:23 am

August of 2012 saw many Atlantic City resorts and casino increasing their revenues. This was the first increase in revenue for the struggling industry since December of last year. Some suggest that calm, pleasant weather may have played an important role in bring more people to the seaside area, which, in turn, led to more gambling profits.

In total, the 12 current hotel casinos saw profits of just under $314 million for the month of August. This is a 13 percent rise when compared to the same period of last year. These numbers were issued by the New Jersey Division of Gaming Enforcement. The numbers broke down as follows: slot revenue rose to a little over $226 million or up by17 percent; table games revenues increased to $87.8 million or up by 3 percent.

The numbers for August also included new revenue from the $2.4 billion dollar Revel luxury casino and resort. This facility was not in operation during August of last year. According to records, the new resort casino brought in about $20 million from its table games and slot machines during the month of August. It July, the Revel brought in $17.5 million. Its current revenues put it as eighth on the list among all Atlantic City casinos. It was also reported that the Revel’s hotel occupancy leaped into the 90 percent range, which is a full 20 percent higher than what it saw in July.

The Borgata Hotel Casino and Spa is reported to have the best revenues for this time period with gambling revenues of some $55.3 million for the month of August. This is an increase of 1 percent. The Atlantic Club Casino Hotel saw its August revenues go up by a whooping 25 percent, representing some $14.8 million. The Atlantic Club, which was once known as the Atlantic City Hilton Casino Resort, has rebranded itself recently allowing for more low stakes gambling. It has also invested in remodeled its casino floor to include overhauling all of its slots, adding penny games as part of its effort to bring in more people.

In addition to the above, the Trump Taj Mahal Casino Resort saw an increase in revenues by 21 percent. The Golden Nugget Atlantic City was up by 16 percent. Harrah’s Resort saw an increase of 15 percent during August.

Not everyone was a winner during August. Some casinos actually saw a drop in revenues. These include Trump Plaza Hotel and Casino and Bally’s Atlantic City, both of which saw a decrease of about 3 percent. The Tropicana Casino and Resort saw a loss of 2 percent. Caesars Atlantic City only saw a slight decrease in revenues for August, less than one percentage point.

As to why so many facilities saw an increase in August? As mentioned above, good weather was perhaps the biggest reason, but the area has also been hosting many events lately which may be bringing in more people. In August alone, there were 64 events hosted, all open to the public. For August 2011, there were only 33 public events.

October 5, 2012

Mayor of Springfield Wants Casinos NOW

Filed under: Casino — Tags: — OCE News @ 2:22 am

Springfield Mayor Domenic Sarno (along with his advisors) has made it clear to the Massachusetts state gambling commission that he does not want them to slow down plans to build casinos in his town. The commission has asked the mayor to cut proposals for new casinos from four down to one or maybe two. The mayor is saying, No!

In remarks Sarno made to the commission at a recent meeting between the two, he said: “It’s very difficult to say to residents who are hungry to work that you have to wait another six months, a year, 18 months.” The commission has said that it concerned that Sarno is moving too fast and that Sarno’s plans conflict with the commission’s plans which require writing new regulations for the incoming gaming industry. They also said they needed more time to review the various casino proposals that they have received. The state gambling commission controls the state’s three resort casino licenses.

For his part, Sarno and his staff have proposed instituting a speedier process that would allow for faster action in terms of evaluating the current competing proposals. These proposals have come in from Penn National Gaming, MGM Resorts, Hard Rock International, and Ameristar. Currently, the city plans to have these proposals presented during the upcoming months with December being the date when Sarno would choose at least one, but perhaps more, to negotiate with.

At that time, any agreements made would have to go before the voters for their approval. This would be accomplished through a referendum which is already planned for next spring.

At issue here is that the town of Springfield had wanted to start its competition earlier this month and planned to do so by asking developers to provide their basic information concerning their various companies as well as information on their individual proposals. More detailed information was scheduled to arrive in October, but, at the request of the state gambling commission, the city delayed the beginning of this process. The commission is worried that the town will select one or more of the proposals before it has time to finish its own investigation which would include looking into each applicant’s moral character of essential employees and company finances. Under current law, any company that does not qualify is not allowed to have a casino license in the state.

The commission said that it will take until sometime in 2013 before it can complete drafting and writing its criteria that will be used to judge each casino proposal. If Springfield moves too quickly, they reason, the town may select a project that does not meet the future criteria that the commission has yet to write.

Springfield officials want to move faster as approval of the projects will bring in work and revenues that the town needs. Slowing the pace will also cause large areas of land within the city to be held in limbo as gambling companies, some of which have already put in options to buy, wait for the commission’s decisions.

October 3, 2012

Las Vegas Sands Chooses Madrid Over Barcelona

Filed under: Casino — Tags: , — OCE News @ 2:20 am

It was recently reported that Las Vegas Sand Corp. has selected to build its new multi-billion dollar casino resort in Madrid, Spain. At one time, it was thought that the new venture known as EuroVegas would be located in Barcelona, Spain. After much discussion and negotiations, Madrid finally won out on the massive deal that is expected to bring in billions in revenues once the project is completed.

According to the CEO of Las Vegas Sands Corp Sheldon Adelson, the best option for the new venture was the capital city of Spain, which is also the largest city in Spain. He also said that the local Madrid government worked hard to secure the deal for its city and that he and the company were grateful for all the effort that went into the deal. Adelson also said that making the decision of Madrid over Barcelona was not an easy one as Barcelona has a lot to offer both in terms of visitors to the city and its local residents.

The new deal to build in Madrid was welcome news to Spain. As is true with many EU countries, Spain is struggling financially and has seen an increase in jobless rates over the last few years. The multi-billion dollar project is expected to bring to the area thousands of jobs in both construction as well as in service jobs once the project is up and running.

It has been reported that Adelson wants to see an investment of around $22 billion in the new project, but a company statement has made it clear that Las Vegas Sands is not willing to go above 35 percent of that amount. It is not yet known how this difference in cost will be resolved. Also, it was reported that Adelson wants certain local laws changed such as one that would allow smoking inside the casinos as well some new zoning changes which would allow for high-rise construction.

The project will be constructed in phases and is expected to take ten years for its completion. Considering just how massive the project is that only makes sense. Currently, the project calls for 12 hotels with a total of 36,000 rooms, six casinos, three golf courses, a convention center, various shopping centers, as well as several bars and restaurants. It is estimated that this will be one of the the largest complexes in Madrid once it is completed.

Last year, Las Vegas Sands Corp. surpassed giant Caesars Entertainment Corp. as the world’s largest casino corporation. It also posted profits of some $1.27 billion in 2011. The company currently owns Las Vegas based Venetian and Palazzo resort casinos and the Marina Bay Sands which is located in Singapore. In addition, through its subsidiary, Sands China Ltd, the company also owns the Sands Macau casinos, Venetian Macau, the Plaza Macau (which includes the hotel, shopping complex and restaurant) and it also owns the Sands Cotai Central resort which has two casinos and three hotels.

More information concerning the new project will be released as it becomes available to the public.

« Newer PostsOlder Posts »

Powered by WordPress