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January 21, 2013

NY Governor Cuomo Looking to Add 3 More NY Casinos

Filed under: Casino — Tags: , — OCE News @ 3:05 am

NY Governor Cuomo recently announced that he wants to add another three casinos to upstate New York. According to some analysts this could cause problems as any profit those new ventures earned would almost certainly be drawn from casinos already in operation in the area.

Cuomo made his announcement during his State of the State address. He said he wanted to expand gambling within New York and wants to start with as many as three new casinos in the upstate region. According to Cuomo there are some 39 casinos already doing business in adjacent states as well as in nearly Canada, and he believes these are drawing millions of dollars from NY state gamblers. He wants to give upstate gamblers options to stay in New York for their gaming.

The state now has five Indian casinos as well as nine racinos. These ventures do not offer any table games but do offer video slots. The NY state legislature will consider sometime this year final passage to an amendment that would allow as many as seven Vegas-type casinos to be established beyond what is on Indian land. Should it be approved by NY lawmakers, state voters may be able to decide on it next November.

Cuomo also argued that adding these upstate casinos may be a way of getting downstate gamblers as well. These players normally head over to Atlantic City or go to Connecticut. He believes that new casinos would be a big aid in helping to revitalize the economy in upstate areas.

Analysts are not discounting the idea but do worry that the success of any new casinos in the upstate region would come at someone else’s expense. The viability for these new casinos would, of course, depend on aggressively growing the market as well as bringing in customers from other casinos.

Another concern is the general downturn in revenues that is already being seen in other casinos in the northeast area. New Jersey, for instance, reported numbers for 2012 that were down for the sixth straight year. Other casinos and states are reporting lackluster results for 2012 as well.

Location will be a key to success for any new casinos in the area. Cuomo did not offer any concrete answers to location but did say that we was opposed to put them on lands that Indian tribes are have in use. He did suggest that the Catskills would be a good idea. Analysts agree, but say setting up in the Catskills would draw off customers from both Atlantic City and Connecticut casinos.

Cuomo also mentioned that New York City itself may get another new casino during the second phase of the proposal. He added though that the state would be able to get better bids if New York City is not a part of the initial option.

Not everyone is happy with the proposal. Casino owners who are currently operating in New York state suggest that adding new casinos may not bring about the results that Cuomo hopes for. Some suggested that converting NY racinos into full casinos might bring about a better boost to the economy.

January 19, 2013

Investments in Mobile Fine, Social Gaming Not

Filed under: Casino — Tags: , — OCE News @ 3:05 am

2102 was a tough year for many sectors but social gaming investments were hit very hard. This nosedive in social gaming investments took the averages down for the entire gaming industry. Some segments managed to pull through however. This is according to to Digi-Capital, an investment firm that recently reported the news.

The good news is the overall withdrawal of money has not essentially affected other sectors within the industry. A few areas and some newer technologies were able to move ahead.

Even though the cold shoulder in social gaming brought about a 1 billion loss and was responsible for 94 percent of the industry’s overall investment drop for 2012, social gambling managed to stay ahead of the game and was able to attract a lot of investor money as well as attention.

The general market fundamentals between mobile games and the online games grew wider until the social gaming bubble reached its peak and popped. In some cases, gaming investors who had been hot simply stopped all their activities. If looked at from a purely technology point of view, the year 2012 witnessed gains in mobile platforms, with some surging ahead. It is becoming apparent that many modern portable devices are becoming a very acceptable way for players to test their casino skills online. New tech has now made it possible for gamers to actually play the casino games they love while on their mobile devices. This is a huge leap from a few years ago when these devices were basically limited to reading text or checking email as their most advanced feature. It appears those days of very limited functionality are now over.

Today, those who want to play online can choose from a variety of games such as slots, blackjack, roulette or many other casino games. And it appears players are coming in droves. Best of all, the overall pace for new development is surging ahead and there are now some offerings that are being marketed that are only for portable devices.

As for as value is concerned, the M&A transaction known as league table is being led by many multiplayer online games at 38 percent. Mobile is ranked in second place at 27 percent. As for social games, they are in third place with a disappointing 18 percent of the overall acquisition value. The rest of the field made negligible numbers.

In terms of activity level, the mobile segment led the pack and was in first place for transaction volume. It accounted for some 28 percent. Following the mobile segment was multiplayer segment which came in at 20 percent. In terms of investment, mobile did very well with 31 percent of investment funds going its way. This is impressive considering that gamification earned 35 percent of invested dollars.

It should not be a surprise to anyone who is paying attention that mobile devices as well as social gambling are heading up and expected to continue that trend. Investors may want to keep on these hot topics.

January 11, 2013

Los Angeles Firm Buys Las Vegas Hotel and Gaming Resort to

Filed under: Casino — Tags: , — OCE News @ 3:23 am

Newage Lake Las Vegas LLC has completed a purchase of the Ravella at Lake Las Vegas hotel, which is currently adjacent to the casino Montelago, which is in Henderson, Clark County. The company purchase the 13.84 acre area, and one acre casino, on November 21 for a total of $46.859 million. This was from a subsidy that was provided by the Deutsche Bank, a bank that the company had done a lot of business with over time. Under the leases, the owner of the brand continues to run the hotel, as well as the Intrepid Gaming Operating Company Inc, and will remain there licensed operator of the Casino MonteLago as well.

Originally, the site that the hotel is currently on was a Ritz-Carlton, that was closed in May of 2010. It was a Deutsche bank unit that foreclosed on the real estate. Then, the property was taken over in 2011 by Dolce Hotels and Resorts, which currently rents the 349 room property. Since that time, they have given it the Ravella Brand.

The Casino MonteLago was originally closed in March of 2010, alongside the Ritz-Carlton closure. It was not reopened until last year, after the Ravella opened. The Newage company is currently located in the Los Angeles California area. This is the second largest big hotel deal this year in Lake Las Vegas. The other deal included the 439 room hotel, the Loews Lake Las Vegas, which was taken over and converted to the Westin Brand.

The senior vice president at Kam Sang, stated on Thursday that the company had been interesting in purchasing the property, since way back when it was still the Ritz-Carlton. It was not until now that the opportunity arose for the company to purchase the property, and also to look into changing the brand and opening new features on the property. The hotel was built the high-end standards, and is suited to serve companies that are looking for a training and meeting location, making it an ideal choice for a convention.

He also went on to say that Dolce is going to remain in place because he did a good job managing the hotel, and they would like to keep them on board at this time. The existing casino operator will stay in place for the time being, as executives at the current company or not experienced in the gaming industry. Now that the property as a stable, long-term owner in place, the future of both properties is looking up when for years ownership is not interested in investing further in the gaming industry.

Kam Sang investments is also looking and other opportunities that present themselves throughout Southern California and Las Vegas. The company invests in hotels, and restaurants on a regular basis, but this is the first time that the company was looking to break into the gaming industry. It seems like they will be looking for other opportunities that present himself around the Las Vegas area as well, and may consider doing additional investing into the area as time goes on.

January 9, 2013

Notorious Macau Gaming Leader Set to Be Released From Prison

Filed under: Casino — Tags: , , — OCE News @ 3:22 am

The Macau area has always been quite famous for the notorious gangs that run the gaming district throughout Hong Kong. When one of the most notorious leaders of the Macau crime syndicates, known as Broken Tooth Koi was arrested 15 years ago, the arrest was received much celebration by individuals in the area that had been forced to experience the reign of the mob leader throughout the area. After serving nearly 15 years in prison, the notorious leader is now set for release from prison. He will hardly recognize the city that he and his associates terrorize throughout the 1990s with their brutal war. He is scheduled to walk free from a Coloane Prison soon after being behind bars for more than 15 years, according to a Macau government official.

When he was originally sent to prison, he was convicted of loansharking, money laundering, and being a gang leader. This was in 1999, a month before Portugal handed control over the colony that it had been in charge of for nearly 40 years, back over to China. He had been responsible for brutal war with rival triads, and various organized crime gangs that were present throughout the area during that time. He also had a dominance of the lucrative casinos throughout the area, collecting money for many.

He was arrested shortly after a bomb was used in the car, which went on to attempt to kill the director of investigative police, Antonio Marques Baptista, who had been investigating the gangs. He had been jogging when the bomb went off, and was not hurt in the attack.

According to reports, officials in the area have been warning casinos and advising them to invest in security, and keep close eye on him after he gets out. The worry is, is that he will attempt to seize control of the organized crime in the area again, which has seen an uptick in recent years after number of brutal wars between rival gangs. Leaders in the area have also warned Wan to behave himself following his release, and it is reported that a close I will be kept on him to make sure that he does not rekindle the ties to organized crime that he once had.

The fear is that his return to the area would lead to the gang violence that rocked the area and claimed hundreds of lives during the 1990s in Macau. Some worry that he is scheming, attempting to get in on the junkets, which is in operation allows money to big-time gamblers, and make big profits by collecting on the debt that is created. Analysts say that when he leaves prison, you will find that he has lost much of the power and influence that he had in the 1990s, during his time in prison. Of course, the environment throughout the area is quite different than when he went to prison as well, with organized crime not having the same stranglehold that it once did on the whole of Macau.

January 7, 2013

Small Time Resorts and Casinos Struggle During Third Quarter of 2012

Filed under: Casino — Tags: , — OCE News @ 3:20 am

Although many companies have seen a serious uptick in their revenues from recent years, many of the budget resorts, locals casinos, and smalltime resorts have been struggling mightily during the third quarter of 2012. The third-quarter financials have come in, and show continued difficulties for two of the three main casino sectors. Most of the high-end and top resorts have seen the profits of the third-quarter rise when compared to profits over previous quarters. However, some of the smaller locations have struggled mightily to increase their revenue in the same way that some of their larger counterparts have.

Does properties that are working on a budget on the strip, faced an uphill battle attempting to get customers that are still recovering from a dangerous recession, to agree to spend money at some of the smaller casinos. It is thought that some of the larger casinos were able to profit by bringing individuals in from around the country who are looking to vacation in the area. However, many of the large casinos were not as frequented by locals throughout Nevada, which is where some of the smaller resorts and casinos were able to win their business. With many of the locals still weary about the recession, some of the smaller resorts have underperformed during the third quarter of this year.

The unemployment and foreclosure rates remain elevated in Nevada, when compared to the rest of the nation. This means that individuals from around the United States are much more likely to visit the larger casinos, then locals are to visit some of the smaller casinos throughout the Nevada area. The luxury resorts turned in a good performance, with both Wynn Resorts and the Las Vegas Sands handing out strong numbers overall.

Other companies, such as Station Casinos, have reported good numbers as well with a revenue of $295.7 million during the third quarter, which was up 4.7% over the previous year. The company reported a net profit of $11.2 million, which was also well. These numbers were a bit inflated, and were likely due to a number of small, one-time transactions that are not likely to be reflected during next year’s report.

Local smalltime company Cannery Casino Resorts reported that its to properties fell almost $2 million you over the previous year. The overall revenue of both properties fell a total of 4.4%, with a net revenue decline from $145.9 million, down to $138.8 million. This has raised concerns about the local market moving forward, and whether or not individuals throughout Nevada are ever going to begin gambling enough to support the number of casinos that the state currently has open for individuals in the local area.

“We remain wary of the locals market recovery,” Deutsche Bank analyst Andrew Zarnett wrote in a report on Station’s earnings, shortly after the numbers were made publicly available. “We continue to believe the locals market will continue to experience a period of slower growth through 2013 as consumer spending moderates and comparisons (to previous periods) get more difficult.”

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