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

July 30, 2011

Mark Twain Casino Not Increased Gambling Problems

Filed under: Casino — Tags: , — OCE News @ 12:00 am

It has been claimed by a spokesman for a chapter of Gamblers Anonymous in Quincy that since the Mark Twain Casino opened a decade ago there has not been a massive increase of people needing assistance with gambling problems connected with this establishment.

However, there have been a few, he explained.

“One young lady talks to me once every two or three months,” he said. “She realizes she has a problem and is slowly going broke. She has a good job. She had some savings, but she’s really struggling because she can’t quit going over there. She’s over there at least three or four times a week and just can’t seem to stay away.”

The spokesman, who didn’t want to be named, explained that he has spoken to other gamblers who have confessed to their issues with gambling worsening since the opening of the LaGrange Casino.

However, he did not want his comments to appear to be a personal attack against the casino admitting that, “They do some good for the community as far as tax revenue, creation of jobs, etc., but I know there are people out there who shouldn’t be on the boat.”

Mark Twain Effect

Mark Twain opened in 2001. During this period the number of calls to the Gambling Anonymous hotline went up to 2,846. In 2004 the number peaked at 3,527 but then diminished, falling to 1,682 in 2007.

A survey was carried out statewide this year, sponsored by the alliance, which showed that 0.4 percent of the Missouri population admitted to having financial difficulties due to gambling. In 2007, this figure stayed the same.

Gamblers Anonymous

The purpose of Gamblers Anonymous is to provide support for compulsive gamblers. It provides them with a platform on which they can communicate with others who are in a similar situation and therefore understand how they are feeling and what they are going through.

“You understand where they’re coming from,” the spokesman explained. “It’s just like Alcoholics Anonymous. Nobody understands an alcoholic like another alcoholic.”

He went on to tell how he received help around 11 years ago and is glad that he was able to do so before the opening of the Mark Twain Casino.

He explained, “I would drive to St. Louis. I would drive to Peoria. I would go up to the Chicago area. I would go to Burlington. I would go wherever there was a boat. Plus, I did lottery tickets and every other thing for gambling when I didn’t go to the boat.”

After receiving help through counseling, he then decided to assist running the chapter of Gamblers Anonymous in Quincy. The chapter has had troubles over the past few years in operating smoothly and was out of service for a period. However, six months ago it started up again.

Meetings take place on Sundays from 7 to 8.30 am at the Blessing Hospital’s auditorium, 11th Street campus. They are open to everybody and confidentiality is strictly observed.

July 1, 2011

Underage Gambling Part Of Rivers Casino Fine

Filed under: Casino — Tags: , — OCE News @ 12:00 am

A fine of $150,000 made against Rivers Casino will include over a dozen charges concerning slot machines which were improperly connected and to underage gambling.

The penalty was issued on Wednesday, the 20th of July by the state Gaming Control Board. This is now the third fine for the operator Holdings Acquisition Co. due to underage gambling. In fact, $80,000, which is over half the fine, involves gamblers under 21 years old being allowed to play in the casino. The individuals were either not asked for any form of identification or only asked once in the establishment.

Underage Accusations

One instance was that of a young man who came to Rivers Casino to celebrate his 21st birthday and was given a duplicate player’s card. It later transpired that he had been granted a card when only 20 years old and had played at the casino nine times previously.

Further situations involved teenagers being asked for their identification once they were already inside the casino. They then presented the security officers with cards which belonged to other players.

Disincentives

A lawyer who represents Rivers Casino, Michael Sklar, says that more blame should be attached to teenagers who try to access casinos illegally as opposed to fining the casinos. He backed up Rivers by claiming that it does not support underage gambling in any way.

“There is no way that you can keep them out 100 percent of the time,” he explained.

Greg Fajt, the Gaming Control Board chairman, said that different disincentives should be used, for example, putting an individual’s name on an excluded list or suspending their driver’s license. However, on the other side, it was also important that casino staff were better trained in recognizing people who are underage.

Fajt explained that, “Our fines are getting more significant, and they will continue to get even more significant until we see the industry responding to this issue.”

Similar Fines

Along with the Rivers fine, Fajt referred to the $160,000 fine given to Mount Airy Casino Resort based in Monroe County. This was issued when seven 16 and 17 year olds were discovered gambling in the establishment. Fajt explained that he believed the fine should have been bigger adding, “There is no reason that 16 and 17-year-olds should be on a gaming floor in any casino in Pennsylvania, especially when there is seven of them.”

Another fine issued on Wednesday was against Hollywood Casino located in Dauphin County. This was for $40,000 and was due to a slot machine, which had not been properly tested or certified, being put into service.

Machine Testing

The other part of Rivers fine, which amounts to $70,000, is due to the same issue. While the machines were being played, they failed to add up particular financial data. However, gaming officials claim that all revenues were calculated and then paid by the casino at a later date.

Since this time, Sklar explained that Rivers Casino has upped its technicians from one to two and both are required to check all machines before they are ready to be played.

June 5, 2011

Macau To Attract Mass Market Through Casino Resorts

Filed under: Casino — Tags: , — OCE News @ 12:00 am

Macau, the favorite destination of the world’s gamblers, is broadening its consumer base. It is shifting its focus from the rich and celebrities to the mass market of Chinese gambling. Macau is just a short distance away from Hong Kong. It generated approximately $24 billion revenue in 2010. Seventy percent of this revenue came from affluent Chinese families.

To provide a more rewarding and reliable option, Macau is looking at the newly built world-class casino resorts that target the affluent middle class people of China. This serves the double purpose of promoting Macau as a tourist destination for shopping, sightseeing, and other activities in addition to gambling.

More Affluent Middle Class in China

When Portugal handed over Macau to China in 1999, it became the only part of China where gambling was legal. The wealthy and affluent Chinese started heading for Macau to enjoy a lavish lifestyle and spend money on gambling, which was not possible in the mainland. But this also started the problem of licensed middlemen who financed rich mainland Chinese and they assumed the responsibility of paying off their gambling debts. Due to PRC becoming more active in world trade, the source of funds for gamblers became highly volatile. On the other hand, the Chinese middle class has become more prosperous, therefore a more reliable market for the gambling industry in Macau.

Annual growth of Macau gambling market is estimated to be 27 to 35 percent. Analysts expect that mass market segment will grow by 30 percent in the next three years. It is more than double the growth of the VIP market segment. Michael Joaquim das Neves, the Director of Macau’s Gaming Inspection and Coordination Bureau (DICJ), has pointed out, “ the

VIP market depends on a few numbers of people, whereas mass market is a big number. We prefer and encourage the faster growth of mass market.”

Infrastructure Support to Develop Macau

The travel time between Macau and mainland of China will be significantly shortened by a Guangzhou–Zhuhai high-speed railway network. This infrastructure upgradation will help in expansion of Macau as a tourist and gambling resort. Further access will be facilitated by expansion of the Gongbei gate at the border. By 2015, a light transit railway and a bridge will connect Hong Kong to Zhuhai and Macau.

With all these support and changes, analysts are very positive about the prospects of Macau and its gambling industry. In the current scenario, casino-resorts developers and operators are excessively expanding their presence in Macau and building new resorts. Among the latest projects is the Galaxy Entertainment Group’s new facility, opened on May 15, which costs $1.9 billion.

This Galaxy resort has a 350-ton man-made beach, a multiplex cinema, and a sky-top wave pool among other attractions. Within next 9–12 months, the number of hotel rooms in Macau is expected to increase by 41 percent, which means 8200 hotel rooms. In spite of the massive increase in hotels and resorts, it is expected that these will be fully booked once they come into full operations. Other major companies on the expansion scene are Sands china, Wynn Macau, MGM resorts International, and Stanley Ho’s SJM.

May 22, 2011

Party Gaming’s Shares Up By 40 Percent After Black Friday

Filed under: Casino — Tags: , — OCE News @ 12:00 am

It is time for Party Gaming’s investors to be happy once again as their shares shot up almost by 40 percent on Monday following the Black Friday in the United States. On Friday, April 15, 2011, the US Department of Justice ordered the shutdown of a few of top online casino sites including Poker Stars, Absolute Poker and Full Tilt Poker. Fortunately, Party Gaming was not shut down and it is now marching strong with a brilliant hike in the value of its shares.

The casino earlier ruled the American gambling market with its Poker arm. Things did not remain the same after the US government introduced the Unlawful Internet Gambling Enforcement Act in 2006. The London-based casino saw its share prices hit rock bottom. But now, once again its share prices are rising high, and investors are happy because they can take advantage of the high liquidity of their shares.

About Party Gaming

Party Gaming is one of the largest and most reputed online casinos in the world. Operating since 1997, the casino has earned an impressive reputation and is known for its reliability and trustworthiness. Offering high quality games to players, the casino allows them to play instantly or via the downloaded version. Depending upon your choice, you can play some of the best games on their site. The games are powered by their own Party Gaming Software. Party Gaming offers an amazing gaming experience to players. There are loads of promotions, bonuses for players and jackpots which offer real big money. The great graphics they offer, coupled with a brilliant sound system and wonderful themes make you feel as if you’re sitting in a real land-based casino.

Once you visit their site, you’ll be impressed by the casino’s blue and white lobby. Party Gaming offers a wide range of games including blackjack, baccarat, video poker, roulette, keno, progressive jackpots, movie themed slots, monopoly, resident evil, casino war, red dog and virtual horse racing. You can play these games by choosing the instant version or the downloaded version. It accepts payment via a range of payment methods including credit cards and wire transfers. You can also take advantage of the range of promotions for both new and existing players. There are fantastic offers and schemes which give you an opportunity to win big money.

Hike in Share Prices

In 2006, when their share prices dropped drastically in the US market, the main focus of the group shifted to the European markets which resulted in an increase in share prices once again. Investors have seen a tremendous dip and rise in share values. Recently, the US Department of Justice moved to shut down some of the top casinos in the United States. On Black Friday, the FBI ordered the closure of some casinos because of money laundering charges against them. Fortunately, Party Gaming is still open. It was not affected by this and its share prices rose almost by 40 percent.

May 14, 2011

End Of Ladbrokes And 888 Holdings Takeover Talks

Filed under: Casino — Tags: , — OCE News @ 12:00 am

Ladbrokes is a British gambling company which has its origins in 1886.

The company began humbly as commission agents and expanded in the 1990s to retail betting after its legalization by the government. It is considered to be Britain’s largest bookmaker and has thousands of betting shops across the UK and Ireland. It is also considered one of the world’s largest retail betting chains. The company has been undergoing negotiations with online gaming and betting company, 888 Holdings, from December 2010. 888 Holdings is a solely internet-based company which takes bets online. The company which began in the year 1997 has several good gaming websites. The license of the company to operate online gambling comes from Gibraltar.

Once the news of the possible takeover of 888 Holdings by Ladbrokes broke out, the share price of 888 Holdings skyrocketed. The negotiations began with an offer of 70p per share by Ladbrokes. But doubts regarding the takeover surfaced in early March 2011 when 888 Holdings announced its acquisition of Wink Bingo which included payments to the board of Wink. Many felt that Ladbrokes may have to wait till the payments due to Wink is completed by 888 Holdings to carry forward the takeover.

Doubts increased upon the stepping down of the CEO of 888 Holdings on April 10th, 2011. It was soon after that, on April 15th, 2011, Ladbrokes confirmed these doubts saying that the negotiations fell through.

According to them, the 61 percent owners of the company, the Israeli families of Shaked and Ben-Yitzak refused to change their demand for 80p per share even after months of talks. Spokesperson of Ladbrokes state that the deal was shut down as they felt it would not benefit the shareholders of the company.

The chief executive of the company Mr. Glenn commented that the company was in no hurry to expand through takeovers even though it will look for such opportunities in the future as well. According to him, an organic growth suited Ladbrokes just fine at the moment.

Ladbrokes has been to trying for a while now to gain foothold in the online gambling industry. Though the company operates several online gambling sites, it has not been able to gain ground there as it has in the offline retail betting industry. The company is very aware of the fact that without a good online business, it is very difficult to continue its profitable stride. Therefore, they have been bidding to buy out some of the online giants in the gaming field.

With regard to 888 Holdings, this is the second failed attempt by Ladbrokes to take over the company. It had tried its luck four years ago in 2006 when both companies announced merger negotiations. But the deal fell through due to changes in tax laws that took place in the UK that time. Again in 2009, there were rumors of Ladbrokes trying to buy out 888 Holdings shares. But the company denied these rumors then as rubbish.

Ladbrokes quest to rein over the online betting world is still underway. The company continues to battle its rivals and strive toward improving businesses even in the face of falling share prices and deals gone south.

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