Las Vegas Revenues Rebounded Heartily in 2013
Vegas’ marketing promotions positioning the populous city as hip and occurring seem to be working, based on 2013 income tallies
This has been awhile since Las Vegas could really post any really positive news about profits, but 2013 appears to have been a watershed year financially for las vegas. Figures posted end-of-year by the Nevada Gaming Control Board show a whopping 22.6 percent spike in gaming revenues for the month of November, following a significantly flat October, a truth that guarantees showing year-end that is excellent numbers once compiled.
Second Best of the 12 Months
Turns out November was the second best of the entire year for Las Vegas Strip properties. Baccarat took house the gold literally with a 94 percent hike, while table games also pulled a 53.5 percent jump to their weight, in comparison to 2012. Certainly no one is ripping out slot machines, but it seems that old-school gambling is the moneymaker these days in the town of Neon.
Statewide, the image had been also a good one. Across Nevada, casinos took in $875.9 million in November, a bump of 11.9 percent in comparison to the entire year prior. And even more encouraging, it had been the 3rd hike that is monthly the past four months.
Las Las Vegas’ uber-successful strategy of being the coolest, hippest, swag-est place to be on the planet seems to be working as it pertains to gambling since well; the Strip earned $529.4 million in November overall, largely from table games, which includes popular classics such as for instance craps, blackjack, roulette, poker and, of course, baccarat a particularly popular basic with the all-important Asian high-roller quotient.
Whale of a November
Apparently, Las Vegas’ Asian whale and junket agents are earning their baccarat that is keep; wagering up 90.5 per cent versus 2012’s numbers in November. Broken out separately because it is such a high-ticket and lucrative game for the house were baccarat intakes, which hit $129 million. Table games overall brought in $174.7 million, minus baccarat.
‘We believe these results bode positively for bigger Strip operators with significant baccarat volumes, but note the core Las Vegas market that is mass soft with non-baccarat mass volumes down 9.4 %,’ said Wells Fargo Securities gaming analyst Cameron McKnight.
Overseas visitors had been also accountable for the upswing, McKnight told investors. He added that Wynn Resorts Ltd., Las Vegas Sands Corp. and MGM Resorts International all saw the best of that angle in November.
November’s sports guide figures were no slouch either as the holiday breaks approached, having a $14.3 million intake when compared with a loss of $400,000 during the same time last year.
Also boosting the underside line in November on the Strip: an Ultimate battling Championship event, and one Saturday that is extra on calendar, compared to 2012. A move into the heart associated with the thirty days by the 140,000-attendee Automotive Aftermarket Industry Week convention versus bridging October/November the entire year before also made a difference that is significant the month’s tallies.
‘November’s Strip strength was anticipated, provided commentary from companies, but not to this degree,’ noted Macquarie Securities gaming analyst Chad Beynon while addressing investors.
Although November was a kingpin thirty days for Sin City, it ended up being February 2013 the month that encompasses the really lucrative New that is chinese year earned the absolute most revenues for nevada, with a 31.2 percent hop on the Strip alone. Statewide in Nevada, February saw a 15.1 percent increase in gaming profits when compared to 2012.
PokerStars Has a Snipe at Bungled Atlantic Club Closure
PokerStars is vowing to find an Internet home in 2014, after being rejected by Nevada and New Jersey year that is last.
You must hand it to PokerStars the most-rejected online poker operator in America these days, labeled in Nevada and New Jersey as a ‘bad star’ and told to go sit in the corner for a couple years they don’t say die easily. Now the business’s executives are saying, stand back, America, we’re coming we may have gotten from regulators for you in 2014, no matter how many slaps in the face.
You Haven’t Heard the Last from Us
A strong presence and positive financial impact into the American market in 2014, whether that is in nj-new jersey or another state seeking the benefits of being home up to a world-class online gaming business. at least that’s your message from ubiquitous PokerStars corporate communications chief Eric Hollreiser, who’s noted in a end-of-year blog that his company promises to ‘…have’
Those in-your-face remarks are really a not-very-subtle commentary on PokerStars’ conversations with nyc State lawmakers. Since brand New Jersey regulators told PokerStars to take a seat on the sidelines for at least the next two years and Nevada has nixed suitability for the Internet poker giant for at the very least four more the company has taken the tac that in the event that you can not beat ’em, simply go elsewhere. Along with the Empire State’s recent approval of major land gaming expansion, it just appeared like a good time to casually mention that adding online poker to that mix could be a very lucrative add-on, particularly given ny City’s 8.33 million potential player base from the get-go.
Getting in the Lobby
And by ‘casually mention,’ we really mean lobby the bejesus away from legislators. To be fair, that process started a long time before the Garden State told PokerStars they are able to not pass suitability checks for the next two years. And also with that suspension, if PokerStars’ founder Isai Scheinberg’s federal fees get reconfigured in any way, the entire situation could potentially alter. The brand New Jersey Division of Gaming Enforcement has referred to Scheinberg’s charges as ‘unresolved’, despite the elder having reportedly written checks for more than one billions bucks towards the Department of Justice to prevent prosecution. Although PokerStars’s present leader Mark Scheinberg who takes place become Scheinberg’s son has stated their business has had no dealings with the kingpin that is former regulatory investigations allegedly found otherwise, causing them some concern.
Other issues addressed in the we blog included PokerStars’ parent company, Rational Group, and their efforts to shop for the Atlantic City. A long and drawn out connection that ultimately ended with the casino likely to bankruptcy court, being snapped up by Caesars Entertainment and also the Tropicana for the fire sale combined price of $23.4 million month that is last may have made a few of the closing casino’s former owners wonder what they were thinking when they initially pulled away from Rational’s deal; the company had originally invested $11 million into the casino, and then see that money go up in smoke when their deal fell through.
Hollreiser could not resist noting that the Atlantic Club closure which will take place mid-January ‘simply didn’t have to happen’; the shutdown will leave some 650 union employees jobless, sufficient reason for only a one-time $1,500 severance approved by the courts. Apparently the property’s 1,800 workers are on their particular once the casino closes its doors for good; a reality that might have been forestalled, according to Hollreiser, were it not for the ‘vulture-like management practices’ of the casino’s now ex-owners, who didn’t mind ‘[gambling] along with their employees’ future.’
Bally Technologies Chief Counsel Retires as Company Forges Ahead
Bally Technologies’ Las Vegas headquarters; the organization’s main counsel for 17 yrs recently retired, adhering to a $1.3 billion SHFL acquisition.
Something that cannot be denied is that Las Vegas always has and continues to today set the benchmarks, trends and paradigms for how exactly to run a gaming town. Even Macau which has now far surpassed Las Vegas with regards to pure gambling profits still aspires to emulate las vegas’s nongaming moneymakers: things like costly nightclubs, luxury shopping, and five-star restaurants, never to mention so-called gentlemen’s clubs, activity and attractions that are special. And, needless to say, the casinos themselves have evolved exponentially over the decades, and all of that requires the design that is careful planning of a few behind-the-scenes leaders who understand exactly what drives the market.
The People Whom Ensure It Is All Happen
Some of these industry leaders people like Steve Wynn and Sheldon Adelson are highly visible, colorful figures in their own right. But some rest in the shadows behind the scenes, making them no less significant in the movement that is forward of Las Vegas gambling industry.
One such person in that latter category is Mark Lerner, the just-retired legal counsel for Bally Technologies. After a 17-year career with the slot-making giant, Lerner will surely lay claim to actively playing the way the casino industry has changed and evolved during his tenure.
In purchase to offer gaming gear in any specific jurisdiction, Bally must hold a gaming license here; something that when you yourself have been following any for the sagas in Massachusetts as operators try to obtain one, is no easy task. In order to provide appropriate a lawyer for the slots giant, Lerner also had to get licensed in hundreds of locales: 214, become exact. On top of that, 80 per cent of these areas require a renewal that is annual re-licensing.
That means 214+ individual suitability investigations that Lerner has had to endure; considering his or her own calculations, he claims, ‘If you are doing the math, i have been investigated some 2,000 or 3,000 times.’
This is often a man who can not afford to have so much as a parking ticket on his background checks. Also it appears, he doesn’t have. Asked if investigators in all these thousands of checks ever developed also the slightest flag that is red Lerner shrugs and says, ‘Apparently not. I’m pretty boring.’
Positioned Bally Technologies for SHFL Acquisition
Boring or not, Lerner has played a position that is key taking the thing that was as soon as called Alliance Gaming into its current position due to the fact second-largest maker of slots, gaming equipment and casino administration systems. Adhering to a recent $1.3 billion buyout of SHFL entertainment (sic), Inc. formerly known as Shufflemaster plus the creators regarding the zillion-dollar brainstorm concept of a machine that auto-shuffles cards in gambling enterprises Bally can now lay claim to seven separate reporting divisions, and the reported (& most convenient, thinking about the sale price) potential for some $1.3 billion in annual sales.
Much has changed in 17 years, brain you. When Lerner joined up with the business, they still had spinning reel slot machines; naturally, those are now a bit of history, with video-based reels. And also the noticeable alterations in technology have largely driven the changes in the gaming industry itself, according to Lerner.
‘When I began, we owned a dozen that is few,’ noted Lerner. ‘Today, the company has about several hundred. Slot machines are technological marvels.’
While Lerner may be a ‘backstage’ kind of guy, Bally Technology CEO Ramesh Srinivasan credits the attorney’s ‘deep understanding of gaming’ with a lot of the company’s meteoric rise to prominence within the casino game.