ï»¿Las Vegas Revenues Rebounded Heartily in 2013
Vegas’ marketing campaigns positioning the populous city as hip and occurring appear to be working, based on 2013 income tallies
It has been awhile since Las Vegas could really publish any really positive news about profits, but 2013 has been a watershed year economically 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, carrying out a notably flat October, a reality that guarantees to exhibit exceptional year-end overall figures once compiled.
Second Best of the Year
Turns out was the second best of the year for Las Vegas Strip properties november. Baccarat took house the gold literally with a 94 percent hike, while dining table games also pulled a 53.5 percent jump to their weight, compared to 2012. Certainly nobody is ripping down slot machines, but it seems that old-school gambling is the moneymaker these days in the City of Neon.
Statewide, the image had been also a good one. A bump of 11.9 percent compared to the year prior across Nevada, casinos took in $875.9 million in November. And much more encouraging, it absolutely was the 3rd monthly hike during the past four months.
Las Vegas’ uber-successful strategy of being the coolest, hippest, swag-est place to be on the planet is apparently working as it pertains to gambling as well; the Strip earned $529.4 million in November overall, largely from table games, which includes popular classics such as craps, blackjack, roulette, poker and, of course, baccarat a particularly popular staple with the all-important high-roller quotient that is asian.
Whale of a November
Apparently, Las Vegas’ Asian whale and junket agents are earning their baccarat that is keep; wagering up 90.5 percent versus 2012’s numbers in November. Broken out separately because it’s this kind of high-ticket and game that is lucrative the home were baccarat intakes, which hit $129 million. Table games general brought in $174.7 million, minus baccarat.
‘We believe these results bode positively for larger 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 per cent,’ said Wells Fargo Securities gaming analyst Cameron McKnight.
Overseas visitors were 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 recreations book figures were no slouch either as the vacations approached, having a $14.3 million intake when compared with a loss of $400,000 during the same time frame year that is last.
Also boosting the underside line in November regarding the Strip: an Ultimate Fighting Championship occasion, and one extra Saturday on the calendar, compared to 2012. A move into the heart associated with thirty days by the 140,000-attendee Automotive Aftermarket Industry Week convention versus bridging October/November the entire year before also made a significant difference in 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 month for Sin City, it had been February 2013 the month that encompasses the extremely lucrative Chinese brand new Year that brought in many revenues for nevada, with a 31.2 percent jump on the Strip alone. Statewide in Nevada, saw a 15.1 percent increase in gaming revenues when compared to 2012 february.
PokerStars Requires 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 control 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 state perish easily. Now the business’s professionals are saying, stand back, America, we’re coming for you in 2014, regardless of how many slaps in the face we possibly may have gotten from regulators.
You Haven’t Heard the past from Us
At least that’s your message from ubiquitous PokerStars corporate communications chief Eric Hollreiser, who is noted in a end-of-year blog that his business intends to ‘…have a good presence and positive economic impact in the American market in 2014, whether that is in New Jersey or any other state seeking the benefits of being home to a world-class online gaming business.’
Those in-your-face comments are a definite not-very-subtle commentary on PokerStars’ discussions with ny 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 least four more the business has brought the tac that if 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 time that is good casually mention that adding online poker to that mix might be a very lucrative add-on, particularly given New York City’s 8.33 million potential player base through 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 well 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 change. The New Jersey Division of Gaming Enforcement has known Scheinberg’s costs as ‘unresolved’, despite the elder having reportedly written checks for over one billions bucks towards the Department of Justice to prevent prosecution. Although PokerStars’s current leader Mark Scheinberg who occurs to be Scheinberg’s son has said his business has already established 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 purchase the Atlantic City. A long and drawn out connection that fundamentally ended with the casino planning to bankruptcy court, being snapped up by Caesars Entertainment and also the Tropicana for the fire sale combined cost of $23.4 million month that is last may have made some of the closing casino’s former owners wonder what they were thinking if they initially pulled away from Rational’s deal; the business had originally invested $11 million into the casino, and then see that money go up in smoke when their deal fell through.
Hollreiser couldn’t resist noting that the Atlantic Club closure which will need place mid-January ‘simply didn’t have to happen’; the shutdown will leave some 650 union employees jobless, along with only a one-time $1,500 severance approved by the courts. Apparently the property’s 1,800 workers take their once the casino closes its doorways once and for all; a reality that could 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 business’s main counsel for 17 yrs recently retired, following 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 to run a gaming town. Also Macau that has now far surpassed Las Vegas when it comes to pure gambling profits still aspires to emulate las vegas’s nongaming moneymakers: such things as expensive nightclubs, luxury retail, and five-star restaurants, never to point out alleged gentlemen’s clubs, entertainment 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 realize just what drives the market.
The People Who Make It All Happen
Some of those industry leaders people like Steve Wynn and Sheldon Adelson are highly visible, colorful characters in their own personal right. But some stay in the shadows behind the scenes, making them no less significant into the forward motion of the Las Vegas gambling industry.
One such person in that latter category is Mark Lerner, the just-retired legal counsel for Bally Technologies. After a career that is 17-year the slot-making giant, Lerner will surely lay claim to actively playing how a casino industry has changed and evolved during his tenure.
In purchase to deliver gaming equipment in any specific jurisdiction, Bally must hold a video gaming license here; something which when you have indian dreaming free slots been following any associated with the sagas in Massachusetts as operators try to obtain one, isn’t any easy task. To be able to offer proper lawyer for the slots giant, Lerner also had to get licensed in hundreds of locales: 214, to be exact. In addition to that, 80 % of these areas need a renewal that is annual re-licensing.
That means 214+ individual suitability investigations that Lerner has had to endure; centered on their own calculations, he says, ‘If you are doing the mathematics, I’ve been investigated some 2,000 or 3,000 times.’
This is usually a man who can not manage to have a great deal being a parking ticket on his background checks. And it appears, he doesn’t have. Asked if investigators in all these thousands of checks ever came up with even 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 that which was once called Alliance Gaming into its current position once the second-largest manufacturer of slot machines, gaming gear and casino administration systems. Carrying out a recent $1.3 billion buyout of SHFL entertainment (sic), Inc. formerly known as Shufflemaster therefore the creators associated with 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, taking into consideration the purchase price) potential for some $1.3 billion in annual sales.
Much has changed in 17 years, head you. Whenever Lerner joined the business, they still had spinning reel slot devices; naturally, those are now actually a bit of history, with video-based reels. While the noticeable alterations in technology have largely driven the alterations in the video gaming industry itself, according to Lerner.
‘When I started, we owned a few dozen patents,’ noted Lerner. ‘Today, the company has about a few hundred. Slot machines are technological marvels.’
While Lerner can be a ‘backstage’ kind of guy, Bally Technology CEO Ramesh Srinivasan credits the attorney’s ‘deep understanding of gaming’ with a lot of the business’s meteoric rise to prominence in the casino game.