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Casino gets fined after a customer’s dancing‏

Christoper Olson — Thu, 02 Sep 2010 23:20:07 +0000

Baccarat

People who visit casinos are expected to adhere to the stringent regulations set for them and when playing baccarat then the regulations only become more severe even though this game is normally played by wealthy and serious gamblers.
A casino defined the game of baccarat as suitable for people in the upper classes of society and they were required to be laid back when playing the game. However security officials of the Caesars Palace Casino seemed to have forgotten about this basic security advice in October 2009.
A case filed with the Nevada Gambling Board charged the casino with allowing a customer to jump onto a baccarat table from his seat to place a bet before jumping back onto the seat and eventually taking his seat.
The security failed to do anything about the customer’s actions and he reportedly repeated them twice after which he was seen dancing in the full glare of the casino’s authorities.
Caesars palace has been punished with a quarter of a million dollars fine by the Nevada Gambling authorities for bringing the game into disrepute and refusing to correct a customer.
The casino seems to be OK with the fine which means the player could have been losing a hell of a lot around the time he was undertaking those actions which are clearly against the game’s regulations.

Skycity to rehabilitate casinos‏

Jeff V. Martinez — Wed, 01 Sep 2010 13:09:44 +0000

Sky City

Skycity has made a public statement to confirm that they will invest $250 million in the casino located in Adelaide. There has been other investments in that city’s other casinos that have total over $1 billion.
This investment by Skycity is aimed at helping the casino stand hand in hand with other big casinos in the city who are trying to gain an advantage over them. It also planning for projected inrush of visitors that will flock the city after the city’s tourist destination infrastructure was upgraded after $1.1 billion in expenditure.
These statements were made just in time to beat a deadline that was set for t

he city’s soccer and cricket officials to sign a contract that aims to spend $35 million dollars to rehabilitate the Adelaide oval.
The rehabilitation plans will include expansion of the casino’s gaming rooms as well as car parks, restaurants and bars. The project will take about three years to be completed.
David Christian, GM of the casino said they had no option but to rehabilitate the casino after major infrastructure in the state were overhauled by the government. He said the company was keenly looking forward to the completion of the rehabilitation project as they believed it will help make the city more exciting. He said it had taken over one and a half years for them to arrive at the decision to rehabilitate the casino.
Skycity is just one of the many private firms that are committed to getting the state’s riverside to help get it more developed. It is rumored that the local Intercontinental Hotel is planning to rehabilitate its infrastructure even though it hasn’t been confirmed.
InterContinental’s director of Marketing said their plans haven’t reached advanced stages and they were still working on it with the help of various architects and designers. Pat Conlon, the temporary treasurer of the state said a billion dollars have been invested in the riverside in recent times.
The Australian government has been compelled to invest $535 in the rehabilitation of the Adelaide Oval after an initial plan to invest just $35 million. Its also planning to spend $400 million in the Adelaide Convention Centre.

casino stocks not just important in Las Vegas, Macau and Atlantic City‏

Christoper Olson — Fri, 27 Aug 2010 00:35:12 +0000

Many people believe that the major gambling hubs are Las Vegas, Macau and Atlantic City and even though there are not many questions about that, one expert made a few analysis of the influence of Mississippi in the industry.
The expert stated that the income generated from the Mississippi casino owned by Penn National Gaming wasn’t very encouraging but that could have been as a result of many travelers refusing to travel to coastal states in the US as a result of the oil spill caused by BP. Merriman says the state generated 14% percent of its revenue and 12 percent of EBITDA for the gambling company.
The Casino Stocks Index also showed that the Biloxi Casino in Mississippi owned by the Isle of Capri Casinos was also responsible for 7 percent of the gambling firm’s income and 3 percent of its EBITDA. The expert also made mention of casinos in the state owned by Boyd Gaming and Ameristar Casinos.
Merriman started coverage of casinos in the early part of the year after rating Pinnacle Entertainment as a Buy. Ameristar and Boyd were both given Sell ratings by Full House Resorts while Penn, Isle of Capri and Monarch Casino & Resort were both given neutral ratings.
The Isle of Capri was given higher marks to turn it into a Buy rating by Keybanc this morning and its stocks were targeted at $13. The firm said it was expecting more revenue and said it expected the casino owner to post better financial reports than the first quarter of the year next week.
Other performance data and the Casino Stocks Index can be seen by investors when they log onto tickerspy.com which provides entertainment as well as important data to users. Users can check more than one stock position against 250 indexes and check up data such as dividends, ETFs, etc. users can also check the performance of almost 3000 financial institutions and hedge funds. You can pit your strengths against investment gurus like Warren Buffett.

Two buddies hit the Jackpot at Casion Regina‏

David Crawford — Sat, 21 Aug 2010 22:03:33 +0000

Two friends from Canada were in a celebratory mood after winning big in a jackpot while gambling on the Monte Carlo slot machines on Sunday, August 1.
The two buddies however didn’t get onto a winning start when they started gambling at the Casino Regina in Saskatchewan in the middle of Saturday. They made big losses on the roulette wheel and went home with the determination to return later in a bid to have a change of fortunes. Jesse and Brandon decided to play on the Monte Carlo slot machine but it was busy with players. When it finally became available they decided to play just a few games but they turned their gamble of $40 into a $913,940 jackpot which got each of them $456,970 when they split.
After sharing the booty Brandon said he was extremely surprised and was speechless. He said he was locked into his sitting position until 5 in the morning.
This is the first time since May 2008 that a player has hit the Monte Carlo slot machine jackpot and this amount was the biggest ever won since it was founded 14 years ago. It’s one of Canada’s record a lot machine payments.

Coconut Creek Casino pays $183,628 in Mega Bad Beat Poker Jackpot‏

Christoper Olson — Wed, 18 Aug 2010 22:02:10 +0000

Pauline Medoff, a native of Delray Beach seemed to be having a string of hard luck on Wednesday when her opponent showed a straight flush to all of her four queens during a $2 gambling session in casino located at Florida.
Medoff thought she was on her way to winning after she got the four queens on at 10.50 in the morning of August 4while gambling at the Seminole Casino Coconut Creek.
Anyone in her shoes would have assumed being a winner already after getting an unlikely 4 queens at the same time but Robert P. had the straight flush to beat her in the game.
Pauline however realized it wasn’t such a bad day when she realized she had won $183,628 from the casino’s Mega Bad Beat Jackpot.
In the end Medoff, 88 received $91,814 for losing the game after receiving the four Queens while Robert P. was also awarded $55,089. After the two gamblers received the grand prizes, four other gamblers sitting at the same table also got awarded $9,181 each just for being present at that particular table.
The Mega Bad Beat Jackpot held by the Seminole Casino Coconut Creek has awarded an unbelievable $680,850 in prizes to gamblers from December. Jeffery Hook, VP of Seminole Gaming said the casino has given out $100,000 to a minimum of table of gamblers in the Mega Bad Beat Poker Jackpot.
The money for the jackpot is generated from the poker rooms of 6 Seminole casinos and now the prize money has been set back to $100,000.

atlantic city casinos having a reduction in revenue for almost two years‏

Dennis Cleofe — Mon, 16 Aug 2010 22:01:42 +0000

The 11 casinos located in Atlantic City together recorded income for the month of July 5 percent lower than the same month last year. July had always been one of the most profitable months in the history of casinos but these results which was unexpected now makes it 23 months in a row in which the city’s gambling industry has been in decline.
Making matters worse in Atlantic City which has the biggest gambling industry in the US after Las Vegas is the fact that two of the casinos actually recorded an increase in income. The Trump Taj Mahal recorded 7.1 percent revenue while the Atlantic City Hilton also had a 2.1 percent increase in income.
The rest of the casinos also had a lower income with many of them achieving significant losses. The Resorts had a 19.3 % decline whilst The Trump Plaza declined by 17.1%. The Trump Marina and Caesars declined by 13.4 percent and 10.3 percent respectively.
The Tropicana achieved revenue of 9.5 percent less while the Hannah’s Marina also declined by 5.3 percent. Bally’s AC, Showboat and The Borgata declined by 5.3, 3.1 and 0.6 percents respectively.
Another major problem is Pennsylvania has also started operation of casinos in the state and also power problems that affected the Trump Plaza and Caesars Atlantic City.
Overall, the city’s casinos received revenue of $363.9 million in July and $252.9 million of that amount was received from slot machines while $111 million was received from table games. This means slot revenue fell by 5.2 percent while table game revenue fell by 4.5 percent.
Stever Schwartz, a betting expert said casinos in Pennsylvania were really competing with casinos in Atlantic City and the Pennsylvania casinos achieved higher revenue in slot machines than the Atlantic City ones last December. The competition could be higher in a few years.
Atlantic City casinos have earned 7.9 percent lower in the course of the year than last year at a total of $2.14 billion. Senators in Atlantic City are presently looking at ways to restore the casino industry to its former glory.

Rising water of Mississippi River forces President Casino to temporarily close

Ferdinand Legaspi — Mon, 29 Mar 2010 12:43:19 +0000

The owner of the President Casino, Pinnacle Entertainment, initially decided to close it by July this year. However, the rising waters of the Mississippi River forced the casino to close earlier than expected. The casino will still reopen when the flooding stops.

According to Chris Strobbe, general manager of President, the river went up to 32 feet on Saturday when they were monitoring it. He added that the flood waters can put the safety of the casino’s guests and employees in danger.

Employees will have to work on removing scattered debris when the water recedes. Once everything is clear, the President Casino will be back in business, but there is still no telling when that will be.

The casino will still permanently close on or before July and when it indeed reopens, it will only have a few months left to operate. Pinnacle did all they could to save the President, but they only ended up getting a settlement with the gaming regulators of Missouri earlier this month.

In exchange of clearing itself with any penalty issued by the regulators, Pinnacle Entertainment agreed to close its casino by July 31. The company may still go after the licenses of the two other casinos they own in St. Louis.

The laws of the state of Missouri only issue a limited number of licenses for casinos, which makes the now vacated license of the President Casino more valuable. Developers are given until May 1 to issue their bid on the license.

Louisiana’s gambling revenue up in February

Ferdinand Legaspi — Thu, 18 Mar 2010 06:13:17 +0000

After a full year of seeing revenue drop on a monthly basis, casinos around the country may finally start seeing some improvement within their industry. Evidence of this theory exists in the state of Louisiana where revenue was up ten percent in February.

In January, revenue from the state’s casinos was $189.7 million. For February, those same casinos had revenue of $208.7 million. That represented an increase of ten percent in month over month figures.

The numbers still do not match up favorably from the same period in 2009. Back in February of 2009, casinos won $220 million. Although revenue was higher last year, there was still reason for optimism that the economy may be working its way back to normal.

“What we are seeing is a gradual increase in revenue from casinos around the country,” said Gaming Analyst Steve Schwartz, “The gamblers are not going to all come back at once, but any increase shows that people are starting to once again have that expendable income to enjoy a night out at a casino.”

Competition within the casino industry has become fierce over the past couple of years. As the economy soured, lawmakers in nearly every state turned to gambling expansion to help bridge budget deficits.

The state that has made the most advancement is Pennsylvania. Lawmakers have recently legalized table games and several casinos have been built in the past several years. The table games give Pennsylvania casinos a real chance to overtake New Jersey’s casinos in revenue and become the new top gambling destination in the Northeastern US.

Hard Rock Hotel exec dies of suicide

Ferdinand Legaspi — Fri, 12 Mar 2010 03:33:21 +0000

The death of Randy Kwasniewski, the executive of the Hard Rock Hotel who was found dead in his home Tuesday, was ruled to be caused by a self-inflicted gunshot wound to his head, according to the Clark County coroner’s office on Wednesday.

The Metropolitan was called to Kwasniewski’s home in Summerlin, Nev. on Tuesday after receiving a call.

David Chesnoff, attorney and family friend of Kwasniewski, said that he was married and had two children. Chesnoff did not disclose any detail about the death and the surviving family has requested for privacy.

At the time of his death, the 56-year-old Kwasniewski was the president and chief operating officer of the Hard Rock Hotel since the takeover of Morgans Hotel Group in February 2007.

The Hard Rock Hotel has been recently expanding with the addition of two hotel towers, casino space and a wider concert hall. Kwasniewski was in charge of overseeing all these.

Fred Kleisner, chief executive officer of Morgans, will be the one in-charge of the hotel operations for the meantime, the company said.

Icahn is the next owner of Atlantic City’s Tropicana

Ferdinand Legaspi — Fri, 05 Mar 2010 04:36:59 +0000

Billionaires Carl Icahn and Donald Trump had been battling for the ownership of Tropicana Casino Resort in Atlantic City during the past days. Icahn emerged as the winner and now has the rights to buy Tropicana.

The Casino Control Commission saw Icahn’s plan as more superior than that of Trump’s with even the latter having bondholders on his side to help him take over the casino.

It has been a long and difficult journey in finding the next owner for Tropicana. Icahn is credited for bringing back other AC casinos into life and he is planning the same for his soon-to-be-owned resort.

According to Sharon Anne Harrington, Vice Chair of the Commission, they are optimistic of Icahn going into the ball game again. Icahn received a unanimous vote from the four-member Commission.

Carl Icahn may just be the person Atlantic City is looking for as the used-to-be booming casino city is now in steady decline in revenue since the recession started almost two years ago.