Las Vegas Revenues Rebounded Heartily in 2013
Vegas’ marketing campaigns positioning the city as hip and occurring appear to be working, based on 2013 revenue tallies
It has been awhile since Las Vegas could actually publish any very positive news about profits, but 2013 has been a watershed year financially for Sin City. 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 notably flat October, a truth that guarantees showing year-end that is excellent 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 home the gold literally with a 94 percent hike, while dining table games also pulled a 53.5 percent jump to their weight, when compared with 2012. Certainly nobody is ripping away slot machines, but it seems that old-school gambling is the moneymaker these full days in the City of Neon.
Statewide, the image had been also a positive one. Across Nevada, gambling enterprises 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 next hike that is monthly the last four months.
Las Vegas’ uber-successful advertising campaign of being the coolest, hippest, swag-est place to be on earth seems to be working when it comes to gambling as well; the Strip introduced $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 an especially 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 percent versus 2012’s numbers in November. Broken out separately because it is this type of high-ticket and game that is lucrative the household were baccarat intakes, which hit $129 million. Table games general brought in $174.7 million, minus baccarat.
‘We believe these outcomes 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 were also responsible 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 holidays approached, having a $14.3 million intake when compared with a loss of $400,000 during the same time final year.
Also boosting the underside line in November on the Strip: an Ultimate Fighting Championship event, and one extra Saturday on the calendar, contrasted to 2012. A move into the heart for the thirty days by the 140,000-attendee Automotive Aftermarket Industry Week convention versus bridging October/November the season before also made a difference that is significant the month’s tallies.
‘November’s Strip strength was anticipated, given commentary from companies, but not for this degree,’ noted Macquarie Securities gaming analyst Chad Beynon while addressing investors.
Although November was a kingpin month for Sin City, it was February 2013 the month that encompasses the very lucrative Chinese brand new Year that introduced the most revenues for Las Vegas, 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 Has a Snipe at Bungled Atlantic Club Closure
PokerStars is vowing to find an Internet home in 2014, after being rejected by Nevada and nj-new Jersey this past year.
You must hand it to PokerStars the most-rejected on-line poker operator in America these days, labeled in Nevada and New Jersey as a ‘bad actor’ and told to go sit within the corner for a couple years they don’t say die easily. And 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 have not Heard the very last from Us
A strong presence and positive financial impact within the American market in 2014, whether that is in nj or another state seeking the advantages of being home 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 web log that his company promises to ‘…have’
Those in-your-face responses are a definite commentary that is not-very-subtle PokerStars’ talks 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 net poker giant for at the very least four more the business has had 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 seemed like a myfreepokies.com time that is good casually mention that adding online poker to that particular mix might be a very lucrative add-on, particularly given New York 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 well before the Garden State told PokerStars they are able to not pass suitability checks for the following two years. And also with that suspension, if PokerStars’ founder Isai Scheinberg’s federal fees get reconfigured in any way, the whole situation could possibly alter. The New Jersey Division of Gaming Enforcement has described Scheinberg’s fees 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 current leader Mark Scheinberg who happens to be Scheinberg’s son has stated his business has received 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 purchasing the Atlantic City. A long and drawn out relationship that fundamentally ended with the casino planning to bankruptcy court, being snapped up by Caesars Entertainment while the Tropicana for the fire sale combined price of $23.4 million month that is last might have made some of the closing casino’s former owners wonder what they were thinking if they at first pulled away from Rational’s deal; the organization had originally invested $11 million into the casino, only to 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, and with only a one-time $1,500 severance approved by the courts. Apparently the property’s 1,800 workers take their own once the casino closes its doors for good; a reality that has 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] making use of their employees’ future.’
Bally Technologies Chief Counsel Retires as Company Forges Ahead
Bally Technologies’ Las Vegas headquarters; the organization’s chief counsel for 17 yrs recently retired, adhering to a $1.3 billion SHFL acquisition.
Something that cannot be denied would be the fact that vegas constantly has and continues to today set the benchmarks, styles and paradigms for just how to run a gaming city. Also Macau which has now far surpassed Las Vegas with regards to pure gambling revenues still aspires to emulate las vegas’s nongaming moneymakers: things like costly nightclubs, luxury retail, and five-star restaurants, to not mention alleged gentlemen’s groups, 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 comprehend what drives the market.
The Individuals Who Ensure It Is All Happen
Some of those industry leaders people like Steve Wynn and Sheldon Adelson are highly visible, colorful figures in their own right. But some sit in the shadows behind the scenes, making them no less significant into the movement that is forward of nevada gambling industry.
One such person in that latter category is Mark Lerner, the just-retired a lawyer for Bally Technologies. After a 17-year career with the slot-making giant, Lerner will surely lay claim to actively playing how the casino industry has changed and developed during his tenure.
In order to produce gaming gear in any particular jurisdiction, Bally must hold a gaming license here; a thing that for those who have been following any for the sagas in Massachusetts as operators try to obtain one, isn’t any task that is easy. So that you can provide proper counsel that is legal the slots giant, Lerner also had to get licensed in hundreds of locales: 214, become exact. In addition to 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; predicated on their own calculations, he states, ‘If you do the math, i have been investigated some 2,000 or 3,000 times.’
This is often a man whom can’t manage to have a great deal as a parking ticket on his background checks. Also it appears, he doesn’t have any. Asked if detectives 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 what was once called Alliance Gaming into its current position while the second-largest manufacturer of slot machines, gaming equipment and casino administration systems. Adhering to 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 casinos Bally can now lay claim to seven split reporting divisions, and the reported (and 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 company, they nevertheless had spinning reel slot devices; obviously, those are now actually a piece of history, with video-based reels. Therefore the alterations in technology have actually 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 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 much of the organization’s meteoric rise to prominence in the casino game.