Featured Articles Archive - Page 399

Illinois lawmakers kill gaming expansion

SPRINGFIELD, Illinois -- Illinois lawmakers, earlier this week, ended any chances of meaningful gaming expansion in the Midwest state. A bill that would have permitted five new casinos and would have allowed for slot machines to be installed at racetracks and at the Chicago area airports, died during a special legislative session without any action being taken. The bill would have also allowed existing riverboat gaming operators to expand their footprints over time. The casino and racetrack expansion bill would have added roughly 28,000 slot machines and table games to a market that currently has some 11,700 gambling devices. Analysts said the bill's death removes Illinois from the gaming expansion landscape. "In our view, it is highly unlikely that any new gaming expansion proposals will gain traction in the legislature for the next two years," said Union Gaming Group Principal Bill Lerner. Added Wells Fargo Securities gaming analyst Carlo Santarelli, "The opportunity for slot manufacturers would have been significant." Illinois is still looking at rolling out 40,000 video lottery terminals around the state at bars and taverns during the last half of the year...read more

Nevada gaming revenues drop six percent in November

LAS VEGAS, Nevada -- Hope you enjoyed it while it lasted. Statewide gaming revenues fell almost 6 percent in November, ending a three-month rally by Nevada casinos. On the Strip, gaming revenues declined 4.1 percent, which halted four straight months of either increases or flat results. Analysts, however, quickly wrote off the November numbers, chalking up the results to declines in volume, revenue and hold percentage for baccarat. The focus was immediately trained on December, which is expected to close out 2010 on an upbeat note as casinos could benefit from a strong New Year's Eve holiday. "Strip results came in exactly within our expectations and (we) believe the seasonally important December results will likely show a solid year-over-year gain," JP Morgan gaming analyst Joe Greff told investors. Stifel Nicolaus Capital Markets gaming analyst Steven Wieczynski also focused on December, where New Year's Eve is expected to fuel higher than anticipated occupancy rates and play levels for the final two weeks of 2010. "While Strip (comparisons) turned negative for the first time since June of 2010, we believe today's results simply reflect a minor bump along the road to a broader Las Vegas recovery," Wieczynski told investors...read more

News analysis: Presidential politics could affect New Jersey's online gambling legislation

New Jersey made history Monday when its legislature became the first American legislative body to approve licensed and regulated online gambling in the United States. If Gov. Chris Christie signs the bill into law, New Jersey will become the first state to license and regulate online gambling in the U.S. Christie has 45 days to either sign the bill into law or veto it...read more

How does the casino get its edge on the bets you make?

Most folks you might ask, civilians you encounter in the real world as well as solid citizens you meet in the casino, think the bosses get their edge by winning more bets than they lose. Astute players can readily identify propositions they have a greater chance to win than lose, however...read more

Shuffle Master board member resigns

LAS VEGAS, Nevada -- Shuffle Master Gaming's former Interim Chief Executive Officer Phillip Peckman resigned his seat on the company's board of directors last week. Peckman had been a member of the Las Vegas-based company's board June 2007, including serving as interim chairman...read more

Gaming industry criticizes "60 Minutes" report

LAS VEGAS, Nevada -- Gaming industry proponents on Monday poked holes in a report by the CBS news program "60 Minutes" that claimed high-tech slot machines create problem gamblers while cash-strapped states prey on those individuals to provide the gambling revenues needed to close budget deficits.The segment, titled "Slot Machines: The Big Gamble," aired Sunday night...read more

Do you know when to quit a casino session?

Casino aficionados routinely accept risks on series of adverse wagers they wouldn't consider as isolated bets. The casino and isolated cases differ in that the former involve cumulative effects players think can be profitable if they know when to quit...read more

New Jersey Legislature approves online gambling bill

The New Jersey Assembly voted 63-11 to allow Atlantic City casino operators to offer online gambling to New Jersey residents. The bill, passed the New Jersey Senate 29-5 in November, and is headed to the Gov. Chris Christie's desk for his signature...read more

Vin's 2011 gambling to-do list

2010 was a great year for my gambling to-do list. I visited and stayed at Aria (Las Vegas), Foxwoods (Connecticut) and Mohegan Sun (Connecticut) for the first time. I played poker outdoors in a bar overlooking the Danube in Budapest and in a poker tournament in a Prague card room...read more

Analysts say Pinnacle Entertainment poised for solid year

LAS VEGAS, Nevada -- Pinnacle Entertainment collected its share of headlines in 2010. Wall Street believes the Las Vegas-based regional casino operator will cultivate investor interest again in 2011. Several analysts made Pinnacle their top stock pick this year...read more