Casino Gambling Blog

Software inventor still owed $1 million from Progressive Gaming

2009-02-19T21:34:00.000-08:00

19 February 2009

by Howard Stutz

Las Vegas Gaming Wire

LAS VEGAS, Nevada -- A software inventor who sold four patents to now-foreclosed Progressive Gaming International Corp. is still owed about $1 million for the intellectual property and isn't sure how he will collect his money.

The patents, which cover devices that can be used to automatically monitor and secure casino card games, were purchased by International Game Technology in January when the slot machine maker acquired "substantially all of the assets" of Progressive Gaming in a liquidation sale.

Dale Hill, a 74-year-old resident of Spring Branch, Texas, developed the products. Hill said he sold the patents to Progressive Gaming in December 2004 for $2.7 million through his company, Smart Shoes Inc. He has been paid about $1.7 million but the last time he received a payment from the company was in October.

"I'm just an old 21 dealer trying to survive," Hill said, adding that he spent 40 years as a dealer in the gaming industry before retiring to Spring Branch, which is near Houston. "There is a lot of potential in these patents. I just want to be paid what I'm owed."

Andrea Greene, an associate general counsel for Progressive Gaming, told Hill in an e-mail Tuesday that IGT purchased the patents in question on Jan. 16.

"I understand that money is owed for the patents," Greene wrote. "Unfortunately, (Progressive Gaming) is in a situation where it cannot pay its creditors."

Greene said the company is not conducting business and expects to file Chapter 7 bankruptcy.

"As such, regrettably PGIC cannot make any payments owed for the patents," she wrote.

Greene did not return an e-mail or phone call from the Review-Journal.

Hill said he has spoken with IGT executive Rich Pennington, the company's senior vice president of product management, about the patents, but the situation hasn't been resolved.

"IGT apparently was not aware of the balance owed us on the patents," Hill said. "However, IGT has not made a decision to pay the debt."

An IGT spokesman was unavailable to comment on the matter.

IGT did not disclose what it spent to acquire Progressive Gaming's assets but said its global operations would be combined with IGT's international and American offices.

Progressive Gaming was primarily a gaming technology company that owned patents for casino management systems that were connected to some 70,000 slot machines worldwide. The company spent almost two years in financial turmoil until it missed a $17 million payment deadline on money owed to Private Equity Management Group of Irvine, Calif.

IGT loaned Progressive Gaming $15 million through a convertible note in August and had other technology-related joint ventures with the company before buying the assets in an Article 9 foreclosure sale.

Most of Progressive Gaming's upper management had vacated the company since September as its financial troubles mounted.

Hill's patents covered a card scanner built into a card-dispensing shoe and other software that could determine the proficiency of blackjack players' skills and value to the casino.

SOurce: http://www.casinocitytimes.com/news/article.cfm?contentID=177115

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Station Casinos' plan called 'good start'

2009-02-08T22:44:00.000-08:00

5 February 2009
by Arnold M. Knightly
Las Vegas Gaming Wire

LAS VEGAS, Nevada -- A bond analyst with KDP Investment Advisors said she thinks Station Casinos' prepackaged bankruptcy plan "is still fairly paltry," but she and other observers suggested bondholders may decide accepting the offer is a better option than forcing the company into bankruptcy in the current economy.

Although she called Station Casinos' offer "a good start," KDP analyst Barbara Cappaert said she doesn't think it offers bondholders enough.
"This is still fairly paltry in our minds," Cappaert wrote in a note to investors Wednesday.

Still, she said the offer may be "better than the alternative in a traditional Chapter 11 where the entire structure would be negotiated."

The Las Vegas-based gaming company Tuesday said it was asking bondholders holding $2.3 billion in debt to accept between 10 cents and 50 cents on the dollar in cash and new bonds.

The offer was part of a restructuring plan that would allow the company to file for Chapter 11 bankruptcy in March and emerge by this summer with less debt and more cash.

The locals gaming company has been struggling to pay expenses incurred by its $8.5 billion takeover by the Fertitta family and private equity firm Colony Capital 15 months ago. The private equity buyout left the company with $5.4 billion in debt. Since then the economy has soured and Station Casinos and other gaming companies have had their revenues tumble as consumers have curbed spending.

Station said Tuesday in a statement announcing the bankruptcy plan that it has $350 million in cash to pay expenses, fund operations and cover capital expenses.

The recession has crippled other industries and businesses, too, something Michael Sullivan, a University of Nevada, Las Vegas, finance professor said bondholders will need to consider when they decide whether or not to accept Station's proposal.

Sullivan said bondholders, who are mostly institutional investors, probably are having the same kind of problems with many of their other investments. He said investors would probably reap few benefits by forcing troubled companies into bankruptcy in the hopes of getting more money -- especially during a recession.

"You're going to be spread too thin trying to juggle all those problems," Sullivan said. "You're almost better off cutting your losses and getting 50 cents on the dollar instead of 12 cents. So go ahead and do it."

Sullivan said the bondholders need to determine whether they think they can recover more money by accepting the company's offer or by forcing the company into bankruptcy so they can receive an equity stake in the casino company.

"Is an equity stake worth more than the 50 cents on the dollar?" Sullivan said. "I suspect it's not at this economic time."

Also Wednesday, the chairman of the state Gaming Control Board said regulators have met with Station executives to keep informed of parts of the restructuring plan that may need regulatory approval.

"We have a very good understanding of financially where they're at," Dennis Neilander said.

Regulators also have increased the frequency of audits of the company's 18 casinos and are monitoring cash available in the casino cages to ensure the company can pay gambling winnings.

"Through the process, the patrons shouldn't see any difference at all," Neilander said.

A Tuesday-evening e-mail statement from the company said bondholders will have until midnight EST March 2 to vote on Station's plan. If two-thirds of the senior noteholders and two-thirds of the subordinate bondholders accept the company's proposal, Station and Colony officials said they would invest as much as $244 million into the company to maintain their current ownership stakes.

Chris Snow, a bond analyst at CreditSights, told Bloomberg News that "it certainly helps that the sponsors are putting up more capital in the form of equity."

The capital infusion is "a feature that was not in the failed bond exchange in December," Snow said. "Bondholders just have to figure out if they think it's fair."

An earlier debt exchange -- which offered between 20 cents and 54 cents on the dollar in new bonds and 3 cents on the dollar in cash for senior lenders -- was rejected by bondholders in November. It did not include any kind of cash infusion by the company's owners.

Still, Snow said he thought bondholders "would prefer more cash to go their way" than Station is offering in its current plan, which would give bondholders between 3 cents on the dollar and 10 cents on the dollar in cash.

Station Casinos' e-mail said banks holding the rest of the company's debt have agreed to the company's restructuring plan, but the terms of those agreements were unavailable.

Dennis Farrell Jr., a bond analyst with Wachovia Capital Markets, said bondholders need to see those agreements "as it will likely have an impact on future free cash flow" and the value of the company.

"It's still early because that full documentation has not been passed out yet," Farrell said.

Station announced its restructuring proposal a day after missing a $14.6 million bond payment that was due Monday. Station has until March 3 to make the payment and avoid default.

Source: http://www.casinocitytimes.com/news/article.cfm?contentID=176943

Online Casinos Score Victory

2009-01-22T20:37:00.000-08:00

We can guarantee you that Kentucky Governor Steve Beshear is not a happy camper as the state of Kentucky saw a victory happen for their online gambling citizens. Beshear attempted to force 141 online casino and poker room domain names to be forfeited to the state and not useable in the state of Kentucky, basically banning the online gaming for all time there. He won the case but on Tuesday, January 20, 2009, it was overturned by the state’s Court of Appeals. The courts claimed that there were ‘multiple flaws’ in the gambling case and those were found only in the pieces of the defence that the judges looked at. There were plenty of other flaws that were not reviewed and are now moot.

The appellate judges were split two to one in favour of reversing Judge Thomas Wingate’s ruling and it was based on the reading of the original state laws against possession of ‘gambling devices’. According to Judge Michelle M. Keller, “...it stretches credulity to conclude that a series of numbers, or Internet address, can be said to constitute a 'machine or any mechanical or other device... designed and manufactured primarily for use in connection with gambling.' We are thus convinced that the trial court clearly erred in concluding that the domain names can be construed to be gambling devices subject to forfeiture..."

Judge Jeff S. Taylor added that even if the term ‘gambling device’ was accepted to include domain names, the law against owning the device would be a criminal statute and require criminal hearings before the device could be legally confiscated or even considered a ‘gambling device’. He added that, "...the conspicuous absence of the Kentucky Attorney General, who... clearly has the authority to pursue the prosecution of crimes.... The Secretary of Justice and Public Safety Cabinet has no such authority."

The three appellate judges cited the precedent of a case that involved a paternity suit that established the need for legislative action in order to change laws and policies in regard to technological advances. The way the precedent was set, the judges cannot amend the law the way they feel lawmakers would want it to read in the absence of any such action.    Kentucky attorneys are reviewing the verdict while considering an appeal to the state Supreme Court. But until it hits the state Supreme Court’s dockets, the 141 online domain names remain the property of the online gaming owners.
Article Source: http://www.onlinecasinotopic.com/online-casinos-score-victory-354.html
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Vietnam: Government to issue decree on casinos

2008-12-25T00:40:00.000-08:00

VIETNAM -- As reported by VietNamNet Bridge: "Prime Minister Nguyen Tan Dung has agreed in principle to the construction of a large tourism and entertainment centre with a casino on Phu Quoc Island off the southern province of Kien giang. He has also asked the Ministry of Planning and Investment to compile a decree on uk casinos business.

"The Prime Minister told the Ministry of Construction to urgently check and amend the general plan of construction for Phu Quoc Island to 2030.

"...Though the government doesn't have a policy that licences casino in Vietnam, many provinces are asking for the government's permission for play casino business, because to attract large tourism projects, they can't neglect casinos..."

Article Source:
http://www.casinocitytimes.com/news/article.cfm?contentID=176427

Authorities increase Queensland casino tax in shock move

2008-12-25T00:32:00.000-08:00

While the Australian casino industry is faring better than most it has been reported that the Queensland local authorities have increased their tax charge on grand casino income. The move has attracted widespread concern with shock that the authorities are looking to increase their tax take at a time when the economy and the sector is struggling to stay positive.

This reduced income for best casino operators, because they will need to pay more tax to the authorities, is sure to see some of their services compromised and many casino players may well look to the online market where costs are more stable and more visible. The online industry has performed fairly well throughout the worldwide economic slowdown and while it cannot go on forever there is evidence of players switching from off-line to online casinos in large numbers.

We did see a similar trend in the US when oil prices were approaching $150 per barrel and many casino members were unable to fund their normal gambling nights out. However the trend in Australia appears to be for totally different reasons with many of the free services often associated with casinos now disappearing as costs become ever tighter.

Article Source:
http://www.gambling.co.uk/news/gambling-news.html?story=12752

Finalists announced for gaming industry communications awards

2008-11-03T03:32:00.000-08:00

WASHINGTON, DC -- (PRESS RELEASE) -- The American Gaming Association (AGA) today announced finalists for the 2008 online gambling Voice Awards, recognizing outstanding achievement in public relations, marketing, advertising and financial and corporate communications in the gaming industry.

The finalists, which represent 21 gaming companies, properties and organizations from across North America, were named in 15 categories, including best 2007 annual report, best customer publication, best print, outdoor, radio and television advertisements, best direct mail, best Web site, and best public affairs and multi-format advertising campaigns. A panel of judges with expertise in advertising, marketing, public relations, Internet design, graphic arts and financial communications evaluated more than 270 entries, the highest number in the award program's history, to determine the 47 finalists.

"Given the current economic climate and the challenges being faced by so many members of our industry, it is more important than ever for companies to differentiate themselves in a highly competitive marketplace, and excellent marketing, advertising and communications is one way they can do just that," said Frank J. Fahrenkopf, Jr., president and CEO of the AGA, who will serve as master of ceremonies for the awards presentation. "The finalists for this year's Communications Awards represent the finest work being done in gaming communications and provide proof that our industry is developing some of the most innovative and interesting communications materials around."

Gaming Voice Awards will be presented at the AGA Communications Awards Presentation, part of the Global Gaming Expo's Marketing Networking Luncheon, on Wednesday, Nov. 19, from 12:30 p.m. to 2:00 p.m. at the Las Vegas Convention Center.

The AGA also will honor Jack Leone, vice president of corporate communications for Sierra Pacific Resources with the Lifetime Achievement Award for Gaming Communications. Leone's career in the public relations, marketing and advertising fields spans more than 48 years and many industries, but none of his work can compare to the contributions he has made to the gaming industry. For nearly two decades, he represented legendary properties such as Caesars Palace Las Vegas Hotel and Casino, MGM Grand Las Vegas and Mandalay Bay Hotel and Casino. His years in the casino gambling industry cover a time of dramatic growth during which marketing and advertising were critical components of the revitalization and re-imagining of the Las Vegas Strip.

The AGA Communications Awards are made possible with support from Wells Fargo Bank, Piercy Bowler Taylor & Kern (PBTK) and Global Gaming Expo (G2E).

2008 Gaming Voice Award Finalists (listed in alphabetical order):

Best 2007 Annual Report
MGM MIRAGE (Assisting agency: SK+G)
Mohegan Tribal Gaming Authority (Assisting agency: Outthink)
Pinnacle Entertainment, Inc. (Assisting agency: SK+G)

Best Broadcast Advertisement – Radio
Caesars Windsor Hotel & Casino – "Larry" (Assisting agency: Leo Burnett)
Caesars Windsor Hotel & Casino – "Lenny" (Assisting agency: Leo Burnett)
Caesars Windsor Hotel & Casino – "Norm" (Assisting agency: Leo Burnett)
Mohegan Sun – "Sweet Home Mohegan" (Assisting agency: Kirshenbaum Bond + Partners)
Treasure Island Resort & Casino – "Never Settle" (Assisting agency: Periscope)

Best Broadcast Advertisement – Television
Mohegan Sun – "At the Sun" (Assisting agency: Kirshenbaum Bond + Partners)
Mohegan Sun – "My Mohegan" (Assisting agency: Kirshenbaum Bond + Partners)
River Rock Casino – "River Rock Dream Car Giveaway #2" (Assisting agency: The Glenn Group)

Best Corporate Social Responsibility Publication
Harrah's Entertainment, Inc. – "CodeGreen Toolkit" (Assisting agency: Danyon Advertising)
Harrah's Entertainment, Inc. – "Southern Nevada Community Report" (Assisting agency: Via Design)
Potawatomi Bingo Casino – "A New Day Dawns - Community Investment Report" (Assisting agency: Milwaukee Design)

Best Customer Publication
Bally Technologies, Inc. – "The Networked Floor of the Future" (Assisting agency: T-Graphics)
Harrah's Entertainment – "Total Rewards Magazine" (Assisting agency: Time Inc. Content Solutions)
Harrah's Entertainment – "Your Guide to Total Rewards" (Assisting agency: Time Inc. Content Solutions)

Best Direct Mail – Single Piece
Beau Rivage Resort and Casino – "Beau Rivage Hotel Sales Kit" (Assisting agency: Masterminds)
Harrah's Entertainment, Inc. – "Seven Stars Renewal" (Assisting agency: The Media & Marketing Group)
Mandalay Bay Resort & Casino – "Mandalay Bay New Year's Eve VIP Invitation" (Assisting agency: The Glenn Group)

Best Direct Mail Campaign
Barona Valley Ranch Resort & Casino – Club Barona Tier Aspiration/Migration Program
Harrah's Entertainment, Inc. – Atlantic City New Business Mailers (Assisting agency: The Media & Marketing Group)
Mohegan Sun – Series of Player Development Mail (Assisting agency: Outthink)

Best Employee Publication
Ameristar Casinos, Inc. – "Winning Magazine" (Assisting agency: Eurie Creative)
Barona Valley Ranch Resort & Casino – "Barona Moments Internal Campaign" (Assisting agency: NYCA)
Beau Rivage Resort and Casino – "The Shoreline" (Assisting agency: JWT Employment Communications)

Best Multi-format Ad Campaign
Barona Valley Ranch Resort & Casino – "Barona Moments External Campaign" (Assisting agency: NYCA)
Beau Rivage Resort and Casino – "Arrive/Depart" (Assisting agency: Masterminds)
Belterra Casino Resort and Spa – "Belterra: Easy to Love. Hard to Leave." (Assisting agency: SK+G)

Best Outdoor Advertisement – Single Piece
Harrah's Entertainment – "Slots on Time Square" (Assisting agency: BBDO West)
River Rock Casino – "River Rock Dream Car Giveaway" (Assisting agency: The Glenn Group)
Seminole Hard Rock Hotel & Casino (Hollywood, FL) – "Jack of Rock" (Assisting agency: Outthink)

Best Outdoor Advertising Campaign
Harrah's Entertainment, Inc. – "Total Rewards Program Enhancement" (Assisting agency: Leo Burnett)
Ontario Lottery and Gaming Corp. – "Pick 3 + Pick 4: Are you carrying today's winning ticket?" (Assisting agency: Bensimon Byrne)
Southland Park Gaming & Racing – "Be Lucky That Way" (Assisting agency: cs2 advertising)

Best Public Affairs Campaign
Harrah's Entertainment, Inc. – "CodeGreen Awareness" (Assisting agency: Danyon Advertising)
Harrah's Foundation/WGBH Boston – "Caring for Your Parents Campaign" (Assisting agency: Via Design)
Ontario Lottery and Gaming Corp. – "OLG Corporate Campaign 'Celebrations'" (Assisting agency: Draft FCB)

Best Print Advertisement – Single Piece
Ameristar Casinos, Inc. – "Ara Spa Poster" (Assisting agency: Cannonball)
Harrah's Entertainment, Inc. – "Lunar New Year Greeting - Year of the Rat" (Assisting agency: L3 Advertising, Inc.)
Harrah's Foundation/Opportunity Village – "I Can" (Assisting agency: Via Design)

Best Print Advertising Campaign
Aristocrat Technologies, Inc. – "Tattoo Campaign" (Assisting agency: Marz & Company)
River Rock Casino – "River Rock Dream Car Giveaway" (Assisting agency: The Glenn Group)
River Rock Casino – "Welcome to Win Country" (Assisting agency: The Glenn Group)

Best Web Site
Barona Valley Ranch Resort & Casino – www.barona.com/2008open-invite
Buffalo Thunder Resort and Casino – www.buffalothunderresort.com (Assisting agency: The Glenn Group)
River Rock Casino – www.riverrockcasino.com (Assisting agency: The Glenn Group)

Even major players feel serious squeeze as revenue drops, debts rise

2008-10-21T21:09:00.000-07:00

by Liz Benston

Las Vegas Gaming Wire

LAS VEGAS, Nevada -- Casino companies' earnings are plummeting by double digits. Debt costs are rising for many companies. And their customers are spending less.

In the financial world, in this economy, those are the trend lines of doom.

Indeed, a few smaller operators are already close to bankruptcy. But could giants like MGM Mirage and Harrah's Entertainment be next?

The breathtaking series of Wall Street failures and Washington bailouts of recent months suggests anything is possible — even spectacular failures in Las Vegas.

For now, bankruptcy protection remains a remote, if grim, possibility for all but the most damaged companies. Experts say that banks will negotiate with the big casino operators rather than force them into bankruptcy.

"These companies are still generating a huge amount of cash. The banks are going to work with operators that are willing to cut back on capital expenditures," said one banker, who requested anonymity.

Yet financial experts say for the online casinos giants to survive in this economy, they must continue to make smart, sometimes painful moves. They also need a little of that luck so many people come here to find.

Casino executives and analysts interviewed by the Las Vegas Sun last week were entirely aware of the industry's plight as they explained the steps needed to shore up these companies.

The chief concern among casino operators remains how long the economic downturn will continue. The deeper and more prolonged the downturn, the more likely that companies will be forced into bankruptcy.

In the meantime, casino operators are pursuing options to cut costs and hold creditors at bay.

Harrah's recently completed an inter-company loan of $200 million to trim the company's debt. It's now paying a portion of its interest by issuing additional bonds, saving the company millions of dollars in cash.

Station Casinos will seek some reprieve from its banks, though the company's debt costs will likely go up, analysts say.

Both companies have relatively little cash left after interest payments to pay for upgrades to their properties.

Casino operators are also cutting costs where they can, including payroll, their single largest operating expense. At many companies, this has meant laying off managers and rank-and-file workers in recent months.

As of August, the state reported that the gaming industry employed roughly 600 fewer people than a year ago. Although more workers have lost their jobs in that time, these figures reflect that many people who lost jobs have since found work, especially at new casinos that are hiring or have opened.

Some companies have halted construction projects, and analysts expect more plans to be put on hold in the coming months. (The exceptions are big projects too far along to mothball, such as MGM Mirage's CityCenter and the Octavius hotel tower at Harrah's-owned Caesars Palace.)

Some executives are putting more cash, or equity, into their companies. Las Vegas Sands Chief Executive Sheldon Adelson, the company's largest shareholder, recently lent the company $475 million of his own money to pay down debt.

Companies with wealthy shareholders could do the same, analysts say.

Still, some companies may not be able to wait out the economic downturn. Herbst Gaming and the owners of the Hooters hotel, for example, are not generating enough cash to cover debt payments.

A rebound by 2010 would be soon enough for companies to get a reprieve from lenders and weather the downturn, experts say.

Yet with gaming stocks and bonds trading at less than 50 percent of their value of a year ago, most investors aren't hopeful for a quick turnaround.

Some experts believe there might be a cultural shift at play with longer-term implications for businesses, especially the Las Vegas resort industry, which encourages escapist, spendthrift behavior.

"Post the era of using homes as 'piggy banks' and overspending as a nation at every level, we believe a new era of national thrift is before us," Andrew Zarnett, a bond analyst with Deutsche Bank, said in a research report last week. "We believe last week's activities in the stock market have caused too much psychological damage and the general public has been traumatized by these events ... We believe Americans will be forced, if not at their own volition, to reduce household debt."

The result, Zarnett says, will be reduced consumer spending and an unprecedented gaming industry recession.

For several casino companies, the economy began its slump soon after they took on massive debts. At the tail end of the credit boom, Station Casinos and Harrah's went private with the help of private equity firms that borrowed extensively to make the deals happen.

Ideally, leveraged buyouts rely on cheap loans that are paid down by growing earnings over a longer term than is acceptable to Wall Street. The companies can then be sold back into the public market for more money.

It's hard to blame these companies for taking on debt when they did because few business models would have assumed a decline this deep, according to one Las Vegas casino executive, who requested anonymity.

"Nobody considered a situation where your cash flow goes down by 25 percent because that would have been a ridiculous assumption to make a year ago," the executive said. "You would have been laughed out of the room."

Before the economic decline, major casino companies used cheap capital to build expensive properties and acquire others. Lenders gave them money at attractive interest rates on the assumption they would generate enough cash to pay off their ballooning debts, or at least refinance them at lower rates.

The credit crisis, by itself, wouldn't have been too dire for casino companies. As long as casinos generate huge amounts of cash that grow over time, as well-run casinos have throughout history, even monster debts can be managed.

Operators have seen boom-and-bust cycles before, and the Strip has historically functioned with some independence from the broader U.S. economy.

Yet in this downturn consumers of all income levels are spending less, contributing to double-digit earnings declines at some casino companies. Those factors have shifted the industry's economic outlook.

"If you thought this kind of thing would happen, you wouldn't do any deals, ever," the casino executive said.

Michael Paladino, senior director of gaming, lodging and leisure companies for bond rating agency Fitch Ratings, calls this an "unprecedented consumer downturn, relative to the size of the industry today."

Companies that didn't borrow billions of dollars to go private have their own set of concerns: All casino companies have terms, or covenants, with their banks.

MGM Mirage, whose bank lenders for the company are some of the same entities that are lending money to the company's CityCenter joint venture, recently negotiated some relief. The banks are allowing the company to increase its ratio of debt to earnings in exchange for a higher interest rate.

Although many companies don't have any bonds coming due until at least 2010 or thereafter, MGM Mirage has a pair of bonds worth about $1.3 billion that mature next year. The company will likely take on additional bank debt or refinance the bonds at higher rates, analysts said.

Las Vegas Sands expects to open a casino resort in Bethlehem, Pa., next year and condos at its Palazzo resort in 2010, but those projects alone might not generate enough additional cash to satisfy the company's banks, especially if earnings are depressed, analysts said. Meanwhile, the company is sinking billions of dollars into a stretch of resorts in Macau that may not boost profits for years.

Wynn Resorts has more of a cash cushion than many of its competitors. As a preemptive strike, Wynn negotiated more leeway on the company's debt without having to pay higher interest rates for it. And yet, Wynn is also facing an earnings decline that, should it continue, could put the company's banks in the position of calling the shots, analysts said.

These problems could be solved in an instant — by earnings growth.

In the meantime, companies will further tighten their belts. This may mean further staff cuts or delays of periodic upgrades to, say, hotel room furniture or restaurant interiors — an unappealing prospect in a business where customers expect to be coddled and entertained, even dazzled.

In a worst-case scenario, companies could sell property or land. The credit markets would have to improve first because few companies would have the ability to finance a purchase otherwise, Paladino said.

However prolonged the downturn, Paladino said the industry will eventually look different, perhaps with less reliance on debt to fuel growth.

"Nobody's saying that banks aren't going to lend again," he said. "But the longer it takes, the worse things are going to be for this industry."

Source: http://www.casinocitytimes.com/news/

Boldly going... downtown?

2008-10-20T04:46:00.000-07:00

LAS VEGAS, Nevada -- Don't mourn the departed Trekkies yet.

Las Vegas Mayor Oscar Goodman and Neonopolis developer Rohit Joshi say the defunct Star Trek: The Experience attraction at the Hilton is moving downtown.

If it works it would be the biggest resurrection since Mr. Spock reanimated on planet Genesis -- both for the Experience show and the troubled Neonopolis development.

Goodman let the news slip Thursday morning during a chat with reporters at City Hall.

Later Joshi, developer for the struggling Neonopolis mall on Fremont Street, confirmed a deal was close.

But he clearly wasn't prepared for the news to leak.

"You kind of shocked me," Joshi said when asked about the potential deal. "I don't know how to respond to that."

He continued: "We are in very serious negotiations. We think it would be a fantastic addition to downtown."

Joshi also produced a bound agreement with CBS Consumer Products, the licensing division of the media giant that owns the rights to the Star Trek name, dated Monday.

Leslie Ryan of CBS said the company had no statement on the potential move.

CBS owns the costumes, rides and other hardware and intellectual property that make up the Experience.

It licensed the material to Cedar Fair Entertainment Co., to operate the Experience at Las Vegas Hilton. But that agreement ended when the show closed at the Hilton, leaving CBS free to license the material to someone else.

Cedar Fair spokeswoman Stacy Frole said the company had no involvement with the move downtown.

Star Trek: The Experience had an 11-year run at the Hilton that ended Sept. 1.

If Joshi is able to revive it downtown he will be operating an attraction that lured millions of people to Las Vegas for Star Trek rides, themed food, a museum and even weddings.

"We don't have volcanos, we don't have fountains, we have got to create attractions," Joshi said.

Reviving the attraction won't be easy, though.

In addition to retrofitting space on the first floor of the mall to accommodate the rides, restaurant, museum and other show elements, Joshi would need to bring back the audience.

Even hard-core Star Trek fans say that by the end of its run at the Hilton the attraction was getting stale and needed an update.

And a new "Star Trek" movie scheduled for release in May would make the old props look even more dated by comparison.

"I think it is a mistake to take what was there and re-create it," said Anthony Pascale, editor of the Web site TrekMovie.com. "It was getting a little long-in-the-tooth."

Pascale said the version at the Hilton was aimed at a generation of Star Trek fans tuned into the series "Star Trek: The Next Generation."

"That is just part of Star Trek, not all of Star Trek," Pascale said.

He suggested a revived Experience would need to incorporate the new movie and more of the original 1960s television series which later spawned several movies including "Star Trek III: The Search For Spock," a film that included the resurrection of Mr. Spock, the U.S.S. Enterprise's science officer and perhaps the most renowned Star Trek character in popular culture.

No matter how a new Experience unfolds, Goodman was clearly excited by the prospect of Neonopolis living up to its promise to attract new blood downtown, even if it becomes Nerdopolis in the process.

He practically beamed as he dropped the news on Thursday.

Neonopolis has long been viewed as a black hole in terms of development downtown.

The complex is between the east end of the Fremont Street Experience canopy and the west end of Fremont East, a bar and entertainment district that includes the El Cortez hotel-casino.

The mall has struggled to attract tenants and its lack of life has been blamed for reducing foot traffic between the canopy and Fremont East.

"It would be ironic," Goodman said of the potential for landing Star Trek. "Perhaps the most successful place downtown could be Neonopolis, even though it has been an albatross around my neck all these years."

Source: http://www.casinocitytimes.com/news/

Backers: Casino's 907 jobs crucial

2008-10-13T02:57:00.000-07:00

LEWISTON, Maine -- As reported by The Sun-Journal: "Oxford County casino backers unveiled an economic impact study Wednesday showing their $184 million project would create 907 jobs.

"Ninety-seven percent of the permanent work force would be Mainers from Oxford County and the surrounding counties, said Dean Harrold, president of Olympia Gaming. The Las Vegas-based casino and resort company is behind the casino proposal going to voters on Nov. 4.

"...It was the second straight day that online casino proponents pushed jobs, saying casino construction and operations would bolster Maine's economy..."

Source: http://www.casinocitytimes.com/

New Online Casino Games Site

2008-09-22T22:51:00.000-07:00

Since the online free casinos business is part of a worldwide growth industry, this means that fresh online casinos must be coming into business. Fresh online casinos are not known entity, unless they belong to a company that is known. Since online casinos are unknown entities one thing to look for is the software that they use. Software makers have their own reputations to protect and don’t want their products involved with any shady operations. If a new online casino is powered by a well-known software maker, it can usually be assumed that they will comply with the industry standards of conduct.

Most of the casino websites of these new online entities will tell you if they are audited by independent accounting firms and whether or not they are licensed and where. Look for seals from various industry watchdog groups on the website. This tells you their operations have been reviewed and are found to conform to the group’s standards. Carefully read their policies and terms and conditions before you join. Players of course want to be sure that they can collect their winnings and withdrawal their funds.

Players shouldn’t shun an online casinos because it is new. In an expanding and profitable industry, there are going to be new entrants. That is normal economics. The new entrant has to attract customers and does so through liberal bonuses and special promotions. Players can do very well playing at a new online casino to take advantage of all the promotions.

The genuine Loser from UIGEA

2008-09-20T03:26:00.000-07:00

The world’s casino gambling market has developed massively. Internet gambling that started in 1996 is now a twelve billion dollar a year business. Half of those incomes came from customers in the United States.

The United States then did the incredible and passed the Unlawful Internet Gambling Enforcement Act that disallow financial institutions from processing transactions between the online casino gambling company and the player. Immediately after the signing of the bill, the value of the gaming stocks fell on the FTSE. Sporting bet and Leisure and Gaming sold their U.S. operation for $1.

Since then, online casinos have been increasing refusing new U.S. customers and closing the accounts of existing customers. The gaming companies that were in the U.S., like Poker Stars and others have departed, as the software makers slowly seal U.S. players out of the market.

Now there are talks of mergers between companies who were once financially strong, and are now sitting overseas without a market. Internet gambling itself is not yet illegal in the United States, although there is talk of that happening. The British, who will enter the casinos market in 2007, watched as the huge U.S. market was cut off from the online gaming world.

The real losers here are the U.S. consumers. They are sealed out of a market that they basically made since U.S. players accounted for half of the industry’s revenues. Any U.S. online operators had to close their operations down. While the whole world enjoys online casino gambling, U.S. players sit at home and seethe.

The Psychology of Casino Gambling

2008-09-19T04:10:00.000-07:00

Gamblers are willing to risk a defeat of a given amount of money in order to win a bigger sum of money. They are willing to take a hazard (Risk). Is the risk really as great as it come into sight? Most experienced casino players are playing on the base of knowledge and strategy. They are knowledgeable about the game they are playing and they have premeditated and learned the strategy involved.

The experienced online casino players are awake of the significance of money management strategies. They, for the mainly part, know when to quit. When they reach their set limit for spending, they quit. When they achieve their predetermined time limit, they quit. When they achieve their encoded prize money amount, they quit. The gambler has the self-control required to follow his money and time managing plans.

The experienced casinos gambler generally keeps his emotions controlled. Remember the phrase “poker face”. You can’t determine the poker player’s emotions from his face for the reason that his face is presentation no emotions. He keeps his emotions disciplined.

Gamblers who know they are self-disciplined enough to go after their money management and know that they are well-informed about the game and the policy, if any, involved in charming, play online casinos with self-confidence. And why should not they be positive. They know they have given themselves the best probability of winning. They are presenting themselves as sure to the other players and they know they come crossways that way. This “arrangement”, for lack of a better word, has a result on the other gamblers.