Monday, April 08, 2024
Monday, April 01, 2024
Property News Media Blog: Local Listings
Property News Media Blog
Local Listings
Local Listings - Local Directory: Local Property, Local Agents, Local News Media, Local Advertising
Wednesday, March 27, 2024
Tuesday, March 26, 2024
Wednesday, March 13, 2024
Sunday, March 10, 2024
Friday, March 08, 2024
Saturday, March 02, 2024
Property News Media Blog: Their chips are down as crisis-hit casinos go all in to draw tourists instead of hardcore gamblers
Property News Media Blog
Their chips are down as crisis-hit casinos go all in to draw tourists instead of hardcore gamblers
Saturday, February 24, 2024
Sunday, February 18, 2024
Thursday, February 15, 2024
Thursday, February 08, 2024
Monday, February 05, 2024
Sunday, February 04, 2024
Monday, January 22, 2024
Thursday, January 18, 2024
Wednesday, January 17, 2024
Property News Media Blog: Casino News Flashback
Property News Media Blog
Casino News: Flashback 2010
Sydney, Australia; UK, Fiji, Macau, California, U.S
Crown Limited Does Deal With Barangaroo In Sydney...
In big news today, James Packer’s Crown Limited (ASX: CWN) has struck a deal to build a $1 billion hotel development at Barangaroo, on Sydney’s foreshore. Crown signed an agreement with the developer, Lend Lease Limited (ASX: LLC) earlier today, but said it will only go ahead if Crown gains approval to including VIP gambling facilities (in other words – a casino). Just yesterday, Crown announced that it was spending up to $568m to build a six star hotel at its Burswood casino in Perth.
Work on Fijis first ever Casino to begin...
Work on Fiji’s first casino will begin this month as investors will meet to give contracts to local companies in Denarau this week.
One Hundred Sands – the company behind the project has managed to raise $400million for construction.
However the initial projections for phase one of the project which will see the construction of a convention center, casino and resort is $290m.
Managing Director Larry Claunch says overseas investors are often given misconceptions about Fiji’s investment potential by local private sectors.
“There has been a lot of criticism if we could raise the money in a timely fashion – we have, criticism and comments if we can finish on time – we will – its going to be probably a fastest development anybody has ever seen and it going to be fun to watch.”
Claunch says the current government played a vital role for this investment.
“I didn’t come to Fiji with a though of developing a casino or anything for that matter – I really just came here to eat fresh fish – but after seeing the vision of this government I knew everything was possible and I was all in.”
Five hundred locals will be employed during the construction and around 600 to 850 will be employed at the casino.
The new casino is expected to begin operation from September next year.
Aspers Casino looks forward to end of Games...
Though it’s happening right on the doorstep of his company’s flagship casino, Richard Noble is looking forward to when the 2012 London Olympic Games finish.
The chief operating officer of Aspers Group – a joint venture between the Australian Securities Exchange-listed Crown and the Aspinall family, which operates Aspers Casino at Westfield Stratford City next to Olympic Park – says weekly takings and average visitor numbers are down about 20 per cent in the first week of the Games.
When Aspers at Westfield Stratford City, the country’s largest casino, opened on December 1 last year, Noble told The Australian Financial Review it was immediately popular. “In our first three days we had 30,000 visitors which was about 100 per cent above our business case. After that we were averaging 25,000-30,000 visitors per week. But in the last few months we’ve seen the three carparks here at the Westfield get cut down to one and now it is none, so we have been adversely affected.”
There have been restrictions placed on visitor numbers to Westfield Stratford by the London Olympic Games Organising Committee (LOCOG). These include only Games ticket holders being allowed access to Westfield between 8.30am and 5pm on Friday and Saturday.
Noble says this cut down on the ability of regular Aspers patrons to visit the casino. He said it also affecting the numbers of people in the local area attracted to Westfield during the Games, who could have potentially visited the casino for the first time. LOCOG is also likely to institute another similar “lock-out” later this year due to fears about congestion at the mall, which is between Olympic Park and public transport links.
With the Olympics not providing the boost in business once hoped, Noble says Aspers will now concentrate its marketing efforts on the post-Games period. “On the 18th of September, after the Olympics and then the Paralympics are over, we will be having a huge relaunch.”
Noble says the casino concentrates on a high volume of customers who spend relatively little. It has a catchment area of 4.1 million people.
“And that is just in the east and the area around, north to Luton and east to Southend,” he said.
“But what’s been surprising and also delightful is that we’ve managed to get a lot of visitors from the west of London as well.”
A change to British gaming laws in 2007 allowed for the casino to be built without previous restrictions that meant patrons had to become members. Aspers also owns casinos in Newcastle, Swansea and Northampton and is planning to open a new venue in Milton Keynes in 2003.
Overall, he says Aspers is pleased about how the Stratford business has performed given it has already expanded since its December 2011 opening. It now has 57 gaming tables, the highest number in Britain, up from 38 when it opened. It has room to accommodate 80 tables. There are also now 138 electronic gaming terminals, up from 92. The site will soon feature a bespoke poker room to go with the sports bar, VIP bar and terrace, which has been hired out to corporate clients for the Games.
But Noble, who is otherwise enjoying the Games, can’t wait until September. “Some of our patrons are not able to get here at the moment but that will change once all this is over.” (The Australian Financial Review)
Police detain 150 in Macau casino raids amid fears of new gang war...
HONG KONG (Reuters) - Police detained more than 150 people in weekend raids on casinos and hotels in Macau after a recent spate of killings raised fears of a new gang war in the world's largest gambling destination.
The former Portuguese territory was gripped by gang wars in the late 1990s and the recent murder of three people in two weeks, thought linked to the gambling industry, comes just months ahead of the release from jail of triad boss "Broken Tooth" Wan Kuok-koi, who wreaked havoc at that time.
About 1,300 people were rounded up on Friday and Saturday in Macau and 150 of those were taken in for questioning in the operation codenamed "Thunderbolt".
"This operation is an annual exercise to maintain public security. It is a joint exercise undertaken by police in Guangdong province, Macau and Hong Kong to crack down and prevent crime in this region," a Macau police spokeswoman said.
In Hong Kong, police raided 21 locations on August 2 as part of the joint operation and arrested 130 people on suspicion of various crimes including money laundering involving HK$300 million (24.77 million pounds), illegal gambling and prostitution.
Police also seized cash, watches and cars worth more than HK$11 million.
The Macau raids came just weeks after a Chinese woman was found murdered in a residential area minutes away from the cavernous gambling halls of gaming magnate Sheldon Adelson's Venetian casino.
That followed the murders of two Chinese nationals at the five-star Grand Lapa hotel in Macau, a one-hour ferry ride from Hong Kong, and an attack at the end of June on a senior figure in Macau's junket industry, which extends credit to rich gamblers.
By contrast, only five homicide cases were recorded between June 2011 and May 2012, according to Macau police statistics.
Macau, which like Hong Kong is a special administrative region of China, has boomed since the 1999 handover from Portugal, with Las Vegas moguls including Adelson and Steve Wynn setting up glitzy casino hotels.
That growth, however, has slowed significantly in the past three months, forcing junket operators into more aggressive debt-collecting tactics.
Many of the smaller junket companies, which collect gambling debts in exchange for a commission from casino operators, are struggling to stay in business.
IGT partners with California casino...
American computerised gaming equipment designer and manufacturer International Game Technology (IGT) has signed a deal that will see the Golden Acorn Casino and Travel Center in California host an online casino application from its Double Down Interactive subsidiary.
Las Vegas-based IGT purchased the casual games developer in January and revealed that the Golden Acorn Casino is set to utilise its technology in order to offer casino players free-play gaming experiences.
“Golden Acorn recognises the opportunity to provide gaming entertainment to its players across various channels,” said Eric Tom, Global Sales Executive Vice-President for IGT.
“This solution is allowing it to grasp an opportunity to evolve as the landscape of gaming also changes permitting it to drive engaging gameplay directly to its casino guests and fans of the Golden Acorn Casino and Travel Center brand.”
IGT stated that the revenue sharing partnership will see Golden Acorn use its own website in order provide players with a ‘truly convergent gaming experience’ that is to include access to a ‘full-casino-style offering of games in one convenient place’.
“Offering the same game titles on the web that we offer inside our casino gives us the unique opportunity to deliver fun and engaging casino-style experiences to our players,” said David Baggerly, Marketing Director for Golden Acorn Casino and Travel Center, which is located 47 miles from downtown San Diego near the Mexican border.
“This is an incredible chance to drive interactive slot culture to our players while allowing them to stay connected to our brand.”
Guests at the Golden Acorn will be able to enjoy online social versions of Texas hold‘em poker in addition to some of IGT's top-performing slot titles including Da Vinci Diamonds and Cleopatra. New games are to be added automatically while first-time users will receive one million dollars in virtual chips.
Development agreement for Bally and High 5 Games...
Bally Technologies has entered into a multi-year agreement with games developer High 5 Games to publish a substantial number of new H5G games under the Bally brand for the worldwide land-based, mobile and online business-to-business casino gaming markets.
“We’re excited to partner with a game creator that has such a world-class track record of developing high-performing and engaging game content,” said Jean Venneman, Vice President of Product Management and Licensing at Bally Technologies. “We look forward to leveraging H5G’s newest game content to help casino operators across the world drive revenues and delight players.”
Ramesh Srinivasan, Bally's President and Chief Operating Officer, added, “The partnership with H5G reflects our commitment to delivering best-of-breed, cross-platform game content to our customers. This promise is reflected in the more than 25 game studios we have established across the globe, augmented by relationships with proven game developers like H5G that enable us to deliver a diverse array of creative, interactive, and exciting game content.”
“We are delighted to partner with Bally Technologies, a long-time leader in the casino gaming industry,” said Anthony Singer, Chief Executive Officer of H5G. “With Bally’s sophisticated new ALPHA 2 game platform, and a new Bally Interactive division committed to mobile, online, and social business-to-business game content, we believe that the sky is the limit for this next generation of H5G games.”
Tuesday, January 09, 2024
Property News Media Blog: Property News Media Collaborating with Coastal News Media, Eastern Suburbs Media, Cafe News Media, Advertising News Media: Part of the Media Man Group
Property News Media Collaborating with Coastal News Media, Eastern Suburbs Media, Cafe News Media, Advertising News Media: Part of the Media Man Group
Monday, January 08, 2024
Property News Media Blog: Casino News. Casinos, Hotels and Resorts
Property News Media Blog
Casino News
Classic Las Vegas Strip casino adds exciting adult entertainment
Las Vegas Strip hotel and casino operators are constantly seeking innovative attractions to lure visitors through their doors and onto the casino floor.
Guests have many options for daytime and nighttime entertainment on the Strip and its surrounding areas. Circus Circus hotel and casino is both a daytime and nighttime destination for families offering its Carnival Midway with arcade games and prizes which opens daily at 11 a.m. The Midway also surrounds a circus stage featuring free circus acts starting at 1:30 p.m. Of course, guests under 21 are not allowed on the Circus Circus casino floor.
For more relaxing daytime leisure, guests can lounge by the swimming pool or take in a game of golf. When the lights go down, plenty of evening entertainment is available as well.
Plenty of entertainment to choose from
Visitors might choose to see a magic act, such as magician and illusionist David Copperfield at MGM Grand Hotel and Casino or maybe Penn & Teller's magic, illusion and comedy act at the off-Strip Rio All-Suite Hotel and Casino. Or maybe guests would prefer to take in one the five Cirque du Soleil shows in Vegas – The Beatles Love, Michael Jackson One, Mystère, O or Kà.
For those looking for big-name music acts, superstar singer Adele continues her "Weekends With Adele" residency at Caesars Entertainment's (CZR) - Get Free Report Colosseum at Caesars Palace for 32 more weekend shows from Jan. 19 through June 15, 2024.
Classic 1970s teen idol Donny Osmond has extended his residency beginning Jan. 23 and ending May 11, 2024, at Harrah's Showroom, and An Intimate Evening with Santana hits the stage at House of Blues Las Vegas Jan. 24-31 and Feb. 2-4.
Luxor opens adult playground on the Strip
A new attraction hits the Strip as Play Social Inc. on Jan. 18 opens its highly anticipated Play Playground, a 15,000 square-foot immersive play area featuring an array of interactive large-scale games emphasizing tactile skill, memory, puzzles and teamwork, at MGM Resorts International's (MGM) - Get Free Report Luxor Hotel and Casino. The first-of-its-kind Playground features over 20 games, two bars, VIP mezzanines and private event spaces.
The venue is different from a Dave & Buster's or Chuck E. Cheese, as it does not feature any arcade, virtual reality or augmented reality games. Players earn credits for winning at the immersive games that can be exchanged for prizes in the Prize Center, which is one aspect similar to the arcade-style restaurants. Play Playground is open for all ages by day and adults only by night. The play area's operator Play Social markets it as ideal for both families visiting with children or companies looking to host a unique outing, the company said in a statement.
The venue is open from noon to 12 a.m., Sunday through Thursday, and noon to 2 a.m., Friday and Saturday. Guests who are under 21 years old must exit Play Playground at 5 p.m. daily, but the 21 and over crowd can continue having fun at the venue until closing. Admission for guests under 21 is $34.50 and $39.50 for 21 and over, which includes a $2.50 service charge, according to the Playground's website.
Play Playground also offers a VIP Experience for $97.50, which includes all-day play, VIP lanyard and card, skip the line privilege, 24-hour re-entry, one commemorative cocktail, a commemorative hat or beanie and 15% off retail purchases. The service charge is included.
SkyCity Casino Brings Bingo into Its Safer Gambling Ecosystem
SkyCity Casino is betting on a new range of bingo games. With bingo caught up in digitization of gambling since the early noughties, the game has enjoyed a resurgence. Gone are the days when bingo was played exclusively by those in retirement age. Countless studies and surveys show that the average age of bingo players has decreased significantly.
We know that remote gaming revenue in the UK between April 2020 and March 2021 was £6.9 billion. Bingo is listed among the games tracked within the metric. With further statistics showing that the average age of online gamblers is between 35 and 54, we can say with confidence that bingo is not only popular with the masses but with a younger audience than before.
Moving in Step with Industry Trends
SkyCity Online Casino and bingo is a testament to this. The online gambling operator has long taken popular products and converted them into digital offerings. Casino games, including slots, blackjack, and roulette, got the ball rolling. From there, virtual sports betting games were added to the mix. Now, after reviewing the latest trends, bingo games, ranging from classic 90-ball to modern speed variants, will be available to desktop and mobile players. Perhaps the biggest benefit of making bingo available to online players is the ease with which safety controls can be implemented. The current trend permeating all areas of the online gambling industry in 2023 is safer gambling.
Changes to the UK’s Gambling Act have prompted a new wave of responsible gambling measures and financial checks. US states implementing their own online gambling laws are also harnessing the latest innovations to ensure players are not only within permitted locations but playing responsibly. SkyCity Casino has a long-standing commitment to customer care. As per its responsible gaming policies, customers in New Zealand must be 20 or older to use the site, and all new accounts must be verified. Once customers are verified, there are tools for tracking financial transactions and, if necessary, set deposit limits.
Land Based Casinos
What are Land Based Casinos?
Land based casinos are physical casino premises that are commonly known as brick and mortar casinos. The term is used to differentiate between casino venues and their online counterparts.Some casino brands operate a mix of land based and online casinos, while other brands have either one or the other. Land based casinos might just include the casino itself, or they might be combined with other services such as bars, restaurants and hotel rooms.
Land Based Casinos Explained
A land based casino is any gaming premises located in the real world, as opposed to online. Examples of famous land based casinos include Caesar's Palace in Vegas and the UK's Grosvenor Casino brand. There was a time when the 'land based casino' was just the 'casino', but the dawn of online gambling has brought a need to differentiate between the two things. Land based casinos are therefore any physical buildings in which gambling games are played.Casinos usually offer a range of different games, although some specialise in one type of game, such as slot games or roulette. Most land based casinos have additional services for players, including entertainment acts, bars and restaurants, and sometimes hotel rooms and suites. Players who spend a lot of time playing at land based casinos are likely to be rewarded with complimentary use of these casino services.While land based casinos are different from online casinos, there are physical casinos which only offer electronic games. These video poker and slot arcades are common in smaller casinos and might be an offshoot of a larger brand.Land based casinos can be found in towns and cities all over the world, although there are some cities, such as Las Vegas and Atlantic City, which specialise in hosting these venues and have large numbers of land based casinos in one place.
Real Estate - Casino Connection News
Managing Director of the Alea Consulting Group, Nicholas G. Colon delves deeper into this relatively new way of ensuring the long-term financial viability of land-based casinos
The casino gaming industry is one of the most dynamic sectors of business to work in. Gaming executives are engaged in a never-ending quest to find the magic formula that boosts their corporate earnings to the next level. Sometimes the speculations are glorious successes, while other times they’re horrific failures. And still other times, massive investments have to be made before the true extent of how bad an idea is can be revealed.
The newest approach that gaming companies are trying is using the real estate market to increase their revenues. Here I will give a brief overview on how the real estate revenue generation by casino gaming companies works and, the benefits and drawbacks associated with this method. Modern casinos are built as massive resorts often times covering scores of acreage of land. The property usage is divided into three major components, which are gaming, hotel and commercial uses.
The hotel part houses the guests, while gaming is reserved to games of chance; and then there is the commercial use of properties. While hotel and gaming uses are niche, the commercial uses of casino properties have almost limitless possibilities. Space for entertainment shows such as the Cirque Du Soleil are fixtures at all the MGM properties in Las Vegas. Many casinos also have five-star restaurants, with world-renowned chefs tailoring the menus, on the premises.
This also falls under the umbrella of commercial use.
The commercial use for a property that is the most prevalent in some of the newest casinos in Las Vegas and around the world is shopping malls. This trend was pioneered by Caesars Palace Forum Shops in Las Vegas that opened on New Year's Day 1992. In 1998 when the Bellagio opened, there was a section of the property allocated for a few high-end shopping boutiques.
In the early 2000s the Planet Hollywood property in Las Vegas opened and it included a large shopping mall that mirrored the Forum Shops at prices more affordable to the masses. When the City Center Complex opened in LasVegas in December of 2009, The Shops at Chrystals opened up as a part of the complex. It was owned by MGM and was the home of several high-end retail shops like Louis Vuitton and Prada. The trend of associating commercial space with casinos was in full swing by this time.
Caesers, Bellagio, Planet Hollywood and the ARIA resorts all retained ownership of the commercial space at their respected resorts. They would sign leases with various retail companies for periods of time as a means to generate additional revenue for the company. Every so often the leases would have to be renewed and, depending on the sales of the store, lease rates could be negotiated.
Sales made by a particular store were tied directly to the traffic rate of the property. A 30% occupancy rating at Caesars would reduce the traffic flow of patrons frequenting the Forum Shops thereby reducing the purchase conversion rate. In the financial downturn of 2008, the shop owners had tremendous leverage and were able to negotiate very favourable rates for extended periods of time. This leads us to a huge blunder made in this area by the LasVegas Sands Corporation.
CASTLES MADE OF SAND
During the worldwide financial crisis, the shops at the Venetian were having a lot of trouble getting any type of retailers to occupy their spaces on strictly leasing terms. This led the board to sell the various retail spaces outright, at favourable terms for the buyer. This had the effect of reassuring the purchaser because they were not tied to any long-term payments and they were able to instantly begin building equity from their purchase, which at the very least was acquired at a discounted rate.
With hindsight, it’s my opinion that the Venetian was not looking at the long term when it made this decision. The global financial crash of 2008 scared everybody, and as a quick, knee-jerk reaction the Sands wanted to get the red ink out of their books as quickly as possible.
As we moved beyond the financial crisis the recovery slowly started to take over, patrons began returning to Las Vegas as a vacation destination and companies were no longer sending minimal personnel to the various conventions held there. The stores that occupied the retail space started increasing their sales and the equity in the retail space started increasing dramatically. And because the Sands no longer owned the space they were unable to increase their revenue from lease rates.
The total revenue of the Venetian was not as high as similar properties because they were not making as much from their commercial leases. This forced the Venetian to squeeze the customer from other areas. The casino games that were being offered were set up so the casino’s hold percentage was higher than before.
Most of the slot machines were set to their highest hold percentages, many of the blackjack games on the main became 6:5 payouts, for a natural and, a triple zero roulette wheel was introduced on the main floor under the name Sands Roulette, this game gives the house nearly an 8% edge over the player. Prices of food went up dramatically and comps offered by casinos went down dramatically.
MOVING FORWARD
These types of decisions are much easier to make for casinos in this scenario because there are no other revenue streams to consider. When players are not burned out at the tables they often take that extra cash and purchase goods and services at the resort property. These include products from stores, meals from restaurants and tickets for shows.
For one player this is not a factor but for the millions of players that walk through a casino a year this is significant. Even if only a tiny fraction of the players spend money at the shops, restaurants and shows, it translates into millions of dollars in sales over the course of a year and causes the value of the leased property to go up. Another negative impact is that the casino can’t negotiate better rates for items that can be purchased with players comp points, because there is no financial incentive to do so.
In recent years almost all of the main resorts on the Las Vegas Blvd and downtown Las Vegas have started charging for parking, even to casino guests and players. They do not collect money from their patrons they merely lease out the parking structure for a term of several years to an operating company. The operating company then installs parking ticket machines, gates and payment machines. They merely collect the money over the years of the lease. Again here, gaming companies are thinking short-term and not realising the negative perception they are creating with their customers. Creating more and more cost barriers for a customer to get to your product has an overall negative impact on revenue.
As we can see from the cited examples, the casinos have been in the real estate business for decades. But because it was viewed as a 360-degree revenue stream the gaming company was utilising to feed the main profit centres of the resort, it wasn’t viewed that way.
We are seeing today gaming organisations partition a division of their company to strictly deal with revenue generating through real estate applications. In effect, they are selling off pieces of their company that feed other parts of their total revenue equation. The assertion here is that the money in hand that is used for reinvestment will exceed the revenue that would be attained from keeping the asset. But what it is doing is showing little faith in the management team and foreshadowing a market reduction. The resorts, at least in Las Vegas, have convinced themselves that they are convention-centred destinations and the companies attending the conventions are the ones footing the cost and not vacationers. This type of thinking turns gaming companies into a B2B operation rather than an entertainment industry. Will it work? Maybe. Operators have just recently come back to profitability, stopping nearly a decade trend of losses. And even so the profits were just marginal. So now it’s a waiting game to see how the markets will react.
Australia’s Crown Resorts issues warning over unauthorized use of brand in illegal gambling ads
Australia’s Crown Resorts has raised a public alert about fraudulent activities involving imposter social media accounts and misleading advertisements. The casino operator revealed that unauthorised entities are exploiting Crown’s name, logo, images, and other distinctive details to promote illegal online gambling platforms.
The company, in an official statement, requested the public to exercise caution when encountering such advertisements and advised them to rely solely on Crown’s official websites and social media channels for authentic news and promotions.
As reported in Inside Asian Gaming Crown Resorts emphasised that operating an online casino or offering casino-style games online is prohibited in Australia. The statement clarified that Crown does not engage in online casino operations or any form of online gambling. The company stated it would take legal action against individuals or groups organising illegal activities using the Crown brand or its subsidiaries.
Currently undergoing a comprehensive reform initiative, Crown Resorts is focused on revamping its resorts in Melbourne, Sydney, and Perth. This overhaul is part of its strategy to regain casino licenses following unfavourable inquiries conducted in all three states.
One of the recent reforms introduced by Crown involves implementing mandatory time and loss limits for patrons using electronic gaming machines at Crown Melbourne. This move aligns with recommendations from the Finkelstein Royal Commission, which found Crown unsuitable to retain its Victorian casino license. The license is under a two-year review overseen by a Special Manager, with a decision on Crown’s reform efforts expected in 2024. The company is navigating a critical phase as it seeks to address regulatory concerns and regain public trust.
US – Formula 1 helps drive Nevada to its second most profitable month in November - Januaary 2024
Nevada’s casinos enjoyed their second-highest win ever, fuelled by the excitement surrounding the return of Formula One racing, which boosted the Strip’s performance by 22.6 per cent.
Only July earlier in the year was more lucrative for casinos in Nevada meaning that the state smashed its personal best twice in 2023.
Across the state, casinos generated $1.37bn, an increase of 12.5 per cent rise from November 2022 with Formula One clearly playing its part in an increase in tourism with 3,292,800 visitors in November.
Michael Lawton, senior economic analyst, said: “The four-day period beginning on November 16th was extremely profitable for both gaming and non-gaming activity on the Las Vegas Strip with some properties estimating those days established all-time record levels of revenue. The event’s success was more evident at luxury properties where the Las Vegas Strip’s baccarat increase accounted for 78.6 per cent of the state’s growth this month. Additionally, the 25 licensees that are included in the $72m or over revenue range for annual gross gaming win on the Las Vegas Strip increased by $160m or 25.8 per cent compared to last November and accounted for over 100 per cent of the state’s entire increase for the month.”
The Strip’s games win came in at $410.1m, marking the third highest total in Nevada’s history, and up 61.9 per cent from last year. This increase was led by baccarat which generated $178.3m, up 208.7 per cent from last year.
The influx of tourist spend wasn’t felt everywhere across the state though with Downtown Las Vegas down two per cent with revenues of $81.1m.
The Boulder Strip was down 2.1 per cent to $83.3m whilst North Las Vegas secured a 0.61 per cent increase to $23m. North Lake Tahoe experienced an eight per cent fall as did South Lake Tahoe.
For the year so far, Nevada GGR are on track to set a new record with revenues up 4.1 per cent over the first 11 months of the record-breaking 2022. November also saw the 33rd consecutive month that the state generated revenues of more than $1bn with November’s revenue coming in higher than November 2019’s total by 46.6 per cent.
US – Billion dollar plus months are the new norm for Nevada but could the Strip soon hit the milestone too? - March 2023
The Las Vegas Strip’s best ever February helped push the state of Nevada to yet another billion dollar plus month, marking two years of consecutive $1bn plus months and begging the question; is this now the norm for Nevada?
The Strip, with 28 casinos, generated $712.4m in revenue, increasing from $599.1m in February 2022 with the State’s 441 casinos bringing in $1.24bn in February, marking an 11.2 per cent increase from February 2022.
Clark County casinos alone surpassed $1bn for the 10th straight month, with analsysts now asking if the Strip could generate the milestone on its own.
Michael Lawton, Senior Economic Analyst for the Control Board, believes that following 24 months of $1bn plus months for Nevada, the figure has become the norm.
He said: “I think after 24 consecutive months you could safely say it is [the norm]. Obviously there is a lot of economic uncertainty, however that uncertainty has not spilled over into the record gaming win amounts we have witnessed over the last two years. Clark County has recorded over $1 billion in 10 consecutive months and in 17 out of the last 24 months. The Strip in December of 2022 recorded a win amount of $814.2 million which was the all-time record for the market. I think there is interest if the Strip on its own could hit the billion-dollar amount.”
In February, Clark County’s gaming revenue accounted for 87.4 per cent of Nevada’s total win with the Strip having 57.6 per cent of the state’s total.
For the state as a whole, slot win increased by 7.6 per cent to $822.8m whilst tables increased 18.6 per cent to $102.5m. Nevada sportsbooks won $41.2m, increasing 33.5 per cent from last year’s February, although the amiount staked was down 15.6 per cent to $659.4m.
Brendan Bussmann, Analyst at B Global, believes thee is still space for more revenue growth.
“We still do not have some of the foreign guests back, and the business customer is still returning, which will likely drive additional opportunity for gaming revenue,” he explained. “There are still a number of headwinds with economic and geopolitical forces that could impact the current trends in revenue. With a recession pending, a potential banking crisis, and other factors, Nevada continues to prevail through these challenges but these and other factors could have an overall impact on Clark County and the rest of the state.”
Property News Media Blog: Casinos, Hotels and Resorts
Property News Media Blog
Casino News
Classic Las Vegas Strip casino adds exciting adult entertainment
Las Vegas Strip hotel and casino operators are constantly seeking innovative attractions to lure visitors through their doors and onto the casino floor.
Guests have many options for daytime and nighttime entertainment on the Strip and its surrounding areas. Circus Circus hotel and casino is both a daytime and nighttime destination for families offering its Carnival Midway with arcade games and prizes which opens daily at 11 a.m. The Midway also surrounds a circus stage featuring free circus acts starting at 1:30 p.m. Of course, guests under 21 are not allowed on the Circus Circus casino floor.
For more relaxing daytime leisure, guests can lounge by the swimming pool or take in a game of golf. When the lights go down, plenty of evening entertainment is available as well.
Plenty of entertainment to choose from
Visitors might choose to see a magic act, such as magician and illusionist David Copperfield at MGM Grand Hotel and Casino or maybe Penn & Teller's magic, illusion and comedy act at the off-Strip Rio All-Suite Hotel and Casino. Or maybe guests would prefer to take in one the five Cirque du Soleil shows in Vegas – The Beatles Love, Michael Jackson One, Mystère, O or Kà.
For those looking for big-name music acts, superstar singer Adele continues her "Weekends With Adele" residency at Caesars Entertainment's (CZR) - Get Free Report Colosseum at Caesars Palace for 32 more weekend shows from Jan. 19 through June 15, 2024.
Classic 1970s teen idol Donny Osmond has extended his residency beginning Jan. 23 and ending May 11, 2024, at Harrah's Showroom, and An Intimate Evening with Santana hits the stage at House of Blues Las Vegas Jan. 24-31 and Feb. 2-4.
Luxor opens adult playground on the Strip
A new attraction hits the Strip as Play Social Inc. on Jan. 18 opens its highly anticipated Play Playground, a 15,000 square-foot immersive play area featuring an array of interactive large-scale games emphasizing tactile skill, memory, puzzles and teamwork, at MGM Resorts International's (MGM) - Get Free Report Luxor Hotel and Casino. The first-of-its-kind Playground features over 20 games, two bars, VIP mezzanines and private event spaces.
The venue is different from a Dave & Buster's or Chuck E. Cheese, as it does not feature any arcade, virtual reality or augmented reality games. Players earn credits for winning at the immersive games that can be exchanged for prizes in the Prize Center, which is one aspect similar to the arcade-style restaurants. Play Playground is open for all ages by day and adults only by night. The play area's operator Play Social markets it as ideal for both families visiting with children or companies looking to host a unique outing, the company said in a statement.
The venue is open from noon to 12 a.m., Sunday through Thursday, and noon to 2 a.m., Friday and Saturday. Guests who are under 21 years old must exit Play Playground at 5 p.m. daily, but the 21 and over crowd can continue having fun at the venue until closing. Admission for guests under 21 is $34.50 and $39.50 for 21 and over, which includes a $2.50 service charge, according to the Playground's website.
Play Playground also offers a VIP Experience for $97.50, which includes all-day play, VIP lanyard and card, skip the line privilege, 24-hour re-entry, one commemorative cocktail, a commemorative hat or beanie and 15% off retail purchases. The service charge is included.
SkyCity Casino Brings Bingo into Its Safer Gambling Ecosystem
SkyCity Casino is betting on a new range of bingo games. With bingo caught up in digitization of gambling since the early noughties, the game has enjoyed a resurgence. Gone are the days when bingo was played exclusively by those in retirement age. Countless studies and surveys show that the average age of bingo players has decreased significantly.
We know that remote gaming revenue in the UK between April 2020 and March 2021 was £6.9 billion. Bingo is listed among the games tracked within the metric. With further statistics showing that the average age of online gamblers is between 35 and 54, we can say with confidence that bingo is not only popular with the masses but with a younger audience than before.
Moving in Step with Industry Trends
SkyCity Online Casino and bingo is a testament to this. The online gambling operator has long taken popular products and converted them into digital offerings. Casino games, including slots, blackjack, and roulette, got the ball rolling. From there, virtual sports betting games were added to the mix. Now, after reviewing the latest trends, bingo games, ranging from classic 90-ball to modern speed variants, will be available to desktop and mobile players. Perhaps the biggest benefit of making bingo available to online players is the ease with which safety controls can be implemented. The current trend permeating all areas of the online gambling industry in 2023 is safer gambling.
Changes to the UK’s Gambling Act have prompted a new wave of responsible gambling measures and financial checks. US states implementing their own online gambling laws are also harnessing the latest innovations to ensure players are not only within permitted locations but playing responsibly. SkyCity Casino has a long-standing commitment to customer care. As per its responsible gaming policies, customers in New Zealand must be 20 or older to use the site, and all new accounts must be verified. Once customers are verified, there are tools for tracking financial transactions and, if necessary, set deposit limits.
Land Based Casinos
What are Land Based Casinos?
Land based casinos are physical casino premises that are commonly known as brick and mortar casinos. The term is used to differentiate between casino venues and their online counterparts.Some casino brands operate a mix of land based and online casinos, while other brands have either one or the other. Land based casinos might just include the casino itself, or they might be combined with other services such as bars, restaurants and hotel rooms.
Land Based Casinos Explained
A land based casino is any gaming premises located in the real world, as opposed to online. Examples of famous land based casinos include Caesar's Palace in Vegas and the UK's Grosvenor Casino brand. There was a time when the 'land based casino' was just the 'casino', but the dawn of online gambling has brought a need to differentiate between the two things. Land based casinos are therefore any physical buildings in which gambling games are played.Casinos usually offer a range of different games, although some specialise in one type of game, such as slot games or roulette. Most land based casinos have additional services for players, including entertainment acts, bars and restaurants, and sometimes hotel rooms and suites. Players who spend a lot of time playing at land based casinos are likely to be rewarded with complimentary use of these casino services.While land based casinos are different from online casinos, there are physical casinos which only offer electronic games. These video poker and slot arcades are common in smaller casinos and might be an offshoot of a larger brand.Land based casinos can be found in towns and cities all over the world, although there are some cities, such as Las Vegas and Atlantic City, which specialise in hosting these venues and have large numbers of land based casinos in one place.
Real Estate - Casino Connection News
Managing Director of the Alea Consulting Group, Nicholas G. Colon delves deeper into this relatively new way of ensuring the long-term financial viability of land-based casinos
The casino gaming industry is one of the most dynamic sectors of business to work in. Gaming executives are engaged in a never-ending quest to find the magic formula that boosts their corporate earnings to the next level. Sometimes the speculations are glorious successes, while other times they’re horrific failures. And still other times, massive investments have to be made before the true extent of how bad an idea is can be revealed.
The newest approach that gaming companies are trying is using the real estate market to increase their revenues. Here I will give a brief overview on how the real estate revenue generation by casino gaming companies works and, the benefits and drawbacks associated with this method. Modern casinos are built as massive resorts often times covering scores of acreage of land. The property usage is divided into three major components, which are gaming, hotel and commercial uses.
The hotel part houses the guests, while gaming is reserved to games of chance; and then there is the commercial use of properties. While hotel and gaming uses are niche, the commercial uses of casino properties have almost limitless possibilities. Space for entertainment shows such as the Cirque Du Soleil are fixtures at all the MGM properties in Las Vegas. Many casinos also have five-star restaurants, with world-renowned chefs tailoring the menus, on the premises.
This also falls under the umbrella of commercial use.
The commercial use for a property that is the most prevalent in some of the newest casinos in Las Vegas and around the world is shopping malls. This trend was pioneered by Caesars Palace Forum Shops in Las Vegas that opened on New Year's Day 1992. In 1998 when the Bellagio opened, there was a section of the property allocated for a few high-end shopping boutiques.
In the early 2000s the Planet Hollywood property in Las Vegas opened and it included a large shopping mall that mirrored the Forum Shops at prices more affordable to the masses. When the City Center Complex opened in LasVegas in December of 2009, The Shops at Chrystals opened up as a part of the complex. It was owned by MGM and was the home of several high-end retail shops like Louis Vuitton and Prada. The trend of associating commercial space with casinos was in full swing by this time.
Caesers, Bellagio, Planet Hollywood and the ARIA resorts all retained ownership of the commercial space at their respected resorts. They would sign leases with various retail companies for periods of time as a means to generate additional revenue for the company. Every so often the leases would have to be renewed and, depending on the sales of the store, lease rates could be negotiated.
Sales made by a particular store were tied directly to the traffic rate of the property. A 30% occupancy rating at Caesars would reduce the traffic flow of patrons frequenting the Forum Shops thereby reducing the purchase conversion rate. In the financial downturn of 2008, the shop owners had tremendous leverage and were able to negotiate very favourable rates for extended periods of time. This leads us to a huge blunder made in this area by the LasVegas Sands Corporation.
CASTLES MADE OF SAND
During the worldwide financial crisis, the shops at the Venetian were having a lot of trouble getting any type of retailers to occupy their spaces on strictly leasing terms. This led the board to sell the various retail spaces outright, at favourable terms for the buyer. This had the effect of reassuring the purchaser because they were not tied to any long-term payments and they were able to instantly begin building equity from their purchase, which at the very least was acquired at a discounted rate.
With hindsight, it’s my opinion that the Venetian was not looking at the long term when it made this decision. The global financial crash of 2008 scared everybody, and as a quick, knee-jerk reaction the Sands wanted to get the red ink out of their books as quickly as possible.
As we moved beyond the financial crisis the recovery slowly started to take over, patrons began returning to Las Vegas as a vacation destination and companies were no longer sending minimal personnel to the various conventions held there. The stores that occupied the retail space started increasing their sales and the equity in the retail space started increasing dramatically. And because the Sands no longer owned the space they were unable to increase their revenue from lease rates.
The total revenue of the Venetian was not as high as similar properties because they were not making as much from their commercial leases. This forced the Venetian to squeeze the customer from other areas. The casino games that were being offered were set up so the casino’s hold percentage was higher than before.
Most of the slot machines were set to their highest hold percentages, many of the blackjack games on the main became 6:5 payouts, for a natural and, a triple zero roulette wheel was introduced on the main floor under the name Sands Roulette, this game gives the house nearly an 8% edge over the player. Prices of food went up dramatically and comps offered by casinos went down dramatically.
MOVING FORWARD
These types of decisions are much easier to make for casinos in this scenario because there are no other revenue streams to consider. When players are not burned out at the tables they often take that extra cash and purchase goods and services at the resort property. These include products from stores, meals from restaurants and tickets for shows.
For one player this is not a factor but for the millions of players that walk through a casino a year this is significant. Even if only a tiny fraction of the players spend money at the shops, restaurants and shows, it translates into millions of dollars in sales over the course of a year and causes the value of the leased property to go up. Another negative impact is that the casino can’t negotiate better rates for items that can be purchased with players comp points, because there is no financial incentive to do so.
In recent years almost all of the main resorts on the Las Vegas Blvd and downtown Las Vegas have started charging for parking, even to casino guests and players. They do not collect money from their patrons they merely lease out the parking structure for a term of several years to an operating company. The operating company then installs parking ticket machines, gates and payment machines. They merely collect the money over the years of the lease. Again here, gaming companies are thinking short-term and not realising the negative perception they are creating with their customers. Creating more and more cost barriers for a customer to get to your product has an overall negative impact on revenue.
As we can see from the cited examples, the casinos have been in the real estate business for decades. But because it was viewed as a 360-degree revenue stream the gaming company was utilising to feed the main profit centres of the resort, it wasn’t viewed that way.
We are seeing today gaming organisations partition a division of their company to strictly deal with revenue generating through real estate applications. In effect, they are selling off pieces of their company that feed other parts of their total revenue equation. The assertion here is that the money in hand that is used for reinvestment will exceed the revenue that would be attained from keeping the asset. But what it is doing is showing little faith in the management team and foreshadowing a market reduction. The resorts, at least in Las Vegas, have convinced themselves that they are convention-centred destinations and the companies attending the conventions are the ones footing the cost and not vacationers. This type of thinking turns gaming companies into a B2B operation rather than an entertainment industry. Will it work? Maybe. Operators have just recently come back to profitability, stopping nearly a decade trend of losses. And even so the profits were just marginal. So now it’s a waiting game to see how the markets will react.
Australia’s Crown Resorts issues warning over unauthorized use of brand in illegal gambling ads
Australia’s Crown Resorts has raised a public alert about fraudulent activities involving imposter social media accounts and misleading advertisements. The casino operator revealed that unauthorised entities are exploiting Crown’s name, logo, images, and other distinctive details to promote illegal online gambling platforms.
The company, in an official statement, requested the public to exercise caution when encountering such advertisements and advised them to rely solely on Crown’s official websites and social media channels for authentic news and promotions.
As reported in Inside Asian Gaming Crown Resorts emphasised that operating an online casino or offering casino-style games online is prohibited in Australia. The statement clarified that Crown does not engage in online casino operations or any form of online gambling. The company stated it would take legal action against individuals or groups organising illegal activities using the Crown brand or its subsidiaries.
Currently undergoing a comprehensive reform initiative, Crown Resorts is focused on revamping its resorts in Melbourne, Sydney, and Perth. This overhaul is part of its strategy to regain casino licenses following unfavourable inquiries conducted in all three states.
One of the recent reforms introduced by Crown involves implementing mandatory time and loss limits for patrons using electronic gaming machines at Crown Melbourne. This move aligns with recommendations from the Finkelstein Royal Commission, which found Crown unsuitable to retain its Victorian casino license. The license is under a two-year review overseen by a Special Manager, with a decision on Crown’s reform efforts expected in 2024. The company is navigating a critical phase as it seeks to address regulatory concerns and regain public trust.
US – Formula 1 helps drive Nevada to its second most profitable month in November - Januaary 2024
Nevada’s casinos enjoyed their second-highest win ever, fuelled by the excitement surrounding the return of Formula One racing, which boosted the Strip’s performance by 22.6 per cent.
Only July earlier in the year was more lucrative for casinos in Nevada meaning that the state smashed its personal best twice in 2023.
Across the state, casinos generated $1.37bn, an increase of 12.5 per cent rise from November 2022 with Formula One clearly playing its part in an increase in tourism with 3,292,800 visitors in November.
Michael Lawton, senior economic analyst, said: “The four-day period beginning on November 16th was extremely profitable for both gaming and non-gaming activity on the Las Vegas Strip with some properties estimating those days established all-time record levels of revenue. The event’s success was more evident at luxury properties where the Las Vegas Strip’s baccarat increase accounted for 78.6 per cent of the state’s growth this month. Additionally, the 25 licensees that are included in the $72m or over revenue range for annual gross gaming win on the Las Vegas Strip increased by $160m or 25.8 per cent compared to last November and accounted for over 100 per cent of the state’s entire increase for the month.”
The Strip’s games win came in at $410.1m, marking the third highest total in Nevada’s history, and up 61.9 per cent from last year. This increase was led by baccarat which generated $178.3m, up 208.7 per cent from last year.
The influx of tourist spend wasn’t felt everywhere across the state though with Downtown Las Vegas down two per cent with revenues of $81.1m.
The Boulder Strip was down 2.1 per cent to $83.3m whilst North Las Vegas secured a 0.61 per cent increase to $23m. North Lake Tahoe experienced an eight per cent fall as did South Lake Tahoe.
For the year so far, Nevada GGR are on track to set a new record with revenues up 4.1 per cent over the first 11 months of the record-breaking 2022. November also saw the 33rd consecutive month that the state generated revenues of more than $1bn with November’s revenue coming in higher than November 2019’s total by 46.6 per cent.
US – Billion dollar plus months are the new norm for Nevada but could the Strip soon hit the milestone too? - March 2023
The Las Vegas Strip’s best ever February helped push the state of Nevada to yet another billion dollar plus month, marking two years of consecutive $1bn plus months and begging the question; is this now the norm for Nevada?
The Strip, with 28 casinos, generated $712.4m in revenue, increasing from $599.1m in February 2022 with the State’s 441 casinos bringing in $1.24bn in February, marking an 11.2 per cent increase from February 2022.
Clark County casinos alone surpassed $1bn for the 10th straight month, with analsysts now asking if the Strip could generate the milestone on its own.
Michael Lawton, Senior Economic Analyst for the Control Board, believes that following 24 months of $1bn plus months for Nevada, the figure has become the norm.
He said: “I think after 24 consecutive months you could safely say it is [the norm]. Obviously there is a lot of economic uncertainty, however that uncertainty has not spilled over into the record gaming win amounts we have witnessed over the last two years. Clark County has recorded over $1 billion in 10 consecutive months and in 17 out of the last 24 months. The Strip in December of 2022 recorded a win amount of $814.2 million which was the all-time record for the market. I think there is interest if the Strip on its own could hit the billion-dollar amount.”
In February, Clark County’s gaming revenue accounted for 87.4 per cent of Nevada’s total win with the Strip having 57.6 per cent of the state’s total.
For the state as a whole, slot win increased by 7.6 per cent to $822.8m whilst tables increased 18.6 per cent to $102.5m. Nevada sportsbooks won $41.2m, increasing 33.5 per cent from last year’s February, although the amiount staked was down 15.6 per cent to $659.4m.
Brendan Bussmann, Analyst at B Global, believes thee is still space for more revenue growth.
“We still do not have some of the foreign guests back, and the business customer is still returning, which will likely drive additional opportunity for gaming revenue,” he explained. “There are still a number of headwinds with economic and geopolitical forces that could impact the current trends in revenue. With a recession pending, a potential banking crisis, and other factors, Nevada continues to prevail through these challenges but these and other factors could have an overall impact on Clark County and the rest of the state.”
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