Online Casinos Directory

The gambling market has suffered greatly during the recession and Las Vegas knows this first hand. Unfortunately, much of its industry is built on gambling. That’s why it took a particularly hard hit when the recession first happened. Since it took such a hard hit, the city is no whaving a lot of problems rallying and turning things around. Recently the Gaming Control Board, the GCB, released a statement saying that the top earning Nevada casinos have reported a gross earning loss of 6.8 Million dollars for the 2009 fiscal year.  The information on gaming is a report of the combined financial information for Nevada gaming licensees that grossed $1 million or more in gaming revenue during the fiscal year ended June 30, 2009. During the 2009 fiscal year, there were 260 casinos in Nevada that grossed $1 million or more in gaming revenue. Together, these casinos generated a net loss of $6,778 billion from total revenues of more than $22 billion. Total revenue is not simply money gambled in casinos, but rather also it includes room rates, show prices, food, beverages, gift purchases, and all other expenditures inside these 260 Nevada Casinos. The net income or loss is the money retained by casinos after expenses have been paid, but prior to deducting federal income taxes and prior to accounting for other expenses. Gaming revenue accounted for $10.5 billion, or 47.8 percent of total revenue. The 260 casinos in the report paid $778.7 million in gaming taxes and fees, which equated to 7.4 percent of their gaming revenue. Clark County had 149 casinos grossing $1 million or more in gaming revenue during fiscal 2009, which generated a combined net loss of $6.5 billion from total revenues of $19.2 billion.

The biggest problem with losses for the city is based on the struggling economy. That may be the worst thing possible because Las Vegas officials can’t really do anything to make the economy recover quicker. All they can do is create specials and bonuses for visitors to come in. Attractive bonuses are the only thing that will make people more likely to jump back into the Sin City gambling arena. Time will tell, but hopefully with the use of specials and advertisements, the Las Vegas economy will turn around in coming months.

A report by the Global Betting and Gaming Consultants says that the current economic pressure could lead to a boom in online casino gambling. An estimated increase in global gambling from $345 billion to $433 billion is expected over the next four years. This estimated growth is likely to be mostly in online casino gambling with a slowing in land casino growth. While the economic slowdown will affect the USA across the board, Las Vegas will feel the impact more severely due to the high cost of energy and transportation. overall the costs are affecting almost every market and casino gambling is no exception.

Online casinos in the UK seemingly are not ready to capitalize on the gambling growth the world is seeing. It isn’t legal either; rather, they are having problems with finding gamblers to fill their casinos. The European online casino market is expected to continue to grow due to the European Courts of Justice. The organization has ruled that online casino players have the same rights as those who purchase goods from over the internet. They deemed that the same protections should be afforded to them also. This is a step in the right direction for gamers. They can feel safe and safeguarded against problems with online transactions. This is the first step in legitimizing gambling as a hobby for the people in the UK. If the market continues to grow– and it is showing all signs of doing so– it should not be difficult to build on the market that is founded on trust for the people.

One good thing however is that the employment rate in the casino industry is still growing. That’s great news for a depressed economy. The reason for this is because the virtual casino market is still expanding and as it continues to do so, more people will need to have access to online services and products. Shankland Wilcoxson, a manager at Kry Oehlenschlage and Protzman Saxby Partners LLC said that he is very excited about the future of online casinos. The downturn in the economy is a boost for the online casino industry but the industry is expected to continue its growth even when the economy recovers.

According to Warwick Bartlett of GBGC, the costs of fuel and transportation are affecting casinos throughout the US. It’s no secret that the recession was hard on a lot of different markets and gambling is included in the mix. The world suffered from 2008 to 2009 through the economic downturn. It was a difficult time and the unemployment rate soared. Not to mention costs were heightened and the credit industry’s bubble finally burst. Prior to that time everyone was getting a loan—with little to no regard on payback. Suddenly, when balloon payments came due and higher interest kicked in, consumers started defaulting on their loans. That was the beginning of the end for many consumers and financial disaster soon followed.

Now that things are regulating, land-based casinos are still feeling the strain of lowered incomes. In addition, for the first time, internet gaming is also declining in revenue. The UK also missed the chance to move into the internet gambling market. Offshore operators use tax savings on marketing efforts and are gaining an ever growing client base. High energy costs, low cost of broadband internet connection and a smoking ban in all licensed premises in most countries around the world has played into the hands of the internet gaming operators. Land based businesses cannot compete with the value on the internet.

Prof JW Kindt, professor of business and legal policy says that a ban on internet gaming would boost the economy. He says that it is merely cash that changes hands from gamblers to internet gaming operators. The money spent on gambling should go into consumer spending and this would rekindle the flagging economy and he believes that it will generate more than $300 billion to create jobs and services. Kindt also said that the government should repeal the more than $40 billion tax write-offs for slot machine owners. Furthermore, a ban would save billions in costs incurred due to gambling addictions, bankruptcies and crime. According to Prof Kindt, internet gaming and gambling on the whole has destabilised world economies and financial markets. Kindt also confirmed that gambling is in a difficult situation because it offers nothing of real value other than a good time for patrons. It’s giong to be interesting to see how things pan out with gambling and how the market is able to recover after the economic downturn.

It seems that the failings of the Las Vegas gaming industry is finally taking its toll on high ranking officials in Las Vegas. Randy Kwasniewski, the Hard Rock Hotel executive found dead in his home Tuesday, died of a single self-inflicted gunshot wound to the head, the Clark County coroner’s office said Wednesday. Kwasniewski’s body was found at his residence in Summerlin. Metropolitan Police were called to the home Tuesday morning. The case becomes even more tragic when attention is paid to his family.  Kwasniewski was married with two children, family friend and attorney David Chesnoff said. Chesnoff did not have other details about the death and said Kwasniewski’s family is requesting privacy.

“We wish to express our appreciation for the outpouring of love we have received from people all over the country in response to the loss of our dear husband and dad,” Chesnoff said on behalf of the family. “He was kind, hard-working and loyal to his family and friends. We ask that folks respect the family’s privacy.” One must ask why such a successful and high ranking person would take their own life.  While suicide is not an unknown phenomenon in our society, many reserve it for the poor and for those who cannot provide adequately for themselves.  Kwasniewski, 56, had been in his current position as president and chief operating officer at the Hard Rock Hotel since New York-based boutique hotel operator Morgans Hotel Group bought the resort in February 2007. He had been overseeing a $750 million expansion that added two hotel towers, casino space and a larger concert hall to the property.

Harrah’s knows it must move on despite the tragedy and managers are working hard to regroup quickly.  Morgans Chief Executive Officer Fred Kleisner will oversee operations at the Hard Rock Hotel for the time being, the company said. Morgans owns 14 percent of the hotel-casino and operates the off-Strip property. DLJ Merchant Banking Partners, an affiliate of Credit Suisse, owns the remaining shares. Kleisner became interim CEO in September 2007 upon the resignation of Ed Scheetz. Scheetz resigned his position after a 23-year-old woman was found dead of a drug overdose inside a Turnberry Towers condominium leased by Scheetz and Morgans. Scheetz was never charged with a crime in connection to the death. A wrongful death lawsuit brought by the woman’s family in 2009 was settled out of court.

There is no end to the gimics casinos use these days. Just like slot machines are varied to cater to the preferences of every gamer, so are casinos built for almost every theme. Casinos are focused on bringing in as many people as possible and especially with the economic downturn, they are focused on creating customer interest more than ever. It’s difficult to find a casino that isn’t working hard to develp itself and what it has to offer. The ones that aren’t most likely aren’t doing well in the post-recessionary economy and difficult market.

One casino that is using a unique theme to spur in customers is The Cannery Casino & Hotel in North Las Vegas. The casino was designed to resemble a 1940’s post-war canning factory.  This fun atmosphere takes you back to an era that is reminiscent of the good old 40s. There is a diverse offering of dining with the Victory’s Cafe, Cannery Row Buffet, Waverly’s Steakhouse, Casa Cocina Mexican Restaurant and Vino’s Italian Ristornate & Deli all rounding out the complete dining experience for visitors. The Cannery offers outdoor entertainment in the summer with an exhibit venue that will accommodate up to 3,000 people featuring 25-foot by 60-foot doors that open to create an outdoor amphitheater that overlooks the pool. Seasonal events also include concerts, outdoor festivals, boxing, motor sports, parties and exhibits. The hotel also offers entertainment at the Galaxy Theatres first-run movies. 

Of course the biggest draw is the gambling. There is a premiere slots parlor at the location that is called The American Can Club. It offers players 1 point for every $1 of gaming they wager. This is a huge advantage to players because it quickly adds up and offers them a wide variety of specials. Once a player gains 600 points, they can redeem them for merchandise, meals and various other gifts on the house. It’s a great way to take advantage of the extras and win more at the casino. The great thing about casinos these days is that they are striving to make their offerings the best possible to spur people into coming to gamble. The recession was difficult on every economy and that includes casinos. Now is a time to regroup and rethink their offerings in the hope of bringing in a new client base and increase revenues.

Because gambling is one of the most popular projected up-and-coming industries for 2010, many states are rushing to make moves to find their own laws. US News and World Report has named the gaming manager job as one of the fifty best careers in 2010. That is because with the increasing number of casinos comes an increasing number of jobs. For example, Missouri, Florida, West Virginia, Pennsylvania and California all have gone through expansions regarding gambling and casinos. Each one noted its growth in job possibilities and how the moves are working to turn around the unemployment issue that all states are facing.

In past years, Las Vegas and Atlantic City were considered gambling hubs of the US. People from far and wide went through travel complexities to visit the gambling meccas and as a result, both cities were fueled by gambling activities. Now that deficits are so hefty in all states, they are all looking to gambling as a way of bringing in money.

On the down side, states still realize that they can’t rely solely on casinos to help them turn around their economic crises. Some states are making the mistake of already counting on gambling money that they don’t have and portioning it out for various programs. They are trying to project what their potential revenues could be and then earmark the money for development, planning, expansion, public works programs, jobs and education. This is a bold move and most economists and analysts believe it may come back and haunt lawmakers.

Legislators however, are pushing hard to make the gambling initiatives work. Those looking to bring gambling to their state are citing not only money, but also the increase in jobs as a positive aspect of the move. While unemployment rates continue to rise in other industries, casino owners are hiring employees for their new casinos on an almost daily basis. Casino totals are expected to grow exponentially throughout the coming 2010 year. US News projected that employment will grow by 12% by the year 2018. The best part of the gaming projections is that it is a low-education job creation possibility. Training is on-the-job and not more than a high school diploma is needed to get a job in the industry.  That is good news for the huge amount of unemployed Americans who find themselves in need of jobs and without a lot of formal training. It could be a solution to the problems the recession created for America.

Casino gambling is one of the hottest new industries around. Despite the recession, it is one of the few that hasn’t seen a notable drop in patronage. While the lending, car manufacturing and housing crashes happened, gambling stuck strong.  One gaming analyst, Martin Beamon said, “The face of gambling changed throughout the recession in that people started flocking towards the penny-slots and smaller-limit machines, rather than the high-roller tables…however, gambling itself had a relatively unchanging amount of customers. It surprised everyone.”

The performance of gambling startled everyone. Although huge industries fell, gambling didn’t. Las Vegas noted a decline in tourism and that caused a fall in revenues, but in terms of local casinos, they did well. Beamon added, “States released their numbers and they were stable…although the Las Vegas market is down by 60% and tribal-owned casinos were also down, local casinos and internet gambling both stayed stable and popular among patrons.” One of the biggest drivers of performance for gambling came from the general increase in legalizing and regulating gambling that most states are currently going through. They see how lucrative gambling is and the recession left them with huge deficits. Gambling is seen as a viable option to bring in revenues. One expert said, “For every month the US does not legalize gambling, they are losing millions of dollars.”

So far the US is still wrestling with the UIGEA of 2006. It was a law that banned financial institutions from allowing gambling money to be withdrawn or deposited. Banks were tasked with watching their transactions and flagging any that came directly from online gambling activities. Banks were not happy with the move and most made a fowl sweep of any activity that came even close to gambling. Legal activities that were affiliated with lotteries and sports betting were in danger of being flagged by banks, and many were. The funds were confiscated or at minimum, held from winners. What the UIGEA actually showed was its limitations and lack of proper rhetoric in terms of defining what gambling actually is. Many lawmakers are currently working to revamp the UIGEA and write amendments that will make it more relevant and poignant to the US market.  

Part two coming next.

The Las Vegas Sands is a casino that is having a hard time. Recently Moody’s Investors Service announced that the casino organization’s ratings were not looking good. Moody’s Investors Service confirmed Las Vegas Sands “B3″ junk corporate family rating, probability of default rating, and long-term debt rating. The agency also raised the company’s grade liquidity rating to “SGL-2″ from “SGL-3.”

The ratings took into consideraton many positive movements by the company. They have a good liquidity margin, debt position and ability to remain compliant with debt contracts. Other events include converting $600 million of exchangeable bonds into equity, the repayment of $500 million in debt for its Macau subsidiary and amendments to the credit facility for its unit in the Chinese gambling gathering. Keith Foley, Moody analyst, said, “In Macau, more friendly gaming policies from the local government, limited supply of new gaming tables in the near term, and expectation of no further stringent enforcement by the Chinese government over tourist visitations to the enclave support stable growth for the sector’s revenues.”  That’s good news for the organization. They are hoping for a turnaround now that the economy is set to begin leveling itself off. For a long time the recession made growth in the land-based casino market next to impossible. This is being taken as confirmed truth that the company will survive and make a profit in years to come.

Despite the good news, there are still some financial challenges. Part of it is the Las Vegas economy that is overall distressed. The Las Vegas community as a whole is having difficulty maintaining itself and a turn-around is no where in sight. In fact, the housing market is one of the worst in the country. The number of foreclosures in the city and neighboring areas is astounding. Defaulting loans are still a main issue in the state and they are coming one by one into the market. Each one is bringing the Las Vegas market down even further.

The Las Vegas Sands is a casino that is trying to make a comeback. Despite bad news, there is still some light at the end of the gambling tunnel. The City Center in Las Vegas is a new facility being built and everyone is hoping it will have the power to help turn Las Vegas around.

The only real indication at the tribal casinos that the economy is still struggling is the crowds shift. Hiles said, “They used to come in our doors and head to the big tables with the high-limits. Now people are going directly to the low-limit slots and card tables. Crowds are considerably smaller at the higher-limit slot machines and card tables.”  For example, at San Manuel, gamblers were gathered around the $15-minimum blackjack tables, waiting for seats to become available. Empty seats were also hard to find at the 5- and 25-cent slot machines.  The good news is that the smaller tables never ceased to be filled. They are bouncing with excitement and that is what solely could be bringing people back in. Operators know that without the excitement and buzz of the Las Vegas scene, many gamblers would opt to stay home. Hiles added, “As long as we can continue to replicate the high-energy Las Vegas club, we can stay alive. Players will still come.”

One player who knows the market well is Winnie Ng of Los Angeles. She brought her grandmother to the casino to play but said that the recession forced both of them to “keep their bets small this time. When you lose now you are thinking about it more,” Ng said as she left the casino. Then there is also Jessica Schilling of Long Beach. She went to the Morongo Casino because she received a $30 coupon to spend on gambling. She said, “I just came here for the free food.”
California tribes are in trouble and having difficult times managing after the recession. Under federal law the nation’s tribes have to submit regular financial reports to the National Indian Gaming Commission. Based on the most recent numbers, the tribes brought in about $7.4 billion in revenue in 2008 and that is down about 5.6% since the previous year. The tribal communities have had to resort to major layoffs and budget cuts within their own infrastructures to manage.  Inside the Indian reservations, the drop in casino revenue means that tribes must cut the social service programs, that are primarily funded by gambling revenue, said William Eadington, director of the Institute for the Study of Gambling and Commercial Gaming at the University of Nevada, Reno.  He added, “It’s not happy times in tribal councils.”

Although the recession hit casinos hard, some are still doing great. Just ask the Southern California’s San Manuel Indian Bingo and Casino in San Bernardino County!  Both are experiencing almost every seat at the 25-cent slot machines is filled. In both casinos, gamblers have to stand around and wait for their turn at the blackjack tables. Also, the reels on the penny slot machines are going constantly at both facilities.

Despite the people still being there, one thing is for sure. People have cut back on spending. No longer are the bigger slot machines being used…in fact, slots over $10 don’t have much of a fighting chance with gamblers. Mike Hiles, a tribal information officer for the Soboba Band of Luiseno Indians, said, “We have the same amount of people and they come in as frequently, but they are just spending less.”  Hiles operates a casino that has 2,000 slot machines, 20 gaming tables and two restaurants in the San Jacinto area. 

Part two coming next.