Online Casinos Directory

Gaming in Nevada is up for serious debate. One thing that the gaming community wants to know is whether or not US Senate Majority Leader Harry Reid is in support of internet gambling or not. The reason this is such a huge question is because land-based casinos in the state are worried. Their operators are suffering financially and have been since the recession. One thing that happened as a result of the recession was people stopped gambling. That put casinos everywhere in debt and caused them to have to scramble to find new customers and ways of bringing in the millions they needed for sustaining a business. In particular Las Vegas casinos have suffered because they have one main industry—gambling. Much like Detroit, Michigan, Las Vegas suffered due to that one industry. Detroit is another city that was built on auto manufacturing. When the auto industry fell, Detroit was left with few options for revival financially. In the same way Las Vegas built its economy on gambling and when that declined, there were few other options for survival. Now, the state is still trying to recover.

Industry insiders are all waiting with baited breath on the decision Harry Reid makes regarding online gambling. Land-based gambling companies are concerned that if online gambling is approved it will infringe on their already suffering market. Plus with the outstanding gaming online companies can provide, land-based casinos may not be able to compete. It could be a substantial problem for gaming companies if Reid is a pro-online gambling representative. So far the only details that have been rumored are that Reid will support the approval of online poker, but not online gambling. He will draw the line on other games, and leave them to the world of land-based casinos in the state of Nevada. Gaming companies in the state need to know where the market is going and need to make changes to their own business models. If online poker is allowed, land-based casinos still have the chance to provide other forms of gambling games. If online gambling in general is allowed, then land-based casinos may have more problems. They need to come up with some viable ways of responding to the expansion of the gambling market in Nevada.

There is more bad news for Nevada. Over the past three years the state has seen a notable decline in revenue and that is meaning more and more problems for the state. Since the recession, all states have had problems financially, but Nevada has seen them since a year before the recession. It has been since 2007 that Las Vegas’ economy has been on the decline. Part of the issue can be attributed to the fact that gambling is becoming more popular. At one time Las Vegas was considered to be the hub of US gambling. If you wanted to spend an exciting weekend of entertainment, wagering, drinking, shows and hotel stays, then Las Vegas was the nearest place to head off to. Now, things are quickly changing. Gambling centers are cropping up around the US and they are spreading the gambling market thinner and thinner among the world. That is bad news for casinos that once held a strong market share. Now they are having to share that with neighboring competitors.

Las Vegas’ problems stem partially from having one main economy. In a lot of ways Las Vegas is like Detroit Michigan. Detroit built is financial future on one main economy: auto manufacturing. It housed a number of large companies and manufacturing plants that were heavily reliant on the auto industry. One of the primary causes of the recession was the auto manufacturing bust. Dealerships were closing down and there were a wide range of problems for companies to deal with. When the auto manufacturing industry took its huge hit, Detroit plants closed down. That left millions of dollars missing from the state and local governments and it also left millions of residents without jobs. It was a hard time for everyone involved and experts are saying one of the biggest issues is that those jobs will never be replaced. It has caused the Detroit area to be a wasteland in a lot of ways and waiting for the next move to change its economic state. Las Vegas is the same in that it built its economy on one industry: gambling. That is making it difficult for the city to find recovery because it has no secondary market to rely on for a turn around. It has to revive the gambling market one way or another or face future disaster financially.

So far 2010 is looking good for slots in Nevada. The numbers are in and officials have proven that revenues are on their way up, though slowly. The recession of the past two years made things difficult for Nevada operators. Since people were weighted down by their lack of jobs, lack of job prospects and the dwindling values of homes. It was a difficult time and people stopped all discretionary spending which definitely included gambling. That was horrible news for Las Vegas’ casino industry. Over the next few months the city struggled—mostly because its main industry was so solely dependent on the one industry of gambling. it has been a long road for the city to find recovery and still has a long way to go.

The good news though came in this past month though—the numbers are going up. Yes, they are going slowly but for disheartened casino operators that is enough for encouraging them to continue working hard for a complete turnaround. This past February the numbers for Las Vegas reached an all time twenty-year low. Slot machines in the city brought in about $1.1 billion and that number, though huge, is about 5.5% less than the numbers the city saw the same time last year. The downward decline has been chronic for the past two years and the state lost about 11.8% of its overall gaming revenue and The Strip lost about 12.6% of its annual income. What made the hit even more difficult was that it was long lasting.

Unlike other downturns in the economy, the post-recessionary aftermath was distinct in that it lasted a considerably longer amount of time than other lags in revenue the city has had to suffer. Over the years every industry has seen its ups and downs, but casino gambling has been one mainstay. Once the recession happened, the gambling industry took such a big hit that it has yet to find full recovery. The past news of a small, but significant, rise in revenue was enough to excite the casino operators who have their watchful eyes on the changes pending. They are all hoping that the increase continues and 2010 will bring back the once huge and consistent revenues of past years.

The market of online gaming has suffered a big hit due to the recession. The unemployment rate and foreclosure rates both rose quickly. It put consumers in difficult financial situations and gambling was quickly pushed out of their budgets. That was horrible news for casinos that depend on consumers having and spending their discretionary funds. When those funds were eliminated from most budgets, casinos quickly lost huge revenue dollars. In particular, markets where gambling was a primary source of income felt the cash crunch. Gambling revenue brought in $10.5 billion, or 47.8 percent of total revenue brought into the state. There are two-hundred casinos in the state and they contributed a reported $778.7 million in gaming taxes and fees combined. The totals added together make up about 7% of the gaming totals.

Las Vegas is a city that did not fare well during the recession due to its overwhelming dependence on gambling as a money-generating activity. The entire state of Nevada was hit hard by the recession and is having a different time rebounding. The job situation in America is slowly turning around but only nascent signs of reinvigorating. In the mean time Nevada operators are hoping to bring more consumers in with specials and outstanding bonus offerings. If you are looking for a deal, now is the time to look at Las Vegas and see all the specials available. As a market, the city is coming together and looking to its own future as a gambling center of the world. Most notably, Harrah’s has gained some recent publicity due to its move to the online gambling world. In fact, Harrah’s is the first company to make tangible moves to prepare itself for the future of virtual gambling.

The online world is where the market seems to be moving and companies want to be ready with the infrastructure to handle the change. If predictions are accurate, online gambling will grow exponentially throughout the coming months. In particular since the US is moving closer and closer to regulating and legalizing online gambling as a means of bringing in tax-dollar revenues. Las Vegas and the entire state of Nevada are hoping to be on the cuttign edge of the changes and be ready to capitalize on them quickly.

Over the years online gambling has been a huge debate with legislators. Since the UIGEA of 2006, people have been voicing their opinions on whether or not online gambling should be legalized and regulated. While the US has been in the midst of arguing, the EU, or European Union, has been clear about how many changes are expected to encourage fair trade. The US has not been amicable in the changes though. In fact, the states’ legislators have been very hesitant to follow the rules set forth by the EU. The problem is that the US approving gambling will open the door for a new EU market.
The UK is the largest market for online gambling websites right now. The country has struggled over the past years with debt and with online gambling scams. Despite the problems it has had, the UK has still benefited overall from the online casino market. Now that the UK maintains the advantage of having online casinos, the US is taking notice. In particular, Harrah’s is looking to the future of gaming in the online world. It recently announced a Bingo website being organized for international players. This is just another sign that the world believes that the US is on the verge of legalizing and regulating online gambling. When a company as large as Harrah’s is in the market makes tangible changes to prepare, the signs are clear where the market is headed.

One city that is highly invested in the issue is the US city Las Vegas, Nevada. Most of the industry is focused on gambling. A large number of the land-based casinos are making moves to take their business ventures to the online world. Many will continue to move into the virtual market. Currently Nevada is making moves to create rules that will usher it into the online world. State officials know how lucrative online gaming is and want a piece of the pie. This means when they get the green light from the federal government everything will be ready and in place to make the transition quickly and efficiently. The lawmakers are taking pains to make sure laws are up to date at their levey so the federal government will see how carefully they are invested in making online gaming happen. The laws are ready and the state of Nevada wants to be prepared to take advantage when the laws change and the doors are opened for legalizing gambling.

Chief economist for the Nevada’s Department of Employment, Training and Rehabilitation, Bill Anderson stated, “Nevada is experiencing the backlash from slowed consumer spending and declining visitor volume. High gas prices have a severe effect on tourism visitation numbers and could pose serious threats to an economic recovery going forward.” The construction industry continues to falter in the state and is showing no signs of revival. The Department of Employment said that there were over 76,000 workers in construction and that number was down by 700 from May and almost 20,000 lower than it was one year ago. That puts the state in particular peril due to the saturation of unemployed residents. The unemployment rate in Las Vegas is staggering. It is now up to 14% according to reports and that leaves about 125,000 Clark County residents out of work. Just six months ago the rate was up to 12.3% and although the recession is considered to be over by much of the US, things are going to take a while to regulate. There were 124,900 unemployed, compared to 62,500 in the same month of 2008 and 12,500 higher than in May this year. For the second straight month, the state set a record in unemployment, rising to 14 percent with an estimated 169,800 jobless, nearly double the 87,300 of a year ago. The department reported the jobless rate in the Reno-Sparks area increased from 11.1 percent to 11.8 percent in June with 26,800 unemployed. That compares with June 2008 when there were 14,500 jobless. Unemployment in Carson City increased from 10.7 percent in May to 11.5% in June with 3,500 people out of work. The jobless rate in Elko and Eureka Counties rose from 5.9% in May to 6.6% in June. Anderson added, “There is some sentiment that the U.S. economy may be near the bottom of the recession. Unfortunately November brought with it news suggesting that economic conditions in Nevada remain extremely weak.” He confirmed that employment historically is a lagging indicator of the economy’s health and recovery status. “Hence, when a recovery does take hold in Nevada, labor market conditions will likely not respond immediately. This recession has hit the state extremely hard.” It will take time to recover, but it may take Nevada a longer time. Experts cite the state’s huge dependence on gambling as its primary industry as the biggest detriment to finding growth.

It’s no secret that the gambling market has suffered greatly as a result of the 2008/2009 recession. Las Vegas is having problems with recovery and the numbers are proving it. 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 losses can be attributed to a number of causes, some of the most notable include; less spending per hand on table games, fewer visitors staying in casino hotel, and shorter stays by tourists at these hotels.  While gaming represents nearly fifty percent of all revenue, the other fifty percent has seen nearly the same amount of losses that gambling has seen. The question for top Nevada casinos, now, is how to try and stimulate spending by tourists so 2010 will not see the extreme losses that were seen in 2009. The slight economic upturn the country has seen is also expected to boost casino revenue for the 2010 fiscal year.  Only time will tell whether or not the projected changes become a reality, but hopefully for the Las Vegas economy, things are on the rise.

A Senate subcommittee in Iowa has now passed a bill that would bring legalized sports gambling in the state. While it may be a long shot for the Bill to get all the way through the legislature, it paves the way for further discussion on the issue. Lawmakers around the country are looking for ways to stave off their major budget deficits. The recession left the state’s budget in a horrible condition and now, it needs to find a way to recoup. Press surrounding states like Delaware, which approved legislation last year to allow sports betting in their state is just the type of news sure to grab the attention of legislators in cash strapped states. Enter Iowa.  The State Senate gets the next pass at the bill to legalize sports gambling, and will begin to debate the issue.  Legalized sports gambling is one of several different gambling options that have been proposed by lawmakers recently in hopes of cutting their budget deficit.

However, should the law pass in the Iowa state legislature, the federal government might step in to intervene.  In 1992, Congress banned sports betting across the US.  Four states that previously had laws at the time allowing sports betting were excluded from the federal law.  These states were Delaware, Oregon, Montana, and Nevada. Now things are different though. Now legislators are looking to bring in as much revenue as they can to overcome the huge deficits they are under. Gambling is lucrative and has proven to have the power to bring in millions of dollars worldwide. The state of Delaware, however, has experiences some resistance from the NFL and other sports leagues and franchises when they enacted their sports betting laws.  The NFL entered a legal battle that the sports leagues won, leaving Delaware to only be allowed to parlay bets, not single game wagers. Some lawmakers in Iowa believe that the state already has enough gambling options, citing the seventeen casinos that currently operate in the state. Like other states, legislators are torn on the issue and have yet to make a formal decision as to what will happen. Only time will tell how far the issues goes and if it will be allowed to bring in tax-revenue dollars.

Internet gambling is the newest fad in the US market. Legislators everywhere are looking to gambling as a means of creating additional revenue streams for suffering economies. Senator Harry Reid has discussed the issue and committed himself to doing what is best for the state of Nevada under his lead. Regarding internet gambling, he has said that he will listen to the people and watch the market to see if both are ready to move forward. Since his commitment first began, however he has seen it as a detrimental move for the state’s economy and has been a staunch critic of the pastime. While other states are embracing internet gambling, Reid is not.

Though he is firm in his belief some experts are chiming in on his position. They believe that if he is truly trying to do what is best for his state, he will consider rethinking the internet gambling issue. Representative Barney Frank has been vocal and proactive about bringing internet gambling to the US market. He has fought hard to come up with an amendment to the UIGEA and has a code in place to legalize and regulate gambling.

Despite moves to legalize gambling, Reid is a formidable opponent to the move. His vote could become crucial to the upcoming battle in Congress over the question of internet gambling legalization. Many gaming analysts believe that the best move for the state of Nevada would be to bring legalized online gambling to the state. They say that if the state could flesh out a viable legislation to regulate it, Nevada would become a forerunner in the field. Casinos in the state already are split on the idea, however. For example, Wynn Resorts is against internet gambling claiming that it would considerably hinder its own company growth. On the other hand Harrah’s Entertainment has already made legal moves to prepare itself for internet gambling affiliations.

Regardless of what happens, it will take lawmakers time to sort through the issue of regulating online gambling within the state. Reid is left holding the bag too—he has to make a decision on the issue. Currently the issue is at the head of discussions and a decision should be coming soon.

Issue 3 for the state of Ohio is a big deal. It’s a referendum vote that would allow the state to bring casinos to four major cities. Each casino is set to be a state-of-the-art facility that is able to offer all gambling needs to tourists. Mahoning County Democrat David Betras released the results of the new poll. Although it was thought of initially as a good plan to be transparent with the state residents, it proved to be an issue with many residents. A poll, conducted by a Florida company shows that Ohio residents, by a majority, will still be voting in favor of Issue 3, which would bring casinos to four major cities in the state. Betras spun the poll to look as if support was down for the casinos from a recent newspaper poll. He was cited for being unethical in his methods.

There was a poll commissioned by some of the biggest newspapers in the state that showed 95% of voters are in favor of bringing casinos to the state through Issue 3. The poll released by Betras showed that support was only in the 50% range. Melissa Belton, voter from the state, said, “Betras spun this poll to make it look like support was down, but that is not really the case. He is just against the casinos and is trying to sway voters that it is a bad idea. I guess if bringing jobs and revenue to Ohio is a bad idea, then Betras is right.” There already have been variou polls conducted to split party lines according to Betras. He believes that Republicans have been selling their commissioned polls to show that Ohio is in favor of the Issue 3 gambling law. The issue will be resolved in the November election with many signs pointing towards Ohioans voting in favor of casinos for the first time in history. The unemployment rate and fiscal condition in Ohio are a main reason for the change of heart. Legislators are promising millions of dollars to be brought into the economy and new job creation plans as the main reasons why everyone should support the move.