Posts Tagged ‘revenue’
Wednesday, December 15th, 2010
It is no secret that Atlantic City once was a gambling center for the US. Next to Las Vegas, it was the largest place to wager and take advantage of. Millions of gamers every year did just that– took advantage of the huge bonuses the city offered. Then the recession began. That was the beginning of problems for the market with people stopping their wagering activities immediately. They had problems with their bills and had no discretionary funds to speak of. This posed a huge problem for Atlantic City since its entire revenue stream was built on people’s discretionary funds. The area gaming operators created bonuses and promotions and cut costs, but nothing was effective at reviving the market. They were left with seriously diminished revenue and few options to increase that. They had to just wait out the difficult recessionary times. Now that the recession is over though, there are still few signs of revival. This is cause for major concern with casinos because their markets are so far down in numbers. Last month the city posted another loss. This time it was another considerable one—it was a loss of 13% since one month prior. This is horrible news for a market that already had gone through two mass layoffs. Area residents are concerned about the economy and their own job security.
The string of bad luck has plagued the market for months now. It was September that the first notable decline in numbers was noted and it hasn’t gotten better for Q4 of 2010. Now that casino operators are looking to 2011, they can only hope that things change. The state is toying with various online gambling laws that could turn things around. These laws would open the door for money to be brought in to sustain the state’s budget. The problem though is that though the state may find funding it needs, that doesn’t mean casinos in Atlantic City will. They will be left to struggle and find ways of reviving their own markets. Considering that is what they have been doing for months now with little change, things are not looking good.
Tags: Atlantic City, recession, revenue
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Wednesday, December 15th, 2010
There are more changes in the gambling industry in the US. This time it is the state of New York that is seeing issues to deal with regarding gambling. It has been years now that that state has relied on its state-run lottery to fund various programs. Everything from education to expansion and other public works programs is funded in part or totally by their lotteries. Over the years lotteries have proven to be highly lucrative due to their draws. The state has been happy with its lottery performance and is doing all it can to protect that industry. Now the state legislators are worried that the rise in online gambling could impinge on the funds they rely on to sustain various programs. There are millions of dollars available with lotteries and if people start channeling that into gaming companies rather than the state, this could seriously cut back on the state’s budget. There are few other options that could potentially replace it.
New York legislators have an added concern—neighboring states’ competition. Now that Maryland, Delaware, Maine and Pennsylvania all have their own gambling initiatives in place, this too could cut down on people testing their luck in the lotteries. Add the neighboring state’s competition and online gambling to the mix, and it could spell disaster for the state. So what are they going to do? There is no official plan on what to do, but state officials are bracing for some dip in revenue when it comes to their lotteries. They are hoping that dip will be swift and will return to normal quickly, but if it doesn’t there is no current contingency plan to speak of. Lotteries traditionally have been highly lucrative, but now that competition is entering the market left and right, state legislators are not so sure that it will be able to sustain itself over the long term. Only time will tell if it is going to be alright and if people are going to continue to take their chances at the state-run lottery. If not, it could pose a serious problem for the state to deal with and they may have to increase their own land based and online gambling plans to supplement.
Tags: funding, lottery, New York, revenue
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Wednesday, December 1st, 2010
If you are looking for nascent signs of a change in the market, then take a look at Fortuna Entertainment. This is an online casino gaming company located in the Czech Republic. The company works mostly for the Czech Republic, Slovakia, Poland and Hungary. Though some companies are still suffering as a result of the recession, this is one that is showing signs of a pickup. The company reported its finances for Q1, Q2 and Q3 of this year and the news was encouraging. In the past year, the company saw a rise in revenue of 12% since the same time last year. This means that the market is showing nascent signs of a turnaround. Right now Fortuna Entertainment is in a great position for gambling growth. The growth in revenue equated to an increase of about $85.5 million. That is a great number that may be a sign of how fast the market is turning around. Fortuna Entertainment executives are hoping that this is the beginning of the part where people start to return to their gaming tables. This will give them the money needed to turn things around and then come up with a long list of gaming fun for them to continue fueling money into more development. The world of gambling is highly competitive and that means that many people are scrambling for the biggest and best deals in the market. That isn’t hard right now due to the sheer number of changes going on and bringing new gaming programs to the industry.
One of the biggest reasons for Fortuna Entertainment’s growth this past year is the growth in poker gambling. The company’s owners implemented an aggressive poker plan to unleash some of the best tournaments and games around. It was a strategic more that created a new rise in popularity for the website. They also offered consistent tournament event revolving around gambling and that was another way that the games pushed the company to new levels of popularity and revenue streams. If you love gambling, then visit Fortuna Entertainment. You are going to love all the specials and programs they have to offer to their gamers so take advantage of a premier casino and tournaments you are going to love.
Tags: entertainment, Fortuna, growth, revenue
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Tuesday, November 30th, 2010
Net Entertainment is a company that has been around since 1996 and in that time it has built a great business model in the world of gambling. The company was operating its own website, but soon opted to venture solely into the software development portion of the gaming world. They got rid of the website and decided to focus on what they do best—create dynamic and profitable gaming software. The company is working with a team of developers who have done their rounds in the world of gambling already and know what the market wants. They can combine their talents to formulate new games that have something special for the market. Gamers today are highly sophisticated and that means that they are going to want the games that payout the best and provide the best gaming experiences. New Entertainment has just that in its team of developers.
Right now the company still has a long list of affiliate workers including Betwize Casino, 24H Casino, Casino Euro, Cherry Casino and Tower Gaming Casino. If you look at the successes of these casinos you can see how popular the games are and how much the games bring to the world of gambling. Overall these are some of the top casinos in the market and continuously make headlines due to their numbers and what they bring to the market. The company Net Entertainment also had another success in that Stan James PLC chose the company as its software provider. This is huge news due to the size and success of Stan James PLC. The company has a wide range of options at its disposal, but chose Net Entertainment for a reason. They know that Net Entertainment is a leader in the world of gambling and continuing to push the bounds of what technology can do in the world of gambling. Part of the reason Stan James PLC also chose the company is because, as the owner stated, Net Entertainment knows how to increase the gaming experience of players considerably. The company is premiere at building exciting new games and Stan James PLC wants that kind of dedication to greatness the software company can bring.
Tags: develop, gaming, grow, Net, revenue
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Monday, November 1st, 2010
It is no secret that tribally-owned casinos have been suffering greatly. Part of the problem is that tribes have built their own inner economies on gambling for so long. They believed that gambling was the only thing they needed to flourish. They may have some smaller markets, but nothing that can compare to the world of gambling and the money it has brought in over the past few decades. Indian leaders are worried. They believe that with governments opening the door for more casinos, it will definitely cut in on their own revenue streams. It is a problem for them because their numbers could be down for a lot longer than they were hoping as a result. Then add to the mix, the rebirth of online gambling and this could mean disaster for tribally owned casinos. No longer are they the only ones providing gaming, but the door is being opened for more and more casinos to enter the market. of course legislators don’t mind the influx of gaming because they know that the more gaming facilities they have, the more money they are bringing into the state and cities. They would love to maximize the offering of gambling, and most likely are going to push the market as hard as they possibly can to do so.
Another issue to sort out is that most online casinos are moving quickly. They are presenting a lot of competition for casinos and most land based casinos are having a hard time keeping up. Land based casinos have much larger budgets to contend with. They have to pay for a completely different list of costs that are much higher priced than online casino expensees. This is making it possible for online casinos to create specials that land based ones cannot touch. Tribally- owned casinos are in a fight right now and having problems finding ways to reinvigorate their own markets. With the added competition, they are having even move problems to deal with. Expansion is not a good thing when you have held a corner on the market for so long. Indian leaders are growing increasingly aware of this and trying to come up with quick solutions to saving their own markets.
Tags: casino, Indian, own, revenue, tribe
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Monday, November 1st, 2010
To the average American $30 million sounds like a lot of money. Millions of people would love to come up with that amount of money via a lottery or inheritance. Most likely it would completely change their lifestyles and help them to attain dreams that were before impossible. If you change the setting though, $30 million isn’t that much. In fact, that is exactly what Atlantic City officials are saying. It’s no secret that Atlantic City has been suffering since the recession. Numbers are down—way down. More casinos are laying off people and that is making matters worse. With more unemployed, there is even less money to fuel into the economy. Without patrons, casinos could face further setbacks involving more layoffs and even closings. Still the market isn’t ready to give up just yet. Casino owners are pooling their money now in the hopes that they can help their own economy to revive. So far it is the Borgata Hotel Casino, the Tropicana, The Trump Entertainment Resort and Harrah’s that are joining forces. As four of the biggest entities in the area, it is hoped that they can come up with a plan to reinvigorate the market, or at least slow down its financial decline long enough to find other reasonable solutions.
The companies have joined together to form the Atlantic City Alliance and are armed with a total of $30 million. The eleven casinos in the area have suffered and this money hopefully will give some relief if used properly. One of the goals of the alliance is to clean up the market. There is a lot of criminal activity in some areas of Atlantic City and some of the locations seem run down. Casino operators hope that they can clean up the areas, revive the market and then hope for relief. Joining forces isn’t unusual in the casino market. there are many other areas that are looking to ban together in an effort to turn their revenues around. It may take some time, but hopefully the casino market will see a revival this coming year and be able to turn itself around.
Tags: Atlantic City, fund, market, revenue, revive
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Monday, November 1st, 2010
Casinos in today’s market are waiting for a big return on investment. The numbers have been down for a long time because of the market. There is some good news though for operators. It seems that a scan of the US market is showing that in certain places gambling numbers are starting to climb slowly. Yes, there are still declines in places like Atlantic City and Las Vegas, but smaller markets are seeing increases in numbers. Harrah’s in New Orleans is one of those small and unassuming places where numbers are up and that is bringing a new light to the market. Operators couldn’t be happier about the changes though. New Orleans has suffered since the recession and beyond. Though casinos are doing their best to turn things around, it seems that the market is fickle. The numbers are no longer solely in the hands of the casino operators. They can create all the promotions they want but if gamers aren’t ready to wager, it is going to be pointless.
New Orleans of course suffered other issues in the past and that possibly is what has also hampered the gambling community from flourishing—until now. Now the Harrah’s is showing some notable increases in numbers for both of its river boat casino locations. This past September the casinos brought in a total of $127.7 million. This is slightly down from last year, but the decline is small enough that operators aren’t that concerned with how much the loss is. Some markets are seeing declines of upwards of ten percentage points so New Orleans’s loss of just 3% points from last year is negligible. It could be a sign that New Orleans is ready for a revival and casino operators are taking it as sign of just that. They believe that since the numbers are up, they want to continue to push them to higher levels of popularity. Casino operators for the river boats have already announced the long list of gaming offerings they are creating. It is a schedule for coming months of numerous promotions and bonuses for gaming to enjoy. Expect great things in the market and hopefully the river boats will continue to flourish.
Tags: Harrah, increase, market, New Orleans, revenue
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Saturday, October 30th, 2010
Once again gambling is taking a front seat in a political run. New York’s Republican candidate Carl Paladino is holding gambling as one of his main focuses when it comes to the coming election. It isn’t new to anyone that gambling is a huge political tool. You can scan the most pertinent information in the market and easily find out how big dollar gambling is a huge attention grabber. Not only are politicians drawing up lines on the issue, but voters are making their own decisions too. They know that casinos mean big dollars and those dollars can be fueled into their economies to aid in them turning things around. In addition, voters know that big dollars mean jobs too. If anything can contend with money, it is jobs. The American public has long been having problems finding jobs since the recession. Millions of people lost their jobs and have been scrambling to find new ones since. It has been a recurring problem with Americans who are ready to get back to their old lives, but still are in the unemployment lines.
Right now Paladino is pushing his agenda to the state by citing a revamped contract with the Oneida tribal leaders. The tribe currently runs Turning Stone Casino and Paladino is questioning the amount of revenue that the casino is bringing in. He wants to rework the contract and maximize the amount of money accessible to the state. His next move is to close down roads that lead to the tribe’s casino if they refuse to start negotiations. The tribe thus far has a two-week window to respond to the politicians call for negotiation. Unfortunately due to the situation, the tribe has few other options than to negotiate right now. Their numbers are already down thanks to the recession. Like other casinos in the country, the Turning Stone Casino has been losing revenue due to lack of customers for some time now. Without a reinvigorated market, they have few options than to hope a new contract will help them to bring in more revenues. In coming months expect the gambling issue to be the center of the issue for politicians in all states—especially New York.
Tags: gambling, New York, Paladino, revenue, vote
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Saturday, October 30th, 2010
There is only one thing worse than the Las Vegas economy right now and it is the Atlantic City economy. It’s no secret that both US gambling meccas have been having problems as of late with revenue. Since the recession they have lost a lot of customers and that is proving to be a longstanding problem for them. Resorts Atlantic City is the longest-standing casino in New Jersey. It has been struggling for a long time now. One of the biggest problems is that newer casinos are quickly taking over as they are on the cusp of technological advances and gaining the newest games for their patrons. Resorts Atlantic City isn’t keeping up. Right now its operators are pushing for a change in its entire theme to liven up its offering. The goal is to transform the casino into a 20s-themed location by mid-2011. The hope is that a total revamp will bring in a new customer base and bring in more revenue as a result. This is just part of the focus of operators of the huge casino.
Remember that when it was built 1978, Resorts Atlantic City was a stand-out. It brought some of the best gaming and was showcased by the 27-floor tower hotel that followed it. It had the ability to boast the “largest standard rooms” in the city. Of course that was overturned when other casinos entered the market and started building bigger and better, but for a while it was the number one location for people wanted the most room to spread out in their luxury hotel rooms. Part of the problem with the Resorts Atlantic City location is that it is suffering revenue straight across the board. Slot machine numbers are down and so are table games. In the past they have experienced temporary dips, but not to this degree. It is making it next to impossible for the company to completely turn things around. Suffering blows to both of its major revenue streams is proving to be a huge issue for the company. Only time will tell if the company is able to regroup and rebuild its former customer base and in turn, revenue stream.
Tags: a, Atlantic City, gambling, Resorts, revenue
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Wednesday, October 27th, 2010
There is a lot of good news in the market of online gambling. It is a market that is moving quickly and gaining a lot of steam in the world. More and more gamers are looking to get in on online wagering and the numbers of casinos providing it are growing too. Despite the good news though, there are still some companies that are floundering when it comes to certain games. It isn’t a sure-fire success story when an online gaming company decides to move into the market even more. Netplay just announced that its Bingo Stars’ projects are all proving to be too much of a financial strain on the company. The company had a loss of about GDP 7.9 million, as compared to its loss last year of just GDP 3.2 million. This is a huge increase in losses and it is proving too much for the company to manage at this time. The losses more than doubled in the past year and that is a huge strain on the corporation. Netplay is an online casino and interactive TV company that so far has experienced a lot of success in the market. That is what makes this even more harrowing news—until now they were seeing decent numbers.
The company started with a 6-month long trial for Bingo Star. It was hoped that the website would bring them another successful market that would help them to build their brand in yet another game. The game of bingo is popular in the market and there are millions of online players who want to take part in the game and its variations. Bingo Stars followed that model of variation and offered good bonuses, but was eked out of the market by other more-established bingo companies that offered the same games. The company not only ended Bingo Stars, but also discontinued its non-core business affiliations to free up more funds for future growth. The Bingo Stars loss was difficult on the company and to regroup fully they have to find funds from other sectors of the business that are not integral to their future growth.
Tags: bingo, loss, Netplay, recession, revenue
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