Online Casino Edition – Casino News News about online casinos and gambling

December 1, 2010

River’s Casino in Pittsburgh Steers Mixed Reactions

Filed under: Casino — Tags: — OCE News @ 12:00 am

A year after its opening in Pittsburgh, new River’s Casino has attracted mixed reactions. According to Standard and Poor’s Rating services, Rivers Casino is falling short of its own revenue projections. The official revenue figures of this casino are not able to meet those estimates which had been set by the state Gaming Control Board, rating agencies and industry watchers. The casino’s fortunes for investors are tracked and kept in account by Standard and Poor which has marked the downgrade in the North Shore casino’s debt ratings three times throughout one whole year.

The representative and analyst Michael Listner feels that in comparison with the amount of $800 million spent on the property, the revenues are too meager. He held that this property is one of the most expensive in the state and yet, has not been able to maintain the forefront in gathering revenues. It ranks only fifth or sixth out of nine casinos that are operational at present in the state. Mr. Listner follows Rivers Casino’s affiliate company, Holdings Gaming Borrower LP.

What Casino Officials say

However what the casino leaders and officials say, creates a different picture of River’s Casino. According to them the casino is still able to play more than 2,800 slot machines legally, which is worth noting. Along with the table games which were approved by the state and installed in August 2010, the Rivers Casino is doing well.

The reason given for the shortfall of targeted revenue figures is that casinos take time to get effectively operational. They need enough time to decide upon such matters like the getting the right employees and what total number of workers are required. Todd Moyer, Rivers’ general manager asserts that they are pleased with the business done till now.

Reason behind Property Cost

According to Rivers spokesman Jack Horner, the opinions of rating agencies cannot impact operations of Rivers Casino. Their consultant Christiansen maintains that property maintenance, especially casino upgrades, exercise a strain for any casino. It is therefore advisable for casino owners to spend larger amounts of capital every five to seven years to refresh their properties.

However, contradicting this opinion, Mr. Listner asserted that casino industry owners always try to make themselves the next great property by constantly updating and adding new equipment. According to him, within the span of five years, Rivers’ owners will have to face challenges. What matters most to Standard and Poor is the level of cash flow which is required to meet the debt service and maintenance.

Conclusion

The scenario makes it feasible that casino gaming may have reached the anticipated and feared saturation point. River’s Casino is said to be underperforming. The cash flow issue has been nagging since June 2010, and River’s Casino had to restructure the debt. Although it is not considered as a worse situation, credit rating agencies think otherwise. As stated earlier, Standard and Poor’s Rating services therefore marked the downgrade once since the casino opened last August and twice again after the debt restructuring happened.

In general, the opinion is that Rivers Casino needs to survive in some way. This can be done by either earning much more than it can do at present or then by cutting on costs that involve such matters like payroll, or selective default of debts. But there is no question about the fact that the revenues of this casino are falling much short of what the majority of finance experts and casino industry leaders had expected.

November 29, 2010

Which Way Will Oregon Vote – Measure 75 Awaits Approval

Filed under: Casino — Tags: , — OCE News @ 12:00 am

Oregon traditionally is known as a slow mover as compared to other states when it comes to catching up with developments. The state will once again be tested for this theory when it votes this week to decide whether or not to approve Measure 75, a casino gambling proposition.

Residents of many states in the US are warming up to the concept of having a local gambling center or casino in their hometown instead of having to face the discomfiture of travelling to other states. A majority of the states have given approval to new casinos and are enjoying the local facilities to the hilt. Only a few states which include Oregon, still consider casino gambling taboo.

Oregon has its own share of casino gambling critics who have gone public with their vehement opposition to official approval for casino gambling proposals such as Measure 75. However, residents appear to be unwilling to buy into the fear these opposing groups are spreading on all possible public platforms and forums.

Corruption is one of the pet themes that these opponents have focused on to thwart the plans of setting up a local casino facility. Another seed of doubt that they are planting in the minds of the local gambling enthusiasts is the possibility of the mandatory investment of $250 not being spent right away.

Oregon gaming analyst, Steve Schwartz, dispels the apprehensions with disdain. He says that any company in its right senses would not delay investment in a casino center for which they have gained the legal rights. On the contrary, Measure 75 is more likely to speed up the investment process, once it gets the necessary approvals in place, in the hope of maximizing the potential profits of the casino.

The voting in question centers on Wood Village and Multnomah Kennel Club. Both the facilities are currently not functioning and their future depends on the approval that the Measure is expected to get. If that happens, then it would be pretty easy to revive both the sites and it would become a potential source to generate more jobs for Oregon residents.

The gambling tax revenue that the state proposes to gather through such approvals is expected to bring in huge revenues, something that the state would very much welcome under the present economic circumstances. The gambling tax revenue has been planned to go towards funding the state’s education plans and for other major development purposes.

The supporters of the cause are stressing on the benefits the opening of local casinos would bring in for the state and its people. The example of other states in the US using tax revenues generated from casinos and gambling sites to finance infrastructure and other areas of development is not lost on the Oregon residents’ and authorities.

By a conservative estimate, over 5,000 new jobs are expected to be created by the opening of casinos and gambling centers in the state. The state expects an annual income of around $ 150 million from tax revenues generated from gambling.

The legislature does not have the powers to create a casino gaming legislation law on its own as there is no provision in the constitution for such measures. The decision rests entirely in the hands of the residents of Oregon who have to exercise their voting rights to give approval to the proposal.

November 27, 2010

High Stakes Program To Be Aired Soon

Filed under: Casino — Tags: , — OCE News @ 12:00 am

The seventh series of the popular High Stakes Program is all set to make a comeback on America’s Game Show Network (GSN). This is going to be hosted by journalist-turned-poker player Kara Scott and veteran host Gabe Kaplan and shot at Las Vegas Golden Nugget Hotel and Casino. The shooting will occur sometime mid-November and the program is likely to be aired next February.

Slotastic Announces 1 .6 Million Jackpot

The casino Slotastic.com declared the top prize of 1.6 million for the Jackpot Pinatas title. It even offers some lesser progressive rewards like the Let’Em Ride jackpot that involves the games Caribbean Draw, Caribbean Poker and Caribbean Hold ‘Em that helps to achieve a jackpot more often for lesser values. Following its launch, this jackpot has been hit nearly 14 times but for the past month there have been no hits. The manager says the company is more than willing to make a million dollar payout to that one lucky player.

Launching “Cats”

The new online slot game called “Cats” was launched recently by Virgin Casino. Set against a backdrop of plains this game is themed on some of the most popular wild cats all over the world. The “cats” logo acts as the wild symbol and when five of these symbols pop up, the player can get a jackpot of 10000 coins. This game has the regular background music and special sounds when one player wins – you can even hear the cats growling when they make a winning combination.

Around The World In 80 Days

A promotion called “Around the World in 80 Days” where bingo players need to collect “travel miles” to win a $500 vacation and other cash prizes is being hosted by Jackpot City Bingo. This is due to come to a close on December 31st with three prize draws on October 31st, November 30th and December 31st. To take part in this, you could play the everyday Leader Board Challenges where you get to collect travel miles. The top 50 players with the most travel miles during this promotional period will be eligible for the end of the year draw. The prize is a $500 holiday for a couple from any of the eleven exotic places the site has listed. The ten players with the most miles before the October and November draws will be entitled to participate in the raffle whereby they can travel to exotic places for the day.

Halloween Surprises

With Halloween around the corner, many online casinos are organizing fun tournaments to share the festive spirit with their players because most people are too busy to gamble online. In land based casinos there are costume contests where the best dressed get to walk away with attractive prizes. To keep up with their competition with land casinos, online casinos make desperate efforts to attract more and more players by offering really handsome bonuses for their games.

More Students Take to Online Gambling

Research by the Pennsylvanian Annenberg Adolescent Communication Institute reveals a greater number of students today accessing gambling websites this year compared to previous years. So the restrictions on online gambling were hardly effective! From 4.4% in 2008, the number of male students using such sites has gone up to 16%. Female students from high school marked a 1% increase. Nearly as many as 40,000 colleges used online casinos each month which goes to show that payment bans have not been successful in curtailing the number of users.

November 25, 2010

Jackpot City Bingo- Win A $500 Exotic Holiday!

Filed under: Casino — Tags: , — OCE News @ 12:00 am

Thanks to the World Wide Web, online bingo has gained a lot of popularity. Jackpot City Bingo, one such gaming provider, brings a wide variety of games to its users, with exclusive Bingo Chat Games, and safe Bingo Rooms which are powered by Microgaming (a leading Bingo software provider). It’s no surprise that gamblers are making Jackpot City their home!

The Monthly Promotions On Offer

A long line-up of great money bonuses, packages, and big Bingo Jackpots at Jackpot City Bingo makes sure that everyone goes home a winner! Moreover, Jackpot City Bingo is hosting a promotion known as ‘Around the World in 80 Days’ wherein bingo players collect ‘travel miles’ to get a chance of winning a five hundred dollar holiday to one of the eleven destinations chosen by the company, or several other cash prizes.

The Most Exclusive Promotion
The Around the World in 80 Days is an endorsement which is already happening and will end on the last day of the year, December 31st. This is a leader board promotion that consists of three separate prize draws: one on Nov. 30, one on Oct. 31, and the last one in the end, on Dec. 31.

People wanting to participate in this promotion and wanting to make it to the prize draws must play the Leader Board Challenges on a daily basis. In these challenges the participant collects the so-called travel miles to make their way up on the board.

Eleven Most Exotic Destinations
The draw for the grand prize will take place on Dec. 31 and will be open for 50 players who have reached the top slot. They are the ones who gather the most amount of travel miles during the whole promotion period. The reward up for grabs is a five hundred dollars luxurious holiday for two people (you can take your spouse, partner, a friend or a family member along with you) with eleven destinations to choose from, or the option of taking the cash of $375.

Exotic Daytrips


The ten Jackpot City Bingo players who collect the most travel miles prior to the prize draw on 31 October and 30 November, will be eligible for the lottery for special daytrips to interesting locations, which can be exchanged for their cash value (75%) if so desired.

If one tops Jackpot City Bingo’s overall, monthly and daily leader boards from October 11 to December 31, 2010, they win an exclusive chance to win a tour to any of the eleven exotic destinations offered. Just take part in the daily leader board challenges to gain travel miles and see yourself climbing the ladder. In the end of the endorsement, the top players will automatically enter into the grand prize draw for that dream holiday which is worth dollar five hundred!

At Jackpot City Bingo there are several other deals or bonuses that can be availed as well, such as, welcome bonuses (where new players are giving $25 free), monthly mega pot, weekly promotions, autumn give away, midnight feast give away, and daily promotions (where they entertain the gamblers with quizzes, chat games, and giving extra bonuses). Be active on the website to keep a track of more such promotions.

November 23, 2010

Can Harrah’s Turn The Tide For Foxwoods In Philadelphia?

Filed under: Casino — Tags: , — OCE News @ 12:00 am

Pennsylvania has always been one of the most aggressive states when it comes to casino gambling expansion. Its stiff resistance and oppositions have stalled the proposed casino at Philadelphia by Foxwoods, a giant Connecticut casino. Foxwoods faced difficulties that highlight the challenges of building an urban casino. But, Foxwoods’ hopes of building a casino in Philadelphia seem to have gathered momentum again with the entry of Harrah’s entertainment into the fray.

The Foxwoods project was almost on the verge of losing license from the Pennsylvania Gaming Control Board due to yearlong delays, intense neighborhood opposition, and difficulties in finding a development site. With the announcement of the deal with Harrah’s, the Board has delayed the decision for another month. According to Gaming Analyst Brad Dawkins, it is Harrah’s reputation that has bought some time for the investors. He says that the investors should be able to show their ability to move the project forward in an expedited manner.

You can recall that the Pennsylvania Gaming Control Board had awarded a gaming license to the proposed Foxwoods Casino Philadelphia on December 20, 2006. It was proposed to be located at The Gallery in Centre City in Philadelphia. The four-year old plan grappled with one setback after another from residents and real estate firms. Steve Wynn, who became the managing partner of the project in February 2010, pulled out on April 8, 2010 resulting in a deadlock. This had forced The Pennsylvania Gaming Control Board to rule on whether or not the Philadelphia Entertainment and Development Partners (PEDP) investors should be stripped of the gaming license for the Foxwoods casino project.

PEDP are pleased about the developments that will provide them the much-needed financial support to proceed with the development, construction, and opening of a casino in Philadelphia. Harrah’s, apart from restructuring their interests, would also invest new capital for a minority partnership position in the property, and play a management role. Speaking for PEDP, Stephen A. Cozen commented that the planned transaction would enable the investors to open the doors of the casino to the public within approximately 20 months. He further stated that their immediate task is to win back the project from the Pennsylvania Gaming Control Board.

The proposed casino will operate on the banks of Delaware River with great views. PEDO intends to open with 1500 slots and more than 70 table games at the facility. The casino will also feature Philadelphia steak house along with several dining options and Philadelphia themed sports bar to watch all of the Philly hometown teams in action.

Stepping in of Harrah’s Entertainment as both an investor and an operator of the stalled South Philadelphia project appears to revive hopes. But, because its casino is just 15 miles away in Chester, Harrah’s can have only a one-third stake in Foxwoods. The new Harrah’s partnership hopes to persuade the Pennsylvania Gaming Control Board not to strip the project’s license due to continual delays.

Harrah’s Entertainment, the largest in the gaming industry, is busy with its land-based operations and in preparing for possible Internet gambling regulations in the United States. Currently, the entry of Harrah’s in partnership with Foxwoods has earned some time for local investors. The investors trust that this deal will break and overcome the deadlock, and successfully help them to open the casino at South Philadelphia by 2012.

« Newer Posts — Older Posts »

Powered by WordPress