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November 4, 2013

More Trouble as Culinary Union Continues to Picket Now With Verbal Attacks

Filed under: Casino — Tags: — OCE News @ 2:40 am

It may now seem as if trouble will not go away when it comes to the Culinary Union picket that is taking place outside the Cosmopolitan. It has now been reported that the Alliance to Protect Nevada Jobs was able to get video at a recent Culinary protest that included verbal abuse by some picketers. This is said to have occurred Oct. 5 and took place outside the Strip resort. The video was posted on YouTube. The Alliance has since said that it believes these actions were unwarranted and has asked that union officials intervene to stop these types of actions.

According to one Alliance member, “Lawmakers should see that the union bosses at the Culinary Union are engaged in guerilla tactics that give our state a black eye. The irony of Big Labor’s approach is that it results in less tourism, fewer jobs, less tips and a weak local economy, which ultimately hurts the very workers they claim to represent.”

For its part, culinary union officials have said that they see nothing wrong with the way their members are behaving or with the tactics that they are using. According to a union spokesperson, “The recent civil disobediences, rallies and pickets are exercises of workers’ First Amendment rights and part of the struggle for the Las Vegas Dream. Cosmopolitan workers are fighting for the opportunity to provide for their families, something all Vegas workers deserve.”

In the video that was taken and posted, a member of the union who is unidentified is shouting at into a megaphone. A APNJ member is also seen standing next to this person handing out cards. The video runs for about a minute and is entitled “Union Bosses From The Culinary 226 Harass Tourists”.

The APNJ is a project part of the Workforce Fairness Institute. Just last week they said they would launch what they call a counter-demonstration and that these would take place during Culinary protests that are being performed outside the Cosmopolitan. But, rather than picketing, the APNJ has said that it will distribute Thank You cards.

In the video, as the member of the APNJ hands out cards, the Culinary member yells out: “You guys are a bunch of losers.” This is aimed at some people who are entering the Cosmopolitan’s front doors. A little later in the video, the same man yells out at a verbal attack toward a couple. In the video he says, “You and your wife are a bunch of losers. Support the workers, guys. Don’t go inside of the Cosmopolitan.”

The Culinary Union represents an estimated 50,000 maids, bartenders, and food servers. The Union has said that it will remain on the picket line at the Cosmopolitan. The dispute stems from 2,000 workers who have been working for two years without a labor agreement. When those employees get a new contract, the protests will stop, according to the union.

Officials at the Cosmopolitan have not commented about the posted video and have been relatively silent throughout the protests.

November 2, 2013

Las Vegas Sands Finds Big Winner in Macau with Big Earning Boost

Filed under: Casino — Tags: , — OCE News @ 2:37 am

For the Las Vegas Sands, its Macau operations are paying off big time. Its properties in Macau have helped to boost its earnings by a whooping 80 percent. The Las Vegas Sands which is Las Vegas-based operates the Palazzo and Venetian resorts, both of which are on the Strip. But it also has properties in Singapore and Macau. The company reported its earnings for the third-quarter recently. The company is listed on the (NYSE as LVS.

In terms of revenue, the company posted $3.57 billion which is an increase of 31.7 percent over 2012 third quarter results. It was reported that very strong gaming volume increased its cash flow in Macau by some 60.8 percent which amounts to about $784.3 million.

For its earnings, the company reports earnings of $809.3 million, and this is up 82 percent over 2012 third quarter earnings. It was reported that the Venetian Macau saw a 92 percent occupancy rate; this is off by some 2.2 points from 2012 third quarter results. However, it also reported a solid average daily room rate that came in at $242, and this is 6.6 percent higher than what it reported last year. As for earnings per share, they came in at 76 cents, which is about 81 percent higher over 2012 third quarter.

According to Sheldon Adelson, Chairman of Sands, the company has been prudent in managing its cash flow including its ability to bring a profit to shareholders and has been able to do this as the company maintains a solid balance sheet along with plenty of liquidity. This means the company can invest for growth. The company is one of the leaders in the Macau area and continues to grow in that region.

What all of this means is that the Las Vegas Sands has had yet another record quarter due to the efforts and revenues that are coming from Macau, which is leading the way. Sands officials openly attribute the Macau success to what they say is the city’s gradual transition from a simple, day-trip destination into a more lucrative overnight destination in its resorts. And because they have the most rooms, this is a winning situation for them.

The news gets better as more growth is possible as the Parisian property construction is now said to be ahead of schedule. It is planned open in 2015. Also, the new high-speed rail line from Macau into central China will be opening as well. In addition, the new Hong Kong-Zhuhai-Macau Bridge is planned to open in 2016. This bridge will allow motorists to cross from Macau to the Hong Kong airport in 20 minutes or less.

The Sands company is also keeping an eye on Japan where new gaming may be allowed in the near future. If all goes well, they company says it may build new resorts in Osaka and Tokyo. Sands is also looking at opportunities in South Korea which may be opening up within the next year or so if all goes well.

October 30, 2013

Allegations of Possible Money Laundering Lead to Caesars Palace Investigation

Filed under: Casino — Tags: — OCE News @ 2:12 am

It isn’t often that a big name casino comes under investigation for money laundering these days. That was not the case years ago, but today big casinos steer away from that type of action. Even so, Caesars Palace is now said to be under federal investigation that it allegedly laundered money. This information was reported in a filing to the Securities and Exchange Commission.

On Oct 11, the company says that it received a letter that came from the US Department of Treasury, Financial Crimes Enforcement Network. In this letter, it was said that Desert Palace Inc., which is the subsidiary that runs and operates Caesars Palace, would be investigated for alleged violations that fall under the Bank Secrecy Act. It said that this investigation would determine what, if any, further legal action would be taken against Caesars Palace. A spokesperson for the company did not have a comment to make. But, with the news, Caesars stock fell nearly 5 percent, hitting $17.81 on the New York Stock Exchange.

In the filing that Caesars sent to the SEC, it said that another grand jury action would be ongoing. This grand jury investigation is separate from the other allegation. The company has said, in its written filing to the SEC, that it plans to cooperate with authorities in both of these matters. The SEC filing went on to say: “Based on proceedings to date, the registrant (Caesars) is currently unable to determine the probability of the outcome of these matters or the range of reasonably possible loss, if any.”

The SEC filing went on to note that in recent years, many of the government’s authorities have been placing more emphasis on money laundering through new procedures and policies and procedures, many of which seem to be concentrating on the gaming and casino industries. It should be noted that some of these investigations are coming up with results especially as it may pertain to Russian mob activity within the gaming industry.

It was also reported that this money-laundering allegation had been reported within the same filing (to the SEC) that had disclosed that Caesars was going to pull out its bid for developing a new casino at the Suffolk Downs racetrack which is close to Boston. Caesars was a minority partner in that deal. No further details were forthcoming at this time as all of this news went to press and went public. But, there was more bad news as well as another report came to surface that may lead to many more problems for Caesars in the near future.

It was also reported that Caesars has now received a report that came from the Massachusetts Gaming Commission. In this report the commission said that it was questioning the Caesars suitability due to its relationship with Gansevoort Hotel. It should be noted, however, that Caesars severed its ties with the Gansevoort Hotel group. This group has been alleged to having some ties with mobsters in Russia. The group has also pulled its bid on the proposed Massachusetts casino project.

October 28, 2013

Wynn Resorts Reports Third Quarter Earnings With Good News and Records

Filed under: Casino — Tags: , — OCE News @ 2:11 am

Wynn Resorts LTD, which is based in Las Vegas, and has resorts in Macau as well as on the Strip, reported third-quarter earnings recently. The company is listed on the Nasdaq as WYNN. It reported that it had revenues of $1.49 billion. This is up 6.9 percent when compared to the 2012 third quarter. It also reported higher revenues in Macau, coming in at 9.6 percent, with Las Vegas increasing some 1.1 percent.

As for earnings, the company reports $182 million and this is up 62.5 percent over the 2012 third quarter. Even so, food and beverage profits were down for Las Vegas mostly due to competitive pressures. According to Steve Wynn, Wynn Resorts Chairman, competitors are now laying out more for DJ talent for their various nightclubs and this has taken talent away from his clubs. This has led to lost business. The company’s earnings per share came in at $1.81, and this is up 61.6 percent over 2012 third quarter results.

Wynn has reported that he believes the company is moving forward to have its best year ever. Revenue projections are at $120 million for Macau and coming in at some $54 million for properties in Las Vegas. Wynn has also recently criticized the Massachusetts gaming regulators. Last week they questioned him during a hearing on a variety of topics.

During the hearing, Wynn said that his company plans to continue its bidding in order to build a new luxury casino and hotel in Everett, which is close to Boston. He also said that is somewhat concerned that gaming regulators in the state are being a bit overzealous as they attempt to discover corruption within the gaming industry. Wynn says that he is concerned regulators may take his license even after investing $1.4 billion in Massachusetts.

Wynn went on to say that is shocked that Caesars has already withdrawn its own bid in which it planned to build a casino at the famous Suffolk Downs. It was reported recently that Caesars as pulled out its bid after state regulators discovered that one of its partners has certain ties to Russian organized crime outfits. Wynn also said that strict ethics guidelines prevent company officials from talking to regulators directly unless said talks take place in in public venues which are often far and few between.

On a brighter note, Wynn said that his company is planning on expanding its tourism business within the region and that his company will be able to create several jobs if the plan for the new casino and hotel go through. When he as asked about any timelines concerning the new Massachusetts project, he reported that he wasn’t sure what those were because the local state regulators continue to change them. This, he said, is a problem because his company is required to stick to strict deadlines when it comes to providing information. It remains to be seen how this will all play out as Mass regulators continue to look into Wynn’s company and background.

October 18, 2013

Find out why so many people are flocking to online casino gaming

Filed under: Casino — Tags: , — OCE News @ 8:37 am

The best thing that anyone who works hard during the day can do is find a source of entertainment that will not bore them. It can be hard nowadays, with so many things available on the Internet, but most people who have tried online casino gaming have thoroughly enjoyed it. They have come back again and again. And so it important that those interested in finding an online game that they can enjoy check out online casinos. Now is a great time to get involved in casino gaming and playing.

Another great thing about online casinos is the variety of play you can get involved in. Most online casino sites contain traditional casino games. It is also the case that many of them have new types of games that offer people the chance to win money. The advent of online casinos has produced technology and creative talent that has spawned entirely new kinds of games. There are things that people can do online that they cannot do in a traditional casino. That is how so many online venues have been able to create new casino games that people continue to be attracted to and enjoy.

It is easy enough to find an online casino site that you feel comfortable playing in. The web is full of them. And the web enables you to find them easily. All you need do is spend a few minutes scanning and you are bound to encounter a site that you will enjoy.

Online casino gaming has brought many persons into gambling. Since the launching of the first site gambling online has become the favored past time of many. It is not that hard to see why people prefer online casino gaming to other forms of entertainment. Playing traditional games online offers people the chance to win money and match their wit and gambling skill against that of others. This can make for a pleasant afternoon and evening. And, at times, it beats watching bad films on television.

The success of online casino gaming can also be linked to the ease with which people are able to access such games. All one needs is the Internet. If you are able to get on the Internet, then you will be able to enter the worldwide web and find online casino sites of all kinds. Indeed, it is just this kind of diversity that adds to the appeal of online casino gaming. The fact that anyone looking to play has so many choices is something that many people are likely to enjoy.

Not everyone has the same skill and comfort level with gambling. Some persons like to wage a little bit of money at a time, while others do not mind risking more, sometimes all in one go. Online casino gaming gives each individual the flexibility he needs to risk as much or as little as he wants. This can be a great way

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