Casino News - Latest Updates From The Casino Industry

High Stakes Monks

Sun, 13 May 2012 14:35:00 -0500

High stakes poker games have become more common around the world as the popularity of the game has increased but a recent high stakes game involving eight monks in South Korea has led to a scandal for the nation's largest Buddhist sect.

Not only were the eight high-ranking monks caught playing poker on video -- reportedly with $900,000 changing hands during the 13 hour marathon poker session -- but drinking and smoking as well, all of which is contrary to their Buddhist beliefs, with gambling outside of casinos in South Korea illegal as well.

The monks were members of the Joyge order, which with ten million members is South Korea's largest and most prominent Buddhist sect. The scandal has led to six senior monks offering to resign with the head monk of the order issuing the following statement:

"We deeply apologize for the behavior of several monks in our order. The monks who have caused public concern are currently being investigated and will be punished according to Buddhist regulations as soon as the truth is verified by the prosecution."

The poker game took place during a retreat at a posh lakeside resort where the monks had gathered for a memorial service for a fellow member. It's believed that a fellow monk secretly filmed the game, turning the footage over to the head monk.

Rumors had swirled for years that high ranking monks of the order would in private smoke, drink, and gamble but the footage seen below is the first time that any real proof has been put forth:

How to Beat the House at Roulette

Sat, 12 May 2012 14:00:00 -0500

Physicist J. Doyne Farmer made waves more than 30 wears ago when as a graduate student he devised a portable, wearable computer that would tilt the roulette odds firmly in the player's favor -- although technological limitations at the time limited the wins he was able to book at a Nevada casino.

Farmer devoted several years in the late 1970s developing a physics-based approach to beating roulette, which measured and analyzed several factors as the roulette ball rolled around the edge of the rim and fell before bouncing around and finally settling on a number.

Farmer discovered that the first part of that equation -- how the ball rolled around the rim of the wheel and fell -- could be predicted with some accuracy, giving a significant edge in predicting what general range of numbers the ball might settle into after chaotically bouncing around during the second part of the equation, which is otherwise almost impossible to predict on its own.

Farmer's decision to speak out after all the years was spurred on by a paper published about very similar research from Michael Small from the University of Western Australia in Perth and Michael Tse from Hong Kong Polytechnic University, which was recently submitted to the journal Chaos.

Small and Tse used a very similar approach to Farmer's and calculated that a player armed with the system and a small computer or smartphone could gain as much as a 18% edge over the house -- significant enough to lead to very large profits if successfully implemented.

Before gamblers rejoice too much, casinos aren't exactly helpless to the approach, as the amount of time the roulette ball is allowed to spin before falling can be changed and using even a small and hidden computer for the necessary calculations isn't exactly the subtlest of approaches.

A Peek into Life as a Vegas High Roller

Wed, 09 May 2012 02:34:00 -0500

Most of us wonder from time to time what it's really like to be a high roller in Vegas, as far as trading in playing $5/hand blackjack at Bally's for wagering tens of thousands of dollars on a single hand of baccarat in the high-roller salon at Aria. We can't help with the gambling part but we can give you a glimpse into some of the nicest high-roller suites that Las Vegas has to offer.

High roller suites are often used as free comps as a way to entice gamblers to come stay for a visit but many can also be reserved by the general public, assuming you've got the cash or a credit card handy with a high enough limit.

Aria: Featured in the photo here, the Sky Villas include 2 and 3 bedroom versions with amazing views of Sin City as well as a massive, elegant staircase linknig the upstairs and downstairs areas. You'll have your own personal concierge and private transportation to and from the airport, all for the low price of $3,500-$7,500 per night.

The Venetian: It's good to be the boss and the Chairman Suites at the Venetian treat you like the head of the board. The $25,000/night price tag gets you 10,000 square feet of room to relax in, a private salon and sauna, and even a butler and karaoke room. Yes, that's right: your own karaoke room.

The Palms: The Palms has carved out a niche for itself by catering to a younger, hipper crowd, with its 10,000 square foot Hardwood Suite taking that to an extreme. No, the $25,000/night suite isn't decked out in rare Brazilian cherry wood; it has its own half-court basketball court as well as video games, pool tables, and everything else you need to play in style.

Hard Rock: If you're a high roller who is also into a little kink, the Provocateur Penthouse Suite comes stocked with S&M gear as well as a film projector in the bedroom. It's also a high roller bargain if you stay during the week, with $3,500 weeknight rates that jump up to $7,500 on the weekends.

Caesars Palace: The Spa Suites at Caesars are typically reserved as free comps for guests but for $2,000/night you can relax in an infinity bath with breathtaking views of Vegas and the Strip.

Mini Building Boom in Macau

Sun, 06 May 2012 13:23:00 -0500

Macau is experiencing a mini building boom after a lull in new casinos opening, with the long-delayed Sands Cotai Central casino finally opening its doors while Wynn Macau was granted approval for a new casino of its own on the Cotai Strip, with Galaxy Entertainment Group planning a large expansion of its Galaxy Macau resort.

Las Vegas Sands suffered through numerous delays in its $5.4 billion Sands Cotai Central (including delays in gaining givernment approvals and a worker shortage) but finally opened Macau's 35th casino in April. Its the latest entry into a booming gambling market that shows no signs of slowing; Macau's gambling revenues rose 27 percent in the first three months of 2012, after shooting up 42 percent last year to $33.5 billion -- over five times the amount earned by Las Vegas Strip casinos.

Macau eclipsed the Vegas Strip back in 2006 for total gambling revenues taken in on an annual basis, with Singapore the next in line to overtake Vegas as demand for gambling remains strong in both areas, which traditionally had eschewed casinos and forced gamblers to travel abroad to satisfy their baccarat and slots cravings.

Despite the strong demand the next new casino in Macau isn't slated to open until at least 2015, with several other operators in the area such as Wynn and MGM Grand jockeying for position to open new casinos and resorts themselves.

Wynn Macauu cleared a big hurdle in May when the government granted the company a 51 acre concession to build its second resort in the city, which has become increasingly important to Wynn's overall revenues. Wynn pulled in 72 percent of its overall 2011 revenue of $5.3 billion from Macau, with that trend likely to continue for the near future as Las Vegas and other gambling areas in the US struggle to recover from the recent recession.

Galaxy Entertainment doesn't have a new casino in the works but is planning a $2.1 billion expansion of its Galaxy Macau resort, which will nearly double its size and add 500 gaming tables and up to 1,300 new hotel rooms.

Top 5 Things to do in Vegas NOT in a Casino

Thu, 03 May 2012 04:27:00 -0500

Las Vegas obviously offers plenty for gamblers from around the world to enjoy but there are also a lot of great sights to see in the city away from the Strip that have nothing to do with doubling down or hitting your point at the craps tables.

Casinos in Las Vegas have worked hard to diversify their entertainment and shopping options so that they don't rely as heavily on gambling dollars for their profits each quarter but there are also plenty of great sightseeing options and trips available outside the air-conditioned environs of the mega casinos.

Below you'll find some of the most popular options when it comes to getting away from the slots and seeing a different slice of Vegas:

Dig This: If you've ever dreamed of playing with big-boy toys such as enormous bulldozers and excavators, you can realize that dream at Dig This, which is located about 4 miles outside the city. The "Heavy Equipment Playground" provides exactly that, with the chance to not dig up and destroy all sorts of dirt with huge excavators and bulldozers but you can also shoot machine guns, rifles, and hand guns on their firing range.

Red Rock Canyon: Located about 15 miles outside the city, Red Rock Canyon offers a scenic 13 mile drive for those who prefer the safety and comfort of their car as well as numerous hiking trails for those who prefer to get out and about in nature. Make sure you take into account the desert heat by dressing appropriately and bringing water, with the views at sunrise and sunset particularly spectacular.

Richard Petty Driving Experience: Get behind the wheel of a real race car and drive a few laps at the Las Vegas Motor Speedway, with real Nascar stock cars giving you an up close and person taste of the racing life. If you're too scared to take the wheel yourself you can ride along with a professional driver who'll whip you around the track at dizzying speeds.

Pinball Hall of Fame: Show off your pinball wizardry on more than 250 classic pinball machines, all in working order and available to play. Unlike most museums where you can look but never touch, this is a hands-on experience with old and new pinball machines alike to not just admire but to play yourself.

Grand Canyon: The Grand Canyon isn't exactly in Las Vegas but a wide range of tours will handle all the logistics of getting you there -- including helicopter and plane tours -- to enjoy one of the natural wonders of the world.

So Long, O'Sheas

Tue, 01 May 2012 13:39:00 -0500

The colorful O'Sheas casino closed its doors for the final time on May 1, with the parking garage imploded as work gets into full swing on the $500 million Linq project that will transform what was O'Sheas and the Imperial Palace into a new gambling, retail, dining, and entertainment complex.

Caesars is embarking on one of the first new construction projects started on the Las Vegas Strip in several years, with a 550-foot tall Ferris wheel serving as the capper for the new casino resort that Caesars hopes will make better use of the prime location and foot traffic in the area.

O'Sheas had carved out a niche for itself on the Strip by offering table games like blackjack and craps with low minimum wagers as well as serving as the unofficial beer pong hotspot in Vegas with numerous tournaments and promotions; beer pong fans need not fear as the games have moved to Bthe Slush Bar at Bill's Gamblin' Hall.

The Imperial Palace is also slated to be replaced, with the name of the new casino still not settled on -- although it won't be a themed casino, with a more generic approach planned to fit with the overall Linq project. Caesars officials have promised that a piece of O'Sheas will live on, as an area near the entrance to the Linq will feature table games as well as an O'Sheas pub.

Implosions on the Strip were relatively common during the construction boom of the early to mid 2000s but the implosion of O'Sheas was the first since 2007 when the New Frontier met its demise.

Caesars has been under pressure from investors to make better use of its multiple properties on the Strip and elsewhere in Vegas, with the Linq project the largest and most extensive effort to date to make more profitable use of its valuable Vegas real estate.

Atlantic City Gambling Revenue Continues Slide

Sat, 28 Apr 2012 14:55:00 -0500

Despite several positive factors working in its favor -- including unseasonably warm weather and the opening of the new Revel casino -- the casinos that call Atlantic City home continued to struggle in March, with gambling revenues slipping by 5% in March as compared to 2011.

Revenue from the slots and table games at the 12 casinos in Atlantic City fell 5 percent to $266 million, compared to $281 million a year ago, the New Jersey Division of Gaming Enforcement reported. Slot revenue dipped 3 percent to $191 million, while profits from table games plummeted 11 percent to $75 million.

Hopes had been high that the opening of the new $2.4 billion Revel casino -- the first new AC casino to open up in many years -- would jump-start a resurgence in visitor traffic and gamblng revenue in the area but it failed to have the hoped for effect, although the real impact of Revel won't be seen until April figures are released.

Revel held three days of soft-opening play in late March before its official opening April 2, with the dress rehearsal of sorts producing $163,000 in gambling revenue. Revel’s first full month of revenue will be reflected in April’s results.

Warm weather and two extra weekend days weren't enough to halt the slide in revnues that has continued unabated for several years. Gambling revenues have steadily dropped in Atlantic City since their peak in 2006, as increased competition from neighboring states and a struggling US economy has left the area struggling mightily when it comes to gambling.

“With two extra weekend days and the fabulous weather, I’m really disappointed that the market had a decline,” said Tony Rodio, president and chief executive officer of Tropicana Casino and Resort. “It’s the regional competition and the economy. It’s extremely disappointing."

Trump Taj Mahal was one of the few bright spots, with revenues up 17% for the month, while the Tropicana, Borgata, and Golden Nugget Atlantic City also recorded small gains. Resorts Casino Hotel and the Atlantic Club Casino were the big losers for March, with revenues at each plummeting more than 25%.

PokerStars to Buy Full Tilt?

Thu, 26 Apr 2012 11:32:00 -0500

Just over one year after the US government indicted online poker sites Full Tilt and PokerStars the two companies are once again making waves with the surprise announcement that PokerStars may be in negotiations to buy its one-time bitter rival.

News of the possible deal swept the online poker world by storm, coming as a shock as Groupe Bernard Tapie had previously announced it was in the late stages of closing its own deal to buy Full Tilt for $80 million, with some speculating that the closing of the deal and the re-launching of the Full Tilt online poker site might just be days away.

The latest rumors appeared to be on target, as late on April 24 Groupe Bernard Tapie put out an official press release stating that it was bowing out of talks to buy Full Tilt and that it was unable to come to an agreement with the US Department of Justice and Full Tilt on various issues including the timeline to repay money owed to players as well as settling outstanding legal issues in the US.

The press release also directly addressed the rumors of PokerStars as the new potential Full Tilt suitor:

"We understand from press reports that the DOJ may have entered into an agreement with PokerStars pursuant to which PokerStars will acquire the FTP assets. If accurate, we can only assume that PokerStars determined that it was willing to accept these legal and financial risks in order to resolve its own legal situation with DOJ."

Both PokerStars and Full Tilt have yet to put out an official press release denying or confirming the rumors, which peg the potential deal price at a whopping $750 million -- far above what Groupe Bernard Tapie was offering but that figure would also include settlement money to potentially address legal concerns in the US.

While many poker players rejoiced at the renewed possibility of being paid out the money they had in accounts at Full Tilt -- which went dark in June 2011 with all player funds frozen and in limbo -- some remained sceptical about the deal, as Full Tilt and PokerStars had previously been bitter rivals and their products largely overlap, with PokerStars seemingly gaining little by pursuing Full Tilt at this stage.

Gambling on Casino Stocks

Mon, 23 Apr 2012 04:10:00 -0500

Investors who have taken a gamble on casino stocks in 2012 have already seen a nice return with more potential gains forecast by many analysts as the world economy slowly mends and more tourists turn up in Vegas, Macau, and other gambling destinations.

The Standard and Poor's casino index of well-known gambling related stocks is up 12% already in 2012, buoyed by gains in Las Vegas Sands (LVS) and Wynn Resorts (WYNN) -- two companies poised to benefit from an uptick in demand at casinos in both the US as well as abroad in strong growth areas like Macau and Singapore.

Casino stocks are also increasingly diversified and no longer solely rely on gambling revenues, with hotel and resort operations as well as entertainment and shopping sales helping to insulate the performance of their operating results and stock price unlike in the past when gambling results were the primary difference between a profit or a loss.

Growth in Asia has been a key driver in luring investors into stocks, with Macau's stellar growth showing no signs of abating anytime soon and increased interest in new areas such as Vietnam, the Phillipines, South Korea, and Japan, where numerous casino projects are being planned or constructed.

Other gambling and casino stocks such as Penn Gaming (PENN), Boyd Gaming (BOYD), Isle of Capri Casinos (ISLE), and Ameristar Casinos (ASCA) are focused more squarely on the US gambling market, offering slightly more limited upside potential but also a clearer picture into their potential performance in the near future.

Casinos in the US are still struggling to recover from the recent recession but many have once again found solid footing and are beginning to turn in consecutive months of profitability, with Las Vegas casinos in particular finally seeing a boost from the return of convention traffic and increased visits from gamblers from around the world.

Top 5 Las Vegas Poker Rooms

Wed, 18 Apr 2012 11:19:00 -0500

While Las Vegas may have been surpassed by Macau as far as total gambling dollars taken in each year it remains the undisputed king of the poker world, with many of the top poker rooms in the entire world found in Sin City.

Many top poker pros call Vegas home or maintain a home there, with big cash games running year-round and the World Series of Poker (a festival of nearly 60 poker tournaments) drawing tens of thousands of additional poker players and fans each and every summer.

You'll have plenty of Las Vegas poker rooms to choose from if you make the trek to Las Vegas youself but visiting one of the top poker rooms below means you'll be guaranteed to get off to the right foot.

The Venetian: The Venetian is one of the few Vegas poker rooms to make a name for itself with tournament players and cash game specialists alike, running the popular Deep Stack series of tournaments periodically throughout the year and one of the busier rooms in town when it comes to low and midstakes cash games.

The Bellagio: The Bellagio has lost a little of its poker luster with the emergence of Aria's poker room as a high stakes haven but it's still one of the busier rooms in town, especially at midstakes and up as far as high rollers looking to take on some of the world's top poker players with plenty of cash at stake.

Aria: Aria is the newest entry in the Vegas poker scene and currently home to some of the biggest cash games in town, vying with The Bellagio for the right to call itself "the" poker room in town for high stakes action.

The Wynn: The Wynn hasn't quite managed to duplicate The Bellagio's success when it comes to poker but it still has plenty of action running any time of the day or night, including a variety of daily tournament as well as cash games to choose from.

Caesars Palace: Caesars has slipped a bit on the poker popularity front (with many players shifting their play over to the Venetian) but it's still one of the larger and busier poker rooms in town, with a large dedicated tournament room adjacent to the cash game area that runs a wide range of daily tournaments.