I’m full of good cheer over at the Las Vegas Business Press, where I start by looking at where the employment numbers are now and where they seem to be heading: In July 2007, perhaps the high-water mark of the 2004-07 boom, more than 1.2 million Nevadans were working; slightly less than 27 percent of […]
At the LVBP: The casino cavalry Read More »
news about gamblingThere’s a big piece in today’s USA Today about penny slots: The penny slot machine, once a joke among serious gamblers, is the hottest form of betting during this recession. Even casinos that cater to wealthy gamblers are replacing $1 machines with video slots that accept bets one cent at a time. “You can play
USA Today on penny slots Read More »
news about gamblingA reminder that creating a casino industry isn’t just about waving the money wand and watching the dollars pour in. From the New Journal: Before the first hand of blackjack, the first spin of a roulette wheel or the first wager at a craps table can happen at Delaware's casinos, an estimated 800 people need
Dealer training in Delaware Read More »
news about gamblingFrank Fertitta, Jr, whose sons currently run Station Casinos, has passed away. From the LV Sun: Frank Fertitta Jr., the patriarch of Station Casinos, died today after heart surgery in a California hospital. Fertitta, 70, who had been ill for some time, died at Cedars-Sinai hospital in Los Angeles, sources close to the family said.
Another gaming legend passes Read More »
news about gamblingThe Las Vegas Sun has a graphical “snapshot” of gaming revenue numbers for the past five years: Gaming win at Clark County casinos – Las Vegas Sun. As far as revenue per game/slot goes, this is an interesting graphic because even if this number remains constant gaming revenues will still decrease, as there has been
Gaming win at Clark County casinos – Las Vegas Sun Read More »
news about gamblingI want to write about something I said but (I don’t think) got on the air in the KVVU story last Friday. Since everything about Las Vegas has to run to extremes, it’s almost impossible to have a realistic discussion of its evolution as a city, both economically and socially. With doom-mongering the current rage,
Is Vegas really doomed? Read More »
life in vegas, news about gamblingWere the players complaining about tighter slots right? Well, the answer (since late 2007, at least) is…yes and no. I decided to take a look at how each financial quarter since 2007 broke down for the state, the Las Vegas Strip, and the Boulder Strip. This way, I figured I’d have a good gauge of how casinos catering to tourist (LV Strip) and local (Boulder Strip) crowds responded.
Slot hold and the recession Read More »
news about gamblingThe June numbers are in, and it’s woefully obvious that there’s no recovery in sight for Nevada’s gaming industry. From the LVRJ: Nevadas monthly gaming revenues have sunk to levels not seen since 2004. And analysts said theres no telling how low the bar will fall. “Were still hearing from the casino operators that weekends
Casinos in Atlantic City continue to post revenue declines, as the July number prove. From the AC Press: Casino revenue sank to its lowest level in 12 years in July, another ominous sign that there will be no summer turnaround for the troubled gaming industry. In what is ordinarily the biggest money-making month on the
The gaming industry lost another pioneer this week, Jeanne Hood, who led downtown Las Vegas’ Four Queens for many years. From the LVRJ: Hood took over as president and chief executive officer of the Four Queens upon the death of her husband, David Hood, in 1977. In 1985, she became president and chief executive officer
Another pioneer passes Read More »
news about gamblingA story in the Las Vegas Sun on Friday gives me a jumping-off point for a somewhat-extended discussion of slot hold: Longtime gamblers have been saying it for months: If you want people to play in your casino during the recession, reduce the hold on your slot machines. A panel of marketing experts validated that
Lower your slot hold, get more players? Read More »
news about gamblingFollowing up on yesterday’s post about Nevada regulation, here’s a story that demonstrates the need for strict internal controls in Florida, from the Miami New Times: For some employees, Gulfstream Park was a hell of a place to work, full of cocaine and free gambling. When the scheme was finally discovered in 2007, hundreds of
Cocaine and free gambling in Florida Read More »
news about gamblingThere’s a great article by Liz Benston in the LV Sun today about the investigation that ultimately deprived a nightclub of its license: Managing a Las Vegas nightclub requires the deft and daring skill of operating a party environment that almost crosses the line into illegal activity. Anything less would be considered too tame to
Prive investigation and gaming regulation Read More »
news about gamblingInteresting editorial piece about the hypocrisy of the major US sports leagues when it comes to gambling from the KC Star: Late last week, the four major professional sports leagues NBA, MLB, NFL and the NHL, along with the NCAA, filed a complaint against the state of Delaware in federal court in Wilmington, seeking to
Here’s more evidence that Las Vegas never was recession-proof. This is taken from Parry Thomas’ biography, Quiet Kingmaker. As the most important banker to the gaming industry from 1955 to the 1980s, he knows what he’s talking about: In my first twelve years here in Nevada [1955-1967] we went through at least three depressions locally
Never. Recession. Proof. Read More »
news about gamblingI saw this back on Sunday in the LVRJ and thought I’d share it: The Vegas Club has introduced a new low-limit “Fetish Pit” beginning at 7 p.m. every Thursday through Saturday. Dealers are dressed as “naughty nurses,” “sexy school girls,” “risqué female cops” or “leather-clad biker chicks” while pole dancers perform on a raised
Interesting story on the M resort a few days ago in the LV Sun. My eyes lit up when I saw this bit, because it answered a crucial question: what’s been going on with the Boulder Strip’s roulette hold percentage since March? Marnell says he doesn’t shy away from volatility because he knows the casino
Volatility in practice Read More »
news about gamblingInspired by Gerald Davis’ Managed by the Markets, I wrote an LVBP column about similarities between gaming companies and other ones. My bold suggestion is that the gaming industry is more like than unalike others: As big as the companies that run Las Vegas casinos seem in this town, they're really on the small side
Along with word that business in Las Vegas is “bouncing along the bottom,” the big news today is the latest in celebrity bad marker cases, former NBA star Antoine Walker. From the LVRJ: Walker faces three felony counts related to writing bad checks at Las Vegas casinos between July 2008 and January 2009. According to
Another day, another bad marker case Read More »
news about gamblingHarrah’s had announced–in very unspecific terms–what it plans to do with its fantastic assortment of Strip acreage. From the LV Sun: They didn’t announce their intentions at the time. The economy was still humming, and with tourism booming and new resort construction expected by consumers and demanded by investors, the decision was something of a