Entries Tagged 'casino news' ↓

Bad news for Colorado Casinos and with all the financial chaos i am betting it is not going to get any better anytime soon.

Colorado’s casino revenue dropped 5.3 percent in August compared to the same month last year, according to statistics released Thursday by the Colorado Division of Gaming.

Adjusted gross proceeds for August were $68.2 million, down from $71.97 million last August, the state said.

Limited-stakes gambling is allowed in three mountain towns: Cripple Creek, Black Hawk and Central City.

Central City rang in $6.2 million in August, down 13.9 percent from August 2007 — the steepest decline of all the casinos.

According to Forbes Mississippi Casino Revenus dropped as a result of Hurricane Gustav.

Seeing the Labor Day weekend clipped by Hurricane Gustav, Mississippi’s state-licensed casinos won $232.7 million from gamblers in August, down a bit from a year ago, the Mississippi State Tax Commission reported Wednesday.

Still, the Gulf Coast casinos posted bigger winnings last month than in August 2007, taking in $120.6 million, compared with $108.6 million a year ago.

In this economy borrowing is getting expensive and harder to do. Thus Pinnacle dropped its plans to operate a casino in Kansas.

It didn’t take long for one of the worst Wall Street meltdowns in history to hit the casino industry.

Already stalled in its plan for a $2 billion mega-casino in Atlantic City, Las Vegas-based Pinnacle Entertainment said Tuesday it was ending its bid to run a Kansas casino, citing “the current turmoil in the financial markets.”

Pinnacle also has delayed the start of its beach house-themed casino on the Atlantic City Boardwalk where the former Sands Casino Hotel once stood. A spokeswoman would not say whether abandoning the Kansas effort could affect the timetable for the Atlantic City project.

Several city officials have expressed annoyance recently with Pinnacle’s pace in Atlantic City, including the fact that nearly a year after the Sands was demolished, the site remains undeveloped.

“It’s not a good sign if they’re backing out of things elsewhere, but hopefully the two are not related and they’ll take that $623 million and put it here,” said Atlantic City Councilman Marty Small.

“I’m nervous,” he said. “We had hoped that the project would be under way by now. We put thousands of people out of jobs and threatened property owners with eminent domain. I would hope they have their ducks in a row.”

Pinnacle said it still plans to go ahead with its Atlantic City casino but can’t say exactly when because of the worsening credit crunch, which makes borrowing expensive.

In Montana its still the Wild West. Missoula Police are still searching for a man who reportedly robbed a local area casino.

Police in Missoula are still on the lookout for a man connected to an armed robbery at a local casino over the weekend.

Authorities tell is the incident happened just after 1:30 a.m. on Sunday when the suspect walked into the One Eyed Jacks Casino on Reserve Street with a gun and demanded money from the employees.

Police say the man left the casino on foot with an undisclosed amount of cash.

The suspect is described as being a white male, between 5′7″ and 5′9″ tall and weighing between 160 to 180 pounds. The man also has light, reddish-blond hair and at the time of the robbery he was wearing a black jacket, blue jeans and a stocking cap. He also wore sunglasses and an orange bandana around his nose and mouth.

Mexico is a land filled with everything but casinos. You have to go underground to find a decent game of poker or blackjack. That could be changing if this possible legislation can sneak pack Mexicó´s Congress.

The seemingly perpetual debate, over the possible authorization of full-fledged casinos that are prohibited today in Mexico, goes on – and it is hard to believe that bombastic politicians might one day break from the vicious circle of the last 15 years. Yet, once again, there are expectations that something might finally be done by the Mexican Congress based on occurrences during the run-up to its September 1 to December 15, 2008, regular legislative session.

Shares of Casino Stocks slid today as financial markets braced for bad times as a result of many problems in the banking and insurance industries.

Shares of casino operators slid early Monday, along with the broader market, as Wall Street reeled from a flurry of news including Lehman Brothers’ Chapter 11 bankruptcy plans and Bank of America Corp.’s proposed acquisition of Merrill Lynch & Co.

The Dow Jones industrial average fell more than 300 points.

Investment bank Lehman Brothers filed for bankruptcy protection Monday and said it was attempting to sell off key divisions. Meanwhile, Merrill Lynch agreed to a sale to Bank of America for $50 billion in stock.

In another blow to the markets, American International Group Inc. is asking the Federal Reserve for emergency funding. The world’s largest insurance company plans to announce a major restructuring Monday

Seriously this has to be one of the craziest schemes I have ever heard of. Cheating 12 Casinos in multiple states. To me it just sounds like a sure fire way to land yourself in federal prison for a long ass time.

A federal grand jury in San Diego has indicted 11 defendants for an alleged conspiracy to cheat 12 casinos across the country, Acting Assistant Attorney General for the Criminal Division Matthew Friedrich and U.S. Attorney for the Southern District of California Karen P. Hewitt announced today.

The one-count indictment, handed down in the Southern District of California on Sept. 9, 2008, and unsealed on Sept. 11, 2008, charges Bryan Arce; Don Man Duong; Hogan Ho; Thang Viet Huynh; Outtama Keovongsa; Leap Kong, a/k/a “Lanida Kong;” Qua Le; Khunsela Prom, a/k/a “Danny Prom;” James Root; Darrell Saicocie; and Dan Thich each with one count of conspiracy to commit several offenses against the United States, including conspiracy to steal money and other property from Indian tribal casinos, and conspiracy to travel in interstate and foreign commerce in aid of racketeering.

According to the indictment, from approximately March 2002 through July 2007 the defendants and co-conspirators allegedly formed and participated in a conspiracy, defined in the indictment as the “Tran Organization,” to cheat at gambling in casinos across the United States. The indictment lists 12 casinos that were allegedly targeted by members of the conspiracy, including five casinos that are owned and operated by Indian tribes.

The only locally owned and operated casino-hotel in Detroit will debut its complete entertainment destination tonight, celebrating the end of a $300 million, three year expansion and renovation of the site. The project includes the expansion and renovation of the casino’s gaming floor, the building of a 400-room hotel, spa and fine dining restaurant, and the addition of a 1,886 seat live entertainment theater, expansive meeting space, retail areas and several food outlets.

This has been a huge project for all of Detroit as well as it means locally expanding business and residential projects in and around Detroit.

I have always stressed that casinos bring value to local real estate and in the Motor City it appears a new residential project is in the works as a result of a constant growing casino.

Developers unveiled plans today for a new upscale loft residential project in downtown Detroit not far from Motor City Casino.

Known as the 1015 Spruce St. project, the development would offer 93 loft condominiums carved out of the historic Detroit Creamery Building, a 1914 industrial structure designed by architect Albert Kahn near the Lodge Freeway and Grand River.

Dude this is hilarious one casino lease is merely 1 dollar. Seriously that has to be a great deal for some prime real estate.

The Packer-controlled Publishing and Broadcasting Limited (PBL) pays rent of just $1 a year for its Crown casino complex in Melbourne.

A Victorian Commission for Gambling Regulation report, tabled in parliament on Thursday, reveals Crown’s owners will pay $1 a year for its Southbank site for the first 40 years of its 99 year lease and market value for the remaining years, Fairfax newspapers reported on Friday.

Crown entered the lease in 1993.

The casino made $370.1 million in profit last year, from $2.03 billion in revenue.

Crown spokesman Gary O’Neill told Fairfax the casino site was a “derelict piece of land, which had been unused for a long period and couldn’t be built on until it was cleaned up”.