2008 November 12 archive

Mobile phone gaming to be $27.5 billion business in five years

♠ November 12th, 2008 by ♣ admin

Mobile phone gaming to be $27.5 billion business in five years Mobile phone gaming to subsist $27.5 billion business in five years –> << Back mobile phone [Enlarge Image] By Gene Koprowski A number of trends are converging which are expected to push total annual wagers via mobile phones to more than $27.5 billion by 2013, according to a new report from Juniper Research.

According to report author Dr. Windsor Holden, mobile phone operators are demonstrably much more open to the idea of mobile gambling than they were even 12-18 months ago, “both in terms of offering gambling services on-portal and accepting advertising from gambling companies.”

But, the Juniper report noted that, while EU intervention was having some impact on the liberalization of Europe’s gambling markets, little progress had been made in the potentially lucrative American market. There, remote gambling services are still banned. Commercial deployments in the U.S. were now unlikely until 2010 at the earliest.

Juniper Research also found that mobile sports betting will comprise the majority of annual wagers over the next five years.
But, mobile lottery services — which are being increasingly deployed in key Latin American and Asian markets — will attain the highest adoption level, with nearly 400 million users worldwide by the end of the forecast period.
Other findings from the report include:

– Global gross winnings from mobile gambling services will rise from just under $192 million in 2008 to $3.4 billion by 2013
– In terms of total wagers, Western Europe will remain the largest regional mobile gambling market throughout the forecast period, although the relative contribution of the UK will decline significantly with the deployment of more services in continental Europe
– Gambling service providers should deploy text-based gambling services in developing markets to encourage mass adoption

Juniper Research assessed the current and future status of the mobile gambling market based on interviews, case studies and analysis from representatives of some of the leading organizations in the growing mobile gambling industry .

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Millions in revenues expected from new West Virginia casino

♠ November 12th, 2008 by ♣ admin

Millions in revenues expected from new West Virginia casino Millions in revenues expected from new West Virginia casino –> << Back big profits [Enlarge Image] By Gene Koprowski A study by West Virginia University indicates The Greenbrier resort hotel may reap more than $6 million in profits a year and $34 million may be infused into the local economy. What’s more, up to 76 jobs may be created by table games being offered as an amenity at the four-star resort.

The study was commissioned under contract between The Greenbrier Resort Management Co. and the WVU Research Corp., and fine-tuned by the university’s College of Business and Economics.

Last week, on the day after Greenbrier County voters approved a referendum to allow the resort to offer table games, hotel president Andrew Fogarty told employees the resort would once again study the fiscal impacts of table games , but also added, “We do know that gaming would require significant investment in a challenging economy and therefore must be evaluated very carefully.”

Resort executives would not reveal what casino consultant firm was hired to produce the new study.

As part of a state law passed in 1999 that put the table games issue in the hands of county voters, 52 percent of the net income generated by slot machines and 37 percent from table games at The Greenbrier would go directly to a special state gaming fund.

The university study estimated the state’s share at about $5 million per year and an “additional $700,000 in state fees and taxes.” Sales tax collections are estimated to increase by $831,000 and tips to Greenbrier employees are estimated to increase by $181,000.

The university study indicated an additional 76 jobs would be created by the gaming facility with an annual payroll and fringe benefits package totaling more than $3.5 million.

If The Greenbrier provides gambling as an amenity for guests, the county would receive 4 percent, or $170,000, White Sulphur Springs would receive 2 percent, or $85,000, and the remaining municipalities of Alderson, Lewisburg, Quinwood, Rainelle, Renick, Ronceverte and Rupert would share 2 percent, or $85,000, of its gross annual income.

“Total gaming facility revenue is estimated to be $6.05 million annually, after the gaming tax split with the state … or approximately $40 per occupied room,” the study said.

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Expanded gambling coming to Churchill Downs

♠ November 12th, 2008 by ♣ admin

Expanded gambling coming to Churchill Downs Expanded gambling coming to Churchill Downs –> << Back Churchill Downs [Enlarge Image] By Gene Koprowski Churchill Downs Inc. President Bob Evans said he is poised to pursue expanded gambling next year in Kentucky, citing the approval of voters of slot machines in Maryland, another horse racing state.

The Kentucky Derby — the center attraction for horse-racing fans — is planning on expanding its gambling offerings .

A percentage of slots revenue would go to boost racing purses.
“With Maryland voters just approving slots there this week, Kentucky is now the only one of the three states that conduct racing’s storied Triple Crown without legislation allowing slot machines,” Evans said.

The Maryland law allows slots at Laurel Park, although not at Pimlico Race Course, where the Preakness Stakes is held.
New York allows gambling at tracks. Aqueduct Racetrack has been allowed to add slots, but does not have a facility in operation. Aqueduct is run by the New York Racing Association, which also oversees Belmont Park — the site of the Belmont Stakes.

Evans also said the company will pursue expanded gambling at Arlington Park in suburban Chicago.

Evans didn’t specify what form that expanded gambling would take. Churchill supported amending Kentucky’s constitution to allow casinos at racetracks and other locations, but the legislation died in the House.

Rep. Greg Stumbo, D-Prestonsburg, has said he will file a bill for the 2009 session to legalize video slots at racetracks.
Churchill spokesman Kevin Flanery said the company is in an ongoing process of listening to legislators’ thoughts on “what they think is both practical and achievable” on gambling expansion .

“In Kentucky what we obviously need to do is level the playing field between Kentucky’s racing product and the races in other jurisdictions like Indiana, like West Virginia and like New York and Maryland as we move forward,” he said.

Gov. Steve Beshear, a supporter of expanded gambling to provide more money for state programs, was noncommittal.
Maryland’s vote “certainly increases the competition that we already face in the racing industry,” Beshear said.

Beshear said that for now he must concentrate on a fix for the state’s immediate financial problem — balancing this year’s budget.
Frank Stronach, Magna chairman and chief executive officer, said that the company’s earlier efforts to sell noncore assets such as real estate to eliminate debt have been hurt by the credit markets.

“As a result, we are evaluating MEC’s core operations with a view to possibly selling or joint venturing one or more of MEC’s core racetracks,” Stronach’ said.

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