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Missouri gambling initiative still on the November ballot

♠ November 3rd, 2008 by ♣ admin

Missouri gambling initiative still on the November voting-ball Missouri gambling initiative still on the November ballot –> << Back gambling [Enlarge Image] By Gene Koprowski A Cape Girardeau businessman, a state lawmaker and gambling critics contended the proposal illegally mixed multiple subjects in an attempt to “logroll” voters and was unfairly summarized on the ballot.
 
A state judge dismissed a lawsuit seeking to strip a proposal to revise Missouri’s casino laws from the Nov. 4 ballot.
The referendum will revoke Missouri’s law limiting gambling losses to $500 per two-hour period; cap the licensing of new casinos; and raise taxes on existing casinos to direct more money to public education.

Cole County Judge Richard Callahan ruled that the seemingly disparate parts of the measure actually all relate to the regulation of gambling and its revenues .
“There is some element of ‘logrolling’ in connection with the combination of such different issues within the proposition as the elimination of loss limits and the capping on the number of ‘boats’ that may be licensed,” Callahan said.

The casino initiative will appear on ballots as Proposition A. Those who cannot vote on Election Day already have started voting by absentee ballot. Turnout is expected to be high in Missouri. Sen. John McCain (R-Ariz.) is leading in polls there in the race for the U.S. presidency, and is also leading in other battleground states, Florida and Ohio, and is surging in Virginia.
Scott Charton, a spokesman for the coalition backing the casino measure, said its foes made arguments that were “false, misleading and meritless.”

“We have fought and won, alongside the secretary of state, in assuring Missouri ’s right to vote on Proposition A,” Charton said. “We are making the case that they should vote ‘yes’ on A for our schools and our economy.”

The battle against the casino measure was filed in August as two separate lawsuits by gambling critics and casino supporters.

One of the lawsuits was filed by Cape Girardeau businessman David Knight and Democratic state Rep. Ray Salva of Sugar Creek, both of whom have tried to get casinos into their communities. Sen. Barack Hussein Obama, the Democratic nominee for U.S. president, has opposed new gambling measures in Illinois.

The other case was filed by two St. Louis area residents backed by the anti-casino group Casino Watch.
 
Evelio Silvera, executive director of Casino Watch, said the group is considering whether to appeal the decision.

Silvera said the decision isn’t wholly unexpected and that the group still believes the casino measure incorporates logrolling and should be rejected.

He has created a group that is urging voters to reject the ballot measure.
“There is a sense of real momentum where we will continue to move forward with this legal matter, but not out of fear of losing in the court of public opinion,” Silvera said.

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Casino stocks surged this week on good news from MGM Mirage

♠ November 3rd, 2008 by ♣ admin

Casino stocks surged this week on good news from MGM Mirage Casino stocks surged this week on good news from MGM Mirage –> << Back MGM Mirage [Enlarge Image] By Gene Koprowski Casino stocks soared this week as the MGM Mirage reported new funding for its CityCenter project. Investors are jumping back into the niche as the Federal Reserve slashed a key interest rate by half a point.

The casino sector has seen many companies delay or cancel development projects due to funding difficulties.

The sector got a boost as the Fed reduced the federal funds rate, which was at 1.5 percent, to 1 percent. The rate is the interest that banks charge for overnight loans.
Earlier, MGM Mirage reported its third-quarter profit slid 67 percent, partly on a write-down. Analysts focused more on cost the company’s control and funding efforts.

MGM obtained a $1.8 billion senior bank credit facility earlier this month to help with its $9.2 billion CityCenter project in Las Vegas reports it has received more commitment letters for more than $500 million. The firm is working with joint venture partner Dubai World to get more funds. The firm is looking to secure a total of $3 billion in financing.

Jake Fuller, an analyst with Thomas Weisel Partners, said that MGM discussed during a conference call with analysts a $400 million reduction to CityCenter’s budget. That mad the project easier to fund, and lead to a lower-than-expected estimate for 2009 capital expenditures of $200 million.
Stifel Nicolaus & Co.’s Steven Wieczynski said the cost reductions, should help the stock.

“Any gaming operator that postpones spending and preserves capital in this environment should be rewarded, in our view,” he wrote in a client note.
Investors, hopeful that the Fed would likely to cut a key interest rate by as much as a half point or three-quarters of a point later Wednesday afternoon, also bought back into the sector while casino operators‘ shares languished at bargain basement prices due to recent fears a recession was imminent.

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Gambling ads now allowed on Google

♠ November 3rd, 2008 by ♣ admin

Gambling ads now allowed on Google Gambling ads now allowed on Google –> << Back gambling ads [Enlarge Image] By Gene Koprowski A decision to allow gambling advertising on search engines in the U.K. is increasing spending by gambling firms on Yahoo, Microsoft, and Google.

Top-line gambling and gaming brands , including Ladbrokes and Bet365, have moved quickly to launch significant search strategies on Google.

Search and gambling specialists are telling business reporters that Google will see £300 million, or $600 million, a figure significantly higher than the previously reported £100 million figure.

More brands are likely to opt to exploit Google’s market opening. This move may have a major affect on Yahoo and Microsoft, with the former having cited gambling as a key search channel.

Rob Allan, Ladbrokes online marketing manager, said his firm is considering moving a major part of its multi-million-pound search spend to Google.

“We’re increasing spend but also looking at where that money would be best spent,” Allan said. “Google has significant market share and is where many people go to first online, so Yahoo and Microsoft are not as good from that perspective. I can guarantee that over the next month or so money will come out of Yahoo and MSN,” he added. “The question now is, given Google has 80% market share, do we place the same share of spend on it?”

Paul Lewis, Betfair’s head of marketing acquisition, hinted at an increased focus towards Google. “Yahoo and MSN has typically been a smaller channel for acquisitions in the PPC search market but one that we’ve had to focus on while Google was not available,” he said.

Another source, Simon Prodger, marketing director of poker site PKR, said, “It has been very frustrating not being able to work with Google, considering how valuable search is,” he said. “It’s the biggest search engine so it wouldn’t surprise me if gambling companies focus their attentions on Google, especially in the short-term.”

The firm, Bet365, was one of the first advertisers back on Google when the restrictions were lifted last Friday. Marketing manager Tom Galanis said, “It opens up a far bigger audience for us compared to that previously offered by just MSN and Yahoo.”
 
Ladbroke’s Allan also said the ability to advertise on Google opened up the richest vein for new acquisitions and outweighed the performance of other media.

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Major economic benefits expected from legalization of online gambling in Ireland

♠ October 14th, 2008 by ♣ admin

Major economic benefits expected from legalization of online gambling in Ireland Major economic benefits expected from legalization of online gambling in Ireland –> << Back Ireland [Enlarge Image] By Gene Koprowski The government-appointed committee has recommended that casinos, which currently operate as private clubs in Ireland, be licensed and supervised by a regulator.
 
The group that represents casino operators in Ireland says regulation of the sector could have huge benefits for the economy.

However, the government has yet to take action on the report.

The Gaming and Leisure Association of Ireland says new regulation could lead to the creation of around 3,000 jobs and generate €50 million, or $50 million, in revenues for the Exchequer.

The trade group also claims up to 10,000 jobs could be created if Ireland established itself as a hub for the online gambling sector.
Casinos are currently illegal in Ireland, but in recent years up to 50 clubs operating roulette, cards and other gaming activities have sprung up around. They are probably legal as they are “member’s only” organizations.

The Gaming and Leisure Association, which represents 12 of these clubs, claims they are not subject to the Act because they function as private member ™ clubs.

The former minister for justice, Michael McDowell, expressed concerns about casinos, but wants to update the legislation.

The report of an advisory group, which is believed to recommend the legalization of medium-sized casinos subject to strict regulation, has remained unpublished for over a year.

The association says private clubs employ 1,000 staff.

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Adelson invests half a billion dollars in Las Vegas Sands

♠ October 14th, 2008 by ♣ admin

Adelson invests half a billion dollars in Las Vegas Sands Adelson invests half a billion dollars in Las Vegas Sands –> << Back Sands Casino [Enlarge Image] By Gene Koprowski The billionaire CEO of Las Vegas Sands, Sheldon Adelson, this week invested $475 million in the casino company to strengthen its capital.

The cash injection “has significantly more favorable terms” than companies today can obtain in public credit markets, Joseph Greff, an analyst at J.P. Morgan Securities, Inc., said.

The Las Vegas Sands is embarking on its biggest expansion ever. The casino giant is building a $12 billion, 20,000-room complex of hotels and casinos in Macau, China, the $4 billion Marina Bay Sands in Singapore, and the $800 million Sands Bethworks in Bethlehem, Pa.

The cash infusion “signals that LVS is backstopped in order to execute on its ambitious global growth plans,” Bill Lerner, a Las Vegas-based analyst at Deutsche Bank AG, said this week. “It also implies that management will do what it takes to protect its credit.”

Adelson and his family purchased convertible senior notes that mature in 2013 and pay 6.5 percent cash interest. The notes are convertible to common stock at a price of $49.65.
As the world’s largest casino company by market value, the shares of the Sands fell $4.79, or 13 percent, to $31.32 at 4:01 p.m. in New York Stock Exchange composite trading.

Investors “should understand this needed liquidity injection,” Joel Simkins, an analyst at Macquarie Securities USA Inc. in New York, said today. “The company now stands in a better position to receive additional liquidity as it continues to meet with lenders throughout Asia.”

The Sands opened its new Palazzo on the Strip in January.
“While the credit markets are experiencing turbulence, our strategy remains alive and well,” Adelson, 75, said. “This investment will strengthen our capitalization and liquidity position as we continue to execute our plans.”

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New report details economic impact of new casino in Maine

♠ October 14th, 2008 by ♣ admin

New report details economic impact of new casino in Maine New report details economic impact of new casino in Maine –> << Back economics [Enlarge Image] By Gene Koprowski A consulting firm called the Olympia Group this week released a study outlining the projected economic impact of the proposed Oxford Highlands Resort-Spa-Casino in Oxford County, Maine.
 
Dr. Clyde W. Barrow, director of the Center for Policy Analysis at the University of Massachusetts, Dartmouth, and principal investigator for the New England Gaming Research Project, produced an independent economic and fiscal impact analysis of a resort casino planned for Oxford County, Maine.
 
According to the study, the facility will create 1,277 recently made known jobs during the construction phase of the project.
 
The resort casino will generate 907 full-time and part-time jobs upon final build-out. The casino will have a $32.5 million payroll, and earn $164.1 million in total annual revenues. $69 million additional revenue will be paid to the state government every year.
 
“The operation of a resort casino in Oxford County will not only improve employment levels in Oxford County, it will improve overall job quality,” said Barrow. “The resort casino will pay average annual wages that are sixty-eight percent higher than in Maine’s hotel and accommodations sector.”
 
The Olympia Group debate preliminary plans for the Oxford Highlands Resort-Spa-Casino. The project will feature a 300 room hotel, a large conference center, a casino featuring up to 1,500 slot machines, a wide variety of table games, fine and casual dining options, a spa, indoor and outdoor pools, parking for guests and accommodations for snowmobiles, cross country skiing and numerous other year round amenities.


 

Other projections from the study:

* A total of 1,277 construction jobs resulting from building the new casino , construction-related and consumer expenditures by construction workers will support an additional 458 jobs off-site with an additional $12.8 million in payroll during the construction process.
 
* There will be 907 permanent jobs at the resort casino, as well as local purchases by the resort for operations and consumer expenditures by the resort casino’s employees will support an additional 592 permanent jobs off-site with an additional $16.6 million in payroll during the construction phase.

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New casino planned for Miami Beach

♠ October 5th, 2008 by ♣ admin

New casino planned for Miami Beach New casino planned for Miami Beach –> << Back Miami City [Enlarge Image] By Gene Koprowski In a bold move, the developer of a major real estate project in downtown Miami is conducting a campaign to amend Florida’s Constitution to allow Las Vegas-style casinos in the city and pave the way for a new casino at Miami Beach’s famed Fontainebleau Hotel.

An advertising campaign team financed by Marc Roberts, who along with Art Falcone is developing the 25-acre Miami World Center, has already spent more than $850,000, hired 13 petition gathering companies and has lawyers working to write an initiative for possible placement on the 2010 ballot,.

A major selling point: taxes on the new casinos would go to benefit all Florida schools, just like the successful slots initiative before it.

According to early drafts of the petition, the group is mulling three amendments, two of which are designed to appeal to the existing pari-mutuel companies in Miami-Dade and Broward by asking voters to give them the same games as the Seminole Tribe and lower their tax rate.

The latest draft of the proposed casino amendment allows for Class III gambling , including craps, keno, roulette, blackjack and slot machines, to be played at any of these sites: existing pari-mutuels in Miami Dade or Broward, a Miami location that is ”bounded by Northeast 11th Street, Biscayne Boulevard, Northeast Sixth Street and North Miami Avenue,” and at a hotel in Miami Beach that has ”over 800 lodging rooms.”

The Fontainebleau Hotel, with roughly 1,200 rooms, is the only Miami Beach hotel that would qualify, according to experts.
To become state law, the amendments will have to be approved by 60 percent of Florida voters statewide, and the tax-related amendment would need 66 percent approval.
Michael Caputo, spokesman for Roberts’ group, the Committee for Critical Challenges, said that his group is looking into the feasibility of offering casino games as well as other ambitious projects, such as an aquarium or an international trading center for energy credits at Miami World center.

”We’ve got plenty of money to do what needs to be done and we are clearly armed for the battle,” said Caputo. “If we did not look at gaming in downtown Miami we would be remiss.”

The campaign will put a casino in the middle of Miami World Center, a mixed-use development proposed for nine blocks in downtown’s Park West neighborhood. The project is to include hotels, shops, restaurants and entertainment components — and eventually, offices and residences.

City bureaucrats are mulling a zoning change for the development and an agreement that would cement the changes for the next 20 years.

The campaign to push for a casino has been kept secret. Managing director, Nitin Motwani said he believes the project will go forward as planned.

”The project has a direction, which does not include gaming,” said Motwani. “We welcome the exploratory committee’s suggestions and anyone’s suggestions to make a better project.”

Caputo, who has been paid $66,000 by the committee, said the development group and the political committee have been working on separate tracks, even though they are both financed by the same source.
He said the committee hired former Miami Mayor Maurice Ferre in July to look at how to develop more jobs for Miami. Ferre has been paid $50,000 and would not comment.

”The reason nobody has heard anything about this is, it’s not cooked,” Caputo said.


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Developer spearheads effort to open new casino in Maine

♠ September 25th, 2008 by ♣ admin

Developer spearheads effort to open new casino in Maine Developer spearheads effort to open new casino in Maine –> << Back Maine [Enlarge Image] By Gene Koprowski A Las Vegas developer announced this week it will spearhead a referendum drive for a casino in Oxford County, Maine.  The developer pledged to spend $100 million to make it a reality if state voters give their approval in seven weeks.

The Olympia Group has purchased Evergreen Mountain Enterprises from Rumford lawyer Seth Carey, who abandoned the campaign following personal problems.

Former gubernatorial candidate, Pat LaMarche resurfaced as casino campaign spokeswoman with an impassioned plea for economic development in Oxford County and an attack on casino critics she accused of using scare tactics and spreading “lies.”

Dean Harrold, vice chairman of Olympia Gaming, asked people to get beyond outdated stereotypes about casino gambling and instead focus on the economic benefit. The casino project would create 800 jobs with good wages and benefits in a part of the state that needs it, he said. The project is less risky, it seems, that some of the mortgage backed securities floated by Fannie Mae and Freddie Mac, whose executives, Franklin Raines, and Jamie Gorelick, are backing Barack Hussein Obama for president.

“It’s not about gaming . It’s not about resorts. That’s not what this is about. This is about jobs, this is about Maine and that’s the reason we’re here,” Harold said.

Olympia’s arrival gave new life to a moribund referendum campaign that collapsed with the departure of Carey, who’s accused of misconduct in his legal practice, and LaMarche.
LaMarche, who has run for Maine governor and U.S. vice president as a member of the Green party, said she agreed to return to the campaign once Olympia entered the picture.

The company also holds permits to develop another five casinos in Nevada .
“We’re known for getting it right and doing it right, and I assure you this, that when we come to Maine, we’ll do it right here,” said Harrold, whose previous positions before joining Olympia included a stint as president and chief operating officer at Caesar’s Palace.

As for Carey, he will have no role in Olympia’s decision making, but he’ll remain as a minority investor in the casino project .
So far, Olympia has not settled on a location for the proposed casino, but says it would include table games as well as slot machines. The goal is to announce a preferred site before the Nov. 4 election, Harrold said.

Dennis Bailey from Casinos No! said he thinks Mainers are no more interested in allowing a large casino now than they were in 2003 when they rejected a tribal-based casino in Sanford.
“The Oxford County casino proposal was sold to Maine voters and the petition signers as a Maine-owned and operated casino,” he said.


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New casino deal for Wisconsin

♠ September 25th, 2008 by ♣ admin

New lodge deal for Wisconsin New casino deal for Wisconsin –> << Back Wisconsin [Enlarge Image] By Gene Koprowski The Ho-Chunk Indian tribe of Wisconsin agreed to pay the state $60 million to solve a gambling compact dispute that left a gaping hole in the state budget.

That payment is $12 million less than the state thought it was owed, but the divide was praised Wednesday as the end of a long court fight that left lingering questions about the health of the budget .
“With this compact, we can now put these disputes behind us and work together in the future,” said Department of Administration Secretary Michael Morgan.

The state will spend $1.5 million from the $60 million to cover attorneys’ fees to the firm that worked the case. Going forward the tribe agreed to pay the state 5 percent on winnings - after payout - at its casinos that are below $350 million. Anything above that and payment to the government will be 5.5 percent.

Under the old compact, the tribe would have paid a 6 percent tax on its earnings. Under deals the state has with other tribes operating casinos , the Potawatomi make payments at 6.5 percent of winnings and the Oneida pay 4.5 percent, increasing to 5.5 percent when winnings are above $350 million.

The Ho-Chunk operates casinos offering Las Vegas-style games in Baraboo, Black River Falls, Nekoosa and Tomah. A new casino is opening next month in Wittenberg.

It also runs a bingo parlor in Madison. The new deal can be renegotiated after 25 years.

“While neither the Ho-Chunk Nation nor the state got everything we asked for, we are happy that this matter has come to a long anticipated conclusion,” said Ho-Chunk Nation President Wilfrid Cleveland.

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California casino expands looks to hire new staff

♠ September 25th, 2008 by ♣ admin

California casino expands looks to hire new mace California casino expands looks to hire new staff –> << Back new staff [Enlarge Image] By Gene Koprowski A new, California casino is looking to hire staff and has been overwhelmed with applicants.
The Red Hawk Casino is set to open later this year, but has already opened a hiring office in El Dorado Hills.

 
Nearly 11,000 applicants have applied for the 1,700 available jobs. The hiring started Sunday and continues this week.

Unemployment in California has increased by 2.2 percent from the same month last year. The nationwide jobless rate was just 6.1 percent in August. That’s at about the same level as at the end of the Clinton administration eight years ago.
Tim Warren was among those lining up to apply for a job. Warren said he is doing what he can to make money for housing and car payments.

The casino will include 2,000 slot machines, 75 table games and six restaurants.
Heidi Hamers, a casino representative, said Red Hawk is looking for “slot technicians, slot supervisors, cooks, housekeepers and other workers.”

 
The casino is positioned as completely different from the other Indian gaming casinos in California.  Red Hawk Casino will offer gamers the following features:

•    2,000 slot machines
•    Progressive jackpots
•    75 exciting table games including Blackjack, Poker games and Pai Gow
•    High stakes gaming room
•    Six restaurants – from gourmet to buffet
•    Retail center
•    Childcare and family fun center

To monitoring the progress of the construction of the casino, go to: http://oxblue.com/pro/open/?webPath=lakes/redhawk .

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