Competitions - Win With Us!
Want to win some prizes, then enter our competitions to win!

Get Reviewed By Me
Do you have a worthwhile product or website that needs some extra attention from our herd? Then you have come to the right place. Buy a Review on my blog to generate unprecedented buzz. Read some past reviews -

Buy a Review today!

Some of our most popular posts -

Check back often for more popular posts

One More Tab

  • Place whatever you like in here
  • Just make sure you keep the HTML tags intact

Any other information


topbg

Analyst downgrades 2 casino operators

Posted by admin in Casino News

NEW YORK — Ameristar Casinos Inc. and Penn National Gaming Inc.’s shares are unlikely to rise significantly in the near future, an analyst said Tuesday, and downgraded the stocks.

Shares of the two casino operators have surged from their 52-week lows - with Ameristar’s stock having advanced more than threefold, and Penn National’s more than doubling - Goldman Sachs analyst Betsy Gordon wrote in a note Tuesday

“Earnings upside is limited as regional revenue trends could remain mixed in (the) third quarter and companies have captured most available cost saves,” Gordon wrote.

She cut ratings on the stocks to “Neutral” from “Buy” and lowered her price target on Ameristar to $17 from $22 and Penn National to $29 from $37.

Ameristar Casinos  shares lost 72 cents, or 4.2 percent, $16.11 in morning trading. The stock has traded between $4.64 and $23 during the past year. 

Shares of Penn National fell $1, or 3.5 percent, to $27.27. The stock has traded between $11.82 and $35.18 over the past year.

No Comments Yet »

Revel Casino bets economy ripe for financing

Posted by admin in Casino News

ATLANTIC CITY - To the casual observer, work undertaken on the $2.5 billion Revel Casino rising next to Showboat might seem incremental.The 53-story concrete structure was topped off just two weeks ago, though ground was broken in November 2007. About 78 feet of structural steel will be positioned in the next couple months.

But by October, said Kevin DeSanctis, president and chief executive officer of Revel Entertainment Group L.L.C. - the company behind the megacasino - he will seek the remaining $1 billion in loans he needs to complete the project.

“We will go back into the lending markets in the fourth quarter,” DeSanctis said in an interview last week. “We plan to make a push October to December to get that last piece of financing.”

For DeSanctis, it will represent a giant leap of faith that the credit markets have rebounded enough that a billion dollars in financing will no longer be considered untenable, if not impossible to get.

“They’ve improved a lot. Whenever you deal with something not in your control, it’s hard to be confident. But we continue to see improvement, and more and more deals are getting done,” he said. “I am more optimistic today than I was six months ago.”

In late January, DeSanctis announced that all interior work on the casino’s restaurants, retail shops, nightclubs, and a luxury spa - the things that were supposed to help Atlantic City’s transition from day-trip customers to an overnight clientele - would come to a halt. Credit had dried up. About 400 construction workers were laid off.

Fast-forward seven months. As DeSanctis gears up his team to start the mountain of paperwork required to get the remaining financing, he said his time frame hasn’t changed: Revel Casino will open 16 months from the point when crews begin work on the interiors.

“If we start in January 2010, we can open in May 2011,” DeSanctis said. “Everything is relative to financing.”

This has been a summer of discontent for the nation’s second largest casino mecca. Gambling revenue decreased by double digits in June and July compared to a year ago. August revenue figures come out Thursday, and many are expecting more of the same as the recession and Pennsylvania slots houses continue to batter the resort.

“I don’t think the numbers hold a tremendous number of surprises,” DeSanctis said. “I tend to look closer to the Borgata, Harrah’s Resort, and the Taj. Those are the operations that have spent capital and are closer in nature with what we’re opening.”

They also have among the lowest year-to-date revenue declines: 5.2 percent at the Borgata; 12.4 percent at Harrah’s Resort; 2.5 percent at the Taj.

Much is riding on Revel’s completion, both psychologically and financially, gaming analysts and casino operators say. Three other super-casinos planned here were put on indefinite hold last year because of the credit crisis.

“After three years of mostly negative stories about the Atlantic City casino industry, the completion of Revel could give the city a sorely needed positive vibe,” said Joe Weinert of Spectrum Gaming Group L.L.C. in Linwood, N.J. “Revel’s opening could change that perception of Atlantic City in a hurry.”

Mark Juliano, CEO of Trump Entertainment Resorts Inc., which owns the three Trump casinos (including the Taj Mahal, which sits near Revel), said just obtaining the financing needed to complete Revel would be “an enormous boost of confidence for Atlantic City.”

“Obviously, a big project like that right next door to us will have a short-term negative impact,” Juliano said, “but in the long term, it will really help grow the city and help bring in a higher-end customer to the Taj.

“Right now, it’s not doing anybody any good.”

No Comments Yet »

$73.7M wagered in week at casino

Posted by admin in Casino News

Pennsylvania - Police reports from the first week of Rivers Casino operations show incidents of counterfeiting, theft and drunkenness that could occur in any enterprise where large quantities of cash and alcohol flow.

State police stationed inside the casino issued trespassing citations to someone trying to enter who was under age 21 and another person who had placed himself on the state’s compulsive gambler self-exclusion list.

Meanwhile, the casino’s first eight days of operations produced one big haul, generating $6.5 million in gross terminal revenue on $73.7 million in wagering.

Of the $6.5 million, 55 percent, or $3.6 million, went to the state in taxes. About $2.2 million of that will go for property tax relief. The casino kept $2.9 million.

Just how the Rivers stacked up against opening weeks for other Pennsylvania stand alone casinos and racetrack casinos is difficult to say. For the week of Aug. 10-16, Rivers Casino churned out $5.3 million in gross terminal revenue on $59.7 million in wagers.

That would put the North Shore venue behind The Meadows Racetrack and Casino in Washington County, Sands Bethlehem, and Harrah’s Chester Downs for first-week revenues.

However, the total excluded Sunday’s opening day when the Rivers produced nearly $1.3 million in gross terminal revenue on $14 million in wagers.

“We’re satisfied with how we fared this first week, particularly in light of the fact that we haven’t run any player promotions,” Rivers President Ed Fasulo said. “Overall, we’re very pleased with our performance.”

Of the casino’s first eight days, its worst, interestingly enough, was Thursday, the day of the Steelers preseason opener at nearby Heinz Field. The casino generated $477,767 in gross terminal revenue on $5.9 million in wagers that day, its lowest amount to date.

Mr. Fasulo said media hype over potential traffic snarls “probably encouraged people to stay away” that day.

As for the crime reports, a few incidents involved cash vouchers, machine credits or money itself that was stolen from distracted or careless patrons. (When you put a bill such as $20 in a slot machine, the device shows it as credits, and when you stop playing, any winnings are returned as a paper voucher.)

But casino veterans Jesse and Marcia Westehoff of Leet felt victimized in a way they’d never encountered at gambling halls in Las Vegas, Atlantic City, West Virginia, Washington County or elsewhere.

Mr. Westehoff, 70 and limited in sight by legal blindness, sought to redeem a $59.60 voucher at a cash-dispensing machine after an afternoon of slots play with his wife and daughter. It returned to him another voucher, which he assumed meant the machine was malfunctioning.

He walked away, not realizing an unfamiliar aspect of the Rivers Casino cash dispensers. Some of the North Side facility’s dispensers pay out bills but deliver no coins. They merely return new vouchers for the small change, which then must be taken to a cashier or placed in a different dispenser (colored yellow instead of blue) giving coins.

In Mr. Westehoff’s case, according to a police report, surveillance cameras showed that he left behind $59 in the cash dispenser’s tray. His new voucher was for just 60 cents. An unidentified person behind him took the $59 and was never found.

Mr. Westehoff feels wronged, but not just by the thief he never saw.

“All the other casinos give you cash and change at the same time, and everything’s in front of you,” he said. “I see this slip come out and I thought the machine was just returning my voucher. Here, it was giving me a slip for 60 cents, and I didn’t see the money coming out.”

Another police report showed a second victim, unidentified, losing $33 Saturday when he inserted a voucher for $33.50, received a paper slip for 50 cents, failed to notice the $33 dispensed, and left to seek assistance. Someone came afterward and took the $33.

People identified taking the money in such circumstances can be prosecuted, or at least advised to return the money to its rightful owner to avoid charges, said state police Cpr. James DePaolo.

“There are certain casinos around the county that have a finders-keepers rule, but that’s not the case in Pennsylvania,” he said.

Mrs. Westehoff sees the casino at fault, however, with its no-coin dispensers. She said she called the casino about it yesterday, without getting an explanation. She herself is still holding a voucher she never redeemed because it was too much effort for the value.

“I had to come home with a voucher for 6 cents, because I wasn’t going to go to a cashier for 6 cents,” the registered nurse said. “The casino can make big money, though, if everyone with a voucher for under a dollar says, ‘I’m not going to bother with that.’ “

George Matta, the casino’s director of community relations, said in an interview yesterday that he’d heard no complaints previously about the non-coin dispensers. He said they represent a new generation of machine, also installed recently in Las Vegas, and that they are marked as cash-only machines, with touch-screen messages that walk a patron through the transaction.

The benefit of the machines, Mr. Matta said, is that they can accept multiple vouchers in a single transaction, adding up a total amount owed the player instead of giving back lots of dollars and coins separately. Without coins, they run more efficiently and don’t have to be re-serviced as frequently, he said.

Mr. Matta said those new, blue machines are typically right next to the yellow ones that return coins, which patrons can use as an alternative to seeing a cashier.

As to the more than two dozen incidents in which state police filed reports in the casino’s first week — with the facility itself the victim in seven suspected cases of counterfeit $10 or $20 bills — Mr. Matta said: “We had over 20,000 visitors in the first week. It was an extremely small number of incidents reported.”

Read more: http://www.post-gazette.com/pg/09230/991551-53.stm#ixzz0OYTafgX5

No Comments Yet »

Casinos are hurting and dealing

Posted by admin in Casino News

As Las Vegas and its casino industry continue to be victimized by the Great Recession, travelers are reaping a jackpot of bargains.Visits are running about 7 percent behind last year, and MGM Mirage - the company that owns the Bellagio, Mirage, MGM Grand, and several other Vegas resorts - recently announced that its average room rate for the second quarter dropped to $111, down $45 per room from the same period last year. Other big casino companies also reported falling rates.

That may be good news for folks who can afford to travel, but it’s old news on the Strip.

What is new are some strategies that casinos are trying to ease their losing streak, including giving average customers a taste of high-roller living and turning to text messages, Facebook, and Twitter to fill their massive hotels.

MGM Grand, a behemoth resort with nearly 5,000 rooms, has rolled out a program called Prima that rewards guests who commit to spending $500 during their stay. That money can be used for dining, shows and drinks (but not for the room itself or for gambling). In return, customers receive a long list of goodies, including an upgrade to a suite; upgraded tickets to Cirque du Soleil’s ; VIP access to the casino’s nightclubs, Studio 54 and Tabu; two-for-one entrees at fine-dining restaurants; a limo ride to and from any MGM Mirage resort; free admission to the fitness center and the exclusive swimming area, Wet Republic; and no-wait passes for taxi and buffet lines.

In other words, you get treated like a high-roller for an upfront payment of $500 at the MGM Grand - money that you probably would spend anyway. The Prima program is scheduled to run through Dec. 29, and a recent check of room rates showed many available nights in the $55-$100 range.

“These types of promotions we’re seeing now are giving people an opportunity to experience Las Vegas in a way they normally would not,” says Saverio Scheri, managing director for WhiteSand Consulting, a company that advises casinos in the United States and abroad.

Creative packaging is becoming crucial to drawing customers, Scheri says, because ultra-high-end casinos can clobber the competition by marking down room rates so they are slightly higher than lesser-regarded resorts.

“If a great place like the Wynn Las Vegas is charging $159, and that’s only $20 or $30 more than another hotel, people will pay that extra money for the experience,” Scheri says of Steve Wynn resort.

New York New York and Monte Carlo, both MGM Mirage hotels, have been offering rooms around $55 in a promotion that ends in mid-September and includes two-for-one deals on drinks and some meals, plus hefty discounts on shows. The Golden Nugget, considered the class of downtown Vegas, has been advertising rooms for $49 midweek and $89 on weekends and throwing in a $25 food-and-beverage credit and two-for-one show tickets.

Some offers are simply startling. Planet Hollywood is offering a free bottle of liquor for each night’s stay at the hotel.

Then there are the resorts that are turning to social networking and cell-phone text messaging to attract customers.

At the Rio All-Suite Hotel & Casino, Bally’s and Paris, guests can choose to receive daily texts about specials on drinks, dining, and entertainment.

And the MGM Grand is using Twitter and Facebook. A guest who becomes an MGM Grand Facebook “fan” gets access to Facebook-only specials, such as free admission to Wet Republic and a casino nightclub, plus a $25 activity credit. On Twitter, the casino will be posting short-term specials every Thursday that followers can receive on their cell phones or PDAs.

MGM Grand’s fan count has grown to more than 26,000 since the casino hotel made its Facebook debut in May, says MGM Grand marketing executive Michael Perhaes. He expects the number to reach 100,000 by the end of the year.

“Both Facebook and Twitter are potentially much more effective and actionable than e-mail,” Perhaes says, which means more room reservations and show-ticket sales.

As the digital communities grow, customers recommend restaurants, shows, and attractions to one another, Perhaes says. And he expects that when short-term specials are announced on Twitter - a discounted room rate with a 12-hour purchase window, for example - those notices will get copied to dozens of individual Web sites.

“You’re much more likely to take the advice of a family member or friend,” Perhaes says.

However the word gets out, Vegas deals look to be around for a while.

At Treasure Island, the casino is advertising a $25 ticket to Mystere, another Cirque du Soleil show, with the purchase of a full-price ticket. Mandalay Bay has a room package running through Sept. 4 (subject to availability) that includes unlimited access to a buffet. Green Valley Ranch in Henderson has a two-night midweek special on its Web site for as low as $200 that includes a $100 credit on spa treatments (based on two treatments) and a $50 dining credit.

“Usually, you do get better deals in Vegas during the summer than in the fall,” says Scheri, the casino consultant. “But I think we’re going to continue to see these deals in place for some time to come. This is not going to be an overnight recovery.”

No Comments Yet »

topbg