
The total number of Nevada poker tables will shrink again when the Monte Carlo closes its poker room on April 25 as part of the $450 million renovation which will eliminate the card game from the resort.
It’s simply the latest telling sign that poker doesn’t come with the same allure it when did.
Nevada poker tables continue to vanish from floors, as casino operators challenge to justify the revenue they produce in comparison to other gambling formats like slots and blackjack.
During the last 10 years, the amount of Nevada poker tables has reduced by nearly 30 percent.
Poker’s heyday came after Chris Moneymaker won the global World Series of Poker Main Event in 2003 for an $86 satellite entry. His $2.5 million win revolutionized the card game and exploded its worldwide appeal.
Moneymaker outplayed 838 other entrants during his win that are historic. The following year, the prize was doubled and the total field eclipsed 2,500. The tournament continued growing, and with it, casinos in Vegas modified their gaming floors to accommodate the influx of dreamers searching to make it rich and wannabe poker pros.
Across the state, there have been 907 poker tables in 2007. Now a decade later, that number will be reduced to simply 653 when the Monte Carlo closes its room.
Money Matters
Needless to say, each square foot of the casino flooring is valuable real-estate. Since poker isn’t necessarily a game that is highly profitable operators as they are only taking charges for hosting the games, if the seats aren’t remaining occupied, the tables aren’t going to last.
In 2016, Nevada casinos collected $118 million on 661 tables. That equates every single table pulling in about $178,500 if revenues were distributed similarly (which of course they’re perhaps not).
In contrast, the average slot machine in Nevada created nearly $50,000 in win for casinos over the last 12 months. Four slot machines take up less space compared to a poker table, plus don’t require a dealer.
Revenue Retracts, Visitors Vanish
Nevada casino income dropped in February by roughly 4.5 % year-over-year, as the state’s 327 gaming locations taken in $945.6 million in earnings. But 2016’s Leap Year provides an explanation for part of the loss, as analysts rationalized that the day that is additional February accounted for approximately three percent of the decrease.
Gaming regarding the Las Vegas Strip was additionally right down to the tune of five percent to $541.9 million. But Downtown vegas continued its strong run, as income rose over two percent. Revenue there is up 10 percent over the last 90 days.
The Boulder Strip and North Las Vegas had been the largest losers, as income plummeted nine and seven percent, respectively.
Maybe more concerning than that 1.5 percent statewide gaming drop (adjusted for the Leap calculation) is the fact that the Las Vegas Convention and Visitors Authority announced this week that visitation fell 5.5 percent in February 2017 year. That marks the biggest drop since June of 2009.
While gaming is up almost five percent year-to-date in Clark County, visitor volume is down 2.2 percent in the first couple of months of 2017. It’s still early in the year, but certainly enough reason for some concern in Sin City.
Pennsylvania Gambling Machines Could Soon Cozy Up to the Bar
Pennsylvania gambling devices might soon be welcomed inside bars and licensed liquor establishments, as well as truck stops and off-track betting venues.
A Pennsylvania gambling expansion push by a bipartisan group of lawmakers hopes to put gaming that is video in bars and taverns. (Image: Lee Filas/Chicago Daily Herald)
Though no legislation has been introduced regarding the movie wagering terminals, friends of lawmakers in the Keystone State are soliciting help to authorize up to 40,000 machines. This week, the bipartisan coalition of state politicians unveiled a plan that displays $500 million being delivered to Harrisburg should the gaming that is video (VGT) be permitted.
State Senator man Reschenthaler (R-Allegheny County) would be the prime sponsor and writer of the legislation that is forthcoming.
‘40,000 illegal VGTs are now operating in Pennsylvania in a unlicensed, unregulated, untaxed black market,’ Reschenthaler said during a press meeting. ‘We require to legalize this industry to bring it out of the shadows through licensure and regulation to ensure protections against underage and problem gambling while producing revenue that is much-needed our Commonwealth.’
Reduced Slots Tax
To advertise his legislation, Reschenthaler says this time around with VGTs is different than prior attempts because Penn National Gaming, the sole Pennsylvania-based casino operator, is helping craft the measure.
Casinos in past years have been highly opposed to enabling bars and taverns to host money that is real devices. The catch is that land-based gambling enterprises would see their tax now responsibilities for slot machines reduced from 34 percent to 29 percent.
Eric Schippers, Penn National’s public relations executive, stated the math of the statute that is VGT up for his business, which owns the Hollywood Casino in Grantville in Central Pennsylvania.
Though Reschenthaler has not yet brought his bill to the legislature, he explained alcohol establishments would be allowed to host up to five devices. Truck stops and OTB sites is allowed 10.
Maximum bets is capped at $5, with a $1,000 payout ceiling per individual each day. Areas would pay 34 percent of their gross revenues to hawaii, plus an extra four percent share tax that is local.
Online Gambling Hyped
Pennsylvania lawmakers are engulfed in a variety of pushing gambling issues facing the state. The state needs to amend its local share tax law that the Pennsylvania Supreme Court deemed illegal last fall in addition to the possible legalization of VGTs.
If a solution isn’t found, communities that host gambling enterprises stand to reduce $10 million annually, which often accounts for a substantial amount of a county’s overall operating budget.
With Governor Tom Wolf (D) looking to improve paying for education, while the continuing state facing a medication epidemic, Pennsylvania is in desperate need of money. Gambling is seen as one such grace that is saving however it’s not only land-based expansion that’s being targeted.
Online gambling legislation is also loitering in the halls of hawaii Capitol, and a new study concludes that Pennsylvania appears to experience hundreds of millions of dollars in added revenue should internet casinos go live.
In a white paper titled ‘Pennsylvania Online Gaming Revenue: A Billion-Dollar possibility,’ research analysts suggest roughly $426 million would be directed to Harrisburg from a legalized and regulated gambling market that is internet.
Schippers is an advocate for online gambling. This month, Schippers said states should legalize online gambling to ‘protect our companies’ and prevent offshore operators from ‘poaching. throughout a legislative hearing on ending iGaming prohibition in Massachusetts’
Penn National Set to Dominate Market with $44 Million Purchase of Two Tunica, Mississippi Casinos
Apparently Penn National don’t think three’s an audience since it just closed on a $44 million deal to incorporate two Tunica gambling enterprises to its portfolio.
The company that is pennsylvania-based has Hollywood Casino Tunica and will now operate Bally’s Casino Tunica and Resorts Casino Tunica.
Penn National bought Bally’s Casino Tunica and Resorts Casino Tunica fro a reported $44 million now has three facilities in the area near the Mississippi River. (Image: SunHerald.com)
It was all section of a transaction that included the business’s owning a home trust purchasing the land the gambling enterprises are on for $82.6 million.
A lease deal was signed between your two firms which will allow Penn National to use the casinos by having a rental agreement of $9 million per year.
‘The acquisition will add two complimentary casinos to the Hollywood that is existing Casino operations,’ Penn nationwide President and CEO Timothy J. Wilmott in a statement. ‘Thereby presenting Penn National because of the possibility to take advantage of a centralized regional management structure.’
Capturing More Market Share
Pending approval by the Mississippi Gaming Board, which can be expected by June, it will be a coup that is strategic the business and allow them to possess a dominating presence into the area.
Resorts Casino Tunica is next-door neighbors with their existing property and has 35,000 square feet, featuring 800 slot devices and nine table games, along with a 201-room resort.
Bally’s Casino Tunica is the real play aristocrat pokies prize in the agreement. It’s the closest facility in the city to downtown Memphis, Tennessee, just 34 kilometers away. It’s 40,000 square feet and will be offering 947 slots and 16 table games, plus a steakhouse, buffet restaurant, 24-hour cafe and entertainment venue that is live.
Gambling on Area Rebounding
The resorts were struck hard by the recession and had filed bankruptcy and were paid to creditors. Revenues final 12 months for the two properties had been a combined $21 million.
Caesar’s has three resorts in the state that have been incorporated into their bankruptcy filing two years ago.
You will find 16 casinos over the Mississippi River and the Associated Press revealed receipts dropped more than 10 percent to $77 million in compared to $86 million a year ago february. Two weeks ago two companies were rejected permits to develop a place in Biloxi and Diamondhead
But officials at Penn National remain optimistic that they can thrive in the area. Wilmott said he expects to help with the gambling enterprises to help build profits.
NFL Nevertheless Opposed to Legalizing Sports Betting, Says Goodell
The NFL’s owners might have emphatically authorized the Raiders’ relocate to Las Vegas this but just in case anyone was laboring under the belief that the league had gone soft on sports betting, its commissioner Roger Goodell felt the need to set them straight on Tuesday week.
The NFL’s Roger Goodell insists the integrity of the game is number one but no intention is had by the league of using its powers to stop Las Vegas sports publications from taking wagers on Raiders games. (Image: The Atlantic)
Ownership remains opposed to legalized activities gambling in the US, he stated, due to issues about players betting on their games that are own. He did acknowledge, however, that regulated wagering in Nevada might be ‘beneficial’ to the activity.
‘I think we nevertheless strongly oppose legalized sports gambling,’ Goodell told reporters at a news conference after owners conferences in Phoenix. ‘The integrity of our game is number 1. We shall maybe not compromise on that.
‘That is a major risk he continued for us. ‘I think we need to ensure that we continue to stay dedicated to ensuring that everyone has full confidence that that which you see on the industry is maybe not affected by any outside factors.’
70-Year Grudge
The NFL’s distaste for gambling is a hangover from the forties and fifties, when the sport ended up being plagued by match-fixing scandals. The most famous of these came in in 1946 when two New York Giants players, Frank Filchock and Merle Hapes, were bribed to throw the NFL Championship game against the Chicago Bears.
Seventy years is a number of years to hold a grudge, though, and despite Goodell’s assertion to the contrary, there is no question there is a softening associated with league’s stance.
Gambling drives engagement in sports, since the NFL knows only too well through its association with Fantasy Sports Leagues and there is an acceptance that, into the digital age, Las Vegas no further has a monopoly on wagering.
‘ we might As Well Embrace It’
Into the lead as much as the vote, one AFC owner, who wanted to remain anonymous, told MMQB’s Albert Breer that the basic concept there would be a backlash among owners based on the gambling standpoint was ‘a joke.’
‘ That was an presssing issue decades ago,’ the source said. ‘Now? Sports gambling is likely to be legal. We might as well embrace it and become the main solution, rather than fight it. It’s in everyone’s best interests for this to be above-board.’
The NFL’s Regulation 22 allows the league to request the prohibition of bets on games held in Nevada, provided the regulating body writes towards the Nevada Gaming Control Board within 1 month before any game that is such.
When pushed on whether he designed to do that, Goodell said the league had no such plans.
