James Packer (right) with Robert De Niro at the opening of the Nobu that is new Hotel Manila, Philippines.
James Packer, the billionaire that is australian casino mogul, has admitted that Macau’s economic downturn was ‘more severe’ than any of the gambling hub’s operators could have foreseen.
Packer’s Crown Resorts derives 50 percent of its income from a 34 percent stake in Melco Crown, which owns properties on the Cotai Strip, including the City that is lavish of resort.
Just over a 12 months ago, Macau was declared by Forbes to be one of the world’s fastest-growing economies, and the location’s casinos had been enjoying bi-monthly revenues equal to that of Las Vegas’ yearly haul.
But a crackdown that is unprecedented corruption and money laundering by President Xi Jinping’s government on the mainland has halted the success story and delivered revenues tumbling.
The crackdown that is financial element of an ongoing anti-corruption drive that has frightened from the high rollers while the junket companies that once accounted for some 60 per cent of Macau’s revenue.
Tub thumping from Beijing has sent shares in the regions casino companies tumbling. And also this, plus a new cigarette smoking ban, increased economic restrictions imposed on tourists, and a generally weak Asian economy has hit the region hard.
In April gross gaming revenue fell 39 percent, year-on-year, to 19.2 bill Continue reading
Slot machines in Nevada are likely to begin integrating ‘variable payout’ skill elements in the future that is near.
A bill that is new could revolutionize the Nevada gambling industry by adding skill-gaming elements to slot machines has sailed through the State Assembly and now just needs a signature from Governor Sandoval to be passed into law.
Senate Bill 9, which had been proposed by the Association of Gaming Equipment Manufacturers and has the overwhelming backing of the slot machine companies that are biggest operating within the state, would introduce arcade-game elements, hybrid games along with other unique features and technologies to the casino floor.
The current problem with skill-gaming in casinos is that the video gaming legislation states the payout odds ought to be the exact same for several players.
SB 9 would legalize variable payouts, basically allowing a regular player to become effective in the overall game and consequently have better odds to win.
‘I believe we will look right back on the passage of SB9 being a monumental moment for the video gaming industry and its overall evolution,’ AGEM Executive Director Marcus Prater said.
It is hoped that the new design of games will allure to a bigger part of the population, and especially to a generation that is new eschews traditional casino games in favor of other forms of non-gambling-related entertainment, suc Continue reading