New Jersey Voters Divided on Approving November Referendum to Bring Casinos North

New Jer <a href="https://clubyebo.appnosticworx.com/2020/03/06/new-jersey-voters-divided-on-approving-november-84/#more-17537" class="more-link">Continue reading<span class="screen-reader-text"> “New Jersey Voters Divided on Approving November Referendum to Bring Casinos North”</span></a>

Caesars Interactive Entertainment Could Be for Sale, But Will Bankruptcy Court Allow It?

Caesars <a href="https://clubyebo.appnosticworx.com/2020/03/06/caesars-interactive-entertainment-could-be-for-124/#more-17519" class="more-link">Continue reading<span class="screen-reader-text"> “Caesars Interactive Entertainment Could Be for Sale, But Will Bankruptcy Court Allow It?”</span></a>

Casino Magnate James Packer Says Macau Downturn Worse Than Anyone Imagined

Casino Magnate James Packer Says Macau Downturn Worse Than Anyone Imagined

James Packer (right) with Robert De Niro during the opening of the brand new Nobu resort in Manila, Philippines.

James Packer, the Australian billionaire and casino mogul, has admitted that Macau’s economic downturn has been ‘more severe’ than any of the gambling hub’s operators could have foreseen.

Packer’s Crown Resorts derives 50 percent of its income from the 34 percent stake in Melco Crown, which owns properties on the Cotai Strip, including the lavish City of Dreams resort.

Just more than a 12 months ago, Macau had been announced by Forbes to be one of many world’s fastest-growing economies, and the spot’s casinos were enjoying bi-monthly revenues equal to that particular of Vegas’ annual haul.

But an unprecedented crackdown on corruption and money laundering by President Xi Jinping’s government in the mainland has halted the success tale and delivered profits tumbling.

Financial Crackdown

The economic crackdown is section of an ongoing anti-corruption drive that has scared from the high rollers while the junket businesses that once accounted for some 60 percent of Macau’s revenue.

Tub thumping from Beijing has delivered shares in the regions casino companies tumbling. And this, plus a smoking that is new, increased monetary restrictions imposed on tourists, and a generally speaking weak Asian economy has struck the region difficult.

In April gaming that is gross fell 39 per cent, year-on-ye Continue reading “Casino Magnate James Packer Says Macau Downturn Worse Than Anyone Imagined”

Pennsylvania Senate Committee Talks Online Gambling

Pennsylvania Senate Committee Talks Online Gambling

Mark Juliano of the Sands Casino in Bethlehem spoke down against online gambling at a Pennsylvania Senate hearing on Wednesday.

The Pennsylvania Senate heard another round of discussion concerning the possibility for online gambling in the state on Wednesday, as being a committee heard information on the proposals that are multiple regulate the industry being currently sitting in hawaii legislature.

The hearing, held in front of the grouped Community, Economic & Recreational Development Committee, featured testimony from a mix of supporters and opponents of online video gaming.

There had been testimony from local industry leaders, lots of whom see Web gaming as a way to back bring growth to Pennsylvania’s gambling industry.

While gambling enterprises in the state still brought in more than $3 billion year that is last revenues were still down by a lot more than 1.4 percent compared to the year before.

A Weapon in the Casino that is regional War

For Eric Schippers, the senior vice president of public affairs and federal government relations for Penn National Gaming, Web gambling enterprises would be a weapon which could help resorts in Pennsylvania better compete with those in neighboring brand new Jersey and Delaware, both of which offer online gambling.

‘We believe that iGaming is a vital tool to allow Pennsylvania’s gaming industry to evolve and protect what we’ve build here,’ said Schippers.

But there is certainly Continue reading “Pennsylvania Senate Committee Talks Online Gambling”

New Jersey Voters Divided on Approving November Referendum to Bring Casinos North

New Jer <a href="https://clubyebo.appnosticworx.com/2020/03/06/new-jersey-voters-divided-on-approving-november-74/#more-17465" class="more-link">Continue reading<span class="screen-reader-text"> “New Jersey Voters Divided on Approving November Referendum to Bring Casinos North”</span></a>

Casino Magnate James Packer Says Macau Downturn Worse Than Anyone Imagined

Casino Magnate James Packer Says Macau Downturn Worse Than Anyone Imagined

James Packer (right) with Robert De Niro at the opening of the new Nobu Hotel in Manila, Philippines.

James Packer, the billionaire that is australian casino mogul, has admitted that Macau’s economic downturn has been ‘more serious’ 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 more than a 12 months ago, Macau was announced by Forbes to be one of the world’s fastest-growing economies, and the location’s casinos had been enjoying bi-monthly revenues equal compared to that of Vegas’ yearly haul.

But a crackdown that is unprecedented corruption and cash laundering by President Xi Jinping’s government on the mainland has halted the success story and sent revenues tumbling.

Financial Crackdown

The economic crackdown is part of an ongoing anti-corruption drive that has frightened off the high rollers and the junket companies that once accounted for some 60 per cent of Macau’s revenue.

Tub thumping from Beijing has delivered shares into the regions casino companies tumbling. And also this, along with a smoking that is new, increased financial restrictions imposed on tourists, and a generally weak Asian economy has hit the region hard.

In April gross video gaming revenue fell 39 per cent, year-on-year, to Continue reading “Casino Magnate James Packer Says Macau Downturn Worse Than Anyone Imagined”