30th
August Las Vegas Source:
Press release
On
the eve of opening Bear Stearns & Co has said that with $785 in development
costs the 2,916 room Paris Hotel and Casino could generate a return
on capital invested of 14-16%.
Room rates in Las Vegas have risen by 15-20% in 1999 and visitor levels
are expected to be 10 to 12% up on 1998.
30th
August Las Vegas Source:
Press release
The
Sinclair
Group has announced an ambitious plan to bring casino trains to Las
Vegas. The company has purchased the Primm Valley Transit Authority and
plans to run trains over existing Amtrack lines also connecting Henderson,
Caliente, and Boulder City.
The trains including a reproduction of the famous Flagler car are intended
to be customised by individual casino sponsors and have live gaming onboard.
Full
Story:
All
Aboard! ... 'The Casino Train to Vegas'
27th
August Atlantic City Source:
AP
According
to reports from the Associated Press the death of a German tourist on 25th
August brings the number of suicides, caused by jumping from buildings
to three in eight days.
The other two being a gambler who had reportedly lost $87,000 and a dealer
from Ceasars Atlantic City.
25th
August California Source:
Various
The
prospect of major casinos being developed in California by native Indian
tribes has been turned down by the California Supreme court in a 6 to 1
ruling.
The voter approved Proposition 5 would have meant that the 107 Indian tribes
in the state would have been able to add video slots and blackjack tables
to their lottery operations.
The original Proposition, to allow the tribes to offer more forms of gambling
was opposed by Las Vegas, eager to protect its lucrative custom from California.
The total spend on the campaign being estimated to have cost $89 million
with the Indian groups spending some $60 million to get the required 63%
of the vote.
Indian tribes gained the right in 1988, as sovereign States under signed
treaties with the US Federal Government, to operate their own lotteries.
Indian tribes current share of the of the $47 billion market being estimated
at $6.7 billion.
22nd
August Detroit Source:
Wahington Post
According
to an article in the Washington Post in the first three weeks of operation
the MGM Grand Detroit has been averaging 24,000 visitors a day.
The city is hoping to get $50 million from tax revenues this year towards
a $2.9 billion budget. The city and state receive 18% of casino gross profits.
20th
August Nevada Source:
Press release
Phoenix
Leisure’s Gaming Vessel Arrives in Gulf Coast
Phoenix
Leisure Corporation (VSE: PLS), today announced that its gaming vessel
has arrived at its new temporary home in Port Bienville, Mississippi. The
arrival marks the end of its 4,000-mile journey from Windsor, Ontario to
the Mississippi Gulf Coast.
The
gaming vessel, the former Northern Belle, was purchased by Phoenix Leisure
for US$2.2 million from Park Place Entertainment Corporation in early June.
The vessel departed Windsor on July 18 on a journey taking it around the
US Atlantic coast and into the Gulf of Mexico.
19th
August Las Vegas Source:
Press release
Harrah's Entertainment,
Inc. that operates 18 properties in the United States and has a stake
in the Sydney Star City casino has announced that it has signed a
definitive agreement to acquire Players International, Inc.
17th
August Las Vegas Source:
Various
The opening date
for the latest Las Vegas mega resort, Paris has been set for September
1st. It will be the fourth major opening in the last 12 months following
on from Bellagio in October 98, Mandalay Bay in March and the Venetian
in May.
The scale
replica of the Eiffel tower measures 542 feet with an observation tower
on top. Three of the legs for the structure rise from inside the 85,000
square foot casino.
Since
1989 the number of hotel rooms in Las Vegas has nearly doubled, from 67,390
to the present 120,000, with the number of annual visits jumping from from
18.1 million a decade ago to 30.6 million in 1998.
5th
August Detroit Source:
Various
Detroit $4.8 million in three days!
The
new MGM Detroit pays 18% in state taxes on gross profits. After the first
three days of operation they handed over $866,666 to the local authorities.
The revenue of around $4.8 million has come from circa 3,000 gaming positions
of which 2,370 are slots. It was not stated in press reports wether food
and beverage revenues are included. Taking off 10%, this still represents
win per gaming position each day running at over $500.
5th
August Las Vegas Source:
PRNewswire/Press release
Following on from the antitrust lawsuit filed by Alliance Gaming against
IGT in July. Mikohn has revealed that its subsidiary Progressive
Games Inc. has been granted a temporary injunction against Shuffle Master
that will prevent the company from offering or distributing its "Bahama
Bonus" table game. Mikohn claiming that its patents regarding progressive
jackpots have once again been infringed upon.
4th
August Las Vegas Source:
Press release
Anchor
Gaming that merged with Powerhouse Technologies earlier in the year
has announced 4th quarter and year end results. These show an increase
in gross revenues to $249 million up 7% on 1998. Net profits were down
30% at $47 million. The fourth quarter saw one off charges of $17 million
associated with the merger.
3nd
August New York Source:
Press release
American
consumer spending in the gaming industry reached $54.3 billion in 1998.
Significantly ahead of spending on all movie tickets, spectator sports,
cruise ships, recorded music and theme parks at $40 billion. Those are
the findings of IGWB's 1998 "Gross Annual Wager'' report.
Check out the IGWB website at http://www.gemcommunications.com
for more information on the report. As well as the upcoming World Gaming
Congress in Las Vegas. September 14-16th.
3nd
August Las Vegas & Mississippi Source:
Press releases
Phoenix Leisure ships Northern Belle to Mississippi.
The company announced in June the purchase from Park Place Entertainments
the former Northerne Belle for $2.2 million. Docked alongside Casino Windsor
since December 1995 the riverboat vessel (built in 1994),
has a capacity for 1,500 passengers, 828 slot machines, 38 table games
and contains approximately 23,000 square feet of gaming space.
The transportation of the ship along the St Lawrence seaway and then down
the Atlantic coast to its new home in Mississippi got underway in mid July.
The journey is expected to take six weeks.
The following Press releases give detail to transportation as well as the
application for a Mississippi gaming licence.
Phoenix
Leisure Corporation (VSE: PLS) today announced the purchase of
a gaming riverboat vessel through it’s wholly owned subsidiary, Phoenix
Leisure, Inc. from Park Place Entertainment Corporation
Phoenix
Leisure Files to Apply for Gaming License in Mississippi
Phoenix
Leisure’s Gaming Vessel Begins Journey to Gulf Coast
Phoenix
Leisure Unveils Plans For New Gulf Coast Gaming Resort
2nd
August Las Vegas Source:
Press release
Mikohn has announced that the Mississippi Gaming Commission has given approval
to its Tre' Card Stud progressive poker game.
Earlier in the year Mikohn aquired the game of Three Card Poker a game
based on British Brag that has proved popular in the state. The new game
is a variation that allows the player to make an additional side bet on
certain hands for progressive jackpots.
The company is expected to begin marketing the game in the state immediately.
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