29th
July Detroit Source:
Various
The first of the three Detroit temporary casinos opened on the 29th July.
The operators MGM Grand Detroit and local investors have stolen a huge
march on their competitors by getting open, only days after the Barden
challenge in the courts, concerning the licensing procedures had failed.
The MGM property has opened with 2,370 slots and 83 tables and is expected
to create 2,700 jobs and have in the order of 10,000 visitors per day.
The casino is in a renovated Internal Revenue Service building on the western
fringe of downtown, close to a freeway and the Joe Louis Arena.
When all three temporary casinos are fully in operation around 11,000 jobs
will have been created, roughly the same as GM employs in the city.
Detroit area gamblers have for the last few years been making the short
trip into Canada to play at Casino Windsor, which now is expected to see
a great fall off in the drop and number of visitors.
The Detroit market is expected to be $1.5 billion per annum. That would
put the area into number 4 spot behind Las Vegas, Atlantic City and Mississippi.
AP/Yahoo.
Detroit
Casino Ready to Roll
22th
July Las Vegas Source:
Press release
Americas 2 largest slot manufacturers have potentialy become engaged in
a new struggle off the gaming floor
Alliance Gaming Corp through its subsidiary Bally Gaming, Inc., has filed
an antitrust lawsuit in the United States District Court for the District
of New Jersey against International Game Technology.
The suit charges that provisions in IGT's contract with Atlantic City casinos
bar the casinos from using progressive systems from IGT's competitors,
thereby preserving IGT's monopoly in the lucrative Atlantic City progressive
market.
The suit alleges the restrictive provisions have frustrated Bally's efforts
to
launch
its Thrillions(tm) wide-area progressive system in Atlantic City.
22th
July Las Vegas Source:
Press release
Mikohn developes new table game based on Monopoly
The Monopoly Poker(TM) casino game is expected to debut in casinos later
this year. It has been developed under licence from worldwide family
entertainment industry leader Hasbro, Inc
The game, dealt on a blackjack style table, is based on a unique deck of
50 Monopoly Poker(TM) playing cards. By accumulating railroads, utilities
or color groups, players may win up to 125 times their wager. For an additional
$1 wager, players may win all or part of a progressive jackpot, a feature
utilizing Mikohn's patented bonusing technology.
21st
July New Jersey Source:
Press release
Council
on Compulsive Gambling of New Jersey, Inc.
Persons
calling the compulsive gambling helpline are for the first time reporting
average gambling debts which exceed their annual incomes.
In 1998, the
25,038 calls to the 1-800-GAMBLER(TM) Helpline reported average gambling
debts of $38,030 and average annual income of $36,134. One year earlier,
data from 23,606 calls showed annual income exceeding gambling debt by
more than $5,100.
21st
July
The middle of July sees the posting of second quarter results for American
gaming companies. Whilst most of the reports contain material not of two
much interest from a Casino gaming prospective they are useful sources
of information regarding new openings and industry trends, also which destinations
are performing well and popular with the public.
Click on the company to be taken to their report in the financial sections
of Yahoo. News from that company can then also be accessed by a link contained
in the report.
20th
July Memphis Source:
Press release
Harrahs to sell Showboat
Harrah's Entertainment announced today that it had reached agreement with
VSS Enterprises, LLC to sell the Showboat Las Vegas Hotel, Casino and Bowling
Center.
Located on the northern end of the Boulder strip the Showboat offers a
full-service, Mardi Gras-themed hotel with 447 hotel rooms, 80,000 square
feet of casino space, four restaurants, a showroom, 8,300 square feet of
convention/banquet space, and America's largest bowling center.
15th
July Las Vegas Source:
Press release
MGM Grand has also recorded record second quarter earnings with net revenues
of $319 million up 72% on 1998. Some of the key stats from the report are
as follows.
Casino revenues at the MGM Grand (City of Entertainment) were $191 million
an 18% rise due to increased slot and table play as well as good hold figures.
Non Baccarat table drop increased 12%. The daily room rate for the property
averaged $100 dollars and the 5005 rooms were almost sold out during the
period.
At New York - New York net revenues were $54 million in line with the same
period in 1998. Hotel occupancy again being almost sold out at 99.3%.
In Australia the MGM Grand Darwin contributed $3.2 million. South Africa
now beginning to come on strong chipped in $2.7 million from management
and development fees of the temporary casino in Johannesburg. With the
companies partners in SA paying all project costs, MGM is naturaly looking
for new licence opportunities with its partners.
Expences incurred for the quarter included $14 million of charges for the
proposed Detroit temporary casino.
Earnings per share for the period increased from 25 cents to 52 cents the
share price currently standing at $48.
15th
July Las Vegas Source:
Press release
Station
Casinos reported net revenues for the second quarter ended June 30, 1999,
of $235.4 million, a 14 percent increase over the prior year's quarter.
Nevada operations reported record net revenues increasing 12 percent to
$147.3 million from $131.6 million in the prior year's quarter. The Company's
Missouri operations also reported solid net revenues increasing 11 percent
from the prior year's quarter to $77.0 million.
9th
July Atlantic City Source:
AP
Donald Trump, said Friday he will demolish Trump World's Fair casino and
build a new casino on the 12-acre Boardwalk site next to Convention Hall.
Trump World's Fair, a 21-story building that was built as a Playboy casino
and taken over by Trump in 1989, will be closed in the fall to prepare
for demolition.
7th
July Colorado Source:
Press
Release
The Colorado Limited Gaming Commission has approved a reduction in taxes
for casinos in the state and the elimination of fees on gaming devices
as well as table games.
Due to
the growth in the gaming revenues in the state of Colorado, led by the
casinos in the Black Hawk
area, the Colorado Limited Gaming Commission expects the state of Colorado
to generate the same tax revenues as last year, even with the lower taxes
and elimination of device fees.
For the
first time ever, the casinos in Black Hawk generated gaming win which topped
the $30 million mark, breaking the old record set in March 1999.
Since
1991, the Colorado gaming industry has grown to more than $500 million
in annual revenues. Black Hawk, which accounts for more than half of the
state's gaming activity, was approximately $56 million in 1991 and is expected
to exceed
$300 million in 1999. The
Black Hawk market has 19 existing gaming facilities of which the Isle of
Capri Casino -- Black Hawk is the largest, and the first casino that receives
patrons from the Denver market.
1st
July Louisiana Source: AP.
Louisiana
Shuts Down Video Poker
Nearly
one-third of Louisiana's 15,000 video poker machines were turned off on
Thursday.
Voters in 33 Louisiana parishes voted 21/2 years ago to get rid of the
machines, which are set up at truck stops, bars, racetracks, casinos and
other locations. Thirty-one parishes voted to keep them.
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