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October 1999
North America

27th October  Biddeford , Maine Source: Press release
Fortune Tournament  Poker enters testing with GLI

   Fortune Entertainment Corp.(FEC) have announced that their Fortune Tournament Poker System is about to enter testing with Gaming Labs International.
    The company has also been awarded an initial 90 day suppliers license from the Mille Lacs Band of Ojibwe Indians in Minnesota. FEC develops and manufactures propriatary and patented gaming floor products. Fortune Tournament Poker is a machine and tournament based poker game, which has been legally defined as a game of skill.
 

26th October  Quarterly results Source: Press release


   Third Quarter results continue to be released and we detail some of the most important statistics from each of the company releases.
  Park Place Entertainment is ranked number one US casino company based on gaming floor area. According to the report they have a total 1.4 million square feet. In more understandable terms this equates to around 20 soccer pitches. The company also has 23,500 hotel rooms and declares ownership or an interest in 17 properties in the US, Australia and Uruguay.
    PPE generated revenues of $839 million over the last three months. The top performing casino hotels before all taxes etc. in each of the main gaming areas being Ballys Park Place, Atlantic City. The Grand Biloxi, Mississippi and the Bally's/Paris properties in Las Vegas. The average room rate for Atlantic City was $102 with an occupancy of 98%. The company is awaiting for approvals for the Ceasars acquisition in Nevada and Mississsippi.

  Trump Hotels and Casino Resorts announced that revenues were $403 million for the three months ending September 30th. The company operates three casinos in Atlantic City and the Trump Indiana, a riverboat on lake Michigan.
    The flagship Taj Mahal led the field in revenues at $167 million followed by the Trump Plaza with $117 million. All figures being before taxes etc.. Profits were dented by costs associated with the closing of Trump World's Fair. The existing property will be demolished and a 4,000 room, 200,000 square foot casino will be build on the 10 acre boardwalk site.

  Williams that for many people is associated more with Pinball machines than slots has announced that it will discontinue manufacture of the former. Revenues for the third quarter due to the increasing popularity of its branded slots increased 135% from $21 to $51 million over the same three months in 1998.
    $48 million in revenues was generated by the companies subsidiary WMS Gaming that actually makes and distributes the slots. The company sold 4,083 video and reel type slots in the three months. The top earning Monopoly series introduced 12 months ago earned $15 million from participation and lease agreements with operators.
    At the end of September the company had almost 3,200 Monopoly (reel and video) slots installed nation-wide.

  Mikohn, another key name in manufacturing and design in the US gaming industry has also announced increases in revenue, up 35% to $27 million over the same three months in 1998. Net income being $3.4 million or 31 cents per share. The company has the Yahtzee branded slot due to roll out with 200 on order since the game was approved in September.
    Like WMS Gaming's Monopoly slot series, Yahtzee is also on a licensing agreement from Hasbro Inc. that owns the trademarks. The company is expected to start field trials on table games based upon the two popular board games in a casino on the Las Vegas Strip. Known a few years ago for table and casino signage the company has and is continuing to diversify its portfolio of products.

  Players International, in the middle of a take-over from Harrahs Entertainment has also revealed it's second quarter results. Revenues from the companies three riverboat properties, located in Illinois, Louisiana and Missouri were $87 million. The gross figures being almost identical to 1998. The Metropolis on the Ohio river showed some advances due to the relaxation of the need by Illinois boats to physically cruise.
    The figures translate to average gross revenue for the 3 boats of $80,000 per day.

  Argosy Gaming Company has reported revenues before all taxes etc. of $147 million for the 3 months ended September 30th. The company, like Players International has three riverboats in three different gaming jurisdictions as well as a property in Lawrenceburg, Indiana and a majority share in the Belle of Sioux City in Iowa.
    The main property is the Lawrenceburg facility contributing $80 million. The open boarding policy for the Missouri Riverboat is expected to be approved in November.
 

21st October  Detroit  Source: Press release


    The legal problems surrounding the opening of Detroits new casinos seemingly will not go away. The Lac Vieux Desert Band of the Lake Superior Chippewa Indians has filed a motion in the United States District Court in the Western District of Michigan.
    To keep it simple, the tribe are objecting to the selection procedure and are now seeking to stop casino gaming in the city. They did not submit an original application due to these objections. Detroit when the three presently chosen operators have their properties open is slated to be ranked No.4 in the US on casino revenues generated.
 

20th October  Quarterly results Source: Press releases


    Third quarter figures have been released by a number of the key industry players in the US.
  Mirage Resorts reported total revenues for the quarter of $670 million. Of this $314 came from gaming operations and $355 million non gaming, hotel, food and beverage etc.
    Table game revenue was $160 million and slots $143 million. Table game hold was reported at 19.6%. The companies table game hold over the last three years has been 20%. Occupancy of hotel rooms was 98% with the average daily rate of $97. During the last year the company opened Bellagio, Las Vegas on October 15th 1998 and Beau Rivage, Mississippi om March 16th 1999.
  Harrahs Entertainments has reported revenues of $814 million. The 60 year old company owns or manages 18 facilities in the US as well as the management contract for Star City, Sydney.
    The companies two properties in Atlantic City had combined revenues of $219 million and chipped in $57 million in operating profit. The highly popular Rio in Las Vegas had revenues of $113 million and an operating profit of $19 million.
  Boyd Gaming Corporation has reported revenues of $240 million. Casino revenues from the companies diverse portflolio contributed $175 million or two thirds of the total. The change in the law enabling dockside gaming in Illinois enabled the Par-A-Dice and Silver Star to post strong results. The three downtown Las Vegas casinos also showed gains.
  Aztar Corporation has reported revenues of $208 million with profits before all taxes(EBITA) at $45 million. The company has 5 casinos in its portfolio. Gross revenue from the Tropicana in Atlantic City was $117 million compared to the Tropicana Las Vegas at $36 million. The other three properties in Laughlin, Missouri & Indiana produced gross revenues of just over $55 million
    After all taxes company profit was $8 million or $0.18 per share.
  Lakes Gaming Inc. has reported gross revenues of $14 million. The company manages two Indian casinos in Louisiana that were formerly owned by Grand Casinos.
 

18th October  California  Source: Press release


    Figures have been released concerning the funding of groups for and against California's Proposition 5. The law if enacted would have allowed Indian tribes in the State to open Las Vegas style casinos.
    Nevada casinos spent $22 million on the campaign with Mirage resorts chipping in $10 million. Four other Nevada corporations spent over $1 million. The Proposition although approved by voters was later over turned 6-1 in the courts.
 

18th October  Las Vegas  Source: Press release


   Station Casinos that has among others four properties in Las Vegas, slot route operations and casinos in Kansas and Missouri has declared its 3rd quarter results.
    Net revenues for the quarter showed an 11% gain to $237 million over the same period in 1998. Pre EBITDA earnings were $61 million a rise of 20%. The company is establishing itself in the "locals" market  for the burgeoning Las Vegas population.
 

14th October  Las Vegas  Source: Press release


   Paul-Son Gaming has announced results for their first quarter. Sales for the three months  were $6,357,000. The company has began to manufacture tables in its San Lois, Mexico facility, previously the company bought from other suppliers.
    Operating profits were $20,000 against a loss of almost $300,000 in the same quarter last year.
 

14th October  Las Vegas  Source: Press release


   MGM Grand Inc. has released it's record breaking third quarter results. Some of the amazing facts from the report are -  MGM City of Entertainment Las Vegas with over 5,000 rooms had a occupancy of over 99%. Across the boulevard, New York, New York had an occupancy of 98%. MGM Detroit casino has averaged over 15,000 customers per day since opening on July 29th.
    Net revenues reached $400 million. Operating cash flow (EBITA) hit $124 million. The company now has 3 management contracts in South Africa.
 

13th October  New York  Source: Bear Stearns report


   The decision by Illinois governor George Ryan to remove on June 26th the requirement that the states gambling boats should actually cruise has had a dramatic effect on business. Win per gaming position increased in July and August by 33.9% and 33.7% respectively.
    Missouri that also has relaxed boarding rules saw revenue and attendance increases by 10% and 45% respectively from mid August to mid September.
 

12th October  Detroit  Source: Detroit Free Press


    The advantage that the MGM Grand gained by opening in Detroit first looks set to last until December. In order to get the Motor City Casino open the partnership of 45% Mandalay Bay, 20% Atwater, and 35% ZRX are having to shuffle their share ownerships.
    Several local investors will be selling their holdings in order to get the property open at the earliest opportunity.
Partners to sell casino shares
 

7th October  Richmond, British Columbia Source: Press release


   Great Canadian Gaming with 6 casinos in British Columbia has entered into an agreement to acquire a 50% stake in SBD, Inc owners of the Riverside casino in Tukwila, Washington.
    The casino had annual revenues last year of US$6.6 million, the second largest in Washington State.
 

6th October     Source: Christian Science Monitor


    The political contributions from companies with gaming interests tripled between 1992 to 1998 to almost $2 million. Other contributions "soft money" has reached $3.8 million up seven fold over the same period.
    The Monitor highlights that with some 260 casinos on Indian reservations and gross revenues from gambling now well over $50 billion that the industry has alot of interests to protect and new contracts to be won.
Gambling's Political Campaign
 

5th October  New Jersey   Source: Detroit Free Press


    "It's not an epidemic, and these kinds of things were happening downtown before the casino" was a responce fron the Detroit gaming police spokesman.
    The Detroit Free Press reported on some of the problems arising from the opening of the new MGM casino. Around $10,000 in counterfeit currency has been detected and a dozen or so individuals caught cheating since the July 29th opening. Also many vehicles have been stolen or broken into whilst customers are inside the premises.
Casino cameras look for cheaters
 

3rd October  New Jersey   Source: Bergen Record


   Park Place Entertainments, the worlds largest casino operator has avoided losing its gaming licences in Atlantic City. The New Jersey Casino Control Commission ruled that the companies action in placing the Florida House of Representatives Speaker on a $240,000 payroll to influence the outcome of the 1994 vote on legalizing casinos in the state, did not violate New Jersey law.
Casino keeps license, but ethics questioned