This should indicate where all the new gaming growth exists...
Las Vegas Sands Corp., boosted by a 28% increase in revenue from its Macau operations, reported $577.5 million in net income for the fourth quarter and an overall profit gain of 32.8%. The Las Vegas firm's 2013 revenue of $13.77 billion surpassed the combined 2013 revenue of Nevada and Atlantic City, N.J
Casino Profits
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olds442jetaway
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Yup...and just announced today...Mohegan Sun's profit sank by 28% in the first quarter. They attribute it to the sluggish economy. Personally, I think that is only a small part if any of it. I think they did it to themselves. Last October they instituted a tier and comp system that almost nobody can understand and it is extremely cumbersome. They continue to cut paytables on vp. Only a skeleton crew of vp players remain. Prices went up on food items throughout the casino. Marketing department is gone at least the part that calls patrons with offers, and on and on. I am sure they cut returns on most of the other slots too. Their web site crashes often and only partially works most of the time. The locals and seniors now come with just a few bucks to gamble. The rest of the time they hang out and chat. Almost nobody has stories of fantastic exciting wins like 5 or six years ago. They also don't listen to their line employees who see everything first hand and for the most part ignore patrons who have constructive suggestions. And so it goes. One good thing...I still think they have the best trained and nicest employees in the business. They have suffered cuts and layoffs too and still are great to deal with.
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Minn. Fatz
- VP Veteran
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The increase in gaming company profits from the Far East was one tidbit from the Bloomberg AC/blackjack score piece the other day.
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Lucky Larry
- Video Poker Master
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billyjoe,
They ain't hurting much, lots of consolidation and taking on more debt.
An interesting note:
2008 11- states had Commercial Gaming
2012 22-states had Commercial Gaming
Source: American Gaming Association 2012 Annual Report
http://www.americangaming.org/sites/def ... 12_web.pdf
They ain't hurting much, lots of consolidation and taking on more debt.
An interesting note:
2008 11- states had Commercial Gaming
2012 22-states had Commercial Gaming
Source: American Gaming Association 2012 Annual Report
http://www.americangaming.org/sites/def ... 12_web.pdf
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olds442jetaway
- Video Poker Master
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- Joined: Tue Aug 21, 2007 9:08 pm
Massive debt imo is a major problem of any business or nation. Just look at this country!
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Minn. Fatz
- VP Veteran
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- Joined: Mon May 07, 2007 12:22 am
Massive debt imo is a major problem of any business or nation. Just look at this country!
Have to take issue a little with that at least as it applies to the U. S. of A. As long as the Yankee Dollar is the world's reserve currency there's little chance of our national debt affecting our economy in an important way, at least not in and of itself. What issues there have been have been around our political will to repay the debt, especially every time the geniuses in Washington, DC decide to play financial chicken over things like raising the debt ceiling. The argument even can be made that with global interest rates at record lows, federal and state governments could have stood to borrow even more over the last several years in order to goose the economy after the Great Recession. IMO that's one of the greatest missed opportunities since 2008.
None of that has anything to do with casinos, and until such time as casino checks gain the same status as greenbacks a lot of debt that isn't being paid off through gaming and other revenue is sure going to be a bad thing for them. But I'm after wondering how dense do you have to be to lose money from owning a casino? Something on the order of a Donald Trump I guess...
Have to take issue a little with that at least as it applies to the U. S. of A. As long as the Yankee Dollar is the world's reserve currency there's little chance of our national debt affecting our economy in an important way, at least not in and of itself. What issues there have been have been around our political will to repay the debt, especially every time the geniuses in Washington, DC decide to play financial chicken over things like raising the debt ceiling. The argument even can be made that with global interest rates at record lows, federal and state governments could have stood to borrow even more over the last several years in order to goose the economy after the Great Recession. IMO that's one of the greatest missed opportunities since 2008.
None of that has anything to do with casinos, and until such time as casino checks gain the same status as greenbacks a lot of debt that isn't being paid off through gaming and other revenue is sure going to be a bad thing for them. But I'm after wondering how dense do you have to be to lose money from owning a casino? Something on the order of a Donald Trump I guess...
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