Connect with us

Industry News

Tribal casino revenues dip in Arizona amidst rise in non-gaming revenue

Published

on

Tribal casino revenues dip in Arizona amidst rise in non-gaming revenueReading Time: 2 minutes

 

The revenues of tribal casinos decreased in Arizona in 2016 even amidst a rise in non-gambling, which pushed the total revenue to $2.23 billion for the year.

Casino City’s Indian Gaming Industry Report reveals that among the 28 states with American Indian gambling, Arizona is one of eight states that witnessed a revenue fall in 2016. The general trend among tribal casinos is an increase of 3.9 per cent in total gambling revenue and 8.2 per cent increase in non-gambling revenue in 2016.

Native American Casino with overall gambling revenue showing slower growth in 2016 than in years previous, analysts attributed the drop to a slowing of the national economy.

 “I can definitely tell you the economy was a big factor and not just in Arizona … but across the country,” said Alan Meister, author of the report and economist at Meister Economic Consulting. “Income was down in 2016 versus 2015, and that is the main key driver of casino spending by patrons.”

Arizona saw total gambling revenues in 2016 hit $1.902 billion with non-gaming revenues, namely hospitality and entertainment services including lodging, restaurants, and retail in at $328 million. 2015 gambling revenues came in at $1.905 billion and non-gambling revenues at $301 million.

Irrespective of the decline in certain states, the numbers overall pointed to steady growth in tribal casino revenue since the end of the recession driven by the 2007–2008 financial crisis. Total gambling and non-gambling revenues in Arizona climbed to $2.27 billion to come in just under the pre-2007 recession peak, according to the report’s author.

“Over the past five years, the Arizona gaming revenue side has declined slightly this past year, it had two pretty flat years, but it had two decent years,” Meister said. “And if you look at the past five years in terms of non-gaming revenue, it’s very strong.”

The upward climb in non-gaming revenues seen in Arizona was also indicative of a nationwide trend, as tribal casinos across the 28 states that allow for American Indian gambling facilities have worked to expand their non-gaming offers, including lodging capacity, retail space, entertainment, and dining options.

 “In Las Vegas, our gambling revenues were declining compared to non-gambling revenues because we were diversifying so much with entertainment and non-gaming amenities. And I think you’re seeing that as well in the tribal communities,” said Jennifer Roberts, associate director at the International Center for Gaming Regulation at the University of Nevada in Las Vegas.

 

Source: USAOnlineCasino

Source: Latest News at European Gaming Media

Continue Reading

Industry News

UNITE HERE Warns About Potential Gaming Tax Revenue Declines, Job Cuts, and Other Problems of Proposed Merger of Eldorado Resorts and Caesars Entertainment

Published

on

By

UNITE HERE Warns About Potential Gaming Tax Revenue Declines, Job Cuts, and Other Problems of Proposed Merger of Eldorado Resorts and Caesars EntertainmentReading Time: 2 minutes

 

Eldorado Resorts and Caesars Entertainment jointly announced a proposed transaction to combine the two corporations, pending shareholder and regulatory approvals. The deal is to be based on $7.2 billion of new debt financing and $500 million of cuts and other “synergies.” UNITE HERE, the hospitality workers union, represents approximately 25,000 workers at Caesars and Eldorado properties.

UNITE HERE-represented union casinos accounted for approximately 68% of the pro forma $30 billion combined Caesars-Eldorado EBITDAR in 2018. These 22 UNITE HERE union casinos altogether include over 50% of the combined company’s total hotel rooms, over 30% of its total slots, and nearly 40% of its total table games. UNITE HERE locals are currently in contract negotiations with Eldorado at Circus Circus Reno and Isle Pompano Beach. Contracts at six additional UNITE HERE union casinos in the combined Caesars and Eldorado portfolio will expire in 2020, including four properties in Atlantic City.

UNITE HERE issued the following statement from President D. Taylor:

“UNITE HERE has had a positive relationship with Caesars Entertainment over the years, and 25,000 union members have been excited to help the company reinvest and rebuild as it recovers from the disastrous leveraged buyout led by Apollo and TPG. It is in this context that we approach the proposed sale of the company with great concern.

Yesterday, Eldorado announced cost-savings of $500 million in the first year of the combined company. Where are they going to cut? We will not stand by idly if the proposed Caesars-Eldorado transaction will lead to significant job losses, worse wages and benefits for our members, and lower state gaming tax receipts in the many communities where members we represent work and live. Casinos operating under privileged licenses are meant to create significant benefits for host communities, including family-sustaining jobs and local government funding based on gaming taxes.

We will support changes at Caesars that preserve the company’s long-term financial health and provide a sustainable path to good jobs in vibrant gaming markets across the country.”

2018, 7,700 UNITE HERE members went on a multi-city strike at Marriott hotels across the United States and won historic settlements in Boston, Detroit, San Francisco, San Jose, Oakland, San Diego, and Hawaii.

UNITE HERE represents over 300,000 hospitality workers in gaming, hotel, and food service industries in North America and provides analysis from the perspective of those who work in these industries.

 

Source: UNITE HERE

Source: Latest News at European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: UNITE HERE Warns About Potential Gaming Tax Revenue Declines, Job Cuts, and Other Problems of Proposed Merger of Eldorado Resorts and Caesars Entertainment

Continue Reading

Industry News

UK NHS to Open Gambling Clinic for Children

Published

on

By

UK NHS to Open Gambling Clinic for ChildrenReading Time: 1 minute

 

The UK’s NHS is going to open its first gambling clinic for children.

According to the Gambling Commission, there are 55,000 children classed as having a gambling problem in Britain. The Commission also found that a total of 450,000 are gambling regularly.

“This action shows just how seriously the NHS takes the threat of gambling addiction, even in young people. The links between problem gambling and stress, depression and mental health problems are growing and there are too many stories of lives lost and families destroyed,” Simon Stevens, the NHS England chief executive said.

The move was welcomed by Carolyn Harris, the Labour MP for Swansea East, who said attitudes around problem gambling was at last shifting. “For too long the industry has dismissed problem gambling but now is the time for polluters to pay,” she said.

“The clinic will open as part of a new network of services for addicts being rolled out as part of the NHS Long Term Plan. Specialist face-to-face NHS treatment for gambling addiction has only been available in London but is being made available across the country as part of the new strategy,” NHS England said.

Source: Latest News at European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: UK NHS to Open Gambling Clinic for Children

Continue Reading

Industry News

Mobile Betting Bill Fails to Progress Through New York Assembly

Published

on

By

Mobile Betting Bill Fails to Progress Through New York AssemblyReading Time: 1 minute

 

Senator Joseph Addabbo’s mobile betting bill has failed to progress through the New York Assembly. The legislative session saw S17 fail to progress beyond the Assembly Standing Committee on Codes.

Addabbo tweeted that he saw no clear reason why the state could not implement mobile sports betting in 2019. Failure to do so would see the state miss out on around $75m in revenue, funding for education, and both job creation and retention.

“NY will be stuck like a disabled car on the shoulder, while we allow an illegal sports betting business in our state thrive and idly watch other neighboring states pass us up with enormous revenue gains from mobile sports betting,” Addabbo said.

Source: Latest News at European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Mobile Betting Bill Fails to Progress Through New York Assembly

Continue Reading
Advertisement
NSoft

Trending