Are the gambling revenues really getting to the schools?

Many communities offer Vegas games and other lottery activities to their citizens via local gambling venues, gaming events and other casino-type activities. In many cases a portion of the revenues from the profits achieved through such pursuits are designated to go to charities, non-profits and other local public institutions. 

This point is often cited by gambling proponents when they promote the building of new casinos and the opening of new gambling sites. They aim to demonstrate to legislators that, by expanding gambling options for local citizens, the community will benefit.

Wynn Investigation

Wynn Resorts, a giant in the Vegas casino scene, has been struggling to recoup after the company was rocked by charges of sexual misconduct against CEO Steven Wynn. In the last few months Wynn resigned as company CEO, sold his shares and stepped completely away from the running of the business – a business that he founded and built.

The company's holdings in Macau, which are considerable, are in jeopardy due to the Macau Gaming Commission's investigation of the charges. Now the company is facing a further challenge in the form of Massachusetts casino regulators who are stepping up their own investigation.

GearsPro Circuit Las Vegas Open

One of the newest and most popular of the Vegas games isn't taking place on the gaming floor. It's an esports competition that's running for an entire weekend at the Caesars Entertainment Studios in Las Vegas. Teams from around the world will battle it out in the Gears of War 4 competition at an event dubbed the GearsPro Circuit Las Vegas Open.

GearsPro Circuit Las Vegas Open brings the popular Gears of War game to Las Vegas for a competition that combines team collaboration with old-fashioned gaming rivalry. Players will be battling for a share of the $150,000 prize in front of thousands of fans. The event has quickly become a popular venue for gamers and spectators alike.

Sheldon Adelson

Things were a little shaky in 2016 when Macau implemented new cash withdrawal regulations which, observers believed, would negatively impact on the casino industry. Sheldon Adelson, the Vegas casino king, had faith that the downturn was only a blip on an otherwise upward Macau gambling trajectory. His instincts turned out to be spot on and he celebrated with a $1.7 billion bonus that brings his net worth up to $34.9 billion.

It was only a few years ago that Adelson's Las Vegas Sands invested more than $10 billion to build a string of casinos in Macau. Today shares of Adelson’s casino empire, Las Vegas Sands, are shooting up following a report that showed a 23.7% increase in Macau gaming revenue.

Cybercurrencies in Vegas

There are many venues in Las Vegas where cybercurrencies are an accepted form of payment but in many of the casinos, bitcoins and other forms of cybercurrency payments are not yet accepted.

Observers note that cryptocurrency promises benefits for the regulated Nevada industries including land-based casinos and for online games, as well. It also might become more widely used in the other major Nevada industry – marijuana. Yet in the casinos, bitcoins can be wagered at the slot machines or at the tables only after the gamer converts it into cash at a special ATM that is located on the casino floor.

Virginia tribe to open casino

Two hundred members of the Pamunkey Tribe have voted to search for a site where they can build a Vegas Casino type of resort. The tribe, which is known as a group of Native Americans who keep to tribal customs and traditions, has decided to add casino gambling to the list of activities that take place on their ancestral lands along with fishing, trapping, hunting, and farming.

The tribe is prepared to spend approximately $700 million on the resort-casino. Plans include a gaming floor, hotel rooms, a spa and entertainments space. Tribe members are checking out locations in or near the 1,200-acre King William County Pamunkey reservation. The  reservation is located approximately 30 miles east of the city of Richmond.

Saipan casinos

Imperial Pacific International was looking forward to a banner year in 2017. The company, owned by Chinese multi-millionaire Cui Lijie, moved out of its shopping mall digs and set up its Vegas games in a new beachfront tower that's located in the heart of Saipan’s central tourist district. The venue attracts Chinese high rollers who find that they prefer the convenience of a Saipai location over other Asian casino venues such as Australia, Macau and South Korea.

Yet since the first months of 2017 Imperial Pacific’s shares have declined 33%.  Cui, who owns 63% of the company, has seen her net worth decline (although she’s still a billionaire).

SLS Casino for sale

SLS Las Vegas Hotel and Casino will be sold to the Meruelo Group, a privately-held management company that has big plans to add Vegas games and new facilities and features.

The Nevada Gaming Commission approved the sale late last week and the sale, which was originally announced in late 2017, is expected to be completed within a week. SLS Las Vegas has been struggling for a number of years but Alex Meruelo believes that his plans will stem the losses and turn SLS around.

No more free drinks at Westgate

The Westgate Vegas Casino and Resort has always been regarded as a top Vegas venue for gambling entertainment and other forms of gaming activity. Westgate is known as a trendsetter in Vegas. The latest innovation, a drink monitoring system, is being touted as an amenity that will help casino-goers enjoy an easier drinking experience. Other casinos are bound to follow suit which isn't the best news for casino-goers. 

The newest innovation at Westgate involves a drink monitoring system that, from the casino's point of view, makes it easier and more convenient for guests to enjoy their complimentary drinks. The system, which is expected to be copied by other Vegas casinos, monitors the guests' drink orders so that guests don't need to place new orders every time that they want to freshen their drink.

Wynn being sold to Macau concern

Wynn Resorts, which was recently rocked by the resignation of its CEO due to allegations of sexual misconduct, is now facing more troubles that may lead to a takeover. 

Court Proceedings

A senior court in Macau has ruled that Wynn Macau Limited violated Macau's personal data protection rules. The brick-and-mortar and online games company surreptitiously revealed the identity of a Philippines Amusement and Gaming Corporation former employee. Wynn Macau believed that the former employee, a regulator, was tied to allegations of corruption.

Separator
SIGN UP Play Now