So hmm, Vegas casinos generate in month about what Stars paid DOJ ...
A calendar shift that moved the lucrative Chinese New Year holiday into February sent Nevada gaming revenues soaring, contributing to the largest single-month total ever for the Strip.
Nevada casinos collected $1.073 billion in gaming revenues during February, a 15.1 percent increase compared with the same month a year ago according to figures released Wednesday by the Gaming Control Board.
The statewide gaming revenue total was the highest monthly amount produced by Nevada casinos since December 2007.
On the Strip, gaming revenues hit a record $696.1 million, a 31.2 percent increase.
“While February saw the timing benefit of a strong Chinese New Year, we think results still came in ahead of expectations,” Macquarie Securities gaming analyst Chard Beynon told investors.
The record figures were the result of high-end baccarat play associated with the 10-day Chinese New Year holiday. In 2012, the Chinese New Year was in January. In 2013, the holiday fell into February. As a result, gaming revenues in January declined 12.4 percent statewide and 18.7 percent on the Strip.
DOJ, SEC investigations ongoing, along with anti-Adelson media bias?
Las Vegas Sands Corp. called media accounts of the company’s self-reporting that it may have violated federal law that bans the bribing of foreign public officials “misleading and sensationalistic.”
In a statement released Sunday night, the casino operator, which is more than 53 percent owned by billionaire Sheldon Adelson, said it did not violate the anti-bribery provisions of the Foreign Corrupt Practices Act.
On Friday, Las Vegas Sands, in a one-sentence statement within the company’s annual report filing with the Securities and Exchange Commission, said its audit committee found possible violations of the Foreign Corrupt Practices Act.
“As part of the annual audit of the company’s financial statements, the Audit Committee advised the company and its independent accountants that it had reached certain preliminary findings, including that there were likely violations of the books and records and internal controls provisions of the FCPA,” Las Vegas Sands said in its Form 10-K filing.
Inside Gaming: Indiana
An Indiana lawmaker wants to protect the Hoosier State’s casino industry, which was the nation’s third-largest commercial gaming market by revenue in 2011.
Ten of Indiana’s 13 casinos are in counties adjacent to Illinois, Michigan and Ohio – states that have provided Indiana casinos with a wealth of customers.
Those patrons no longer have to cross state lines to satisfy their gambling fix. Over the past 24 months, casino expansion in neighboring states has caused Indiana gaming revenues to decline.
In 2011, Indiana’s 13 casinos collected $2.721 billion in gaming revenues, a 2.5 percent drop from 2010. In October, gaming revenues statewide suffered their largest percentage decrease since January 2008.