Posts Tagged ‘Nevada Gaming Control Board’

Modest Recovery Continues to Show in Gaming

by , Feb 12, 2013 | 10:00 am

Welcome-to-Nevada-pokerNevada’s casino industry posted its third straight annual gaming revenue increase in 2012 as the industry continues its modest recovery amid a sluggish economy.

Analysts noted the results were helped by high-end baccarat play, the game that has bolstered the industry’s bottom line since Las Vegas companies began doing business in Macau in 2004.

Statewide, casinos collected $10.86 billion in gaming revenue in 2012, a 1.5 percent increase over $10.7 billion in 2011.

“We are slowly increasing revenues,” said Michael Lawton, senior research analyst for the Nevada Gaming Control Board. “We are still 15.5 percent below the peak in 2007, but we are gradually moving in the right direction.”

Nevada gaming revenues were $12.8 billion in 2007, Lawton said. On the Strip, gaming revenues increased 2.3 percent over 2011 with casinos collecting $6.2 billion, marking a second straight year revenues topped $6 billion.

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Bookmakers Bank on American Sports Betting Biz

by , Feb 6, 2013 | 10:00 am

William Hill nets half billion in profit despite US losses

Despite its U.S. operations posting a “modest” loss, William Hill Plc. expects net revenue for 2012 to be 12 percent higher than in 2011. The British bookmaker is expected to release its official fourth-quarter and full-year earnings on March 1.

William Hill said Tuesday its 2012 performance had been “strong” with operating profit expected to be approximately $519.6 million, helped in part by a 27 percent boost in online net revenues and a six percent rise in retail earnings.

Its U.S. bookmaking business, which operates in Delaware and Nevada, was adversely affected by weak results, especially from the National Football League.

In a statement, William Hill said its Nevada acquisitions were successfully completed on schedule in September. The company warned that its performance in the U.S. “was impacted by weak sporting results, particularly the NFL in November, and as a result delivered a modest operating loss.”

William Hill spent $49 million to acquire American Wagering Inc. and Brandywine Bookmaking LLC in Las Vegas, as well as Club Cal Neva’s sports book operations in Northern Nevada. The company operates 160 sports books and kiosks in Nevada and employs 400 people.

William Hill determines the product offering, sets the odds and point spreads and manages the risk for the Delaware Lottery through a partnership with Scientific Games. Sports betting in Delaware is limited to wagers on NFL games only using parlay cards.

– C.S.

Michael Ciasco was quickly considering whom to bet on in the third race at Tampa Downs.

It was Friday morning, and Ciasco, who has bet on horse racing almost every day since he arrived in Las Vegas 36 years ago, took his seat at William Hill’s sports book at Terrible’s.

Armed with a small coffee, a pencil and the Player’s Edition of the Daily Racing Form, Ciasco was ready for his day at the office.

“I come here around 9 a.m., have breakfast, bet until about 1 p.m. and then I go home,” Ciasco said. “I do it every day. I only bet dollars on each race and I’m only a horse player.”

Ciasco said he isn’t comfortable betting more than $3 or $4 dollars per race. That adds up to $18 or $19 a day, making Ciasco a cautious if not thrifty gambler.

“Money management in this town is very important,” he said. “I don’t have a system of my own, so I’m pretty much picking horses at random.”

Sports bettors all have their own reasons for why they might put anywhere from $5 to $50,000 on a game.

“It’s exciting,” said Kandace Allman. “I watch every minute and really get into the game when I have money on it. Sometimes, I yell at the TV telling them what they should be doing.”

Allman sounds like a lot of people you meet at Las Vegas sports books.

“I win a lot,” she said. “I like to bet on NBA and NFL games, but I’ve started (betting) on hockey and college games. I’m really into betting on the Oklahoma City Thunder.”

Allman also likes to put a few dollars on the Golden State Warriors, Los Angeles Clippers, and Detroit Pistons. Both Allman and her friend, Connie Martin, took the 4 points and the Baltimore Ravens to defeat the San Francisco 49ers in the Super Bowl on Sunday.

As of Thursday, the over-under on the game is 47.5 points.

“I can’t predict the future, but I like the Ravens,” Martin said.

While it might be a marginal addition to Nevada’s total gaming revenues, gambling on sports is big business. In 2011, casino visitors wagered more than $2.8 billion on sporting events, with sports books taking home $140.7 million, according to the Nevada Gaming Control Board.

“It’s mostly football,” said David G. Schwartz, director of the Center for Gaming Research at the University of Nevada, Las Vegas. “Football has declined though and basketball is gaining in popularity. That’s because the NCAA is getting a lot more attention than it did years ago.”

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Call it a Comeback?!

by , Feb 1, 2013 | 2:00 pm

Welcome-to-Nevada-pokerWhen does a net loss of more than $1.21 billion not seem so bad?

When it’s compared with a net loss of almost $4 billion in the previous year.

Nevada’s casino industry suffered through its fourth straight fiscal year net loss despite 4.4 percent growth in total revenues over the 12-month period, according to the annual Gaming Abstract, which the Nevada Gaming Control Board released Wednesday.

The report compares revenues and income produced by casinos generating more than $1 million in gaming revenues during the fiscal year, which ended June 30.

In 2012, the abstract included results from 265 casinos statewide. Together, the casinos had a net loss of $1.21 billion on total revenues of more than $22.9 billion. In fiscal 2011, 256 casinos generated a net loss of almost $4 billion on revenues of $22 billion.

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Las Vegas Sands Cuts off International Money Transfers

by , Jan 28, 2013 | 1:00 pm

LasVegasSandsNevada’s top gaming regulator said Friday his agency was aware of changes Las Vegas Sands Corp. implemented to its compliance procedures and expected other companies, both inside and outside the gaming industry, would take similar steps.

Las Vegas Sands, which operates casinos in Macau and Singapore, as well as The Venetian and Palazzo resorts on the Strip, halted the execution of international money transfers for its high-end customers, the Wall Street Journal reported Friday.

The moves came as the casino operator faces scrutiny from U.S. and international regulators, people familiar with the matter told the newspaper.

Las Vegas Sands and Wynn Resorts Ltd. are both being investigated by the U.S. Department of Justice for potential violations of the Foreign Corrupt Practices Act.

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Nevada GCB Heads to Macau for Gaming Regulator Summit

by , Jan 21, 2013 | 10:00 am

Macau CasinoNevada’s three Gaming Control Board members traveled to Macau [last] week in an effort to re-establish the relationship with their regulatory counterparts in the world’s largest gambling market.

Control Board Chairman A.G. Burnett characterized the trip as a “fact-finding’ mission and called the series of meetings, including talks with law enforcement officials in Hong Kong, “a complete success.”

He said the relationship between Nevada regulators and Macau’s Gaming Inspection and Coordination Bureau – often referred to at the DICJ – had not been very strong in recent years.

“We’ve established a good rapport with the DICJ and will lead to a good era of cooperation and discussions amongst the two agencies,” Burnett said late Thursday. “We were well-received and, as with all things in Asia, these relationships take time to nurture.”

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The Evolution of Fantasy Sports

by , Jan 19, 2013 | 7:00 pm

cantor fantasy logoThe number of Americans playing fantasy sports has grown by 2 million annually for the past two decades, transforming what was once the pastime of a few devoted baseball fans into a lucrative business, generating more than $3 billion annually in total revenues, according to an industry analyst.

“We’re very comfortable these days,” said Paul Charchian, president of the Minneapolis-based Fantasy Sports Trade Association, which will hold its annual convention this month at The Mirage. “We’ve been growing at a ridiculous rate. Some day we won’t be growing by 2 million annually and I’m sure there’ll be stories asking us why we’re not growing by 2 million anymore.”

Fantasy sports were born in the 1960s, but it wasn’t until the late 1980s and early 1990s that it developed into a national sensation.

“We have grown by 2 million people a year since the Internet took off in the mid-1990s,” Charchian said.

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Palms to Pay $1 Million Gaming Fine for Drugs and Prostitution

by , Jan 14, 2013 | 2:00 pm

palms-towersThe parent company of the Palms has agreed to pay a $1 million fine to settle a 17-count complaint by the Nevada Gaming Control Board resulting from a failure to prevent illegal activity, including drug sales and prostitution, at clubs on the property.

FP Holdings L.P. also agreed to pay $78,000 to cover the cost of the control board’s investigation.

“We are deeply concerned and disappointed about the matters outlined in the complaint as they are not consistent with the values of our company,” the Palms said Friday in a statement. “We are resolved to address these problems comprehensively and decisively.”

The Nevada Gaming Commission must approve the settlement. The violations contained in the 21-page complaint made public Friday were gathered during a joint undercover investigation by the board and Las Vegas police.

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Nevada, US can Learn from European Online Gaming

by , Jan 13, 2013 | 1:00 pm

Photo: Casino Connection International

Photo: Casino Connection International

It’s not like A.G. Burnett has a huge learning curve in his new position as chairman of the Nevada Gaming Control Board.

For more than a decade, Burnett, 43, played a behind-the-scenes but active role in many of the agency’s decisions and rulings concerning the industry.

Burnett has offered legal advice and regulatory opinions on gaming company consolidation, federal antitrust issues, casino expansion into Macau other foreign markets, the emergence of private equity ownership, and advances in gaming technology.

He spent nine years as deputy chief of the agency’s corporate securities division, four years as a deputy attorney general for gaming and nearly a year as a state gaming agent.

In January 2011, Gov. Brian Sandoval appointed Burnett to become a member of the three-person control board. Sandoval elevated Burnett to chairman in November to replace outgoing chairman Mark Lipparelli. Burnett’s current term expires at the end of 2014.

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Nevada Proposes New Law to Allow Multi-state Online Poker

by , Jan 9, 2013 | 10:00 am

Welcome-to-Nevada-pokerNevada’s budding Internet poker market could eventually accept wagers from players in other states under a proposed legislative change in the Silver State’s interactive gambling regulations.

In a bill draft submitted to the Legislature, the Gaming Control Board wants to amend interactive gaming regulatory language that would allow Nevada’s governor to enter agreements with other states that legalize Internet poker.

Conceivably, the interstate gaming compacts would allow Nevada-based Internet poker websites to accept bets from gamblers from states with similar interactive gaming laws, considerably growing the size of the potential player pool.

Under Nevada’s interactive gaming regulations, websites in the state can accept wagers only from players gambling on computers or mobile devices within the state’s borders.

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Caesars Group Moving Forward with Regulatory Nod in Nevada

by , Dec 13, 2012 | 10:00 am

CaesarsLogoA World Series of Poker real money website based in Nevada took a step forward Wednesday.

The Gaming Control Board tentatively approved Caesars Interactive Entertainment to operate online poker in Nevada.

The company, the interactive arm of the Caesars Entertainment Corp., manages the promotion and advertising aspects of the annual World Series of Poker.

Caesars Entertainment general counsel Michael Cohen told the board during a meeting in Carson City that the Nevada website would be run as a World Series of Poker brand.

If approved by the Nevada Gaming Commission on Dec. 20, Caesars would become the 17th company granted an interactive gaming license to offer online poker to players who are physically within the state’s borders.

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Football Betting Picks up Slack as Baccarat Power Wanes

by , Nov 21, 2012 | 1:00 pm

Forget about baccarat for at least one month.

Football wagering revenues offset declines in baccarat results during September, propelling Nevada to a modest gaming revenue increase.

Statewide, casinos collected $892.7 million in gaming revenues in September, a 3.3 percent increase compared to the same month a year ago according to figures released Thursday by the Gaming Control Board.

On the Strip, casinos collected $496.5 million from gamblers during the month, a 1.2 percent increase over September 2011.

Baccarat results – which have predominantly been the stepping-off point for whether or not that state and the Strip had a positive revenue month over the past few years – declined in September.

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Vegas Bookie to Plea Not Guilty of Federal Money Crimes

by , Nov 16, 2012 | 1:32 pm

Paul Sexton (no relation to Mike) is a former Full Tilt player accused of running money for an illegal online sports gambling ring. [GPI profile]

A lawyer for a former Cantor Gaming executive charged with four felonies in connection with an illegal bookmaking ring said Thursday he will plead not guilty later this month at his initial court hearing in New York.

Michael Cristalli, a Las Vegas-based lawyer, declined to comment on the charges against his client, Mike Colbert. Colbert was arrested with seven other people in Southern Nevada on Oct. 24 on warrants stemming from an 18-month investigation into illegal bookmaking and money laundering.

He is scheduled to make a court appearance in New York on Nov. 29.

Colbert on Thursday did not speak during a procedural hearing in Las Vegas Justice Court. He is charged with enterprise corruption, conspiracy to operate an illegal gaming enterprise and three counts of money laundering.

Cristalli said Colbert’s next court appearance in Las Vegas is scheduled for Dec. 3. He remains free on $50,000 bail.

Colbert appeared at the hearing with Jerry Branca, Steven Diano [GPI Profile], Joseph Paulk, Paul Sexton and Ian Mandell. Brandt England and Kelly Barsel were in New York for their initial hearings and did not appear in court Thursday.

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MGM Resorts Gets Their Online Poker License

by , Nov 5, 2012 | 10:00 am

Three more companies, including a subsidiary of MGM Resorts International, are a step closer to joining 13 other gaming companies participating in the Nevada’s growing online poker industry.

The state’s Gaming Control Board on Thursday recommended licensure for MGM Online LLC, as well as boutique firms Z4Poker LLC of Las Vegas and Cams LLC of Los Angeles.

The Nevada Gaming Commission will consider the applications at its Nov. 15 meeting.

MGM Resorts told regulators it plans to establish a play-for-fun website by March. The company already operates myVegas, a social media gaming site with 350,000 monthly visitors.

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Meet the New Gaming Control Board Chair

by , Nov 3, 2012 | 10:00 am

NGCB’s A.G. Burnett

Gaming Control Board member A.G. Burnett was promoted to chairman of the panel Wednesday by Gov. Brian Sandoval.

Burnett has been a member of the three-person regulatory body since January 2011. He was the deputy chief of the control board’s corporate securities division when Sandoval appointed him to the board.

Burnett, 43, also served as a senior deputy attorney general in the gaming division.

“A.G.’s experience on the Gaming Control Board combined with his strong working relationships with gaming regulators and securities regulators in countries such as Macau and Singapore will be an invaluable asset as the board moves into the next generation of gaming,” Sandoval said.

On Monday, Sandoval appointed Terry Johnson, the current director of the Nevada Department of Business and Industry, as a member of the board, replacing outgoing chairman Mark Lipparelli, who stepped down in September.

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Cantor Gaming Insists No Connection to Online Gambling Crimes

by , Oct 31, 2012 | 4:59 am

Cantor Gaming officials on Monday said the company has been working closely with Nevada gaming regulators after the arrest of Mike Colbert, now a former vice president and director of risk management with the Las Vegas-based company.

Colbert was one of eight people arrested Wednesday in Southern Nevada in connection with a nationwide illegal bookmaking operation that generated $50 million in seven months.

Robert Hubbell, a spokesman with Cantor Gaming in New York, said Colbert was no longer an employee with Cantor Gaming. He said to date the company has “found nothing to indicate that (Colbert) was using our system or accounts for wrongdoing.”

“Although the charges were not related to his responsibilities at Cantor Gaming, it is important to note that our account wagering system is designed to prevent misconduct,” Hubbell said in a statement.

“The former employee’s responsibilities with Cantor Gaming had nothing to do with accepting or distributing patron money.”

Colbert on Monday did not speak during his brief initial procedural hearing in Las Vegas Justice Court.

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