Gambling Revenue Surged 22.3% in Q3 for Macau

November 9, 2009

Way to go, Macau! In only 3 months, Macau has managed to increase its gambling revenue and the Government is now enjoying profits of 31.78 Billion patacas ($3.81 Billion). They anticipate continued revenue growth into the Q4 because of a low comparison-base effect, but are not putting their head on the block that revenues earned in Q3 will be repeated in Q4. Neither are they speculating that the revenues were attributed to the additional 220 gambling tables that were installed in their casinos within the last 3 months.

The Government will, however, meet with its 6 casino Operators to review several matters, including the number of gambling tables in Macau, restrictions on setting up of new slot machines, and the raising of the entry age limit for casinos to 21 instead of 18 as it is currently. These reviews are to prevent “unlimited expansion”, a problem they had already begun to curb 7 years ago, with the granting of licenses to SJM Holding Ltd., Las Vegas Sands Corp., Wynn Macau Ltd., Melco Crown Entertainment, MGM Grand Paradise SA; and Galaxy Entertainment Group Ltd. This saw the end of a 40-year monopoly on casino gambling in Macau, which was enjoyed by Stanley Ho, a local casino businessman. Travel to Macau was further restricted by Beijing in an attempt to limit growth in Macau’s gambling industry and individuals from mainland China can now receive a visa for Macau only once every two months, as opposed to pre-October 1, 2009, when they could obtain a visa once a month. Further, Macau Operators have been ordered by the Government to reduce the commissions paid to Junket Operators, who bring the VIPs to the casinos to 1.25%, 0.1% less than the junket operators previously enjoyed.

Gambling revenues in Macau increased by 52% in September 2009 as compared with September 2008 and overall revenues generated in September 2009 were recorded at 10.8 billion patacas (US$1.37 billion). Whatever Macau is doing, they’re doing it very well and we wish them continued prosperity.

Get your piece of the pie at Titan Casino.

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Australia’s Richest Man Loses £1 Bi

November 9, 2009

Casino mogul and one-time richest man in Australia, James Packer, might not hold the top spot as Australia’s richest man for long. Packer, son of legendary media tycoon Kerry Packer who willed AUS$5 Billion to James upon his death four years ago, is probably best known for his bet on gaming business, Crown, which started trading in December 2007.

Since then, Packer has purchased 3% of the Crown shares, in order to increase his ownership to more than 40%. However, so far the odds of Packer winning this bet look slim with Packer paying AUS$205 Million ($187 Million). Not only that, recent market carnage hasn’t helped the matter, and Packer has fallen prey to the current global recession. In June 2009, it was reported that Crown had lost AUS$1.2 Billion for that financial year when they decreased their equity investments in gaming Operators, Station Casinos Inc., Harrah’s Entertainment Inc., Canner Casino Resorts LLC, and Fontainebleau Resorts LLC.. Shares in crown fell to 60% in past year on top of $290 million of writedowns forced by losses at Las Vegas casinos. Family’s financial firm, Challenger Financial Services Group, suffered writedowns to the tune of $145 Million and a 64% decline in stock price. The stake in Consolidated Media Holdings shrank by two-thirds. Packer has resorted to liquidating several assets, including his luxury yacht and his stake in the family cattle farm, for a reported AUS$425 Million.

These asset sales give Packer the flexibilty to increase his stake in Crown after six months, afterwhich time, Packer intends to increase his focus on gaming and casinos, which, we understand, are very high on his priority list. We hope things look up for Packer, because with his personal wealth being halved since taking over the family business, with Crown’s revnue falling by 2.2% to AUS$8.99 in Sydney trading, and with ill-timed acquisition initiatives of late, Packer still has so much to look forward to, especially his new-born daughter, Indigo, who he and model wife, Erica, welcomed into their lives in July of this year.

Not many people in the gaming industry have as much money as Packer does, and according to Harry Theodore, an analyst at Royal Bank of Scotland Group Plc, Crown “has the potential to provide substantial growth opportunities” in this current recessive environment.

We tip our hats to you Packer and wish you and your family success in the coming years.

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Pee-pee in the pokie

November 9, 2009

We thought this one was funny, so have a laugh on us.

The Sunshine Coast Hotel was swarmed with onlookers and patrons who watched in shock as Isaac Cavanagh, an intoxicated police officer, urinated in the gaming area of the hotel.

Apparently, Cavanagh went to use the bathroom but the door was locked and he invariably urinted in a carpeted alcove in the gaming lounge; although some reports from onlookers state that he urinated on a pokie.

Fortunately, Cavanagh was off-duty at the time of the incident, so the magistrate charged him as he would any civilian who was under the influence. Cavanagh was fined $125 and no conviction was recorded. The unfortunate thing in this case is that he may face further repercussions by Sr. Officers. By the time the case was heard in court, Cavanagh had already apologized to the hotel owners and offered to pay for cleaning the area. He expressed his embarrassment and remorse at his actions, stating that he knew the community expected higher standards of conduct from a police officer.

Stuff happens, in our opinion, so we’re rooting for you Cavanagh! Albeit hilarious, let’s hope this is the last embarrassing moment like this you have.

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Australians lose $12 Billion per year on Pokies

November 9, 2009

Australians lose $12 Billion per year on Pokies

The pokie craze has taken Australia by storm. It is estimated that about 15% of Australians gamble regularly and, of this group, 5% of them play the pokies at least once per week. Losses on the pokies total to an astounding $12 Billion per annum. Statistics published by the Productivity Commission reveal that 15% of those Australians who gamble regularly suffer from problmen gambling, while another 15% are at “moderate risk” of becoming problem gamblers.

So, if these stats are correct, then what about the other 70% of Australians who gamble? Well, the Commission doesn’t clearly state how much this group spends or how much they do or don’t contribute to problem gambling. What it does state is that it recommends lowering the “intensity of play” on the pokies to limit the amount money a gambler could lose on these machines. They recommend that the bet limit be restricted to $1 per button push. This would reduce the maximum losses on one machine from $1200 to $120 and Players would only be allowed to play $20 at a time into one machine. It is perceived that this action could help reduce problem gambling by 10% and generate at least $450 Million per year.

With this new regulated type of gambling in place, the Commission hopes to branch over to online gambling; not because of the potential earnings that could come from this market but, instead, because of the “dangers to the gambler of a growing unregulated international industry”. According to the Commission, this action could help save the 4% of online gamblers from this unregulated form of gambling, which allows betting “24 hours a day, allows credit betting, has no intrinsic restrictions on bets size”. government hopes to recapture the 4% of gamblers who have made online gambling their preferred choice of wagering. Hence, they are appealing the the Australian government to allow online gambling if there is a strict focus on protecting the gambler from possible addiction issues.

Sounds to us like the Commission has good foresight. They understand that the $700 Million that Australians spend per year on online gambling could very well go into their economy, especially in these recessive times, and their angle is to “disguise” their concern for problem gambling with a pretty gift wrapper and bow by recommending a reduction in bet amounts. Forgive us for being cynical but online gambling is here to stay! It’s your money, so you should be able to spend it the way that you want to and online casinos give you that freedom and that luxury.

Play in Australian dollars at this casino and win as much as you want!

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