
Is it this guy’s fault, or perhaps is it the Chinese economic slowdown? VIP Baccarat revenues plummeted on the Las Vegas Strip in July.
Is the Chinese slowdown that is economic the action at the world’s baccarat tables?
While there may certainly be more pressing what to worry about following Beijing’s recent decision to devalue the Yeun, such as destabilization of the global economic markets and prospective economic meltdown, it does seem that China’s economic troubles are having a detrimental effect on that one game, developed by European aristocracy and so peculiarly beloved of this Chinese.
The slowing economy that is chinese already hurting Macau’s bottom line; the province has recorded its 14th straight month of decrease in revenue, and baccarat, which will be the most popular game played in the gambling hub, particularly by high rollers, and it’s also feeling the pinch.
In 2014 VIP baccarat introduced 60 % of Macau’s entire gaming revenue, in accordance with the UNLV Center for Gaming Research, and the Chinese government’s anti-corruption drive, which seeks to stem the flow of high rollers to Macau, means that the province’s baccarat tables are increasingly underpopulated.
And now it seems the effect may be spreading to Las Vegas.
Dip on Strip
Baccarat profits on the nevada Strip dipped notably in July; while visitors to Strip casinos were up for the month by 5.3 %, year over year, gaming revenue fell by 2 percent, thanks mainly to a 21 per cent drop in baccarat revenue.
For once, this wasn’t Phil Ivey’s fault.
Amount was down too, by a whopping 35 percent. In fact, for the first half of the entire year, baccarat revenue plunged by 20 per cent on the previous year, with the amount wagered by visitors to Strip casinos declining by 43 %.
However, it’s difficult to gauge whether we are truly seeing the effect associated with the China’s monetary troubles in Vegas’ depleted baccarat tables.
As Capital Markets gaming analyst Steven Wieczynski told the Las Vegas Review Journal, figures can be skewed by ‘the inherent volatility in baccarat volumes,’ and the comparison of this year with 2014 is problematic, because 2014 was a record year for baccarat.
‘June’s results, though still somewhat disappointing, were far better compared to headline comparison would indicate,’ Wieczynski explained.
Mass Market Appeal
But Wells Fargo Securities gaming analyst Cameron McKnight believes there is definitely a correlation between poor results in Vegas as well as the governmental and economy in Asia.
‘ within our view, the weakness in Strip baccarat play is partly related to the anti-corruption initiative in China and the monitoring of Chinese visitors in Las Vegas,’ he told investors.
But Vegas casino operators aren’t panicking as of this time.
Poor results at the VIP baccarat tables only affect a handful of Strip casinos, and, excluding those results, the Strip possessed a month that is largely positive terms of mass market gaming revenue.
Colorado Gambling Addiction Program Audit Shows Only One Gambler Helped in Past 2 Yrs
Lawmakers say that many programs in the Colorado Department of Human solutions have suffered under executive director Reggie Bicha. (Image: Craig F. Walker/Denver Post)
A Colorado gambling addiction program has apparently been dust that is gathering based on a recent review of the machine’s actual use.
Most states that enable for legalized gambling, including Colorado, acknowledge that along with the revenue they raise through gaming, there may also be some dilemmas with addiction.
To that end, programs to minmise those problems and help individuals whom develop issue gambling issues are a part that is big of gambling expansion.
But what goes on when the programs designed to greatly help compulsive gamblers aren’t actually doing anything at all?
That’s the nagging problem currently being faced in Colorado, where an audit of this state’s gambling addiction program found that barely anybody happens to be helped at simply by those efforts. The issues were simply the latest found by lawmakers that have grown increasingly concerned with troubling issues inside the state’s Department of Human Services.
Numbers Show Little Perform Being Done in Program
The numbers involved in the scheduled program are striking. While significantly more than 9,000 people known as a gambling that is national hotline searching for help from Colorado last year, not one person in their state was actually assisted by a corresponding state system built to counsel issue gamblers.
Furthermore, just five counselors acquired national certification in gambling addiction over the past two years in Colorado. That’s away from 23 counselors who received money through the continuing state to obtain that certification.
‘Something is incorrect with the program,’ former State Senator Jeanne Nicholson Hawk that is(D-Black) who requested the audit, told the Denver Post. ‘The purpose was to help people who had gaming addictions that have been related to us legalizing video gaming in Colorado. And we don’t think we are accomplishing that.’
This is simply not the story of the program that is wasting the state’s coffers: this system, funded by a blend of taxes, fees, and fines from casinos within the state, has a budget of only about $100,000 per year. However, the real way in which that money was being used has raised plenty of eyebrows.
Most Money Spent on Advertising, Administration
About 83 percent of all funds allocated to this program in the 2015 fiscal 12 months have actually been for administrative and advertising expenses, aswell as payments to the specialist who was simply hired to run the program. It’s yet another blight regarding the record of Department of Human Services Executive Director Reggie Bicha, whom has been under increasing scrutiny from lawmakers this year.
‘I am beyond disappointed in the results of this audit that is particular’ Bicha said to lawmakers. ‘ And extraordinarily frustrated by the work of our workplace of Behavioral wellness in implementing this program.’
Colorado’s video gaming profits have remained relatively flat in current years, with all the state’s casinos bringing in $745.9 million in 2014. That ended up being virtually just like the year prior, though taxes collected by the state increased by 2.5 % to $106 million thanks to gains at bigger gambling enterprises.
But that revenue comes at a price, claims State Representative Dianne Primavera (D-Broomfield), one that the continuing state needs to take seriously.
‘Gambling addiction is one of the worst addictions you can have because it leads to criminal activity and job loss and individuals homes starting foreclosure and domestic violence and consuming and other types of addictions,’ she said. ‘ This isn’t the type or sort of addiction that individuals should brush aside.’
The audit into Colorado’s problem gambling services found numerous problems dating back once again years. In 2011, the state began paying the University of Denver about $65,000 a 12 months to be able to let psychology students offer counseling services, which was not in compliance with state law. Even though those learning students counseled 116 individuals over the course of three years, only someone has received help through accredited counselors in 2014 and 2015 combined.
Texas Racetracks Bets are Off Following Standoff with Legislature
Texas State Senator Jane Nelson (R-Flower Mound) has called the Texas Racing Commission a ‘rogue agency’ and accused it of defying the state’s constitution. (Image:Bob Daemmrich/texastribune.org)
Texas racetracks may not have lost the race yet, but their it’s likely that perhaps not looking great. The Lone Star State’s horse and dog racing tracks remained closed to bettors on Wednesday as a result of a funding that is ongoing between the Texas Racing Commission (TRC) and the state’s legislature.
Despite reports to the contrary from some news sources, parties failed to reach an agreement ahead of the Monday evening ultimatum set by the Commission, which means, for the time being at least, all bets are off, literally.
The dispute centers on the Texas legislature’s decision to withhold $1.5 million of the TRC’s annual funding. That move is in protest of its more chilli slot machine youtube jackpot intends to expand gambling at tracks, mainly in the form of ‘historical racing machines,’ which effortlessly allow bets on tracks of past races.
In November, the TRC lost a fight that is legal install the machines at racetracks in the Lone celebrity State, and, as an outcome of that ruling, started the procedure of erasing all mention of historical racing machines from their regulations.
‘Rogue Agency’
But, last week TRC commissioners voted 4-3 against getting rid of these references, a provocative move and one that exceeds its authority, according to lawmakers. The commission has been accused of ‘picking a fight’ with the legislature, while State Senator Jane Nelson (R-Flower Mound), chair for the Senate Finance Committee, has called the TRC a ‘rogue agency’ and accused it of defying the state’s constitution.
Meanwhile, the TRC, which regulates all betting during the tracks, claims that the withheld funds prevent it from operating, rendering it struggling to pay its executive and rent salaries, and without supervision through the regulator, it says, there may be no betting on races.
On Tuesday, TRC ordered track owners to shut their traps, literally, and cease all operations.
‘ As a consequence of the TRC not receiving the required authorization from the Legislative Budget Board to expend administrative funds past August 31, 2015, the Commission must stop all operations, including the oversight of both live racing and simulcast wagering,’ read a statement from Lone Star Park Racetrack President and General Manager Scott Wells.
Sympathy in the House
It appears, nonetheless, that there is more sympathy in the homely house for the TRC and also the songs than in the Senate.
‘While I understand there are legitimate issues over the racing commission’s recent actions regarding the issue of historical racing, I believe it is imperative that this industry remain fully regulated,’ said State Representative John Otto (R-Dayton).
Jan Haynes, president of the Texas Thoroughbred Association, meanwhile, said that the legislature had no right to shut an industry down that contributes a great deal of fiscal revenue for the state and employs thousands of individuals.
‘The Lt. Governor and another Senator [Nelson] should not have the energy to power down an entire industry and simply take away 36,000 jobs,’ she stated. ‘The entire Budget that is legislative should and vote on funding the Texas Racing Commission straight away.’
Just What Is racing that is historical Anyway?
Confused by the idea of betting on races that have been won? So were we. Some tips about what we learned:
Also known as Instant Racing, the betting often takes spot on terminals that are like slot machines. They could be for both dog and horse racing events currently last. Players deposit their wagers on races picked at random from internal movie libraries that can hold over 60,000 different already completed events.
Bettors will not have any access to information that is key such as when, where, or with what horses or jockeys the competition took place. The only guidance for participants are unidentifiable skill graphs that give stats on jockeys’ past wins, without really naming them.
They then bet on who they think will place in the utmost effective three. A ‘Handi Helper’ acts being a type of random lottery quantity generator, automating the process for those who don’t desire to think excessively.