More high rollers are paying their debts to casinos, according to a recent Associated Press story. Casinos extend credit to thier wealthiest clients, but often assume that some of it will not be paid back
The Securities and Exchange Commission closed its investigation of a large donation made by Wynn Resorts to the University of Macau. The agency was investigating whether the donation violated the Foreign Corrupt Practices Act, but chose not to punish the company for the gift. So, what does this mean for other companies that are under investigation for corruption in Macau?
Nevada is officially wagering on online gambling, and approved the nation's first legal cash online poker website. Right now, online gambling sites must partner with casinos. As the industry expands, how will it change the casino business? And what are some of the obstacles that still stand in the way of online gambling companies? Two experts will explain the business of gambling, and what might happen as it moves online.
Broken Tooth was one of Macau's most notorious gangsters when he was locked up in 1998, shortly before Portuguese authorities handed the territory back over to the Chinese government. In the years since, the city has tranformed from a lawless backwater to an international gambling destination.
Nevada gaming regulators have long been picky about the businesses and individuals they allow licensed casino operators to partner with. The rules were designed to keep out criminals and their enterprises but as casinos have gone abroad and tried to move into the online business, the whole idea of keeping casinos separate from any dubious enterprise has become much trickier.
Visitors to Las Vegas have changed their habits a little bit over the past few years. Tourists are spending less on gambling and more on things like entertainment and restaurants. According to the Las Vegas Convention and Visitors Authority's Visitor Profile Study gamblers budgeted $447.63 for gaming in 2011, down from $466.20 the previous year. Meantime tourists spent $274.69 on restaurants and beverages in 2011 compared to $256.82 in 2010, a seven percent increase. We discuss how the Las Vegas visitor is changing and what casinos are doing to adjust.
While there are some small signs of improvement in the gaming industry, Nevada casinos still saw a net loss of about $4 billion in 2011. People who are visiting Las Vegas are spending less on gambling and more on things like food, beverage and entertainment.
Steve Wynn and New England Patriots owner, Robert Kraft are collaborating on possibly bringing a new casino to the Boston area. If plans move ahead the new casino would sit across the street from Gillette Stadium, home of the New England Patriots in Foxborough, Massachusetts. Wynn and Kraft's plan is one of a few proposals competing to win one of Massachusetts' three gaming licenses recently approved under the state's gaming laws.
Rupert Boneham, the fan favorite from Survivor: Pearl Islands has won approval from the Nevada Gaming Commission to operate a blackjack-like table game in Nevada casinos. His game is currently at the Golden Nugget but will make its way out to Primm in a few months.