Is it this guy’s fault, or is it the Chinese financial slowdown? VIP Baccarat revenues plummeted on the Las Vegas Strip in July.
Is the Chinese economic slowdown killing the action at the world’s baccarat tables?
While there may certainly be more pushing things to worry about after Beijing’s recent decision to devalue the Yeun, such as destabilization of the global financial markets and possible meltdown that is economic it does seem that Asia’s economic troubles are having a detrimental impact on that particular game, developed by European aristocracy and so peculiarly beloved of this Chinese.
The slowing economy that is chinese already hurting Macau’s important thing; the province has recorded its 14th straight month of decrease in revenue, and baccarat, that will be probably the most popular game played in the gambling hub, specially by high rollers, and it’s also feeling the pinch.
In 2014 VIP baccarat introduced 60 percent of Macau’s entire video gaming revenue, according to the UNLV Center for Gaming Research, and the government that is chinese 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 impact might be spreading to Vegas.
Dip on Strip
Baccarat revenues on the vegas Strip dipped significantly in July; while visitors to Strip casinos had been up for the month by 5.3 percent, 12 months over 12 months, gaming revenue fell by 2 percent, thanks mainly to a 21 per cent drop in baccarat revenue.
For when, this wasn’t Phil Ivey’s fault.
Volume was down too, by way of a whopping 35 percent. In reality, for the first half of the season, baccarat revenue plunged by 20 percent on the previous year, with the quantity wagered by visitors to Strip casinos decreasing by 43 percent.
Nonetheless, it’s difficult to gauge whether we are truly seeing the effect of this China’s economic troubles in Las Vegas’ depleted baccarat tables.
As Capital Markets video gaming analyst Steven Wieczynski told the Las Las Vegas Review Journal, figures can be skewed by ‘the inherent volatility in baccarat volumes,’ and the comparison of the with 2014 is problematic, because 2014 was a record year for baccarat year.
‘June’s results, though still somewhat disappointing, had been far better compared to headline comparison would suggest,’ Wieczynski explained.
Mass Marketplace Appeal
But Wells Fargo Securities video gaming analyst Cameron McKnight believes there is definitely a correlation between bad results in Vegas while the governmental and financial status in Asia.
‘ In our view, the weakness in Strip baccarat play is partly related to the anti-corruption initiative in Asia and the monitoring of Chinese site visitors in Las Vegas,’ he told investors.
But Vegas casino operators are not panicking at this time.
Bad results at the VIP baccarat tables only affect a handful of Strip casinos, and, excluding those results, the Strip had a month that is largely positive terms of mass market gaming income.
Colorado Gambling Addiction Program Audit Shows Only One Gambler Assisted in Past Two Years
Lawmakers say that numerous programs in the Colorado Department of Human Services have actually suffered under executive director Reggie Bicha. (Image: Craig F. Walker/Denver Post)
A Colorado gambling addiction program has evidently been dust that is gathering based for a current audit of the machine’s actual use.
Most states that enable for legalized gambling, including Colorado, acknowledge that combined with the revenue they raise through gaming, there will also be some problems with addiction.
To that end, programs to reduce those problems which help individuals who develop problem gambling issues are a big section of any gambling expansion.
But what happens if 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 associated with the state’s gambling addiction system found that barely anybody is helped at simply by those efforts. The issues were just the latest found by lawmakers who have grown increasingly worried about troubling issues inside their state’s Department of Human Services.
Numbers Show Little Work Being Done in Program
The numbers involved in the program are striking. While a lot more than 9,000 people called a nationwide gambling addiction hotline searching for help from Colorado a year ago, no one in their state was actually assisted by way of a corresponding state program built to counsel problem gamblers.
Furthermore, only five counselors acquired accreditation that is national gambling addiction within the last two years in Colorado. That’s out of 23 counselors who received money through the continuing state to obtain that official certification.
‘Something is wrong with the program,’ former State Senator Jeanne Nicholson (D-Black Hawk), who asked for the audit, told the Denver Post. ‘The purpose was to help people who had gaming addictions that have been associated with us gaming that is legalizing Colorado. And I don’t think we have been accomplishing that.’
This is simply not the story of a system that is wasting the myfreepokies.com state’s coffers: the program, funded by way of a combination of taxes, fees, and fines from gambling enterprises in the state, has a budget of only about $100,000 per year. However, the way in which that money was being utilized has raised plenty of eyebrows.
Most Investment Property on Advertising, Administration
About 83 per cent of all funds allocated to this system in the 2015 year that is fiscal been for administrative and advertising expenses, aswell as re payments to the contractor who was simply hired to run the program. It’s yet another blight on the record of Department of Human Services Executive Director Reggie Bicha, whom has been under increasing scrutiny from lawmakers this 12 months.
‘I am beyond disappointed into the results of this particular audit,’ Bicha said to lawmakers. ‘ And extraordinarily discouraged by the ongoing work of our Office of Behavioral wellness in implementing this program.’
Colorado’s gaming revenues have remained relatively flat in present years, with all the state’s casinos bringing in $745.9 million in 2014. That was virtually exactly like the year prior, though taxes collected by the state increased by 2.5 percent to $106 million thanks to gains at bigger gambling enterprises.
But that revenue comes at a price, says State Representative Dianne Primavera (D-Broomfield), one that the continuing state needs to take really.
‘Gambling addiction is among the worst addictions you’ll have because it contributes to crime and task loss and individuals homes going into foreclosure and domestic violence and consuming and other kinds of addictions,’ she said. ‘ This isn’t the type of addiction that people should brush aside.’
The audit into Colorado’s problem gambling services discovered problems that are numerous back once again years. In 2011, their state began paying the University of Denver about $65,000 a 12 months in order to let psychology students offer counseling solutions, which was not in compliance with state law. And while those students counseled 116 people over the course of three years, only one person has gotten 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 battle yet, but their itâ€™s likely that not looking good. The Lone Star State’s horse and dog racing tracks remained closed to bettors on Wednesday due to an ongoing funding dispute between the Texas Racing Commission (TRC) and the state’s legislature.
Despite reports to the contrary from some news sources, parties failed to attain an agreement before the evening ultimatum set by the Commission, which means, for the time being at least, all bets are off, literally monday.
The dispute centers around the Texas legislature’s decision to withhold $1.5 million of the TRC’s annual funding. That move is in protest of its intends to expand gambling at tracks, chiefly in the form of ‘historical racing devices,’ which efficiently allow bets on recordings of past events.
In November, the TRC lost a fight that is legal install the machines at racetracks in the Lone celebrity State, and, as a result of that ruling, started the process of erasing all mention of historical racing machines from their regulations.
Nevertheless, last week TRC commissioners voted 4-3 against removing these references, a provocative move and one that exceeds its authority, according to lawmakers. The commission has been accused of ‘picking a battle’ with the legislature, while State Senator Jane Nelson (R-Flower Mound), chair of the Senate Finance Committee, has called the TRC a ‘rogue agency’ and accused it of defying hawaii’s constitution.
Meanwhile, the TRC, which regulates all betting at the tracks, claims that the withheld funds prevent it from operating, rendering it struggling to pay its executive and rent salaries, and without supervision from the regulator, it says, there may be no betting on races.
On TRC ordered track owners to shut their traps, literally, and cease all operations tuesday.
‘ As a result of the TRC not receiving the needed authorization from the Legislative Budget Board to expend administrative funds past August 31, 2015, the Commission must cease all operations, including the oversight of both real time racing and simulcast wagering,’ read a statement from Lone Star Park Racetrack President and General Manager Scott Wells.
Sympathy in the home
It appears, nonetheless, that there is more sympathy in the homely house for the TRC while the tracks than in the Senate.
‘I believe it’s imperative that this industry remain fully regulated,’ said State Representative John Otto (R-Dayton) while I understand there are legitimate concerns over the racing commission’s recent actions regarding the issue of historical racing,.
Jan Haynes, president of the Texas Thoroughbred Association, meanwhile, said that the legislature had no right to shut an industry down that contributes a large amount of fiscal income for the state and employs several thousand people.
‘The Lt. Governor and another Senator [Nelson] should not have the power to power down an entire industry and simply take away 36,000 jobs,’ she said. ‘The entire Budget that is legislative should and vote on funding the Texas Racing Commission instantly.’
What Is Historical Racing, Anyhow?
Confused by the notion of betting on races that have already been won? So were we. Here’s what we learned:
Also referred to as Instant Racing, the betting often takes place on terminals that are like slot machines. They may be for both dog and horse events that are racing 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 won’t have any access to information that is key such as when, where, or with what horses or jockeys the competition took spot. The guidance that is only participants are unidentifiable ability graphs that give stats on jockeys’ past wins, without actually naming them.
They then bet on who they think will place in the most effective three. A ‘Handi Helper’ functions as a type or form of random lottery quantity generator, automating the process for those who don’t wish to think too much.