Atlantic City Gambling Industry Incurs Huge Losses and Counting

Atlantic City the once high roller Mecca of the East Coast has taken the world of casinos by surprise as it slowly and surely began to deteriorate and sink over the past few years. Main attractions like Trump Plaza, The Revel, and The Showboat have shut their doors and closed down for good.

casino ACIn 2006 neighboring state Pennsylvania granted lease and license to a number of casinos within its boundaries. In addition, the impacts of economic recession have had disastrous effects on economic revenue in Atlantic City.

Competitive industry

New Jersey has been in the casino industry for decades with the first ever casino in the state was opened in 1978 along the coast in Atlantic City. With a remarkable history of over $2.80 billion generated in revenue earned from casino games set in its records, New Jersey has been premium holiday destination that has catered to footfall of over 27 million visitors and tourists a year.

Gambling has been of crucial importance in terms of state economy, with a majority of jobs and positions oriented around the casino industry alone. As more casinos opened up in neighboring states like Delaware, New York, Pennsylvania, and Maryland, regular players and frequenters of casinos in Atlantic City preferred to stick to casinos located closer to their homes rather than travel distances to find a legal casino table or slot machine.

Same ‘ole AC?

Completely dependent and reliant on gaming revenues to sustain and thrive, Atlantic City is now suffering as residents face increasing unemployment caused by the crumbling casino industry.

Instead of taking advantage of its coastal features, Atlantic City has so far focused mainly on gambling market to survive. Neighboring states on the other hand have molded and diversified to offer indigenous entertainment attractions to keep people interested and eager to visit.

Atlantic City has started working on the frills as well spaces that offer complete family entertainment in aquariums, restaurants, shops and picnic spots in addition to the ever infamous boardwalk and marina. Even though the casino market has hit a speed bump, Atlantic City is beginning to reinvent itself as a more wholesome holiday destination. Moreover, the city is looking for people to come live in and utilize the immense expanses of available land to set up homes and businesses of their own.

Record Powerball Jackpot to be Split Between Two Winners

The lottery company Powerball claims that winners have been identified for their biggest ever lottery jackpot. The company is saying that two winning tickets have been bought, one in Arizona and the other in Missouri.

powerballThere is still a hunt going on to identify the winners. They know where the winning tickets were purchased, but have not gotten calls from either of the winning players. With a lottery this size, it is only a matter of time before people come to claim their prize.

This is the largest Powerball lottery in history. It is said to be worth around $590 million, with a cash out option of $390 million. That money would be equally divided among the two winners.

There were plenty of other prizes available. Powerball says that around 9 million people won some amount of money from this lottery. There are 60 people who won ONE million dollars each. These individuals got the first five numbers correct, but did not get the Powerball number of 6.

We do not know if the winning tickets were bought by an individual or by a group of people. This information will become available as soon as someone comes forward to claim their grand prize. Officials in Arizona and Missouri are remaining tight lipped for now. They will tell the public where the winning tickets were sold, but would prefer to wait for a few days.

It is being reported that this lottery reached record figures due to a late rise in the purchasing of lottery tickets. With news that the lottery was reaching record levels, even more people went and bought tickets. This positive buzz only added to the overall jackpot.

The odds of someone winning the Powerball grand prize are 1 in 180 million. 160 million people bought tickets for this lottery. Florida was a particular hot spot for lottery ticket purchases, with the state reporting that 200,000 tickets were sold EVERY MINUTE last Wednesday.

For more on this story, click here.

Canadian Businessman Ordered to Pay $13 Million to LV Casino

Semion Kronenfeld, a prominent businessman and high profile Canadian gambler, is embroiled in a court case in the United States. He is being charged with failing to pay a casino the money he owed. His debts to the casinos add up to a remarkable $13 million, with most of the money being due for over five years. The Las Vegas casinos spent a long time chasing after Kronenfeld in an attempt to get their money back, running out of patience after 5 years.

casinoThe 43 year old Canadian had an arrest warrant issued against his name in Clark County, with the charges listed as writing bad checks, getting money through false statements and felony theft. This is one of the most high profile and largest debt recollection cases in Las Vegas history, with Kronenfeld facing a lengthy jail term if he is found guilty.

False Information –

This case showcases the depths of Kronenfeld’s deception towards the casinos. When he first gambled with this money in 2009, he claimed that he was the owner of a wealthy investment company. It was on this basis that he was given a line of credit at both casinos. In addition, he made claims about having Israeli citizenship, incorrectly telling the casinos his name was Cronenfeld.

The money is owed to the Las Vegas casinos The Venetian and Green Valley Ranch Resort. He owes $8 million to The Venetian and $5 million to the second casino. Unfortunately for Kronenfeld, Nevada laws allow prosecutors to treat these documented IOUs as if they were bad checks. The government can collect 10% of the owed amount in various fees, giving them an additional incentive to prosecute.

It is not untypical for such cases to come before the prosecution’s desk, with many rich businessmen dealing in IOUs when they gamble millions in Las Vegas. However, 90% of these cases are resolved before they go to court, with the individuals in question returning the money they owe. Kronenfeld has made no attempts to pay back the casinos, which means criminal proceedings are a certainty.

Mr. Kronenfeld has now filed for bankruptcy. He is attempting to get away without having to pay back the money, but is unclear whether his bankruptcy filing will spare him in this case. A ruling on this case is expected within the next few months.

For more information on this Las Vegas court case, click here.

Deutsche Bank Sells Cosmopolitan Casino

Deutsche Bank has sold its primary gambling investment, Cosmopolitan Casino, for a whopping $1.7 billion. Cosmopolitan was bought by private equity company Blackstone, who are seeking creative management in order to assist in turning around the casino’s fortunes. The casino is a magnificent site, consisting of two modern towers and containing some of the best gambling areas in the world. However, the casino has failed to make a profit in any of the years since its $4 billion opening in 2010. The initial developer defaulted on the loan that was taken out to complete the project, handing the site to Deutsche Bank.

bar and casino

A straightforward statement by Deutsche Bank alluded to the casino’s lack of profits as the primary reason for its sale: “The bank is committed to reducing non-core legacy positions in a manner that benefits its shareholders.” Few financial experts are questioning this decision, while there are quizzical glances being thrown towards Blackstone private equity. Unless they have a great plan up their sleeve to get Cosmopolitan into the green, they are going to struggle to profit from this purchase.

The two Cosmopolitan towers are 52 stories high, with the casino having space for more than 3,000 rooms. It is perfectly located on the Las Vegas strip, yet fails to perform as well as its more storied gambling rivals. The site has lost at least $100 million every year since its opening. Experts have blamed this on the general slowdown in Las Vegas, but there are many who do not believe Cosmopolitan can succeed.

Sales figures for all Las Vegas businesses have shown that the strip is finally bouncing back from the 2008 recession. Hotel room prices, visitor arrival rates, and overall spending is on the rise. However, it remains to be seen whether Cosmopolitan Casino can do enough to prove that it is a better option for guests when compared to other casino spots on the strip.

For more information on this casino, check out the official website.

Scientists Create a Casino for Rats to Study Gambling Addiction

Scientists have taken a significant step towards understanding the chemical and scientific nature of gambling addiction. By setting up a rat casino, they are attempting to find new ways to treat compulsive gambling problems. Initial results have shown that the dopamine receptors in the brain must be blocked in order to beat this addiction.

Casino for RatsThis research was conducted by creating slot machine by situations for rodents to try out. The rats would gamble for sugar pellets by using a slot machine with three flashing lights and two levers. Many of their reactions, especially to near misses and wins, were similar to the reactions of humans when they are using slot machines.

The team from the University of British Columbia are focusing on the dopamine D4 receptor, which is said to be at the center of many behavioral disorders. When the rats at the rat casino were treated with dopamine, their behavior was noticeably different.

Paul Cocker is the leading author of this study. Teh PhD student from UBC had the following to say about this research:

“More work is needed, but our findings offer hope for the treatment of gambling addiction, which is a growing public health concern. Pathological gambling is now seen as a behavioral addiction in the same way as alcohol or drug addictions. However, we know so little about how to treat gambling addiction.
This study is the first step in showing that by blocking certain brain receptors we will be able to reduce the rewarding aspects of near-misses that lead to more gambling. These findings shed new light on the brain processes involved with gambling and gambling addictions.”

The study took 16 months to complete, with 32 lab rats used in the process. The lab rats were introduced to the small and easy to use slot machine. One lights combination signaled a win and the other combination signaled a loss. The rats that got the winning combination were rewarded with ten sugar pellets.

For more information about this study, visit this link on the UBC website.

Are Bitcoins the Future of Online Gambling?

Unless you have been living under a rock the fast few years, chances are – you have heard about Bitcoin. online-gambling-statsIf not, here is a quick primer, according to Wikipedia, “Bitcoin is a cryptocurrency whereby the creation and transfer of bitcoins is facilitated by an open-source peer-to-peer cryptographic protocol that functions without the intermediation of any central authority”. The majority of gamblers are going to be totally oblivious to what that means, so in layperson’s terms, Bitcoins are a form of online currency that is untraceable, encoded by cryptographic protection on par with what most governments use to encrypt sensitive data, and can be used to make anonymous purchases. They are also highly volatile on the open market. At one point they were nearly valueless and a few years later, they are worth nearly $1000 USD per coin!

Over the last year, dozens of Bitcoin casinos have popped up to serve the world market. Even US players are getting in on the game thanks to the anonymity that the currency provides. While most sites will not allow a US-based player to access their casino, a simple change of IP address using a VPN or Tor is all that is needed to bet.

The games range from the overly simplistic such as, coin-flipping – all the way up to the more complex games, like Baccarat. The beauty of Bitcoin gambling for players is, the very nature of the currency often leads to winnings becoming much more valuable in a very short period of time. A quick search of Google shows that the value of Bitcoin has increased nearly 4000% since January of 2012 and as speculators begin to enter the marketplace, that number continues to grow. This can translate into very high earnings for skilled players that frequent Bitcoin casinos online. The currency is becoming so popular that even major retailers are beginning to accept it.

For the skilled gambler looking to earn some fast money, Bitcoin casinos represent an exciting opportunity to increase your earnings. Once could even go so far as to view it a a form of volatile investing due to the fact that winnings are prone to value increase. This will only become more compounded as the technology becomes more widely spread among late-adopters.

It is going to change the face of online gaming as we know it.

Are Brick And Mortar Casinos At Risk Of Going Away?


There are hundreds or even thousands of new casinos – and they are all online. At the last count, there were more than 250 casinos – and many more are popping up each and every year. This raises the question: are online casinos going to replace brick-and-mortar casinos? This is a question that is on everyone’s mind – and it is one that needs to be answered.

While online casinos offer a number of advantages, they are not likely going to ever replace physical casinos. Many people who are learning the various games such as roulette, blackjack, and poker will use the online casinos as an environment to learn. However, once the learning is done, many still want to visit a physical casino in order to take in all of the sights and sounds.

There are a number of online casinos that have taken online gambling to a new level. They offer real dealers on the screen, making it possible for gamblers to interact with the dealer, even though they are playing from home.

Real casinos are still being built. There is talk about Euro Vegas being created in Spain and new casino resorts are being built in Macau, Singapore and Queensland – just to name a few. Hard-core gamblers still want to visit a brick-and-mortar casino because of being able to enjoy a variety of games, take a vacation, and experience many of the other things that a casino has to offer – such as luxury restaurants, shows and more.

If anything, online casinos are simply providing a gambling opportunity for more people – and allowing more people to learn so that they can embrace what a brick-and-mortar casino has to offer. There are plenty of reasons to visit an online casino – and the same list can be created for visiting a physical one, too.

The Best European Thoroughbreds for 2013

As 2013 draws to a close, it is apparent European horse racing fans were treated to some of the most horse racingexciting racing seen in recent years. Along with exciting racing, a new generation of equine heroes were introduced to the world. Lets take a look at the top horses (based on Time Form ratings) and top performances of the year.

Top 5 Ranked Horses According to Time Form Ratings
1. Treve – 3 year-old filly completed her season with a perfect 5-5 record including a victory in Europe’s premiere race, the Prix de l’Arc de Triomphe at 1 1/2 miles in France.
2. Toronado – Britain’s top 3 year-old colt stamped himself as a top equine with his victory during the summer in the Sussex Stakes in England.
3. Cirrus Des Aigles – became one of Europe’s best older horses when he became the first 3 time winner of France’s Prix Dollar.
4. Novellist – German champion who had the distinction of winning 4 group I races in 4 different countries (the King George VI and Queen Elizabeth Stakes in the United Kingdom, the Grand Prix de Saint-Cloud in France, the Gran Premio del Jockey Club in Italy and Grosser Preis von Baden in Germany.)
5. Dawn Approach – after becoming Europe’s champion 2 year-old in 2012, he began the 2013 season with a smashing victory in the classic 2000 Guineas at Newmarket.

Top 3 Performances of 2013
1. Animal Kingdom – former US Kentucky Derby winner won the 2013 Dubai World Cup (the world’s richest race) over a highly rated international field.
2. Treve – was named Cartier Horse Of The Year following her dominating 5 length victory in the Prix de l’Arc de Triomphe.
3. Dawn Approach – this Irish champion bounced back from a disappointing English Derby loss with a narrow victory over the classy Toronado in the St James Palace Stakes.

With most of 2013’s stars slated to stay in training for the 2014 season, European fans and racing fans from around the world are in for a season to remember.

Racers Take Their Positions

Corporate agreements and private investments tend to be what make the gaming world go around, century casinofinancially at least. A big one to hit the headlines recently is the partnership formed between Century Casinos Incorporated and United Horsemen of Alberta. There has also been financial backing to come into the picture thanks to the Bank of Montreal. Together, these entities have major plans to construct a racetrack and complete entertainment center devoted exclusively to racing in the metropolitan area of Calgary, Canada.

A Unique Installation

This entertainment center will mark the first and only racetrack for horses in the area. It will be going under the title, “Century Downs Racetrack and Casino.” The racetrack itself will be 5.5 furlongs in length with a game floor that offers over 550 machines and multiple amenities for guests, including a full bar, lounges, restaurants, and an additional off-track betting facility. The REC license is also completely unique to the area, leaving virtually no competition for this new and exciting establishment dedicated to racing.

The Place To Be

The location for the construction is extremely promising for all parties involved as well. The center will be located just one mile to the north of Calgary’s city limits and only 4.5 miles away from the highly-trafficked Calgary International Airport. It lies just off a well-known interstate that is used to go from Calgary to Edmonton. This highway has been cited as the most traveled stretch of road in all of Western Canada. Also drawing crowds in the immediate area are the Calgary Markets and Cross Iron Mills Shopping Mall.

Optimism Reigns

While there does not seem to be any obstacle standing in front of the development, the agreements and management policies that are in place are still subject to final approvals from the AGLC. They already have the necessary license to construct the race tracks and all the necessary documents for selling liquors and spirits are in place. The final building permits are already being processed by Rocky View County. There are no assurances in place that all agreements will be final, but all parties concerned anticipate success in the endeavor.

New Casino for Massachusetts

MGM Resorts International is proposing a large casino resort to be located in the downtown Springfield area. Along with an 89,000 square feet casino, the $800M project would include 15 acres of property, including a 250 room hotel, wide variety of retail shops, variety of restaurants providing a formal as well as casual dining experience, night clubs, pool, and a health spa. The property would also house banquet and meeting areas, a 12-screen cinema, bowling lanes, and residential property in the form of one and two bedroom apartments.

Gambling In MassachusettsThanks to the state’s new gambling laws, the MGM Resorts International was able to apply for a casino gaming license. During a recent election, a majority of Springfield voters approved; but MGM still has a way to go before they can start building. MGM faces competition from two other gambling casinos. The Mohegan Sun and Hard Rock have applied for casino gambling licenses in the area. Mohegan Sun has proposed a project in Palmer, while Hard Rock has proposed a project for West Springfield.

MGM Resorts’ proposed casino project would bring significant revenue to the western Massachusetts area that would help pump up the economy. A natural gas explosion brought major trauma to an area near Springfield in November 2012. In addition, a tornado in 2011 brought major devastation to the city itself. According to plans, the casino project would be located in that same area.

Even though the project promises to bring much needed revenue to the area, opposition does exist. Opposers feel that having a casino in the area would promote irresponsible gambling which could lead to financial problems among low-income residents and the elderly on fixed incomes. Opposing residents also feel that the project could increase crime in that area and be the source of major traffic problems. However, the project would bring much needed jobs, including temporary construction jobs while the project is being built. MGM Resorts is planning to offer the Springfield area first priority for jobs with strong consideration for residents in surrounding cities and towns.

MGM Resorts International is one of the largest gaming and hospitality companies in the world with casino properties in Nevada, Mississippi, Michigan, and outside the United States in China. They also own and operate non-casino properties such as high-rise condominiums in Las Vegas, NV as well as overseas.