Casino Project

Singapore Lending No Help To Las Vegas Sands For Casino Project

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It has not been a good couple of months for the Las Vegas Sands Corp.. They have watched their stocks plummet and have had to stop their expansion plans in Macau.

During these hard times, the company has placed an emphasis on finishing the project that they started in Singapore. The $2.7 billion project will not receive a bail out from the Singapore government if Sands should fall short of financing for the project, according to Trade Minister S. Iswaran.

On Tuesday, Sands shares fell to $5.34. that is a decrease of nearly thirty three percent. The company met the news with the announcement that they have priced a public offering of 181.8 million common shares at $5.50 a share.

The company is trying to raise $2.14 billion in new capital to give some stability to the company. While they are continuing their Singapore project, many are wondering if the project will ever be completed.

“Las Vegas Sands is in desperate need of financial assistance. They have already stopped several projects and if they do not receive financial assistance, the Singapore project will be stopped as well,” said analyst Gregory Stercker.

If the Singapore project is stopped, it could signal that the end is close for the company. “What they are doing will probably determine whether or not the company actually goes under or whether it can remain as a going concern and as a viable company,” said Sumit Desai, a gaming analyst at Morningstar.

GTECH Creating Gambling Monopoly In Kansas With Latest Score

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The state of Kansas has taken a long time to put in place casinos in the state. Since they were approved, the Kansas Lottery Commission has taken their time in awarding contracts to operators of the five casinos that are on the horizon.

On Wednesday, the Commission took steps towards those casinos becoming a reality when they announced they had awarded a contract to GTECH Corp. to run the central computer system that will control slots at the casinos.

GTECH moves closer to having a monopoly on all gambling in the state of Kansas. They already operate the online games and terminals for the Lottery, although their have been some mistakes made by the company in regards to the Lottery.

The operating system reported the wrong winning numbers back on June 29th and 30th and July 1st. The state had to pay out the correct winning numbers as well as the numbers that were reported incorrectly. The state has not yet decided what they will charge GTECH for the mistake.

The new contract has nothing to do with the mistakes that were made, a point that was pointed out by Executive Director of the Lottery, Ed Van Patten. “We converted to a new gaming system and the software they used in the conversion was defective. It was totally unrelated to the new contract. They are a different division in the company,” he said. GTECH beat out their only competition which came from Scientific Games Corp.. “It came down to two excellent systems and what we could negotiate on price and other bells and whistles,” said the Lottery’s Gaming Director, Keith Kocher.

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Senecas Halting Construction of Casino In Buffalo

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The Seneca Indian Nation has been living dangerously by continuing to construct a casino in Buffalo. A judge has now ruled twice that the tribe’s temporary casino is illegal, but has yet to order it closed.

On Wednesday, the tribe ordered the construction on the permanent casino closed on their own. They are stopping the building not because of the ruling, but because of the current state of the economy.

This is not the first expansion project that has been shut down thanks to the economy. Other developers also feared that the economy would hurt them and their casinos, so they have also put a stop on the building.

While many might believe that the decision today was a direct response to the judge’s ruling, the tribe is claiming that it did not play into the decision. “A decision of that magnitude is not made overnight,” said Phil Pantano, spokesman for the Seneca Gaming Corp.

While the construction will be stopped, the tribe has not ruled out restarting again once the economy picks back up. “We’re going to continue to watch the economy very closely,” said Pantano.

In the meantime, the decision that was made again on Tuesday is being appealed, and the tribe is hopeful that it will be overturned.

Las Vegas Sands Plans To Dominate India Casino Industry

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While many casino developers are turning down their expansion efforts, Las Vegas Sands is turning up the heat. They are currently exploring the possibility of bringing a strip of casinos to India.

The company already owns and operates the biggest gambling resort in Macau. They are now setting their sights on something similar to their Macau arrangement.

“We would like to build a Cotai Strip in India. We would be happy to spend $12 billion there,” said Chairman Sheldon Adelson. India would be a big market for any casino developer due to their population, which is second to only China’s in the world.

Adelson already has plans to build up to fourteen hotels on the Cotai Strip by the year 2013. The company has laid claim to being dominant in the Macau market, and now has their eyes on capturing the world.

They do have competition, however, Their Las Vegas rivals Wynn Resorts Ltd. is also putting a push on to own the Asian market. When word of Adelson’s remarks resonates through the Wynn company, they will most likely be watching India a little closer.

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Seminole Hard Rock In Florida Expanding Blackjack Outdoors

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The Seminole Indian Tribe in Florida were supposed to be discouraged about the state Supreme Court ruling that voided their compact with Governor Charlie Crist. If they were worried about the ramifications of that ruling they certainly are not showing it.

The Seminoles compact allowed them the rights to offer blackjack at their casinos in the state, but the ruling by the Supreme Court voided that compact. The Seminoles appear unfazed by the ruling.

Not only have they not shut down their blackjack tables, they are actually expanding them. The Seminoles are planning on putting tables outside by their poker room so that people waiting for poker can play blackjack.

They also will be targeting people passing by on their way to and from the various clubs at the Hard Rock. The original demand for the game has been great, leading to the decision to expand.

It is still not known whether the Seminoles will have to shut down the tables. There is an ongoing court battle in which opponents of the expanded gambling are trying to have the tables eliminated from the Hard Rock.

New Jersey Investigators Waste Three Years On Gambling Probe

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MGM is hoping to partner with Stanley Ho’s daughter Pansy in what will become a $1.25 billion casino in the new gambling capital of the world, Macau. MGM is waiting on New Jersey investigators to sign off on the deal.

The investigators do not appear like they are in any rush to give MGM the go ahead. The investigation into whether Pansy is independent of Stanley has been ongoing for three years. That’s three years of work by investigators just to try and connect father and daughter.

Some criminal investigations do not go on for three years. While MGM waits, investigators continue to pry into anything they can get their hands on regarding the Ho’s. So far, Pansy has passed the test.

“Pansy’s track record as an independent businesswoman is impeccable and impressive. We expect a positive outcome whenever the (division) is ready to give it,” said MGM spokesman Alan Feldman. Having already withstood three years, MGM has shown great patience in dealing with the probe.

The MGM group is waiting for the ruling because they are licensed in the state of New Jersey. They are currently running one casino in the state and have another on the way in Atlantic City.

Speculation exists that MGM only announced their plans for another Atlantic City casino to put pressure on the regulators to rule in favor of the project with Ho. With Atlantic City struggling, MGM holds some powerful cards in helping turn around the state of casinos in the city.

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Seminole Casino Moves Forward With Blackjack Plans In Florida

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Late this week the Seminoles held a press conference to map out their plans for bringing blackjack to their Hollywood Hard Rock Casino. The blackjack will become a reality on June 22nd.

While the plans are moving forward, others in the gaming industry in South Florida are trying to stop the Seminoles from expanding. A lawsuit has been filed by the Isle of Capri at Pompano Park. They are claiming the Seminole expansion is against state laws.

State laws say that banked games are illegal in the state. A banked game is one in which the gambler plays against the house. Blackjack falls under this category.

The Seminoles, however, are paying little respect to the lawsuit and are moving ahead as scheduled with their expansion plans. They have announced that they will start with seventy-two tables. Most of those new tables will be for blackjack, but baccarat and various forms of poker will also be played on some of the them.

The Seminoles say they are excited to bring the expanded gambling to South Florida.

“Las Vegas style casinos will now be at the doorstep of the residents of Florida. Floridians won’t have to go to Las Vegas or Atlantic City to play their favorite casino games,” said James Allen, CEO of Seminole Gaming.

Second Draw Added To Massachusetts Daily Numbers Lottery

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State lottery’s are doing everything they possibly can to generate more revenue. The lottery is a major source of revenue for state’s around the country, and with the economy struggling, lottery’s are being called on to pick up the slack.

In Massachusetts, the state lottery is following the lead of many others from the country. They are expanding their drawing options for their Pick 3 and Pick 4 gambling lottery games.

Many states have already gone to this form of expansion. They will now have drawings twice a day instead of once. They will have a midday draw to add to the evening draw that is already in place.

Florida just went to this format a couple of weeks ago. With Massachusetts catching on to the idea, it leaves Rhode Island as the only state in New England not to have the double draws.

While this is the choice of many lottery systems, other ideas are also being tried throughout the country. In Iowa, their state lottery just teamed with a gas station to promote raffle tickets in exchange for free gas.

Massachusetts projects that the new lottery draw should bring in an additional $7 million annually. Dan Rosenfeld, a spokesman for the lottery claims it was the public that asked for the additional draws so they can increase their opportunity to win money.

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Seminole Casino In Florida Quick To Lower Blackjack Limits

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The Seminole Indians in South Florida have received a lot of press over the past few weeks leading up to the first legalized blackjack tables in Florida. The games began on Sunday evening at the Seminole Hard Rock Casino in Hollywood, Florida.

What was supposed to turn out to be a celebration, turned out to be a bit of negative press for the Seminoles. Many gamblers were unhappy with the table limits that were being set by the Seminoles.

One table was playing twenty five dollar hands of blackjack, when the table was moved to $100 a hand. Usually, casinos allow players who were seated at the table before the limit move to continue playing at the lower limits. This was not the case at the Hard Rock.

The players at the table all left, and walked away with a feeling of what the future held with only the Seminoles having rights in the state to offer blackjack. “It stunk, they think just because they are the only ones, they can do whatever they want. That’s not a way to gain customers,” said Bryon Bilston, who was on hand for the unveiling of the new blackjack tables.

The Seminoles were quick to correct their mistake from the day before. On Monday, while most of the tables were still $25 a hand and up, the casino did have $10 and $15 tables. With the publicity the Seminoles are receiving, the last thing they want to do is drive customers away with a sour taste of the new games.

Permanent limits have not yet been set, only demand will determine where they finally land. For now, at least it was only one night of madness, and hopefully the Seminoles will find ways for even the most casual of blackjack players to enjoy the state’s newest game.