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Baccarat Revenue Down in Vegas, Chinese Economic Troubles May be to Blame

Baccara<span id="more-12272"></span>t Revenue Down in Vegas, Chinese Economic Troubles May be to Blame

Is it this guy’s fault, or perhaps is it the Chinese slowdown that is economic? 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 what to worry about following Beijing’s recent decision to devalue the Yeun, such as destabilization of the global financial markets and possible economic meltdown, it does seem that China’s economic troubles are having a detrimental effect on that particular game, devised by European aristocracy and so peculiarly beloved of the Chinese.

The slowing Chinese economy is already hurting Macau’s important thing; the province has recorded its 14th right month of decrease in revenue, and baccarat, that will be by far the most popular game played in the gambling hub, particularly by high rollers, and it is feeling the pinch.

In 2014 VIP baccarat brought in 60 percent of Macau’s entire gaming revenue, according to 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 this indicates the effect may be spreading to Vegas.

Dip on Strip

Baccarat revenues on the vegas Strip dipped significantly in July; while visitors to Strip casinos were up for the month by 5.3 per cent, 12 months over year, video gaming revenue fell by 2 percent, thanks mainly to a 21 percent drop in baccarat income.

For as soon as, this wasn’t Phil Ivey’s fault.

Volume was down too, by way of a whopping 35 percent. In fact, for the first half of the year, baccarat revenue plunged by 20 % on the previous year, with the quantity wagered by people to Strip casinos declining by 43 %.

However, it’s difficult to evaluate whether we are truly seeing the effect associated with China’s financial troubles in Las Vegas’ depleted baccarat tables.

As Capital Markets 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 this with 2014 is problematic, because 2014 was a record year for baccarat year.

‘June’s results, though still somewhat disappointing, had been much better than the headline comparison would suggest,’ Wieczynski explained.

Mass Market Appeal

But Wells Fargo Securities gaming analyst Cameron McKnight believes there is indeed a correlation between poor results in Vegas and also the governmental and situation that is economic China.

‘ within our view, the weakness in Strip baccarat play is partly associated to your anti-corruption initiative in China and the monitoring of Chinese visitors in vegas,’ he told investors.

But Vegas casino operators are not panicking just yet.

Bad results at the VIP baccarat tables only affect a handful of Strip casinos, and, excluding those results, the Strip possessed a largely positive month in regards to mass market gaming revenue.

Colorado Gambling Addiction Program Audit Shows Only One Gambler Helped in Past 2 Yrs

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 gathering dirt, based for a present audit of the device’s actual use.

Most states that enable for legalized gambling, including Colorado, acknowledge that combined with revenue they raise through gaming, there is likewise some issues with addiction.

To that end, programs to minmise those problems and help people who develop issue gambling issues are a big section of any gambling expansion.

But what goes on when the programs designed to help compulsive gamblers aren’t actually doing anything at all?

This is the nagging problem presently being faced in Colorado, where an audit of the state’s gambling addiction system found that barely anybody was helped at simply by those efforts. The problems were simply the found that is latest by lawmakers who possess grown increasingly concerned with troubling issues inside their state’s Department of Human Services.

Numbers Show Little Perform Done that is being in

The numbers involved in the program are striking. While a lot more than 9,000 people known as a gambling that is national hotline looking for help from Colorado this past year, no one in their state was actually assisted by a corresponding state system designed to counsel issue gamblers.

Furthermore, just five counselors acquired nationwide accreditation in gambling addiction over the past two years in Colorado. That’s away from 23 counselors who received money through the 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’d gaming addictions which were related to us gaming that is legalizing Colorado. And I don’t think we are accomplishing that.’

This is not the story of the program that is wasting the state’s coffers: the program, funded by a mixture of taxes, fees, and fines from casinos in the state, has a budget of only about $100,000 per year. However, the way in which that money was being used has raised plenty of eyebrows.

Most Money Spent on Advertising, Administration

About 83 per cent of all funds allocated to the program in the 2015 fiscal 12 months have been for administrative and marketing expenses, aswell as re payments to the specialist who was 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 12 months.

‘I am beyond disappointed into the outcomes with this audit that is particular’ Bicha said to lawmakers. ‘ And extraordinarily frustrated by the work of our workplace of Behavioral Health in implementing this program.’

Colorado’s video gaming revenues have remained relatively flat in current years, using 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 % to $106 million thanks to gains at larger gambling enterprises.

But that revenue comes at an expense, says State Representative Dianne Primavera (D-Broomfield), one that the continuing state has to take really.

‘Gambling addiction is among the worst addictions you can have because it causes criminal activity and work loss and individuals homes going into foreclosure and domestic violence and consuming and other types of addictions,’ she said. ‘ This isn’t the type or sort of addiction that we 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 an in order to let psychology students offer counseling services, which was not in compliance with state law year. Even though those learning students counseled 116 people during the period of three years, only one person 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 hawaii’s constitution. (Image:Bob Daemmrich/

Texas racetracks might not have lost the race yet, but their it’s likely perhaps not looking great. The Lone Star State’s horse and dog racing tracks remained closed to bettors on Wednesday because of 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 reach an agreement before the Monday evening ultimatum set by the Commission, which means, for now at least, all bets are off, literally.

The dispute focuses on the Texas legislature’s decision to withhold $1.5 million of the TRC’s annual funding. That move is in protest of its plans to expand gambling at tracks, mainly in the type of ‘historical racing devices,’ which efficiently allow bets on recordings of previous races.

In November, the TRC lost a appropriate fight to install the machines at racetracks in the Lone celebrity State, and, as an outcome of that ruling, began the method of erasing all mention of historical racing devices from their regulations.

‘Rogue Agency’

Nevertheless, last week TRC commissioners voted 4-3 against eliminating these references, a provocative move and another 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 this Senate Finance Committee, has called the TRC a ‘rogue agency’ and accused it of defying their state’s constitution.

Meanwhile, the TRC, which regulates all betting during the tracks, claims that the withheld funds prevent it from operating, rendering it unable to pay its executive and rent salaries, and without supervision from the regulator, it says, there can 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 required 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 live racing and simulcast wagering,’ read a statement from Lone Star Park Racetrack President and General Manager Scott Wells.

Sympathy in the House

This indicates, however, that there is more sympathy in the House for the TRC while the songs 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, stated that the legislature had no right to shut an industry down that contributes a great deal of fiscal revenue for the state and employs several thousand people.

‘The Lt. Governor and one Senator [Nelson] should not have the energy to power down an industry that is entire simply take away 36,000 jobs,’ she said. ‘The entire Legislative Budget should meet and vote on funding the Texas Racing Commission instantly.’

Just What Is Historical Racing, Anyhow?

Confused by the idea of betting on races that have been won? So were we. Here is what we found out:

Also known as Instant Racing, the betting often takes spot on terminals that are like slot machines. They may be for both dog and horse events that are racing past. 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 key information, such as for instance when, where, or with what horses or jockeys the competition took destination. 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’ functions being a type of random lottery number generator, automating the process for those who don’t desire to think in excess.


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