Is it this guy’s fault, or perhaps is it the Chinese economic slowdown? VIP Baccarat revenues plummeted on the Las Vegas Strip in July.
Is the Chinese financial slowdown killing the action at the world’s baccarat tables?
While there may certainly be more pressing items to worry about following Beijing’s recent choice 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 effect on that particular game, devised by European aristocracy and so peculiarly beloved of the Chinese.
The slowing economy that is chinese already hurting Macau’s main point here; the province has recorded its 14th right month of decline in revenue, and baccarat, that is the most popular game played in the gambling hub, especially by high rollers, and it’s also feeling the pinch.
In 2014 VIP baccarat introduced 60 per cent of Macau’s entire gaming revenue, based on 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 it appears the effect may be spreading to Vegas.
Dip on Strip
Baccarat profits on the Las Vegas Strip dipped significantly in July; while site visitors to Strip casinos were up for the month by 5.3 %, year over year, gaming revenue dropped by 2 percent, thanks mainly to a 21 per cent drop in baccarat revenue.
For once, this wasn’t Phil Ivey’s fault.
Volume was down too, by way of a whopping 35 percent. In reality, for the first 1 / 2 of the year, baccarat revenue plunged by 20 % on the previous year, with the amount wagered by visitors to Strip casinos decreasing by 43 %.
However, it’s difficult to evaluate whether we are truly seeing the effect of the China’s monetary troubles in Vegas’ depleted baccarat tables.
As Capital Markets video gaming analyst Steven Wieczynski told the 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, were greater compared to the headline comparison would suggest,’ Wieczynski explained.
Mass Marketplace Appeal
But Wells Fargo Securities video gaming analyst Cameron McKnight believes there should indeed be a correlation between bad results in Vegas and the political and economic situation in China.
‘ inside our view, the weakness in Strip baccarat play is partly associated towards the anti-corruption initiative in Asia and the monitoring of Chinese visitors in Las vegas, nevada,’ he told investors.
But Vegas casino operators are not panicking just yet.
Poor 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 regards to mass market gaming revenue.
Colorado Gambling Addiction Program Audit Shows Only One Gambler Helped in Past Two Years
Lawmakers say that many programs in the Colorado Department of Human solutions have suffered under executive director Reggie Bicha. (Image: Craig F. Walker/Denver Post)
A Colorado gambling addiction program has apparently been gathering dust, based on a current review of the device’s actual usage.
Most states that enable for legalized gambling, including Colorado, acknowledge that combined with revenue they raise through gaming, there may also be some problems with addiction.
To that end, programs to reduce those problems which help people who develop issue gambling issues are a part that is big of gambling expansion.
But what are the results when the programs designed to aid compulsive gamblers aren’t actually doing anything at all?
That is the problem presently being faced in Colorado, where an audit for the state’s gambling addiction system found that scarcely anyone is aided at all by those efforts. The problems were simply the found that is latest by lawmakers that have grown increasingly worried about troubling issues inside the state’s Department of Human Services.
Numbers Show Little Perform Being Done in Program
The numbers involved in the scheduled program are striking. While more than 9,000 people known as a gambling that is national hotline looking for help from Colorado last year, not one person in the state was actually assisted by way of a corresponding state program designed to counsel issue gamblers.
Furthermore, just five counselors acquired accreditation that is national gambling addiction over the past two years in Colorado. That’s out of 23 counselors who received money through the state to obtain that certification.
‘Something is wrong with the system,’ former State Senator Jeanne Nicholson (D-Black Hawk), who asked for the audit, told the Denver Post. ‘The purpose was to help people that has gaming addictions that have been connected with us legalizing video gaming in Colorado. And I don’t think we’re accomplishing that.’
This isn’t the story of the system that is wasting the state’s coffers: the program, funded by a mixture of taxes, fees, and fines from gambling enterprises in the state, has a budget of just about $100,000 per year. However, the real way in which that money was being used has raised plenty of eyebrows.
Most Investment Property on Marketing, Administration
About 83 percent of all funds allocated to this program in the 2015 year that is fiscal been for administrative and advertising expenses, also as re payments to the specialist who had been employed to run the system. 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 year.
‘I am beyond disappointed in the results of this specific audit,’ Bicha said to lawmakers. ‘ And extraordinarily discouraged by the ongoing work of our Office of Behavioral Health in implementing this program.’
Colorado’s gaming profits have remained relatively flat in recent years, because of 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 an expense, says State Representative Dianne Primavera (D-Broomfield), one that the state needs to take really.
‘Gambling addiction is amongst the worst addictions you’ll have because it results in criminal activity and job loss and people’s houses going into foreclosure and domestic violence and drinking and other https://myfreepokies.com/more-chilli-slot-review/ forms of addictions,’ she said. ‘ This isn’t the type or kind of addiction that individuals should brush aside.’
The audit into Colorado’s problem gambling services discovered problems that are numerous back 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. And even though those learning students counseled 116 people over the course of three years, only one individual has received help through accredited counselors in 2014 and 2015 combined.
Texas Racetracks Bets are Off After 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/texastribune.org)
Texas racetracks may not have lost the battle yet, but their odds are maybe not looking good. The Lone Star State’s horse and dog racing tracks remained closed to bettors on Wednesday because of a funding that is ongoing 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 Monday evening ultimatum set by the Commission, which means, for the moment at least, all bets are off, literally.
The dispute centers on the Texas legislature’s decision to withhold $1.5 million of the TRC’s yearly funding. That move is in protest of its intends to expand gambling at tracks, chiefly in the type of ‘historical racing devices,’ which effortlessly allow bets on tracks of past events.
In November, the TRC lost a fight that is legal install the machines at racetracks in the Lone Star State, and, as a consequence of that ruling, began the procedure of erasing all mention of historical racing machines from their regulations.
Nonetheless, a week ago TRC commissioners voted 4-3 against getting rid of 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 for the 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 lease and professional salaries, and without supervision from the regulator, it says, there might be no betting on races.
On Tuesday, TRC ordered track owners to shut their traps, literally, and cease all operations.
‘ As a result of the TRC not getting the authorization that is required 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 inside your home
It appears, however, that there is more sympathy in the homely house for the TRC and also 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 tens of thousands of individuals.
‘The Lt. Governor and one Senator [Nelson] should not have the ability to power down an entire industry and just take away 36,000 jobs,’ she stated. ‘The entire Legislative Budget should meet and vote on funding the Texas Racing Commission immediately.’
Just What Is Historical Racing, Anyhow?
Confused by the concept of betting on races that have now been won? So were we. Here is what we found out:
Also referred to as Instant Racing, the betting typically takes place on terminals that are like slot machines. They can be for both dog and horse racing events currently 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 information that is key such as when, where, or with what horses or jockeys the battle took spot. The only guidance for participants are unidentifiable ability graphs that give stats on jockeys’ past wins, without really naming them.
They then bet on whom they think will place in the most notable three. A ‘Handi Helper’ acts as a types of random lottery number generator, automating the process for those whom don’t want to think too much.