The state-sponsored statistics survey on the gaming industry included what we think may be the most exciting fact.
Streep Casino provided about $1.3 billion worth of comps, including free meals, drinks, and rooms, for the fiscal year that ended June 30. The number of giveaways was up 34 percent compared to the previous year. But still, casinos made 8 percent more revenue than the previous year, compared to 9 percent.
Although overall resort revenue went through the roof, $14.9 billion was slightly less profitable than the previous year. According to the Gaming Control Board’s annual report released last week, based on casino research and tax figures, hotel rooms made about the same percentage of profits, and food and beverage departments were slightly more profitable.
Although table game sales grew at a faster rate thanks to Baccarat’s help, slots still accounted for the largest portion of casino sales (53%). In fiscal 2006, five more poker rooms were created even after two properties closed, which slightly increased the share of poker rooms.
Frank Striesley, a senior research analyst at the Game Control Board, said Asia’s high rollers made 35% more profit than the previous year, helped by the spread of luxury casinos such as Wynn Las Vegas, which is favored by Asian high rollers. He said a weaker U.S. dollar meant foreign gamblers could spend more while they were here.
The testimony of casino workers on smoking-heavy working conditions and related health issues greatly affected last month when members voted unanimously to ban smoking at casinos in the city until April 15. According to observers, the emotional appeal apparently eclipses the industry’s economic interest in accommodating smokers.
The wife of non-smoker Vincent Renich was a floor supervisor at Atlantic City Tropicana who sued the casino after contracting lung cancer. “We’re not going to let you down,” one lawmaker told workers who filled the conference hall on the day of the vote, revising the initial 30-day period for the ban to come into effect to give casinos more time.
Stephanie Steinberg, the president of Smoke-Free Gaming in Colorado, has helped mobilize workers in New Jersey to urge a ban and is pushing for a similar bill in Colorado. She also has Nevada in front of her. “This is how we will win this fight,” Steinberg said.
When MGM Mirage started selling the first of its 2,700 City Center condos, the race got a little fiercer for other condo projects downtown. Buyers who are intimidated by canceled and delayed condo towers pay more but aren’t too shy when they have the chance to buy directly on Las Vegas Boulevard, where price increases are more certain.
That’s why MGM Mirage’s condo sale is likely to hurt projects such as the W Hotel and condo complex on Harmon Avenue. The project has stalled while partners are looking at proposals to involve private equity and two casino giants in the project.
“W is a beautiful brand, but it has a strong competition with the city center,” said Bruce Hite, a luxury residential broker. “Buyers are very reluctant to put down their money or book something that’s not under construction.”
W’s partners have sold 750 condos, but have put the remaining 3,700 apartments on hold while making investment offers. Adding partners to the project will allow developers to build resorts with fewer condos and more hotel rooms. (Selling apartments is a way for developers to help fund large construction projects. But what developers get in the short term is sacrificed on hotel profits in the long run.)
W partner Reagan Silver said it would be better for the project to be delayed than for developers not to take advantage of the abundant investment dollars available. “We had no problem selling condominiums,” Silber said. “When you have a good product in a good location, it’s in high demand.” Condominium development is not as easy as it is nowadays. Some banks that finance them want at least 70% of their apartments to be sold before they take a plunge.안전 슬롯사이트