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

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Is it this man’s fault, or is it the Chinese slowdown that is economic? VIP Baccarat revenues plummeted on the Las Vegas Strip in July.

Is the Chinese slowdown that is economic the action at the world’s baccarat tables?

While there may certainly be more pressing what to worry about following Beijing’s recent choice to devalue the Yeun, such as destabilization of the global financial markets and potential meltdown that is economic it does seem that Asia’s economic troubles are having a detrimental impact on that one game, developed by European aristocracy and so peculiarly beloved of this Chinese.

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

In 2014 VIP baccarat brought in 60 % of Macau’s entire gaming revenue, in accordance with 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 impact might be spreading to Las Vegas.

Dip on Strip

Baccarat profits on the Las vegas, nevada Strip dipped notably in July; while site visitors to Strip casinos had been up for the month by 5.3 %, year over year, video gaming revenue dropped by 2 percent, thanks primarily up to a 21 per cent drop in baccarat revenue.

For once, this wasn’t Phil Ivey’s fault.

Amount was down too, with a whopping 35 percent. In fact, for the first 1 / 2 of the season, baccarat revenue plunged by 20 percent on the previous year, with the quantity wagered by visitors to Strip casinos declining by 43 percent.

However, it’s hard to gauge whether we are truly seeing the effect associated with the China’s financial 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 year with 2014 is problematic, because 2014 was accurate documentation year for baccarat.

‘June’s results, though still somewhat disappointing, were better compared to the headline comparison would suggest,’ Wieczynski explained.

Mass Marketplace Appeal

But Wells Fargo Securities video gaming analyst Cameron McKnight believes there is indeed a correlation between poor results in Vegas therefore the governmental and financial status in Asia.

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

But Vegas casino operators aren’t panicking as of this time.

Poor results at the VIP baccarat tables only affect a handful of Strip gambling enterprises, and, excluding those results, the Strip possessed a largely positive month in terms of mass market gaming revenue.

Colorado Gambling Addiction Program Audit Shows Only One Gambler Assisted in Past Two Years

Lawmakers say that numerous programs in the Colorado Department of Human solutions have experienced under executive director Reggie Bicha. (Image: Craig F. Walker/Denver Post)

A Colorado gambling addiction program has apparently been dust that is gathering based on a current audit of the device’s actual usage.

Most states that enable for legalized gambling, including Colorado, acknowledge that combined with the revenue they raise through gaming, there may also be some problems with addiction.

To that end, programs to minmise those problems and help people whom develop problem gambling issues are a part that is big of gambling expansion.

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

This is the problem currently being faced in Colorado, where an audit associated with the state’s gambling addiction system found that scarcely anybody happens to be helped at simply by those efforts. The problems were just the latest found by lawmakers who’ve grown increasingly worried about troubling issues inside their state’s Department of Human Services.

Numbers Show Little Work Being Done in Program

The numbers associated with the program are striking. While a lot more than 9,000 people known as a national gambling addiction hotline looking for help from Colorado this past year, no one in hawaii was actually assisted by a corresponding state program designed to counsel problem gamblers.

Furthermore, only five counselors obtained accreditation that is national gambling addiction over the past two years in Colorado. That’s away from 23 counselors who received money from the continuing 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 that has gaming addictions that were associated with us legalizing video gaming in Colorado. And I don’t think our company is accomplishing that.’

This is simply not the story of a program that is wasting the state’s coffers: the program, funded by way of a blend of taxes, fees, and fines from gambling enterprises into the state, has a budget of just about $100,000 each year. However, the way in which that money was being used has raised plenty of eyebrows.

Most Money Spent on Advertising, Administration

About 83 % of all funds allocated to this system in the 2015 fiscal 12 months have actually 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 in 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 frustrated by the work of our workplace of Behavioral wellness in implementing this program.’

Colorado’s video gaming revenues have remained relatively flat in present years, utilizing the state’s casinos bringing in $745.9 million in 2014. That ended up being virtually exactly like the year prior, though taxes collected by the state increased by 2.5 per cent to $106 million thanks to gains at larger casinos.

But that revenue comes at an expense, states State Representative Dianne Primavera (D-Broomfield), one that the state needs to take seriously.

‘Gambling addiction is one of the worst addictions you’ll have because it contributes to criminal activity and job loss and individuals houses starting foreclosure and domestic violence and ingesting and other types of addictions,’ she said. ‘ This is not the kind of addiction we should brush aside.’

The audit into Colorado’s problem gambling services discovered numerous problems dating back years. In 2011, the state began paying the University of Denver about $65,000 a year to be able to let psychology students offer counseling services, which was not in compliance with state law. And while those learning students counseled 116 people over the course of three years, only one person has gotten 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 the state’s constitution. (Image:Bob Daemmrich/

Texas racetracks might not have lost the competition yet, but their it’s likely that not looking good. The Lone Star State’s horse and dog racing tracks remained closed to bettors on Wednesday due to 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 reach an agreement ahead of 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 plans to expand gambling at tracks, mainly in the form of ‘historical racing devices,’ which effortlessly allow bets on tracks of previous events.

In November, the TRC lost a fight that is legal install the machines at racetracks in the Lone celebrity State, and, as a consequence of that ruling, started the process of erasing all mention of historical racing machines from their regulations.

‘Rogue Agency’

Nevertheless, 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 fight’ 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 at the tracks, claims that the withheld funds prevent it from operating, rendering it struggling to pay its executive and rent 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 consequence of the TRC not receiving the necessary authorization from the Legislative Budget Board to expend administrative funds past August 31, 2015, the Commission must stop all operations, including the oversight of both real time racing and simulcast wagering,’ read a statement from Lone Star Park Racetrack President and General Manager Scott Wells.

Sympathy in the home

It seems, however, that there is more sympathy in the House for the TRC plus 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 lot of fiscal revenue for the state and employs several thousand people.

‘The Lt. Governor and another Senator [Nelson] should not have the energy to turn off an entire industry and simply take away 36,000 jobs,’ she said. ‘The whole Budget that is legislative should and vote on funding the Texas Racing Commission straight away.’

Just What Is Historical Racing, Anyhow?

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

Also referred to as Instant Racing, the betting normally takes place on terminals that are like slot machines. They could be for both dog and horse events that are racing past. Players deposit their wagers on races picked at random from internal video libraries that can hold over 60,000 different already completed events.

Bettors won’t have any access to key information, such as for example when, where, or with what horses or jockeys the competition took spot. The guidance that is only participants are unidentifiable ability graphs that give stats on jockeys’ past wins, without really naming them.

They then bet on who they think will place in the most notable three. A ‘Handi Helper’ functions as being a type or sort of random lottery quantity generator, automating the process for those who don’t desire to think excessively.