May 3rd, 2008
With the world economy going down the proverbial tubes thanks the downward spiraling American economy it’s probably no surprise that the casino’s around the world are suffering. Except, it seems, in Macau, China. The city has managed to surpass Las Vegas as the gambling capital of the world. And we’re not talking about just a little bit either.
Macau surpassed Las Vegas in the first quarter of 2008 with an earnings increase of 62%. They cleared $3.8 billion since January, putting them in a league of their own while Vegas is having a hard time generating the revenue they are used to. The state of the American economy is keeping more people home or spending less time staying at the casino resorts on the Strip. And if they are staying in Vegas, they are not staying at the most expensive and fanciest places that they usually do. With less disposable cash to spend on Blackjack, Roulette, and slot machines, Vegas is hurting.
What’s an even harder smack in the face of Las Vegas is that all of their high-rollers are traveling overseas and being wined and dined in Macau. People from around the world, including the big gamblers from China, are traveling to Macau and spending their money, a big convenience for those Chinese gamblers who used to go to Vegas. But that doesn’t mean the American casinos are losing money. As a matter of fact, some of them are fairing quite nicely.
Steve Wynne and Sheldon Adelson, both who own large casino resorts in Las Vegas, Nevada, have Vegas style casinos in Macau. There are already other big name casino owners who are planning on or already building new establishments in Macau. With the loosening of gambling laws in the United States and Macau’s gambling economy booming, the Las Vegas dilemma is getting worse. These owners are doing the smart thing by expanding their operations into other countries and areas in which the gambling boom is still going strong.
The casinos in Las Vegas have been trying to recoup their losses by cutting back on the many freebie promotions they offer and even letting go employees. MGM let over 400 members of their middle management staff go in an effort to save some of the money they are losing. While the situation in Vegas has not caused any of the casino resorts to close their doors or file bankruptcy, the economy may cause this to happen before it starts to improve.
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May 2nd, 2008
The Huntington Symphony Orchestra from Huntington, West Virginia, just got a smack on the wrist from Governor Joe Manchin for planning a casino style fundraiser. According to Manchin, casino theme fundraisers that include ‘elements of consideration, chance and prize’ are no longer allowed since the introduction of table games to the state’s four racetracks in Kanawha, Ohio, Hancock, and Jefferson counties. It seems that the legislators who voted on these table games being added to the state may have bit their noses off in spite of their faces in regard to money sources for non profit organizations.
Table games, according to the West Virginia Lottery Commission, are a form of lottery. This form is reserved for the racetracks only and casino themed fundraisers cannot be allowed because there is no license, license fees, or taxes being collected by the non profits. Is this the reason or is the real reason because the casinos don’t want anyone cutting into their business? Technically, the one night event that was to be called ‘Bright Lights Vegas Nights’ would allow guests to win play money at slots, roulette, craps and blackjack and then bid on prizes with the fake money that were donated by businessmen. Everyone would donate money or pay a set price to attend and the real money would go towards the orchestra.
So, how can this be looked upon as ‘elements of consideration, chance and prize’ when attendees are using play money? That is basically what the organizers of the fundraiser are asking. They have gone ahead and planned an alternative fundraiser but this still raises the question of casino themed fundraisers. The Symphony was not the only non profit organization in West Virginia to use this type of fundraiser and no one has ever complained before.
The Lottery Commission is currently debating whether or not to make other non profit organizations in the state aware that this type of fundraiser is not acceptable and they claim that they were asking the Symphony to change their idea as a courtesy. Had they held a casino styled event, no law officials would’ve been sent out to shut them down. At least, that’s what they say. Public opinion agrees that this matter was not handled properly and that the commission is now going to have to make a decision and issue a final statement about this type of fundraiser and the legalities of its use in the future.
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