New Jersey Casinos See Online And Live Gains In May

 New Jersey Casinos See Online And Live Gains In May

The Golden Nugget has seen huge gains in its online gambling operations over the past year.

New Jersey’s online gambling market continues to grow, helping bolster the staying eight gambling enterprises still operating in Atlantic City.

But while the overall numbers are positive, not all games and casinos are sharing equally in the fortune that is good.

According to the nj-new Jersey Department of Gaming Enforcement (DGE), on line gambling revenues were up to $12.47 million in May.

That represents a rise of more than 19 per cent over last May, once the internet sites introduced just $10.47 million.

Online Casinos Up, Poker Down

But that growth has been fueled very nearly completely by online casinos. In contrast, online poker rooms are struggling. Internet poker brought in slightly below $1.93 million in May, down from $2.27 million in identical month year that is last.

That figure marks the second-lowest monthly revenue for online poker in nj, with only last November trailing the most recent month.

As soon as responsible for a quarter or a lot more of on line gambling revenues in nj, poker is now only about 15 per cent of the market.

The 888/World Series of Poker partnership felt most of the damage on the poker side of things. The $831,799 they brought in through their Internet poker partnership was a low that is all-time while their only competitor into the state, Borgata/partypoker, held fairly steady.

Holding steady was aContinue reading

Casino Magnate James Packer Says Macau Downturn Worse Than Anybody Imagined

Casino Magnate James Packer Says Macau Downturn Worse Than Anybody Imagined

James Packer (right) with Robert De Niro at the opening of the brand new Nobu Hotel in Manila, Philippines.

James Packer, the Australian billionaire and casino mogul, has admitted that Macau’s economic downturn was ‘more severe’ than any of the gambling hub’s operators could have foreseen.

Packer’s Crown Resorts derives 50 percent of its revenue from a 34 percent stake in Melco Crown, which owns properties on the Cotai Strip, including the lavish City of Dreams resort.

Just over a 12 months ago, Macau ended up being declared by Forbes to be one of the world’s fastest-growing economies, and the location’s casinos were enjoying revenues that are bi-monthly to that particular of Las Vegas’ annual haul.

But a crackdown that is unprecedented corruption and cash laundering by President Xi Jinping’s government in the mainland has halted the success story and delivered revenues tumbling.

Financial Crackdown

The crackdown that is financial element of an ongoing anti-corruption drive that has frightened from the high rollers plus the junket businesses that once accounted for some 60 per cent of Macau’s revenue.

Tub thumping from Beijing has sent shares in the regions casino companies tumbling. And this, and also a smoking that is new, increased financial restrictions imposed on tourists, and a generally speaking weak Asian economy has hit the region difficult.

In April gaming that is gross fell 39 %, year-oContinue reading