Business/Financial
Harrah’s Gets Hit Hard By Economy: 2009 WSOP Hotel Rates Slashed
The world's largest casino operator and owner of the World Series of Poker, Harrah's Entertainment Inc., reported first quarter financial results Monday that showed a further decline in revenue. The company said its revenue had declined 13.3 percent to $2.254 billion in the first quarter. The pinch was felt especially hard in Las Vegas where these numbers were 20.5 percent (down to $686.4 million) while cash flow fell 27.9 percent to $198.6 million.
Gambling911.com Abruptly Scraps Plans to Attend 2009 WSOP
In a sign of the worsening economy, Gambling911.com, one of the top 10 most read poker news sites, has decided to scrap all plans to attend this year's World Series of Poker (WSOP).
Richard Branson is Losing £171,233 an Hour
Billionaire business tycoon is losing £171,233 an hour according to a report filed by the News of the World on Sunday. This was equivalent to £1.5 billion. He's now down to his last £1.2bill
Marijuana, Online Gambling Good: Personal Financial Management Bad
If Congressman Barney Frank had his way, online gambling and marijuana would be legalized. However, he would not allow personal freedoms when it comes to one's own financial decisions.
Recession Forces Mainstream Media to Reconsider Online Poker Stance
With an understanding that online poker, casinos and sports betting take in several billion a year, mainstream media outlets once opposed to advertising with related venues are now beginning to und
Recession Hits the Mafia
The current economic downturn seems to be having an adverse effect on every industry whether legitimate or not-so-legitimate. Case in point: The Japanese Mafia is being hurt by the recession.
Recession Casualty: Elvis Evicted From Las Vegas
The recession is hitting many people and places hard. Las Vegas is among the hardest hit and this week came the shocking news that Elvis Presley (a Vegas icon for years) is now being evicted.
According to the Las Vegas Review Journal, a group of investors who had planned on creating a $475 million Elvis Presley-themed resort on the Strip could be forced to sell the property. The reason:
Recession Has Little Impact On 2009 US Masters Betting
As with the Super Bowl, Oscars and NCAA Men's Basketball Tournament, traffic results from Gambling911.com once again indicate that a major sporting event has shattered all betting records. This t
If Vegas Project Fails It Will Be Like Pearl Harbor
LAS VEGAS (Reuters) - It was conceived as the centerpiece of a thriving Las Vegas -- one of the world's most expensive building projects that would bring back glamour to the Strip and cap an unprec
Allen Stanford Expects to be Indicted in Two Weeks
International financier and Antigua's biggest banker, Allen Stanford, said in an interview Monday that he anticipates being indicted within the next two weeks. Stanford cried, denied and threaten
World Series of Poker Sponsor Harrah's Cash Flow a Problem
Earlier in the week, Gambling911.com reported on how MGM was in serious financial peril. Now comes word that World Series of Poker sponsor, Harrah's, may not be able to fund its debt.
MGM Casinos To Go Bankrupt?
Despite winning a two month reprieve to restructure debts, auditors raised 'substantial doubt' in whether MGM Mirage could continue operations.
Switzerland and Other Tax Havens Under Intense Scrutiny
(Reuters) - Switzerland, Austria and Luxembourg all sought ways on Friday to fend off a global crackdown on tax evasion by making concessions on bank secrecy.
Allen Stanford Booted Off Billionaire List
Allen Stanford, All Stanford, the Texan accused of an $8 billion fraud by U.S.
Las Vegas Economy: Total Train Wreck
The effects of a bad economy are hitting Las Vegas like a multi-pronged attack. As people find their disposable income dwindling, tourism and gambling are at an all time low in Sin City.
Credit Card Fraud an Obvious Problem in Costa Rica
Bookmakers, employees...and yes, tourists....beware. Credit card fraud is a very serious problem in the world's epicenter of online gambling.
Credit Default Swaps Were The Worst Form of Gambling From Wall Street
In an interesting piece appearing in Market Oracle, that site pretty much makes it clear that Wall Street was gambling when it came to those so-called Credit Default Swaps:
Unemployment Rate To Go Above 9 Percent This Year Say Gamblers
The online prediction markets are saying that unemployment in the United States could go above a staggering 9 percent by year's end.
My Thoughts on Casino Mogul James Packer
Media Man, Greg Tingle, has provided Gambling911.com with a few thoughts related to Australian casino maestro James Packer. Mr.
Former Billabong CEO Matthew Perrin Racked Up $1.7 Mil Gambling Debts
Billabong Chief Executive, Matthew Perrin, has left a trail of $28.2 million in unpaid bills to 20 unsecured creditors, according to a bankruptcy filing this week.
The lawyer-turned Web entrepreneur reported racked up over $1.7 million in gambling debts according to The Sydney Morning Herald. His debts include those to Centrebet boss, Con Kafataris ($300,000) and a Flemington bookie, Frank Hudson ($160,000).
Perrin has been in financial distress before, according to the Herald. Ultimately he paid back his debts.
Ireland Bookmakers May Struggle in Midst of Potential Collapse
Much talk has focused on the Republic of Ireland being the most likely to abandon the Euro. Ireland has taken quite a hit in recent months. Could the country become the next Iceland?
The Grasshopper in Amsterdam Does Not Want Americans
Each year, hundreds of chirpy online gambling professionals descend upon Amsterdam to participate in the Casino Affiliate Convention. Gambling911.com of course recognizes that few if anyone will remember anything that was discussed at the conference itself. The event is more of a networking function where friends can gather and do things they might not normally do at home such as smoke canibus and have sex with women on display behind red lit windows.
Las Vegas Art Museum Victim of Economic Recession
When one thinks of Las Vegas, usually the last thing that comes to mind is art. But Sin City does have museums...or...let's rephrase that...DID HAVE MUSEUMS.
The Las Vegas Art Museum, Southern Nevada's first fine-arts museum and one of the city's cultural mainstays since 1950, has become the latest victim of a disastrous economy, according to Ken Miller of the Las Vegas Weekly.
The Museum will close the end of this week.
Jon Kyl Agrees With Barney Frank Regarding Bank Nationalization
Republican Senator Jon Kyl and Democratic House Financial Services Committee Chairman Barney Frank remain on opposite sides of the spectrum when it comes to legalizing online gambling. Kyl calls
Vantis Will be Receivers for Stanford International Bank
The same receivers placed in charge to manage the liquidation of online gambling firm, BetonSports, will now oversee the Stanford International Bank crisis in Antigua.
Bookmaker Weighs in on Big Three Automakers Bankruptcy Odds
BookMaker.com, the leading online gaming and sports book destination, issued lines today on several of the most talked about financial and entertainment stories of the day.
Antigua Freezes Assets in Stanford International Bank
Much as they did when one of the world's largest online gambling firms, BetonSports, shut down under investigation nearly three years ago, the tiny Caribbean nation of Antigua has froze all assets
Antigua Plan of Action to Preserve Financial Stability
ST JOHN'S, Feb 18 (Reuters) - Antigua and Barbuda's minister of finance and economy said on Wednesday the twin-island Caribbean state was scrambling to shore up its banking system after potentially
Allen Stanford Fraud Case Could Mar Online Gambling Hub
The tiny Caribbean nation of Antigua has done most things right. They have cooperated with other international governments in order to ensure their banks were in compliance as a means of cracking
