Online Gambling News» recession

Oklahoma tribal casinos recession proof

John Blaise — Tue, 08 Mar 2011 01:22:59 +0000

While casinos in many states across the United States took major losses during the economic downturn, tribal casinos in Oklahoma were heading in the opposite direction.

Thanks to the approval of a state question bill several years ago, Oklahoma tribes have expanded their casinos and upgraded their technology leading to profits of $3.1 billion in 2009, an increase of 7 percent over the previous year and second only to California.

The compacts have amounted to major profits for Oklahoma gaming tribes, but the state of Oklahoma has come out a big winner as well. In 2009, the state received whopping $113.7 million, which was an increase of 20 percent over the previous year. But the expansion by the Oklahoma tribes isn’t limited to just gambling.

A report issued last week by California economist Alan Meister indicated that 31 Oklahoma tribes with gambling facilities recorded $442 million in non-gambling revenue in 2009 from such other services including lodging, food and beverages.

Oklahoma is a unique example of a community that wholeheartedly embraced tribal gaming and continue to reap the benefits for doing so, even when times are tough.

Without question the approval rating should be high for the Oklahoma tribes, so what’s next? Could a foray into online gambling be a possibility, or is the kettle just too hot right now to push the online envelope?

Casino News

Isle of Man economy has eGaming to thank

Jamie Hinks — Thu, 07 Oct 2010 09:52:21 +0000

Ever since the Isle of Man began to welcome any company from the eGaming sector with open arms everyone wondered what they were playing at – now we can see why. It wasn’t because everyone in the eGaming industry throws the best parties, or that where gaming goes there’s more often than not a bevy of hot ladies following – it’s neither of them.

Big surprise then that the real reason they were attracting eGaming firms to the country was for, above all else, economic gain. During the global recession, which affected everyone from banks, to banks, to banks, to banks, and that’s only if you read the tabloids, the Manx economy grew by an impressive 5%. The most successful sector was the one containing eGaming, Information and Communication Technology, which made £315million in 2008/09 compared with £201million for the previous year, a real growth increase of 56.7%.

The island sovereignty will today be presented to prominent members of the eGaming community on the island, and it will be interesting to see who bickers the hardest to keep the “King” title at the end of it all.

Business News

Only way is up for Nevada

Jamie Hinks — Mon, 04 Oct 2010 08:39:32 +0000

As the world recession hit it was only a matter of time until people stopped jetting over to Las Vegas to spend the money they don’t have, and instead looked at more affordable ways to gamble their money – for example I hear there’s this thing called the iGaming which has taken off in recent times.

Observers are reporting that unemployment is at around 14.4% in the state of Nevada, the highest in the United States, which is a stark contrast to the 3.8% that was seen in the state only 10 years ago. In Vegas itself the rate reaches 14.7%. Although many involved feel that the economy will eventually rebound once people have the one commodity they really need when gambling – money. Room rates themselves are as low as they’ve been in a long time, so anyone with a bit of wonga might well be rather silly not to visit the desert. If you don’t fancy gambling that much, try and recreate some scenes from The Hangover.

To make matters worse one Vegas hotel has taken it upon themselves to randomly blast whoever they want to with their new death ray, coming down from their 57-storey casino-less hotel. Oh and then there’s that beast Macau that everyone in Vegas so chastises.

Casino News

Online gambling growing despite recession

Ed Drake — Tue, 20 Jul 2010 07:55:02 +0000

With some experts predicting that America won’t pay off its budget deficit until 2025 it’s quite extraordinary that most states still refuse to recognise that online gambling is the light that can guide it out of the darkness. The industry is expected to continue to grow at double digit year on year percentage rates, according to this piece. Read more.

Business News

Oklahoma Tribal Casinos shrugging off recession

John Blaise — Fri, 02 Jul 2010 22:21:47 +0000

While most land based casinos have been struggling to get over the effects of the global recession, it seems the Oklahoma Tribal Casinos are weathering the recession just fine and giving a boost to Oklahoma’s economy. Read more.

Casino News

Is Online Gambling Beating The Recession?

John Blaise — Wed, 16 Jun 2010 22:26:11 +0000

I don’t think any operator or any company or anyone is actually beating the breaks off the recession, in some way shape or form its affected everyone. But it appears that online gambling has and continues to fair significantly better than its land based counterparts. That said, you won’t find me on that online gambling takeover train, I love me a good casino just as much. Apparently, much more than others. Read more.

Business News

Gambling Industry Investing A Little Less Recession Proof

Mark McKenna — Fri, 16 Apr 2010 18:43:02 +0000

It has only been recently that investors have seen a chink in the gambling industries armor as far as being recession proof, that is. Perhaps it’s a sign of just tough the time are, particularly when the machine and equipment suppliers of the casinos industry see their shares drop. Then again, maybe the glass is half full, and investing in these companies now is a wise choice should the economy pick up again. So many decisions for investors to make… Jay-Z was on another level with 99 problems, and a bitch ain’t one. Some cat in a suit, sitting in the back of a limo reading the Wall Street Journal is feeling that song right now. Read more.

Business News

The recession may be a good thing?

Staff Writer — Wed, 23 Dec 2009 02:05:01 +0000

While the recession has hit much of the gambling world hard, it may actually help the industry in the long run. In many countries gambling has become an economic mainstay and is now being viewed as a possible way out of the economic crisis. This new outlook is changing the way many governments view their current gambling laws. It’s encouraging many lawmakers to consider revisions and may even be the catalyst to legalizing online gaming. Read more…

Business News

Ladbrokes wields the axe again

Staff Writer — Mon, 30 Nov 2009 10:18:57 +0000

263 staff have been axed in Ladbrokes' latest cleanout

Ladbrokes may be one of the country’s leading bookmakers but at present they are dispensing with staff like livestock in a foot and mouth outbreak.
A further 263 jobs have been lost in the latest cost-cutting exercise, following the closure of offices in London.
We doubt there’ll be a Christmas party in Gibraltar this year. Read on…

Marketing News