ONLINE GAMBLING AND CASINO GUIDE

At least that was the headline that screamed across Bloomberg News today.

The headline actually read, and I quote “MGM Mirage Profit Falls as Gamblers Desert Vegas”

MGM reported earnings today, and their profits have taken a 67% hit.

In addition, The Strip as a whole is expected to post its largest gaming revenue decline in …. well, in the history of Las Vegas.

But wait, there’s more.

Remember those City Center financing issues I spoke about in a previous article?

They are being discussed again.

MGM/Mirage investors are now in the unenviable position of trying to figure out whether or not they will have enough cash and financing to even finish the City Center project who’s unfinished steel and glass skeleton is currently dominating the Las Vegas skyline.

There actually is doubt as to whether they will be able to procure the additional revenue to finish the project.

Frankly, being only 10 months away from opening, it is almost unfathomable to think that it may not happen.

Since it has already been built to what looks like a good 70% completion, I am pretty sure that they will be able to finish it off.  MGM is still a very wealthy company … but in this town … you just never know.

However, the news that The Strip has seen its largest decline ever is noteworthy.

That’s a pretty big deal.

If you followed my live post from last weekend, you can clearly see that there was an ample amount of people actually here in town.  I saw full gaming tables with my own two eyes … but it may be too little too late to save 2008.

In addition to taking a bath in Las Vegas, MGM/Mirage has also postponed a development in Atlantic City, and another in the Bahamas.

People just aren’t venturing outside of their homes to gamble right now.

I’ll be the first to admit that I don’t know the economics of online gaming companies, but I would be very interested to know how they are faring.

I have a hard time believing that people have just stopped gambling altogether.  After prostitution, gambling is arguably the world’s second oldest past-time.  If people are not coming to Las Vegas to split tens, then they are undoubtedly going elsewhere to do so.  That’s right, I said split tens … more on that later.

Back to the possible death of Las Vegas.

Airport traffic is down 14% as opposed to September of 2007, occupancy is down 2%, and room rates are down an average of $12/night. (I am actually pretty sure that they are down more than that, but who am I to argue with bean counters?)

Table game revenue is down 13%, and slot machine revenue is also down 13%.

The latter revelation surprises me, because when I walk through a casino, I usually see the tables fairly packed, and the video machines nearly empty.  I thought there would be a large disparity between table games and video games, with the latter taking a much larger hit.

What this implies, is that people who are playing table games are actually winning.

You bastards!

How can you sleep at night?

A win for you is a loss for us.

Are you trying to kill our fair city?

The hell with shows, the hell with buffets, the hell with attractions.  At this point in time, what we really need is for you to double-down on 18 at the blackjack tables, and hold 7-3 offsuit on our video poker machines when your other three cards give you a shot at a royal flush.

My neighbors are losing jobs left and right, and the city is falling into a mini-depression.

Please, if you can’t find it in your heart to come here and play like utter crap for me, won’t you please think about the children?

Nevada schools rank damn near last in almost every academic benchmark in the USA, and if you refuse to come here and lose tons of money, our ever-increasing illiteracy rate will be on your conscience.

Please come to Las Vegas, and soon.  Please get too drunk to count cards or apply proper video poker strategies.

When you get here, be sure to slip the hotel clerk a $20 bill.

I hear there is some kind of trick that will get you a better room …

• Keep updated through Newsletter or on Facebook

  E-mail:
  

  Subscribe
  Unsubscribe