Dubai Credit Crisis Impact on Casinos

Saturday, December 5th, 2009 by casinogamblersguide | No Comments »

Dubai credit crisis threatens the well-being of the global economic system. Among the potential victims who may have incurred damages from Dubai problems: Casino gambling.

Currently under construction in the Las Vegas Strip is the new MGM Citycenter, a $ 8.6 billion project. Dubai World, an investment arm of the Dubai emirate city-state, 50% owned by the casino project.

Dubai World spun on the financial world in chaos last week when it was announced the need for a 6-month moratorium on interest payments and within the framework of the $ 60 billion in debt. Is Citycenter for this risk?

MGM views

Casino stocks hard hit by the investors of the potential impact of the crisis would have been the Dubai project. Dubai World controls 9.5 percent of MGM Mirage shares.

In response, MGM Mirage said its CityCenter project would not be affected, although a joint venture with Dubai World. Citycenter say that the accelerated and will continue to open in 2009.

It is worth recalling that in March Dubai was worried that the MGM management of the Dubai Citycenter project.

Dubai World sued MGM Mirage World through its subsidiary Infinity World amid concerns about the viability of the project.

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Tags: Casino Gambling, Casino Project, Casino Stocks, Casinos, Chaos, Credit Crisis, Damages, Global Economic System, Infinity, Interest Payments, Investment Arm, Investors, Joint Venture, Las Vegas, Mgm Mirage, Moratorium, Potential Victims, Subsidiary, Vegas Strip, Viability

CNBC Debates Legalization

Sunday, November 29th, 2009 by casinogamblersguide | No Comments »

The legalization of gambling was the subject of a TV debate CNBC last week.

Analysts included Andrew Parmentire and David Katz. Both were of the view that the legalization of online gambling was inevitable.

Move into the Mainstream
The fact that the legalization of gambling is starting to gain air time is indicative of its gradual shift into the mainstream. The debate is topical and came at a time when the legal status of online gambling is about to be determined.

Unlawful Internet Gambling Enforcement Act (UIGEA) is due to become law on 1 December. However, its path is not working well and there is a lobby to delay and also repeal of this legislation.

Financial Implications
Pro gaming lobby has taken encoragement that Barney Frank, the House Financial Services Committee chairman, is trying to stop the UIGEA law in an attempt to repeal it and get regulated, legalized gambling in the U.S. ..

One of the pressure points cited by professional players is that the billions of pounds of lost revenue could be channeled to the coffers of the Government, if the industry regains a legal status.

All eyes are now on 1 December to see what direction the industry is heading.

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Tags: Air Time, Barney Frank, Billions, Cnbc, Coffers, Committee Chairman, David Katz, Financial Implications, Financial Services Committee, Gambling Enforcement Act, House Financial Services Committee, Inevitable Move, Internet Gambling Enforcement Act, Legalization Of Gambling, Pro Gaming, Professional Players, Tv Debate, Uigea, Unlawful Internet Gambling, Unlawful Internet Gambling Enforcement Act

Australian Commission to Legalize Online Gambling

Saturday, November 21st, 2009 by casinogamblersguide | No Comments »

Australia could be on the way for the legalization of gambling online after the release of a draft report on Friday by the federal government advisory board of independent micro-economic reform.

The report, prepared by the Australian Productivity Commission, supports the reform managed online gambling in the country.

The draft report is over 600 pages, and took into account submissions by 264 organizations, but the recommendation on the reform of online gambling can be summarized in the statement: ‘The Government of Australia should be repealed interactive gambling Act and in consultation with state and territory governments should initiate a process of controlled liberalization of online games. ‘

The Law of interactive gambling, which was approved by the federal government in 2001 made it illegal for companies to offer online gambling in Australia, but not the prohibition of Australian citizens who play on those sites, which means that many Australians still playing online poker and gambling sites without being prosecuted.

As expected, the report provoked much opposition from prominent activists fighting games of chance, as Senator for South Australia Nick Xenophon and the Reverend Tim Costello.

After criticizing the report’s recommendations, the two both have advocated the establishment of a system similar to that used in Norway, where the loss of an individual game is capped at $ 485 per month.

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Tags: Activists, Australian Citizens, Australians, Draft Report, Economic Reform, Fighting Games, Games Of Chance, Government Of Australia, Interactive Gambling, Legalization Of Gambling, Liberalization, Nick Xenophon, Online Games, Poker Gambling, Productivity Commission, Prohibition, Reverend Tim Costello, South Australia, Territory Governments, Xenophon

German Gambling Ban Begins to Falter

Saturday, November 7th, 2009 by casinogamblersguide | No Comments »

The German Interstate Treaty which came into force last year, started a ban on national gaming including all forms of land based and online gaming, with the exception of horse racing.

Since the Treaty entered into force, EBGA (European gaming and betting Association) and others have expressed criticism of the legislation, saying it creates a monopoly in violation of EU law. Specifically they argue that it violates Article 49 by restricting the rights of members of the EU to provide online gaming services.

Last week a crack appeared in the Treaty, where the ruling coalition of the German state of Schleswig-Holstein, the Christian Democrats (CDU) and the Liberal Party (FDP), issued a joint statement calling for an end to the Treaty and the introduction regulation within the state.

This statement is considered by many as the initial crack to the Treaty. The remaining 15 states, each of whom signed the Treaty, will no doubt aware of the events.

Unless a treaty revision is approved by the 16 participating States by 1 January 2012, then it shall terminate, making the current monopoly inapplicable.

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Tags: Cdu, Christian Democrats, Crack, European Gaming, Gambling, Gaming Services, German State, Horse Racing, Legislation, Liberal Party, Members Of The Eu, Monopoly, National Gaming, No Doubt, Online Gaming, Schleswig Holstein, Treaty Revision, Which Came Into Force

Patience required for French Online Gamblers

Sunday, October 25th, 2009 by casinogamblersguide | No Comments »

The French authorities are only a few months from the launch of the long awaited race between private companies for online gambling horse racing, sport and poker markets. No wonder that the competitors of the gambling companies both national and international are ready at the starting line. In fact, some of them seem to have jumped the gun.

France’s players have waited years for a greater variety of gaming options, bonuses and gratuities. So much so that private companies play is reduced promoting themselves in an attempt to grab a piece of this market that is ready and willing. One competitor such ZEturf, recently published a promotional “press release” in major French newspaper, “Metro”.

The decision drew a sharp warning from France’s budget minister, Eric Woerth, who said that private companies play online you must wait until the designated date beginning (2010) before operations begin. Those who will risk losing their gambling licenses.

Good news for Gamers

Although players have a few months to wait before reaping the benefits of this market growth, the benefits will be significant. Competition for customers is fierce, which means that gambling companies will have to be creative in offering the best deals.

One drawback is that only sports betting and poker moves into the private sphere, online – lotteries and slot machines will remain under state control. However, France has taken a big step forward. Not long ago, the leaders of online gaming companies were under arrest for breaching betting regulations of the country.

In the words of Eric Woerth, as cited in March 2009 by FT.com, “no use to deny the reality of online gambling and expectations of the French.”

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Tags: Best Deals, Budget Minister, Competitor, Drawback, Eric Woerth, French Authorities, Gamblers, Gamers, Gaming Companies, Gaming Options, Gratuities, Horse Racing, Launch, Online Lotteries, Private Companies, Private Sphere, Racing Sport, Slot Machines, Starting Line, Zeturf