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Is casino growth tapped out in the U.S? Documents filed in the bankruptcy case of Atlantic...

Is casino growth tapped out in the U.S? Documents filed in the bankruptcy case of Atlantic City's Revel estimates the casino property is now worth only $246M-$331M after costing close to $2.4B. The development follows other news from regional players across the U.S. of casino companies taking market share from each other as saturation becomes a factor. Another fly in the ointment for future brick-and-mortar growth is the tantalizing prospect for online gambling.
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Comments (15)
  • DaLatin
    , contributor
    Comments (1522) | Send Message
     
    Common, 44 State's have gambling and waterfront States have offshore via ships. Atlantic City doesn't offer anything close to Vegas ! And, Vegas guys are heavy in Macau for the bread and butter.
    22 Mar 2013, 01:25 PM Reply Like
  • mshadow
    , contributor
    Comments (32) | Send Message
     
    True. If sell-off happens, will add a lot on lows.
    Casno business is forever.
    22 Mar 2013, 01:38 PM Reply Like
  • Drew Robertson
    , contributor
    Comments (322) | Send Message
     
    The casino business is forever as long as the lower classes stay stupid and liquid. Not much chance they're going to wise up. However their free cash flow continues to shrivel. That's a problem.
    22 Mar 2013, 01:58 PM Reply Like
  • DaLatin
    , contributor
    Comments (1522) | Send Message
     
    @Drew Robertson, you'd think that when looking at the slot chairs full and traffic at the tables there doing well,but,casinos live an die with whales.. No whales and all the little people can't help them make money ! Been involved for 55 years. The big fish are shown the red carpet for a reason.Odds are with thee house ! *>)
    22 Mar 2013, 02:02 PM Reply Like
  • Drew Robertson
    , contributor
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    I take your point.
    22 Mar 2013, 02:11 PM Reply Like
  • Yabadabadoo
    , contributor
    Comments (439) | Send Message
     
    On-line gambling will be the most addicting of any form of gambling and it will hit people that make the least amount of money. There is this dream of becoming rich and playing on-line makes it look like you are not losing money. Gov't is looking for another revenue stream but this could back fire on them. Gov't will make their money from the casino profits and then will pay those that lose in the form of Medicaid, food stamps, etc. I am not blaming the people that are playing but blame our politicians for approving it. And the profits may be offset by the losses those casinos will take with their buildings.
    As a trader, I agree that this will also cause a major problem for the casinos who may start seeing their reservations drop and daily visitors drop significantly. Hotel rooms will be empty, restaurants and stores in those casinos will be hurting.
    Casino owners and executives need to make a decision of which direction they are moving to. Both will not work.
    Not only do casino owners need to look at their future brick and mortar as the author states but and more important their current buildings.
    And is the future computerized verses table games. Look at Aqueduct race track in Queens, NY. That casino, with no table games or table games that have no people running it is the most profitable in the country.
    I still like going to the casinos and one of those that have no plans on playing on line but many others will skip and play on-line saving money on food, transportation and hotels.
    Use common sense when investing in the casinos.
    22 Mar 2013, 02:44 PM Reply Like
  • DaLatin
    , contributor
    Comments (1522) | Send Message
     
    @ Yab, so far ALL the online stuff is subject to Federal Law.It can't cross State lines or international borders as expected. Most real sites are In Costa Rica or places like that and it's illegal to bet with them.Master & Visa don't accept transactions vis US card holders.

     

    If / when do you expect federal laws to be changed ?
    22 Mar 2013, 02:48 PM Reply Like
  • Mike Maher
    , contributor
    Comments (2580) | Send Message
     
    There are a dozen or so online betting sites that all work flawlessly, so I hear. The US government is 10 years behind on online betting, and its costing US businesses money.
    22 Mar 2013, 03:56 PM Reply Like
  • DaLatin
    , contributor
    Comments (1522) | Send Message
     
    Yes,but, there is a paper trail & the IRS is getting game on and with FATCA rules their powers are growing like algos !
    22 Mar 2013, 04:01 PM Reply Like
  • Yabadabadoo
    , contributor
    Comments (439) | Send Message
     
    As soon as enough of the politicians can figure out how to pocket the money. I rather see it approved state by state and let each state keep their own taxes. Keep the federal gov't out.
    The other problem I have with on-line gambling, specifically overseas, is the monitoring. Just too much possible fraud as one of the professionals was able to prove.
    The odds, when in the casinos, are in their favor as Steve Wynn has stated many times and the reason why he owns casinos. On-line, forget it for me; I at least want to see who I am losing to and not what I am losing to.
    23 Mar 2013, 09:45 PM Reply Like
  • DaLatin
    , contributor
    Comments (1522) | Send Message
     
    @yab, I've had a Vegas phone in account for 25 years.After I moved out of Nevada I had trouble.All calls that didn't show a Nv area code were blocked. When the cell guys made calls nationwide I used my old Nv. cell.Viola..

     

    Now I live in Costa Rica/Panama and Costa Rica considers internet gambling one of there go to new industries and now the country is FULL of US criminals.. Be careful if you use one. The is a legal system in Costa Rica,but, it's a joke.Murders,drug trafficking,home invations etc are no really jailable offenses.Only not paying spousal or child support is,so, scamming folks over the net is not a crime if taxes are paid.
    24 Mar 2013, 03:16 AM Reply Like
  • Yabadabadoo
    , contributor
    Comments (439) | Send Message
     
    To go with not paying child support goes not paying cops, judges and politicians. When someone disappears, you know what they didn't do!!!!
    24 Mar 2013, 08:53 PM Reply Like
  • Hillbilly Stock Star
    , contributor
    Comments (737) | Send Message
     
    Las Vegas is going through a re-birth, I play with a lot of East Coast player's and they all go to Las Vegas, it's kinda how they were trained over the years.
    22 Mar 2013, 04:36 PM Reply Like
  • DaLatin
    , contributor
    Comments (1522) | Send Message
     
    HSS, this is me ! u Play with girls and exotic drinks.
    22 Mar 2013, 04:41 PM Reply Like
  • Mike Maher
    , contributor
    Comments (2580) | Send Message
     
    I mean comparing AC and Vegas isn't even a fair comparison. Nothing in the US is like Vegas.
    22 Mar 2013, 04:41 PM Reply Like
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