May 25, 2012
Re "Facebook IPO flop drawing increased scrutiny," May 23 The best that can be said for the U.S. Securities and Exchange Commission's continuing attack on "insider trading" is that it makes the market safer for the professional gamblers. The worst that can be said is that it deludes a public investor into believing that he or she has a chance to win. In reality, a public stock owner will always be the last to know and can only invest long after all the speculative gains have been taken by the guys who spend all day watching the computer screens and making flash trades.
January 6, 2012
CARSON CITY, Nev. — Nevada's largest casinos suffered a combined $4 billion loss in 2011. A report released Friday by the state Gaming Control Board shows 256 casinos grossed $1 million or more in gambling revenue for the fiscal year that ended June 30. Combined, they had total revenue of $22 billion and posted a net loss of $3.9 billion from the previous year. In 2010, the largest casinos had a net loss of $3.4 billion on total revenues of almost $20.9 billion. Total revenue includes money spent by patrons on gambling, rooms, food, beverages and attractions.
August 25, 2012
Re "A bad bet on Indian casinos," Editorial, Aug. 19 I understand concerns over the potential negative consequences if Indian gaming is permitted to expand to areas far from tribal lands. On the other hand, there is a valid question as to whether the prosperity of a tribe should depend on mere fortuity. There are far more impoverished Native Americans in California than there are those who are thriving. The conduct of the relatively fortunate few who have benefited from Proposition 1A and other changes in the law shows they have no intention of sharing their newfound wealth.
August 19, 2012
Indian gambling has brought long-needed financial gains to Native American tribes as well as a measure of painful internal strife. In California, reservations where dilapidated mobile homes once dominated the landscape are now dotted with attractive new housing developments, playgrounds, and community, health and fitness centers. At the same time, according to academics and other experts on tribal affairs, gambling wealth has given new impetus to the disenrollment of thousands of California's Native Americans from their tribes by others who want to maximize their share of the money.
October 10, 2012 |
Poker star Phil Ivey won $11.5 million in a London casino in August, but the gambling club is refusing to pay him. Ivey was playing a card game called Punto Banco, in which skill plays no role. The winner is determined strictly by luck of the draw. In August, Ivey, 35, and a female companion played at the London casino Crockfords. Over the course of two days, Ivey won $11.5 million. When it was time to cash in, officials at the casino said Ivey's winnings would be transferred to his bank account.
May 9, 2012 |
More than a quarter of adult Americans - that's nearly 60 million people - went to commercial casinos in 2011, according to the American Gaming Assn. And a quarter of those folks don't even gamble. It's partly by focusing on other attractions, such as nightclubs, fine dining, galleries, roller coasters and bold-faced performers such as Celine Dion, that the country's gambling halls are now seeing an uptick in revenue . The 492 non-tribal casinos in the U.S. took in $35.6 billion in revenue last year, a 3% improvement from 2010.