|
 Price
of Gas Forcing
People to Avoid
Vegas: Gamble at
Online Casinos
Instead
Out
of control rising
gas prices and a
looming recession is
hitting Las Vegas
hard.
MGM Mirage Inc
announced earnings
dropped to $118.3
million, or 40 cents
per share, compared
with $168.2 million,
or 57 cents per
share, in the same
quarter a year ago.
Tropicana
Entertainment, owner
of 13 casinos in Las
Vegas and Atlantic
City, as well as
several smaller
regional venues, has
filed for
bankruptcy.
Individuals are now
cutting back on
their travels both
by air and by car.
Carlos Bueno and his
wife, Mayra, serve
as perfect examples
of how escalating
gas prices are now
beginning to hurt
the Vegas economy
and other gambling
dependent regions,
proving that
gambling is not
"recession proof" as
previously believed.
Gary
Stoller of USA Today
interviewed the
couple who informed
him that they drove
three times last
year from their home
in Houston to a
casino in Lake
Charles, La.,
but they won't be
making the two-hour
drive this summer.
"Gas prices are the
main reason," says
the 32-year-old
father of three
children who works
for a utility
company and also is
canceling the
family's annual
vacation to the
Dominican Republic.
"The economy is
harsh right now, and
the little money
saved for vacation
will have to be
spent on fuel for
our vehicle."
Stoller points out
that the pressures
of a weak economy —
concerns about job
security and rising
prices for gas,
food, home heating
oil and other goods
and services — are
causing many
gamblers to cancel
or reduce the number
of casino trips.
Those who go are
gambling less money
than in the past: At
the traditional
gambling Meccas of
Atlantic City and
Las Vegas, and in
other states, casino
revenue is down.
Employees are being
laid off, and
there's concern
about future growth.
Thomas Jensen of
Point-Spreads.com,
a website devoted to
online betting odds
news, speculates
that a harsh economy
is good for the
growing online
casino sector.
"People are looking
to make a quick buck
so they are joining
online casinos and
more specifically,
online jackpot
websites," he
stated.
Affiliate gambling
revenues in the
Internet casino
arena have exploded
in recent months
based on industry
feedback.
Most
of these websites,
including one
represented by
Gambling911.com -
Jackpot City
- require only
nominal bets with
the potential to win
big bucks. But
not all online
casinos can be
considered
reputable.
Jackpot City, as an
example, is owned by
the Carmen Media
Group and licensed
out of Gibraltar, a
jurisdiction that
has long employed
the most rigid
licensing practices
for online casinos.
Michael Shackleford,
A.S.A., a
professional
actuary, is a
revered online
casino expert who
frequently reveals
various casino sites
in order to
determine payout
odds and - in some
cases -
improprieties.
His
website -
WizardofOdds.com
- also steers
unsuspecting
gamblers away from
the so-called
"rogue" online
casinos. These
included the likes
of the Virtual
Casino Group, which
promised to behave
itself if they
agreed to be
monitored by
Gambling911.com but
failed on their
promise. This
group of casinos is
blacklisted for
slow-paying and not
paying players at
all, according to
Shackleford, citing
a November 2007
swath of complaints.
Cleopatra's Casino,
Club Regal Casino,
eWorld Casino, and
Club Mardi Gras
Casino were some
others named among
the Wizard's
blacklist.
The
Sunny Group of
online casinos
(Casino Fortune,
Mapau Casino, Miami
Beach Casino,
Goldgate Casino,
Poker Show, Mapau
Bingo) all appear
among the coveted
Casino Meister.
Joining this
extensive list is
the likes of
Futurebet, a
software provider
with a simply
horrible industry
reputation, with too
many poorly funded
online casino brands
to mention here, and
Casino1x2, whose
policy it is to
stall payouts
whenever possible.
The Crystal Palace
online casino also
appears on this
list.
The
reality is that
there are some great
online casino groups
with reputations
that have been built
over the years.
We can site any
Cryptologic,
Microgaming or Boss
Media brands (again,
too numerous to
mention here).
And
with gas prices
exploding, more and
more people will
want to start
gambling online.
It's important to
tread carefully and
understand the
industry reputation
overall is quite
good but just as in
every industry
(airlines, banking,
etc...) there will
be some bad apples
that ruin it for the
whole.
----
Christopher
Costigan,
Gambling911.com
Publisher
CCostigan@CostiganMedia.com
Originally published
May 8, 2008 11:37 pm
EST
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