Friday, May 4, 2018

Details Emerge about New Downtown Las Vegas Casino and Hotel Tower

Casino News Daily
Details Emerge about New Downtown Las Vegas Casino and Hotel Tower

A new casino complex with a 459-foot-tall hotel tower is set to replace the former Las Vegas Club in downtown Las Vegas, local news outlet Las Vegas Sun has reported citing documents submitted with city officials.

The new property will feature a 117,740-square-foot casino, the above-mentioned hotel tower with 777 rooms for guests, a parking garage with 1,526 spaces, a sports book, food and beverage facilities, a rooftop lounge, a pool, a spa, and a number of other facilities. The garage and the main casino will be connected via a sky bridge.

The property will be located at the site of the former Las Vegas Club, Mermaids Casino, and the Girls of Glitter Gulch Topless Club. The three venues were located on Fremont Street right at the corner of Main Street, but were demolished to create room for the new development.

Developer Derek Stevens, who is also the owner of downtown The D Las Vegas hotel and casino, is behind the Fremont resort project.

The development plan has been submitted with the Las Vegas Planning Commission. Commissioners are set to review it on Tuesday and decide whether they would grant five special-use permits to the developer. The scheme will next be referred to the Las Vegas City Council where it will be reviewed on June 20. Due to the planned height of the hotel tower, the project also needs to be given the green light from the Federal Aviation Administration.

”Responsibility for Downtown”

While most of the major casino resorts are concentrated on the Las Vegas Strip, Mr. Stevens has been among the developers to have been looking to revitalize the city’s downtown. In an interview from earlier this year, the businessman said that with 20 million people annually visiting that part of Las Vegas, its significance “is hard to overstate”. He went on to say that he considered it their responsibility to do something special in downtown Las Vegas.

He called the block where his new property will be located the most important one in the history of Las Vegas, as the corner of Fremont and Main Streets is not far from where the popular casino hub was born.

An official name for the new resort is yet to be announced, but Mr. Stevens has told local media that they want something unique to Las Vegas, a throwback reference. The property will certainly not be named Las Vegas Club, as the developer had not bought the name along with the site it had occupied.

It is interesting to note that Mr. Stevens actually owns Grandissimo, the name of the unrealized Strip megaresort pitched by Jay Sarno. The late businessman was the person behind flagship properties like Caesars Palace and Circus Circus. In his interview from earlier this year, Mr. Stevens said that they were not ruling out the option to name his new property Grandissimo, but a final choice on that was yet to be made.

The post Details Emerge about New Downtown Las Vegas Casino and Hotel Tower appeared first on Casino News Daily.

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Thursday, May 3, 2018

Rymax and MGM Celebrate third consecutive Freddie Award win for Holiday Gift Shoppe

Casino City Times
Rymax and MGM Celebrate third consecutive Freddie Award win for Holiday Gift Shoppe
This popular promotion gives M life Rewards members the opportunity to redeem HGS points for a holiday shopping spree featuring thousands of consumer products from Rymax Marketing Services, Inc.
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Unregulated Online Gambling Operations Account for 54% of Sweden’s iGaming Market

Casino News Daily
Unregulated Online Gambling Operations Account for 54% of Sweden’s iGaming Market

Sweden’s gambling market was worth SEK5.63 billion (approximately $631.9 million, €528.4 million) during the first quarter of 2018, up 2.8% from the same three-month period a year ago, the latest figures released by the country’s gambling regulator Lotteriinspektionen show.

Half of the gambling revenue generated during the first quarter of the year came from online gambling operations. Online casino games and sports betting services thus contributed around SEK2.8 billion to the quarterly revenue bulk. Sweden’s online gambling market grew 16% year-on-year in terms of revenue generated during the three months ended March 31, 2018, while the country’s land-based market shrunk 8% year-on-year.

Unlicensed online gambling operators claimed the largest share in Sweden’s online gambling market during the first quarter of the year. Revenue from unregulated operations accounted for 54% of the overall revenue produced during the reviewed period.

Svenska Spel, the state-run operator responsible for the greater portion of regulated gambling operations conducted in Sweden, saw its online gambling share increase to 23.4% in Q1 2018 from 21.7% during the same period of 2017. Revenue from ATG, Folkspel, Svenska Postkodföreningen, and IOGT-NTO accounted for the remaining 22.6% share of the country’s online gambling market.

Market Re-regulation

The latest revenue figures come as Sweden’s government is set to consider the latest version of a proposed legislation that seeks to scrap the existing monopoly over the provision of gambling services in the country and replace it with a licensing system.

The proposed new regime aims to rein in international operators that have been targeting local players for years now and whose share in the Swedish gambling market has grown significantly to now account for over a half of the market, as the latest Lotteriinspektionen figures show.

Swedish lawmakers produced the bill and its several versions following the publication of a report into the state of the country’s gambling industry in March 2017. The report recommended the introduction of a licensing regime that would make it possible for interested operators to apply for licenses from Lotteriinspektionen and thus operate in a regulated environment.

The latest version of the legislative piece needs approval from the government, but given the fact that it has seen quite some support so far, it is not expected to come across any serious hurdles.

Sweden’s new gambling law is thus expected to come into force on January 1, 2019. Operators will be able to submit their license applications from August 1, 2018. Successful applicants will be admitted to the country’s newly regulated market. They will be required to pay an 18% tax on revenue from their Swedish operations and to comply with the newly implemented rules for operating in Sweden.

The new regulatory regime will mean that unlicensed operators will be penalized and measures will be taken that these are prevented from operating in the country.

The post Unregulated Online Gambling Operations Account for 54% of Sweden’s iGaming Market appeared first on Casino News Daily.

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SJM Holdings profits rise 25 8

Gambling Insider
SJM Holdings profits rise 25 8
SJM Holdings has increased its net profits by 25
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Galaxy Still Pursues Philippines Casino Expansion Despite Boracay’s Closure

Casino News Daily
Galaxy Still Pursues Philippines Casino Expansion Despite Boracay’s Closure

Macau gaming and hospitality operator Galaxy Entertainment Group is still committed to building an eco-friendly $300-million to $500-million casino resort on the Philippine island of Boracay, the company itself said in its financial report for the first quarter of 2018.

Galaxy generated group revenue of HK$18.5 billion during the reviewed period, up 32% from the same three months of 2017. The considerable growth was attributed to “record mass, strong VIP, and operational execution”.

In its latest financial report, the company said that it supports Philippine President Rodrigo Duterte’s plan for the revitalization of Boracay. The island was closed on April 26 for a six-month environmental cleanup, after a review by a team of officials from several government departments found that a number of structures on the island were built without the necessary permissions and that businesses operating there were draining effluence into the sea.

President Duterte threatened to blow up all illegal structures and, following recommendations from the team of officials reviewing Boracay’s environmental state, ordered the island be closed for a period of six months for a much-needed cleanup.

Galaxy and its Philippine partner Leisure and Resorts World Corp. (LRWC) were awarded back in March a provisional license for the construction of a resort in the popular tourist hub and the operation of a casino as part of it. The license was granted by the Philippines’ gaming regulator PAGCOR.

The casino resort plan drew quite some attention as environmental groups and businesses operating on Boracay argued that the island did not need a casino to attract millions of foreign tourists per year.

Clouded by Uncertainty

Uncertainty has been surrounding the Boracay casino project for the past several months as following the announcement about the island’s imminent closure, reports emerged that developers were looking for an alternative site for a casino resort.

LRWC acquired a 23-hectare site on Boracay earlier this year to build the casino resort. Despite the previous reports that the project might materialize elsewhere, reports from the past several days indicated that Galaxy’s LRWC may have acquired additional land on the shuttered island.

Alfredo Benitez, founder of LRWC and current member of the Philippines’ government, told local news outlet the Philippine Star that the casino resort plan is yet to be finalized and that developers are currently in the process of discussing it and making sure that it is environmentally compliant. Mr. Benitez further pointed out that Galaxy and its local partner will also bring experts to assess the area and advise them on developing an ecologically friendly resort.

President Duterte has been among the vocal opponents of the Boracay casino resort project. The country’s top official has traditionally not been warmly disposed to any form of gambling provided in the country since stepping into office in the summer of 2016.

Late last month, PAGCOR Chairwoman Andrea Domingo told media that a final decision regarding the project and whether it would be carried out or not is yet to be made.

The post Galaxy Still Pursues Philippines Casino Expansion Despite Boracay’s Closure appeared first on Casino News Daily.

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Jackpotjoy announce new board member

Gambling Insider
Jackpotjoy announce new board member
Jackpotjoy PLC has announced the appointment of Andria Vidler to the company’s board of directors where she will serve as a non-executive Director
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Wednesday, May 2, 2018

Pragmatic Play agrees deal with Lottoland

World Casino News
Pragmatic Play agrees deal with Lottoland

Marking yet another major step in its recent commercial growth, having last month inked a content deal with online casino Mr Green, leading online casino games developer Pragmatic Play has now reportedly entered into a similar agreement that will see its games portfolio go live with Gibraltar-based online lotto operator Lottoland, making content available in multiple markets […]
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