Have you visited the Las Vegas New Gambling Center? Las Vegas has long been the number on gambling Mecca in the US and it is fighting hard to keep that title.
The city took a big hit during the past recession due to the amount of unemployed Americans who had to cut back on their gambling sessions. People did not have the chance to wager because they were too involved in paying their bills on their limited incomes. This lasted much longer than anticipated for a lot of Americans and it put gambling companies on the defense.
Suddenly they were unable to make the same returns that they once did as a result. Though they started to build promotions and specials, it was difficult to spur in new business due to the state of the economy. The city now is in the process of increasing its promotions once again and projections are that it will see some added activity.
People are finally returning to their old gambling habits, new research is showing. This is great news for gaming companies that are trying their best to turn things around. Without a readily growing and loyal customer base, they cannot continue to grow and develop.
With the competition out there, this is exactly what they have to continue to do. The biggest problem for gaming companies is that they lack the funds to keep on developing their gaming but have to do just that to grow. This is proving to be a difficult time for places like Las Vegas that once was riding high.
Now, operators there are trying to push the boundaries of what they offer to the average gambler and make it that much more enticing to them.
is in the midst of development now- out of complete necessity. The city’s gaming officials were right on the spot when they approved the new project that should bring in millions of dollars if it works the right way.
The city is proud of The Bellagio Lounge "Sports Bar Lounge" and it boasts 10,000 square feet of gaming space for players to enjoy. You "Bet On It" they have a exquisit Baccarat Bar, Lilly Bar and Lounge among other fantastic amenities.
They are going to be able to play a wide variety of different games and you can expect that there are going to be plenty of promotions to make the gaming there much sweeter.
Article started from previous post Racetracks Struggling to Survive – Part 1
Another solution that racetrack owners are contemplating is to bring slots onto their gaming floors. Slots offer a lot of power to any business they are involved in.
Just look at how well they do for casinos. Slots are by far the number one money- generating games in casinos. They bring in consistent dollars all day long.
This kind of power is something that racetracks would love to harness. The hybrid gambling location that combines slots and racing is called the "racino." The fact is that if racetracks could get slots added to their businesses, they could relatively easily raise the cash needed to turn themselves around.
This is something that most racetracks are thinking about. This is coming up against some opposition though. The bottom line is that other casinos are not happy about their own businesses being threatened by another location having access to slots. It would seriously thin out the market if they were allowed to bring slots to every racetrack around the different states.
Sure it would increase tax revenue dollars that the states bring in, but it also would cut back on individual casinos' revenue streams. This is something that legislators are thinking hard on. Should they allow racetracks to thin out the market that much?
Finally, another solution would be for racetracks to get money from other gambling centers. Some racetrack owners are suggesting that casinos divert part of their own revenue and contribute it to a fund they could then draw from. This is probably the most unlikely option because other gambling centers do now want to save racetracks with their own funding. They aren't excited about saving another market. It isn't a priority when they themselves are first coming out of their own harrowing financial times.
Overall though, racetrack owners have to continue to develop. Of course their number one priority is to generate more cash, and there are few ways of doing it. Some are more likely than others but it will take time to see which ones work and which ones don't.
Something has to be done though for racing to continue to grow and not get shut out of the market entirely.
If you want to bet at a racetrack, you may have some problems right now. The racing market is one that is struggling greatly. Racing used to be big-dollar business. All you had to do was visit a racetrack and you could feel the excitement. Horses ran and people put big wagers for the purpose of winning the huge purses.
This was something that millions of people did to win. They loved the fun of the races and the fun of building their odds with various wagers. Once back in the early 2008 he recession happened though, it changed everything. Not only was gambling threatened by people's lack of funds, but so was racing.
The difference though is that racing is not recovering as easily. Gambling is seeing better days right now. As people work their ways out of the aftermath of the recession, they are once again returning to the casinos. They are slowly moving into the market due to recovery. The racetracks aren't fairing as well though.
It seems that racing is not returning to normal and racetrack owners are concerned. They are looking for ways to turn themselves around, but it isn't an easy solution.
One of the things that racetrack owners are considering is requesting state aid. One of the biggest headlines the market had a few years ago was the bailouts that banks received.
Because banks were lending at outrageous rates, when the credit bubble hit they were the first to fall. They suddenly didn't have the collateral to make it through their lending. This is where the federal government came in and gave stimulus help to them. The money was to saturate their own coffers and help them manage.
Racetracks are looking for the same kind of help now. They are requesting some funding from the state so as not to shut down. This is on the table, but likely not going to happen.
The reality is that few voters are going to support fueling money into the racetracks when so many other elements of the market are hampered. They are going to want prioritization in other areas. Racetracks are just not perceived as important enough to offer a stimulus to.
Part two coming next.