Missouri Casinos Look For Revenue Bump With Limits Gone
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In the state of Missouri, they are one of the few who have not had their casino revenue figures severely hurt by the current state of the economy. The numbers released on Monday suggested that the state casinos could be in for bright days ahead.
While the numbers did show a revenue decrease, it was minimal. State casinos had $79.7 million a year ago, compared to $78.7 this year. That is a decrease of one percent, much lower than those of other states around the country.
In addition to the revenue figures, casinos are jubilant over voters decision on election night to eliminate loss limits. The state had been the only one in the nation with loss limits at their casinos.
With loss limits gone, the casinos can now attract the type of high rollers that should turn the one percent decrease into an increase in revenue. The one downfall for casinos is they will have to pay slightly higher taxes. Their tax number went up to twenty one percent.
“Missouri has a tremendous opportunity to become a leader in the casino gambling industry. Without loss limits, I would expect they would increase their figures dramatically when the economy begins to come back,” said Ryan Leeber, a casino gaming analyst from St. Louis.
Macau Promises To Protect Their Casino Gambling Interests
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While Las Vegas casino companies are having trouble receiving help from the American government, the government of Macau has decided they will not stand by while casinos close down.
Edmund Ho, the Chief Executive of Macau, has vowed that the government will do everything within their power to support existing casinos. The territory has become the casino gambling leader and plans on staying on top.
“If necessary, the government will take over. we will not allow any casinos to shut down,” said Ho, after Las Vegas Sands announced that they stop their expansion on the Cotai Strip. Sands is in serious financial trouble and has halted the Macau project indefinitely.
At the present time, Macau is working to help the casino industry as much as possible, but they do not intend on making tax cuts part of that relief. Ho has introduced a stimulus package to try and kick start the economy.
Macau has been dealing with the same slowdown as Las Vegas. Although their revenue numbers are down, they have not as of yet fallen to the depths of Las Vegas revenue figures.
While the Sands project is currently stopped, they are hoping to revive the expansion once they receive the financing to do so. “We are pursuing a project financing (agreement) with a major Chinese bank. We would hope to close the transaction with the Chinese bank in three to six months,” said Las Vegas Sands President and Chief Operating Officer, William Weidner.