INTERNATIONAL NEWS EXCERPTS
10/11/09 TO 10/17/09
American's Gambling $100 Billion in Casino's Like Rats in a Cage
UK - Americans throw away close to $100 billion per year gambling in casinos and playing lotteries. This only includes the amount spent legally. Illegal gambling accounts for billions more. This is the net amount spent. In reality, $60 billion is spent on lottery tickets or $600 per household annually. Another $100 billion is squandered in gambling casinos. This amounts to $950 per household. The $160 billion spent on gambling each year is indicative of the get rich quick without hard work attitude of Americans. Households with income under $13,000 spend, on average, $645 a year on lottery tickets, about 9 percent of all their income. The amount of money frittered away on games of chance rose by 59% between 1999 and 2007. This coincided with the national debt induced housing frenzy and the high stakes gambling attitude on Wall Street. The incredible escalation of gambling, encouraged and sustained by local and state governments has done long lasting damage to the social fabric of society and has further impoverished those who have the least to lose. The gambling industry has grown tenfold since 1975, According to recent research, about 2.5 million adults in America are pathological gamblers and another 3 million of them should be considered problem gamblers, 15 million adults are at a risk for problem gambling and about 148 million are low-risk gamblers. The average debt incurred by a male pathological gambler in the U.S. is between $55,000 and $90,000. The average rate of divorce for problem gamblers is nearly twice that of non-gamblers. The suicide rate for pathological gamblers is twenty times higher than for non-gamblers. 65% of pathological gamblers commit crimes to support their gambling habit. TOP 20 U.S. CASINO MARKETS BY ANNUAL REVENUE... Revenues derived from gambling take money from poor families that would have been spent on such trivial expenses like food, utilities, mortgages and rent. The casinos compensate their politician sugar daddies to the tune of $27 million in lobbying (aka bribes) dollars per year. Now that the politicians and gaming industry have tied up the senior market, they have shifted their focus to addicting teenagers and young adults. TV glorifies poker tournaments on ESPN. Internet gambling sites make it as easy as pie to develop a gambling addiction. All you need is a credit card to initiate your addiction. Gambling among young people is soaring as 42% of 14-year-olds, 49% of 15-year-olds, 63% of 16-year-olds, and 76% of 18-year-olds have gambled. According to the American Psychological Association Internet gambling could be as addictive as alcohol and drugs. Government is robbing the most susceptible in our society, the young, the old, the poor, and the ignorant, to fund their grand plans.
www.marketoracle.co.uk / / Oct 11, 2009
Council moves to stop pokies in shopping centres
Australia - CITY Hall has taken a further step to stop new poker machine venues in major shopping centres or near community facilities. While playing pokies was a legitimate recreational pursuit in Victoria, the council was focussed on reducing the harm caused by gambling. "Research tells us that there is definitely a relationship between readily accessible gaming venues and problem gambling. "This policy gives us direction as to where we will allow machines to be located. We don't want them in shopping strips, in major shopping centres or close to community facilities."
www.geelongadvertiser.com.au / / October 16th, 2009
Executives protected by casino
Australia - CROWN has indemnified the two executives being sued by high-rolling gambler Harry Kakavas who claims they lured him to Melbourne to exploit his pathological gambling addiction. Kakavas, a property developer, gambled almost $1.5 billion on baccarat at Crown...
www.theage.com.au / / October 14, 2009
Gambling addict sues casino for losses
Australia - Many a high-roller has lost his shirt at Melbourne's Crown casino, the largest gambling establishment in the southern hemisphere, but none, perhaps, in quite so spectacular a fashion as Harry Kakavas, who dropped 2.3m Australian dollars (#1.3m) in one 28-minute baccarat session. Now he is suing the casino... Claiming it lured him back to its tables despite knowing he was an addict. After banning himself, Mr Kakavas repeatedly lobbied Crown to be allowed back.
www.independent.co.uk / / 17 October 2009
Harrah's Sets Sights on Eastern Europe
Slovakia - Harrah's Entertainment Inc. this week disclosed its interest in managing a casino in Slovakia, part of the gambling company's ongoing search for low-cost expansion in Eastern Europe. Harrah's has made several prior attempts to enter Eastern Europe, but so far has not been able to secure entry. A plan to partner with a Slovenian company to develop a casino there was shelved last year. While gambling is legal in many Eastern European countries, few large casino resorts have been approved there.
online.wsj.com / / OCTOBER 15, 2009
Impact of Recession Worse on Bookies Than Expected
UK - It's been said that the gambling industry for the most part is recession-proof. We learned very early on that this wasn't the case with Las Vegas and now the British bookies are voicing concerns as well. "This is hurting my business."
www.gambling911.com / Oct 12, 2009
Investors plan new casinos for when US Marines arrive in Pacific islands
Mariana Islands - Casino investors are buying up hotel properties on Rota... In hopes of attracting military gamblers once the U.S. increases its presence in nearby Guam.
www.fox2now.com / / October 14, 2009
Lawrence Ho: Gambling and family fortunes
Macau - Who would open one of the world's biggest casinos in the depths of a global recession? Answer: Lawrence Ho, the scion of a casino business mogul who has clearly inherited his father's love of a calculated risk. Ho's father Stanley is a man synonymous with the creation of Macau as the world's biggest gambling destination.
www.cnn.com / October 12, 2009
MP calls time on Qld pokies
Australia - COAST MP Steve Dickson has called for a drastic overhaul of the state's poker machine industry, including a reduction in the number of machines and changes to the way they operate. But the push has already been condemned as blatant "grandstanding" that will do more harm than good. Mr Dickson, the LNP Member for Buderim, said if he had his way the pokies would be banned outright - or at least reduced in number - but at this stage he is pushing for an increase in the "idling time" on machines between bets.
www.sunshinecoastdaily.com.au / / 12th October 2009
Macau Casinos Expand in Spite of Online Casino Ban
China - While China has recently banned online casinos, the region of Macau continues to see massive gains in the casino industry. As one of the largest locations for casino gambling in the world, Macau continues to thrive and expand despite the weak economy world wide. Pansy Ho. Partnership saved MGM Mirage from bankruptcy,
www.usaplayers.com / / October 17th, 2009
Macau Considers Gambling Limits
China - Macau's government met with the city's six casino operators Monday and said it would review the size and growth of the industry, including potential restrictions on the number of gambling tables. The government in its statement said that the six operators agreed that officials should prevent "unlimited expansion" of Macau's gambling sector. Macau's government also said it would ban slot machines from residential areas of Macau. The city itself has about 13,500 slot machines. But last September, visitor arrivals and gambling revenues fell steeply after Beijing began restricting visas for mainland Chinese traveling to Macau.
online.wsj.com / ASIA NEWS / / OCTOBER 12, 2009
Macau Government Seeking Older Age Limit For Casino Gambling
China - Officials from the government outlined their plan for increased regulations to the six casino operators in the city. The government wants to change the age limit for casinos from eighteen to twenty-one. In recent months, however, the restrictions have been eased and the Macau casino market is once again booming.
www.casinogamblingweb.com / CasinoGamblingWeb.com / / October 12, 2009
Macau eyes curbs on its booming gambling industry
China - Macau may curb the growth of its booming casino industry with limits on the number of gambling tables and other restrictions, the government said. The government... Raise the age limit to enter casinos from 18 to 21.
www.kansascity.com / The Associated Press / / Oct. 13, 2009
Macau to Review Gambling Industry
China - The government was also seeking to raise the entry-age limit for casinos to 21 years old from the current limit of 18 years old. In addition, Macau's government said it would ban slot machines, which number about 13,500 in the city, from residential areas. "Our main policy is that economic growth has to be diversified, and anytime there is a conflict, then the gambling industry has to be regulated," Mr. Tam said in televised remarks. "This is the government's strong belief." Mr. Wynn praised the Chinese government for supporting controlled growth in Macau. He said a final decision on any new regulations would likely take a long time and involve input from operators.
online.wsj.com / / OCTOBER 13, 2009
New Visa Issue Hits Macau Gaming Stocks
China - Shares of Macau casino operators tumbled Thursday on new concerns about visa restrictions for residents of China's neighboring Guangdong province traveling to the gambling enclave. Confusion over China's policy on the border controls between Macau and Guangdong, a wealthy province that borders the former Portuguese territory, have been a big source of uncertainty about the Macau gambling industry's prospects. Reports of visa restrictions and the global financial crisis last autumn put the brakes on growth for a while.
Online Gambling Saves Nation During Recession
Malta - While tourism is on the decline, gambling online is not. Malta continues to benefit as a result. Thompson, like a number of his colleagues, were lured to Malta from the island of Curacao, once a leading online gambling jurisdiction. The industry there has since thinned out post-UIGEA (Unlawful Internet Gaming Enforcement Act) since Curacao had catered mostly to US gamblers. Over 300 online gambling sites are licensed out of Malta.
www.gambling911.com / Oct 12, 2009
Online gambling tempts students further into debt
UK - Students are resorting to gambling to pay off college debts and risk ending up in financial crisis - warns charity... Students <http://www.guardian.co.uk/education/students> are resorting to online poker to pay off college loans, ending up deeper in debt, a gambling <http://www.guardian.co.uk/uk/gambling> advisory service is warning. These students often don't know how to handle money and don't have the risk assessment skills required. A US study of college students found that problem gambling affected 7.8% of students. One student was reported to have accumulated debts of $30,000. There have been calls for colleges to campaign against what has been called a "silent addiction" comparable to drug and alcohol problems. It (Gamcare & others) urged that more should be done to "prevent people from gambling excessively" and helps those who get into trouble. It suggested that debts of up to #60,000 "might be common" amongst problem gamblers.
www.guardian.co.uk / / 15 October 2009
Packer Raises Stakes in Casino Bet That Has Cost $1 Billion
Australia - James Packer, Australia's richest man, has raised the stakes in a bet that has so far lost at least $1 billion. Packer paid A$205 million ($187 million) to increase his stake in Crown Ltd., Australia's largest casino owner, to more than 40 percent, The purchase of 3 percent of Crown's shares is the most he can make for six months without making a full bid, according to Australian stock exchange rules. James Packer has used the A$5 billion sale of his father Kerry's media empire to underwrite a A$1.4 billion international expansion in gambling in North America. Gambling revenue has fallen for 20 straight months on the Las Vegas Strip while it's declined 13 months in Atlantic City, the second-largest U.S. market. Crown fell 2.2 percent to A$8.99 in Sydney trading, paring this year's gain to 51 percent. Packer's personal wealth has halved since taking over the family business after Kerry Packer died, according to BRW Magazine, which compiles an annual list of Australia's richest people. Packer was ranked Australia's richest man by Forbes Magazine in May, with a fortune of $3.1 billion.
www.bloomberg.com / / Oct. 14
Students gamble their loans
UK - Gamcare claims that more than a third of the people they deal with are aged between 18 and 25, and many are students. The number of students that she deals with who are suffering from financial problems as a result of gambling is increasing. "Students receive their loans and then play games like poker... It is easily accessible online and heavily promoted. Internet as fuelling gambling problems... More enticements to gamble without even leaving the comfort of your bedroom. Students rarely come forward and admit they have a gambling problem,
thelinc.co.uk / In Studenthood / / October 12, 2009
TIMELINE-Macau's rise to world's leading gambling hub
China - Macau gaming stocks opened lower on Tuesday after authorities in the world's fastest-growing gaming hub announced they would consider possible moves to rein in casino growth.
www.forbes.com / Thomson Reuters / 10.13.09
Wynn, Sands shares down after Macau report
China - Shares in U.S. casino operators from Las Vegas Sands Corp (LVS.N) and Wynn Resorts Ltd (WYNN.O) slid on Monday after the Wall Street Journal reported that the Chinese gambling haven of Macau was considering new age limits and caps on the number of gaming tables there.
www.reuters.com / Thomson Reuters / Oct 12, 2009
Youth hangs himself after losing gambling match
India - An youth allegedly committed suicide by hanging himself to death after losing a gambling match on the occasion of Diwali.
www.ptinews.com / Oct 17, 09