Macau Casinos Look Forward to Uncertain Future

If June’s revenue numbers are any indication, Macau’s casino industry is continuing to struggle. Recently released statistics show that Macau’s total casino revenue is down more than 35% from this time last year. These dwindling revenue numbers come as a surprise, mainly because Macau has received plenty of stimulus cash from European investors.

James Packer, a Dutch billionaire who built his vast fortune through movies and gambling, believes that Macau’s casino industry will begin posting bigger profits in coming quarters. His confidence in Macau’s world-class casinos is not supported by the Deutsche Bank.

Macau Casinos look to the future

The Deutsche Bank is currently predicting that Packer and his company, Crown Resorts, will not earn as much during the second half of 2015. This is because Crown Resorts has funneled so much money into various gambling complexes in Macau.

Dutch Banking Analysts Discuss Macau Further

One of the reasons why Dutch banking analysts believe Macau-based casinos will continue to struggle is that fewer well-heeled gamblers are visiting Macau on vacations and business trips. Dutch bankers told reporters that high-stakes gambling has been reduced by more than 50% during the past 6 months.

Gambling analysts speculate that fewer rich gamblers are visiting Macau because the Chinese government eliminated much of the corruption that permeated the island’s casino industry previously. This corruption supported the richest gamblers.

Reasons for Optimism in Macau

Despite the rather grim revenue forecast, James Packer believes that there is reason for optimism in Macau. China has relaxed their visa requirements for wealthy gamblers who plan to vacation in Macau. This revamped policy suggests that politicians in Beijing are committed to helping Macau repair its tarnished image.

Trump Taj Mahal

Union Workers Suffer in New Jersey Gambling Meltdown

 

Chris ChristieThe battle between New Jersey’s billionaire casino owners and their union workers has been going on for most of this year. With casinos in Atlantic City struggling to make any money, casino owners tried everything in their power to cut costs. One of these measures was to heavily reduce the benefits paid to their workers.

By cutting health and life insurance benefits for their union employees, casinos saved millions of dollars. Unfortunately, this measure was not enough to stop multiple casinos shutting down this year. Others are on the brink of bankruptcy. In addition, the move created widespread animosity among the workers that prop up these casinos on a daily basis.

Three public protests took place this year from workers who belong to unions in Atlantic City. They are very unhappy about the way they were treated by casino owners. They also believe that the city and state governments did very little to help them. Governor Chris Christie tried his best to help the casinos, but very little of his policy put the concerns of workers as a priority.

One casino, the Trump Taj Mahal, is still fighting to remain open. However, they can only remain financially solvent if union employees will agree to drop a lawsuit filed against the company. The lawsuit alleges that the union contracts of Trump Taj Mahal workers were unfairly cancelled. Workers lost their health insurance, pensions and other benefits.

Despite such open and ruthless actions against their workers, the Trump Taj Mahal is adamant they did the right thing. “The place could not have stayed open had we honored those pensions and health insurance contracts. There would have been no Trump Taj for anyone to work at,” said a source from within the company.

This fight between the unions, union workers and casinos is going to spill over into 2015.

Harvard Worker Wins Lottery

Harvard Staffer Wins State Lottery

Harvard Worker Wins Lottery

Hearing the personal stories of lottery winners is always exciting. The Boston Globe reports that a worker at the prestigious Harvard University just won the state’s lottery. This employee of Harvard participated in the Massachusetts State Lottery’s jackpot game, where she won $10 million.

This is the second time a player has won the $10 million prize at the Massachusetts Lottery in the past couple of weeks. It is not common for two jackpot winnings at a state game to occur in such quick succession. Both players participated in the Diamond Millionaire game, where the grand prize is $10 million.

Harvard was reluctant to reveal too much information about the winner, Ana Rodriguez, for fear of people invading her privacy. They confirmed that she works for the university, but did not go into details about her position. Research from reporters revealed that she works as a counter checker at the dining services. She swipes student meal cards when they are entering or leaving the dining services at Harvard’s Quincy House.

The winning lottery ticket was bought by Ms. Rodriguez at a Dollar Variety Store. The store, located in Everett, will be getting a significant bonus from the state lottery for their part in this big win.

It is common practice for American lottery winners to get two options when they win. They are allowed to get a lesser amount of money in one go, or receive annual payments over a 15 or 20 year period. Ms. Rodriguez decided to get all of her money up front, which means she will be paid around $7 million.

The $7 million will be reduced by taxes, which should put her overall cash winnings at around $5 million. When asked about her lottery win, Ms. Rodriguez was said to be ecstatic. She has big plans for the money she just won. Her goal is to help out her family members, invest the money intelligently, and take a few well-deserved vacations.