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The new casino debate going on in the gambling industry as of late is how fast a casino can actually make money. While some analysts claim that it should only take four years to raise $3 billion, others say it takes much more time once you factor in negative costs.
Atlantic City, the second largest casino gaming destination in the United States, surpassed only by the splendor of Las Vegas, took twenty-two years to generate $3 billion in annual revenue from their slot machines. But supporters of the Pennsylvania casino gaming industry predict that the slot machines predicted to be open by the end of 2008 should bring in at least $3 billion by 2010.
Three billion dollars in two years? Now as unlikely as it sounds say some casino industry analysts. States like Delaware and Michigan have casino slot machine revenue similar to what Pennsylvania is hoping for. However those numbers focus on the incoming revenue and taxes generated by gambling, and do not take into account the costs of such a venture.
New casinos don’t just bring in added revenue; they also bring in certain economic costs such as dealing with an increase in traffic and the cost of treating citizens with gambling addictions.
“You would never hire an accountant to just put in the income side of how much you earn if you have a business. You put in the income and expenses and come up with a net figure,†said author of The Luck business, Robert Goodman.
Pennsylvania’s Gaming Control Board is holding public hearings this week on applications filed by 22 separate groups competing for 14 new gambling licenses. Each applicant filed local impact reports earlier this year, each promising millions of incoming tax and tourism dollars, thousands of new jobs and little increases in local crime.
Brian McGill, of the Susquehanna Financial Group LLP, believes that Pennsylvania looks to bring in $3 billion in revenue form slot machines alone.
“Even though $3 billion in gaming ‘win’ [incoming revenue] is achievable, it will likely take several years before this number is achieved,†McGill said.
Pennsylvania needs to build a customer base, and faces high levels of competition due to its neighbors; Delaware, Connecticut and New York all have some casinos and legalized gambling. However Pennsylvania’s biggest casino competition comes from it’s proximity to New Jersey, home of Atlantic City. Atlantic City is so closely linked with many of Pennsylvania’s citizens many will be hard pressed to move their casino gambling within state limits.
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One online casino has recently been awarded an independent certification from one of the world’s largest internet gambling portals.
The certification comes with a guarantee that if a player enters the online casino from the portal’s review page, the portal will guarantee any deposits made up to $1000, allowing players to trial the site with complete peace of mind.
This really shows that the gaming portal has full confidence in their reviews and is totally prepared to back up their certifications by standing behind any online casino that gets their approval.
The online casino, first launched two years ago, has quickly become one of the biggest online casinos on the web. The company was bought out last year by a London-listed gambling consortium, which offers the site major financial backing as well as having become a part of one of the best online casino groups.
The online casino features all of the best world-class casino games, and is now counted among the most serious competitors in the online casino industry.
The certifying portal is one of the best known gambling information sites, offering tips, news, and online casino reviews as well as providing trustworthy certification. Before the site offers certification to any online casino, the casino must adhere to many strict standards, and the site’s operators rigorously test the online casino.
The whole process involves the tester checking every aspect of the online casino, as a player from the first sigh-in and deposit right through the full range of games and services until the final cash withdrawal.
This process can take a few months, with the tester making many deposits, taking advantage of any bonuses offered, playing a wide selection of the games available, and testing the customer service centre.
Customer service is tested with special attention, as this is a point in which many great online casinos fail. The tester will utilize the customer support services through all available channels – email, telephone and online chat, at various times of the day throughout the testing process.
Questions directed to the support team will vary from very simple, basic queries to complicated problems, with an aim to check that the online casino has a good response time, problem-solving skills and payout times, as well as a friendly, helpful staff.
The online casino must also show that they are legally running under the local jurisdiction in which they are based, as well as offering fair play policies, information security and sufficient financial backing. Sites must live up to their promised pay out times, as well as any bonuses and comps promised.
This latest online casino to be certified has passed all testing with flying colours and the gaming portal team are proud to offer as an introductory safety-net a guarantee of $1000. This means that if a player who enters the online casino from the portal’s link has any problems with the site, the portal will cover the first $1000 played.
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