Desperate times...

jetset

RIP Brian
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Feb 22, 2001
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Nevada entertaining idea of lowering gambling age to 18

by Richard N. Velotta
Las Vegas Sun

LAS VEGAS, Nevada -- Nevada's top gaming regulator says he'll ask state legislators whether they have any appetite to lower the minimum gambling age from 21 to 18 as a way to drum up state gaming revenue during the recession.

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Webzcas

Winter is Coming!
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So the United States does everything it can to stop her citizens gambling online, where the tax dollars don't go in the Federal Coffers. Yet a US State wants to encourage younger people to gamble away their money.

It's all about the money, the money, the money.
 

1819

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ny,nj,fla
not desperate. smart. most racinos and indian casinos are 18 to play. why not a.c. and vegas? a young player is an uneducated player. they are the group that still thinks you can win, they dont understand how to take advantage of comps, they have good credit, they are very easily separated from their money. i would be against it. young folks have it hard enough without having to declare bankruptcy by the time they turn 21 but it is the casino industry and they are in business to make money. it is a smart move on their part.....
 

Casinomeister

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The public has long debated the age of adulthood, and Smock pointed out that 18-year-olds are allowed to vote and serve their country in the military.

Yeah, but it doesn't mean they can balance a check book.

What idiocy. 18-year-olds throwing caution to the wind, and these are the people that can least afford gambling losses.

And losses are what it's all about. Winners don't keep Vegas in business. It's the people losing money. If Nevada needs more money to pay their teachers, then raise the taxes. Pretty simple, isn't it? :what:
 

lots0

Banned User - troll posts - flaming
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If a kid can sign up to go and risk their lives in Iraq... He/She should be allowed to gamble and drink just like the grownups, if they want...
my 2 cents
 

GrandMaster

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It is a good thing that they are not all listed by name, otherwise they would take up a lot of space.
4294967296 happens to be the 32nd power of 2, I am sure this has something to do with it.
 

winbig

Keep winning this amount.
Joined
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Yeah, but it doesn't mean they can balance a check book.

What idiocy. 18-year-olds throwing caution to the wind, and these are the people that can least afford gambling losses.

And losses are what it's all about. Winners don't keep Vegas in business. It's the people losing money. If Nevada needs more money to pay their teachers, then raise the taxes. Pretty simple, isn't it? :what:

Hell, some 50 year olds can't balance their checkbook, either...:p

But I agree, there's no way they should allow 18 year old's to gamble - increased revenues or not.
 

GrandMaster

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18-year-olds are allowed to gamble in most of Europe, but 16-year-olds are not allowed to drive, unlike in the US. I played the lottery when I was in kindergarten and I figured it out pretty quickly that it was not the way to fabulous riches.
 

NASHVEGAS

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Yeah, but it doesn't mean they can balance a check book.

What idiocy. 18-year-olds throwing caution to the wind, and these are the people that can least afford gambling losses.
Agree and can see all the sucking up to Mom and Dad for another Bailout;)

And losses are what it's all about. Winners don't keep Vegas in business. It's the people losing money.
and the LV casino's gaming revenues/drops have decreased 8 consectutive months in year to year comparsions at ~7 to 8%.....this is now worse than the period that followed 9/11 when travel was a four letter word.....and what irony that Adelson is now chasing his losses assuming his raising of $2.1 billion via a three way capital raising plan closes, he is essentially bettting on the come line or buying time for a company whose debt is now considered junk, he is all in,LOL
lrevunue If Nevada needs more money to pay their teachers, then raise the taxes. Pretty simple, isn't it? :what:
may have been simple 2 years ago before the absolute bottom fell out of the LV housing/real estate market (including the Strip condo mania then fiasco), the now anticipated rapid increase in unemployment as the gaming industry has to reduce costs and capital expenditures and I doubt a state income tax would fly as it would not aid in attracting the future growth needed and in essence in the recovery of one of the worse, if not the worst, housing markets in the land of the free and Bailouts.
Cheers:D
 

RobWin

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This recession that has apparently been felt in the deepest pockets in Vegas and through out the land based casino market should now speed the emergence of the Big 3 groups into coming online now, I can't really see it any other way for their long term survival...:cool:
 

dominique

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I am currently in Vegas and was watching the local news. It really looks bad for most casinos, and gambling related building has slowed down to a trickle with half finished projects all over the place. And yes, gambling for 18 year olds was top of the news.

One of the complicating factors is that drinking is also illegal under 21, and most casinos offer free drinks...

Robwin:
This recession that has apparently been felt in the deepest pockets in Vegas and through out the land based casino market should now speed the emergence of the Big 3 groups into coming online now, I can't really see it any other way for their long term survival...

Yeah, I bet they are thinking a lot about this...
 

jerrylee

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If this happens, they need to lower the drinking age too as this will reduce the up to 20 year olds of being tempted to produce, procure and use fake ID at casinos, bars, strip joints, etc.
 

pokeraddict

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Las Vegas
18 year olds can gamble in many other places. Virtually every state has a lottery which is 18+. Several states have 18+ video poker. Many dry reservations are 18+. Canterbury Park in Minnesota is 18+ with poker and table games. Canada is 19 right? I don't like the idea, especially cause I don't want some arrogant kid at the poker table acting like a child but how much less responsible is a 19 year old sober than a 40 year old drunk?
 

jetset

RIP Brian
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This recession that has apparently been felt in the deepest pockets in Vegas and through out the land based casino market should now speed the emergence of the Big 3 groups into coming online now, I can't really see it any other way for their long term survival...:cool:

I too think that is likely - the big names are not going to leave a potential $8 billion lying around unattended in these tough times...provided they can keep the market all to themselves LOL!

First, though they will have to unravel the seriously upfucked legal position, thanks to Bush and his bull-headed functionaries.

That may take a little time....
 

RobWin

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I too think that is likely - the big names are not going to leave a potential $8 billion lying around unattended in these tough times...provided they can keep the market all to themselves LOL!

First, though they will have to unravel the seriously upfucked legal position, thanks to Bush and his bull-headed functionaries.

That may take a little time....

LOL...yea Bush and his cronies have royally screwed it to the max, without a doubt...it will probably take the better part of next year for Obama's team and Frank and a few others to unravel it as you said and like you say there is way to many billions of dollars floating around in this cyberspace casino land for the big boys not to stand up and pay attention to now...

This recession in a way may have been the best thing that could have happened to the online casino world if it does bring the big guys on board and with them regulation to boot !!
 

NASHVEGAS

Banned User - flamming, disrespecting admin,
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I too think that is likely - the big names are not going to leave a potential $8 billion lying around unattended in these tough times...provided they can keep the market all to themselves LOL!

First, though they will have to unravel the seriously upfucked legal position, thanks to Bush and his bull-headed functionaries.

That may take a little time...
Time is not on their side.....LVS should have probably filed but Adelson has too much pride......trying to pull off a secondary at $5 a share by t-row without shareholders voting, has to convert the $475 million that ~ 45 days he lent as convertible debt in order to be a secured creditor to common shares now, he and his better half also are purchasing ~ $525 million in preferred stock.

All the above to raise a couple billion in capital that will buy them some time but the man who on paper was the 3rd richest man in America in the Spring is down to his last couple billion and will not put another dime into LVS in the future one would assume unless the currrent situation drastically improves.

Obviously, he is the only willing lender currently and kept the dilution caused by the secondary offering where he will still own 50.3% ,iirc, of the company. If this doesn't fly asap, they have already admitted the strong possibility of not being able to continue as an on-going concern much longer and even if it does fly, then all still has to fall into place and uncertainty is omni-present!!!

Their main problems are leverage, the inability to borrow in order to complete their current non income producing work in progrees in order that these projects are completed and become income producing properties, visa restictions in Macau have also hurt. The LV properties continue to produce cash flow and even if its' negative growth in revenues trend were positive, the root of their problem remains.

BTW, no mention of online gaming in their recent SEC filings. I would assume those plans are on hold but am curious since I saw no mention of in their complicated financials if LVS ever opened the online they planned in England. I thought I read it happened in a I.P. article on this site but not sure..????
 
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jetset

RIP Brian
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Feb 22, 2001
Location
Earth
Yeah - I wonder what happened to that?

That was just after the UIGEA was rammed through by First and his not-very-merry crusaders (2006) when LVS entered into an agreement with Cantor Gaming with the intent of creating a UK-based online casino.

The UK Las Vegas Sands online casino and poker site planned to bar U.S. customers to steer clear of the UIGEA.

The site was expected to be up and running by the second quarter of 2007, but then I can't recall hearing any further on the project.

I guess it's low on their list of priorities with the current cash crunch they're experiencing.

I think Harrahs may the keenest to get their hands on Internet revenues, judging by the comments of Gary Loveman earlier this week.

He said he was pleased with the outcome of the election not because of the transfer of power to the Democrats, but because none of the leadership on the committees dealing with the issue is violently opposed to this process [of the legalisation of online poker]. This is something were going to be working hard at and we think the world got easier on this one, Loveman said.

On the downside, he did not express the same optimism regarding casino games and sports betting on the Internet, where he thought the general chances of legalisation in the forseeable future were poor.
 

NASHVEGAS

Banned User - flamming, disrespecting admin,
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Yeah - I wonder what happened to that?

That was just after the UIGEA was rammed through by Frist and his not-very-merry crusaders (2006) when LVS entered into an agreement with Cantor Gaming with the intent of creating a UK-based online casino.

The UK Las Vegas Sands online casino and poker site planned to bar U.S. customers to steer clear of the UIGEA.

The site was expected to be up and running by the second quarter of 2007, but then I can't recall hearing any further on the project.

I guess it's low on their list of priorities with the current cash crunch they're experiencing.
No mention of online in y-day's press release.

LVS now at bat in the bottom of the ninth down by a run in a seven game series down 3 games to none.

There is so much information that this press release reveals but is not mentioned. I could list many but just a few.

1. The secondary was done at a price ~ 97% less than their $148+ stock price in October of last year. Just like a gambler (but their corporate management is supposed to be smarter and maybe it is but Adelson does what he wants regardless) , LVS can now look back and realize a secondary even 90 days ago could have raised between $10 and $20 billion. Same situation then as now but management did not know when to hold or fold. Obviously they didn't give a damn about their other shareholders as Adelson and family owned ~70% of the common shares and greed wants to avoid dilution and any loss of control.

2. The credit crisis is alive and well (obviously with good reason with LVS), asset sales currently even for the intent of survival in a distress situation either could not attract any buyer's or Sheldon vetoed,and there was/is no white knight deal to date.

3. Gotta love Goldman Sachs, did they buy the secondary in some form (can find out eventually) or some other brilliant institutional buyer(s)????
Have not looked and may be 100% wrong but I keep CNBC on the tube during the day and think Goldman may have applied for and received some of the $700B bailout funds. If so (will look after I finish post), humm!!!

4. FWIW, some of my thoughts (specifically on Adelson) are based on the many weeks I spent at The Venetian in the mid 2000's and the hearsay on Adelson (or was it?) mentioned by some of the employees I came to know.

The most compelling thing was not hearsay, but a day or so (maybe even the Sunday) before the WYNN was to open, the Las Vegas Review Journal published a special section on the anticipated as well as mysterious opening of the WYNN. It was 99.9% congratulatory to Steve Wynn and his wife Elaine,iirc her name, with ads or quotes in articles from competive owners like the Maloofs,etc. And then there was Sheldon as I remember stating something to the effect and not sarcastically, no reason for Sheldon to congatulate Steve Wynn as Sheldon had taught Wynn eveything Wynn knew........I was aware they did not like each other but I was shocked assuming the LVRJ did not use media magic and had in the correct context.

5. Lots and lots of good people at the Venetian and I have thought and worried about them over the last few days.....There are also some rotten eggs especially in middle upper management and as I was told everytime I sat down at the tables, I will state to them the same "GOOD LUCK"!!!

BTW, Jet hope it is ok I changed First to Frist in your quote above.:)

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Press Release Source: Las Vegas Sands Corp.

Las Vegas Sands Corp. Announces Completion of Offering of Common Stock, Preferred Stock and Warrants
Friday November 14, 2:49 pm ET

Funding Provides Approximately $2.1 Billion of Additional Capital for Execution of Company's Revised Development Plan

LAS VEGAS, Nov. 14 /PRNewswire-FirstCall/ -- "Las Vegas Sands Corp. (NYSE: LVS - News) announced today the completion of its public offering of 200,000,000 shares of common stock, including 18,181,818 shares of common stock sold pursuant to the underwriter's exercise of its option to purchase additional shares to cover over-allotments, 5,196,300 shares of its 10% Series A Cumulative Perpetual Preferred Stock and warrants to purchase an aggregate of approximately 86,605,173 shares of common stock at an exercise price of $6.00 per share. The common stock was sold at a public offering price of $5.50 per share. Units consisting of one share of Series A preferred stock and one warrant to purchase 16.6667 shares of common stock were sold at a public offering price of $100 per unit. The shares of Series A preferred stock and warrants are immediately separable. The Series A preferred stock is redeemable on or after November 15, 2011 at the Company's option, in whole or in part, at a price of $110 per share plus any accrued and unpaid dividends.

Goldman, Sachs & Co. was the sole managing underwriter and bookrunner of the offering.

Concurrently with the offering of the common stock, Series A preferred stock and warrants, the Company entered into an agreement with the family of Sheldon G. Adelson, our Chairman and Chief Executive Officer and principal stockholder. Pursuant to this agreement, on November 14, 2008, the Company issued and sold to the Adelson family 5,250,000 shares of Series A preferred stock and warrants to purchase an aggregate of approximately 87,500,175 shares of common stock at an exercise price of $6.00 per share, on the same terms as those offered in the underwritten offering. In addition, pursuant to this agreement, the Adelson family converted its $475.0 million of the Company's 6.5% convertible senior notes due 2013 into 86,363,636 shares of the Company's common stock at a conversion price equal to the public offering price of $5.50 per share.

Las Vegas Sands Corp. intends to use the net proceeds from the offerings for general corporate purposes, which may include debt repayment and financing of the Company's construction and development projects.

A shelf registration statement relating to the foregoing was filed with the Securities and Exchange Commission and became effective on November 6, 2008. This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

A copy of the final prospectus relating to the offering may be obtained from Goldman, Sachs & Co., Prospectus Department, 85 Broad Street, New York, NY 10004, telephone: 18664712526, facsimile: 212-902-9316 or by emailing prospectus-ny@ny.email.gs.com.

Statements in this press release, which are not historical facts, are "forward-looking" statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the Company's control, which may cause material differences in actual results, performance or other expectations. These factors include, but are not limited to general economic conditions, competition, new ventures, government regulation, legalization of gaming, interest rates, future terrorist acts, insurance, and other factors detailed in the reports filed by Las Vegas Sands Corp. with the Securities and Exchange Commission. Las Vegas Sands Corp. assumes no obligation to update such information.

ABOUT LAS VEGAS SANDS CORP.

Las Vegas Sands Corp. (NYSE: LVS - News) is the leading international developer of multi-use integrated resorts.

The Las Vegas, Nevada-based company owns and operates The Venetian Resort-Hotel-Casino, The Palazzo Resort-Hotel-Casino, and the Sands Expo and Convention Center in Las Vegas and The Venetian Macao Resort-Hotel and the Sands Macao in the People's Republic of China (PRC) Special Administrative Region of Macao. The company also owns the Four Seasons Hotel Macao and is constructing two additional integrated resorts: Sands Casino Resort Bethlehem(TM) in Eastern Pennsylvania; and Marina Bay Sands(TM) in Singapore.

LVS is also creating the Cotai Strip, a master-planned development of resort-casino properties in Macao. At completion, the Cotai Strip will feature approximately 21,000 rooms from world-renowned hotel brands such as St. Regis, Sheraton, Shangri-La, Traders, Hilton, Conrad, Fairmont, Raffles, Holiday Inn, and InterContinental."........"

"Source: Las Vegas Sands Corp."


SIDENOTE:bookrunner =Classic, LOL , and emphasis of the word in the release is by moi!!
 

winbig

Keep winning this amount.
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Pennsylvania
Not a soul to be seen on this (soon to be ex?) construction site - This photo was taken Thursday...

venetian.jpg
 

Alexishot69

Banned User
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it just

goes to show what people think of gambling...an easy way to make revenue yet here we are tryin to win a few bucks/pennies when in reality all were doin is peein the cash we earn down the drain..as for the allowin gambling at age 18 well itsalready law here in the uk and we infact should be goin the other diretion and raising the legal age ...walked into a kids store today to buy a few pressies and saw what can only be described as a joke..a roulette wheel for kids and on the box it says age 3-5 what a splendid way to implant some gambling from an early age it is just bizarre..for me gambling is or was an enjoyment but it seems these days im not the only one that feels its getting harde to even draw even so what better way to increase numbers of gamblers than lower the lega age..absolutely obscene ,,
 

dominique

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I stayed at the Palazzo and saw some guys finishing some lighting setups on a lower roof top illuminating the Palazzo at night... So some work still goes on.

The Palazzo itself was not totally packed but for midweek it was well occupied and services were excellent. You really can't tell there is any unfinished work when you stay there.
 

RobWin

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I stayed at the Palazzo and saw some guys finishing some lighting setups on a lower roof top illuminating the Palazzo at night... So some work still goes on.

The Palazzo itself was not totally packed but for midweek it was well occupied and services were excellent. You really can't tell there is any unfinished work when you stay there.

Dom, did you have any good luck while you were there ? Or did you see anyone else hit any big jackpots ??
 

NASHVEGAS

Banned User - flamming, disrespecting admin,
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I stayed at the Palazzo and saw some guys finishing some lighting setups on a lower roof top illuminating the Palazzo at night... So some work still goes on.

The Palazzo itself was not totally packed but for midweek it was well occupied and services were excellent. You really can't tell there is any unfinished work when you stay there.
It is not a ghost town and room occupancies are in the 90%+ range as per the confusing Third Quarter 2008 Results (since The Palazzo has no comparables for 2007).

Thus I pulled just a few excerpts, that focus on the LV operations only.

Keep in mind, the hotels attract major convention business with the Sands Expo Center. The Venetian's (as no comparable for The Palazzo) year to year drop in both occupancy and average daily rates may very well be capacity as well as economy related.

The lower table hold impact is not a capacity issue per se although I excluded excerpts that include lower win rates,etc.

Press Release Source: Las Vegas Sands Corp.

Las Vegas Sands Corp. Reports Third Quarter 2008 Results
Monday November 10, 5:40 pm ET

LAS VEGAS, Nov. 10 /PRNewswire-FirstCall/ -- Las Vegas Sands Corp. (NYSE: LVS - News), today reported financial results for the quarter ended September 30, 2008.

Company-Wide Operating Results

"In Las Vegas, despite an increasingly challenging operating environment, the combined Venetian and Palazzo integrated resort performed solidly, although low table hold negatively impacted the current quarter's operating results. Looking ahead, we will focus our efforts on both controlling our costs and maximizing our cash flows from our Las Vegas properties."

Las Vegas Third Quarter Operating Results

"The Venetian Las Vegas' average daily rate (ADR) was $207, compared to $234 in the third quarter of 2007. The Venetian's occupancy of available guestrooms was 92.0% during the third quarter of 2008, down from 99.6% during the prior year period. Revenue per available room (REVPAR) at The Venetian Las Vegas was $191 in the 2008 period, compared to $233 in the third quarter of 2007. In its third quarter of operation, The Palazzo's ADR was $231, while occupancy of available guestrooms was 94.5%, generating REVPAR of $218."
 
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