Casino Developments in 2014: Review

There were some big changes last year in the online and offline casino industry, and we have done our best to compile those for you here as we look ahead to a new year and some new developments.

Caesars in Trouble

Towards the end of the year it was reported that Caesars Entertainment Corp, one of the biggest names in offline gambling, reported losses of close to $1 billion for 2014. Their total debt was increased to nearly $25 billion, an astonishing figure that rivals the debt of many small countries. Many investors in the corporation have been told that they might never see a return and that they might struggle to get their money back, as they are simply not the priority and there are a lot of people that they owe a lot of money to, not least the US government.

Caesars said their losses were because of interest and decreased tax benefits. They also blamed poor revenue growth at their casinos. The fact that Atlantic City is suffering, forcing them to close their Showboat casino, also doesn’t help matters.

Sands Given the Go Ahead

Towards the end of 2014 it was announced that the Chinese subsidiary of Las Vegas Sands had been given approval to build a casino in Macau. The approval came from the local government and means that this huge gambling brand will put together plans for a project that will cost close to $3 billion.

Set to be known as The Parisian, work on this casino commenced in 2015 and is set to continue throughout the year, with the casino due to open in 2016, providing there are no major delays with the development. This luxury casino resort will have 3,000 rooms and close to half a million square foot of space. They are also set to build a replica of the Eiffel Tower.

Casinos in New York

Towards the end of 2014 it was announced that there were licenses granted to three different New York casinos: the Montreign Resort and Casino, the Rivers Casino and Resort, and the Lago Resort Casino. There were over a dozen other casinos bidding to get the licenses, but these were the three chosen and these will be the three casinos to launch in the state of New York very soon.

The resorts will be built in Schenectady, Catskills and Tyre, and as well as giving New Yorkers several places to gamble in their own state, it will also generate some impressive tax revenue for the local area. Previously one of the best choices available to New Yorkers was to head to Connecticut and to the Foxwoods Resort, and perhaps the success of that resort was what tempted the local government to grant these licenses.

Trump in Trouble

The Trump Taj Mahal fell into some disarray last year when it filed for bankruptcy. Atlantic City has encountered more than its fair share of troubles over the last few years as the city has struggled to turn a profit, with dwindling numbers of gamblers entering the casinos. Many casinos have closed and although the Taj Mahal was set to be sold, with billionaire Carl Icahn taking over the reins, even that sale encountered an issue.

There were several other Atlantic City casinos that closed in 2014, with the Showboat, Atlantic Club, Revel and Trump Plaza all forced to shut-up shop.

German Invasion

In 2014 we learned that MyBet, a major player in the German online casino industry, had been granted a license to expand operations into the United Kingdom. This company have been going for over 10 years and are one of the most respected online casinos in Germany and in other European countries. Their advance into the United Kingdom is sure to be followed by them applying for licenses in other countries as they seek to expand even further. There is a lot to like about this brand, so here’s hoping that they do continue to grow and that one day we will see them on our shores.

Moving On

The Ongame software has been one of the biggest players in the online poker world for a number of years now. Their software is used by many big gambling brands and for a time it was the software used in the BetFair Poker Room. Ongame was also owned by the Amaya Group, who also own Pokerstars and Full Tilt Poker, giving them a monopoly on online poker.

Towards the end of 2014 this network was sold to NYX Gaming Group, taking a large network out of the hands of this huge corporation. This should bode well for poker players and it will be interesting to see what this company does with the Ongame network, and whether they will return it to its glory days.