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The glitzy $1.1 billion Paradise City, considered to be the first Las Vegas-style integrated resort in Northeast Asia, opened at Yeongjong Island near Incheon International Airport last Thursday, amid concerns that it may become the latest victim of Beijing’s ire following South Korea’s decision to install an anti-missile battery.
South Korean casino operator Paradise Co. Ltd.’s solution to the potential drop in the number of Chinese tourists is to diversify the market by attracting visitors from Japan, Vietnam, Thailand, Malaysia, Singapore and Hong Kong.
“Most of our customers individually visit Korea, so they are actually not influenced by the travel ban of the Chinese government,” Paradise Co. chairman and chief executive Chun Phil-lip said in a media briefing. “But we will deal with the issue in a conservative way, and we hope more Chinese customers return to Korea during next year’s PyeongChang Winter Olympics.”
The newly-opened “art-tainment resort” is expected to fuel Paradise Co’s revenue in 2017. The casino developer is forecast to post KRW880 billion (US$774.69 million) in sales this year and KRW1.1 trillion (US$968.36 million) in 2018. In the long term, Paradise Co. plans to hire 780,000 employees for Paradise City and create KRW8.2 trillion in production effects and KRW3.25 trillion in added value.
Paradise Co. partnered Tokyo-based pachinko operator Sega Sammy Holdings in 2012 to develop and operate Paradise City.
Considered to be one of the largest in South Korea in terms of floor space, Paradise City’s foreigners-only casino features 154 gaming tables, 281 slot machines and four, 62-seat electronic table games (ETG). The resort also features a hotel, a conference and banquet facility, restaurants, premium spa and commercial facilities.
Paradise Co., which now operates six foreigners-only casinos in South Korea, plans to establish a “massive” junket operation to ensure a steady stream of high rollers will cross the casino’s threshold.
US Attorney General to push for online gaming ban.
United States Attorney General Jeff Sessions could reintroduce a federal ban on all state-regulated online gambling in the country, according to various reports in the national media.
In 2011, the US online gambling market was reopened when a law was signed to allow individual states to legalise internet gaming within their boundaries.
New Jersey, Nevada and Delaware have so far taken up the option to introduce a regulated online gaming service, while a number of other states have considered similar moves.
However, a number of lobby groups have continued to campaign against the law and have backed the Restoration of America’s Wire Act, which would ultimately outlaw any form of internet gaming in the country.
According to the Huffington Post, Sessions could consider such a move, despite a reported lack of public support and opposition from the National Governors Association.
Chris Grove, a consultant for stakeholders in the country’s regulated market, told the publication that should the ban be reintroduced, it would threaten thousands of job across the country, halt the creation of tens of thousands of new jobs and negatively impact tax income for those states that have legalised online gaming.
In addition, Grove said consumers in the country would continue to access online gaming services via unregulated offshore sites, which would put their safety at risk and halt the flow of tax income to states.
“A federal ban on regulated online gambling would be a tremendous loss for consumers and states,” Grove said.
“It would be a massive victory for the illegal, offshore betting industry, which has no interest in competing with state-regulated sites.
“That can hardly be an outcome AG Sessions hopes to achieve; but it is the inevitable effect of any federal action to rob states of their ability to decide whether online gambling regulation is right for them.
April 11, 2017
A winning Grand National bet has been cashed in 43 years late after a man found the betting slip while sorting through his late father-in-law’s house.
Bob Holmes while looking through paperwork found the betting slip, which backed Red Rum to win in 1974. It is thought to be the oldest bet cashed in. Holmes contacted William Hill and the bookmaker confirmed that the slip, placed at odds of 11/1, had not been cashed. They agreed to pay out on the bet, adjusted for inflation. Holmes has been given £130 as well as a further £130 to bet on last week’s Grand National. Furthermore, the bookmaker donated to his favourite charity WaterAid.
Holmes said that he doesn’t know why his father-in-law didn’t cash the slip but suspected that he lost it. William Hill confirmed that the bet was placed at its Paisley branch and said that they will always do their best to honour bets no matter how long ago they were placed.
Caesars launches first skill-based games in Las Vegas.
Caesars Entertainment has joined forces with Gamblit Gaming to launch the first skill-based gaming service in the US gambling haven of Las Vegas, Nevada.
The new gaming experience debuted last week at the Planet Hollywood Resort and casino for a field trial phase, with an initial three tables and two games on offer to players.
‘Cannonbeard’s Treasure’ is a similar to blackjack in that it challenges players to fill their hand without winning or busting, while ‘Gamblit Poker’ tests skill and speed, allowing players to win up to 240 times their bet in a single hand.
Pending regulatory approval, further Gamblit games will be installed at various Caesars properties throughout Nevada, including Caesars Palace, with Caesars also planning to roll out the service at sites across the wider US market.
Mark Frissora, president and chief executive of Caesars Entertainment, said: “Our partnership with Gamblit brings a unique experience to our casino floors and is an important step towards modernising our customers’ gaming experience.
“We’re making tremendous progress in our efforts to reach a new generation of gamers who seek integrated skill-based gaming and Caesars is proud to be the first in Las Vegas to provide this innovative experience to our customers.”