Inside Asian Gaming

inside asian gaming July 2016 44 MGM Resorts now charging to park at Las Vegas Strip properties The days of free parking at Las Vegas casinos look numbered with MGM Resorts implementing its controversial paid parking scheme in early June. Bellagio, Aria, Mandalay Bay, Mirage, New York New York, Monte Carlo, Luxor and Excalibur are now charging visitors who park their vehicles for more than an hour with rates varying depending on the property and time of day. Bellagio, Aria, Mandalay Bay, Mirage and New York New York cost US$7 for between one and four hours and US$10 for between four and 24 hours. Monte Carlo, Luxor and Excalibur cost US$5 for one to four hours and US$8 for up to 24 hours. Valet parking ranges from US$8 to US$18. To soften the blow, visitors holding a valid Nevada driver’s license can still park for free until the end of the year except during special events. Free parking has historically been one of the great Las Vegas perks with casino operators figuring the cost was easily offset by the added revenue it helped generate at the tables. But with gaming contributing an increasingly small percentage to annual revenues, it is becomingmore difficult tomaintain the generosity. The decision by MGM Resorts to start charging for parking is in part to cover the cost of a new US$54 million carpark to be built near Excalibur although it could also become a highly lucrative revenue stream given that almost 60% of the 41 million people who visit Las Vegas each year arrive by car. It is not a move without risk, however, with the reaction from locals and visitors extremely negative since the original announcement in January. Rival operators have so far declined to follow suit, no doubt hoping the lure of free parking will bring a few extra customers their way. But if MGM Resorts suffers no financial harm – or rides out a brief storm – it seems certain that the likes of Caesars Entertainment, Las Vegas Sands and Wynn Resorts will eventually follow their lead. Growing Malta gaming industry making its mark Malta’s push to become a global gaming hub continues to gain momentum with audited financial results published by the Malta Gaming Authority (MGA) last month showing impressive growth for both its land-based and iGaming industries in 2015. INTERNATIONAL BRIEFS The regulator reported a 4.3 percent increase in revenues from gaming for the tiny island nation to €60.9 million in 2015, including €55.8 million through taxes – up from €53.2 million 12 months earlier. The gaming industry now accounts for 8.2% of Malta’s economy. The MGA issued 88 new licenses to iGaming companies in 2015, which helped tax revenue from the sector grow by 9% to €28.1 million. The country’s land-based casinos saw gross gaming revenues grow by 3% to €78.1 million. “2015 has been a very intensive and rewarding year on many fronts for the Malta Gaming Authority,” said MGA Executive Chairman, Joseph Cuschieri. “The results strengthen our determination to continue with our plans to enhance our regulatory performance. The aim of the three-year strategy launched in 2014 is to create a sustainable industry base in the face of the challenges emanating from the European and global gaming sphere as well as harnessing the growth of the sector through the diversification of markets and products made possible by innovative technologies and emerging markets.” The MGA set up the GamingMalta Foundation in 2015 to promote the country as a preferred destination for gaming operators, with a Supervisory Council established in unison to ensure the regulatory body maintains integrity and consistency. Their efforts have certainly attracted attention, with the International Association of Gaming Advisors last month hosting its annual International Gaming Summit in Malta for the first time. The landmark event saw 230 industry leaders and regulators from 36 countries converge to discuss a broad range of issues currently impacting the industry worldwide, with a particular focus on iGaming. Malta is now home to around 300 iGaming companies. Las Vegas icon The Riviera bids farewell Las Vegas has farewelled another iconic landmark with The Riviera demolished in spectacular fashion almost a year to the day since closing its doors. A series of internal explosions sent The Riviera’s 24-storey Monaco Tower crashing to the ground, joining fellow Las Vegas icons the Dunes, Sands, Desert Inn and Stardust on the city’s rapidly growing scrapheap. The Las Vegas Convention and Visitors Authority (LVCVA), which purchased the property for US$182.5 million last year, will use the site to expand its Las Vegas Convention Center at a cost of US$1.4 billion. Construction of the new state-of-the-art facility will generate 7,000 construction jobs and 6,000 full-time jobs as well as providing the LVCVA with an extra 3,100 parking spaces. The Riviera opened in 1955 and like its Las Vegas Strip neighbors played a key role in the city’s mobster past which saw profits