💰 Stories from a Casino Economy - Just One More Hand: Life in the Casino Economy ()

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Casino economy is the term given to the world that has just ended, sometimes described as a bubble bursting (as in bubble economy). For years now, the v.


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It was followed by a collapse of the economy into a recession that continues, with unemployment hovering at just below 9 percent. Recovery is.


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CASINO CAPITALISM. Private Sector Debt Explodes. Michael Milken Creates the Junk Bond Market. Junk Bonds Lead to LBO Mania. The Bursting of Bubbles.


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CASINO CAPITALISM. Private Sector Debt Explodes. Michael Milken Creates the Junk Bond Market. Junk Bonds Lead to LBO Mania. The Bursting of Bubbles.


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The casino economy. AM BST 05 Sep Lord McIntosh tells Guy Dennis why he's promoting legislation that will encourage the import of giant.


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The casino economy. AM BST 05 Sep Lord McIntosh tells Guy Dennis why he's promoting legislation that will encourage the import of giant.


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Stories from a Casino Economy - Just One More Hand: Life in the Casino Economy - life stories of individual workers in Atlantic City are explored in the context of.


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This demonstrates how not all growth by a casino can be attributed as economic growth; sometimes casinos merely transfer growth from other businesses into their.


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This demonstrates how not all growth by a casino can be attributed as economic growth; sometimes casinos merely transfer growth from other businesses into their.


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This demonstrates how not all growth by a casino can be attributed as economic growth; sometimes casinos merely transfer growth from other businesses into their.


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So the prospect for the smaller casinos does not look brilliant. They can, because they're innately profitable, help regeneration of regions of the country, as they have done in the United States. So, as you might expect, he hedges his bets: "They're in favour of more gambling because there's more money to come out of it, but on the other hand they know that, politically and in business terms, a free-for-all is not going to be in anybody's interests. The biggest will benefit most from the new machine rules. This is supposed to curb the temptations that turn some people into gambling addicts - and it should also mean that large casinos will be sited in run-down areas in need of investment and regeneration. Harrah's Entertainment. These generate far greater profits for casinos than traditional, table-based games such as roulette by allowing rapid gambling turnover, and cutting staff costs. Department for Culture, Media and Sport.{/INSERTKEYS}{/PARAGRAPH} It works both ways. By contrast, so-called large casinos - actually the middle-tier between the small and regional categories - will only be allowed machines and prizes will be capped. In addition, a rule requiring gamblers to join a casino 24 hours before placing bets will be abolished. Mc Intosh does not paint a precise picture of his department's vision for casinos in the UK, but makes clear that it favours the development of a limited number of large, "destination" casinos, with restaurants and other leisure facilities, rather than a small casino on every high street. There is a level playing field. For McIntosh, acknowledging this would be a political gamble. That's a matter for the people who are going to put money into them. What happens to these rules will determine how gaming evolves in the UK, but the reforms are expected to encourage the building of huge US-style casinos in Britain. The proposals being put forward would allow the Government a variety of constraints on the number of machines that can be installed, depending on whether the casino is categorised as small, large, or regional huge. McIntosh rejects the suggestion that the real winners in the gambling reforms will be foreign operators of giant casinos in Britain. British casino operators including Gala and Rank, are also poised to profit. Related Articles. But can't a US casino operator just hire a British person? When the Bill becomes law, the actual granting of casino licences will be handed to an independent gambling commission, with planning permission awarded by local authorities. Regional casinos, with a gambling floor area of at least 1, square metres and at least 40 gambling tables, will be allowed up to 1, slot machines with unlimited prizes. So there will be many more casinos. The casino operators' interest, and the money they have to spend, reflect not just the power of the gaming industry, but also the opportunity that they see in the UK - if the conditions are right. Gambling Bill casino link. Lord McIntosh, a Labour life peer, is the minister at the Department for Culture, Media and Sport responsible for overhauling and liberalising the UK's arcane gambling laws - a process that is nearing completion after seemingly interminable fits and starts. Has McIntosh whose hobbies are cooking, reading and music felt the lobbying pressure? Today he, more than anybody else, now holds the future of British gambling in his hands. McIntosh and his department are still drawing up the final draft of the legislation, which is expected to be published as a Bill later this month, and then become law next spring. Rank also has plans to expand, although it is keeping these close to its chest until the Bill is published. Indeed, large casinos of the kind envisaged by the Government may only be possible if the number of small casinos is limited. But this is only part of the Government's agenda. Most notably, the Government will end the rule whereby casinos are only permitted in 53 areas of the country. So we think they're a legitimate extension to the leisure possibilities for people in this country, both people living here and tourists coming to the country. Terms and Conditions. My instinct is that there are going to be relatively few of them, certainly two figures rather than three figures, because the experience of other countries is that they require pretty large catchment areas to be viable. But the Bill will shape what happens. But several major characteristics of the brave new gambling world have already been disclosed in the dialogue between the Government and a committee of MPs and Lords formed to scrutinise the Bill. You might imagine that the Treasury, keen to get its hands on more tax revenues, has been one of the keenest advocates of gambling deregulation. Even so, the proposed legislation has left plenty of enthusiasm for big UK casinos among potential investors. Accessibility links Skip to article Skip to navigation. So McIntosh, a spry 71, is at a crucial nexus where the Government and inter national business interests meet. Peter Bacon, the chief executive of Sun International, the South African casino operator, says: "You are not going to be able to attract large investments into regional entertainment centres, with large casinos, if those investments are going to be surrounded by a proliferation of small casinos. US casino operators such as MGM Mirage and Harrah's Entertainment, known for their vast hotel and gambling complexes in Las Vegas, are among those queueing at Britain's door with money to spend, lured by the prospect of "deregulation". At the moment just 2 per cent of the population visits a casino each year, and the operators believe this figure could increase tenfold. For example, the Government will not allow bingo halls to offer facilities that would effectively turn them into small casinos. That said, some in the industry had hoped there would be no limit on the number of machines in the regional outlets: the 1, figure is still about half the number in the largest Las Vegas venues. There are even plans to transform bustling Blackpool into Britain's answer to Vegas. {PARAGRAPH}{INSERTKEYS}Lord McIntosh tells Guy Dennis why he's promoting legislation that will encourage the import of giant gambling dens to the UK. But perhaps the most controversial changes in the Bill will be those revising the rules for electronic gambling machines, ranging from fruit machines to those based on card games and simulated horse races. Style Book. Alongside the gambling Bill, the Treasury is planning to replace the current mix of tiered rates with a simplified gambling tax. The issue the casino lobbyists are now focusing on, though, is the tax regime. What they don't have is experience of the UK market, and if I was going into this business, I would want both," he says. Weather Forecast. Naturally, casino operators hope the rate will be low. Friday 05 June The casino economy. He won, but never gambled again. Perhaps unsurprisingly, the international gambling industry has hired an army of lobbyists and PR people to promote its interests; they play up the potential benefits of casinos, especially the supposed regneration of run-down parts of the country. McIntosh describes these changes as a way of dispensing with irrational rules. Instead, no membership will be required, which should bring in new customers, especially tourists and occasional players.