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Innovation is Making Waves in the Gambling Industry

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Union Gaming analyst John DeCreeReading Time: 2 minutes

 

As the gambling industry continues its unprecedent expansion throughout the world, the competition among gambling operators is becoming fierce. That applies to both online and land-based operations. As competition increases, gambling operators are looking for ways to protect the bottom line. If a casino operation is struggling to increase revenues, it has to consider lowering its overhead for survival.

Last week, MGM Resorts announced it was looking at the possibility of eliminating jobs through the use of new automated technologies. The new 2020 plan would seem to be in response to the company’s stock taking a significant hit in 2018 when the company saw its shares plunged from $34 to $25, a 26 percent decline, in spite of a nice spike in revenues.

The decrease shook investors who believe the gambling industry is poised for growth as country after country has been passing the needed legislation to legalize certain forms of gambling.

Stock price rising
The stock has ticked up in recent weeks due in large part to the company announcing strong Q4 revenues totaling $3.052 billion, topping the forecast from analysts of about $2.98 billion. Full-year revenue totaled $11.76 billion with the company’s two Macau resorts being responsible for $3.2 billion.

Still, MGM Resorts has a responsibility to its stockholders to create value. If rising revenues aren’t enough to get the job done, the company has to look at lowering costs. Automation of certain positions could certainly help. Among the possibilities is using automation to fill drinks orders going to customers on the casino floor.

These drinks are usually prepared by “back of house” bartenders who do not interact with the public. Preprogramed automated machines have the ability to prepare drinks to order for waiters and waitresses. There’s also new technologies that allows patrons to pay at the table instead of a cashier. All told, MGM’s initiative is to eliminate 2,100 jobs by the end of the year 2020.

In Las Vegas, the MGM will have to work around the powerful Culinary Union to get approval for such changes due to union contract obligations. The Culinary Workers Union Local 226 and Bartenders Union Local 165 represent 60,000 workers in Las Vegas and Reno.

Gambling Growing Online and Offline
The announce certainly got the attention of union representatives. According to Culinary Union Secretary Geoconda Argüello-Kline, “Contracts have innovative automation and technology language, which set clear goals for worker retention, job training, advance notice of implementation, and severance package based on years of service if workers are laid off.” She added that the union “will be monitoring the situation closely … to ensure that the company follows the contract.”
Additionally, MGM’s proposal is receiving less than optimum support from investors. According to Union Gaming analyst John DeCree, “We found very few investors giving credit to the MGM 2020 initiative, and many questions were asked about timing and examples of cost saves.”

These kinds of changes are not likely confined to the US or land-based casinos. Certain innovations could affect online operations, like the ones found here at casinomir.com/gambling-sites, and land-based casinos all over the world. Online gambling sites are getting more and more popular for every year.

All gambling operators are in a battle for customers. At the same time, profitability is still the number one concern. As the gambling industry exposes itself to new technology and innovations, jobs are going to be put at risk.


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Innovation is Making Waves in the Gambling Industry

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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Crown Reinstated at Sydney Casino

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The NSW Independent Casino Commission has found Crown Sydney suitable to retain its casino licence after nearly three years of intensive remediation.

Chief Commissioner, Philip Crawford, said Crown has come a long way and must now demonstrate its long-term commitment to maintaining suitability.

“The NICC is confident the Crown we deemed suitable today has a strong model to keep operating into the future,” Mr Crawford said.

The NICC’s suitability assessment established that Crown Sydney has fundamentally reformed its business and is operating the casino within the objects of the Act, the requirements of the suitability deed, and in compliance with its regulatory obligations.

In addition to proving it can run the casino lawfully, Crown has remediated its business in other meaningful ways such as building a culture of transparency and accountability across its integrated resort.

“Hard work and transformation aside, the NICC has not forgotten the level of misconduct exposed in 2021 when Crown was found unsuitable,” said Mr Crawford.

“Crown Sydney has ongoing work to reach steady state and it must continue to lift standards and maintain its cultural transformation.

“There is and will always be room for improvement, but Crown is a changed business that is looking toward the future.

“Likewise, the NICC is a changed regulator with enhanced powers, a singular focus on casinos, and a mandate to address the risks of harm.

“This decision is a positive outcome for Crown Sydney, its staff, and the community – who can be sure the NICC will use all of its powers to keep the casino in check.”

In addition to the implementation of hundreds of new internal controls, the Bergin-based reforms have been reflected in a new licence and new regulatory agreement between Crown Sydney, the NSW Government and the NICC.

These agreements include updated settings, such as the removal of fetters to the NICC’s powers, as well as previous compensation trigger clauses that are no longer part of the casino legislation.

Mr Crawford said: “Crown cannot disregard the responsibility and privilege that comes with holding a casino licence. Crown Sydney’s ability to provide a destination hospitality and entertainment venue underpinned by the restricted gaming facility is contingent on its steadfast commitment to continuing suitability, accountability and compliance.”

The post Crown Reinstated at Sydney Casino appeared first on European Gaming Industry News.

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Playtech Expands LeoVegas Partnership to the Netherlands

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Playtech has revealed the extension of its partnership with LeoVegas in the Netherlands, marking a significant development in their collaboration.

LeoVegas will now provide Dutch players with access to a diverse selection of Playtech’s acclaimed Casino Slots and Live Casino games. This expansion follows successful integrations in various regions, including the UK, Spain, Sweden, Denmark, Ontario, Italy and globally on LeoVegas.com.

Remko de Boer, Netherlands Country Manager at LeoVegas Group, said: “We are excited to bring the Playtech catalogue to the Netherlands! We look forward to providing our Dutch customers with the greatest igaming experience through Playtech’s renowned Casino Slots and Live Casino games.”

Diane Crookes, Senior Commercial Director at Playtech, said: “The partnership between LeoVegas Group and Playtech continues to grow stronger. Our partnership with LeoVegas has been a key part of our growth strategy, and we are delighted to continue this journey as we expand into markets and explore new opportunities.”

The post Playtech Expands LeoVegas Partnership to the Netherlands appeared first on European Gaming Industry News.

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3 Oaks Gaming presents a feature-rich trip to the Far East in 3 China Pots: Hold and Win

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Distributor extends 3 Pots series with Asian-themed title

3 Oaks Gaming, an established distributor of iGaming content, has launched 3 China Pots: Hold and Win, the first time the company has integrated the popular 3 Pots mechanic within a Far East-themed title.

The latest instalment from 3 Oaks to incorporate the 3 Pots functionality sees players transported to the allure of the Orient, where the Extra, Double and Multi modifiers influence the Bonus Game once activated.

To trigger the Hold and Win round, Bonus symbols depicting the different pots are added to the progress meter within the main game. Enough blue icons open the Extra Feature, where four respins are awarded instead of the standard three. Red symbols unlock the Double Feature, which activates two game boards, while the purple Multi Feature adds multipliers to random cells.

The Extra, Double and Multi Pot features can all be triggered simultaneously, enhancing the win potential to new heights when the modifiers work in combination.

Additionally, the game’s Mini, Minor and Major Jackpots may appear during the Bonus Game and reward the corresponding cash value, with the Grand Jackpot worth 2,000x also awarded when the entire grid is filled within the Hold and Win mode.

Yuriy Muratov, Chief Commercial Officer at 3 Oaks Gaming, said: “3 China Pots: Hold and Win takes users on a mystical voyage to an opulent palace, where players can uncover a wealth of riches thanks to the captivating 3 Pots mechanic.

“The 3 Pots mechanic continues to grow in popularity and incorporating it within such a popular slot theme will only broaden its appeal to a wider audience.”

The post 3 Oaks Gaming presents a feature-rich trip to the Far East in 3 China Pots: Hold and Win appeared first on European Gaming Industry News.

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