Gambling

Tyler Durden's picture

Las Vegas' Oldest Casino Starts Accepting The World's Newest Currency - Bitcoin





Two Las Vegas casinos will become the first known US gambling premises to accept the increasely popular cryptocurrency. The co-owned Golden Gate (Las Vegas' oldest casino) and The D Las Vegas Casino Hotel will begin accepting bitcoins on Wednesday as payment for hotel rooms and related purchases, but, as Bloomberg Businessweek reports, state regulators are unlikely to allow casinos to exchange chips for bitcoins any time soon, according to A.G. Burnett, chairman of the Nevada Gaming Control Board.

 
Tyler Durden's picture

When A Stock Bubble Goes Horribly Wrong And Hyperinflation Results





Perhaps the most amusing and curious aspect of this entertaining summary of the Mississippi Bubble of 1720, the resulting European debt crisis (the first of many), how bubble frenzies are as old as paper money, the man behind both - convicted murderer and millionaire gambler, John Law, what happens when paper money's linkage to gold is broken, and how everyone loses their wealth and hyperinflation breaks out, is who the source is. The New York Fed. Perhaps the Fed-employed authors fail to grasp just what their institution does, or have a truly demonic sense of humor. In either case, the following "crisis chronicle" highlighting how banking worked then, how it works now, and how it will always "work", is a must read by all.

 
Tyler Durden's picture

Spending On Gambling And Low-End Hookers Slides; Weak Booze Sales Blamed On Weather





In yet another indication that the US consumer is tapped out and rolling over, a report from the "Vice Index" reporting firm SouthBay Research which tracks spending on gambling, liquor sales and prostitution, says that "spending on vices wasn’t very strong in December, a sign that overall consumer spending was weak, according to the latest reading of the Vice Index from SouthBay Research’s Andrew Zatlin" as the WSJ reports. "The Vice Index for December points to stable but subdued consumer spending," according to SouthBay's head Andrew Zatlin further predicting that retail sales slipped 0.1% in December from November.  And while the split between "the 1%" and "everyone else" was evident in the faster decline in beer sales compared to wine sales, as well as gambling where the low-end contracted while the high end expanded, nothing says a recovery for the 1% like the following sentence: "High-end escorts successfully raised prices,” Zatlin wrote in the report. “Lower-end escorts did not.

 
Tyler Durden's picture

What The US Population Is Most Concerned About





Contrary to ongoing attempts by the administration to refocus the public's attention on such focal points as guns, an imminent external cybersecurity threat (until it was revealed that the biggest cyber terrorist is the NSA itself), and climate change, the three still remain, pardon the pan, at the cold end of the spectrum when it comes to what issues most concern the US public. On the other end, for one decade and counting, the "top priority" for the US public was and continues to be "the economy", stupid.

 
testosteronepit's picture

Fizzing Optimism For Wild Financial Engineering





Nothing can be a more pungent metaphor for today's investment climate than the headline, “Macau gambling revenue hits record $45 bn in 2013.”

 
Tyler Durden's picture

"Rich Will Keep Getting Richer In 2014" - In 2013, Top 300 Billionaires Added Half A Trillion In Net Worth





All the pundits who preach an economic recovery in the US always fall strangely silent when asked to share their thoughts on the following chart (taken from the St. Louis Fed), showing the annual change in real disposable income per capita in the US. What seems to stump them most is that aside from the 2012 year end aberration (due to accelerated distribution of dividends ahead of the 2013 tax hikes) is that in November the series finally posted its first Y/Y decline (-0.1%) since the Lehman collapse. But as the chart notes, the data is "per capita" and as everyone knows, under the New Normal, some "per capitas" are more equal than other "per capitas." Enter the billionaires. As Bloomberg summarizes, "The richest people on the planet got even richer in 2013, adding $524 billion to their collective net worth, according to the Bloomberg Billionaires Index, a daily ranking of the world’s 300 wealthiest individuals. The aggregate net worth of the world’s top billionaires stood at $3.7 trillion at the market close on Dec. 31, according to the ranking. "The rich will keep getting richer in 2014," John Catsimatidis, the billionaire founder of real estate and energy conglomerate Red Apple Group Inc., said in a telephone interview from his New York office.

 
Tyler Durden's picture

When Risk Is Separated From Gain, The System Is Doomed





Risk is an ever-present characteristic of life; it cannot be eliminated, it can only be masked or hedged. We know this intuitively, yet we blithely accept official assurances that risk can be eliminated by the monetary machinations of the Federal Reserve, the Central Bank of China, the Bank of Japan and the European Central Bank. To confuse masking risk with the elimination of risk is the acme of hubris and the perfect setup for disaster.

 
EconMatters's picture

Herbalife: The Greater Fools Theory





Many Ponzi schemes work for a while, but it is only a matter of time before the tide goes rolling out to Sea.

 
globalintelhub's picture

The New Paradigm of Financial Media





What would we do without Zero Hedge?  Does anyone else notice the rapid deterioration of financial news media, especially in the US?  OK, we are not naive, there are biases in the media, traders from big ibanks talking up their positions, and trading is all about information arbitrage.  But financial news used to be really serious.  Traders could turn on a TV to see what the markets were doing.

 
Tyler Durden's picture

Is Las Vegas The Next Detroit?





With still more than half the homeowners with a mortgage in the state of Nevada underwater on their mortage and a hoped for recovery in prices now petering out as 'investors' realize banks have completed foreclosures and are set to unload their huge inventories, fear is growing that Las Vegas (and for that matter Atlantic City) could be the next Detroit. However, as FoxNY reports, the nascent dreams of the good old days face an even bigger headwind - that of gambling regulation easements (online gambling for instance) and globalization which are impacting their biggest industries. Time will tell if these two cities will end up like Detroit.

 
Tyler Durden's picture

10 Investing Lessons To Learn From Poker





"Step right up and try your luck...spin the wheel and watch where she lands...everybody's a winner" - sometimes if you listen hard enough you can almost hear the Carney coaxing unwary investors to step up and try their luck in a game that has been rigged against them. During the last two decades, we have been amazed to watch as individuals strolled through the doors of the Wall Street casino to try their luck by betting "against the house" for a dream of riches. Just as with anyone who has ever gone to Vegas - you will win sometimes but the "house" wins most of the time. However, there are always the "professional gamblers" that can do better than the average most of the time. Why? Because they understand "risk" in its various forms...

 
Tyler Durden's picture

"Anything Goes And Nothing Matters"





The so-called Volcker Rule for policing banking practices, approved by a huddle of federal regulating agency chiefs last week, is the latest joke that America has played on itself in what is becoming the greatest national self-punking exercise in world history. The Glass Steagall Act of 1933 was about 35 pages long, written in language that was precise, clear, and succinct. It worked for 66 years. The Volcker rule comes in the form of nearly 1,000 pages of incomprehensible legalese written with the “help” of lobbyist-lawyers furnished by the banks themselves. Does this strain your credulity? Well, this is the kind of nation we have become: anything goes and nothing matters. There really is no rule of law, just pretense.

 
Tyler Durden's picture

Frontrunning: December 12





  • J.P. Morgan to Pay Over $1 Billion to Settle U.S. Criminal Probe Related to Madoff (WSJ)
  • Ford board aims to pin down CEO Mulally's plans (Reuters)
  • Raising Minimum Wage Is a Bad Way to Help People (BBG)
  • Japan Lawmakers Demand Speedy Pension Reform (WSJ)
  • EU reaches landmark deal on failed banks (FT)
  • In which Hilsenrath repeats what we said in August: Fed Moves Toward New Tool for Setting Rates (WSJ)
  • Senators Vow to Add to Iran Economic Sanctions in 2014 (BBG)
  • Centerbridge in $3.3bn LightSquared bid (FT)
  • Banks, Agencies Draw Battle Lines Over 'Volcker Rule' (WSJ)
 
Tyler Durden's picture

Frontrunning: December 11





  • Wall Street Exhales as Volcker Rule Seen Sparing Market-Making (Bloomberg)
  • GM to End Manufacturing Down Under, Citing Costs (WSJ)
  • U.S. budget deal could usher in new era of cooperation (Reuters)
  • Ukraine Police Back Off After Failing to Stop Protest (WSJ)
  • First Walmart, now Costco misses (AP)
  • Dan Fuss Joins Bill Gross Shunning Long-Term Debt Before Taper (BBG)
  • China New Yuan Loans Higher Than Expected (WSJ)
  • China bitcoin arbitrage ends as traders work around capital controls (Reuters)
  • Blackstone’s Hilton Joins Ranks of Biggest Deal Paydays (BBG)
 
Tyler Durden's picture

Fed Unveils "Self-Regulated" Volcker Rule





And so it is done (as we detailed here)... and due to be put in place as of April1st 2014 (rather ironically). The 100-plus-pages of rules and regulations prohibit two activities of banking entities: (i) engaging in proprietary trading; and (ii) owning, sponsoring, or having certain relationships with a hedge fund or private equity fund. But the kicker...

"requires banking entities to establish an internal compliance program designed to help ensure and monitor compliance with the prohibitions and restrictions of the statute and the final rule."

Great! Because self-regulation worked so well in the past for the financial services industry.

 
Syndicate content
Do NOT follow this link or you will be banned from the site!