Casinos around the world are feeling the effects of the economic recession with many reporting a reduction is profits for the second quarterly year. Even the gambling capital of the world has been hit by the slump, with many of the major casino’s reporting a decrease in revenue.

Groups such as MGM, Wynn and Boyd have all seen profits slump in their Vegas casino’s but those with businesses in Chinese gambling resort of Macau have seen improved revenue. Overall, MGM earned $113 million for the second quarter. While this was down from the $360 million they made in last year’s second quarter.

Many casino bosses are claiming they have not been largely effected by the economic slump but the figure show that it is testing times for the gambling industry. The gambling group Boyd has had to put on hold the construction of new hotel complex, Echelon. Casino giants Las Vegas Sands also reported being in the red, however profits were made after the opening of the Venetian Macau.

This financial quarter has been one of the toughest in years for casinos but they seem to be holding out well. Difficult times are ahead, but as ever Las Vegas should pull through it.

Online casino and poker software provider Cryptologic has signed a deal with Gaming Media Group limited. Gaming media own some of the largest online casino and poker sites in Europe including, pokerhaven.com and will now benefit from providing Cryptlogic’s high quality, award winning gaming software.

Brian Hadfield, CryptoLogic’s President and CEO said, “We promised swift action to take CryptoLogic to the next level of online gaming, and our new relationships with leading brands such as the Gaming Media Group show that we are executing on our plan. Gaming Media Group’s commitment to promote the games through advertising means new profile for CryptoLogic products that takes them to new people and new places.”

The Poker channel, which is owned by Gaming Media, is broadcasted to over 15 million throughout 15 different regions in Europe. This deal will ensure the company offers users only the best gaming software.

Cryptologic provide some of the webs most popular online games including, Bejeweled, Cubis and numerous slot machine favourites. Their software is the key to successful online gaming sites and is often the major reason why players play at that certain site. With high quality games provided by Cryptologic, Gaming Media will continue to grow throughout Europe.

Online casinos aren’t usually the subject of a heart-warming piece, but this time they are.  Slotland.com has been a voice for the less fortunate, heading projects to bring aid to Third World countries for a number of years now.

The online casino operator recently raised $100,000 to help aid the village of Juma in Malawi – which brought the impoverished village a new city centre and school.  After the success of this current project, CasinoRanking.com decided to get in on the action, donating commission for a full year, which will be more than $10,000.

“The school that we’ve funded will have a long lasting benefit to the entire community,” said Martin Smith, spokesman for Slotland.com.  “It provides opportunities and will help end the cycle of poverty in Malawi.  We’re very proud that one of our biggest affiliates, CasinoRanking.com, was impressed enough with the positive results of our project that they’re making a substantial donation of their own.”

CasinoRanking.com decided to get involved with the project and trust the team to use their donation to its greatest potential.

“The online casino business is a high profit industry,” said Antoine Tardif, spokesman for CasinoRanking.com.  “We should consider ourselves lucky to have the opportunity to help others who are not as fortunate.  I understand that the school is now completed, but Malawi is still one of the poorest nations on earth.  If the money can go towards building wells or finding clean water that would be great too.  Obviously we can trust this dedicated Project Team to decide how to best spend the money.”

At least someone’s talking about the brighter side of online casinos.