Tottenham Report: Is the UK Gambling Review at Risk of Overlooking Crypto? By Hannah Gannagé-Stewart, CDC Gaming Reports • April 19, 2021 The main reason for reviewing the Gambling Act 2005 is that the speed of technological change has rendered much of it unfit for purpose. So how is the UK government going to ensure the same doesn’t happen again? The rise of blockchain and cryptocurrencies in the last decade has been stellar. Bitcoin launched in 2009 and today, one unit of the crypto asset is valued at £40,579.52 ($56,376.50). … [Read more...]
Tottenham Report: If It Looks Like a Duck … By Andrew Tottenham, Managing Director, Tottenham & Co • April 19, 2021 If it looks like a duck, swims like a duck, and quacks like a duck ... The fallout from the collapse of Football Index continues. Foot Stock, a similar concept to Football Index, pulled its funding from the crowdfunding platform, Seedr. And much indignation has been coming from politicians and showing up in the media about the amount of money people have lost, reports of up to £100 million. … [Read more...]
Massachusetts and Pennsylvania: A lesson from two blackjack payouts By Mark Gruetze, CDC Gaming Reports • April 19, 2021 Sometimes you learn from other peoples’ troubles; other times you learn from good examples. For gaming regulators and operators, the saga of blackjack rules in Massachusetts and Pennsylvania illustrates those different paths. The Massachusetts Supreme Judicial Court heard arguments this month over lawsuits accusing the state’s two casinos of shorting blackjack players by millions of dollars … [Read more...]
A seat at the table By Ken Adams, CDC Gaming Reports • April 18, 2021 Recently, Arizona and Connecticut came to agreements with the states’ Indian tribes. The agreements allow the tribes to expand their offerings and add sports betting. They also permit the states to authorize other entities to conduct sports betting. The tribes appear to believe they received a fair trade-off in the agreements. Until these new compacts were signed, the tribes had an exclusive on … [Read more...]
Stadiums augment newly enacted Maryland and Arizona sports betting markets By Howard Stutz, Executive Editor, CDC Gaming Reports • April 17, 2021 At some point, Baltimore will have three sportsbooks within less than two miles of one another. Only one will be located inside a traditional casino. Under Maryland’s new sports betting legislation, Oriole Park at Camden Yards and M&T Bank Stadium, the homes for baseball’s Baltimore Orioles and the NFL’s Baltimore Ravens, have the same rights to operate a sportsbook as the neighboring … [Read more...]
In this corner … major boxing events in front of a live Vegas crowd again? By John L. Smith, CDC Gaming Reports • April 14, 2021 Let’s start by agreeing that Tulsa is nice this time of year. And Kissimmee’s a fine place to be if you ever find yourself swatting mosquitos in central Florida. But, well, they’re not exactly Las Vegas. Given the chance, Top Rank founder and CEO Bob Arum will say plenty of nice things about Tulsa and Kissimmee. They are, after all, the sites of his company’s championship boxing promotions … [Read more...]
Longtime rivals Boyd and Red Rock still vying for the Las Vegas locals market By Howard Stutz, Executive Editor, CDC Gaming Reports • April 13, 2021 There has long been a rivalry between Boyd Gaming and Red Rock Resorts. Their founders, the late Sam Boyd and son Bill Boyd, and the late Frank Fertitta, Jr., are considered pioneers in the Las Vegas casino market catering to Southern Nevada residents. Today, the companies are the two dominant operators. But the competition once got heated. In 2009, Boyd made a $950 million offer to … [Read more...]
Mobile sports betting Andrew Cuomo style By Ken Adams, CDC Gaming Reports • April 11, 2021 New York has just passed its budget for the next fiscal year. It is a tidy sum, $212 billion, a 10 percent increase over the 2020-2021. Blame it on COVID-19. Like the rest of the country, New York is faced with an economic crisis in the wake of the pandemic. The crisis has created a mountain of social needs and concerns, which the budget seeks to address. Struggling communities, schools, small … [Read more...]
Increased fan engagement from legal sports betting fuels valuable sports media deals By Howard Stutz, Executive Editor, CDC Gaming Reports • April 10, 2021 It was nearly a decade ago when the NCAA and the four primary professional sports leagues sued the state of New Jersey to stop the enactment of a voter-approved sports betting referendum. The NCAA and the leagues would spend millions of dollars in legal fees over the next five years in what was ultimately a failed effort. It’s safe to say the National Football League, National Basketball … [Read more...]
‘Joe’s Dash’ a highlight reel from security man Dorsey’s remarkable career By John L. Smith, CDC Gaming Reports • April 7, 2021 Given its history, it’s no surprise the casino industry continues to provide an endless source of fascination for readers. But it’s not all shadowy gangsters and larger-than-life corporate titans. For my money, the best stories always seem to come from behind the scenes and straight from the casino floor. It’s something Joe Dorsey knows plenty about. Joe’s Dash: From Million Dollar Drug … [Read more...]
Fixing a problematic North Las Vegas casino fueled the gaming pursuits of Bally’s Soo Kim By Howard Stutz, Executive Editor, CDC Gaming Reports • April 6, 2021 A decade ago, when the Bally’s name was attached to one of the gaming industry’s leading slot machine developers, Soo Kim was gaining an understanding of the casino business. Standard General, a New York-based investment firm that Kim co-founded, led a group of creditors that took ownership of Aliante Station in North Las Vegas following the bankruptcy reorganization of Station Casinos in … [Read more...]
Focus on Asia: When Gaming Regulatory Authorities Stumble By Andrew Klebanow, Principal, Klebanow Consulting • April 6, 2021 The aftershocks caused by the issuance of the Bergin Report in February of 2021 continue to reverberate across Oceana and East Asia. The report evaluated Crown Resorts’ suitability to hold a gaming license for its soon to be completed AU$2.2 billion resort in New South Wales. The report uncovered a variety of issues at Crown’s casino properties in Victoria and Western Australia. Specifically, the … [Read more...]
Focus on Asia: The Sands of Time By Ben Blaschke, Managing Editor, Inside Asian Gaming • April 6, 2021 On 3 March 2021, Las Vegas Sands announced that it had reached an agreement to sell off its entire Las Vegas property portfolio, providing in return an extensive and powerful US$6.25 billion war chest. Coming less than two months after the passing of founder Sheldon Adelson, the decision to sell, albeit hinted at in earnings calls last year, suggests that arguably the most successful casino … [Read more...]
First Las Vegas location for Betfred Sports serves as a showroom, but not for long By Howard Stutz, Executive Editor, CDC Gaming Reports • April 3, 2021 Think of the Betfred sportsbook inside the newly opened Mohegan Sun Casino Las Vegas as a model home. Betfred Sports, the U.S. subsidiary of United Kingdom-based Betfred Group, is awaiting licensing from Nevada gaming regulators. Until then, the 1,250-square-foot space provides the company’s Head of USA Development Stephen Crystal a boutique showroom inside Mohegan’s 60,000-square-foot casino … [Read more...]
Marty Byrde, King Dice, and gaming’s enduring image problem By David Schwartz, CDC Gaming Reports • April 1, 2021 The casino gaming industry is in a funny place. For those of us inside the bubble, it’s a business brimming with regulations, compliance, and integrity. For those outside it, though, casinos are still, for lack of a better word, seedy. On one hand, we can point to the unprecedented spread of legal casino gaming in the United States as evidence of the industry’s robust legitimacy. On the other, as … [Read more...]
Tottenham Report: The Football Index Debacle – Who Knew What and When? By Matt Zarb-Cousin • March 31, 2021 The collapse of Football Index, which billed itself as a stock market for footballers, is estimated to have cost tens of thousands of its users in the region of £90 million. Bet Index, the company that operated Football Index, is now in administration and has since had its license suspended by the Gambling Commission. More recently, Footstock, a similar product, surrendered its Gambling Commission … [Read more...]
Tottenham Report: The More Things Change … By Andrew Tottenham, Managing Director, Tottenham & Co • March 31, 2021 Plus ça change, plus c'est la même chose (the more that changes, the more it's the same thing) Today, we are experiencing waves of regulation and re-regulation of gambling throughout the world. In the U.S., the Supreme Court decision overturning the Third Circuit Court of Appeals, finding that PASPA violates the states’ Tenth Amendment rights, cleared the way for states to determine whether to … [Read more...]
The best marketing for the casino industry comeback: Full Vaccination By John L. Smith, CDC Gaming Reports • March 31, 2021 If there’s one thing Las Vegas has always been good at, it’s marketing itself to the world. From low-roller bargains to high-rolling penthouses, sexy singles getaways to family-friendly atmospheres, you name it, and some Las Vegas marketing maven has probably thought of a way to grab their attention. But now the world has changed. Now in its second year, the coronavirus pandemic continues to … [Read more...]
VICI Properties expands its Las Vegas presence – and influence – through Sands deal By Howard Stutz, Executive Editor, CDC Gaming Reports • March 30, 2021 At the end of February, VICI Properties President John Payne suggested the real estate investment trust was keeping its eyes firmly planted on Las Vegas. On the Strip, the New York-based company owns the land and buildings associated with Caesars Palace, Harrah’s Las Vegas, and the Caesars Forum Convention Center. VICI also has the right of first refusal should Caesars Entertainment sell … [Read more...]
A casino of collaboration opens in Las Vegas By Ken Adams, CDC Gaming Reports • March 28, 2021 As of March 25, Las Vegas has a new resort-casino, Virgin Hotels. It joins Circa, which opened in October, and Resorts World Las Vegas, scheduled to open later in the summer, as the COVID casinos of 2020-21. During the pandemic, the three resort projects continued construction, opening later than planned, but still opening. Staying on course was a test of the will and commitment of the … [Read more...]
Ending the handle tax up for Congressional debate (again), but Nevada not alone in the fight By Howard Stutz, Executive Editor, CDC Gaming Reports • March 27, 2021 Nevada Rep. Dina Titus was the lone voice in Congress seven years ago when she sought to remove an antiquated federal excise tax on sports wagers. At the time, the Silver State was the nation’s only full-scale and legal sports betting market. Nevada is no longer alone in the sports betting realm. Earlier this month, North Carolina became the nation’s 22nd legal sports betting jurisdiction … [Read more...]
An important anniversary for Las Vegas gaming By David Schwartz, CDC Gaming Reports • March 25, 2021 Last week, Nevada marked the 90th anniversary of the relegalization of commercial gaming — an event that led directly to the development of today’s gaming industry. Today, we mark another milestone of Nevada gaming history, one that reminds us how far the state and the industry have come, and how far both still have to go. On March 26, 1960, Governor Grant Sawyer, Las Vegas NAACP President Dr. … [Read more...]
Wynn’s name set to re-emerge after $50M hospital donation By John L. Smith, CDC Gaming Reports • March 24, 2021 Scandalized former casino mogul Steve Wynn has found a place where they welcome his name on a building. It didn’t come cheap. Wynn has announced he’s donating $50 million toward the construction of a new hospital in downtown Utica, New York. The hospital, owned by the Mohawk Valley Health System, will bear his name. The donation announcement comes at a time Wynn is still battling the fallout … [Read more...]
Joe Hasson: Mohegan Sun Las Vegas opening ‘an important event’ for the tribe By Howard Stutz, Executive Editor, CDC Gaming Reports • March 23, 2021 The business model provided the reason as to why Joe Hasson went from consultant to candidate for the general manager’s position at the Mohegan Sun Casino inside Virgin Hotels Las Vegas. It was familiar to him. Mohegan Gaming, the business arm of Connecticut’s Mohegan Indian Tribe, unveils its 60,000-square-foot gaming space inside the renovated former Hard Rock Las Vegas on Thursday. The … [Read more...]
Igaming Focus: DFS on the rise – player education, brand awareness and M&A targets By Jake Pollard, CDC Gaming Reports • March 23, 2021 Daily fantasy sports is a key acquisition and educational tool in the ultra-competitive U.S. iGaming space. The pressure is on to find early-stage DFS specialists as operators look to grow both player-base and brand awareness. Not many industry observers could have predicted how fantasy leagues or the fantasy sports betting vertical would develop over the last 25 years when media brands like … [Read more...]
Where do they go when it’s over?; or “Ahhhh, retirement” By Bernard Kroviak, CDC Gaming Reports • March 22, 2021 Every year for the past three years, more than 19,000 thoroughbreds have been foaled in this country. Our old trainer once told me that usually about 60% of them ever get to race, and of that number, only about 60% of them ever win a race. That certainly makes breeding a pretty risky business, especially if you spend hundreds of thousands of dollars to breed a single mare to a single stallion. In … [Read more...]
Opinions are easy when you have no skin in the game By Ken Adams, CDC Gaming Reports • March 21, 2021 Communist China is once again proving to be an enigma to the casino-gaming world. Early in the year, China announced an extension to its blacklisted gambling destinations for Chinese. And beginning in March, it said it would enforce a law that makes it illegal to solicit Chinese gamblers to travel outside of the country and across borders. It is also a violation of the law for Chinese gamblers to … [Read more...]
A potential Trump casino project in Florida faces long odds and steep opposition By Howard Stutz, Executive Editor, CDC Gaming Reports • March 20, 2021 The troubles facing former President Donald Trump’s faltering business empire were well documented by Bloomberg News this week. Jumping back into the casino industry, however, probably isn’t the most viable solution that would be offered up by Trump’s creditors. They are owed some $590 million in loans that come due over the next few years. Based on Trump’s gaming industry track record, … [Read more...]
Nevada gaming turns 90 By David Schwartz, CDC Gaming Reports • March 18, 2021 Today marks the anniversary of what might be the most consequential event in American gambling history: the relegalization of commercial gaming in Nevada in 1931. Without Nevada rolling the dice in 1931, it’s likely that gambling in the United States — and the rest of the world — would look very different today. When Governor Fred Balzar signed Assembly Bill 98 into law on March 19, 1931, he … [Read more...]
Tottenham Report: Caveat Emptor By Andrew Tottenham, Managing Director, Tottenham & Co • March 17, 2021 Last week, Football Index, the fantasy sports share-trading business, called in the administrators, a process similar to the United States’ Chapter 11, and the UK Gambling Commission (GC) suspended its operating license, resulting in the closure of the business. The GC put out a statement: “The suspension follows an ongoing section 116 review into the operator, as we had concerns activities may … [Read more...]
Tottenham Report: Who Wants To Be a Personal Management Licence Holder? By Paula Murphy, Founder and Managing Director of KnowNow Limited • March 17, 2021 Earlier this month, the UK Gambling Commission (GC) announced they had taken action against a number of Personal Management Licence (PML) holders at Caesars Entertainment UK. This investigation was launched off the back of regulatory action last year resulting in a £13m penalty for the operator, stemming from a series of social-responsibility, money-laundering and customer-interaction failures, … [Read more...]
Ring the bell for Marvelous Marvin Hagler, a great Las Vegas entertainer By John L. Smith, CDC Gaming Reports • March 17, 2021 The tributes continue for former middleweight champion Marvelous Marvin Hagler, who died last week at age 66. The accolades are well-deserved, of course. Hagler was one of the greatest middleweights in the history of the sport. He won 62 of his 67 professional fights with 52 knockouts and reigned supreme in his division throughout most of the 1980s, perhaps boxing’s last golden era. All … [Read more...]
Optimism prevails as Strip gaming operators hoping for a post-pandemic bounce back By Howard Stutz, Executive Editor, CDC Gaming Reports • March 16, 2021 Can you smell the optimism? A cautious confidence is emanating from Las Vegas casino operators that the early stages of an economic rebound is on the horizon. On Monday, gaming floors and restaurants boosted capacity levels to 50%, just ahead of the NCAA’s March Madness. The buoyant mood also comes from gaming leadership in the regional markets and Macau. Investment firm J.P. Morgan … [Read more...]
Tangos and Waltzes for the Big Apple and Windy City By Ken Adams, CDC Gaming Reports • March 14, 2021 New York and Chicago appear to be getting closer to a hometown resort. Chicago is currently taking a step down that road. The city is expected to release an RFP soon. Mayor Lori Lightfoot says the city would like premium casino companies to bid for a Windy City resort. The mayor went so far as to hope the companies applying would have a Las Vegas return address on their proposal. A casino in … [Read more...]
Loosening the restrictions, the Stardust and Casino Chicago By Ken Adams, CDC Gaming Reports • March 13, 2021 A year after the coronavirus forced the closing of all the casinos in the country, recovery and return to normal may be beginning. The governors of Maryland, Nevada and New Jersey have eased the restrictions in their states. For a year, Las Vegas has been without two of its major drivers, entertainment, and conventions. Nevada Governor Steve Sisolak is very aware of the impact and is doing his … [Read more...]
They Will Return By David G. Schwartz, CDC Gaming Reports • March 11, 2021 This month, we pass the one-year COVID-19 mark. The pandemic and its associated shutdowns, travel restrictions, and economic losses disrupted much of the national gaming industry, but had a particularly brutal impact on the Las Vegas Strip. Once the leading light of American gambling, the Strip has been hurt by the very things that, for decades, made it so prosperous: easy connections to much of … [Read more...]
With the Strip in transition, Las Vegas Sands cashes out By John L. Smith, CDC Gaming Reports • March 9, 2021 Some are calling it smart business. Others are reminiscing about the changing corporate landscape of Las Vegas. Still more must be wondering whether they’re getting out while the getting’s good. But whatever your opinion of the departure of Las Vegas Sands Corp. from the city that enabled its founder to become a household name in the gaming industry, it’s a remarkable turn of events that … [Read more...]
Potential Sportradar listing raises official data stakes By Jake Pollard, CDC Gaming Reports • March 8, 2021 Recent news that the betting-odds and data-supplier Sportradar was in talks to go potentially public through a special purpose acquisition company (SPAC) wasn’t surprising. Rumours that the Switzerland-based company would list via either an initial public offering or a SPAC have been circulating for some time and when one notices the breadth of U.S. stakeholders actively looking at a market … [Read more...]
A week to remember on the Las Vegas Strip By Ken Adams, CDC Gaming Reports • March 6, 2021 It would be hard to imagine a bigger story than the sale of the Las Vegas Sands properties. Just two months after Sheldon Adelson died, the Sands announced it had reached a deal to sell its real estate and gaming operations in Las Vegas in two separate transactions. VICI Properties is buying the real estate and Apollo Global Management is acquiring the operations. Chairman and CEO Robert … [Read more...]
I want to play at casinos again; do they still want me? By Mark Gruetze, CDC Gaming Reports • March 4, 2021 It’s been 12 months since my last casino visit, by far the longest stretch since becoming obsessed with Las Vegas and blackjack 40-some years ago. I’m eager to return as soon as I feel safe in a crowd, whether for an evening at my home casino in Pennsylvania or on an excursion to a gambling hub. But a question nags at me: How much do casinos want me back? Will they still welcome low- to … [Read more...]
Tottenham Report: Taming Risk By Andrew Tottenham, Managing Director, Tottenham & Co • March 3, 2021 This week, we are back to the development of probability theory, which we approach through the graveyards of plague-infected 17th century London. In this series, I have written about how the initial impetus for the development of probability theory was gambling. First, Cardano explained how the probability of various outcomes of dice throws and card games could be calculated. Second, in … [Read more...]
Nevada should expand, not slash, state’s problem-gambling program By John L. Smith, CDC Gaming Reports • March 3, 2021 March is Problem Gambling Awareness Month. It’s a time set aside for a status-check on the ongoing effort to address the complex issue of compulsive gambling. As it has with all other aspects of daily life, the pandemic has complicated efforts to inform players about problem gambling and provide treatment options. In Nevada, so reliant on gaming and tourism for its tax revenues and economic … [Read more...]
All’s well that ends well with the Upick debacle By David G. Schwartz, CDC Gaming Reports • March 2, 2021 You probably have already heard the story. It raced across Twitter in a brilliant blaze last week before sputtering into dust over the weekend. The Vegas Golden Knights inked a sponsorship deal with UpickTrade.com, a “sports pick recommendation service.” Cue the unanimous uproar from the broader sports betting community, head scratches from industry experts, and the Golden Knights ending the … [Read more...]
Focus on Asia: The Reckoning By Andrew Klebanow, Principal, Klebanow Consulting • March 2, 2021 For over two decades, casinos in East Asia and Oceana have targeted gamblers residing in the Peoples Republic of China (PRC). From the VIP rooms in Cagayan Province in the Philippines to the casinos in Australia, Chinese gamblers have long been an important market. Whether they were brought in by junket promoters, group tours, or as individual travelers, and more recently as online gamblers, … [Read more...]
Focus on Asia: Korean Calamity By Ben Blaschke, Managing Editor, Inside Asian Gaming • March 2, 2021 At a time when casino operators around Asia are either starting to see their fortunes rise or preparing for better days ahead as vaccines begin rolling out across the globe, there is reason for ongoing concern in South Korea. The East Asian nation is home to 17 casinos – eight in Jeju and nine on the mainland – and of those only one, Kangwon Land in remote Gangwon Province, permits locals … [Read more...]
Virginia: In the vanguard of gaming expansion By Ken Adams, CDC Gaming Reports • February 28, 2021 Virginia is a state on the move, reinventing itself for the 21st century. The changes are startling. Statues of Jefferson Davis and Robert E. Lee and confederate flags are vanishing. Urbanization, technology companies, Amazon, casinos and sports betting are popping up all over the Commonwealth. Two years ago, it seemed that the current round of casino gaming expansion had run its course. … [Read more...]
Texas Two-Step: Casinos and sports betting doing the Lone Star dance By Howard Stutz, Executive Editor, CDC Gaming Reports • February 27, 2021 Add Caesars Entertainment to the growing list of gaming companies that are more than curious about the possibility of Texas legalizing casinos during its upcoming legislative session. CEO Tom Reeg, however, isn’t holding out much hope. “That's another state where I'm highly confident there will be significant public interest,” Reeg said on the company’s quarterly conference call last week. … [Read more...]
Tottenham Report: Careful What You Wish For By Andrew Tottenham, Managing Director, Tottenham & Co • February 24, 2021 The terms of reference for, and the scope of, the review of the Gambling Act 2005 have been agreed on and we are off to the races. All parties have started lobbying for their positions, with articles appearing in the media and spokespeople for various factions popping up on broadcast news. To avoid the debacle of the FOBT debate, the Betting and Gaming Council (BGC) want to control the message … [Read more...]
Tottenham Report: Future Landscape of Data Rights By Scott Longley • February 24, 2021 The empty stadia of top-class sports in lockdown has presented a dismal prospect. The echoing shouts and cries to the few players and staff in the arenas rebound around venues more suited to the singing of the multitude. Spare a thought, though, for the data scouts. While the rest of the spectators get to moan about a lack of atmosphere, the scouts still have a job to do, translating the action … [Read more...]
At Nevada Legislature, changing technology also means changing definitions in gaming statutes By John L. Smith, CDC Gaming Reports • February 24, 2021 As I watched the live feed of the Assembly Judiciary Committee hearing Tuesday morning at the Nevada Legislature, I couldn’t help wondering where we would be without all our technology. That sense of reliance has only been enhanced during the coronavirus pandemic. The State Legislature is back in session but is only available to most of us by watching its Internet feed or via its Youtube … [Read more...]
Troubles at GameCo portend concerns for the skill-based slot market By Howard Stutz, Executive Editor, CDC Gaming Reports • February 23, 2021 Roughly 60 minutes into a Nevada Gaming Commission licensing hearing that quickly devolved into a four-hour interrogation, it was abundantly clear Blaine Graboyes’ future as CEO of skill-based slot machine developer GameCo was in peril. Less than 24 hours after Graboyes was denied a gaming license on a 4-1 vote, the sharks were circling. A handful of investment types were on the phone … [Read more...]
Igaming Focus: U.S. igaming market – the only place to be? By Jake Pollard, CDC Gaming Reports • February 23, 2021 The U.S. igaming market is the only game in town when it comes to growth prospects and potential currently. The headlines and figures are noteworthy in these early days, but the daily grind and detail of operators’ activities will define the market. The rate at which the U.S. online gaming and betting market is developing has made it the only game in town in terms of industry interest and, if … [Read more...]
Igaming Focus: Dodging one bullet, and maybe another By Martin Owens, Attorney At Law, Special to CDC Gaming Reports • February 23, 2021 New U.S. Corporate Requirements, Section 230 and Igaming “Remember that not getting what you want is sometimes an incredible stroke of luck.” -- The Dalai Lama About the last thing the U.S. Congress did in 2020 was to override President Donald Trump's veto of the National Defense Appropriations Act. It was the first thing the U.S. Senate did in 2021. Like all big and important budget … [Read more...]
Andrew Yang, the Big Apple and a casino By Ken Adams, CDC Gaming Reports • February 21, 2021 Andrew Yang is seeking to be elected mayor of New York City. Yang has no political experience, although he has campaigned for public office once before. In November 2017, he filed to run for president of the United States, leaving the race in February 2020. Yang is not rich, nor is he well-known nationally. He graduated from law school, but only practiced law for “the worst five months of my … [Read more...]
‘Rebound in Hawaii business’ will drive the post-COVID recovery for the ‘ninth island’ By Howard Stutz, Executive Editor, CDC Gaming Reports • February 20, 2021 Observers hoping Boyd Gaming’s fourth-quarter results would help extrapolate the financial influence Circa Casino Resort has had on downtown Las Vegas’ gaming market didn’t find any answers. Boyd’s total revenues from two of its three downtown Las Vegas properties – Main Street Station has been closed since March – declined 74% to $18.2 million for the last three months of the year. For all … [Read more...]
Red Rock looks at possible casino expansion even as four Las Vegas properties remain closed By Howard Stutz, Executive Editor, CDC Gaming Reports • February 16, 2021 Red Rock Resorts leadership didn’t have much to say last week about the Palms Casino Resort, the off-Strip property that cost the company more than $1 billion over the past five years in acquisition costs, renovation charges, and write-offs associated with a failed nightclub. The Palms closed 11 months ago when Nevada shut down its gaming industry for 78 days in an effort to slow the spreading … [Read more...]
And who shall wear the Crown? By Ken Adams, CDC Gaming Reports • February 15, 2021 Australian gaming company, Crown Resorts, has had a very difficult time of late. Its troubles probably began in 2016. In October of that year, 19 employees were arrested in China for illegally recruiting gamblers. The press coverage was unfavorable for Crown and James Packer, the company’s largest stockholder, and it probably had an impact on subsequent events. In March 2018, Packer resigned from … [Read more...]
Unfinished Fontainebleau-Drew project is not a solution to the Las Vegas Strip’s troubles By Howard Stutz, Executive Editor, CDC Gaming Reports • February 13, 2021 I have one question for Koch Real Estate Investments, the fourth owner of the unfinished Fontainebleau-Drew project, a hulking eyesore on the northern end of the Las Vegas Strip. Do they know a good demolition expert? The company, the Dallas-based real estate arm of the politically uber-powerful Koch Industries, said in a statement late Thursday it acquired the development, which sits on 24 … [Read more...]
I watched the Super Bowl in Spanish: It was better that way By John L. Smith, CDC Gaming Reports • February 10, 2021 A funny thing happened on the way to watching the Kansas City Chiefs repeat as champions of the National Football League. And it wasn’t the ugly outcome of the game. My wife and I went over to her mother’s house to celebrate the Big Game between the Chiefs and the Tampa Bay Buccaneers. It was a party of three, socially distanced and just about my speed. Then a strange and wonderful thing … [Read more...]
Sports betting, coupled with igaming, could fuel 1990s-like expansion in the U.S. By Howard Stutz, Executive Editor, CDC Gaming Reports • February 9, 2021 Barstool Sports, the sports wagering platform for regional casino operator Penn National Gaming, currently operates in two states. Penn’s 41 casinos are located in 19 states. In the recently completed fourth quarter, Penn reported total revenues of nearly $1.03 billion. The contribution from sports betting was mixed into the company’s “Other” revenue bucket, which totaled $53.4 … [Read more...]
Tottenham Report: How Do We Decide? By Andrew Tottenham, Managing Director, Tottenham & Co • February 8, 2021 The Behavioural Insights Team (BIT), which used to be part of the UK’s Cabinet Office when David Cameron was the Prime Minister, has released a study investigating the relationship between online deposit limits and the amount customers actually do deposit. Despite the headlines, “Research suggests gambling spend reduced with deposit limit options removed”, the actual results were not so clear … [Read more...]
Tottenham Report: Casino Concessions in Portugal in the Wake of the COVID-19 Pandemic By André Miranda • February 8, 2021 In Portugal, to operate a land-based casino, operators must enter a public-tender procedure to be granted a concession. Considering the amounts of money involved and EU regulations, these tenders should be international. Usually, well before the termination of the concession contract, the Government should prepare and organize a new tender, which in complex concessions such as land-based casinos … [Read more...]
‘Peanuts, popcorn, the over/under?’ Arizona offering a new sports betting partnership By Howard Stutz, Executive Editor, CDC Gaming Reports • February 6, 2021 Many professional teams located in states where sports wagering is legal have taken on “official sports betting partners,” which primarily provide sportsbook operators signage inside stadiums or arenas and other marketing opportunities. Arizona lawmakers are considering allowing teams to take that designation one step further. Legislation introduced in Phoenix last week would permit the … [Read more...]
A bet on the Big Game and a prayer for better days ahead By John L. Smith, CDC Gaming Reports • February 3, 2021 Even under coronavirus pandemic restrictions and amid a reeling economy, Super Bowl LV figures to generate a lot of excitement and a gargantuan handle by sportsbooks across the country and around the world. As a sentimental aside, I can’t help but pause to reflect that it wasn’t long ago the National Football League and its team of lawyers would have thrown a flopping fit and sent out … [Read more...]
Building a New York City casino resort continues to attract the interest of Las Vegas Sands By Howard Stutz, Executive Editor, CDC Gaming Reports • February 2, 2021 Las Vegas Sands still has that New York state of mind. After all, CEO Rob Goldstein said the company has “been looking at New York for, I think, about 100 years, it seems like. I don't think it's any secret that we're big believers in New York.” Goldstein was exaggerating a bit during the company’s fourth-quarter earnings conference call last week, but the potential for an integrated … [Read more...]
Focus on Asia: All For One, Not One For All By Ben Blaschke, Managing Editor, Inside Asian Gaming • February 2, 2021 If there is one thing we have learnt from the licensing and suitability woes hovering over Australia’s Crown Resorts right now, it’s the importance of compliance and keeping scrupulously close watch over the flow of funds in and around the casino floor (and in pubs and clubs across the state). But it has also reinforced the fact that gambling-related companies are often held to a different, … [Read more...]
Focus on Asia: The Road to Thailand By Andrew Klebanow, Principal, Klebanow Consulting • February 2, 2021 In January, Thailand’s prime minister announced that he was willing to explore the possibility of legalizing casino gambling in the kingdom. Recent outbreaks of Covid-19 in illegal gambling halls prompted him to make the announcement. His statement also acknowledged that Thai citizens already gamble, in both illegal domestic operations and in other countries. Any number of possible gaming … [Read more...]
A changing of the guard at the Sands By Ken Adams, CDC Gaming Reports • February 1, 2021 Sheldon Adelson died and left the reins of Las Vegas Sands in the hands of his second-in-command, Rob Goldstein. Goldstein inherits the reins, but not the stock and ownership control of the company. Adelson’s wife, Miriam, gets the stock. In time, Miriam may be able to exercise some control over the company, but not until she is licensed in Nevada and receives approval from Macau and Singapore. … [Read more...]
Daily fantasy still not part of Nevada’s sports betting line-up despite recent investments By Howard Stutz, Executive Editor, CDC Gaming Reports • January 30, 2021 Nearly six years ago, Nevada put the kibosh on daily fantasy sports operators. The Gaming Control Board, based on a research memo authored by the state’s Attorney General, banned unlicensed fantasy sports websites from providing their product to Nevada customers. The reason? “Daily fantasy sports constitute sports pools and gambling games," Brin Gibson, then-chief deputy attorney … [Read more...]
Jeffrey Epstein’s ghost sends a chill through Apollo Global Management By John L. Smith, CDC Gaming Reports • January 27, 2021 Jet-setting sex trafficker Jeffrey Epstein died in 2019, but he continues to haunt his old associates. One of those, Apollo Global Management co-founder Leon Black, certainly knows his way around Las Vegas and the casino industry. Apollo announced this week that Black would step down as CEO following the release of an investigation by its board of directors that focused on his relationship with … [Read more...]
Michigan draws the sports betting community’s attention with its online launch By Howard Stutz, Executive Editor, CDC Gaming Reports • January 26, 2021 Online sports betting went live last weekend in Michigan with 10 different platforms, each with a single partner – one of Detroit’s three commercial casinos and seven of the state’s tribal gaming properties. That’s a crowded field even for a populous, sports-crazy state like Michigan. Imagine the frenzy in California and Texas if those states ever decide to get around to legalizing sports … [Read more...]
Igaming Focus: U.S. sports betting marketing – on a different level By Jake Pollard, CDC Gaming Reports • January 26, 2021 The levels of marketing and coverage of sports betting in the U.S. are above anywhere else in the world, but scrutiny of the industry is just as likely to rise in parallel. The number of media partnerships and the level of broadcast and mass market exposure betting brands are getting in the U.S. is some levels above anything seen in other regulated markets. A quick run through of recent … [Read more...]
Upset and upsets By Bernard Kroviak, CDC Gaming Reports • January 25, 2021 "To disturb the balance or stability", "to overthrow from an upright position", "an unhappy or worried mental state”: these are just few examples of the definition of the word upset. It can be used as a noun or a verb. I find it a very curious word, especially in light of the events of 2020. Odds are, we’ve all used this silly little word, some of us probably more than others. For me, the … [Read more...]
Where have all the gamblers gone, long time passing? By Ken Adams, CDC Gaming Reports • January 24, 2021 For December 2020, the three Massachusetts casinos reported less than $50 million in gross gaming revenue. It was a decline of 40 percent from December 2019. The casinos in Massachusetts, like those everywhere in the country, are suffering the impacts of government operating restrictions and a customer base leery of being in public. The nation and the gaming industry are approaching the one-year … [Read more...]
Revisions aside, maybe it’s time to get rid of the ‘archaic’ Wire Act altogether By Howard Stutz, Executive Editor, CDC Gaming Reports • January 23, 2021 Nearly 60 years have passed since Congress created the Federal Wire Act. U.S. Attorney General Robert Kennedy pushed the legislation as a deterrent to organized crime by making the transmission of interstate gambling information illegal. But the Wire Act has outlived its usefulness. In today’s modern gaming universe, commercial and tribal casinos are found in 43 states, legal sports betting … [Read more...]
Will Trump return to Las Vegas or even the casino business? Don’t bet on it By John L. Smith, CDC Gaming Reports • January 20, 2021 After four tumultuous years, Donald Trump is no longer President of the United States. Impeached twice and the provoker of a failed insurrection, the man who set out to shake up Washington D.C. certainly accomplished the task. It’s not easy to have 400,000 Americans die of a containable coronavirus pandemic and walk away without a simple acknowledgment of the great loss, but Trump managed to do … [Read more...]
Inoculating a casino workforce against COVID-19 could boost a damaged gaming market By Howard Stutz, Executive Editor, CDC Gaming Reports • January 19, 2021 Steps were taken in the past week to help Nevada’s battered casino industry recover from the economic devastation caused by the COVID-19 pandemic. Gov. Steve Sisolak prioritized eligibility of frontline gaming and tourism workers in the state’s current coronavirus vaccine distribution schedule Wynn Resorts converted Encore’s convention space into a COVID-19 vaccine distribution center, … [Read more...]
Tottenham Report: Italy – Taxation on betting collection is nothing more than a display-of-wealth tax on bettors By Valérie Peano • January 19, 2021 During the first COVID-19 emergency period in Italy early in 2020, the Italian government introduced an additional 0.5% tax on sports and horse betting collection, as well as virtual betting and betting exchange, in order for the state to finance a fund dedicated to sports (notably: sports actors, sports amateur clubs and sports-competition organisers) – the so-called "Save Sport Fund". This … [Read more...]
Tottenham Report: Taking Life for Granted – the Development of Probability Theory, Part III By Andrew Tottenham, Managing Director, Tottenham & Co • January 19, 2021 In my last two articles, I discussed the origins of probability theory and how humans took life for granted, believing that the future was not only unknowable, but somehow pre-ordained. In the sixteenth century, through the popularity of games and especially gambling, it appears that we started to ask if we could ordain the future. Could we look at discreet future events and understand the … [Read more...]
Sheldon Adelson changed the Sands, Las Vegas and Macau By Ken Adams, CDC Gaming Reports • January 18, 2021 Sheldon Adelson, the CEO of Las Vegas Sands, has died. Forbes listed him as the 28th wealthiest person in the world with $33.5 billion. Adelson had three claims to fame. First, besides being the Sands CEO, he owned more of the company’s stock than anyone else. It was his Sands stock that put him on the Forbes list. Second, he was the largest individual donor to the Republican Party and the … [Read more...]
After an active 2020, Bally’s is no longer ‘a small regional gaming company’ By Howard Stutz, Executive Editor, CDC Gaming Reports • January 16, 2021 Since 2019, Rhode Island-based Bally’s Corp. has struck deals to acquire or build 11 casino properties in nine states, tripling the regional gaming company’s previous portfolio. Bally’s – formerly known as Twin River Worldwide Holdings – is also creating an omnichannel interactive betting division through its $125 million acquisition of sports betting platform Bet.Works and its partnership with … [Read more...]
‘Sugartime’ revisited: Remembering a Las Vegas hall-of-famer By John L. Smith, CDC Gaming Reports • January 13, 2021 Singer Phyllis McGuire, who died just before New Year’s in Las Vegas at age 89, never ran a casino – but there was a time she turned the gaming industry upside down. As a member of the ‘50s sweethearts The McGuire Sisters and as a solo act, she stopped regularly performing years ago. But I can attest that she never lost her magic whether onstage or over a long-distance line. The McGuire … [Read more...]
Sheldon Adelson: A self-made billionaire whose place in gaming history is assured By Howard Stutz, Executive Editor, CDC Gaming Reports • January 12, 2021 The last time I interviewed Sheldon Adelson, he was more interested in talking about a meal he’d recently been served in Israel than the multimillion-dollar judgment he was contesting in front of the Nevada Supreme Court a few days later. The “wonderful lunch of chicken and falafel” was obviously more satisfying to the billionaire than the $96 million he and Las Vegas Sands ended up having to … [Read more...]
VIP gamblers in China: A bait and switch? By Ken Adams, CDC Gaming Reports • January 11, 2021 China is changing, being changed. President Xi Jinping is engineering a stronger central government and decreasing the importance of a free capitalist economy. Although a semi-capitalistic economy exists, it is coming more and more under the central control of the Communist Party. The changes will be important to any company wishing to do business in China, but none more so than casinos in Macau. … [Read more...]
Not just one bite: Barstool Fund has raised more than $20.9M for small businesses By Howard Stutz, Executive Editor, CDC Gaming Reports • January 9, 2021 Back in October, Dave Portnoy, founder and “El Presidente” of media platform Barstool Sports, decided to help save the historic Reading Terminal Market in downtown Philadelphia, which had been hit hard by COVID-19 lockdowns. With an assist from casino operator Penn National Gaming, which owns 36% of Barstool, more than $250,000 was raised for location. Penn donated $100 for every new Barstool … [Read more...]
Tottenham Report: Affiliates – The secret weapon in the fight for responsible gambling? By Curtis Roach • January 6, 2021 The recent acquisition of safe-gambling-solutions company Mindway AI by Better Collective is not only a prime example of the progress made in the affiliate market, but also a strong indicator of what the future holds for this increasingly influential section of the gaming industry. An affiliate company should no longer be thought of as a ‘one-man-band’ operating out of someone’s bedroom. … [Read more...]
Tottenham Report: Taking Life for Granted – the Development of Probability Theory, Part II By Andrew Tottenham, Managing Director, Tottenham & Co • January 6, 2021 This post is the second of three looking into the development of probability theory, an important concept for the development of our industry. In the first part, I discussed how until the late 15th century, our forebears thought that the future was in the “lap of the gods” and could not be predicted, despite what might have been obvious clues. Late in the 15th century, people started to … [Read more...]
Gaming expansion a 2021 topic as states repair budget holes caused by COVID-19 By Howard Stutz, Executive Editor, CDC Gaming Reports • January 5, 2021 An integrated resort casino in New York City. Las Vegas-style gambling properties in several of Texas’ major metropolitan markets. Legal sports betting in California. These aren’t predictions for 2021. But they could happen. Expansion of legal gaming is on the docket in several state legislatures, as governors and lawmakers deal with billions of dollars in budget shortfalls brought on by … [Read more...]
The gaming industry should tip its hat to the late Nevada State Sen. Joe Neal By John L. Smith, CDC Gaming Reports • January 5, 2021 As a Nevada state senator for more than three decades, Joe Neal rarely agreed with the powerful gaming industry on anything. He was a thorn in the side, a fly in the ointment, a pain in the, well, you get the idea. Neal, who died on New Year’s Eve at age 85, was an unabashed liberal. He was Nevada’s first Black state senator. He supported greater workers’ rights and stood up for the Culinary … [Read more...]
Focus on Asia: Suncity’s Path From Junket Promoter to Integrated Resort Developer By Andrew Klebanow, Principal, Klebanow Consulting • January 5, 2021 As widespread production of Covid-19 vaccines ramps up in early 2021, and as governments implement protocols to assure that inbound travelers are vaccinated, international tourism should begin to recover in the latter half of 2021. Primary beneficiaries will be travel, leisure, and hospitality companies that rely on international visitation for the bulk of their revenue. Suncity Group is one … [Read more...]
Focus on Asia: A Year in Time By Ben Blaschke, Managing Editor, Inside Asian Gaming • January 5, 2021 A year is a long time in our usually fast-moving industry, but there is no doubt that 2020 felt much longer than most. I was pondering this notion over the Christmas and New Year’s break, and found myself looking back to this same time last year. What was it shaping our hopes and dreams as 2019 came to an end? Needless to say, it wasn’t COVID-19! It’s hard to believe that just 12 months ago … [Read more...]
For Las Vegas, 2020 is in the past, but 2021 doesn’t look any different By Howard Stutz, Executive Editor, CDC Gaming Reports • January 2, 2021 Somewhere out in the dark and empty desert around midnight on New Year’s Eve, Las Vegas Convention and Visitors Authority officials oversaw the spectacular implosion of a 2020 sign. Maybe they were channeling the scene from the 1995 film, “Casino.” Gangster Nicky Santoro described Las Vegas as having “a lot of holes in the desert, and a lot of problems are buried in those holes.” Via a live … [Read more...]
COVID-19 or coronavirus: Whatever you call it, the pandemic overshadowed gaming in 2020 By Howard Stutz, Executive Editor, CDC Gaming Reports • December 31, 2020 A few weeks after Hurricane Katrina slammed into the Gulf Coast in August 2005, wiping away Mississippi’s flourishing casino market, then-American Gaming Association CEO Frank Fahrenkopf Jr. told those gathering for the Global Gaming Expo that the storm was the worst disaster to ever strike the gaming industry. COVID-19 was Katrina on steroids. The pandemic of 2020 tore through every corner … [Read more...]
‘Mayor of Arizona Charlie’s’ one of the notable gaming leaders we lost in 2020 By Howard Stutz, Executive Editor, CDC Gaming Reports • December 29, 2020 It was easily the worst day in the history of Las Vegas locals casino Arizona Charlie’s Decatur. Luckily for the workforce, some who had been employed at the small hotel-casino west of downtown Las Vegas since its opening in 1988, Ron Lurie was there to offer support. Two of the casino’s security officers were senselessly gunned down when they were investigating an incident in one of the … [Read more...]
The Rodent’s Year: 2020 was the Year of the Rat By Ken Adams, CDC Gaming Reports • December 27, 2020 Per the Chinese calendar, 2020 was the Year of the Rat. It has been a rat’s year indeed, an infected, infectious, pustulant, disgusting rat. It crawled out of a hole somewhere in a live market, climbed onto ships much like the rats of bubonic plague infamy, and sailed around the world, visiting every port and infecting every person it touched. It is not the first time in the history of … [Read more...]
Derek Stevens pays homage to Las Vegas ‘founders’ at Circa’s Legacy Club By Howard Stutz, Executive Editor, CDC Gaming Reports • December 26, 2020 Hanging by the maître d’s podium before guests ride the two high-speed elevators to Circa Casino Resort’s 60th-floor rooftop Legacy Club is a black-and-white photo of a Las Vegas poker game. The three players are the late Stuey Ungar, a three-time World Series of Poker champion, the late casino owner Bob Stupak, and longtime poker consultant Eric Drache. Stupak, his face resting on his right … [Read more...]
Are the markets anticipating legal sports betting’s first ‘bad beat’? By Howard Stutz, Executive Editor, CDC Gaming Reports • December 22, 2020 In the last 31 months, we’ve learned that any sports betting news item has the power to send the markets scurrying. In some ways, sports betting is akin to picking a winning stock, although we have yet to see a “bad beat.” In poker, a bad beat occurs when a seemingly unbeatable high-ranking hand loses to a higher-ranking hand. The term is often broadened to include non-poker gambles in which … [Read more...]
Igaming Focus: Scale and brand identity signal success in the U.S. market By Jake Pollard, CDC Gaming Reports • December 21, 2020 Scale is vital in the U.S. igaming market, but having a strong brand identity that is easily recognizable could be just as valuable and, arguably, is even rarer. Scale is often mentioned as one of the key features that online betting and gaming operators must possess if they are to be successful. In the case of the U.S. market, this is even more appropriate. The sheer size and potential for … [Read more...]
The Trojan Horse: sports betting By Ken Adams, CDC Gaming Reports • December 20, 2020 The overall gaming industry is in a period of dramatic expansion. In May 2018, the United States Supreme Court overturned a federal ban on sports betting. The decision did not legalize sports betting per se; it instead said that the federal law was unconstitutional, leaving it, like all other forms of gaming, a matter for states to decide. It concurrently opened the door to the fastest expansion … [Read more...]
California tribes missing out on millions in revenue without mobile sports betting By Howard Stutz, Executive Editor, CDC Gaming Reports • December 19, 2020 California’s tribal gaming industry is about to commit one of gambling’s ultimate sins. The group is leaving money on the table. The tribes submitted a ballot referendum a week ago that would legalize sports betting at Indian casinos and licensed racetracks. After collecting more than 1.4 million signatures, the tribes hope to place the question in front of voters in November 2022. Mobile … [Read more...]
Tottenham Report: Taking Life for Granted – the Development of Probability Theory By Andrew Tottenham, Managing Director, Tottenham & Co • December 16, 2020 In a change of pace, I thought I would write something about events that allowed our industry to be. This is the first part of a series looking at the development of probability theory, the concept that enables our industry to generate revenue. Today, there are so many things we take for granted and I am not talking about the internet, tablets and smartphones. Rather, I’m talking about numbers … [Read more...]
Tottenham Report: Can the Gambling Commission weather forthcoming reforms? By Hannah Gannagé-Stewart, CDC Gaming Reports • December 16, 2020 If you read UK newspapers, it can feel as though the writing is on the wall for the Gambling Commission of Great Britain (GC). Rarely a day goes past without its efforts being condemned by one party or another. But has the GC really run out of steam just 13 years after it was installed as the industry’s regulator via 2005’s Gambling Act? Only last week, a prominent politician stood up in … [Read more...]
‘Get a shot, spin a slot:’ Nevada’s gaming industry grapples with pandemic mitigation issues By Howard Stutz, Executive Editor, CDC Gaming Reports • December 15, 2020 Less than 24 hours after Nevada’s governor said he wasn’t closing the state’s casino industry for the second time this year despite rising COIVD-19 numbers, the initial shipment of the much-anticipated Pfizer-produced vaccine arrived in Las Vegas. Front-line health-care workers and residents at long-term care facilities are first in line to receive the doses, which began being administered on … [Read more...]
Looking for a model while flying blind By Ken Adams, CDC Gaming Reports • December 13, 2020 Depending on where you mark the beginning, December is either the ninth, tenth, or eleventh month since the COVID-19 coronavirus hit both the world economy and the gaming industry. As the experts predicted, we are now enveloped in a second wave of infections. This wave is worse than the first, and there is no immediate end in sight, although given that a pair of vaccines have recently been … [Read more...]
Casino sale by Boyd could foreshadow other pandemic-inspired transactions By Howard Stutz, Executive Editor, CDC Gaming Reports • December 12, 2020 The sale of the Eldorado Casino in Henderson, Nevada, didn’t rattle the financial register for Boyd Gaming Corp. The Las Vegas-based regional gaming company still operates 28 casinos in 10 states. A small, slot-machine-only property – located in Nevada’s second-largest city 20 minutes south of the Strip – wasn’t a material piece of business for Boyd, which has a market capitalization hovering … [Read more...]
The Aftermath By Bernard Kroviak, CDC Gaming Reports • December 10, 2020 The de facto horse racing world championships, the Breeders Cup, were held on November 6th and 7th. The U.S. Presidential Election was held on November 3rd. Leading up to both of these events, the atmosphere was filled with anxiety, tension, and anticipation. Who would win, and what would happen in the aftermath? Ironically – or perhaps not so ironically - the answer to that last question is still … [Read more...]
Troubled Tony Hsieh should be remembered with respect on Fremont Street By John L. Smith, CDC Gaming Reports • December 9, 2020 Think of the history of downtown Las Vegas, and a few names spring to the forefront of any conversation. Cowboy Benny Binion is there, so is Jackie Gaughan. And there’s Sam Boyd and Steve Wynn. And don’t forget Mel Exber and Kell Houssels. I’ve left out plenty, but you get the type. Some of the influences were more lettered than others, but they all brought the ability to put their money down … [Read more...]
Increasing Nevada’s gaming tax during the pandemic is not a good idea By Howard Stutz, Executive Editor, CDC Gaming Reports • December 8, 2020 As legislatures throughout the U.S. return to business in 2021 – albeit under COVID-19 health and safety guidelines – gaming expansion is being considered in several states. Lawmakers and governors view casinos, sports betting, and igaming as providing a new form of tax revenue in an effort to repair massive budget deficits caused by the pandemic. Nevada, however, could be on the wrong … [Read more...]
Keeping Las Vegas Strip casinos open akin to ‘walking on the edge of knife’ By Howard Stutz, Executive Editor, CDC Gaming Reports • December 5, 2020 Nevada’s governor doesn’t want to close casinos or limit visitation to the Las Vegas Strip, even as the state’s current COVID-19 infections show a “wildfire of community spread (that) continues to grow out of control.” More than a week after implementing a “three-week pause” that tightened capacity restrictions on casinos, restaurants, and private gatherings to 25%, Gov. Steve Sisolak said the … [Read more...]
All change – Gambling-related harm and living in lockdown By Paula Murphy, Founder and Managing Director of KnowNow Limited • December 2, 2020 It’s been an interesting year, to say the least. I am sure we have all seen the posts on social media saying things like, “I’m not adding 2020 to my age, because I haven’t used it”. However, if you work in compliance or responsible gambling, so much has been happening. We’ve all been very busy dealing with the disruption caused by COVID and carrying on business as usual in the tireless pursuit … [Read more...]
Integrated Resorts in Europe: Part Two By Andrew Tottenham, Managing Director, Tottenham & Co • December 2, 2020 In my last article, I discussed the economics of integrated resorts (IRs): what they are, why they work and the economic model. In this article, I examine whether Integrated Resorts will be successful in Europe. First a recap of my last article. Integrated resorts are dependent on the gaming element to get a return on investment; the casino cannot be an amenity for the guest, it must be the … [Read more...]
The casino industry once again has its eyes on gaming expansion into Texas By Howard Stutz, Executive Editor, CDC Gaming Reports • December 2, 2020 To the casino industry, Texas is Captain Ahab’s white whale, Sir Galahad’s Holy Grail, and James Hilton’s Shangri-La. It’s the state about which casino operators have long dreamed. “Texas remains the largest untapped market for gaming in the United States. COVID-19 has seemingly made the state reachable,” said Global Market Advisors Director of Government Affairs Brendan Bussmann. “The Lone … [Read more...]
Focus on Asia: NagaCorp’s Cambodia gambit By Andrew Klebanow, Principal, Klebanow Consulting • December 2, 2020 For nearly a decade, government policymakers in Cambodia have worked on developing a comprehensive law to govern the development, licensing, and operation of casinos in the kingdom. The results of those efforts culminated in the recent passage of the Law on the Management of Integrated Resorts and Commercial Gambling (LMCG). The long sought-after goal of using casino development as a tool … [Read more...]
Focus on Asia: Decision time in Yokohama By Ben Blaschke, Managing Editor, Inside Asian Gaming • December 2, 2020 Two years after Japan passed its long-awaited IR Implementation Bill, the future of the nation’s prospective casino industry is looking clouded as ever. Having finally overcome years of red tape to set the wheels in motion, the financial uncertainty proliferated by COVID-19 has planted seeds of doubt in the minds of once single-minded candidates and given rise to newly empowered opposition groups … [Read more...]
Masked up and open for business near Pittsburgh By Ken Adams, CDC Gaming Reports • November 29, 2020 In the midst of COVID-19 and its attendant restrictions and limitations, a new casino opened in Pennsylvania just before Thanksgiving. Live! Casino Pittsburgh welcomed its first customers on November 24th. To be specific, in Pennsylvania terminology, it is not really a casino; Live! is instead a mini-casino, properly and legally defined as a satellite casino. A category unique to Pennsylvania, but … [Read more...]
It’s all about the vaccine: Analyst says remedy would speed Strip’s long COVID recovery By Howard Stutz, Executive Editor, CDC Gaming Reports • November 28, 2020 Progress on the development of an efficient vaccine to thwart the spread of coronavirus sent the stock markets to record levels this week. The news also changed some thoughts toward the gaming industry, notably the length of recovery time facing the Las Vegas Strip as the market seeks to get back to pre-COVID-19 levels. Fitch Ratings Service gaming analyst Alex Bumazhny said the availability … [Read more...]
Could the Bally’s-Sinclair deal bring sports betting to California, Texas and Florida? By Howard Stutz, Executive Editor, CDC Gaming Reports • November 24, 2020 Casino operator and budding sports betting provider Bally’s Corp. views its new partnership with media giant Sinclair Broadcast Group as a customer-acquisition vehicle. The Bally’s name will replace Fox on Sinclair’s 21 regional sports networks while wagering information and content will be provided on the group’s 190 television stations in 88 markets – 70% of all U.S. households. The agreement … [Read more...]
Lem Banker was a sports bettor for all seasons By John L. Smith, CDC Gaming Reports • November 23, 2020 Long before he became famous for picking winners in the Super Bowl, Lem Banker was a tall, talented young basketball player growing up in New York and New Jersey. He was good enough to receive more than one college scholarship offer. He had a gift for numbers, you might say, but he wasn’t interested in an accounting degree. He was interested in betting on sports at a time when the activity was … [Read more...]
Igaming Focus: Numbers make the case for online betting and gaming By Jake Pollard, CDC Gaming Reports • November 23, 2020 Mobile has helped generate most of the headlines for online sports betting in the U.S. But as momentum for regulation continues to build, online casino is also growing strongly. Numbers don’t lie and 2020 has proved the old saying correct in numerous and different ways — from the huge impact the COVID-19 pandemic has had on the online betting and gaming vertical in the U.S. (and around the … [Read more...]
Igaming Focus: How promising is Illinois’ handle in light of the state’s sportsbook revenues? By Hannah Gannagé-Stewart, CDC Gaming Reports • November 23, 2020 After legalising sports betting in March, Illinois has been reporting impressive figures, despite the setbacks associated with the COVID-19 pandemic that coincided with the market’s launch. The latest figures released by the Illinois Gaming Board for September report a sports betting handle of $305.1m. Rush Street Interactive’s Kambi-powered sportsbook at Illinois’ Rivers Casino Des Plaines … [Read more...]
Goodbye, girls, and don’t you cry. We’ll be home soon. By Ken Adams, CDC Gaming Reports • November 23, 2020 This year is a moment of punctuated equilibrium, an era-defining event, like the world wars and Great Depression of the last century. Starting in March, the gaming industry, like most other industries in the country, was on lockdown. The economy literally came to a sudden, shocking halt. Business managers, politicians, Wall Street analysts, and ordinary citizens tried to predict when the economy … [Read more...]
Barstool and Penn National the most scrutinized of all media-sports betting partnerships By Howard Stutz, Executive Editor, CDC Gaming Reports • November 21, 2020 Viewers on Barstool Sports’ various platforms were treated to images of company founder Dave Portnoy and his crew watching in stunned amazement last Sunday as the Arizona Cardinals defeated the Buffalo Bills on a last-second touchdown pass. The game-changing play and outcome cost Barstool’s “El Presidente” $50,000. But the reaction resulted in millions of subsequent views on Barstool’s … [Read more...]
Remembering when Hazel Park Raceway had LV bookmakers ‘steamed’ By John L. Smith, CDC Gaming Reports • November 18, 2020 America was busy celebrating its bicentennial in the summer of 1976, but the racebook bosses of Las Vegas weren’t in a mood for fireworks. For some strange reason, they were getting killed with oddly confident bets on races at a track located in a Detroit suburb called Hazel Park Raceway. It was no secret Hazel Park was operated under the influence of Detroit mob boss Anthony Zerilli, whose … [Read more...]
Rollbacks, closures, curfews: Gaming industry faces down the newest COVID surge By Howard Stutz, Executive Editor, CDC Gaming Reports • November 18, 2020 During the recently concluded third-quarter earnings season, gaming operators speculated on a renewed shutdown of casinos across the U.S. Health experts predicted an increase in COVID-19 infections throughout the country. “You can’t ignore that risk. Certainly, any huge resurgence could be a risk to the business,” Boyd Gaming CEO Keith Smith said when asked about the possibility on Oct. … [Read more...]
Integrated Resorts in Europe: Part One By Andrew Tottenham, Managing Director, Tottenham & Co • November 18, 2020 I recently participated in an online discussion about integrated resorts (IR) in Europe. The theme of the discussion was whether IRs would be successful in Europe, given that there aren’t any. Because this is a topic that requires a more detailed review, this article will be in two parts. This first part discusses what an integrated resort is and its economics. An integrated resort is a resort … [Read more...]
The need to know of customer onboarding By Scott Longley • November 18, 2020 The current consultation on high-value customers throws into stark relief the regulatory pressure is being applied to the gambling operators to provide compliant customer onboarding processes. More than just with VIPs, the need to know about your customer is evolving into a requirement to understand your customer and that is destined to change the nature of customer relationship management within … [Read more...]
Being seen at Bally’s Atlantic City By Ken Adams, CDC Gaming Reports • November 15, 2020 Bally’s in Atlantic City is changing hands. Again. Twin River Worldwide Holdings purchased it last month from the newly minted Caesars, which was forced to offload some of its assets in Atlantic City to received regulatory approval for its merger with Eldorado Resorts. Bally’s should have always been a success; after all, it sits on the second most prestigious address in Monopoly. If you could … [Read more...]
Las Vegas casinos already limiting operations ahead of any shutdown talks By Howard Stutz, Executive Editor, CDC Gaming Reports • November 14, 2020 Nevada’s governor implored the state’s residents on Wednesday to stay home “as much as we possibly can” over the next two weeks in order to control the latest spread of COVID-19, which spiked to record-high levels with more than 1,000 daily cases in nine out of the last 10 days. But what about visitors to the state’s sputtering casino industry? “They certainly should come, because those … [Read more...]
Casino Lit: In times like these, we can all use a vacation at the Sands By John L. Smith, CDC Gaming Reports • November 11, 2020 In a world roiling with a runaway coronavirus pandemic and seemingly endless political controversy, no one can blame you for wanting to take a vacation. I recently decided to spend a few relaxing days at the Sands. Thanks to David G. Schwartz’s remarkable new book, At the Sands: The Casino That Shaped Classic Las Vegas, Brought the Rat Pack Together, and Went Out With a Bang, I didn’t have to … [Read more...]
Caesars-William Hill merger provides a windfall payment for another casino company By Howard Stutz, Executive Editor, CDC Gaming Reports • November 10, 2020 Caesars Entertainment is spending $3.7 billion to acquire sports betting giant William Hill, but another casino operator stands to make up to $75 million on the deal. Las Vegas-based Golden Entertainment is entitled to compensation from William Hill, according to a securities filing in the United Kingdom associated with the merger. The potential payment was confirmed by Golden during the … [Read more...]
Gaming’s ballot box success could help its cause on Capitol Hill By Howard Stutz, Executive Editor, CDC Gaming Reports • November 7, 2020 Gaming’s exceptional night on Tuesday – voters in six states overwhelmingly approved sports betting, new casinos, and expanded gambling options – sent a pretty clear message to the federal government. The states are doing a good job regulating and overseeing gaming within their borders. In other words, back away from any prospective federal oversight. “Through ballot initiatives, voters … [Read more...]
On the precipice of change in America, transition continues in gaming industry By John L. Smith, CDC Gaming Reports • November 4, 2020 The first question spread like a grassland fire through the gaming industry. Was Las Vegas Sands in serious talks to sell its Strip properties? The second question packed even more heat: Was casino industry titan and GOP mega-donor Sheldon Adelson really going to retire? Hard to fathom. Almost impossible, in fact. It doesn’t take much of a factual spark to create a firestorm of … [Read more...]
Italy: The COVID-19 sports tax on betting By Valérie Peano, partner at European Gambling Lawyers & Advisors • November 4, 2020 Last May, a Law Decree was introduced by the Italian government for COVID-19 emergency measures to sustain economic and financial activities. The “Relaunch” by Parliament in July confirmed its entry into force in May. Against all odds, this Law Decree introduced an additional tax to help sustain sports after the two-month closure for the health-emergency lockdown and the subsequent lack of … [Read more...]
Solutions need to solve problems By Andrew Tottenham, Managing Director, Tottenham & Co • November 4, 2020 Three years ago, I wrote an article, “Gambling on the Blockchain,” about blockchain technology and cryptocurrencies. Three years later, most of what I wrote has stood the tests of time. Today, there is still a lot of hype around blockchain and cryptocurrency technology. PayPal recently announced that it will accept cryptocurrencies. But I stand by what I wrote, that blockchain technology has a … [Read more...]
Rollbacks and other disruptions aside, casino industry avoiding mass gaming shutdowns By Howard Stutz, Executive Editor, CDC Gaming Reports • November 3, 2020 Penn National Gaming CEO Jay Snowden was asked last week if he was concerned that the current nationwide spike in COVID-19 cases might subject regional casinos to a rollback in operations or another gaming shutdown. “I would just tell you that it’s very fluid,” Snowden said Thursday on Penn’s third quarter earnings conference call. Penn operates 41 gaming properties in 19 states and only one … [Read more...]
Focus on Asia: Which countries will make it onto China’s travel blacklist? By Andrew Klebanow, Principal, Klebanow Consulting • November 3, 2020 In August of 2020, the Ministry of Tourism of the People’s Republic of China’s (PRC) announced that it had established a blacklist of gaming-centric tourist destinations that targeted its citizens. The announcement was the culmination of a series of statements issued by Chinese authorities over the last eighteen months that expressed rising concern over the proliferation of online gaming … [Read more...]
Focus on Asia: Testing the limits of motherly love By Ben Blaschke, Managing Editor, Inside Asian Gaming • November 3, 2020 A series of recent pronouncements by the Chinese government appear to suggest that China’s willingness to accept Macau as a “special case” in the global gambling landscape has reached its limit. The prevailing wisdom within the industry, and specifically for those operating in the tiny Chinese enclave, is that while China strongly opposes gambling (among other forms), it would rather its … [Read more...]
The post-pandemic response from gaming legislation By Scott Longley, CDC Gaming Reports • November 2, 2020 The shutdown of land-based gaming in the U.S. has pushed the argument about online — particularly mobile betting — even more to the forefront. But the reluctance to roll the dice on online might change, given the industry is now staring down the barrel of not having a Plan B. In his contribution to the debate surrounding the sports-betting referendum in Maryland, Gov. Larry Hogan endorsed the … [Read more...]
Adelson’s October Surprise By Ken Adams, CDC Gaming Reports • November 2, 2020 Sheldon Adelson has always been an outlier in gaming. His background and experience were from other industries, and his decisions and actions during his time in gaming have reflected that background. Consequently, most of the things that he has done have been surprising to traditional gaming people. His latest surprise came on October 26th. After the markets closed that day, a story broke that … [Read more...]
Leaving Las Vegas: Is Sands ready to become a true Asian company? By Howard Stutz, Executive Editor, CDC Gaming Reports • October 31, 2020 Sands China is the Macau-based, Hong Kong Stock Exchange-listed subsidiary of the Las Vegas-based, New York Stock Exchange-listed Las Vegas Sands Corp. The roles might soon be reversed or dramatically altered. Confirmation by Las Vegas Sands that its leadership is having preliminary discussions with an advisor that could lead to a sale of the company’s Las Vegas Strip gaming and convention … [Read more...]
Igaming Focus: Genius Sports latest to go public in what could become a $30bn market by 2030 By Jake Pollard, CDC Gaming Reports • October 29, 2020 The juggernaut of public listings for online betting groups in the United States gathered yet more pace this month as Genius Sports became the latest igaming specialist to announce that it was going public via a merger with the special acquisition company (SPAC) dMY II Technology Group. dMY is the fund set up by Harry You and Nicolo de Masi that merged with Rush Street Interactive through its … [Read more...]
Igaming Focus: Hidden dangers in igaming in proposed revisions of Section 230? By Martin Owens, Attorney At Law, Special to CDC Gaming Reports • October 29, 2020 "When the elephants fight, it's the grass that gets hurt.” African Proverb No doubt about it, the pixels are really hitting the fan now. Social-media titans Twitter and Facebook are being called to account for allegedly arbitrary and partisan abuse of their size and market structure, so much so as to amount to a de facto regime of propaganda and favoritism, even affirmative censorship … [Read more...]
Mask up: Sisolak gives hope for the struggling Las Vegas convention industry By John L. Smith, CDC Gaming Reports • October 28, 2020 For some, and let’s hope their numbers are dwindling, Nevada Gov. Steve Sisolak has moved too slowly to reopen the state’s economy amid a deadly coronavirus pandemic. Let the chips fall where they may, his critics say as they defy mask mandates and grumble about lost freedom. Fortunately, most Nevadans get it. They know Sisolak has a difficult job balancing the safety of residents and visitors … [Read more...]
The odds favor success for Circa and Derek Stevens By Howard Stutz, Executive Editor, CDC Gaming Reports • October 28, 2020 Derek Stevens will never be confused with his corporate gaming competitors. If he could be, there would have been zero chance for his Circa Resort & Casino – downtown Las Vegas’s first all-new gaming property in four decades – to open for customers shortly after midnight this morning. In the face of a global pandemic, with a nationwide casino industry operating under numerous state and … [Read more...]
A new Caesars, made from the old Harrah’s, Caesars, and Eldorado By Ken Adams, CDC Gaming Reports • October 25, 2020 In yet one more shuffle in the gaming world, the former Harrah’s now has a new owner, Eldorado Resorts. In the process, Eldorado acquired a new brand name - Caesars - a list of customers as large as the population of England, and a bundle of casinos. Eldorado is now the proud possessor of 55 casinos, but arguably the most important assets that Eldorado acquired in the mammoth merger were loyal … [Read more...]
Analysts: Full House has the upper hand for Illinois casino project By Howard Stutz, Executive Editor, CDC Gaming Reports • October 24, 2020 A casino project in Waukegan, Illinois – roughly 40 miles north of downtown Chicago and 15 miles south of the Wisconsin state line – could increase the value of Las Vegas-based Full House Resorts by more than four times its current market capitalization. That’s the opinion of gaming analysts at Minneapolis-based investment firm Craig-Hallum Capital Group. Full House’s $375 million American … [Read more...]
The U.S. sports betting industry needs to get smart! By Andrew Tottenham, Managing Director, Tottenham & Co • October 21, 2020 I was listening to an online discussion about the growth of online gambling in the U.S. and various industry figures were talking about what products were popular, which states were likely to legalise online gambling next, which companies might come out ahead and what products would be allowed. All appeared rosy in the garden, except perhaps in potentially the largest market, California, where too … [Read more...]
Old Hilltop and Old Randall Park By Bernard Kroviak, CDC Gaming Reports • October 20, 2020 Growing old has some disadvantages - and a few advantages as well, like gaining new perspectives on things. I don't have much of a clue about how the human brain functions, but it seems patently obvious to me that a younger one would have less in it than, say, a 70-year-old one. Of course, retrieving that stuff gets to be a problem for us older people every once in a while, but nonetheless, I’m … [Read more...]
Keeping an eye on the ball, and tracking the rebounds By Ken Adams, CDC Gaming Reports • October 18, 2020 Legal Sports Report recently reported on a study first published in the Journal of Prediction Markets that looked at NBA scorekeepers and the possibility the some of the data being recorded was subjective. The study suggested that there was pressure to produce some specific types of data. The study focused on rebounds, but other measurables intrinsic to sports might also be subject to the same … [Read more...]
Potential Bally’s branding and name change comprise an operational boost for Twin River By Howard Stutz, Executive Editor, CDC Gaming Reports • October 17, 2020 Twin River Worldwide Holdings is paying Caesars Entertainment $25 million to acquire Bally’s Atlantic City in a deal that was announced in April. We learned this week that Twin River is also purchasing the Bally’s intellectual property from Caesars for $20 million. So which is the better deal? Truist Securities gaming analyst Barry Jonas said taking control of the Bally name and brand, which … [Read more...]
Consensus: Gaming shows cooperative tone over Maryland sports betting referendum By Howard Stutz, Executive Editor, CDC Gaming Reports • October 13, 2020 Maryland’s sports betting ballot referendum has a more united effort and cooperative tone in the gaming industry than the state’s previous gaming expansion referendums. It only took eight years for détente to settle in. Sports betting operators and casino leaders are on the same page when it comes to Maryland’s Question 2. If approved by voters on Nov. 3, sports betting will head to the … [Read more...]
King James Packer will abdicate, and the Crown will survive By Ken Adams, CDC Gaming Reports • October 11, 2020 Media mogul Kerry Packer, the father of Australian casino king James Packer, was a gambler, and, when he died in late 2005, Australia’s richest man. Packer was famous for his gambling junkets. He was a high roller, a whale, willing to win or lose 30, 40, even 50 million dollars at a time. It is said he once offered to flip a coin - winner take all - for $100 million with a Texan who had bragged … [Read more...]
Fahrenkopf, having navigated gaming dustups, is capable of weathering political discourse By Howard Stutz, Executive Editor, CDC Gaming Reports • October 10, 2020 During a nearly two-decade tenure as CEO of the America Gaming Association, Frank Fahrenkopf Jr., navigated the complicated relationships within an industry where the Washington D.C.-based organization’s membership often had competing interests and weren’t always on speaking terms. For example, the AGA board included CEOs of International Game Technology and Bally Technologies, the two largest … [Read more...]
Pandemic-influenced woes continue to tarnish Macau’s gaming market By Howard Stutz, Executive Editor, CDC Gaming Reports • October 6, 2020 Golden Week isn’t so golden, and the reverberations of the depressed Macau gaming market are being felt in Las Vegas by three casino operators. Many analysts expected Golden Week – the second most lucrative holiday on the Chinese calendar – to be the turning point in boosting the gaming enclave that has experienced six straight months of 90% gaming revenue declines. Roth Capital Partners … [Read more...]
Focus on Asia: Junket jitters By Ben Blaschke, Managing Editor, Inside Asian Gaming • October 6, 2020 It’s hard to imagine any more challenging time for Asia’s VIP junket industry than 2020. That seems quite remarkable given the devastating impact China’s anti-graft campaign had on the sector in 2014 – stripping away two-thirds of its gross gaming revenue and forcing a period of consolidation that has seen the number of licensed junket operators in Macau fall by some 60% in the six years … [Read more...]
Focus on Asia: Will the pandemic change how Asian countries regulate smoking in casinos? By Andrew Klebanow, Principal, Klebanow Consulting • October 6, 2020 When COVID-19 first emerged as a global threat in February, Asian nations quickly responded by shutting down cross-border traffic and most commerce. Casinos across the region, along with other industries, were ordered to close. They have now begun to re-open, with a host of health and safety protocols in place to protect customers and employees. Cigarette smoking in casinos, long an accepted … [Read more...]
Despite loosened restrictions and new protocols, Las Vegas’ 2020 events calendar is dead By Howard Stutz, Executive Editor, CDC Gaming Reports • October 3, 2020 The reaction within Nevada’s gaming community last week to the lifting of the state’s 50-person cap on public and private gatherings ranged from mild skepticism to muted optimism. A few hours before Gov. Steve Sisolak announced the changes that expanded the ceiling to 250 people, MGM Resorts International unveiled a comprehensive conference attendee COVID-19 health and safety plan, which … [Read more...]
Confidence in downtown: Tip your hat to indefatigable Circa’s Derek Stevens By John L. Smith, CDC Gaming Reports • September 30, 2020 The history of the casino industry is full of confident characters, people who would have given P.T. Barnum a run for his money in the self-esteem department. In Las Vegas, a generation of men and women sold gambling to the masses as a time the activity was illegal in most of the nation. That alone takes a level of chutzpah not found in most people. For many years they led a parade by … [Read more...]
For Caesars Executive Chairman Gary Carano, gaming is a family business By Howard Stutz, Executive Editor, CDC Gaming Reports • September 29, 2020 The name Eldorado Resorts has been relegated to gaming’s history books. However, the operating culture established by the founding Carano family remains active within Caesars Entertainment, the successor corporation that operates 55 gaming properties in 16 states. Gary Carano, Caesars’ executive chairman who directed Eldorado through five casino company acquisitions in the last six years, … [Read more...]
Determining the value of a gambling business in an uncertain world By Andrew Tottenham, Managing Director, Tottenham & Co • September 29, 2020 UK betting operator William Hill was always a bridesmaid and never a bride — until last week. William Hill is finally in play, with offers from the gambling behemoth, Caesars Entertainment, and private equity firm, Apollo, although Caesars appears to be the frontrunner. The offers are around £2.9 billion (US$3.7 billion), 272p per share, about a 50% markup on the pre-COVID price per share, but … [Read more...]
The game that shows how the game is changing By Ken Adams, CDC Gaming Reports • September 27, 2020 Monday Night Football has been an institution now for fifty years. For football fans, it is almost sacred: few things are more important on Monday night than watching The Game, no matter the matchup. Bars across the country - in pre-pandemic times, at least – schedule all sorts of promotions and specials around MNF: drink specials, meal deals, trivia contests, you name it. For players and teams … [Read more...]
Penn National stock sale ‘a necessary strategic decision’ and reflects company’s value By Howard Stutz, Executive Editor, CDC Gaming Reports • September 26, 2020 Remember when Penn National Gaming stock was trading at $3.75 per share? That’s ancient history, even though it was just six months ago. On Thursday, the regional casino operator sold 14 million shares of the company’s stock for $61 per share on the Nasdaq, raising $854 million – which could jump to $982.1 million if underwriters exercise their 30-day option to acquire another 2.1 million … [Read more...]
Igaming Focus: Wave of U.S. igaming regulation by no means guaranteed By Jake Pollard, CDC Gaming Reports • September 25, 2020 The coronavirus health crisis has shown that a strong consumer appetite for igaming across the U.S. With social-distancing measures likely to be with us for some time and land-based casinos and racetracks coping with either significantly reduced footfall or full closures, the case for regulated interactive gambling seems clear-cut. The past six months have demonstrated that consumers are … [Read more...]
Igaming Focus: Classic slots triumph in burgeoning US igaming markets By Hannah Gannagé-Stewart, CDC Gaming Reports • September 25, 2020 The success of a raft of new online slots, which replicate popular elements of land-based games, indicates that operators don’t have to reinvent the casino to make it work online. Games supplier Everi has seen consistent success with its slots in New Jersey and Pennsylvania, with several ranking in the top ten or even top five of operators’ most popular slots. Everi’s EVP of sales, marketing … [Read more...]
Crown the triple, triple the Crown By Bernard Kroviak, CDC Gaming Reports • September 24, 2020 As I watched the Kentucky Derby on television this past Saturday, September 5th, I was struck by how weird it was that it was being run in September, instead of the traditional first Saturday in May. So much about what was going on was unusual that it was hard for me to grasp that this race was any different from the other big races contested earlier this year. And yet the stark contrast … [Read more...]
In Nevada, the political heavyweights are slugging it out in 2020 election By John L. Smith, CDC Gaming Reports • September 23, 2020 Campaign 2020 has me feeling a little out of breath. It’s not just the coronavirus pandemic blues, or the nation crossing the awful threshold of 200,000 COVID-19-related deaths. It’s the daily slugfest taking place in the presidential race, and the role casino giants and related industry-dependent entities are playing that have me sprinting to keep up. It’s no secret that Nevada is a … [Read more...]
Barstool’s entry increases the sports betting competition By Howard Stutz, Executive Editor, CDC Gaming Reports • September 22, 2020 Pennsylvania has become a microcosm in the growing nationwide competition for the sports gambling consumer. Penn National Gaming launched its highly anticipated sports betting app in partnership with sports media giant Barstool Sports in the state on Friday. By Sunday, according to SensorTower – a mobile-app intelligence service – the Barstool app had roughly 63,000 downloads. Morgan Stanley … [Read more...]
Déjà vu for fun and profit: betting on recycled horse races By Martin Owens, Attorney At Law, Special to CDC Gaming Reports • September 22, 2020 “The racetrack is the only place where the windows clean the people.” Joe E. Lucas Stop me if you’ve heard this one before. Clancy and Shaughnessy went to the movies one weekend. It was an action thriller, and at a crucial point it looks like the hero is about to be ambushed by the villains. So Shaughnessy says, “bet you $10 that the bad guys lose the fight.” Clancy takes him up on it, and … [Read more...]
Doing the impossible: Trying to predict the future of the stock market By Ken Adams, CDC Gaming Reports • September 20, 2020 Trying to understand the ups and downs of the stock market, or any individual stock, is never easy. The explanations that analysts offer to attempt to explain the fluctuations in the market are always after the fact, and although some market soothsayers do attempt to predict the future, no one can successfully and consistently predict what the market will do tomorrow or next year. There are long … [Read more...]
New UNR president brings his gaming experience from the political realm to the academic setting By Howard Stutz, Executive Editor, CDC Gaming Reports • September 19, 2020 As Nevada governor, Brian Sandoval entered the office with more hands-on Nevada gaming experience than any previous chief executive, having served as both chairman of the Nevada Gaming Commission and the state’s Attorney General. That was a decade ago. So it’s safe to say that Sandoval, who left a 15-month-old job as President of Global Gaming Development for MGM Resorts International to … [Read more...]
Gaming issues down on the list but remain relevant for president and vice president candidates By Howard Stutz, Executive Editor, CDC Gaming Reports • September 16, 2020 In the grand scheme of the Nov. 3 presidential election, gaming is far down on the list of issues voters will consider when choosing between President Donald Trump and former Vice President Joe Biden. Coronavirus. The environment. The economy. Social justice. A myriad of headline-grabbing concerns pushes gaming far down the register. In a handful of states, gaming issues will help increase … [Read more...]
It’s long past time for more fresh air inside casinos By John L. Smith, CDC Gaming Reports • September 15, 2020 The Mirage made history when it opened in 1989 and set a new standard for style and design on the Las Vegas Strip. Journalists offered breathless rave reviews. Visitors packed the place to overflowing. Stars and business tycoons surrounded casino impresario Steve Wynn even as financial analysts and a few spoilsport columnists (me included) wondered aloud whether it could pay what looked like … [Read more...]
As the pandemic resurges, will gambling businesses survive local lockdowns? By Andrew Tottenham, Managing Director, Tottenham & Co • September 15, 2020 The Pandemic Resurges Sadly, countries that were doing well in controlling the spread of the virus, such as Czechia, Austria and Slovenia, are now seeing a record number of new cases. Whilst these appear to represent a younger cohort than that seen in March and April, there is concern this is temporary and that younger people may spread the virus to older age groups, where mortality rates are … [Read more...]
Betting on the Bulls in number 23’s house By Ken Adams, CDC Gaming Reports • September 13, 2020 Basketball legend Michael Jordan has been in the news recently, you might have heard. It started in April, with the premiere of the first episode of a documentary on his basketball career, The Last Dance. Jordan played basketball for the Chicago Bulls in the 1980s and 90s and, as any sports fan knows, wore jersey number 23, except for a brief period just after his return in 1995 when he wore 45. … [Read more...]
Lack of enthusiasm from NFL fans? Not according to the sports betting industry By Howard Stutz, Executive Editor, CDC Gaming Reports • September 12, 2020 Don’t tell Bob Scucci there is a lack of enthusiasm among National Football League fans. Scucci, vice president of race and sports operations for Las Vegas-based Boyd Gaming, isn’t expecting a drop-off in wagering at the company’s regional sportsbooks near or in NFL cities. For example, Diamond Jo Worth Casino in Northwood, Iowa – roughly 75 miles south of Minneapolis – is a second home for … [Read more...]
Remembering an attempt to organize a Las Vegas dealers union By John L. Smith, CDC Gaming Reports • September 9, 2020 Mike O’Callaghan had been the Governor of Nevada just a few months in May 1971 when he faced a crisis in his administration. Namely, what to do with New York attorney Wilfred “Bill” Davis. At a time when the presence of the enigmatic Howard Hughes was supposed to have brought the gaming industry out of the long shadow of the mob, a pipedream as it turned out, casino dealers in Las Vegas found … [Read more...]
Labor Day weekend was not a good look for Las Vegas in the COVID-19 era By Howard Stutz, Executive Editor, CDC Gaming Reports • September 8, 2020 Ahead of the Labor Day weekend holiday, Nevada Gaming Control Board Chairwoman Sandra Douglass Morgan had a simple directive for casino operators. It was “imperative,” she said, to “adhere to each aspect” of the agency’s health, safety, cleaning, and social distancing protocols “to mitigate the spread of COVID-19.” I’m not sure everyone heard the message. It’s one thing to require customers … [Read more...]
Michael Jordan, Wrigley Field: It’s all about DraftKings winning Illinois’ competitive market By Howard Stutz, Executive Editor, CDC Gaming Reports • September 5, 2020 After two moves this week, sports betting operator DraftKings has firmly planted its company’s flag in Illinois. In a span of 24 hours, DraftKings brought Chicago Bulls legend Michael Jordan – and his six NBA championship rings – on as a special advisor to the Boston-based company’s board, and then announced an agreement with the Chicago Cubs to develop a sportsbook at Wrigley Field, one of … [Read more...]
A Question of Balance By Andrew Tottenham, Managing Director, Tottenham & Co • September 3, 2020 After I posted a link to my last article on LinkedIn, one of my contacts asked for my thoughts on whether a more relaxed approach to gambling was a good thing. Do the benefits of a liberal regime outweigh the negative consequences? Should governments “encourage” people to gamble or perhaps more accurately, not disincentivise them from doing so? Should they promote investment in gambling … [Read more...]
MGM layoffs a reminder of the scale of the industry – and the pandemic By John L. Smith, CDC Gaming Reports • September 2, 2020 The numbers are overwhelming. MGM Resorts International’s announcement this week that it was laying off 18,000 workers companywide due to the ongoing economic ravages of the coronavirus pandemic sent a chill through the gaming industry. It’s not so much that the layoffs were unexpected. The reeling company furloughed approximately 62,000 employees in March in reaction to a shuttered economy. … [Read more...]
Analyst: It might be 2023 before the Las Vegas Strip is back to pre-COVID-19 figures By Howard Stutz, Executive Editor, CDC Gaming Reports • September 1, 2020 After covering the Las Vegas Strip’s gaming and tourism results for July, I’m reminded of the line uttered by Jack Nicholson’s cranky, bigoted, obsessive-compulsive writer Melvin Udall in the 1997 Oscar-winning film of the same name. “What if this is ‘As Good as it Gets?’” seems to neatly sum up 2020, the year of COVID-19. At least one gaming analyst believes that statement might be the … [Read more...]
Focus on Asia: Japan, we have a problem By Ben Blaschke, Managing Editor, Inside Asian Gaming • September 1, 2020 Two years ago, when Japan’s upper house passed the long-awaited IR Implementation Bill into law, the global gaming industry celebrated a milestone almost 20 years in the making. At that time, it seemed that development of the country’s casino and integrated resort industry was finally certain after so many false starts along the way. Fast forward two years and no longer can we look forward … [Read more...]
Focus on Asia: The emergence of regional market travel bubbles By Andrew Klebanow, Principal, Klebanow Consulting • September 1, 2020 When governments across the globe closed down their borders earlier this year in order to halt the spread of the Covid-19 virus, international tourism came to an abrupt halt. Casinos throughout Asia were forced to close and some only recently began to re-open with new health and safety protocols in place. Those that did re-open are now awaiting the resumption of international travel, … [Read more...]
One step forward, two steps back: Japan’s casino waltz By Ken Adams, CDC Gaming Reports • August 30, 2020 Japan has been the land of possible opportunity for expansion in the casino industry for roughly six years now. The prospect of developing a casino - the nation's first - in the Land of Rising Sun has attracted and excited virtually all of the leading international gaming companies. Prime Minister Shinzo Abe has been a driving force in setting the stage for potential casino resorts in Japan; if … [Read more...]
A crashed riverboat casino epitomizes the gaming industry’s year in 2020 By Howard Stutz, Executive Editor, CDC Gaming Reports • August 29, 2020 Hurricane Laura roared across western Louisiana with the strength to knock the Isle of Capri Lake Charles casino off its moorings. The storm sent the three-level riverboat across the lake, crashing into pillars supporting the Interstate 10 overpass. The highway connects the gaming community with Houston, its largest customer base 134 miles to the west. As the boat sat, a chlorine gas fire raged … [Read more...]
Igaming Focus: Wave of U.S. igaming listings set to continue By Jake Pollard, CDC Gaming Reports • August 27, 2020 The trend of igaming companies listing in the U.S. via special-purpose acquisition companies (SPACs) shows that investor appetite is strong as the nascent sports betting industry gets going stateside. DraftKings has transitioned from daily fantasy sports to fixed-odds bookmaking with great success, merging with sports betting solutions provider SBTech and going live on the stock market with a … [Read more...]
Igaming Focus: New trails for Indian gaming? Online considerations for the post-pandemic world. By Martin Owens, Attorney At Law, Special to CDC Gaming Reports • August 27, 2020 “Sovereignty is not given. It is taken.” - Mustafa Kemal Ataturk. Nobody thought it would get this big. In 1988, the Reagan administration backed congressional efforts to allow Indian tribes, nations, and bands to license gambling operations on their Federally designated lands. The aim was not to liberate gambling so much as it was to bolster the status of tribal governments, giving them access … [Read more...]
Sports betting media competition growing, but VSiN enjoys the company By Howard Stutz, Executive Editor, CDC Gaming Reports • August 25, 2020 It’s getting a little crowded in the sports betting media neighborhood. But VSiN CEO Brian Musburger isn’t complaining. The Las Vegas-based sports wagering network, launched in 2017 from a casino floor studio adjacent to the South Point’s sportsbook, is preparing to unveil 16 hours of daily live content next month. On Monday, Musburger announced a new line-up of programming and additions to … [Read more...]
The Vegas thing: Hitman Cullotta was right about old mob in the gaming business By John L. Smith, CDC Gaming Reports • August 24, 2020 Retired Chicago Outfit gangster Frank Cullotta wasn’t a “deeze and dozer,” but I’m not sure anyone would have called him a clever conversationalist. He still managed to utter one of the most prescient lines in the history of the Las Vegas casino industry. “It should have been so sweet,” Cullotta said at the conclusion of Nicholas Pileggi’s Casino: Love and Honor in Las Vegas. “Everything was … [Read more...]
The Great Guessing Game By Ken Adams, CDC Gaming Reports • August 23, 2020 Trying to guess the future is an old game, albeit updated in 2020 with some pandemic twists. It is a great game to play, but very hard to handicap. These days, everyone is playing it in some fashion, trying to figure out what they need to protect them from the next disaster. Some are saving money; some continue to hoard toilet paper. Businesses are cutting expenses to be leaner and more efficient … [Read more...]
Casino operators large and small battle insurance firms over COVID-19 interruption claims By Howard Stutz, Executive Editor, CDC Gaming Reports • August 22, 2020 The San Diego Indian Tribe that operates the small Jamul Casino might want to give billionaire Phil Ruffin a call. The owner of Circus Circus and Treasure Island on the Las Vegas Strip could be a source of information. The Jamul Indian Village is suing a wholly-owned subsidiary of American International Group (AIG) over the denial of coverage for the east San Diego County casino’s losses from … [Read more...]
21 casinos. 9 states. 107 days. This player’s journey of staying COVID-19 free. By Brian Christopher, BC Slots • August 20, 2020 I’d like to take a gamble that I have visited more casinos in the U.S. since they re-opened post COVID-19 than anyone else. Since attending the first major casino re-opening by Coeur D’Alene Casino in Idaho the first week of May, I have visited a total of 21 casinos across nine states. I have done so with the utmost care and precaution, while ensuring to follow all state guidelines. Having been … [Read more...]
Having friends: It will be a long haul By Andrew Tottenham, Managing Director, Tottenham & Co • August 19, 2020 Britain’s casinos have finally been allowed to reopen. The government gave the green light to nearly all the casinos, except those in areas still in lockdown where the incidence of new cases of COVID-19 is considered high. What has changed since the government drastically rescinded its permission at the eleventh hour at the end of July? Not much, really. If anything, the number of new cases of … [Read more...]
Questions surround DraftKings deal with Caesars as William Hill looms large By Howard Stutz, Executive Editor, CDC Gaming Reports • August 18, 2020 The rapidly expanding legal sports wagering landscape has led to some unusual partnerships. For example, how many “official sports betting partners” do the Denver Broncos require? On June 15, the NFL team announced FanDuel as the team’s official sports betting partner. A little more than three weeks later, the Broncos struck a similar deal with BetMGM. The same question could also be … [Read more...]
After spat, Adelson makes it known he’ll shower Trump campaign with gold By John L. Smith, CDC Gaming Reports • August 17, 2020 The tabloid-tinged squabble between President Donald Trump and his biggest donor, Las Vegas Sands Chairman and CEO Sheldon Adelson, didn’t last long. That’s a good thing for a president mired in multiple scandals and flagging in the polls. From the horrendous response to the coronavirus pandemic to the stripping of the United States Postal Service in a campaign year that finds COVID-19-wracked … [Read more...]
That ticking sound is worrying more people than just Captain Hook By Ken Adams, CDC Gaming Reports • August 16, 2020 A modern version of Captain Hook in the crocodile’s belly is currently playing out in Macau. For a variety of reasons, Macau is now back in the news. Business is not better there just yet, but hope lurks, with a bit of luck, somewhere just over the horizon. China has announced a return of the normal visa process for its citizens to visit Macau. Residents of some cities in Guangdong Province … [Read more...]
Enigma of Steve Wynn continues to lurk in Nevada gaming regulatory matters By Howard Stutz, Executive Editor, CDC Gaming Reports • August 15, 2020 The simple transfer of ownership interest in a small Nevada company is often a perfunctory and routine matter for state gaming regulators. Last week, the Gaming Control Board took all of 10 minutes to approve the transfer of longtime casino executive Marc Schorr’s small stake in a tavern operation to his son. But it wasn’t that simple. The matter had been more than a year in the … [Read more...]
Trump call with mega-donor Adelson blows up, now heats up By John L. Smith, CDC Gaming Reports • August 12, 2020 When it comes to politics, Republican mega-donor Sheldon Adelson usually makes news by writing big checks. His millions fueled the rise of Donald Trump and have aided GOP causes for years. Now, the chairman and CEO of Las Vegas Sands is making even bigger news for checks he didn’t write. Politico’s Alex Isenstadt first reported last week that a recent call between Adelson and President Trump … [Read more...]
Relief for Nevada’s restricted gaming operators wasn’t a perfect solution By Howard Stutz, Executive Editor, CDC Gaming Reports • August 11, 2020 Someone visiting a Nevada tavern lately might assume the place had been burglarized. In many locations, bar tops now have gaping holes where slot machines once sat. Last month, Gov. Steve Sisolak announced a directive that shut down standalone bars and bar top areas inside taverns and restaurants as part of the COVID-19 mitigation effort. Positive coronavirus tests had surged, and the … [Read more...]
Is it cheaper to keep some Las Vegas resorts closed during the pandemic? By Howard Stutz, Executive Editor, CDC Gaming Reports • August 8, 2020 Those resorts that haven’t reopened in Las Vegas in the weeks since Nevada lifted the 79-day gaming industry shutdown imposed in response to the coronavirus pandemic attracted some unusual attention from the investment community this week. Maybe it’s the oddity of the situation. Beginning June 4, reopened casino-hotels were subject to protocols covering health, safety, cleaning, and social … [Read more...]
