Despite allegations that a former Midwest lottery executive rigged games in five states so he and associates could cash in, Americans' most popular form of gambling remains a safe and fair bet, state and national officials say. “I think everyone would agree that the processes and procedures that are used to conduct these games, wherever they are, have been examined and the games are safe and … [Read more...]

Not many folks predicted that daily fantasy sports would dominate the headlines over the last half of 2015. That was before DraftKings and FanDuel blasted television audiences with commercials that had more airtime than the actual football games. Meanwhile, the business operators showed an arrogance not seen in nearly a decade, when offshore online gambling websites heavily advertised their … [Read more...]

By all accounts, the recession has passed and state by state the gaming industry should be in recovery. But that is not the case because many of the states are facing much more competition than they did before the recession. A rapid expansion is taking place in the eastern half of the country that is making some lasting changes to existing gaming jurisdictions. Quantifying those changes can be … [Read more...]

What were the big stories of 2015? • Increased discussion of expanded sports betting as the illegal gambling market is further exposed, daily fantasy sports run into continued obstacles, and leagues, broadcasters and other interested parties seek to increase fan engagement. • Greater progressive thinking at the state level where regulators are growing increasingly convinced that they, the … [Read more...]

Here is my top ten: Slot mergers – GTECH’s $6.4 billion buyout was completed in April. GTECH took on the IGT name, and the company firmed up its business operations worldwide. Meanwhile, Scientific Games Corp., which acquired Bally Technologies, SHFL, and WMS over the past 18 months, is now considered the industry’s largest manufacturer. Adelson family buys Las Vegas Review-Journal – … [Read more...]

The More Things Change, the More They Stay the Same I had almost finished the list of the stories I thought were the most important of 2015, when I reread my list for the prior year. To my surprise, over half of the stories on the 2015 list were also on the 2014 list. The events in Macau, Massachusetts, and New York; Caesars’ financial woes; the slot mergers; and a recovering Las Vegas were yet … [Read more...]

We know Kentucky has problems filling its budget gaps, but a state judge's Christmas Eve gift was a little extreme. In essence, Franklin Circuit Judge Thomas Wingate is forcing owners of an online gaming company to pay penalties of $870 million, which could help bail out the financially troubled commonwealth. Heck, you could buy all of Kentucky for that amount. Maybe the judge had few … [Read more...]

It’s been the busiest year for gaming- industry consolidation in a decade, and the wave of mergers and acquisitions isn’t over yet. As governments ratchet up the tax burden at a time when companies are competing harder than ever for new customers, oddsmakers are finding the best way to combat the squeeze on profitability is to join forces. At $12.9 billion, the volume of deals announced in 2015 … [Read more...]

America's biggest generation yet will succeed baby boomers as the primary group of casino customers, but that poses a problem for the gambling industry. Casino floors, in their current form, aren't much of an attraction among the coveted millennial segment. Adult millennials, those 21 to 34 years old, find slot machines boring and would rather go to a nightclub than sit at a blackjack table, … [Read more...]

The recent congressional hearing into legislation that would ban online gaming couldn't have gone worse for backers of the bill even if they attempted to sabotage the three-hour meeting themselves. Maybe they did. Three witnesses who testified in support of a measure that would roll back the Interstate Federal Wire Act to its pre-2011 interpretation came off as uninformed and … [Read more...]

An important tool used by regulators, media and gaming industry professionals to better understand the complex gaming regulatory landscape has received a major update with the addition of Tribal gaming policies and regulations that cover 28 states. The American Gaming Association’s (AGA) By the Book, a first-of-its kind resource that allows stakeholders to easily compare key facts about the … [Read more...]

Hitting the millennial mark is the next logical step in an evolving gaming industry. Sit in at any gaming conference and you’re bound to hear despairing talk of millennials and gambling. Capturing the millennial market, the thinking goes, is the key to success for Las Vegas casinos in the near future. It’s not just faddishness that makes millennials such a compelling group for casino … [Read more...]

The situation for casinos in Macau has not improved; gaming revenue in November fell 32.3 percent to $2.1 billion. Studio City opened without growing the market and the government is adamant about holding the line on new table allocations. The main culprit in Macau’s disastrous decline is the Chinese government. Eighteen months ago, China began to crack down on corruption within the Communist … [Read more...]

A handful of GOP presidential candidates debating Tuesday at The Venetian clearly missed the memo from their host about supporting his quest to ban Internet gaming. Las Vegas Sands Corp. Chairman Sheldon Adelson is pushing legislation in Congress to restore the Interstate Federal Wire Act to its pre-2011 interpretation. Adelson is also bankrolling a grass-roots effort favoring the measure as … [Read more...]

(Bloomberg View) -- Major League Baseball Commissioner Rob Manfred's decision to uphold Pete Rose's permanent ban for gambling should come as no surprise. Even for those who think the ban should be lifted so the all-time hits leader would be eligible for the Hall of Fame, Rose has made it increasingly difficult to defend him. Since his initial ban in 1989, the league has left open the possibility … [Read more...]

Harry Reid’s nearly 30 years of arm-twisting and dealmaking in the U.S. Senate is winding down. His last major hurrah may be a low-visibility maneuver to bail out Caesars, the zombie casino corporation in search of an alternative to bankruptcy. Reid is pushing an amendment to Congress’s end-of-the-year omnibus spending bill which would make it easier for companies on the verge of bankruptcy to … [Read more...]

Slot machine giant International Game Technology is as much a part of Nevada as the Battle Born motto, bristlecone pine trees, sagebrush and Lake Tahoe. The folks at the former GTECH Holdings understand this. That's one reason why the Italian-based lottery company didn't abandon the Silver State after spending $6.4 billion to acquire one of the casino industry's largest gambling equipment … [Read more...]

At the Golden Nugget Casino in Las Vegas on November 22, 1983, Steven Einbinder and Tony Dalben were caught hole-carding at blackjack, with Dalben signaling the dealer's hole-card to Einbinder. In short, these players found a dealer who, through lack of skill, exposed his down or hole-card. This allowed Einbinder and Dalben to change how they played their hands, gaining a huge edge over the house. … [Read more...]

Steve Wynn has been a trendsetter and visionary for at least 25 years. One could argue that he has been setting trends in gaming since he entered Atlantic City and reshaped casino financing and casino operations, thirty-seven years ago. Atlantic City aside, Steve’s return to Las Vegas was momentous and a game changer. Since the Mirage opened in 1989, Steve Wynn has over and over created a model … [Read more...]

Our industry’s commitment to a culture of compliance is stronger than ever. One year after issuing the first-ever comprehensive set of Anti-Money Laundering (AML) Best Practices, AGA today released updates that include: Enhanced emphasis on instilling a strong culture of compliance; More robust assessment of money laundering risks; Incorporation of key conclusions from the U.S. Treasury … [Read more...]

Nevada Attorney General Adam Laxalt didn't back away from adding his name to a letter circulated by an attorneys general group offering support for federal efforts to restore the Interstate Wire Act back to its pre-2011 interpretation. But the state's top prosecutor Tuesday outlined "some nuances in my own position." Laxalt sent a separate letter to congressional leaders ahead of Wednesday's … [Read more...]

Sometime soon, perhaps in the next few days, a judge in New York is expected to issue an opinion that may go a long way in determining the future of the daily fantasy industry. Justice Manuel Mendez could hand a lump of coal to FanDuel and DraftKings if he orders the two sites to stop operating in New York because they violate state gambling laws. Or he could provide a gift that keeps on … [Read more...]

The venerable game of poker might be down but it's far from out — especially in Pennsylvania and neighboring states, says the man behind “Poker Night in America.” “Poker seems to be doing very well, particularly in a geography that doesn't get enough attention,” says Nolan Dalla, creative director for the series broadcast on CBS Sports Network, Root Sports and other outlets. “Almost all of the … [Read more...]

It's hard to miss Ainsworth Game Technology's new North American headquarters. The 291,000-square-foot building, currently under construction in the southwest valley along the 215 Beltway near South Jones Boulevard, is already emblazoned with the red Ainsworth "A" logo. The Australian-based slot machine producer took a significant step last month to begin filling the two-story office, … [Read more...]

According to an article in the Daily Mail, Phil Ivey is soon going to get a chance to appeal the 2014 ruling that allowed Crockfords Casino in Mayfair to keep the $12 million Ivey won playing baccarat in 2012. In winning his millions, Ivey used a method of advantage play called "edge sorting," where he exploited asymmetries in the backs of the cards used by Crockfords to gain more than a 6% edge … [Read more...]

By statute and tradition, inclusion in the state's casino Black Book amounts to a lifetime ban. Once you're on the infamous list of excluded persons, you're on it for good until death do you part. That probably makes sense for many, even most, of the angle-shooters, wiseguys and hoodlums who have been added to it over the years. They're in because if you're going to have such a thing as an … [Read more...]

As we recover from Thanksgiving, it is worthwhile to look back on a Turkey Day weekend in 1966 that changed Las Vegas profoundly. At that time, 360,000 U.S. servicemen and women celebrated the holiday in Vietnam, while newspapers reported protests in the United States against the war—protests that would grow as the decade turned more tumultuous. That unrest was echoed in Las Vegas, too. The … [Read more...]

From the first day of the final round, the winner of the 46th WSOP seemed certain. Joe McKeehen had what most observers called an unbeatable lead, twice as many chips as the next person. They were right; he controlled the action from start to finish. It took just 184 hands for McKeehen to win the top prize of $7.6 million. But no one in that final nine went home broke; even ninth place paid $1 … [Read more...]

Eight casino projects in the Northeast that are under construction or in planning is great news for Nevada's slot machine industry, which will have to fill orders for some 20,000 games as the developments come on line over the next three years. For Caesars Entertainment Corp., and operators of older casinos in Atlantic City, Philadelphia and neighboring destinations, the outlook is not quite as … [Read more...]

Macau's casino industry is down more than 35 percent from a year ago, but that doesn't mean the gaming market is slowing expansion plans. Casino operators have budgeted almost $27 billion on new developments in Macau, including properties owned by Wynn Resorts Ltd., Las Vegas Sands Corp. and MGM Resorts International. Meanwhile, Macau gaming regulators are expected to announce this week that … [Read more...]

The 2015 Nevada Legislature adjourned on June 1, but the session never ended for state gaming regulators. Six bills passed by lawmakers and signed by the governor brought aspects of Nevada's gaming industry into the 21st century. But the legislation also required months of debate to change existing gaming regulations and write new laws. "These were changes that needed to happen," said Gaming … [Read more...]

John Vaccaro was sure he had something big working. But in the world of the professional casino cheat, good help can be hard to find. It's not all "Ocean's 11" reruns, baby. Putting together a competent crew isn't easy. Vaccaro picked up a phone at a Las Vegas sports bar and complained to an associate down South, "They want to argue with people that's been doin' it all their lives. … [Read more...]

Even though a bill to allow online casino gaming in Pennsylvania is suddenly moving forward, players are months away from placing Internet bets legally. The Gaming Oversight Committee of the state House voted 18-8 on Nov. 18 to approve a bill allowing all forms of casino gambling online, including slots, blackjack and poker. The proposal had been in the background as state leaders wrangle over … [Read more...]

Most made-in-Vegas movies — from "Ocean's Eleven" (1960 or 2001, take your pick) to "The Hangover" — are just like tourists. They hit the town, they gaze in wonder at the neon-bedecked excess, they survive assorted hijinks. Then they go home. But a few Vegas movies get us, really get us, right where we live. And no movie fills that bill better than "Casino." Exactly 20 years ago — on Nov. … [Read more...]

Two of the most feared and reviled, yet respected personalities in the world of Wall Street will go head-to-head this week in a legal battle of epic proportions. Since being elected in 2010, New York State Attorney General Eric Schneiderman has quickly developed a reputation as the fiercest, most aggressive financial regulator in the country, someone who jumps at any chance to use Wall Street … [Read more...]

Say goodbye to all those annoying commercials. Forget about the promise of winning millions of dollars. The courts are sure to find what the rest of us already know. Daily fantasy games are no different than putting down a bet at the horse track or handing over a few bucks to your neighborhood bookie. Once we get past the obvious - yep, FanDuel and DraftKings are indeed sports … [Read more...]

He oversees a publicly traded company, but you won't find Blake Sartini with his attention focused solely on the daily ups and downs of Golden Entertainment's stock price. The gaming operator is nearly 4 months old after a $341 million merger that brought together Golden Gaming's statewide slot machine route operation, Pahrump casinos and the Nevada-leading tavern business with Lakes … [Read more...]

The Massachusetts gaming commission released the revenue numbers for the racino in Plainville, Massachusetts on November 16th. The 1500 slot machine racino had $58 million in coin-in and $12.9 million in net revenues, a $277 win-per-day. All of the media outlets reporting cited the declining win per day and the Penn National property’s failure to meet pre-opening forecasts. Plainridge Park Casino … [Read more...]

When card games were dealt in clubs and private homes, when the mob ran most American gambling and when Las Vegas was barely an idea, Bernie Sindler was there. Sindler, a former affiliate of Meyer Lansky and Bugsy Siegel, comes from a generation when those who knew didn’t speak. Talking freely about inside business wasn’t just bad form; at a time when most gambling business was illegal, it … [Read more...]

Bloomberg) -- When New York Attorney General Eric Schneiderman began taking action against daily fantasy companies DraftKings and FanDuel this month, he treated the two sites as more or less the same, sending them cease and desist letters with nearly identical language. But the two companies are staking out very different ground in their conflict with Schneiderman — while the third biggest company … [Read more...]

The debate that DraftKings and FanDuel never wanted is taking place. At this juncture, the winning argument is that daily fantasy sports is gambling and not a game of skill. Nevada gaming regulators, based on an attorney general's opinion, said in October daily fantasy was sports wagering under the state's gambling laws. New York's attorney general reached that conclusion last week. At least … [Read more...]

In a gaming pantheon bejeweled with mega-resorts, the Lucky Dragon Hotel & Casino won't set records. But it remains an important development for the city of Las Vegas. Under construction on Sahara Avenue just west of Las Vegas Boulevard, the Lucky Dragon features a nine-story tower and more than 200 rooms above a casino that will cater to Asian gamblers. Contractor Penta Building Group topped … [Read more...]

Las Vegas-based gaming equipment provider Everi Holdings is quickly finding out that spending $1.2 billion to acquire a slot machine provider isn't always going to buy you love from the investment community. The company's third-quarter earnings were a case in point. Effects from the buyout of Multimedia Games last year are still being felt by the company, formerly known as Global Cash … [Read more...]

A year ago, Gavin Isaacs was the dog who actually caught the car he'd been chasing. Scientific Games Corp. spent almost $8 billion in corporate acquisitions to create a gaming equipment provider and manufacturer with 10 divisions touching all aspects of the legalized gambling industry. It was Isaac's job to make all the pieces fit. The company's board gave its CEO a vote of confidence … [Read more...]

(Bloomberg View) -- When New York attorney general Eric Schneiderman issued cease-and-desist orders to DraftKings and FanDuel Tuesday afternoon, demanding the sites stop accepting bets from New Yorkers and characterizing daily fantasy as illegal gambling under state law, it wasn't just a repeat of what happened in Arizona, Nevada and elsewhere. It is a far bigger legal challenge to daily fantasy … [Read more...]

SEATTLE (AP) - The New York attorney general's decision that daily fantasy sports betting sites FanDuel and DraftKings are illegal gambling operations in his state is a blow to the companies, but the multibillion-dollar industry could have more legal headaches yet to come. While the sites have opted not to do business in a handful of states, including Washington, where regulators have made … [Read more...]

After several months of careful review, the American Gaming Association's (AGA) Board of Directors today issued a set of recommendations that mark a major shift in our industry’s approach to sports betting in the U.S., which is currently illegal in all but four states. AGA will build a broad coalition that will determine whether a rational alternative to current sports betting law exists. Such … [Read more...]

(Bloomberg) -- Daily fantasy sports sites FanDuel and DraftKings have always maintained that the services they offer don’t count as gambling because they were contests of skill. On Tuesday, New York Attorney General Eric Schneiderman cast the most important vote yet against this argument. In letters to both companies, Schneiderman defined daily fantasy sports as illegal gambling under New York … [Read more...]

Recent events surrounding the Strip's troubled northern end are short-term fixes to a problem that can only be resolved with a pair of implosions and a construction effort not witnessed in more than a half-decade. The Strip's line of demarcation seems to be Encore at Wynn Las Vegas. Other than SLS Las Vegas and Circus Circus, the north section of Las Vegas Boulevard is a mix of small retail … [Read more...]

The Wheeling-Ohio County Health Board has an opportunity to take a stand on behalf of casino players and employees in West Virginia and beyond. On Nov. 10, the board is scheduled to consider a proposal to expand the county's ban on smoking to include stores, restaurants and most workplaces. The rule would apply to every venue open to the public with two glaring exceptions: the gaming area of … [Read more...]

Don't look for the floodgates to open now that MGM Resorts International has unveiled its plans for a real estate investment trust. Two years ago, Penn National Gaming spun off Gaming and Leisure Partners as the first — and only — casino industry REIT. Since then, Pinnacle Entertainment struck a deal to sell its casino holdings to GLPI, and Caesars Entertainment Corp. asked the federal … [Read more...]

In the 1930’s novel, Day of the Locust by Nathaniel West, he includes the words of a popular song, “If You’re a Viper” by Stuff Smith. The first line is classic: “Dreamed about a reefer five feet long, not too mild, not too strong.” It created, for jazz aficionados, an image of a magical place where music and dreams mingled. Marijuana was not legal during the depression, but the laws were not … [Read more...]

Downtown Las Vegas is outshining the Strip. Through September, downtown casinos have seen gaming revenue increase almost 6 percent compared to 2014. During those same nine months, the Strip is down 1.5 percent. Boyd Gaming Corp., the only downtown casino operator that publicly reports financial results, said last month its casino-hotels produced three consecutive quarters of revenue growth … [Read more...]

The business pages are filled with the high-rolling decisions of Nevada's corporate casino giants, but it's a strategy emerging from the diminutive Eureka Casino Resort in Mesquite that has me intrigued. With its 214 rooms and 1,000 slots, the family-owned Eureka is no threat to the Strip's mega-resort behemoths. But it's a full-service facility with a spa and poker room and has carved out a … [Read more...]

DENVER (AP) - The chances of New England and Denver both being 10-0 when they meet later this month: Not such a longshot. The odds of getting tickets for an historic matchup like that: Start saving now. The Broncos and Patriots are each 7-0. When they play the Sunday night after Thanksgiving, there's a decent chance they'll be putting dueling "Perfect 10s" on the line in an unprecedented NFL … [Read more...]

We extend our congratulations to ownership, management and staff of the Hard Rock Hotel & Casino for earning the 2015 "Outstanding Attraction" award for metro areas from the Iowa Tourism Office and the Travel Federation of Iowa. The award was announced at the Iowa Tourism Conference in Fairfield last week. "Receiving this award means so much to our team," Hard Rock General Manager Todd … [Read more...]

A clearer picture of the convergence between social gaming and the casino floor was on full display inside the International Game Technology booth at last month's Global Gaming Expo. IGT utilized the gaming industry's largest trade show to unveil its slot machine themed after the Netflix series "Orange Is the New Black," an acclaimed comedy-drama about life inside a woman's … [Read more...]

When the debate of Republican presidential candidates on Wednesday turned to the question of whether fantasy football should be regulated in the same way as gambling, former Florida Governor Jeb Bush, an avid player, boasted of his own 7-0 record, then gave an evasive answer. Governor Chris Christie of New Jersey, however, blasted the moderators for wasting Americans' time with such frivolous … [Read more...]

The gaming industry is being invited to have a cup of tea with its traditional opponents. Admittedly for most of its history, gaming has never had a great many political friends. In the past, the industry’s friends showed up only when they were looking for campaign contributions. That has been changing over the last 25 years; there have been politicians who have supported gaming in some manner or … [Read more...]

The commissioner of baseball says online daily fantasy play is a game of skill, not chance. He declared it legal this week, even though a few states explicitly ban it as gambling and others may move to do the same. No great shock there, since Major League Baseball has a stake in DraftKings, the biggest player in the daily fantasy industry. There's money to be made in the industry, and Manfred … [Read more...]

There are at least 1.3 billion reasons why the operators of DraftKings and FanDuel are beginning to sweat. The two largest daily fantasy sports companies were each valued at $1.3 billion this year by the investment community. Both companies, fueled by hedge funds, investment firms, billionaires, and professional sports leagues, were considering initial public offerings sometime in 2016. That … [Read more...]

Unfortunately, Pennsylvanians have seen this game play out before. State lawmakers, desperate to stave off financial problems, look at ways to raise money without angering taxpayers too much. Leaders of both parties dig in. Big ideas with far-reaching impact gain attention. With budget deadlines rapidly approaching — if not long ago broken — the pressure builds to do something, anything. And … [Read more...]

Florida Senator and Republican presidential candidate Marco Rubio is co-sponsor of a Senate bill that would ban legalized online gambling. But his position may not be absolute. During a visit with the Las Vegas Review-Journal editorial board this month, Rubio hinted he could support language that would allow for Internet poker. "On the issue of Internet poker, the only difference between … [Read more...]

Last week, Nevada’s Gaming Control Board ordered daily fantasy sports websites to stop offering their services to Nevadans, concluding that the sites offered “wagering on the collective performance of individuals participating in sporting events,” which is only legal in Nevada with a license (which those sites did not have). The ruling begs two larger questions: Is daily fantasy sports actually … [Read more...]

“Do not gloat when your enemy falls; when they stumble, do not let your heart rejoice.” This Biblical proverb has characterized the casino industry’s response so far to the stunning run of scandals and negative publicity that has surrounded the largest daily fantasy sports operators in the past month. At the very least, anyone who has giddily rejoiced has done so behind closed doors. As easy … [Read more...]

Another quarter’s earnings season is upon us. Wynn Resorts was the first major gaming company to report. The industry is not expecting much good news from Wynn, Sands, MGM or Melco; but the analysts were eager to see what Wynn had to say because of the implications for the others. Wynn reported sharp declines in profit and revenue, primarily due to the revenue in declines that all the casinos in … [Read more...]

So Nevada's law requiring a one-year "cooling off" period for casino regulators doesn't mean what it says after all. Rather, what the law says depends on who's asking what it says. So says the Nevada Commission on Ethics. In the latest addendum to Nevada's long, disgraceful history of favoritism toward the politically powerful, Pat Mulroy, the former longtime general manager of the Southern … [Read more...]

In negotiations and card games, it’s never a good idea to show you’re rattled. Steve Wynn, of all people, should know that. Shares in Wynn Macau have fallen 8.4 percent since Oct. 15, after the casino mogul took the Chinese territory’s gambling authorities to task for the sluggish pace of gaming approvals. It’s “outrageous and ridiculous” that his rival Melco Crown didn’t yet know how many … [Read more...]

It's a good thing Wynn Resorts Ltd. elected the longest serving U.S. Ambassador to China to its board of directors last week. The company needs some diplomacy to repair the damages after Steve Wynn's hourlong tirade against Macau gaming regulators on a conference call with analysts. "I don't know that this has been the most satisfying quarterly phone call we've ever had, but at least it's … [Read more...]

Turns out, Steve Wynn should have been more scared of the Chinese all along. The casino mogul unloaded on a conference call with analysts last week, complaining he can't properly plan for the opening of his new $4 billion Macau casino known as the Wynn Palace. In part, the delays have to do with a limit on the number of table games the casino will be allowed. Wynn called the process … [Read more...]

In the past few weeks, the fantasy sports business learned it was facing an FBI probe, an investigation in New York, a ban in Nevada, inquiries from Congress, multiple lawsuits, and a raft of alarming questions about the misuse of confidential data. It also had its most prosperous weekend ever. That's a paradox familiar to enthusiasts of slot machines and lotteries: Gambling is treacherous, and … [Read more...]

Talk about a bad beat and a headache straight out of "The Hangover." Las Vegas publisher Anthony Curtis' latest offering, "Fantasy Sports, Real Money," goes to press next week. Written by award-winning journalist Bill Ordine, it's the inside story of how fantasy sports exploded into a multibillion-dollar enterprise in a few short years. That's the good news. The bad news? The computer-driven … [Read more...]

Alex Bumazhny used the big stage of the Global Gaming Expo to cast some doubt on the regional casino markets. Bumazhny, lead gaming analyst for Fitch Ratings Service, said the reasons often cited for growth in regional casino operations — improvements in the U.S. economy and positive trends for consumers, such as low gasoline prices — actually "mask the secular shifts" and could keep the … [Read more...]

The fantasy sports industry is under siege. Almost every day another lawmaker or agency announces a hearing on its legal foundations or an investigation into its business practices. On Tuesday, U.S. Congressman Frank Pallone Jr. and Senator Robert Menendez, both New Jersey Democrats, argued for new safeguards. A day later, the Wall Street Journal reported that the FBI and Justice Department had … [Read more...]

Today, the New York Times published a lengthy exposé on illegal gambling in America, with an emphasis on illegal online sports betting and the growing daily fantasy sports industry. The investigative report is consistent with the AGA’s message: illegal gambling is rampant in America, funds criminal activities, lacks integrity and fails to protect consumers. This stands in stark contrast to the … [Read more...]

It was just a few weeks ago. The San Francisco 49ers looked unbeatable. DraftKings (DK) and FanDuel (FD) were leading the league of television advertisers. All three looked like sure winners for the 2015 National Football League season. A lot has happened since then. The 49ers have been exposed as pretenders to the throne. The once promising quarterback is struggling and both the defensive and … [Read more...]

Amaya Inc.'s $4.9 billion wager is about to pay off. New Jersey gaming regulators, after an intensive licensing investigation that lasted more than year, gave PokerStars approval to offer Internet gambling in the state on Sept. 30. PokerStars is viewed as the elixir that could revive the stagnant U.S. Internet wagering market that never lived up to its predicted lofty financial … [Read more...]

As they say in poker, If you’ve been in the game 30 minutes and don’t know who the patsy is, you’re the patsy. -- Warren Buffett By now, you may have heard about the insider trading scandal at the two biggest fantasy sports companies. DraftKings employees, based on the bets they saw laid down by their clients, made a killing at competitor site FanDuel. Let’s get one thing out of the way: … [Read more...]

Pope Francis, President Obama and Donald Trump are masters of the double-down, at least according to media reports. Writing about the visit to America by the leader of more than a billion Catholics, a Reuters blog advised him to “double down on his pastoral emphasis on the love and mercy of God,” while the Huffington Post said the pontiff fulfilled calls to “double down on his call for … [Read more...]

Last month, we discussed the millennial problem in the context of the declining economics of gambling (See The Millennial Problem: Why We (Don't) Gamble). As we noted, both Nevada and New Jersey have in the past year enacted legislation which will allow new types of skill-based games, which many in the gaming industry are hoping will improve the draw of the (dealerless) gaming floor to such … [Read more...]

MGM Resorts International is a fine company with great resort properties. It's Nevada's largest employer, it's progressive and does a lot of work with diversity initiatives, philanthropy and community service. That's why I'm counting on the company to do the right thing and build a parking garage for the new arena the company is opening next spring. You've probably heard the reasons why … [Read more...]

The Global Gaming Expo returned to the Sands Expo Center last month, giving industry members a chance to discuss the latest issues and see the newest technology. It was clear that the big question asked last year—how to appeal to a new generation of gamblers—has not been fully answered, but we got several tantalizing glimpses of the future. Caesars Entertainment CEO Mark Frissora was bullish … [Read more...]

If you listen to Donald Trump, you'd think the man-who-would-be-president has never failed at anything. The business titan with the peculiar hair has enormous self confidence, but in reality, while Trump has made lots of money and been very successful, he has also had his share of missteps. There are a few cases where the former host of The Apprentice did not do such a great job and perhaps … [Read more...]

As the gaming equipment manufacturing sector coalesced in the last two years through almost $17 billion in mergers, Joc Pececnik quietly watched with keen interest and personal insight. In 2006, Pececnik sold 50 percent of his Slovenia-based Interblock Gaming, a developer of multi-player electronic table games, to Australian slot machine manufacturer Aristocrat Technologies. Within four … [Read more...]

Publisher’s Note: This quarter’s Adams Analysis (normally distributed to premium subscribers only) met with both a strong positive reaction - plus a suggestion from our good friend Victor Rocha (Pechanga.net) to post the article on our site so everyone could read it. Good idea Victor! In January 2015, The Economist magazine published an article on Indian gaming, "Of Slots and Sloth: How … [Read more...]

As was to be expected, gaming revenues fell again in Macau in September; this time a decline of thirty-three percent. But, there is yet more bad news for Macau, as if it needed any. Dore Holdings, a junket operator with three VIP rooms in Wynn Macau lost millions of dollars through employee theft. Wynn’s stock also lost millions of dollars as a consequence. Wynn Macau Ltd. led declines in Macau … [Read more...]

One analyst decided to escape the mind-numbing overload of last week's Global Gaming Expo and check out the resurgent Las Vegas locals gaming market. Thomas Allen of Morgan Stanley told investors he liked what he saw. "General managers appeared optimistic around growing momentum in the market," Allen wrote in a research report Monday. He cited factors Station Casinos and Boyd Gaming Corp. … [Read more...]

LAS VEGAS (AP) - The incessant commercials promising big money and fun times were by themselves enough to sour millions of Americans on the idea of betting on daily fantasy sports. And don't be confused, because betting is just what it is. Despite the best efforts of DraftKings and FanDuel to convince everyone that fantasy sports somehow differs from what happens in Vegas because there is more … [Read more...]

The meteoric rise of daily fantasy sports games has been the story of the gaming world in 2015, and figuring out how to accommodate this new product has caused no shortage of headaches. But with yesterday’s revelations of a data leak and what amounts to insider trading by DFS employees, the gravy train may be derailing in front of our eyes. Because FanDuel and DraftKings, the two largest DFS … [Read more...]

Washington, DC  - The New York Times missed the mark in five important areas of today’s editorial (“Rein in Online Fantasy Sports Gambling”), which seemingly calls on the federal government to ban popular fantasy sports activities. #1: New York Times fails to mention the proven benefits of regulation. Prohibition on sports betting is a massive failure. Americans are finding limitless ways to … [Read more...]

The Downtown Grand missed the gaming resurgence that has boosted Fremont Street in the past 12 months. Of course, the hotel-casino isn't located underneath the Fremont Street Experience canopy. The street address is not the issue challenging the 2-year-old property, which often appears empty compared to its competition along downtown's main pedestrian drag. Customers were making the … [Read more...]

This week, tens of thousands of gaming-industry professionals convened for the American Gaming Association’s (AGA) largest event, Global Gaming Expo (G2E). Representing the diverse landscape of casino gaming, G2E 2015 showcased our dynamic industry and provided the forum for the industry at large to conduct business, learn and network. Gaming Shines in National Media   More than 250 national, … [Read more...]

To a 49er fan, Monday Night Football on September 14th was nearly perfect. I watched the game with my sister in Decatur, Illinois. It was the first Monday night game I have watched since I got a divorce eighteen years ago and lost my access to television. The game was not quite a Joe Montana moment, but it was still great and part of my enjoyment came because I was watching it with my sister. I … [Read more...]

Those DraftKings commercials aren't going away anytime soon. The daily fantasy site has struck a marketing partnership with the National Football League Players' Association, so those annoying ads will start featuring more athletes. (New England Patriots tight end Rob Gronkowski already has an endorsement deal with the company.) Bloomberg News's Scott Soshnick and Eben Novy-Williams report that … [Read more...]

JCM Global doesn't attract the crowds to its Global Gaming Expo trade show booth in the numbers that swarm major slot machine manufacturers. It's hard to compete with musical superstar Pitbull (Scientific Games Corp.) and Harvey Levin, the founder of celebrity news resource TMZ (International Game Technology), who are promoting new themed slot machines Wednesday at the Sands Expo and Convention … [Read more...]

You're not allowed to smoke within 25 feet of the entrance to the Sands Expo and Convention Center, according to the sign. On Tuesday morning, smokers blurred the 25-foot rule to catch a few puffs between programs at the annual Global Gaming Expo. That irony, fogged in hypocrisy, wasn't lost on Stephanie Steinberg. She led a small protest by Smoke-Free Gaming of America, which calls itself a … [Read more...]

Slot machine rules approved this month in Nevada could set the stage for games that revolutionize casino gambling throughout the United States. The Nevada Gaming Commission adopted guidelines for skill-based games, which allow players to win based on their skill at arcade-style attractions such as pinball, shoot-'em-ups and maze-running rather than relying on pure luck, as traditional slots do. … [Read more...]

If you haven't heard Republican presidential candidate Donald Trump brag about the vastness of his wealth lately, wait five minutes and he'll remind you. "I'm proud of my net worth," he said in June. "I've done an amazing job ... The total is $8,737,540,000 U.S. I'm not doing that to brag, because you know what, I don't have to brag." No, but that doesn't stop him. "I'm not using donors," … [Read more...]

Not found among the list of discussion topics being covered during the Global Gaming Expo is the idea of a casinowide smoking ban. It's an issue the gaming industry can't avoid. There are more nonsmoking commercial casino states (18) than casino states that allow smoking (six). The smoking states — Nevada, Pennsylvania, New Jersey, Indiana, Louisiana and Mississippi — are the nation's largest … [Read more...]

The four major sports leagues have taken a fairly hypocritical stance on gambling, mostly holding firm in their opposition to widespread legalization while investing huge dollars in daily fantasy sites such as DraftKings and FanDuel. The NCAA finds itself caught in the middle of it all. As the deluge of ads for these sites continues during broadcasts of pro and college games, the NCAA has … [Read more...]

The millennial problem is not a question of abstract preferences, but rather of economics One of the hot-button issues in the gaming industry – as well as many other industries – is the problem of marketing to millennials. The term "millennial" broadly refers to anyone born between 1980 and 2000; and with a population of 87 million, millennials are a group which outnumber Baby Boomers (76 … [Read more...]

Inductees’ diverse backgrounds show Gaming Association’s forward thinking The American Gaming Association recently announced three new inductees entering the Gaming Hall of Fame this fall: bookmaking pioneer Victor Salerno, tribal gaming advocate Lynn Valbuena and longtime industry executive Larry Woolf. Let’s get to know the class of 2015. The most traditional of the three, Woolf has been … [Read more...]

The time is near, the excitement is mounting and I can hardly wait. It is almost SHOWTIME; G2E 2015 is less than a week away. Next week, twenty plus thousand of the gaming industry’s top professionals will gather in Las Vegas for the biggest conference and trade show of the year. This year as every year, when people head off to G2E, they will be looking for a glimpse into the future of the gaming … [Read more...]

Dan Lee and Jim Murren might be bumping into each other in unfamiliar settings. Lee, CEO of regional casino company Full House Resorts, and Murren, chairman and CEO of MGM Resorts International, could soon be also known as political husbands. Their wives are potential candidates for two Nevada congressional seats. Susie Lee has joined the crowded Democratic contest seeking a spot in the race … [Read more...]

In just one week, the American Gaming Association (AGA) unites the industry at the 2015 Global Gaming Expo (G2E), which will reflect the ever-changing landscape of the casino industry. This year, an enriched, innovative floor includes the new Integrated Resort Experience, networking areas and educational programming that hits trending topics like sports betting, illegal gambling and skill-based … [Read more...]

Jimmy Vaccaro was booking legal sports wagers on the Strip long before ESPN came into existence. Forty years ago, he wrote the betting lines in chalk at the old Royal Inn. Today, the lines are updated electronically via mobile sports wagering applications. Vaccaro has managed sports books for casinos owned by Steve Wynn, Kirk Kerkorian and Michael Gaughan and has seen the sports gambling … [Read more...]

At halftime of Marcus Mariota's first NFL game, the Tennessee Titans were looking pretty good for picking him No. 2 in the draft. The rookie had passed for four touchdowns, and the game already was a rout. Bettors who took the Titans as 3-point underdogs Sunday against Tampa Bay were feeling good, too. Tennessee led 35-7 on the way to a 42-14 victory. And, of course, the amatuer general … [Read more...]

The plight of Macau’s gaming industry, the result of developments in mainland China, is well documented, but the saga is far from reaching a happy ending. While the primary scapegoat for the downfall has been a Chinese corruption crackdown, which has deterred VIPs and other big ticket baccarat players from visiting Macau, the increasingly shaky Chinese economy is the black swan that could … [Read more...]

As the world’s premier event for the casino gaming industry, the Global Gaming Expo is a place where business gets done. We strive to make the Expo better every year, and in 2015 we’ve made many improvements designed to enable our industry to grow its business using the G2E platform. REGISTER FOR G2E HERE. With the most extensive and diverse collection of exhibitors to date, G2E 2015 will … [Read more...]

One gaming analyst isn't waiting for MGM Resorts International to decide if it's a good idea to split off all or a portion of the casino company into a real estate investment trust. Susquehanna Financial Group's Rachael Rothman told investors there are better ways for MGM to grow profits. "An MGM REIT would not garner the same valuation as its hotel REIT or regional gaming REIT peers," … [Read more...]

WASHINGTON – With the NFL season underway and fans opening their wallets to assemble "virtual" teams, a New Jersey lawmaker wants to know: Is fantasy sports gambling or not? Rep. Frank Pallone on Monday called for a congressional hearing to explore the legal status of fantasy sports. The $15 billion industry has drawn 57 million players in North America and been embraced by the same … [Read more...]

Jacquelyn Flesner has a modest goal: to encourage kindness and increase civility locally and throughout the world, one person at a time. A certified etiquette trainer, she helps individuals and businesses understand how to put people at ease. “I don't believe etiquette is about a bunch of rules,” says Flesner, founder of The Etiquette Network, based in Mars. “Etiquette is making people feel … [Read more...]

A special feeling, a sense of unbridled optimism, sweeps through Las Vegas sports books on the first Sunday of the NFL season. It was especially true in the morning. By mid-afternoon, when the usual suspects were getting routed and Peyton Manning was lobbing lame ducks, some things changed. "Everybody is positive and hopeful about their teams," Westgate sports book director Jay Kornegay said … [Read more...]

Derek Stevens could never pull off his antics if the privately held D Las Vegas were publicly traded. The D's majority owner would have given the Securities and Exchange Commission fits with an in-house-produced video of a pseudo board of directors meeting posted to YouTube on Aug. 31. The video served as tease for the downtown resort's next-day announcement that it was adding a replica of … [Read more...]

You barely have to get “Las Vegas blows up” out of your mouth before someone finishes your sentence with … “its history.” That thought is so ingrained in the Las Vegas psyche that we seem to accept it as a matter of course. On the heels of the Las Vegas Club’s closing, however, comes news that a revived interest in casino history is spreading on Fremont Street. In late August, the Museum of … [Read more...]

You may remember a couple of years back when Steve Wynn said he was considering a move to Macau. Mr. Wynn was highly annoyed at the government here; he said he just might pick up and move to Macau because the Chinese government was so much easier to deal with. Who could blame him? Since Macau was opened up to non-Chinese gaming operators in 2002, the revenues have grown from $6 billion a year to … [Read more...]

The two keynote speakers at last year's Global Gaming Expo angered half the audience. This year's addresses are sure to infuriate the rest of the crowd. The gaming industry enters its largest annual conference and trade show at a crossroads concerning technology. A portion of the gathering later this month at the Sands Expo and Convention Center is devoted to addressing how much the industry … [Read more...]

With all the news flying around about McCarran International Airport in the past 10 days, you'd think it's time to start packing up the desert tortoises hanging around the Ivanpah Valley and paving runways for Southern Nevada International Airport. Consider: — McCarran reported more than 4 million passengers in July, an 8.8 percent jump over July 2014. — Clark County Aviation Director … [Read more...]

We're not a full year into the slot machine industry's brave new world, and some members of the investment community have doubts about the future. After $16.8 billion was spent on mergers and acquisitions over an 18-month period, consolidation in the gaming equipment manufacturing has subsided. The buyouts created two slot machine monoliths — Scientific Games Corp. and International Game … [Read more...]

We live in a litigious society and we have an adversarial legal system. We go to court and argue about almost everything and that includes casino licenses. Take Massachusetts and New York for example; they are the latest states to issue casino licenses. They are also home to the most recently filed litigation over licenses. There are suits over the process of awarding the licenses, the potential … [Read more...]

Station Casinos received a vote of confidence last week from Wall Street. It's not like the company needed the endorsement. Times are good for Station Casinos, which reported its 17th straight quarter of cash flow growth in August. The company, which operates 19 large and small casinos throughout the Las Vegas Valley, has benefited from an improving Southern Nevada economy. Las Vegas … [Read more...]

The headline stories in the run up to this year’s NFL season are sensational if not familiar by this point: Tom Brady and the Deflategate scandal, the New York Jets’ starting quarterback’s jaw being punched out by a third stringer and a barrage of eye-popping injuries suffered by key players in the irrelevant preseason. But a much more intriguing storyline is developing behind the scenes. The … [Read more...]

Slot players who complain about the machines getting tighter have new evidence to go along with their gut feelings and losing sessions. An analysis of slot payouts in 15 states documents a steady increase since 1996 in the overall hold percentage, or the portion of slot-machine wagers that casinos keep. The study also shows that casinos have not fully recovered from the Great Recession. Total … [Read more...]

BILOXI, Miss. — Ten years ago, I learned firsthand about Southern hospitality in the most unlikely of settings. Hurricane Katrina blasted the Gulf Coast on Aug. 29, 2005. Two months later, I found myself visiting the Barhanovich family at their Point Cadet, Miss., home — or what was left of it. Much of the working class Point Cadet community was laid waste by the storm. About 1,000 homes … [Read more...]

The New Jersey public, not to mention Governor Chris Christie, wants to reinstate sports gambling in Atlantic City in the hopes of reversing the trajectory of a place that “totally cratered,” as Donald Trump memorably put it in the first Republican presidential debate. But the U.S. Court of Appeals for the 3rd Circuit has said no -- twice. The most recent decision struck down a state law that … [Read more...]

Despite his many mistakes as NFL commissioner, Roger Goodell is a smart man who works for smart men. Eventually, because they are motivated by money, they will figure it out. Sports gambling is not evil, especially in Las Vegas where it's legal, and the NFL can benefit more from it being legalized nationally. Adam Silver figured it out. The NBA commissioner is sharp and ahead of the curve. He … [Read more...]

It is a name—a generic one, but a name nonetheless—that has been part of Nevada history even before the 1931 relegalization of commercial gaming. In early April of that year, Las Vegas Club, then at 21 and 23 Fremont Street, received a license to offer games of chance from the Las Vegas City Commission. Earlier this month, that gambling hall—located on the opposite side of Fremont since … [Read more...]

This has been a very long year for the casinos in Macau. With four months left in 2015, there are no reasons for optimism. Three major causes underlie the current crisis; Chinese government policy, limited numbers of high-rolling gamblers and increasing competition in Asia are driving revenues down and all of these factors will be impacting Macau for the foreseeable future. However, the New … [Read more...]

Perception is everything. Someone needs to explain this concept to Caesars Entertainment Corp. Last week the casino operator, which made tremendous strides toward completing the complicated restructuring of its bankrupt operating unit, committed public relations suicide. In a filing with the Securities and Exchange Commission, Caesars awarded its already highly compensated general counsel … [Read more...]

Tuesday, the Third Circuit Court of Appeals has ruled against New Jersey’s repeal of Professional and Amateur Sports Protection Act (PASPA). Adopted in 1992, PASPA bans state-sponsored betting on sporting events except in those states where such betting was legal. Currently, four states (Nevada, Delaware, Oregon and Montana) allow some form of sports betting. As reported by ESPN, the … [Read more...]

One has to admire the Winston Churchill-esque determination exhibited by State Senator Ray Lesniak, Governor Chris Christie, and others looking to bring legal sports betting to New Jersey’s casinos and racetracks. Although they were just handed yet another defeat by a federal court, the saga of New Jersey’s half-decade long push to carve out its own customized loophole in the federal ban on sports … [Read more...]

BILOXI, Miss. — Tim Bennett all but gave up on bringing minor league baseball to the Gulf Coast. Bennett, president of Jackson, Miss.-based Overtime Sports, spent a decade working on the idea. But the region's recovery following Hurricane Katrina in 2005 and the recession that squeezed the area a few years later sidelined any plan of southern Mississippi landing a team. MGM Resorts … [Read more...]

LAS VEGAS (AP) - No one loves football season more than the bookies in this city's legal gambling houses. Last year they took in a staggering $1.8 billion in bets on NFL and college games, keeping $114 million of it as profit. Bettors jammed sports books in Nevada, breaking records for money wagered and money lost on America's favorite sport. The bookies will always have the edge, but that … [Read more...]

There is a storyline developing in Ohio about competition between casinos and racinos. In the current narrative, the racinos are winning the race to the bank. The rules and the scoring procedures are not clear to anyone except the reporters. The article below is typical; in July, Hollywood had $12.9 million in slot revenue and Scioto Downs had $12.7 million. The numbers changed between March and … [Read more...]

Like an old ballpark after the last of the summer crowd has gone home, the venerable Las Vegas Club is closing its doors. This time it's for good. The downtown gambling joint is scheduled to shut down at midnight after 86 years in business to make way for a new idea on Fremont Street. Unlike some of its better known counterparts on the Strip, the Las Vegas Club isn't expected to draw a crush of … [Read more...]

It looks like International Game Technology employees are learning to fly Southwest Airlines. During last week's second quarter earnings conference call, IGT CEO Marco Sala said the slot machine giant — now headquartered in London following April's $6.4 billion merger with GTECH Holdings — made progress in disposing of several nongaming assets, such as 20 acres of "excess land" in Reno. A … [Read more...]

There has been an ongoing case involving a motorist stopped near Elko, Nevada. His motor home was searched, no drugs were found, but the vehicle and $167,000 was seized. The motorist wasn’t arrested or charged with any crime. There have been a number of articles on this. The following one shows a video produced by the … [Read more...]

Signs of Mountaineer Casino's big change are all around. Smokers perch on benches outside the main entrance, indulging their habit. A notice on the door declares the Chester, W.Va., casino a “smoke free facility.” Near the main floor, a sign reminds everyone it is a “smoke free area.” A few yards away, a placard points toward the new smoking pavilion. Mountaineer, forced to ban smoking … [Read more...]

"What happens in D.C., stays in D.C.," probably won't fly. Las Vegas-based marketing firm R&R Partners will play a role in launching the $1.3 billion MGM National Harbor development, a resort complex under construction across the Potomac River from the nation's capitol. The contract to oversee brand marketing efforts for the project, which will be operated by Las Vegas-based MGM Resorts … [Read more...]

After billionaire Donald Trump trashed Atlantic City during the nationally televised Republican presidential candidates' debate, Geoff Freeman had to be smiling to himself. Not because of what Trump said. Rather, it was the setting in which the former casino owner, New York real estate developer and GOP presidential candidate uttered those remarks. The Fox News-sponsored debate took place a few … [Read more...]

With the proliferation of legal casino gaming throughout the country, it’s tempting to think of illegal play as something from a bygone time. But if you’ve been keeping up with the news lately, you know that illegal gambling is alive, well and far more pernicious—and just as persistent—than the three-card Monte dealers who still pop up on Strip pedestrian overpasses. Before you brush off these … [Read more...]

A zero sum game is one in which one player’s success comes at the expense of the other player. It has one winner and one loser. The principle is simple and straightforward, but it creates a great deal of animosity and “cut-throat” competition. Conventional thinking holds that business is generally not a zero sum game – there are enough customers to go around and if need be, a business can cater to … [Read more...]

NEW ORLEANS — Hurricane Katrina couldn't crush the spirit of Harrah's New Orleans 10 years ago. The aftermath of the massive storm shuttered the property near the Mississippi River and entrance to the famous French Quarter for just six months while the city recovered, reopening for Mardi Gras in February 2006. But a citywide ban on smoking in most public venues within Orleans Parish that went … [Read more...]

Ann Simmons Nicholson has hired gaming industry workers in good times and bad. "There were times where, if you were good, you could name your price," she said. These days, times are good — not as good as in the 1990s and early 2000s when gaming was expanding across the country, but the recession is over. Simmons Nicholson has worked in human resources for casinos since the early 1990s, … [Read more...]

Billionaire Sheldon Adelson remains Macau's most optimistic and vocal cheerleader. The question is does anyone in the investment community share the same rosy outlook as the chairman, CEO and largest shareholder in Las Vegas Sands Corp.? After 14 straight monthly gaming revenue declines in Macau — the last six months of decreases have been above 30 percent — there aren't many on Wall Street … [Read more...]

(Bloomberg View) -- The most overhyped debate in history opened with a shock: loud boos for Donald Trump, the only candidate who raised his hand to say he wouldn't rule out running as an independent. That would be the last time the audience at the first Republican presidential debate would pan Trump. Even with Kentucky Senator Rand Paul accusing him of handing the election to Hillary Clinton, it … [Read more...]

Penn National is a company on the move. Arguably, Penn is the most dynamic casino operator in the country in 2015. It just opened a racino in Massachusetts, has a $390 million-Indian casino under construction in California and purchased the Tropicana on the Las Vegas Strip. Add those operations to the 26 it already operates and Penn is an industry force. It is also on the leading edge of the … [Read more...]

Global Cash Access Holdings is disappearing. Sort of. The gaming industry's top provider of payment processing equipment will unveil a new name, logo and New York Stock Exchange ticker symbol later this month that reflects the Las Vegas-based company's place within the casino equipment manufacturing sector. That's what last year's $1.2 billion purchase of rising slot machine manufacturer … [Read more...]

It's just a slash of asphalt in the shadow of the Stratosphere Tower, but humble Baltimore Avenue at last might have found itself in the perfect location. Unless you're a transplanted Orioles fan, the street name is unlikely to hold much sentimental value. To the east, it dead ends onto Las Vegas Boulevard South and the Holiday Motel. A short drive west and it empties into Tam Drive. From … [Read more...]

After years of speculation and a fierce grassroots push by Bill Foley and the Maloof brothers, Las Vegas is closer than ever to being awarded a National Hockey League expansion franchise. Better yet, because of a woeful lack of competition in the bidding process, the team franchise – if granted - will surely come on more favorable terms than might otherwise be expected. In its push to add two … [Read more...]

At 26, Chad Power is living his dream. The 2007 North Allegheny High School graduate is fresh off a $262,574 payday at the World Series of Poker Main Event. He resides in a “poker house” in Maryland, home to a half-dozen or so card pros who share a passion for playing and analyzing No Limit Texas Hold 'Em. Power puts in about 120 hours a month at the poker table. That's short of the time … [Read more...]

The $4.75 billion merger of Pinnacle Entertainment and Gaming and Leisure Partners isn't your typical casino industry buyout. But the transaction might be a model for other gaming companies moving forward. Pinnacle isn't disappearing once Gaming and Leisure takes ownership of the real estate and buildings associated with 14 of the Las Vegas-based company's regional properties. Pinnacle will … [Read more...]

As anyone knows who has been following the Massachusetts gaming story, it is a slow moving and complicated tale. It has been four years, but Massachusetts gaming is successfully out of the gates. On June 24, 2015, Penn National’s Plainridge Park Casino opened in Plainville. It started well; 10,000 people visited on the first day. In the first week, the slots had an average daily win of $586. … [Read more...]

Christian Goode traded away the prospects of pandas on the Strip to oversee the reopening of a central California Indian casino that was shut down last fall by federal agents. It's an interesting choice. Goode walked away in January from the $4 billion Resorts World Las Vegas for "personal reasons." He has since formed Ivory Gaming, a casino management company, with New York-based marketing, … [Read more...]

Barely 10 years ago, Francis Luiand his family were building a relatively modest fortune largely from quarrying rock in Hong Kong and processing slag from blast furnaces on mainland China. Today, in the Chinese enclave of Macau, they preside over two palatial casinos that alone generate vastly more gaming revenue than the entire Las Vegas Strip. They're also acquiring a stake in the Monaco royal … [Read more...]

The prohibition on sports betting in the U.S. has long been backed by the major sports leagues, most notably the National Football League. But the leagues are likely going to have to rethink their positions much sooner than they would prefer. Fallout from a canceled fantasy football conference in Las Vegas, revelations that NFL attorneys have argued that sports betting is actually a form of … [Read more...]

This is the last name change for the former Imperial Palace and the short-lived Quad. That's what a $223 million renovation will buy. A top to bottom remodeling of The Linq hotel-casino was completed this month by Caesars Entertainment Corp., through its Caesars Growth Partners subsidiary. The changes scrubbed away any remnants of the Strip resort's life as the Imperial Palace and the … [Read more...]

Southern Nevada’s cash registers are ringing right now, and a new state task force aims to keep it that way Las Vegas may be breaking tourism records—May was the city’s busiest month ever, with more than 3.7 million visitors—but that doesn’t mean it’s time to get complacent. Governor Brian Sandoval must understand this, since he’s assembled a new committee that will spend the next year … [Read more...]

Slot machine players might have a hard time seeing it, but the slot payout rate in Pennsylvania casinos has risen for the first time since the year after the state legalized gambling. The statewide payout rate for the fiscal year ending June 30 was 89.94 percent, up from 89.9 percent in 2013-14. For every $100 bet, machines returned an average of $89.94. Seven of the 12 casinos showed increased … [Read more...]

The Lake Charles, La., casino market is the best example why the investment community has done a 180-degree turn on the U.S. gaming operators. Moody's Investors Service said the casino industry's cash flow prospects could climb as much as 4 percent over next 12 to 18 months. The firm's opinion was a reversal from its prediction a year ago that casino markets would see cash flow declines ranging … [Read more...]

LAS VEGAS (AP) - A deal involving Pinnacle Entertainment is the latest example of a casino company separating its gambling operations from its real estate to generate cash. Las Vegas-based Pinnacle announced this week it would sell most of its casino-hotels to a real estate investment trust, Pennsylvania-based Gaming and Leisure Properties Inc., in an all-stock deal valued at $4.7 … [Read more...]

June is in the books and it was another dismal month in Macau; gaming revenue fell 37 percent. Fewer people are going to Macau and the ones who are going are spending less; it is a thirteen-month-old story. Galaxy hopes to change that with its new properties. Galaxy Macau Phase 2 and Broadway at Galaxy Macau opened on May 27th adding to both the room and table game inventory. Galaxy did not change … [Read more...]

It hasn‘t been a quiet year for MGM Resorts International. The general belief is that it‘s going to get much louder. Wall Street expects MGM Resorts to announce some type of corporate initiative in the next few months, most likely spinning off a portion of its casinos into a real estate investment trust. The goal is to boost the company‘s stock price and unlock more value. MGM Chairman and … [Read more...]

Home to swamp tours, refineries and petrochemical plants, not to mention the occasional alligator, Lake Charles isn’t often mistaken for Las Vegas. But the Louisiana city’s becoming a bright spot among recovering U.S. gambling destinations, with its three bustling casinos — the newest of which of has seven restaurants, five bars, a beach, a marina with deep-water yacht slips and a pool that’s … [Read more...]

Adam Stoller of McCandless made sure he had the best seat for the debut. A half-hour before the boxes of cards were opened or $34,000 worth of chips delivered for the dealer's tray, Stoller left his player's-club card on the newly installed Go Fore It! table at the Meadows casino in Washington County, reserving the No. 1 spot. The game, developed by two Meadows employees and marketed by Bally … [Read more...]

The Carano family, through its Eldorado Resorts Inc., has bet the house on Reno. The odds are seemingly tipped in their favor. An announced $72.5 million acquisition of Circus Circus Reno and 50 percent of the Silver Legacy --€” Eldorado already owned the other half --€” from MGM Resorts International cemented the Caranos as the first family of downtown Reno. The company already controls the … [Read more...]

By now, everyone has heard of Reno’s rebirth as a high-tech manufacturing and storage center. The city is in the midst of a transition from a 20th century tourism economy to a 21st century high-tech economy. It is often termed the Tesla effect, but there are more forces at work than Tesla. It is just one of the companies involved in Reno’s metamorphosis. National and multi-national companies … [Read more...]

Some things in life just go together nicely, even if we don’t know exactly why. Some examples: peanut butter and jelly, green eggs and ham, and Brad Pitt and Angelina Jolie (well, maybe). Gambling and smoking seem to be another example. Consider the “trance” state that comes with chain smoking while playing a slot machine. Whether because of addiction or personal preference, gamblers – at least … [Read more...]

A property tax refund for Boyd Gaming Corp. could spell additional trouble for financially challenged Atlantic City. A New Jersey appellate court this month upheld a lower court reassessment of how the city taxed the market-leading Borgata, awarding Boyd $63 million in property tax refunds covering 2009 and 2010. The figure comes on top of $88 million in tax refunds Atlantic City agreed to … [Read more...]

Crushed by the recession, these venues are finally on the upswing Since the recession, the locals casino market has endured some tough times, but the 2015 numbers so far suggest those tough times might be over. In particular, North Las Vegas and Boulder Strip properties, after several rough years, are showing revenue increases. Is it because value-conscious visitors are venturing off the … [Read more...]

The opening of the $250 million Plainridge Park Casino last month wasn’t exactly the grand unveiling Massachusetts gaming backers envisioned more than four years ago. We’re not being critical of Penn National Gaming’s newest casino. The all-slot machine facility is attached to the Plainridge Park Racecourse, a harness racing track, in Plainville, a town about 35 miles southwest of heavily … [Read more...]

Carl Icahn is now the proud owner of his second casino in Atlantic City – the Taj Mahal. He also owns a war; Icahn is engaged in a full-fledged battle with the union over benefits. UNITE HERE has done everything it could to stop Icahn; the union has kept up an unrelenting campaign against Icahn. However, he was really the only option for the bankruptcy court judge and the regulators. He already … [Read more...]

Where there’s smoke, there’s profit in the casino business. At least, that has been the tradition. For decades in Las Vegas you could tell if a joint was doing well just by looking at the indoor atmosphere. You didn’t need a meteorologist or an MBA. If it was mostly cloudy, business was good. If there was a dense fog of cigarette and cigar smoke hanging in the air, it meant there were plenty of … [Read more...]

At first glance, it appeared the Greece financial crisis had dipped into the country’s lottery network. Instead, the Greek company that operates the nation’s lottery implemented what one analyst called “a hard-nosed negotiation tactic” to extract more favorable contract terms after Greece’s Hellenic Gaming Commission announced new lottery industry regulations. But the move hits the bottom … [Read more...]

One could argue that last week’s news of PGA golfer Phil Mickelson’s involvement in an illegal gambling ring was timed perfectly to help bolster the American Gaming Association’s new partnership with law enforcement, a partnership aimed at quashing these types of schemes. Though Mickelson has not been formally charged and is not under investigation, a wire transfer of $2.75 million, to be used … [Read more...]

Pennsylvania could become a leader in online gambling, but a high tax rate could kill the idea before players can place a bet, say two advocates of Internet gambling. “People won't invest proper marketing dollars to drive revenue if the tax rate's too high,” says David Licht, executive chairman and CEO of All American Poker Network, which operates an online network in New Jersey and has an … [Read more...]

Catch a ride with a Las Vegas cabdriver these days, and you might expect to hear a lament about the precarious future of the taxi racket now that Uber, Lyft and other ride-hailing operators are entering the game. Not so. There’s no shortage of hand-wringing if you go looking for it — especially if your witnesses are offered up by their beleaguered company supervisors. But you’ll also find … [Read more...]

Deciding on the four faces to put on poker’s Mount Rushmore is a nearly impossible task. Many professional poker players and fans believe 10-time World Series of Poker bracelet winners Doyle Brunson and Phil Ivey are obvious choices, but after that, the debate over the final two spots becomes subjective. Some prefer cash-game specialists such as David “Chip” Reese, while others side with … [Read more...]

We shouldn’t be surprised if things get worse for SLS Las Vegas before they get better. A $35.3 million net loss in the first quarter might be just the beginning. The SLS will mark its first full year of operation in August, and it’s clear the hotel-casino is having trouble finding its niche in the resurgent Strip market. The 1,600-room north Strip property, built from the bones of the … [Read more...]

In June, Massachusetts became the 40th state to offer casino gambling. It took four years of debates, elections, meetings and acrimony after Governor Deval Patrick signed the casino legislation to get here. But, regardless of how long it took, Massachusetts now has its first casino. Well, it is not exactly a casino, it is a slot parlor. Penn National received the single slot parlor license allowed … [Read more...]

At some point, the estate of Kirk Kerkorian will no longer have ownership in MGM Resorts International. But disposing of more than 91.2 million shares in the casino giant won’t happen overnight. Kerkorian, who died June 16 at age 98, left instructions that Tracinda Corp. — his Los Angeles-based holding company — “execute an orderly disposition” of the company’s MGM shares. No time frame was … [Read more...]

Before I start espousing, some background: I have never gambled on the Internet, nor participated in Fantasy sports. Because of my job, I spend an average of six hours a day looking at a computer screen, cruising the Internet. I do not want to spend any more time than necessary "online." Most importantly, as a strictly recreational player, what a brick-and-mortar property offers - restaurant, … [Read more...]

Stocks, bonds and real estate aren't the only options for investors seeking big returns. Some are buying shares in professional poker players hoping to get a cut of a seven-figure jackpot. Jack Schanbacher of Reserve, who has won more than $45,000 at three tournaments in this month's World Series of Poker in Las Vegas, raised money for an event with a $111,111 entry fee by offering to give up … [Read more...]

The young woman from the poker website called to apologize about the short notice. But there was going to be this celebrity card game at Jose Canseco’s place on Friday morning, and would I like to attend? Celebrity poker? At Canseco’s crib? At 11 a.m? You’d be a fool to pass that up. It reminded me of a chance meeting a pal and I had with Max Baer Jr. This was a few years back at the CES … [Read more...]

Tables resembling giant smartphones have grown so popular inside The Mirage, Bellagio and MGM Grand that content providers are clamoring to put their free-to-play gambling products on the devices. Recently, Reno-based Spin Games added its slot machine, video poker and bingo games to the tables, which already offer blackjack and slot machine titles provided by the myVegas social casino … [Read more...]

Tuesday, the American Gaming Association (AGA) hit the road to Iowa for the first of several events held in battleground states where casino gaming supports more than half-a-million jobs and contributes $75 billion to local communities. The event is part of AGA’s national initiative “Gaming Votes,” which ensures that 2016 presidential candidates understand gaming’s vital role in providing … [Read more...]

Macau generates more gaming revenue than any jurisdiction in the world. Because of its revenue, everything related to gaming that happens in Macau is news. It is news, but little that happens in Macau is applicable in other places. The trends in Macau stay in Macau, except when they impact gaming stocks. When revenues go down at Wynn, Sands, MGM and Melco, gaming stock prices are apt to go down; … [Read more...]

Casino baron Steve Wynn is no stranger to self-inflicted wounds. He just suffered another one in his ill-advised slander lawsuit against stock market short-seller James Chanos. After having his litigation twice dismissed from U.S. District Court under California’s anti-SLAPP statute, Wynn has now been ordered to pay $422,380 in attorneys’ fees and court costs in association with the case. … [Read more...]

At some point — if we’re reading the signs correctly — regional casino operator Pinnacle Entertainment will marry itself to real estate investment trust Gaming and Leisure Properties Inc. Wall Street hopes this isn’t a shotgun wedding. In March, Gaming and Leisure Properties offered to pay Las Vegas-based Pinnacle $4.1 billion for the company’s 15 regional casinos. In turn, the REIT would … [Read more...]

ESPN's "Outside the Lines" has obtained a notebook that indicates Pete Rose bet on baseball while he was a player, including on the Cincinnati Reds while he was a member of the team. This could dash any slim hope he had for reinstatement to Major League Baseball, the first step toward his being inducted into the Hall of Fame. To clarify: This revelation doesn't come as news to many who long … [Read more...]

Assuming you haven’t been living on another planet during the past six months, you know the 2016 presidential election cycle is underway earlier than ever. The presidential race is getting more entertaining by the day, as candidates and interest groups rush to jump in, lest they miss the party altogether. A slow drip of embarrassing revelations about Hillary Clinton provides constant talk show … [Read more...]

While the casino world focuses on fighting an IRS idea to track slot jackpots starting at $600, a little-noticed companion proposal would benefit gamblers, a tax expert says. The proposed change in Internal Revenue Service procedure would establish a “playing session” concept, which could allow players to report less gambling income on their tax return than what is listed on a W2-G the casino … [Read more...]

You may not remember the time Kirk Kerkorian saved the Strip from its notorious self, but Lem Banker will never forget it. Kerkorian, who died Monday at age 98, is credited for building the world’s largest hotel three times in Las Vegas. That record is unmatched, but it wasn’t his only big contribution to the casino pantheon. The timely purchase of the Flamingo was another remarkable … [Read more...]

The building that houses the University of Nevada, Las Vegas Harrah College of Hotel Administration is outdated. But a new one is coming. Thanks to Gov. Brian Sandoval’s signature, the $56 million Hospitality Hall will soon rise at the center of the UNLV campus. Along with the building is a new focus by the college emphasizing hospitality, which reaches far beyond the traditional hotel … [Read more...]

It was a productive week for the casino gaming industry on a wide range of issues, including: Coalescing the industry to determine a unified perspective on the national sports betting and fantasy sports debate; Bolstering our partnership with law enforcement on the effort to combat illegal gambling; Combatting misguided efforts by the Internal Revenue Service (IRS); and Strengthening our … [Read more...]

Gratitude never goes out of style. Officials at Nevada Partners, Inc. are taking time this week to pay tribute to the quiet generosity of the late casino developer Kirk Kerkorian, who died Monday in Los Angeles at age 98. Nevada Partners, a nonprofit job training program, was created following the civil unrest in the wake of the 1992 Rodney King verdict. It found a major benefactor in the … [Read more...]

I am beside myself with disgust at the thought of the IRS using casino player's cards to track slot winnings. My main objection has nothing to do with the burdens and costs such a draconian regulation would place on the casino industry. There is that, of course, and I am behind those arguments 100%. My opposition is fear based: I simply don't trust businesses, whether public, private or … [Read more...]

Kirk Kerkorian always bet big on Las Vegas and, ultimately, he always won. The vision of one of the planet’s biggest investors touched nearly every resort on the Strip, growing the city into a global entertainment powerhouse and changing the world’s perception of it. Las Vegas lost a founding titan Monday night when Mr. Kerkorian, 98, died in Los Angeles after a brief illness. The billionaire … [Read more...]

Did you see the news article about a casino in Utah? Yep, there was a casino in Utah, but it was a long time ago before Joseph Smith or any European had been to this continent. Yep, nearly 1000 years ago, there were casinos in Utah. It could be one of America’s first ‘casinos’, established long before the bright lights of Las Vegas appeared. A cave on the shore of Utah’s Great Salt Lake has been … [Read more...]

And now, something all Southern Nevadans can get behind: preventing more unwanted, costly IRS intrusion. Today in Washington, the Treasury Department and the Internal Revenue Service will hold a long-awaited public hearing on the tax agency’s plan to reduce the reporting threshold for slot, keno and bingo winnings. Under current IRS regulations, casinos must report payouts of at least $1,200 on … [Read more...]