Commentaries

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...]

It’s called the National Money Laundering Risk Assessment, and it’s one of those yearbooks the image-conscious folks at Gaming Inc. would rather not find their names in. Each year the U.S. Department of Treasury issues its money laundering status report along with its National Terrorist Financing Risk Assessment in a one-two punch that helps bring the risk that illicit money changing poses to … [Read more...]

Kirk Kerkorian was never comfortable in the spotlight. Despite his status as one of America’s most successful billionaires, having owned a Hollywood movie studio and some of the Strip’s glitziest resorts, Kerkorian was reserved, unpretentious and media-shy. That seems almost foreign today. Twitter, Instagram, Periscope and all other social media vehicles can transform the average nobody into … [Read more...]

Kirk Kerkorian rarely gave interviews over the course of his remarkable 98 years, but in 2011 he agreed to sit for questions from two Bloomberg News reporters. It turned out to be the last interview he gave to a media organization. We were ushered into his Tracinda Corp. office in a nondescript Beverly Hills building, where Kerkorian, then 93, greeted my former colleague, Brett Pulley, and me. … [Read more...]

"The advantage in two-handed blackjack, long supposed to lie with the dealer or the house, was converted recently to the profit by Edward O. Thorp, a young assistant professor in the mathematics department of New Mexico State University." -- The Atlantic Monthly, June, 1962 A couple of weeks back, the topic of movie star Ben Affleck's card counting at the Hard Rock Casino in Las Vegas came … [Read more...]

Lately it seems everyone wants to get their hands on the Vickers Reports. Haven’t heard of them? They’re not on any best-seller list. In fact, they’re not even in circulation. But this past week Guardian News & Media, publisher of The Guardian newspaper, and an upstart nonprofit watchdog group with a lofty title, the Campaign for Accountability, made a formal request to District Judge … [Read more...]

In April, Boyd Gaming Corp. CEO Keith Smith said customer spending in Southern Nevada was on an upswing, which bodes well for the company’s three Coast Casinos properties and Sam’s Town. “There is still considerable room for improvement with the consumer and we need to see more durability,” Smith said during Boyd’s first quarter earnings conference call. “But the trends are encouraging and … [Read more...]

Australia-based Aristocrat Leisure Ltd. wasn’t left behind by the tsunami that engulfed the slot machine industry over the past 20 months. You just might not have noticed. Aristocrat, which operates its Las Vegas-based U.S. division as Aristocrat Technologies, spent $1.3 billion to buy Video Gaming Technology, a Tennessee-based slot machine maker that provides games to the American Indian … [Read more...]

Wade Townsend thrives on deception. Throughout his pitching career, Townsend loved embarrassing a batter with a fastball in the first inning, then feeding him nothing but soft stuff the rest of the game. “I threw really hard,” he said, “but my curveball was my best pitch.” These days, Townsend is sporting a blond mohawk atop his sturdy, 6-foot-4-inch frame. And the bandana across his … [Read more...]

The American Gaming Association (AGA) and its members know that responsible gaming education is more than a weeklong event – it’s a year-round commitment. We are departing from the tradition of promoting a “new theme” annually; instead we encourage the casino gaming industry to use Responsible Gaming Education Week, August 3-7, 2015, as a good reminder to reiterate foundational and evergreen … [Read more...]

The word “saturated” is commonly applied to the casino industry these days. It is more than a word; it is a reality. A few years ago, the saturation of gaming seemed inconceivable. In those long-gone days, everyone thought the pot of gold at the end of the casino rainbow was unlimited. No longer- now one and all have learned to sing the Saturation Song. Casino operators, lawmakers, gaming … [Read more...]

Time has shown it pays to get in the game Why did Nevada Governor Brian Sandoval, on the eve of the close to the legislative session, sign bills that will expand the reach of sportsbooks? Why is New Jersey Governor Chris Christie suing the federal government to allow Garden State casinos and racetracks to offer sports wagering? The answers can’t be found in the bottom-line numbers Nevada … [Read more...]

With American Pharaoh’s spectacular claim of the Triple Crown last weekend, thoroughbred racing diehards breathed a sigh of relief. But will the win be enough to save the “Sport of Kings” and its legacy, which has been on the down and out for years? I asked myself the same question around this time last year, when California Chrome, a charismatic horse with controversial Breathe Right strips, … [Read more...]

Nothing kills the thrill of a big-money win at the casino quite like a tax form—and soon the grasp of the taxman could be felt before the jackpot celebration stops at a lucky slot machine. By law, gamblers must pay taxes on every dollar they win at casinos, at racetracks, and even from informal bets on football games. Losses, of course, generate no tax liability. In practice, it's quite … [Read more...]

CNBC host and financial gossip monger Jim Cramer set the gaming investment community aflutter last week. Cramer told his “Mad Money” audience there was “speculation” that Wynn Resorts Ltd. “might merge” with MGM Resorts International. The report was repeated on the TheStreet.com website, where Cramer is a founder, director and the largest shareholder. There was zero substantiation and he … [Read more...]

Now that American Pharoah has captured the first Triple Crown in decades, many are wondering what that means for the future of horse racing, and of the colt himself. The New York Times's Joe Drape believes the feat will give horse racing"a badly needed shot in the arm," with no indication of whether the hypodermic metaphor is meant to be ironic. American Pharoah's trainer, Bob Baffert, said he … [Read more...]

Bob Macurak of Forest Hills remembers his clammy palms as he dealt to poker luminaries such as Phil Ivey, Daniel Negreanu and Joe Hachem. Jonathan Kotula of Dormont recalls being the target of a steady stream of jokes from actor-poker player Brad Garrett, who said he resembled young wizard Harry Potter. The two employees of the Rivers Casino poker room have many memories from the multiple times … [Read more...]

The screams and tweets and disparaging comments predictably began within seconds of the announcement, all fair and accurate. The rule is stupid, the NFL is immersed in hypocrisy, and Roger Goodell just might be the most sanctimonious turd of a sports commissioner in history, which is saying something when you consider the list includes Bud Selig and Gary Bettman. (OK, so Sepp Blatter was … [Read more...]

On Monday, American stock speculators will be able to buy shares of Internet gaming giant Amaya Inc. on Nasdaq. Meanwhile, American online poker players still can’t place wagers through the company’s most popular product. So go the trials and tribulations of Montreal-based Amaya. After spending $4.9 billion last summer to acquire Rational Group — the parent company of PokerStars and Full … [Read more...]

In Saturday’s 147th running of the Belmont Stakes, I will be betting on a colt named Materiality. This does not mean I think he is a better racehorse than Triple-Crown hopeful American Pharoah. He most likely is not. It simply means that I think the gambling public will underestimate his chances of upsetting Pharoah on this day. The math looks like this: Belmont Park officials forecast … [Read more...]

The casino industry has some stars and big names; people who helped shape and drive the industry. John Romero might not be on that list for most people. He was not in the public eye in the same way as Steve Wynn, Bill Pennington, Bill Harrah or Sam Boyd. He did not build casinos or even manage them, but he helped build and manage the casino industry. John Romero (1929 - 2015). John was born in … [Read more...]

If you were to ask me, since we’re making forward-looking statements, what will the second quarter look like in Las Vegas? Weak. Do you hear me? Weak. So I’m trying to lower expectations here. This notion of a big recovery is a complete dream. I don’t think Las Vegas is experiencing a great recovery.” — Wynn Resorts Ltd. Chairman Steve Wynn, April 28, 2015 Maybe Steve Wynn confused Las … [Read more...]

The AGA has submitted its formal comments to the Internal Revenue Service (IRS) on behalf of the gaming industry, after months of convening AGA-member tax, finance and operations experts and collecting industry-wide feedback. These comments represent a unified point of view on the IRS proposal to alter slot machine reporting requirements, specifically: Lowering the tax reporting threshold on … [Read more...]

It’s clear the millennial generation — young adults born in the 1980s and 1990s — aren’t fond of playing slot machines. They prefer “Angry Birds” over “Blazing 7s.” New gaming regulations are headed for Nevada that will soon let gamblers do both. The passage of Senate Bill 9 — backed by the Association of Gaming Equipment Manufacturers — allows slot machine companies to create games that … [Read more...]

(Publisher's Note: The deadline to submit comments to the IRS on this issue is Tuesday June 2, 11:59 p.m. EST) According to Joan Morgan, it’s a “crazy, crazy proposal.” To John Ridge of Scottsville, N.Y., it’s “unbelievable.” To Nicholas Lassen of Las Vegas, it’s “ludicrous.” Their blunt assessments sum up much of the public reaction to the possibility of the Internal Revenue Service requiring … [Read more...]

The New Jersey lottery is not producing what the state put in its budget. Nor is it producing what Northstar and the governor promised when the lottery was privatized. No one is pleased, but they should not be surprised. No gaming option in New Jersey is hitting the governor’s or anyone else’s target. There are too many options, too much supply and not enough customers for casinos, lottery, online … [Read more...]

Casino development is on the upswing, which is great—so long as we understand it can’t last forever. One of my favorite lines in one of my favorite books about gambling—Richard Armstrong’s God Doesn’t Shoot Craps—features a character explaining to another character the effectiveness of his system for beating the casino: “It’s a gambling system,” he says patiently. “Sometimes it wins and … [Read more...]

Peter Erickson worries a suggested move by the Internal Revenue Service to lower the reporting level for gambling winnings will change his casino habits. It’s not that Erickson, who retired to South Florida 11 years ago, is considered a high roller. A few times a week, he plays the slot machines at the Isle of Capri Casino in Pompano Beach or one of the properties owned by the Seminole … [Read more...]

The first time I (legally) set foot in a casino was in the early 2000s, when I and some of my high school buddies who had just turned 18 snuck off to the Shooting Star Casino in Mahnomen, Minnesota. After a quick stop at the ATM, we dashed onto the slot floor like kids in a candy store. After burning through $50 in less than ten minutes on a superhero-themed slot machine, I realized that if I … [Read more...]

I confess, I am at least 20 years older than the oldest "millennial." I've experimented with Twitter, Facebook and LinkedIn, but find them too intrusive on my privacy. The social networking I do consists of contributing to a few old-fashioned message boards and keeping a blog. Nevertheless, I am overjoyed that Governor Brian Sandoval of Nevada signed Senate Bill 9 last week, allowing skill-based … [Read more...]

Jerry Faychak wonders whether he's already seen the best days of casino gambling — and whether the IRS soon will make things worse for players and casinos alike. An Internal Revenue Service idea to require reporting of slot jackpots of $600, half the current threshold of $1,200, “doesn't reflect reality,” says Faychak, who retired after 50 years with Westinghouse, most of that time in research … [Read more...]

The final quarterly earnings report this month by slot machine giant International Game Technology was more of a look inside the dwindling North American gaming equipment market, rather than the company. IGT’s sale to Italy-based lottery provider GTECH Holdings for $6.4 billion closed April 7. The combined operation — now called IGT and headquartered in London — released results for the quarter … [Read more...]

MADRID — On game days for the Real Madrid soccer team, the area surrounding Estadio Santiago Bernabéu is an outdoor festival. At the stadium, near the city’s financial district, the club’s fans gather with intense passion. The only place more popular than the 81,000-seat stadium for watching Real Madrid is the Bet Bar. Located directly across Calle Rafael Salgado from Estadio Santiago … [Read more...]

During the past decade, Penn National Gaming was named as a potential buyer of nearly every Strip resort that was for sale or rumored to be on the market. So it was no surprise when the regional gaming company announced on April 29 it would spend $360 million to buy the Tropicana Las Vegas. The transaction, which is expected to close by the end of the year, not only gives Penn its long … [Read more...]

Very few people in this country pay any attention to Macau. It is too far away and too alien to us to be very interesting. However, for me, watching Macau with its Chinese overlords is much like watching the old Soviet Union. Things are never quite what they seem and words don’t quite mean what they normally mean. I find it compelling. It is compelling because Macau is within spitting distance … [Read more...]

A call to action against the proposed IRS change to reporting for gambling winnings I am angry! I’ll get over it, but right now I am a player who is sore as hell at the casino industry! The IRS has proposed to revise a regulation that will complicate my life as a player and as a taxpayer. But I am not mad at them – I’m sort of disappointed but not surprised. What I am mad about is that … [Read more...]

Aaron Hightower envisions a new frontier for casino gambling. He aims to provide a dramatically different machine game that appeals not only to casual gamblers looking for fun and a chance at a jackpot but also to advantage players who rely on skill to win consistently over the long run. His game would be a huge step beyond slot machines that carry a fixed payout percentage and involve nothing … [Read more...]

MADRID — Hidden among the hundreds of retail shops, bars and tapas restaurants that surround La Puerta del Sol is the small Luckia slot machine parlor. Other than the store’s bright orange signs, the casino is unnoticed by the thousands of daily visitors to Madrid’s famous central square. Many come to the plaza to take in the festive atmosphere of Spain’s largest city. Tourists snap photos … [Read more...]

I wrote a few weeks ago about why paying people to vote is more attractive than a legal mandate as a way of increasing turnout. Recent news stories about how Hillary Clinton is the heavy betting favorite in Europe to win the presidency in 2016 raises another question: Why isn't gambling on elections allowed in the U.S.? After all, with money riding on the outcome, a lot more people would surely go … [Read more...]

Since the end of the Second World War, the casino industry has been the driver of Reno’s economy. But not anymore; now an electric car is set to become the economic driver in Reno. The local casino industry has been on a long slow slide for 25 years. The chief culprit is Indian gaming in Washington, Oregon, California, New Mexico and Arizona. Besides Indian gaming, conventional gaming has expanded … [Read more...]

(Bloomberg Business) -- There was a time, believe it or not, when Atlantic City was considered the healthiest place in America. The town founder, Jonathan Pitney, was a country doctor and failed politician who, in 1850, decided to turn the southern New Jersey coast into a “city by the sea,” extolling the restorative properties of the sea air and saltwater. For decades—before the afflictions of … [Read more...]

Why the resort’s recent sale (while it flew under the radar) was a big deal Last week started with two big casino news items that were rife with symbolism: the closing of the Riviera and the official groundbreaking for Resorts World. Some 24 hours after padlocks were slapped on the Riviera’s front doors, lion dancers gyrated in an air-conditioned tent across the street on the former site of … [Read more...]

Steve Jacobs’ personal fight of the century is still in the preliminary stages at the Regional Justice Center, but casino titan Sheldon Adelson is already taking punches. With Clark County District Judge Elizabeth Gonzalez in the role of referee, Adelson recently spent four days on the witness stand in an evidentiary hearing to establish jurisdiction in former Sands China Ltd. CEO Jacobs’ … [Read more...]

ESTORIL, Portugal — Outside the primary entrance to Casino Estoril, a stone marker with colorful tiles recognizes the one-time kingpin of Macau’s gaming industry. Portugal and Macau are forever connected despite a separation of more than 6,800 miles. Much of the relationship hinged on controversial Hong Kong billionaire Stanley Ho. Thanks to Portugal, Ho owned a monopoly on Macau’s casino … [Read more...]

A recent article in the Lehigh Valley Live discussed a New Jersey man, Ikwaan Anin Dobbins, who was accused of cheating at Three Card Poker. What this goofball allegedly did was to "swap cards" (also called card mucking) to give himself better hands. This method of cheating involves playing more than one hand at a time, and switching cards between the two hands to improve one or both of the hands. … [Read more...]

(Bloomberg View) -- The debate on whether betting more accurately predicts election results than polls do has been going on for years, with those who favor bookies over pollsters amassing lots of convincing evidence. Yet the bookmakers failed just as badly as the sociologists at forecasting the U.K. election outcome. The intuition behind trusting markets more than polls is obvious. In 1924, … [Read more...]

Casinos everywhere are being attacked on every side by newer, bigger and more expensive competitors located closer to the customers. Small casino companies don’t have many options except cutting expenses and working harder at marketing. However, major gaming corporations have more resources and options at their command. There are two dominant corporate strategies being used currently. One strategy … [Read more...]

It is quite fitting that FanDuel, the leading daily fantasy sports (DFS) provider, took the audacious risk of being the lone sponsor on Floyd Mayweather’s boxing trunks at Saturdays’ fight at the MGM Grand. Sure, the company took some heat publicly last week for its decision to lend its name to a boxer with a documented history of beating women. But after Mayweather emerged victorious Saturday … [Read more...]

(Bloomberg Business) -- There was a time, believe it or not, when Atlantic City was considered the healthiest place in America. The town founder, Jonathan Pitney, was a country doctor and failed politician who, in 1850, decided to turn the southern New Jersey coast into a “city by the sea,” extolling the restorative properties of the sea air and saltwater. For decades—before the afflictions of … [Read more...]

Just days after holding court at his personal presidential primary, Sheldon Adelson last week found himself in court answering sensitive questions about his lucrative Macau casino empire. The Republican Party mega-donor has ridden record-breaking success in Macau to become one of the world’s wealthiest men. He’s also watching the foundations of the astronomically lucrative Asian gaming market … [Read more...]

Diversification is being touted by analysts and financial institutions as the long-term solution to gaming’s problems. It might be or it might not be the solution. In today’s challenged gaming economy, casinos are diligently looking for ways to improve their performance. There are two opposing views on the subject; one says to diversify by add more amenities and charge more for the existing ones; … [Read more...]

Where would you expect to find a better game of blackjack, in a major casino on the Las Vegas strip or in Pennsylvania? The steady decline of good games on the strip continued this month, as the MGM Grand reportedly switched to “blackjack pays 6:5” on some of their low-limit tables. This rule easily pushes the house edge over 1.5% (that’s for a player who knows basic strategy). Meanwhile, there is … [Read more...]

ennifer Roberts never considered a career as a gaming attorney. She grew up in Salt Lake City and earned an undergraduate degree in criminology from the University of Utah. She briefly thought about looking into an advanced degree in some type of forensic science program. “Since I knew I could never get through organic chemistry, I chose law instead,” Roberts said. When she enrolled in … [Read more...]

Mentioning that Las Vegas visitors in 2015 are spending less on gambling and more on other things is now about as obvious as saying the upcoming Mayweather-Pacquiao fight will make a few bucks. But what other changes are we seeing in visitation? The 2014 Las Vegas Visitor Profile, issued recently by the Las Vegas Convention and Visitors Authority, has some answers. In sum, we see a Las Vegas … [Read more...]

If there are lingering questions about the legality of daily fantasy sports, you wouldn’t know it given the meteoric rise in popularity of FanDuel and Draft Kings with game players, major sports leagues, and television networks. While the conversation about the legalization of sports gambling moves forward at a tortoise-like pace, regardless of the effects NBA Commissioner Adam Silver thinks it … [Read more...]

China and Macau can be a mystery to outsiders. The rules are sometimes vague and subject to change without much notice. The reasoning behind the rules themselves and the changes are often hidden in Chinese language and in metaphor. To an outside observer Macau appears to be a very challenging and unstable environment and one where long-term plans are difficult to predict. For the first ten … [Read more...]

Yesterday, as millions of Americans and businesses filed taxes, the AGA promoted the $38 billion in federal, state and local taxes generated by the casino gaming industry. Across 40 states, gaming taxes support vital public services such as education, law enforcement, community development, debt reduction and more. Casino gaming contributes $240 billion to our nation’s economy and supports 1.7 … [Read more...]

LAS VEGAS (AP) - Remember when a visit to Las Vegas was all about gambling? Massive, windowless casinos with air-conditioning and free drinks kept guests oblivious to the passage of time while they sat at slot machines and card tables for hours on end. But it's time to go outside, Vegas visitor! Gambling is hardly this town's priority anymore. Whether you're coming for a convention, wedding or … [Read more...]

Casinos in Ohio and other surrounding states are taking revenue from casinos in Pennsylvania and that is forcing those casinos to rethink their business model. In the changing landscape of casino gaming, nothing should come as a surprise. Most casinos in the country are trying to be creative in coping with declines in revenue. Under the pressure of competition and declining revenues, individual … [Read more...]

Initiative aims to protect consumers, jobs and restore revenues to state and local governments (In keynote address to National Association of Attorneys General in Biloxi, American Gaming Association CEO Geoff Freeman invited AGs to partner in cracking down on illegal gambling) Good afternoon, and thank you for inviting me to speak before this distinguished group. Today I am going to talk about … [Read more...]

The saga of the 14 gamblers who won $1.5 million from the Golden Nugget in Atlantic City by exploiting un-shuffled cards in mini-baccarat continued this week. In case you missed the story, in April, 2012, these 14 players (the "Atlantic City 14") noticed that the cards being used on a mini-baccarat table were un-shuffled. As a consequence, they won 41 straight hands. This week presiding judge … [Read more...]

Eight years ago, California’s Indian casino market was approaching $8 billion in annual gaming revenue. By comparison, Nevada casinos in 2007 brought in a single-year record $12.8 billion, of which $6.8 billion came from the Strip. The recession knocked the California casino market down a few notches, as it did in Nevada. But the Golden State’s tribal gaming industry is firing up … [Read more...]

Analyzing which Las Vegas landmarks qualify as iconic (Bellagio Fountains) and which don’t (the High Roller) Late last month, the Clark County Commission awarded Caesars Entertainment’s High Roller observation wheel the inaugural Las Vegas Icon Award. The County Commission’s best intentions aside, Vegas icon-hood can’t be bestowed, like a key to the city. It can’t be earned, either. It just … [Read more...]

Singapore wanted nothing to do with the often questionable gaming middlemen who proliferate in Macau. The gambling houses in Macau get around China’s currency controls by relying on so-called junket operators to extend credit to mainland high rollers, a business model that has been linked to organized crime groups known as triads, says Steve Vickers, chief executive officer at risk consultant … [Read more...]

Some Las Vegas resorts charge a resort fee that is not clearly defined, differs from resort to resort and is sometimes even difficult to recognize on the bill. Those fees have resulted in a class action lawsuit. This is probably not the most important issue the gaming industry faces, but I think it is important enough to consider. Neither Las Vegas nor any other gaming destination needs any bad … [Read more...]

There were two articles in the news over the last week having to do with players getting the edge over the house. In one case, an article in the Baltimore Sun described the travails of professional poker player Joseph Stiers who was banned from all Caesars properties for card counting. In particular, Stiers will not be allowed to play in the World Series of Poker this year. The other article, in … [Read more...]

Wynn v. Wynn. Wynn Resorts shareholders will vote later this month to elect two directors. Three people are running for the job, all of whom are currently directors; the board voted to eliminate one of their jobs. The two directors whom the company re- nominated are John Hagenbuch and J. Edward Virtue; the one they didn't is Elaine Wynn, whose name is on the door insofar as she is a co-founder … [Read more...]

MGM Resorts International had a busy March. And that’s without the unsolicited offer from a minor shareholder to convert the casino giant into a real estate investment trust. On March 24, MGM officials broke ground on the Las Vegas-based company’s $800 million hotel-casino development in Springfield, Mass. A day later, MGM leadership celebrated the hiring of the 1,000th construction … [Read more...]

Though Major League Soccer rejected Las Vegas's bid for an expansion team in February, the city's push for a professional soccer team and a taxpayer-subsidized stadium to match continues to move ahead, against all evidence that taxpayer funding is a mistake. Although MLS awarded its 24th franchise to Minnesota in late March, soccer matters are quite alive in the run-up to the June mayoral … [Read more...]

Golden Nugget sportsbook director Tony Miller is not usually what one would consider a fan of Duke basketball. In fact, it’s one of his least favorite teams in all of sports. “I hate Duke with a freaking passion,” Miller said. But Miller will be rooting for the Blue Devils with the vigor of one of the Cameron Crazies, the program’s devoted student section, when they play Michigan State on … [Read more...]

A heated debate over religious freedom and gay rights was not what Indiana’s challenged gaming industry needed. The state’s 13 casinos experienced a 10 percent decline in gaming revenue in 2014 due in large part to new competition in neighboring Ohio and Illinois siphoning away gambling customers. Possible boycotts of the Hoosier state by convention organizers and other tourism groups and … [Read more...]

On his first quarterly earnings conference call as CEO of Full House Resorts, Dan Lee compared himself to the little boy who came downstairs one Christmas morning hoping to find a pony. Instead, he discovers a giant pile of horse manure next to the tree. But the little boy, Lee said, was still optimistic. “With all that crap, there’s got to be a pony in here somewhere.” Lee told this … [Read more...]

On March 27th, Senate Minority Leader Harry Reid announced his retirement. Reid has been a lightning rod for the Republican Party for most of his tenure in congress. His critics have demonized him and expressed the opinion that the senior senator from Nevada should have been ridden out of town on a rail years ago. Lead by Rush Limbaugh, the nation’s conservative talk show hosts love to hate him. … [Read more...]

Friday morning, Senator Harry Reid announced he will retire at the end of his current term in 2016. Senator Reid has been a tireless supporter of gaming who solidified Nevada and the industry’s significance across the country. From his earliest days as chairman of the Nevada Gaming Commission to his years in the United States Senate, he has demonstrated support, respect and a vision for … [Read more...]

Now, I’ve never met Steve Wynn, but I’ve had a soft spot for the guy ever since reading Nora Ephron’s account of the fateful encounter between his right elbow and Picasso’s “Le Reve” (more on that in a bit). I’ve never met Elaine Wynn either, but she seems like a peach. I love this quote from a friend in Cathy Horyn’s 2006 New York Times profile: “She was like a willow, beautiful and blowing … [Read more...]

The legislative response to competition from neighboring states is really starting to gain some momentum. Pennsylvania, Indiana, Delaware, Rhode Island and Connecticut are all trying to help local casinos compete in an increasingly crowded environment. The casinos themselves are of course behind the initiatives. In most cases they suggest the measures they believe will be the most beneficial in … [Read more...]

A policy address by Macau’s top government official this week wasn’t an uplifting and positive message the casino industry and the investment community were hoping to hear. Macau Chief Executive Fernando Chui told lawmakers on Monday the Special Administrative Region had entered an “adjustment” period of slower and stable growth. Chui, who has been region’s chief executive since 2009, vowed to … [Read more...]

Not everyone associated with the casino industry has caught REIT fever. Several analysts and insiders aren’t sold on the notion that real estate investment trusts — where casinos are spun-off into a separate publicly traded company and leased by back to an operator — as being a good move for all gaming companies. The short-term gains — tax benefits, a boost in stock prices and potentially … [Read more...]

A year ago, the gaming investment community didn’t pay much attention to Global Cash Access. The Las Vegas-based company did a quiet and exceptional job providing casinos with ATMs, point-of-sale and debit card transaction devices, slot machine ticket redemption kiosks, and other payment processing equipment. Then, Global Cash Access stole the best little slot machine manufacturer in … [Read more...]

The IRS is determined to make the casino business as burdensome as possible. It’s not enough that claiming gambling losses on individual tax returns invites an audit. And it’s not enough that IRS agents have put increasing pressure on casinos to report “suspicious activity” by customers. What qualifies as “suspicious activity”? Criticism of the IRS, of course. The agency will get a lot more of … [Read more...]