Commentaries

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...]

ATLANTIC CITY, N.J. (AP) - Monopoly is celebrating 80 years of capitalist cunning and dinner-table deals. The board game based on the real-life streets of Atlantic City was "born" on March 19, 1935, when Parker Brothers acquired the rights to it. In the decades since, an estimated 1 billion people have weighed the merits of buying up utilities and railroads or trying to hit it big with … [Read more...]

Caesars Entertainment Corp. can’t seem to catch a break. Next month, New Orleans will ban smoking in most public venues within Orleans Parish, including bars, hotels, sports stadiums and restaurants (where the activity has been curtailed since 2007). Harrah’s New Orleans is also on the no-smoking list. Louisiana’s only land-based casino — and its second largest gaming revenue producer — … [Read more...]

Battle lines are forming in Macau. In a heretofore unheard of move, the major casinos are tightening their belts, reducing expenses and encouraging employees to take time off without pay. To any other jurisdiction, this process is as familiar as the changing of the seasons. In fact, it often coincides with the beginning of winter. In most jurisdictions, November and December are very, very slow … [Read more...]

LAS VEGAS (AP) - That Kentucky is good - make that very good - isn't debatable among this city's bookmakers, who make the Wildcats nearly even money to cap an unbeaten season by winning the NCAA Tournament. Kentucky will be favored by double digits in any matchup heading into the Final Four, beginning with what is expected to be a laugher in Thursday's opening round against the winner of the … [Read more...]

If we didn’t know better, one might believe the Chinese government is trying to sabotage Macau’s already sinking gaming market. Nine straight months of casino revenue declines, including a record 49 percent drop in February, are primarily because of a government-imposed crackdown on corruption. Beijing is seeking to reduce the influence junket operators have on bringing high-end gamblers to … [Read more...]

Two of the most critical components of the gaming industry’s future are perception and policy. The American Gaming Association (AGA) is playing an increasingly active role in shaping both. With regard to perception, yesterday AGA released new research estimating Americans’ betting habits on the upcoming NCAA basketball tournament. With 40 million Americans betting $2 billion dollars on 70 … [Read more...]

Last year, Nevada’s sportsbooks accepted a little more than $3.9 billion in wagers. After paying out winners, they kept about $227 million for themselves, and paid about $15 million in taxes to the state. But they also sent a $9.8 million check to Uncle Sam, in compliance with a federal tax law on sports-betting handle, a levy that’s been on the books for more than 60 years—and one that U.S. … [Read more...]

The brewing proxy fight at Wynn Resorts Ltd. might be more entertaining than “Steve Wynn’s ShowStoppers,” the production of Broadway and movie songs now playing in the Encore Theater. The boardroom extravaganza is a Las Vegas version of “The First Wives Club,” with Steve Wynn as one of the co-stars. Less than a week after being removed from consideration for another term as a member Wynn … [Read more...]

Nothing is sexier than suburban planned communities, good schools and low crime rates. So we learned Monday when Henderson was named one of the “19 Sexiest Spring Break Destinations in America” by a dating website. Yes — Henderson, Nevada. Not the ones in North Carolina or Kentucky. We checked. Even for an admittedly unscientific web listicle, this seemed — to put it politely — odd. … [Read more...]

Indiana is making a serious attempt to come to grips with the new cross-border competition that characterizes the gaming industry in the 21st century. Indiana’s gaming revenue is down 30 percent since casinos began opening in Ohio in 2012. The impact of the Ohio casinos on those in Indiana mirrors the impact of Pennsylvania casinos on Atlantic City. Atlantic City was the first major jurisdiction … [Read more...]

One game could change the landscape of Nevada’s slot machine route business. At least, that’s the hope of Century Gaming Technologies. The company struck a deal with Australian slot machine manufacturer Aristocrat Technologies to place three of its popular game titles within Century’s multigame bar-top slot machines. One of the games is Buffalo, which has been ranked as the best-earning … [Read more...]

By next year, at least three casino companies will have traveled the path into the real estate investment trust market. Now, a fourth may join them on the trail. Last month, MGM Resorts International CEO Jim Murren said his company had no plans to split some or all of its nearly two dozen U.S.-based casinos and resorts into a REIT. But he didn’t dismiss the idea outright. Here’s a … [Read more...]

And why you should be too! In 2014, CDC Gaming Reports became a member of the American Gaming Association. After some thought, we decided to renew our membership for 2015. As “media”, we are an Ally member – and though our dues are only $2,500 a year, there are lots of other things I could do with the money. (Vegas, baby!) Today I am very happy that I had made that decision – and I can … [Read more...]

How an 'accidental capitalist' built the Hard Rock Hotel 20 years ago—and showed the city where the real action is This is it: the opportunity that comes once a lifetime, the deal that anyone in the hospitality business takes without looking back. Specifically, this is the chance to build a hotel on the Las Vegas Strip, backed by Kirk Kerkorian. He’ll provide the land, right across from … [Read more...]

Businesses can grow and flourish if government will just let them. Consider Nevada’s sports books. Last week, the Nevada Gaming Commission, following a recommendation from the Gaming Control Board, unanimously approved a regulation allowing wagers on Olympic events. It didn’t take long for books to react. The Review-Journal’s Howard Stutz reported that within minutes of the regulation’s … [Read more...]

Yesterday, the Internal Revenue Service (IRS) issued proposed regulations and an official Notice updating the tax information reporting rules for players’ slot winnings (as well as keno and bingo). Notably, the IRS is considering future additional regulations that could aim to reduce the respective reporting thresholds from $1,200 to $600 on gaming winnings. This potential policy change could … [Read more...]

GTECH Holdings is paying $6.4 billion to acquire International Game Technology, but the Italy-based lottery giant is taking on more than just “Wheel of Fortune” and the company’s other slot machine titles and products. GTECH wants the name IGT. At last week’s Nevada gaming regulatory hearing, GTECH Chairman Lorenzo Pellicioli revealed the merged company will be known as IGT when the buyout … [Read more...]

The process of developing casino gaming in Massachusetts has seemed like an anomaly all along. It was very long and often contentious as every potential license had several bidders, each with a different host community. Awarding the licenses did not end the controversy as several companies and communities have explored further legal options; one wonders if there is an end to all of the … [Read more...]

Government shouldn't be involved in telling a casino developer he can't prohibit smoking on the gambling floor. Why are Iowa lawmakers even involved in whether someone placing a bet at a blackjack table has the right to fire up a Marlboro when he does it? Last week, a subcommittee voted 21 to advance a bill that would force state regulators to grant a gambling license to an investor in Cedar … [Read more...]

Blackstone Group executive Jonathan Gray never will be mistaken for Nick the Greek. The company’s head of global real estate considers himself just a gambling novice. Yet, the head of the New York-based private equity fund is wagering $1.73 billion it can make The Cosmopolitan of Las Vegas a shining jewel on the Strip. To hear Gray describe the 4-year-old Strip hotel-casino, Blackstone is … [Read more...]

It was deja vu all over again last week when Representatives Jason Chaffetz and Tulsi Gabbard re-introduced legislation in the U.S. House to restore the Wire Act to its pre-2011 status, with the intent of reinstating the ban on all online gambling. The three page “Restoration of America's Wire Act” (RAWA) was identical to legislation introduced last year, legislation that went nowhere. Even in … [Read more...]

My father died Wednesday morning. He had prostate cancer for more than ten years, but it really caught up with him over the last few months, and especially after we celebrated his 98th birthday, ten days ago. On Monday he moved to a hospice. While I assumed the next days would be demanding, what I did not expect was that they also would be enlightening. Hospices are wonderful places – and … [Read more...]

There is no debate that Station Casinos had a strong finish to 2014, giving analysts hope that recovery in the Las Vegas locals gaming market is underway. Now, the investment community may want a piece of the action. During the Station Casinos’ fourth-quarter earnings conference call a week ago, an analyst asked if the privately held casino company would be publicly traded once … [Read more...]

If there were one property you could point to that has represented the evolution of our city’s casinos over the past 60 years, it would be the Riviera. So it’s only fitting that, in its final days, the hotel-casino is doing so again. By now you know that the Riviera is being sold to the Las Vegas Convention and Visitors Authority (the $182.5 million transaction was unanimously approved by the … [Read more...]

Las Vegas has had its difficulties since the Great Recession began in 2006. However, the city continues to move forward and there is always a new project waiting just around the corner. The Las Vegas Convention and Visitors Authority (LVCVA) expansion is one of the projects in the queue. To maintain its lead as the nation’s number one convention city, the city needs more convention space. The … [Read more...]

So this weekend, I went to Las Vegas for the first time. I’m not much of a gambler -- I quit playing when they raise the minimums past $5 -- but there’s enough of a theme-park aspect to the place that a few friends and I managed to have a terrific time. Two things immediately stand out to the libertarian visitor: In some ways, it has the most liberty of any place in the U.S. -- and it also has the … [Read more...]

Legalizing sports betting in the U.S. would be bad news for local street-corner bookies and the Internet’s unregulated off-shore gambling market. But could the idea hurt the Nevada sports betting industry? If legal sports books pop up in California Indian casinos, for example, would the Strip’s high-end gambling facilities dry up? This question doesn’t need an answer today. We’re a long way … [Read more...]

If 2014 appeared to be a very bad year for Macau, 2015 is shaping up to be worse. The president of China has called for a critical review of gaming. He expressed concerns that the casinos in Macau are contributing to the corruption of China and have put Macau in a precarious position with only one major source of revenue and employment. President Xi Jinping wants Macau to clean up the casino … [Read more...]

If California’s Internet poker debate was an actual card game, PokerStars just doubled up. But the European online gaming giant is still short-stacked against two of the state’s largest tribal casino operators in its effort to gain a piece of California’s potentially lucrative — albeit nascent — Internet poker market. Three tribes embraced legislation this month that would allow PokerStars … [Read more...]

If the American Gaming Association 1.0 was built around the rolodex of longtime chairman and political operative Frank Fahrenkopf, the AGA 2.0 is built around the savvy pragmatism and consensus-building approach crafted by Geoff Freeman, who in 2013 brought a wealth of knowledge to the AGA as a former public relations man and trade association executive. The chic new office space in Washington … [Read more...]

Governor Scott Walker of Wisconsin is a controversial governor. He began his term in office by taking on the state’s public employee union as part of some dramatic cuts in the state’s budget. Those cuts and his stance on unions led to a recall effort. Walker is a fundamentalist Republican who seemed to act from his principles, that is until he was faced with the Menominee tribe’s request to open a … [Read more...]

Internet gambling supporters rejoiced when the Justice Department — two days before Christmas in 2011 — changed its opinion on the Federal Wire Act and opened the doors for online wagering expansion across the United States. However, the growth has been in state-run online lotteries, not poker or other casino games. A study released this month by GamblingCompliance.com found Internet lottery … [Read more...]

The U.S. Department of Justice’s groundbreaking reinterpretation of the Wire Act, in December 2011, led directly to the introduction of online gambling by the states of Nevada, New Jersey and Delaware. It has also led to some key players in the gaming scene casting about for ways into the online market. The horseracing industry, tribal interests, and even a number of state lotteries have shown a … [Read more...]

The odds are good even the most perceptive bookmaker didn’t see this turnaround coming: U.S. Sen. John McCain speaking out in favor of expanding legalized sports betting in America. “We need a debate in Congress,” the Arizona Republican said recently. “We need to have a talk with the American people, and we need to probably have hearings in Congress on the whole issue so we can build … [Read more...]

Las Vegas is back from the near-dead. Now what are we going to do? That’s the question posed by MGM Resorts International Chairman and CEO Jim Murren as he surveys post-recession Nevada in the early days of the 2015 Legislature. Murren says the state ought to use its new lease on life to make real progress instead of simply re-creating the life it had before 2007. “We had a near-death … [Read more...]

As part of the AGA’s “Get to Know Gaming” campaign, which will aggressively promote the value of the industry, today we released a seminal report outlining the quality, range and skills associated with the more than 200 types of careers at hundreds of casinos across 40 states. Beyond the research, we have launched a video series that highlights real-life stories of gaming employees, and announced … [Read more...]

The opportunities for casino companies to expand into new jurisdictions are dwindling. With the recent expansion in New York, Massachusetts and Maryland, the best potential gaming jurisdictions have been taken. However, there are some opportunities remaining, not as desirable as earlier ones maybe, but still opportunities. Many in are in the south; Georgia, North and South Carolina, Texas, … [Read more...]

By numbers alone, the merger of Golden Gaming and Lakes Entertainment doesn’t equal any one of the combined $18.5 billion in gaming equipment manufacturing buyouts that have happened in the past 18 months. But the transaction between Nevada’s largest tavern owner/slot machine route operator and the Minnesota-based casino company might signal consolidation in the regional gaming market. At … [Read more...]

The (almost) former CEO's strategy to turn the company into a gaming Goliath worked … but did it work too well? Caesars Entertainment announced February 4 that Gary Loveman, CEO since 2003, would be stepping down effective June 30. While he will remain as chairman of the board for the foreseeable future, this marks the end of his time as the chief decision-maker of the gambling giant. What … [Read more...]

Tables that resemble giant smart phones inside The Mirage and MGM Grand Las Vegas are the future of gaming. You just can’t gamble on them quite yet, at least not for real money. The InteractivePro tables, manufactured by an Australian company, have quickly developed a following from MGM Resorts International customers. For now, the 42-inch screens allow customers to watch television, gain … [Read more...]

Scientific Games Corp. is Nevada’s new International Game Technology — without the baggage. Over the past 18 months, the lottery provider spent $7.6 billion to acquire the gaming industry’s No. 2 and No. 3 slot machine manufacturers. Last month, Scientific Games said it will move its corporate headquarters from New York City to offices off the 215 Beltway. The company will consolidate its … [Read more...]

Friends of CDC Gaming Reports: I am happy to present the latest innovation of CDC Gaming Reports - our Casino Industry News Database. Over the years CDC Gaming Reports has been asked many times by subscribers, researchers, reporters, professors, students and legislators whether it was possible to get a list of articles written on a particular gaming industry topic or for a particular region. … [Read more...]

After implementing a partial casino smoking ban in October, Macau is contemplating a total prohibition on smoking in all areas of the region’s gaming market. Talk about throwing gasoline on a raging inferno. Macau’s casino industry is challenged, and that’s an understatement. The market has had eight consecutive monthly gaming revenue declines. A 2.6 percent dip in 2014 was the first … [Read more...]

In the waning days before Super Bowl 49, when the media was at a frenzied pitch, the Northwest Indiana Times ran an article about changes in the public’s interest in horse racing over the last 49 years. It describes the world of racing fifty years ago, when horse racing was a major sport on the level of boxing and professional baseball. Football had not yet reached that grand stage; baseball was … [Read more...]

Falling gasoline prices and rising consumer confidence mean good news for regional casino operators. Whether this translates into more dollars in casino drop boxes is still up for debate. Two analysts say the regional gaming markets — primarily those in the South and Midwest — are poised for a rebound in 2015, which could help the bottom lines of Boyd Gaming Corp., Pinnacle Entertainment and … [Read more...]

LAS VEGAS (AP) – If there’s a secret to how four buddies managed to beat the house 76 percent of the time during the NFL’s regular season to win a record-setting $736,575, they aren’t giving it up. The four sports bettors from Los Angeles and Boston achieved a feat that was unheard of in the annual SuperContest at the Westgate Las Vegas Resort & Casino. Contestants and organizers have … [Read more...]

Governor Christopher “Chris” Christie is not one to sit still and watch the grass grow. If he sees a problem, the governor jumps in with both feet. And he sees Atlantic City as a problem. Beginning as soon as he took office, the republican governor started to be very active in the affairs of the city and its casinos. It is difficult to imagine another governor taking as much interest, as Christie … [Read more...]

Imagine for a moment that Las Vegas-style sports wagering was legal in other states. Maybe the NFL’s negative attitude toward betting would be relaxed. That way, Strip casinos could advertise their Sunday events as Super Bowl parties, rather than hiding behind the term “Big Game,” out of fear of trademark lawsuits by NFL attorneys. The hoopla and festivities surrounding the 49th Super … [Read more...]

Each year, the Gaming Control Board releases a massive document that charts the performance of the state’s casinos for the previous fiscal year, broken down by geographic area and income. The release of the 2014 Nevada Gaming Abstract crystallizes the trends that have shaped the local gaming industry over the past year. Not surprisingly, the 23 Las Vegas Strip casinos that made more than $72 … [Read more...]

Last week, the AGA estimated that $3.8 billion dollars will be wagered illegally in the United States on the Super Bowl, and national media paid attention – from Bloomberg, Politico, The Washington Post, Chicago Tribune, Forbes and more. The AGA is taking a rigorous look at the issue of sports betting and the 1992 federal ban outside of Nevada and three other states. While the industry has not yet … [Read more...]

A new technological convergence which has already swept across Europe seems set to make inroads in the USA, at least where states allow online gambling. The arenas of social networking and real money gambling each have a number of mega-corporations, and these behemoths appear to be quite interested in moving into the other domain. Moves have already been made by giants on both sides. Social … [Read more...]

The past 18 months were a transformative period for Nevada’s slot machine industry. The next 18 months won’t contain the fireworks associated with five multibillion-dollar corporate mergers, but the time period could foretell the manufacturing industry’s future. The five transactions placed a large swath of Nevada’s gaming equipment manufacturing business into the hands of the lottery … [Read more...]

Gaming industry predictions are not exact science. A year ago there wasn’t an analyst who thought Macau’s casino market would see its first annual gaming revenue decrease in 2014. Atlantic City was easy to predict. Most gaming observers correctly said the Boardwalk would suffer through its eighth straight annual revenue decline, although no one anticipated four casinos would be closed by … [Read more...]

Dear Gaming Colleague: The U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) recently released guidance for casinos’ sports book operations. As Reuters reported, while the American Gaming Association (AGA) welcomes continued insight, we ask FinCEN for its support along with other law enforcement agencies to join our current efforts to root out illegal gaming. As … [Read more...]

Bill Boyd said a 1983 decision to take over management of the troubled Stardust was an easy choice. He worried that 2,000 workers would lose their jobs if Boyd Gaming Corp. didn’t step in after state gaming regulators filed an emergency order of closure against the failing Strip hotel-casino. “We thought it was the right thing for us to do,” Boyd, 83, said last week. It was also an old … [Read more...]

Since its creation in 1995, the American Gaming Association (AGA) has acted as the premier national trade group representing the $240 billion U.S casino industry, which supports 1.7 million jobs in 40 states. Our mission is simple: To be the single most effective champion of the industry, relentlessly protecting against harmful and often misinformed public policies, and paving a pathway for … [Read more...]

Texas Hold'em tables often serve as less-genteel clubs for blue-chip businessmen. Instead of walking down fairways 30 yards apart from each other, or quietly hunting pheasant or muskie, poker buddies are elbow to elbow all night, competing and talking. The experience can tell them a lot about the other fellows' ability to make sound decisions under pressure. The quantitative and psychological … [Read more...]

Monday I turn 60! I have been celebrating the event all week with a series of small dinners with one or two friends – and Monday night I will be with one of my very best friends. I was considering something more celebratory, but we just lost my beloved aunt, Dorothy Arnos. And while that dampens my spirits a bit I am excited about looking forward to 60+ – and very thankful when I look back. (If I … [Read more...]

Inside the American Gaming Association’s new headquarters in Washington are a few slot machines to entertain policymakers and other visitors. The free-play games also serve as instructional tools to teach gambling novices about the inner-workings of the casino industry. A large poker table is on order. No word yet on house rules. The offices also feature a sports ticker, a personal … [Read more...]

The gaming industry is many things to many people. To the people who buy a lottery ticket, play a hand of poker, bet the ponies or go to a casino for an evening of fun, gaming is a participatory experience. Most of the forms of entertainment in our society are spectator events; we watch other people play games, sing, dance and make jokes. Gaming is one of the few options available for a person, … [Read more...]

Back when Nevada and Atlantic City were the only places in the United States to find casinos, the law firm Lionel Sawyer & Collins ruled the legal roost. With its merger New Year’s Day into the Fennemore Craig law firm, Lionel Sawyer & Collins has been relegated to the gaming industry history pages, joining the names Frontier, Dunes, Stardust, Aladdin and El Rancho Vegas. The firm … [Read more...]