The Locals vs. Tourists Balancing Act By David G. Schwartz, Green Felt Journal, Vegas Seven • January 8, 2015 Las Vegas is at its best when its attractions appeal to both Sometimes, it can seem that life in Southern Nevada is a big zero-sum game. With limited money to spend in both the private and public sectors, this dilemma is ever-present: Invest in infrastructure and attractions that will draw more tourists and pump more money into the economy, or add more services and institutions that enhance the … [Read more...]
Icahn and the Taj Mahal: No winners By Aaron Stanley • January 7, 2015 It's difficult to find much optimism in the temporary ceasefire between Carl Icahn and the union representing the employees of Trump Taj Mahal. The troubled Atlantic City casino will remain open for the time being, perhaps up to a year, but there will be no winners in this struggle, regardless of who loses. By ponying up $20 million to keep the facility open indefinitely, Mr. Icahn avoided the … [Read more...]
North Jersey casino is no panacea By Aaron Stanley • January 3, 2015 Predictably, as soon as New York State announced (last week) that it was awarding Vegas-style casino licenses to three upstate locations, the chatter about the feasibility of a casino in north Jersey was back in full force. A casino in Jersey City, or in the Meadowlands, or both, certainly seems to offer rosy possibilities. The destination, directly across the Hudson River from Manhattan, is … [Read more...]
What is Happening in Macau and Who Cares? By Ken Adams • January 3, 2015 Gambling in Macau is the least popular topic that I ever discuss in a column. I have often wondered why no one wants to read about Macau as it has been one of the most dynamic stories in gaming for the last eight years. While we have been mired in a recession and too competition, gaming revenues in Macau have increased by seven-fold going from $6 billion in 2006 to $45 billion in 2013. For anyone … [Read more...]
The Most Important Gaming Stories of 2014 – in My Opinion By Howard Stutz • January 1, 2015 10 - NBA commissioner Adam Silver says sports betting should be legalized. 9 - FinCen increases its money laundering crackdown on the casino industry. (At the end of the year, the American Gaming Association issued a policy report on money laundering compliance). 8 - An illegal World Cup betting ring was busted up at Caesars Palace by FBI and state gaming agents. The ring had originally … [Read more...]
The Most Important Gaming Stories of 2014 – in My Opinion By Ken Adams • January 1, 2015 Every year, in every sport, business, industry and community, someone compiles a list of the most important events of the outgoing year. Gaming is no different; most of the media that follows gaming will publish its own list of the top events of the year. There will be different lists for lotteries, horse racing, sports betting, poker and casinos. My list is primarily a casino industry list. I … [Read more...]
AGA: Going Forward By Geoff Freeman • December 31, 2014 In 2014, the evolution of the gaming industry—and of the American Gaming Association—was never more apparent. Through the lows of Atlantic City and the highs of Massachusetts, the AGA served as a passionate champion for the gaming industry. We are growing more inclusive of new players, more transparent about our initiatives and more communicative with gaming stakeholders in the United States and … [Read more...]
INSIDE GAMING: The shape of things to come for Caesars By Howard Stutz, Las Vegas Review-Journal • December 31, 2014 Caesars Growth Partners was never built for the long haul. But even creators of the company that is 58 percent owned by Caesars Entertainment Corp. might have been hard-pressed to predict the business would have a lifespan of less than two years. It’s abundantly clear Caesars Growth Partners is key to the planned bankruptcy restructuring of overly leveraged affiliate Caesars Entertainment … [Read more...]
Thank you for a great 2014 – and (hopefully) an even better 2015! By Jeffrey Compton • December 29, 2014 It has been a good year for CDC Gaming Reports: Traffic to our website (measured in both visits and page views) has more than doubled since December 2013. According to Alexa.com CDC Gaming Reports is among the highest ranked casino industry business websites in the world. We re-designed our home page and now feature links to Global Gaming Business, UNLV Center for Gaming Research and the Las … [Read more...]
Legalized Online Gambling: Is It a Fantasy or Reality? By Ken Adams • December 28, 2014 Two years ago the Department of Justice decided that online gambling was not against federal law. In the opinion of the feds only sports betting violated federal law. However, that prohibition did not extend to fantasy sports. The decision opened the door for legalized online gambling on a state by state basis. It is now the end of the first full year of online gaming and to say that legalized … [Read more...]
INSIDE GAMING: Deconstructing the Harmon Hotel mess By Howard Stutz, Las Vegas Review-Journal • December 28, 2014 On paper, it appeared MGM Resorts International lost the construction defect lawsuit over CityCenter’s mistake-riddled Harmon Hotel. The reality is the casino giant won the war by making this 4-year-old legal mess go away. As 2014 draws to a close, MGM Resorts is on an upswing. Analysts view the company as an investment opportunity, primarily because of its new properties under … [Read more...]
Latest publicity stunt by Culinary Local 226 falls flat By Howard Stutz, Las Vegas Review-Journal • December 21, 2014 The most recent publicity stunt in the ongoing skirmish between Culinary 226 and Station Casinos had a holiday street party feel combined with an arts and crafts project. In the past, the union has blocked entrances and streets, which resulted in the Culinary’s leadership being led away in mock arrest. A few years ago, several Culinary workers held a weeklong hunger strike in front of the … [Read more...]
When Building the Casino – Think Canoe By Ken Adams • December 20, 2014 Recently there was a short article from Eureka, California about the promotion of a tribal member to the position of general manager at the Bear River Casino. In the grand scheme of things, it is not a very big story, except that it is one of the biggest storylines in Indian gaming. John McGinnis, a member of the Bear River Band and an elected member of the Tribal Council, will be the new General … [Read more...]
Marketing to gays evolves into niche groups By Richard N. Velotta • December 20, 2014 These days, the hospitality industry may need to do more than simply market broadly to gay tourists. It’s more complicated than that because of the niche groups within the lesbian, gay, bisexual and transgender communities. Therefore, some hotels, attractions and tourism marketing groups are educating themselves about the subgroups to target-market specific niches or at least avoid offending … [Read more...]
2014: Rough debut year for U.S. online gambling By Aaron Stanley • December 18, 2014 By any measure, 2014 has been a humbling year for the online gaming business in the U.S. After starting with a bang in late 2013, all sorts of problems have completely halted its momentum. A quick recap: banks and payment processors have been reluctant to honor payments made to online casinos, Sheldon Adelson’s militant opposition to online play has created a massive schism in the industry, … [Read more...]
INSIDE GAMING: Crumbled buildings, cannons symbolize current status of Macau By Howard Stutz, Las Vegas Review-Journal • December 17, 2014 Visitors to Macau can capture spectacular images of the city’s downtown peninsula skyline from the Ruins of St. Paul, a hillside area that includes the stone facade remnants of a 16th century cathedral. Above the church site is Mount Fortress, which was built by Jesuits to protect the Portuguese colony. The historic fort’s cannons point toward Macau and the peninsula area’s casinos, the most … [Read more...]
Dead Men Do Tell Tales By Randy Fine • December 16, 2014 Things continue to be rough for our industry. Financial results remain soft; discussion of bankruptcy in other quarters abound. There is little optimism out there. With just cause. While it has taken far longer than it should have, the industry is finally realizing that the glory days (aka everything before 2007) will never return. This is partly due to the “new normal” of stagnant economic … [Read more...]
State Of Play: The Casino-less By Luke Haward • December 15, 2014 The U.S. states which don’t authorize casinos can be put into two groups. There are those likely to remain without casinos into perpetuity, such as the staunchly anti-gambling Utah. Then there are those where allowing casinos has merely a long-shot, outside chance. In two cases these long-shot states are even famous for having their own form of gambling: Kentucky, with its Derby; and Texas, where … [Read more...]
Some advice for Nazarian: Be contrite, honest, forthright By Howard Stutz, Las Vegas Review-Journal • December 14, 2014 Sam Nazarian hasn’t asked me for advice. But I’ll give it to him anyway. When he appears Thursday at the Nevada Gaming Commission meeting, Nazarian — the visionary behind SLS Las Vegas — should accept the Dec. 3 recommendation by the Gaming Control Board for a one-year limited gaming license with about a half dozen conditions. One provision bars Nazarian from having any say over the SLS … [Read more...]
Looking For the Problem in Problem Gambling By Ken Adams • December 13, 2014 The time has come for the gaming industry to address gambling addiction. In the long-term there are no absolute solutions, just as there are no solutions to alcohol, tobacco or shopping addictions. Prohibition has been tried and it does not work. Many states are using excessive taxation on alcohol and tobacco, but there are no signs that strategy is working either. Although, the laws prohibiting … [Read more...]
How a Few Regulators Saved the Nevada Gaming Industry By David G. Schwartz, Green Felt Journal, Vegas Seven • December 10, 2014 The efforts of a handful of good regulators in the early 1960s kept Nevada’s gaming industry from crapping out Grant Sawyer deserves much of the credit for Nevada taking its current shape. In his first year as governor in 1959, Sawyer created the Nevada Gaming Commission, taking the responsibility for issuing licenses and directing policy away from the state’s Tax Commission. According to … [Read more...]
INSIDE GAMING: California emerging as the next online poker battleground By Howard Stutz, Las Vegas Review-Journal • December 10, 2014 California’s latest effort to legalize online poker would sideline PokerStars, shut out the racetrack industry, and offer a twist that makes traditional casinos and card rooms part of the game. Of course, the whole idea could be tossed out with yesterday’s garbage if billionaire casino owner Sheldon Adelson’s effort to kill online gaming makes an eleventh hour resurrection during Congress’ lame … [Read more...]
Philadelphia – Is a New Casino a Good Idea? By Ken Adams • December 8, 2014 The latest development in the ongoing wave of casino expansion in the Northeast took place in Pennsylvania on November 12th.. The Pennsylvania Gaming Control Board state gaming commission granted a second casino license for Philadelphia to Stadium Casino and its project Live! Hotel and Casino. The process of granting the two licenses authorized for Philadelphia has been long and arduous. The first … [Read more...]
GAMING INSIDER: Social gaming factor in Ultimate Gaming’s demise By Howard Stutz, Las Vegas Business Press • December 8, 2014 The demise of Ultimate Gaming just five months short of the company’s second birthday was attributable to several factors that make online poker in Nevada a challenging business model. Until Nevada is able to find a populous state to be an online gaming partner — the pending agreement with Delaware won’t move the needle — the Silver State is just too small in population to support a vibrant … [Read more...]
Die, Dotty’s, die! By Steve Sebelius, Las Vegas Review-Journal • December 7, 2014 It’s really too bad for the Clark County Commission that they simply couldn’t pass an ordinance that says, “All Dotty’s must close immediately!” Because no matter what else, it was unmistakably the intent of an ordinance approved last week by a commission majority to make it more difficult for the Dotty’s neighborhood gambling bars to continue to do business. By approving an ordinance that … [Read more...]
INSIDE GAMING: Isaacs can thank Perelman for his exodus from exile By Howard Stutz, Las Vegas Review-Journal • December 7, 2014 The irony was not lost on Gavin Isaacs. On Nov. 21, 2013, Isaacs sat in the audience of the Nevada Gaming Commission hearing in the Sawyer Building. He watched as SHFL entertainment, where he was CEO for 32 months, was sold to slot machine giant Bally Technologies — his former employer — for $1.3 billion. The next day, Isaacs was out of work and unsure about his future. Funny how things … [Read more...]
After rift, Vegas rekindles ‘lovefest’ with NFR By Alan Snel, Las Vegas Review-Journal • December 5, 2014 Nearly a year ago, it seemed like everyone had a beef with the Professional Rodeo Cowboys Association, the Colorado Springs, Colo.-based organization that sanctions the National Finals Rodeo. The PRCA was engaged in a major dustup with Las Vegas Events, the NFR’s promoter, which was ticked off at the rodeo organization for flirting with moving the NFR from Las Vegas to either central Florida or … [Read more...]
INSIDE GAMING: Many come to bury Caesars, not to praise the casino company By Howard Stutz, Las Vegas Review-Journal • December 3, 2014 “O mighty Caesar! dost thou lie so low? Are all thy conquests, glories, triumphs, spoils, Shrunk to this little measure?” These words were written in 1599 by William Shakespeare for his tragedy, “Julius Caesar.” But they actually have meaning today when it comes to the tragedy of Caesars Entertainment Corp. The nation’s largest casino operator — with almost 40 properties in 14 … [Read more...]
Holiday Gifts for the Poker Players in Your Life By James McManus, Bloomberg View • December 2, 2014 (Bloomberg View) -- No one really gives ties anymore, do they? Plus everyone on your holiday list already has HBO, Netflix and Hulu. What about the latest Android-powered intelligent telephone? Yawn. While the poker player on your list might not be pushy enough to mention it, the gift she or he almost certainly covets most is the $10,000 buy-in to the World Series of Poker Main Event next July, … [Read more...]
Analyst: Philly doesn’t need another casino By Howard Stutz, Las Vegas Review-Journal • November 30, 2014 Pennsylvania gaming regulators this month drove another nail into the coffin containing Atlantic City’s gaming market. At the same time, they unwittingly damaged their own state’s casino industry. Stadium Casino, a joint venture of the Cordish Cos. of Baltimore and Greenwood Gaming, was awarded the rights to build the $425 million Live! Casino &Hotel in South Philadelphia. Analysts, … [Read more...]
What Kind of a Person Cheats at Poker? By Ken Adams • November 26, 2014 Did you hear the joke about the poker player who counterfeited chips? He got a flush, but still lost. In January, a poker player from North Carolina brought his own chips to a big-time poker tournament in Atlantic City. He got caught because he flushed them down the toilet, hoping, it was supposed, to avoid detection. He got a flush, not a royal, but a flush nevertheless. We all had a good laugh. … [Read more...]
INSIDE GAMING: Internet gambling bill not yet a priority By Howard Stutz, Las Vegas Review-Journal • November 26, 2014 A congressional hearing on a bill to restore the Interstate Wire Act has lost steam in the current lame-duck session. Pro-Internet gaming folks, however, aren’t taking the silence for granted. The Justice Department ruled in December 2011 that the Wire Act applies only to sports wagering, paving the way for legal online gaming in the U.S. Online wagering proponents worry the “Restoration … [Read more...]
The Mirage, Steve Wynn & I – the beginning of a 25-year love affair with the gaming industry By Jeffrey Compton • November 25, 2014 November 1989 – Thanksgiving week. I was in Los Angeles dealing with family issues. My brother Bill had developed schizophrenia and walked out of his treatment center to who knows where. I was trying to figure out what to do about it – and getting generally frustrated. (He walked back into treatment nine months later and went on to become a renowned mental health care advocate before his death … [Read more...]
INSIDE GAMING: Internet poker in California shapes up as coveted prize By Howard Stutz, Las Vegas Review-Journal • November 23, 2014 California is shaping up as the nation’s Internet poker battleground in 2015. Everyone wants a piece of the potentially lucrative pie. With 38 million residents, California has an Indian casino industry that produces almost $7 billion in annual gaming revenue — one-fourth of the nation’s total. Internet gaming proponents think the Golden State will erase doubts about the financial strength … [Read more...]
The Casinos Are In Trouble… Is Anybody Out There Listening? By Ken Adams • November 22, 2014 Politicians and regulators are starting to listen to casino operators. In nearly every state, operators are struggling with a depressed economy and increased competition from neighboring states. Regulation and taxation that have always been burdensome for the industry have become nearly unbearable in the current conditions and casinos are asking for relief. A trend toward a reduction of regulation … [Read more...]
What Macau Can Learn from Las Vegas By David G. Schwartz, Green Felt Journal, Vegas Seven • November 19, 2014 Hit hard by a government crackdown, the former Portuguese colony would be wise to borrow ideas from our city to help rebuild its stack. Back in 2002, when the government of the Macau Special Administration Region awarded its first gaming concessions to American companies, it was conventional wisdom that the former Portuguese colony would learn a great deal about gaming from the wizards of Las … [Read more...]
INSIDE GAMING: Gaming industry embraces Silver’s view of sports betting By Howard Stutz, Las Vegas Review-Journal • November 19, 2014 Nevada’s virtual monopoly on legalized sports wagering could be in danger. But is that bad for business? In a New York Times op-ed piece last Thursday, National Basketball Association Commissioner Adam Silver wrote the league should reconsider its stance against the expansion of legal sports gambling. Silver, who became NBA commissioner in February, is the first head of a major … [Read more...]
Pro sports leagues’ aversion to wagering is beginning to crumble By Aaron Stanley • November 18, 2014 After decades of steadfast and unified opposition, cracks are emerging in the coalition of U.S. sports leagues that has for years impeded the expansion of sports betting outside of Nevada. In a New York Times op-ed last Friday, National Basketball Association commissioner Adam Silver broke ranks to advocate that the U.S. follow the model set by European countries, legalizing and regulating … [Read more...]
To win locals’ hearts, Boyd renews appeal to stomachs By Howard Stutz, Las Vegas Business Press • November 17, 2014 Boyd Gaming Corp. plans to revamp its restaurant offerings throughout its locals-oriented properties. The company began the effort recently at the Suncoast by opening The Game, a sports bar and grill near the property’s race and sports book. The space replaced TGI Friday’s and offers a new restaurant menu and bar items. For sports fans, wide-screen high-definition televisions line the walls, … [Read more...]
Though Prop 48 was a loser, we haven’t seen the end of off-reservation gaming By Aaron Stanley • November 17, 2014 The crushing defeat of Proposition 48 in California is negative way to end the year for proponents of off-reservation casino expansion, but we’ve yet to see the last of battles over tribes seeking to take land into trust for the purpose of building casinos. Despite the increasing number of such developments in the past few years, they have not gotten many national headlines because the big casino … [Read more...]
Atlantic City closures offer stark warning to the rest of the casino industry By Aaron Stanley • November 17, 2014 I went to Atlantic City last month to learn more about how the city's leaders were planning to revive the city's economy and, more importantly, its image. What I discovered something larger: the city's trials and tribulations offer a harbinger of the future challenges that will hit the casino industry nationwide sooner rather than later. It's painfully obvious to anyone who has visited Atlantic … [Read more...]
INSIDE GAMING: Decade covering casino industry anything but boring By Howard Stutz, Las Vegas Review-Journal • November 16, 2014 CityCenter was nothing more than conceptual renderings and a $5 billion idea when I rejoined the Review-Journal business staff 10 years ago. You could still place a wager at the Stardust and the Frontier, Macau was the world’s third-largest gaming market, Internet poker was becoming more than a curiosity and the idea of casinos in Ohio and Maryland was far-fetched. Not to sound like a mix … [Read more...]
NBA Commissioner’s Clever Bet on Gambling By Kavitha Davidson, Bloomberg View • November 14, 2014 National Basketball Association Commissioner Adam Silver has come out in favor of legalized gambling. Will this signal a shift on the issue among all the major sports leagues? In an op-ed article for the New York Times, Silver officially reverses the league’s previous position, advocating for the smart implementation of legalized gambling in order to bring the flourishing industry out from … [Read more...]
Time to drop hypocrisy and legalize sports betting By Tim Dahlberg, Associated Press • November 13, 2014 LAS VEGAS (AP) - Jimmy Vaccaro never had to go far to find some action in the Pennsylvania town where he grew up. Even as a teenager he knew the bookie in the backroom of the local candy store, where the cigar smoke was thick and bets could be made on any game in the country. Vaccaro's fascination with betting would lead him to this gambling town, where he quickly found work in legal shops that … [Read more...]
Not Even ESPN Could Ruin Thrilling Poker Finale By James McManus, Bloomberg View • November 13, 2014 (Bloomberg View) -- The World Series of Poker Main Event recommenced at the Rio casino in Las Vegas this week, after a nearly four-month hiatus so ESPN could broadcast the finals almost live over two nights during the November sweeps. There was a 30-minute delay because the hole cards were shown to the television audience. After 244 hands played over 12 hours, six of the nine finalists were … [Read more...]
AGA making its voice heard on major gaming issues By Howard Stutz, Las Vegas Review-Journal • November 12, 2014 A few years ago, the American Gaming Association would have stayed away from the recent Massachusetts ballot referendum matter, where voters had a chance to kill the state’s nascent casino industry before the first hand of blackjack was dealt. The Washington, D.C.-based association wanted states and cities to decide whether gaming expansion was right for their own backyards without any … [Read more...]
The Industry Disconnect – Why Isn’t Gaming Keeping Up With the Rest of the Economy? By Ken Adams • November 7, 2014 By all accounts the economy is growing and robust. Unemployment is lower than at any time since the Great Recession began, the stock market is at a dizzying all time high, mortgages rates are still very, very low, new housing starts are up, as are sales of existing homes and for the traveling public, gases prices are down; consumers are confident. Whatever measure one uses, the recession seems to … [Read more...]
INSIDE GAMING: Recovery of Las Vegas locals gaming depends on a Strip development By Howard Stutz, Las Vegas Review-Journal • November 6, 2014 The Las Vegas locals market is playing a game of “Waiting for Godot.” But unlike Vladimir and Estragon from the Samuel Beckett play, Boyd Gaming Corp. and Station Casinos aren’t waiting for some imaginary person. Genting Berhad will soon arrive in Las Vegas from Malaysia. The company will create thousands of construction jobs for Resorts World Las Vegas. So they say. A spokesman for … [Read more...]
A good night for the industry – and the AGA By Jeffrey Compton • November 5, 2014 "A good night for the industry” said an email I received from AGA President Geoff Freeman sometime around 11:15 p.m. Tuesday night. And he is right: Election Day was a good night for the gaming industry. The best news is that the repeal effort in Massachusetts was overwhelming defeated. Except for the tonier towns in the Berkshires (Lenox, Stockbridge, Great Barrington) and those surrounding … [Read more...]
Possible Boyd spinoff into REIT excites investors By Howard Stutz, Las Vegas Review-Journal • November 5, 2014 It’s unclear if Boyd Gaming Corp. will ultimately spin off all or a portion of the company’s casinos into a real estate investment trust. But the idea certainly piqued the interest of the investment community. Shares of Boyd jumped almost 5 percent in value on the New York Stock Exchange last Friday, the day after the company said it spent $3 million on advisers to evaluate the idea of a … [Read more...]
A Battle Royal – A Senseless Fight over Control of a Casino By Ken Adams • November 3, 2014 A California casino is closed after an armed standoff: the Chukchansi Gold Resort & Casino is closed and may remain that way for months. The area media is having a field day as daily new details unfold. Recently, the sheriff has said there will be arrests and prosecutions in the near future. And then, the two sides announced they would be meeting to discuss their differences – rather like the … [Read more...]
Election Day 2014: The experts, our readers, and I predict some results (very differently) By Jeffrey Compton • November 2, 2014 Tuesday is Election Day, with six important gaming-related ballot questions on various state ballots. Two of them (California and Massachusetts) could have serious future impacts for the industry. As many of you know, to better publicize these questions (as well raise money for a good cause – Noah’s Animal House in Las Vegas), CDC Gaming Reports has been running a 2014 Election Contest over the … [Read more...]
INSIDE GAMING: Vote to reverse Bay State casinos appears losing — or will it? By Howard Stutz, Las Vegas Review-Journal • November 2, 2014 By all accounts, a referendum to undo Massachusetts’ casino law should get crushed in Tuesday’s election and lose by 15 to 20 percentage points. That’s what the most recent polls say. Then again, this is Massachusetts. Nothing has been simple when its comes to the state’s nascent casino business. Caesars Entertainment Corp. was tossed from the gaming license process in 2013 when an … [Read more...]
The Land of Lincoln is Fast Becoming the Land of Slots By Ken Adams • October 30, 2014 The Chicago Crime Commission is launching a campaign to eliminate the sweepstakes machines in the state. The commission is sending out a report to local law enforcement that claims the machines are illegal and cites twelve other jurisdictions where the games were determined to meet the legal definition of gambling machines. The Illinois Gaming Commission agrees with the Crime Commission. But … [Read more...]
As New Jersey Moves to Legalize Sports Betting, Nevada Stays One Step Ahead By David G. Schwartz, Green Felt Journal, Vegas Seven • October 29, 2014 The more things change, the more Nevada adjusts to make sure the cash registers keep ringing - See more at: http://vegasseven.com/2014/10/28/new-jerseys-move-legalize-sports-betting-nevada-stays-one-step-ahead/#sthash.2RAJqfl3.dpuf The more things change, the more Nevada adjusts to make sure the cash registers keep ringing - See more at: … [Read more...]
INSIDE GAMING: Timing right for suitors to pursue Full House By Howard Stutz, Las Vegas Review-Journal • October 29, 2014 In the grand scheme of things, the proxy fight over Full House Resorts seems like small potatoes. But with regional markets on a downward trajectory, the company is ripe for the taking. Las Vegas-based Full House owns three regional casinos and has a management contract for a Lake Tahoe resort. Full House, which is traded on Nasdaq, has a market capitalization of less than $24 million. As … [Read more...]
Is the Casino Industry familiar with Airbnb? It should be! By Jeffrey Compton • October 27, 2014 Note from Jeffrey Compton: Two hours after we published this column (and posted in The Flash) we received a note from Sarah M. Regan, CPPL, McCormick & Sons Ins. Agcy Inc. (and on-going adviser to CDC Gaming Reports) that the column below should have stated that Airbnb hosting may be in violation of local ordinance (including homeowner association regulations). It should also be noted that … [Read more...]
Station Casinos makes the effort to help schools By Howard Stutz, Las Vegas Review-Journal • October 27, 2014 What began as a way to financially help area schools in need has become a year-round effort for Station Casinos. The company hosted its annual Smart Start breakfast this month at Red Rock Resort’s T-bones Chophouse and awarded $50,000 — $5,000 each — to 10 elementary schools designated by the Clark County School District as needing the greatest assistance for students. The donation brought … [Read more...]
Smoking ban the least of worries in Macau gambling By Howard Stutz, Las Vegas Review-Journal • October 25, 2014 Earlier this month, Macau implemented a smoking ban inside its casinos. No, the region’s $45.2 billion-a-year gaming market didn’t collapse into the South China Sea. In fact, the new smoking rules have been the least of the problems to beset Macau this year. The Chinese gaming enclave has experienced four straight months of gaming revenue declines. A fifth monthly drop is expected when … [Read more...]
Putting September Gaming Revenue into Context By Ken Adams • October 24, 2014 The first nine months of 2014 are on the books, enough to give us a pretty clear picture of the casino industry’s performance in 2014. It is not a pretty picture as I read it. Two things are very clear from the results; first, the gaming industry has not fully recovered from the Great Recession; and secondly, every time a new jurisdiction opens casinos, casinos in nearby jurisdictions take a big … [Read more...]
INSIDE GAMING: Gaming in Japan: Not dead yet By Howard Stutz, Las Vegas Review-Journal • October 22, 2014 To paraphrase Monty Python, gaming expansion in Japan is apparently not dead yet. That’s good news to some of the world’s biggest casino operators. They view the Land of the Rising Sun as the Holy Grail. Reuters news service reported this week that a Japanese casino expansion bill wouldn’t be voted on by the time country’s legislature (or Diet) adjourns Nov. 30. Union Gaming Group … [Read more...]
“Sweepstaking” reforms By Luke Haward • October 21, 2014 One of the most insidious and inherently absurd forms of gaming enterprise to have sprung up in the U.S. in recent years is approaching its tenth birthday. Internet sweepstakes cafes began around 2005; they have since spread widely across the country. These ventures have gone by many names in their efforts to remain on the good side of the law, including “cyber cafes” and even, recently, “skill … [Read more...]
INSIDE GAMING: The ‘for sale’ comes down at Sands Bethlehem By Howard Stutz, Las Vegas Review-Journal • October 19, 2014 A year ago, Las Vegas Sands Corp. was looking to sell its Pennsylvania hotel-casino complex, housed on the historical site of the long-closed Bethlehem Steel Mill. Now, the company is prepared to invest $800 million in the development, now one of the top two gaming revenue producing properties among that state’s 12 casinos. In an interview with The Morning Call of Lehigh Valley earlier this … [Read more...]
When is Enough, Enough and When Is It Too Much? By Ken Adams • October 19, 2014 A recent and interesting editorial from the South Jersey Times suggested that New Jersey gaming regulators should have questioned the number of casinos in Atlantic City. The editorial rightly asserts the regulators only thought of preventing criminals from entering the industry and never thought of protecting the industry from anything, least of all from competition. Voters in New Jersey in 1974 … [Read more...]
Will Apple Pay be the next iRevolution? By Brandon Bailey, Associated Press • October 17, 2014 CUPERTINO, Calif. (AP) - Apple's skinnier iPads and flashy big-screen iMac are sleek and stunning. But the tech giant is making a bigger strategic bet with next week's launch of Apple Pay - the mobile pay service aimed at turning your iPhone into your wallet. The service, which goes live Monday and has hundreds of banks on board, is "hugely important" says Forrester Research analyst Frank … [Read more...]
Game Changers From the Global Gaming Expo By David G. Schwartz, Green Felt Journal, Vegas Seven • October 15, 2014 Long a dominant force in the casino industry, slot machines are now at a crossroads. How will they adapt to tomorrow’s players? Among the more important topics addressed at the annual Global Gaming Expo, held earlier this month at the Sands Expo Center, focused on an industry in transition. Even as the number of casinos where people can gamble is increasing, the interest of millennials—those born … [Read more...]
INSIDE GAMING: Lee sees something in Full House Resorts — opportunity By Howard Stutz, Las Vegas Review-Journal • October 15, 2014 Anyone who has followed Dan Lee over the years understands his motivation in launching a proxy fight for control of regional casino operator Full House Resorts. He sees opportunity. Lee, 56, is one of five shareholders controlling 6.2 percent of Las Vegas-based Full House. They want a special meeting to remake the board of directors and change the company’s direction, and asked the … [Read more...]
INSIDE GAMING: Amaya Gaming CEO garners limelight of online gaming By Howard Stutz, Las Vegas Review-Journal • October 12, 2014 It’s not every day that the CEO of a Canadian gaming company steals attention from the chief executives of four major slot machine manufacturers during a keynote round table at the Global Gaming Expo. Amaya Gaming Group CEO David Baazov, however, engineered the $4.9 billion acquisition this summer of online gaming giant PokerStars. The transaction was arguably the most intriguing deal in what … [Read more...]
Vegas ready to place a big (sports) bet on New Jersey By Tim Dahlberg, Associated Press • October 10, 2014 There’s a brand new sports bar at Monmouth Park with televisions hanging from nearly every available rafter. Mostly empty now except on racing weekends at the horse track little more than an hour from Manhattan, it may not stay empty long. Depending on how a judge rules, it could soon become the first fully functioning – and fully legal – sports book in the country outside of Nevada. The … [Read more...]
London Judge Says Poker’s Ivey Robbed the Casino By James McManus, Bloomberg View • October 8, 2014 In August 2012, Crockfords, one of London’s poshest casinos, refused to pay Phil Ivey $14.3 million he won playing Punto Banco (a form of baccarat), claiming he cheated. Ivey sued, and has now lost, in Her Majesty’s High Court of Justice. Meanwhile, in a mirror-image case, the Borgata in Atlantic City has sued Ivey to recover $9.63 million he also won playing that game. And yes, this is the same … [Read more...]
INSIDE GAMING: With pig farms gone, Adelson smells success in Meadowlands By Howard Stutz, Las Vegas Review-Journal • October 8, 2014 Since Secaucus, N.J., “no longer smells like pig farms,” Sheldon Adelson wouldn’t mind building a casino in the nearby Meadowlands sports complex. The Las Vegas Sands Corp. chairman said the location in Northern New Jersey — across the Hudson River from New York City — would be “a very attractive place” for a hotel-casino. Adelson’s interest in New Jersey was part of his keynote discussion … [Read more...]
Boyd Gaming Corp. joins mobile wagering trend By Howard Stutz, Las Vegas Business Press • October 6, 2014 Bob Scucci can recall an era when Nevada’s race and sports books displayed signs banning cellular telephones. If the signs were still in place today, the casinos would be giving away a growing chunk of revenue. Scucci, the director of race and sports for Boyd Gaming Corp., said the company’s recent launch of its mobile wagering application could bring more gamblers into the fold. The … [Read more...]
Gambling equals big bucks By Steve Sebelius, Las Vegas Review-Journal • October 5, 2014 Did you hear that MGM Resorts International — purveyors of the M Life customer loyalty program — is suing a medical marijuana company calling itself “M’Life” on grounds of copyright infringement? In addition to the usual copyright complaints, MGM is alleging the association with medical marijuana is tarnishing the gambling giant’s hard-won reputation. So, on the one hand, you have a company … [Read more...]
INSIDE GAMING: Gaming revenue distinguishes commercial, Indian casinos By Howard Stutz, Las Vegas Review-Journal • October 5, 2014 The lines between the commercial casino industry and Indian gaming are seemingly evaporating. Caesars Entertainment Corp. runs Indian casinos in Phoenix, San Diego and North Carolina through its Harrah’s brand. Station Casinos opened one of the largest California Indian casinos near Sacramento in 2003 and managed the property for seven years. The company operates an Indian casino 45 minutes … [Read more...]
We Don’t Want to Be Like Vegas By Ken Adams • October 1, 2014 Historically, Las Vegas was the bad-boy of the gaming industry in the eyes of legislators and regulators. When introducing casinos into a new jurisdiction there was one thing they all knew for certain – they did not want to be like Vegas. For years people compared the casinos in Atlantic City to those in Las Vegas. In 2014 it is clear that Atlantic City was successful; it is not like Las Vegas. … [Read more...]
Wynn learns risks in Asian market By John L. Smith, Las Vegas Review-Journal • October 1, 2014 As he prepared to address what promised to be an adoring audience Tuesday at the Global Gaming Expo, casino king Steve Wynn was a man at the top of his game. Not only is the Wynn Resorts chairmans name synonymous with the best the gambling resort industry has to offer, but hes personally worth $3.5 billion, according to the latest Forbes rankings. Hes also just managed to wow skeptics in … [Read more...]
INSIDE GAMING: Credit CEO Haddrill for Ballys sound financial status By Howard Stutz, Las Vegas Review-Journal • October 1, 2014 Richard Haddrills second term as CEO of slot machine giant Bally Technologies will be short-lived. Seventeen months after he handed the reins of the gaming equipment manufacturer to his hand-chosen successor, Haddrill gave up his chairmans seat and returned to the CEOs desk on May 23. Seventy days after taking over, Bally was sold to lottery provider Scientific Games for $5.1 billion. The … [Read more...]
Looking for Signs of Change at G2E By Ken Adams • September 28, 2014 Heading into G2E everyone is looking for the next trend, the next big thing in the gaming industry. We all want to know what to expect in the year to come. Thousands of people will be scurrying around the displays searching for a glimpse of the future. Slot machines, slot machine displays and slot machine manufacturing companies will dominate the speeches, the dialogue on the floor and the after … [Read more...]
INSIDE GAMING: Boston casino not yet a clear Wynn By Howard Stutz, Las Vegas Review-Journal • September 28, 2014 A gaming insider whose opinion is respected in the industry has a theory that Massachusetts gambling regulators unknowingly handed some momentum to those who want to overturn the state’s 2011 casino law. They did it by giving the single Boston-area gaming license to Wynn Resorts Ltd. on Sept. 16. Saying the Las Vegas-based company isn’t well liked in Boston or in surrounding communities is … [Read more...]
How I cut the (cable) cord! By Jeffrey Compton (with Cory Roberts) • September 26, 2014 Note: A couple of Saturdays ago I made the comment – in plugging a column by Cory Roberts, our technical director, that “based on Cory's advice I cut out cable television, saved $100 a month and have more - good - choices than ever before.” While quite a few people clicked to read his column on new Apple products, quite a few more emailed me requesting details on my cable cutting. Last week I sent … [Read more...]
For the Gaming Industry, How Much Is Too Much? By David G. Schwartz, Green Felt Journal, Vegas Seven • September 24, 2014 As casinos close (and open) up and down the Eastern seaboard, it’s reasonable to ask if the industry is becoming oversaturated. One-third of Atlantic City’s casinos have closed this year. Simultaneously, new casinos are under construction or on the drawing board in surrounding states. So how many casinos are too many? More pressingly, has the industry reached the saturation point? Answer: … [Read more...]
Macau mired in cold streak By Howard Stutz, Las Vegas Review-Journal • September 24, 2014 The situation has gone from bad to worse in Macau. Last week, the investment community used a news event a world away to prop up the stock of one Macau casino operator. On Monday, the Chinese gaming market was red-flagged when Wells Fargo Securities gaming analyst Cameron McKnight became the latest Wall Street researcher to post warning signals. McKnight told investors Macau could see … [Read more...]
Atlantic City looks to define its gaming future By Howard Stutz, Las Vegas Review-Journal • September 22, 2014 ATLANTIC CITY Four years ago, the obituaries for Resorts Atlantic City were being written. The city’s oldest hotel-casino — the first U.S. gaming hall ever licensed outside of Nevada — was in disrepair. The aging resort was bleeding money. Management of the 1920s-era art deco building was troubled. Customers were fleeing to other Boardwalk properties. No one envisioned that in September … [Read more...]
INSIDE GAMING: MGM Resorts puts New Jersey regulators nerves to rest By Howard Stutz, Las Vegas Review-Journal • September 21, 2014 ATLANTIC CITY - New Jersey Division of Gaming Enforcement Director David Rebuck had one fear in restoring MGM Resorts International’s gaming license for its 50 percent interest in the Borgata. He worried that the Las Vegas-based casino giant was going to take its $86 million from a trust account and flee the state. MGM Resorts Chairman Jim Murren put those fears to rest after a nearly … [Read more...]
Wynn Wins – At Least for the Time Being By Ken Adams • September 20, 2014 The Boston-area license has been granted in Massachusetts. Steve Wynn won out over Mohegan Sun in a hotly contested competition for the license. The gaming commission said it thought Wynn had a better proposal and was more able to finance and bring to market its proposal. The commission may be right, but regardless of right and wrong, the decision is highly contentious. The mayor of Boston is not … [Read more...]
INSIDE GAMING: Once ignored, Multimedia Games now may see other suitors By Howard Stutz, Las Vegas Review-Journal • September 17, 2014 Four years ago, Multimedia Games was all but kaput. CEO Anthony Sanfilippo fled for a similar role with casino operator Pinnacle Entertainment and the slot machine manufacturer was headed for the scrap heap. Austin, Texas-based Multimedia put itself up for sale but couldn’t attract a buyer. Six months later, the company changed direction. The “For Sale” sign was taken down, and Multimedia … [Read more...]
INSIDE GAMING: Industry isn’t facing slots of fun By Howard Stutz, Las Vegas Review-Journal • September 14, 2014 he outlook for U.S. slot machine industry continues to be bleak. Analysts said this month the replacement market — in which slot machine manufacturers sell casinos newer games to change out older products — has fallen from previous estimates. Eilers Research founder Todd Eilers said slow demand from casinos in the United States and Canada through June could result in a 28.6 percent decline … [Read more...]
Apple introduces new larger iPhones and new Apple Watch By Cory Roberts, Technical Director • September 11, 2014 This week, at the yearly Apple Keynote, Apple released two new, different iPhones, and a new smartwatch. Apple has been releasing one iPhone at a time since the original iPhone, so why the change? Apple, getting wiser with the years, has realized that one size does not fit all and is finally giving consumers a choice, a marked difference from the Steve Jobs era. If you thought that the iPhone 5 … [Read more...]
How Much Are a Casino’s Customers Worth? By Ken Adams • September 11, 2014 Caesars is said to have a database of over 35 million people. That database is the result of years of mergers, acquisitions and aggressive marketing efforts. The company always touts the database as the major source of its casino revenues. Some of the Caesars bondholders would like to know how much those 35 million customers are worth on the open market. They think it is time to monetize those … [Read more...]
New Jersey gaming chief says Vegas shows the way By Howard Stutz, Las Vegas Business Press • September 11, 2014 ATLANTIC CITY — Struggling U.S. gaming markets must broaden their appeal or prepare to for the same fate as this troubled seaside community, New Jersey’s top gaming regular said Tuesday. David Rebuck, director of the state’s Division of Gaming Enforcement, said Atlantic City in recent years has seen challenges “not faced anywhere else in the U.S.” By next week, one-quarter of the city’s … [Read more...]
Inside Gaming: Claridge finds way to survive in struggling Atlantic City By Howard Stutz, Las Vegas Review-Journal • September 10, 2014 ATLANTIC CITY -- The Claridge is the past and the future of the Boardwalk. The 1920s-era hotel was once the toast of Atlantic City, sitting at the famous intersection of Boardwalk and Park Place. It earned the market’s fourth gaming license, back when developer Del Webb owned the building. But the Claridge hasn’t seen a slot machine handle pull or a toss of the dice since 2005. Park Place … [Read more...]
Boyd conference offers a peek at airline plans By Richard Velotta, Las Vegas Business Press • September 8, 2014 Airlines are notorious for playing it close to the vest when it comes to discussing plans consumers would be interested in. But when airline executives attend an event like the Boyd Group International Aviation Forecast Summit, they tend to open up. Maybe there’s a sense of competitive oneupsmanship in play. Whatever the reason, representatives of many of the airlines that serve McCarran … [Read more...]
The Son of Kerry Packer Makes a Very Large Wager in Las Vegas By Ken Adams • September 7, 2014 Kerry Francis Bullmore Packer was the richest man in Australia when he died. His family made its money in publishing and broadcasting. Kerry inherited the family business and a fortune. Both grew during his stewardship. Packer was a highly regarded and respected business man and he had a true passion for gambling and in the world of gambling he was a legend. Packer is said to have made the largest … [Read more...]
Casinos should heed the warnings of US regulators on anti-money laundering By Aaron Stanley • September 7, 2014 It may be no coincidence that the Association of Certified Anti-Money Laundering Specialists will be hosting its annual conference in Las Vegas this month during the same week as G2E, just down the strip. Whether the overlap in dates is random or not, it’s true that anti-money laundering compliance is the new zeitgeist issue for the gaming industry. According to research by the Financial … [Read more...]
INSIDE GAMING: SLS, and visionary behind it, get warm Strip welcome By Howard Stutz, Las Vegas Review-Journal • September 7, 2014 In the days leading up to last month’s opening of the SLS Las Vegas, Sam Nazarian’s phone was ringing off the hook. Nazarian, 39, the visionary behind the Strip’s first major hotel-casino unveiling in four years, quickly learned he had support from the competition for the $415 million renovation of the Rat Pack-era Sahara. Wynn Resorts Ltd. Chairman Steve Wynn phoned from somewhere halfway … [Read more...]
INSIDE GAMING: Memories still adrift, but Showboat name is gone By Howard Stutz, Las Vegas Review-Journal • September 3, 2014 The opening of the Showboat Atlantic City 27 years ago carried the hoopla of a Las Vegas celebration. Legendary entertainer Bob Hope broke a champagne bottle at building’s base to christen the resort, which was designed to resemble a cruise ship. Jazz trumpeter Al Hirt performed in the Mardi Gras-themed lounge on opening night. Showboat officials were joined by Atlantic City leaders and … [Read more...]
What Happens In Vegas…Stays on My Waistline By Jean Scott • September 2, 2014 For 30 years I’ve been eating in Vegas casino restaurants, first as a frequent visitor and then, the last 14 years, as a resident. Although I’ve always been very health-conscious, regularly exercising and watching my diet, I’ve been losing what might be called the Buffet War. This war has not been a series of dramatic battles, but a slow chipping away of my defenses, about one pound managing to … [Read more...]
Florida Expansion: The Lobbyists’ Battleground By Luke Haward • September 2, 2014 Florida has become a hotbed of dispute on gambling matters, with much debate in the state legislature about casino expansion. The terrain is by no means smooth for those looking to expand gaming; both sides that are weighing in on the subject have pretty impressive reach and deep pockets. Those involved include Malaysian-based gambling giant Genting as well as the old American pie stalwart … [Read more...]
Delano Las Vegas: Where South Beach meets Mohave Desert By Howard Stutz, Las Vegas Review-Journal • September 2, 2014 The Delano Las Vegas is best described as South Beach meets the Mohave Desert. MGM Resorts International completed the summer-long $80 million renovation of The Hotel, an 1,100-room nongaming property on the south Strip attached to Mandalay Bay. The remake resulted in redesigned entry and lobby areas with new restaurants and public spaces. Floor access was increased for improved traffic … [Read more...]
What Was The Gaming Revenue In Colorado And Mississippi In July? By Ken Adams • August 31, 2014 That used to be an easy question to answer, not just for those two states, but for any state with casinos. However, it is getting more difficult to find the casino revenue figures for some jurisdictions and it is annoying. I have been following the industry and republishing those numbers monthly for the last 18 years, but it gets harder every year. When I started doing a monthly report on gaming … [Read more...]
Fresh start for PokerStars may revitalize N.J. gambling By Howard Stutz, Las Vegas Review-Journal • August 31, 2014 The online gaming community believes PokerStars’ planned entrance into New Jersey’s Internet wagering market in October is the fuel needed to kick-start the state’s stagnant gambling activity into overdrive. The tainted European betting giant — which was bought this summer in a staggering $4.9 billion transaction by Amaya Gaming Group — was angling for a piece of New Jersey’s action long before … [Read more...]
What happens in Vegas may incur a fee By Scott Mayerowitz, The Associated Press • August 28, 2014 NEW YORK — Forget bad weather, traffic jams and kids asking, “Are we there yet?” The real headache for many travelers is a quickly growing list of hotel surcharges, even for items they never use. Guaranteeing two queen beds or one king bed will cost you, as will checking in early or checking out late. Don’t need the in-room safe? You’re likely still paying. And the overpriced can of soda may be … [Read more...]
Las Vegas: Taking Sales To The Streets By Christopher G. Axelrod • August 28, 2014 Las Vegas Boulevard now can be seen as a classic carnival midway. The increase of street pedestrians is obvious and the street-accessible opportunities to spend are widely evident. This is no accident. If you drove the strip 20 years ago it was far more open, with few to no businesses on side streets, because the master plan of every significant casino was to define its brand with an elaborate … [Read more...]
Is Atlantic City a Failed Experiment? By Ken Adams • August 27, 2014 In a recent conversation with Jeff Compton, he asked if I thought Atlantic City was a failure. It is not an uncommon question. If you Google “Atlantic City a failed experiment,” you get dozens of hits written over the last two years. The reason for the question is obvious; casinos are closing. Within a month, Revel, Showboat and Trump Plaza will be closed. Add to that list the Atlantic Club which … [Read more...]
INSIDE GAMING: Activist investors see real estate as key to Pinnacle, Boyd By Howard Stutz, Las Vegas Review-Journal • August 27, 2014 Activist investors believe the real estate underneath casinos owned by Pinnacle Entertainment and Boyd Gaming Corp. is key to unlocking hidden value within the Las Vegas-based regional gaming operators. Two New York-based hedge funds want Pinnacle and Boyd to spin off their casinos into real estate investment trusts, referred to as REITs. Company officials aren’t sold on the idea. Or, … [Read more...]
Poker Princess Writes Fishy Underground Tell-All By James McManus, Bloomberg View • August 26, 2014 In a summer filled with important new books on poker, Molly Bloom -- known to the tabloids as the "Poker Princess" -- has written something of a blockbuster. It's called "Molly's Game: From Hollywood's Elite to Wall Street's Billionaire Boys Club, My High-Stakes Adventure in the World of Underground Poker." And what a book it could've been, with A-list movie stars in weekly hand-to-hand combat … [Read more...]
Nevadan at Work: Manufacturing CEO credits mentors over 20 years By Howard Stutz, Las Vegas Review-Journal • August 25, 2014 Mike Dreitzer credits his success to the mentors he has had in 20 years as an attorney and gaming executive in Nevada. Folks such as former Nevada Assembly Speaker Barbara Buckley, ex-Gaming Control Board Chairman Bill Bible, former Gov. Mike O’Callaghan and gaming executive and gaming lawyer Shannon Bybee helped Dreitzer early in his career. So it was natural that Dreitzer had an interest … [Read more...]
Las Vegas PR, marketing firms use new technologies to deliver messages By Ann Friedman, Las Vegas Business Press • August 25, 2014 When it comes to building its client base, Anthem-based public relations and marketing firm Imagine Communications seeks to represent those who inspire, Partner and Creative Director Alex Raffi said. “That’s more important to us than anything,” he said. “I want my staff to be proud to be associated with a client.” When Raffi and Managing Partner Brian Rouff opened Imagine Communications 13 … [Read more...]
Borgata may gain from shrinking market By Howard Stutz, Las Vegas Business Press • August 25, 2014 Boyd Gaming Corp. told investors last month it planned to change out a few of the restaurants, nightlife spots and other nongaming attractions inside several of the company’s area casinos to boost overall revenue. This particular plan has been met with success along the Strip, but has been slow to be embraced by regional markets. Gaming revenue can’t always be counted on to boost a company’s … [Read more...]
INSIDE GAMING: Titus’ bill would repeal federal sports book handle tax By Howard Stutz, Las Vegas Review-Journal • August 24, 2014 CG Technology CEO Lee Amaitis wanted to know the whereabouts of about $9 million that Nevada sports book operators paid to the federal government last year through a tax on all sports wagers. It seemed like a simple question. Amaitis asked Rep Dina Titus, D-Nev., if she could find out. The Internal Revenue Service took several months to answer the query posed by Titus’ legislative … [Read more...]
Japan Plays Game of Growth Roulette With Casinos By William Pesek, Bloomberg View • August 21, 2014 More than humor is at stake, though. Japan is betting on getting help from Las Vegas to boost tourism, jobs and tax revenue. Why, then, is it thinking of letting MGM and Las Vegas Sands chief Sheldon Adelson build them in places that are doing just fine without baccarat tables and roulette wheels? Japan should be steering these gargantuan, multibillion-dollar projects to regions that really need … [Read more...]
INSIDE GAMING: Caesars works to upgrade balance sheet, but analysts unimpressed By Howard Stutz, Las Vegas Review-Journal • August 20, 2014 A leading gaming executive was asked on background a few months ago if he understood Caesars Entertainment Corp.’s financial maneuverings to restructure the casino company’s $24.2 billion in long-term debt. He just smiled. “Gary seems to understand what he’s doing.” For now, Caesars Entertainment Chairman Gary Loveman is an island unto himself. Earlier this month, in a lawsuit filed by … [Read more...]
Turnaround story unfolds for MGM Resorts International By Howard Stutz, Las Vegas Business Press • August 18, 2014 A few years ago, when the recession had a firm chokehold on the casino industry, MGM Resorts International was a mess. CityCenter opened in December 2009 to cost overruns and a depressed consumer market. MGM Resorts’ stock price was trading in single digits, and the company was looking to unload several hotel-casinos to bolster its sagging balance sheet. MGM Resorts’ survival was actually in … [Read more...]
Atlantic City Mayor Don Guardian is a Leader in a Time of Need By Ken Adams • August 18, 2014 It has always been natural for me to compare Atlantic City and Reno. Maybe that’s because like most people in the casino industry in Reno, I have always been envious of the volume of business of the Boardwalk casinos. And Atlantic City did replace Reno in the number two spot on the casino revenue list, pushing us down the path to never again being near the top of the list. So when Atlantic City … [Read more...]
Before Hsieh, Binion defined downtown Las Vegas By John L. Smith, Las Vegas Review-Journal • August 17, 2014 The image of downtown Las Vegas has shifted so dramatically in recent months that it might be hard for newcomers to imagine a time before the spreading influence of Tony Hsieh and his friends. Before downtown became the canvas for Hsieh’s creative business marketing and real estate vision, Benny Binion defined the Fremont Street experience. Jackie Gaughan owned more casinos, and Steve Wynn used … [Read more...]
Strip land values react to deal for Frontier site By Howard Stutz, Las Vegas Review-Journal • August 17, 2014 Australian billionaire James Packer wasn’t openly seeking endorsements after acquiring controlling interest in a Strip parcel earlier this month. But he found support from a potential competitor. Packer, CEO of Melbourne-based Crown Resorts Ltd., is forming a company with ex-Wynn Las Vegas President Andrew Pascal and investment firm Oaktree Capital Management to construct a hotel-casino on … [Read more...]
The EDM Genre Continues To Win Big In Las Vegas By Christopher G. Axelrod • August 15, 2014 EDM is the acronym for Electronic Dance Music, the fastest-growing type of music in the nation. Michael Rapino, CEO of Live Nation, has called it the "new rock and roll genre”. Robert F. X. Sillerman, the SFX Entertainment founder, pledged a billion dollars of investments in EDM-related properties in 2012. Whatever your personal view about the longevity of this digital genre, it is now a … [Read more...]
Revel Casino’s Spectacular Demise Offers a Cautionary Tale: View By The Editors, Bloomberg • August 14, 2014 (Bloomberg View) -- From the day it opened in April 2012, Revel Casino Hotel in Atlantic City loomed as a shimmering $2.6 billion monument to misguided optimism. Now, deeply unprofitable, it plans to close. Its saga illuminates two misconceptions about the relationship between gambling and government. The first is that casinos will be a savior for state and local budgets. In the months before … [Read more...]
Revel Is a Monument of Broken Dreams By Ken Adams • August 13, 2014 It is official. Revel is closing September 10th. The Revel operating company says that even if a buyer is found, the property will still close as it is no longer able or willing to continue to finance the casino operations. A new buyer would have to be investigated and granted a casino license before Revel could reopen. The Associated Press reported that a number of potential buyers are in … [Read more...]
INSIDE GAMING: Recent mergers a relief to investors By Howard Stutz, Las Vegas Review-Journal • August 13, 2014 The combined $11.5 billion in lottery company-slot machine company mergers in the past few weeks has the investment community relieved. The gaming equipment sector, in the eyes of some analysts, has been bloated. A soft replacement market for new games left slot machine manufacturers with a backlog. In the past few years, many new products never made it from the Global Gaming Expo trade … [Read more...]
Is Macau party for Wynn, Adelson headed for trouble? By John L. Smith, Las Vegas Review-Journal • August 10, 2014 For casino titans Steve Wynn and Sheldon Adelson, the roaring Macau casino market has been a seemingly endless party of rapid expansion and record-setting profit. Stock in Wynn Resorts International and Las Vegas Sands Corp. has rocketed, and the personal wealth of the mercurial multibillionaire CEOs has climbed into the upper stratosphere. Wynn is enormously wealthy, and Adelson ranks as one … [Read more...]
INSIDE GAMING: Alamo brings fresh approach to Nevada Gaming Commission By Howard Stutz, Las Vegas Review-Journal • August 10, 2014 In his first meeting as chairman of the Nevada Gaming Commission, Tony Alamo Jr. turned the Sawyer Building conference room into a doctor’s office. Alamo, a specialist in internal medicine, is the first nonattorney to head the part-time regulatory panel. Using a bedside manner similar to how he would address a patient, Alamo attempted to calm the jittery emotions of a restricted gaming … [Read more...]
Atlantic City’s best days are not behind it By Aaron Stanley • August 6, 2014 Despite the flurry of recent media reports proclaiming the downfall of the East Coast’s sin city, Atlantic City is taking the right steps to reinvent itself as a diversified resort destination. The problem is that the process to build a new economy not wholly dependent on casino gaming should have started 30 years ago. With gaming revenues steadily declining since 2006, the city has commendably … [Read more...]
A Different Sort of Player Reward By Bob Dancer • August 6, 2014 (Note: in this article, a “local” casino is one whose customer base lives relatively nearby.) The success of local casinos frequently depends on several visits per player per month. Typically these casinos “bribe” players to come in regularly. The bribery might be free play in 10 doses over a month --- where each time the player must visit on one or two specific days or the free play is … [Read more...]
Reno’s Kings Inn Sells after 35 Years of Being Deserted and Abandoned By Ken Adams • August 6, 2014 Forty years ago, Reno was in the midst of a casino boom. Within a few years, the MGM Grand opened along with the Comstock Hotel, Riverboat, Sahara Reno, Sundowner, Virginian, Peppermill, Atlantis, Silver Legacy, Circus Circus and Kings Inn. Sadly, there were not enough local customers or tourists for all of those new casinos. The situation became worse as gaming spread all over the West Coast and … [Read more...]
Isaacs goes from unemployed to gaming CEO By Howard Stutz, Las Vegas Review-Journal • August 6, 2014 Less than 10 months ago, Gavin Isaacs was jobless. By early next year, Isaacs expects to be CEO of a company that controls two of the world’s top three slot machine manufacturers, the casino industry’s largest supplier of table games and casino management products, and the biggest U.S.-based provider of lottery systems. Last week’s surprising announcement that lottery giant Scientific Games … [Read more...]
AGA + KidsandCars.org = a Good Thing! By Jeffrey Compton • August 5, 2014 One day when I was three years old, I was wandering around our front yard while my father was gardening. To amuse myself I climbed into the front seat of our car and began playing. Getting bored with the steering wheel, I decided to play with the big stick on the right side. Suddenly the car rolled backward down the driveway across the street, stopping on the grass medium strip separating the two … [Read more...]
Strip parcel has new owner, but future hazy By Howard Stutz, Las Vegas Review-Journal • August 5, 2014 The empty Strip land parcel that once housed the New Frontier has a new lease on life, but its future is still unclear. Australian billionaire James Packer said he acquired controlling interest in the nearly 35-acre site and will form a yet-to-be-named company to build a hotel-casino on the land in partnership with former Wynn Las Vegas President Andrew Pascal and investment firm Oaktree … [Read more...]
Veni, Vidi, Empti in Las Vegas By Christopher G. Axelrod • August 3, 2014 “I came, I saw, I purchased in Las Vegas.” That’s increasingly true as additional shopping opportunities are added to the Las Vegas tourist experience. Mirroring the concepts of its larger production shows, Las Vegas strives to have its shopping experience exceed what tourists can experience in their own home retail community. “Only in Las Vegas” is the goal. Shopping must be exemplary in … [Read more...]
INSIDE GAMING: Aussie outfit Aristocrat makes U.S. inroads By Howard Stutz, Las Vegas Review-Journal • August 3, 2014 While a photographer adjusted lighting equipment, Aristocrat Leisure Ltd. CEO Jamie Odell relaxed in the Australian gaming equipment manufacturer’s south Las Vegas showroom and played a few free spins on a “Batman” slot machine. Dressed casually in jeans, a dress shirt minus the tie and a sports coat, Odell, 55, was anticipating a 14-hour plane flight that evening. He was returning to Sydney … [Read more...]
The Donald and the Dame By Ken Adams • August 1, 2014 Donald Trump has always been great at grabbing headlines. Wherever he goes he creates a flurry of media excitement and wherever he goes he makes very big promises. Trump has done that in real estate development, publication, retail, television, sports and gaming. But, after 40 years of owning casinos, it is impossible to take him seriously. He is better at filing for bankruptcy than he is at … [Read more...]
It’s Time to Prohibit Smart Phones at the Baccarat Table By Eliot Jacobson, Ph.D. • July 31, 2014 For gaming revenue, worldwide, no casino game comes close to baccarat. As new casinos are built and new jurisdictions open, there is increasing competition for premium baccarat players. In a buyer’s market, these players have the leverage to dictate liberal game conditions and substantial financial incentives. Taken together with the advent of smart phone technology, there are new possibilities … [Read more...]
Nevada 150: The World according to Stupak By Howard Stutz, Las Vegas Review-Journal • July 30, 2014 Editor’s Note: Nevada 150 is a yearlong series highlighting the people, places and things that make up the history of the state. Casino ownership in Las Vegas has attracted its share of characters, from the mob-backed era of the 1960s and 1970s to reclusive billionaire Howard Hughes to the publicly traded corporate titans of today. Then there was Bob Stupak. He owned just one casino in … [Read more...]
WSOP helps Nevada crack $1 million revenue mark for online poker By Howard Stutz, Las Vegas Review-Journal • July 30, 2014 Analysts have long speculated about the coexistence of online poker and live casino poker rooms in Nevada. The recent World Series of Poker at the Rio showed the marriage might last. In June, Nevada’s three online poker websites — WSOP.com, Ultimate Poker and Real Gaming — collected a combined $1.037 million in gaming revenue. It was the first time the state’s online poker community cracked … [Read more...]
Strip’s gaming revenue robust while regional markets struggle By Howard Stutz, Las Vegas Business Press • July 28, 2014 With six months on the books, the investment community have a clear picture of the casino industry in 2014. Las Vegas is on an upswing. Gaming revenues have jumped more than 5 percent over the last three months and the Strip is poised to record its fifth straight annual gaming revenue increase since 2009, when the market reverted back to 2004 numbers. As for the regional gaming markets? … [Read more...]
INSIDE GAMING: Many do-si-dos, lead, at last, to IGT-GTECH deal By Howard Stutz, Las Vegas Review-Journal • July 27, 2014 The $6.4 billion acquisition of slot machine manufacturer International Game Technology by lottery provider GTECH shouldn’t have surprised anyone in gaming. A deal between the two industry giants almost happened 14 years ago, albeit with different corporate players and under different circumstances. IGT almost bought GTECH. “This is a dance that has been going on for 20 years,” said one … [Read more...]
Dotty’s taverns are simply complex By Howard Stutz, Las Vegas Review-Journal • July 27, 2014 The 160,000-square-foot North Las Vegas warehouse and headquarters of Nevada Restaurant Services — parent company of the Dotty’s chain of taverns — is a cross between Costco, Home Depot, a slot machine manufacturing plant and a direct-mail house. Everything making up a Dotty’s — think a grandmother’s house with gambling devices — sits in the warehouse. Near the building’s executive suites is … [Read more...]
Inside Gaming Blog: Orange Capital again wants Pinnacle Entertainment to split off REIT By Howard Stutz, Las Vegas Review-Journal • July 25, 2014 A hedge fund that owns 4.5 percent of Pinnacle Entertainment reiterated its call that the regional casino operator split the company to include a real estate investment trust. Orange Capital, LLC, a New York-based investment firm, believes Pinnacle’s share price could increase between 60 percent and 90 percent in value if the Las Vegas-based company were to create a REIT. Orange Capital made … [Read more...]
AGA introduces new Responsible Gaming materials By Rob Rosenbuam, COO, American Gaming Association • July 23, 2014 Our industry puts tremendous resources behind educating patrons and employees about responsible gaming and recognizing the signs of a gambling disorder. This year, we’ve integrated Responsible Gaming Education Week (RGEW) into our broader “Get to Know Gaming” public affairs campaign – we’re encouraging everyone to “Get to Know Responsible Gaming.” Equipping the Industry The AGA has developed … [Read more...]
INSIDE GAMING: Board not wavering on medical pot stance By Howard Stutz, Las Vegas Review-Journal • July 23, 2014 A regulatory mandate that Nevada gaming license holders stay away from the state’s neophyte medical marijuana business could be challenged again Thursday at the Nevada Gaming Commission. But the outcome is inevitable. The Gaming Control Board’s May 6 industry notice to gaming license holders — saying they must choose between medicinal pot and gambling — won’t be altered. Possession and … [Read more...]
Garner portrayed a classy gambler By John L. Smith, Las Vegas Review-Journal • July 22, 2014 One of the most recognized gamblers in popular American history died Saturday, and the keepers of the Strip didn’t even bother to dim the lights. Although he never won a World Series of Poker bracelet or a $1 million jackpot, James Garner’s “Maverick” character was the first acceptable gambler portrayed on television. He was handsome, clever, never cheated a sucker — and always outsmarted the … [Read more...]
New advertisements promote Las Vegas as ideal for conventions, trade shows By Richard Velotta, Las Vegas Business Press • July 21, 2014 As business travel is rebounding, the Las Vegas Convention and Visitors Authority has unveiled a series of advertisements promoting the city as a place to have conventions and trade shows as well as corporate meetings. These print and digital ads aren’t like the consumer-driven “What happens here, stays here,” pieces. They’re directly targeted at the decision-makers who determine where and when … [Read more...]
INSIDE GAMING: Ashes to ashes: Strip smoking could end By Howard Stutz, Las Vegas Review-Journal • July 20, 2014 The idea of a full-scale smoking ban in Nevada casinos seems out of place. The “No Smoking” concept doesn’t fit the Strip’s “do anything” reputation. Of the 23 states with commercial casinos, 18 outlaw smoking in casinos. In Nevada, a voter referendum in 2006 banned smoking in all public places — excluding casino floors. One gaming analyst, however, has warned investors that a Strip … [Read more...]
Do what we say, or the golden goose gets it! By Steve Sebelius, Las Vegas Review-Journal • July 18, 2014 Living in Nevada, it’s sometimes easy to forget how large a role the gambling industry plays in civic affairs. After all, we’re used to casinos running the show. In fact, during the last session of the Legislature, one lobbyist allowed that protecting the state’s No. 1 industry (gambling) was the highest priority of the Legislature. It wasn’t immediately clear where protecting the public … [Read more...]
The North (Strip) Shall Rise Again By Christopher G. Axelrod • July 16, 2014 "Head north to find the action" may soon be the new creed of Las Vegas tourism, but does the north end of the strip actually have the potential to become the new south? Considering the explosion of new projects and attractions that will define the true north and appeal to younger masses, the change is more reality than marketing hype. Has the south done anything to drive guests away? Absolutely … [Read more...]
For Online Gaming, Slow and Steady’s Just Right By David G. Schwartz, Vegas Seven • July 16, 2014 … [Read more...]
Meet the Nine Men Trying To Be Poker’s Next Champ By James McManus, Bloomberg View • July 16, 2014 Baseball, which evolved in the U.S. Northeast around the same time poker was emerging along the lower Mississippi, is now played in dozens of countries, and most of its best players are from Latin America. Basketball, our other 19th-century sport, is even more popular globally. Yet because of a noxious mix of puritanical and cynical politicians, it is illegal in 47 states to play the country's … [Read more...]
INSIDE GAMING: Prospects growing bleaker for Boardwalk By Howard Stutz, Las Vegas Review-Journal • July 16, 2014 The damage to Atlantic City associated with Superstorm Sandy in 2012 amounted to a few broken windows compared to the economic tornado tearing through the Boardwalk this year. Four casinos could be closed by fall, displacing more than 8,000 workers — 25 percent of the city’s workforce — and leaving the famous seaside resort looking more like a boarded-up slum. Since 2006, Atlantic City’s … [Read more...]
Only the Fierce Survive at the Poker World Series By James McManus, Bloomberg View • July 14, 2014 As he had early on, Zach Jiganti, an up-and-coming poker savant, dominated his table pretty much from noon to midnight on Day Three and most of Day Four of the World Series of Poker's Main Event. In one hand, he called a raise in the big blind bet from a middle-aged dad type in a baseball cap and goatee sitting four seats to his left. There'd been some friendly conversation leading up to the … [Read more...]
Atlantic City Situation Sends Message to Other Gaming Communities By Geoff Freeman, President and CEO, American Gaming Association • July 14, 2014 Over the past several decades, casinos have proven to be powerful economic engines in communities from coast to coast. Because of our many contributions, Americans today view gaming more favorably than ever before. But like most businesses, casinos operate in a highly competitive environment. The evolving situation in Atlantic City should send a message to other gaming communities: restrictive … [Read more...]
INSIDE GAMING: Isle of Capri Casinos shakes up corporate management By Howard Stutz, Las Vegas Review-Journal • July 13, 2014 Isle of Capri Casinos may have answered questions of whether or not the regional casino operator was for sale. On Thursday the St. Louis-based company announced a management shake-up at the corporate level, eliminating the executive chairman role with the board of directors and the chief strategic officer position. Isle of Capri also eliminated several other senior positions in the corporate … [Read more...]
A Foul Hand Dooms My Poker World Series Chances By James McManus, Bloomberg View • July 11, 2014 Writers worry about transitions all the time. We want to find the most seamless -- or arrestingly abrupt -- move from Point A to Point B, from a summary of the myriad events at a massive poker tournament, say, to the intricate details of a subtly contested hand. From the thrill of victory to the agony of defeat, in some cases. That's the kind of thing that's been occupying me since I arrived at … [Read more...]
I Can Still Win $10 Million at Poker World Series By James McManus, Bloomberg View • July 10, 2014 As this summer's final World Series of Poker event heads into Day Three, there have been more than a few remarkable developments. The 65 tournaments drew a record 82,360 entries, generating the largest total prize pool in history: $225,584,873. At least that much was won and lost in the side games still being held at the Rio, the Bellagio, the Aria and other Las Vegas card rooms. World Series … [Read more...]
INSIDE GAMING: Speculation abounds on casino industry mergers and acquisitions By Howard Stutz, Las Vegas Review-Journal • July 9, 2014 International Game Technology is the most prominent gaming company with a “For Sale” sign planted in the front yard. But the slot machine giant is not alone. For the first time since the recession dried up credit markets and brought mergers and acquisition activity to a standstill, the casino industry is awash with speculation about transactions. Over the next few months, several big-name … [Read more...]
How Poker’s Newest Champ Is Alienating His Peers By James McManus, Bloomberg View • July 7, 2014 Is Daniel Colman, poker's new heavyweight champion, an adolescent narcissist, happy to take people's money on the felt but unwilling to help improve poker's image as a game of skill or a vehicle for philanthropy? Or is he an anti-huckster hero amid a swarm of endorsement-happy pros, greedy tournament presenters and the journalists who fawn over them? After refusing almost all interview requests … [Read more...]
Adjusting to New Market Realities By Ken Adams • July 7, 2014 On June 1st, Harrah’s Casino Tunica closed its doors for good. Harrah’s shocked the Mississippi Gaming Commission and many others with the announcement it would close its Harrah’s Tunica. The company said there are too many casinos in Tunica for the number of customers the market attracts. The dice are no longer rolling and the slots aren’t spinning at Harrah’s Casino in Tunica. The casino lights … [Read more...]
China Gambling Frenzy in Overdrive During World Cup By Adam Minter, Bloomberg View • July 7, 2014 Pity the parents of Xiao Cai, a young woman from Wuxi, China, who lost the equivalent of $161 betting on World Cup matches. When her folks refused to cover the losses, she fled to Shanghai and -- pretending to be a kidnapper -- sent them a note claiming that she’d be prostituted if they didn’t pay a ransom equal to $3,200 (presumably, to be bet on Germany). The police weren’t fooled. With little … [Read more...]
GAMING INSIDER: California Indian casino built and managed by Station Casinos rising to the top of class By Howard Stutz, Las Vegas Business Press • July 7, 2014 The Graton Resort near Santa Rosa, Calif., has not yet celebrated its first anniversary. But one analyst hinted recently the Indian casino — which was built by Station Casinos and is being operated by the locals gaming giant — is quickly rising to the top of the class in tribal gaming-rich California. The casino cost $800 million and is owned by the Federated Indians of Graton Rancheria. The … [Read more...]
INSIDE GAMING: High hopes for casinos in Japan By Howard Stutz, Las Vegas Review-Journal • July 6, 2014 Don’t say “sayonara” to casinos in Japan quite yet. Japanese lawmakers are just taking a summer break. The country’s prime minister even said he’ll push for casino legalization when the Diet, Japan’s national legislature, returns for a special session in September. Which means Las Vegas’ top gaming executives will spend more time across the Pacific Ocean later this year. Although … [Read more...]
Kid Poker Loses $23 Million Duel to Tough Quant By James McManus, Bloomberg View • July 4, 2014 By around 7:20 Tuesday night, only two remained of the 42 players who entered the Big One for One Drop -- the three-day, $42 million charitable poker tournament that requires a $1 million buy-in. Dan Colman, a quiet 23-year-old online specialist from Massachusetts, was about to go heads up with poker's most famous player, the tough but cheerful Canadian Daniel Negreanu, known as Kid Poker, the … [Read more...]
The Failure of Loss Rebate Programs for High-Rollers By Eliot Jacobson, Ph.D. • July 4, 2014 I recently visited a number of casinos in Asia, where I had the opportunity to learn more about the cash-incentives they give to their baccarat high-rollers. Many casinos use some variation of a “rolling chip” program. These programs rebate a percentage of a player’s total action in cash. The trick to making this work is that the player makes his wagers with so-called “non-negotiable” (NN) chips. … [Read more...]
A Fresh Study Sheds Light on the Habits of the Vegas Visitor By David G. Schwartz, Vegas Seven • July 3, 2014 … [Read more...]
How Texas Hold ‘Em Conquered the World of Poker By James McManus, Bloomberg View • July 1, 2014 At this summer's World Series of Poker in Las Vegas, players can test their skills in 16 modern variants of our 200-year-old national card game. These include badugi, badeucy, seven-card stud, deuce-to-seven triple draw, pot-limit Omaha high-low-split eight-or-better, and even mixed-game events such as H.O.R.S.E. (Hold 'em, Omaha eight-or-better, Razz, Stud and stud Eight-or-Better). Yet … [Read more...]
Einhorn Hit by High-Stakes Poker Ambush By James McManus, Bloomberg View • June 30, 2014 Forty-two players wound up paying $1 million apiece to play in the second biennial Big One for One Drop, a three-day poker tournament at the Rio in Las Vegas. Already, the hugely remunerative contest -- widely considered the heavyweight championship of No-Limit Hold 'em -- has had some major surprises. A few pros who were expected to play -- including online prodigy Tom Dwan and a pair of … [Read more...]
Nevada Gaming Commission loses a legendary chairman By Howard Stutz, Las Vegas Review-Journal • June 29, 2014 As he was exiting the Sawyer Building’s second-floor hearing room following a Nevada Gaming Commission monthly meeting, Chairman Peter Bernhard was complimented by a state gaming enforcement agent on his handling of individuals and companies seeking licensing approval. Whether it was a corporate executive whose company operates multiple Strip resorts or a small- business person opening a single … [Read more...]
Millions of People Go To Las Vegas Every Year Because It Has So Much More By Ken Adams • June 28, 2014 A small and relatively insignificant news item caught my eye recently. In the report, the Golden Nugget Casino in Lake Charles, Louisiana is postponing its opening for nearly six months. I don’t really understand the reason, but in part it was due to Louisiana’s regulatory requirements. The Nugget wanted to change the conditions of its license for the amenities it would provide and needed the … [Read more...]
Summer Pool Parties Making Bigger Splashes By Christopher G. Axelrod • June 28, 2014 The pool season is well underway, and day club pool parties are experiencing record throngs - thongs from younger residents and tourists alike. Pools were always considered a resort amenity but now are viewed as a significant daytime entertainment attraction, just as EDM clubs target the late night crowds. The revenue stream can be impressive if the pool party has the right "vibe". Revenues … [Read more...]
Awake, and digesting the latest news from Caesars By Jeffrey Compton • June 27, 2014 Its 4:00 a.m. in the morning – Cleveland time. I’m in my middle of my morning CDC newsroom editing chores (albeit a little early, but I am on a new training regimen that has thrown my sleep schedule way off.) I’m looking at four stories – all of them less than 24 hours old, all concerning Caesars Entertainment. Union: New Jersey casino warns of possible closure Later this morning … [Read more...]
A $20 Million Poker Game Redefines `High Stakes’ By James McManus, Bloomberg View • June 27, 2014 More than 40 people have paid $1 million apiece to play in an unusual poker tournament this weekend. Its buy-in is 100 times that of the World Series of Poker's Main Event. Its first prize could approach $20 million. And all but a handful of players will lose every dime. The second biennial Big One for One Drop tournament is poker's premier philanthropic event. And with its compelling mix of … [Read more...]
Japan Gets Ready to Play Casino Card for Growth By William Pesek, Bloomberg View • June 25, 2014 As investors place bets on Prime Minister Shinzo Abe’s program for economic growth, the success of Japan’s revival plans may rest, oddly enough, on casinos. For more than a decade now, Las Vegas Sands chief Sheldon Adelson and his counterparts have salivated over bringing gambling tables to Asia’s richest nation. Abe is nudging lawmakers to legalize casinos to help boost gross domestic product. … [Read more...]
INSIDE GAMING: Changing fortunes: Sports teams rise, fall — and so does Macau gambling By Howard Stutz, Las Vegas Review-Journal • June 25, 2014 The last time Macau’s casino industry experienced a monthly gaming revenue decline, the Los Angeles Lakers won their 16th National Basketball Association championship and the Los Angeles Kings were National Hockey League doormats. Fortunes can change quickly in both sports and gambling. Last season, the Lakers were one of the NBA’s worst teams. The Kings won their second Stanley Cup in three … [Read more...]
Mourning the Passing of Keno and Keno Men By Ken Adams • June 24, 2014 Casino gaming is a mature industry, long past its youth. The last members of its pioneering generation are disappearing all too quickly. In the last few weeks, six people who were part of the foundation of casino gaming died. Four were well-known Las Vegas gaming figures. The fifth was a pioneer in Indian gaming. The sixth, Fred Rogers, was neither well-known nor a pioneer. Fred Rogers died in … [Read more...]
INSIDE GAMING: Medical Marijuana and casino interests continue to mix By Howard Stutz, Las Vegas Review-Journal • June 22, 2014 The relationship between medical marijuana and the gaming industry just won’t go up in smoke. Consider these recent events: ■ Three of the 18 medical marijuana dispensary permits awarded in Clark County are tied to someone in gaming despite admonishments from state gaming regulators that industry representatives stay away from the business. ■ Las Vegas Sands Corp. Chairman Sheldon Adelson … [Read more...]
Why interest in horse racing is declining in the U.S., including among horse enthusiasts By Jeffrey Compton • June 20, 2014 Howard Simpson, my best friend at Babson College, was one-year ahead of me, several years older (he did a tour in Vietnam before starting college), and from a different social background. He approached me after he had been elected student government president, and I had just been passed over as editor of the school newspaper for someone with far fewer qualifications. He said “I want to re-invent … [Read more...]
Free Play – Do Casino Players Like it? By Jean Scott • June 20, 2014 In the good ol’ days, casinos rewarded players mostly with comps, but sometimes with hard cash. We loved cash rewards, which we could put in our pocket and walk out of the casino with. No matter how much we had lost while gambling, the cash made us feel, at least a little bit, like a “winner.” Then, about the turn of the Millennium, casino cash benefits began to be replaced by “free play.” No … [Read more...]
Gambling on Tunica’s Future: What to aid ailing casino market By Associated Press • June 18, 2014 TUNICA RESORTS, Miss. (AP) – As Tunica grapples with the Harrah’s closure, the state of Mississippi hasn’t acted to support the industry. But there are proposals under discussion that might bolster the remaining casinos and the tax revenue they produce. Here’s a brief look at some: -Increase tourism promotion. Mississippi plans to spend $4.88 million on tourism advertising and promotion in the … [Read more...]
INSIDE GAMING: PokerStars deal made with eye on California By Howard Stutz, Las Vegas Review-Journal • June 18, 2014 California is known for having high-priced beachfront real estate. But even $4.9 billion might not be enough of a payment to let a Canadian gaming company settle into the neighborhood. Montreal-based Amaya Gaming Group Inc.’s agreement last week to acquire the parent company of online gaming giant PokerStars — the largest Internet gaming purchase — is all about California. Some Golden State … [Read more...]
Getting a Casino License has Become a Tricky Business By Ken Adams • June 16, 2014 The Massachusetts Gaming Commission has found MGM suitable to operate a casino in Springfield. The chairman of the commission, Stephen Crosby declared the MGM proposal to be a “genuinely ambitious and unusual effort.” It has only taken three years for a casino proposal to find favor in Crosby’s eyes. He has been a hard person to please. One license for a racino has been granted and it should open … [Read more...]
Former exec for Disney affiliate has roller coaster ride with IGT By Howard Stutz, Las Vegas Business Press • June 16, 2014 It’s a good thing John Vandemore spent several years as the chief financial officer for Imagineering, the theme park development arm for the Walt Disney Co. His tenure as CFO of International Game Technology has been one roller coaster ride after another. Things appeared to be settling down for the slot machine giant after a tumultuous two months in March and April. Even one of the … [Read more...]
INSIDE GAMING: Gaming techies reaching for Millennials By Howard Stutz, Las Vegas Review-Journal • June 15, 2014 Lawmakers spent all of 15 seconds discussing technology at the final three-hour session of the Committee to Conduct an Interim Study Concerning the Impact of Technology Upon Gaming. The panel’s focus over four meetings seemed to be a renewed effort to kill off tavern operator Dotty’s. That idea failed — again. The Association of Gaming Equipment Manufacturers (AGEM), however, thought the … [Read more...]
Amaya merger to ramp up battle between PokerStars and California tribes By Aaron Stanley • June 13, 2014 PokerStars’ decision, this week, to sell itself to Amaya Gaming, a nondescript Canadian company, for $4.9 billion, shows that the firm accepted the reality that it was widely viewed by U.S. regulators as damaged goods, and that it faced an extreme uphill battle to re-enter the US market. PokerStars’ hopes of entering California, the latest U.S. state to consider online poker, collapsed last … [Read more...]
Baltimore has high hopes for new Caesars casino By Howard Stutz, Las Vegas Review-Journal • June 12, 2014 BALTIMORE — If General Manager Chad Barnhill needs a case study to follow when the $442 million Horseshoe Casino Baltimore opens this summer, he can look a few states to the west. In the past two years, Caesars Entertainment Corp., in partnership with Detroit-based Rock Gaming, opened the Horseshoe Casino Cleveland and the Horseshoe Casino Cincinnati. The companies are bringing that same … [Read more...]
INSIDE GAMING: Soccer, not gambling, may grab interests of Macau high-rollers during World Cup By Howard Stutz, Las Vegas Review-Journal • June 11, 2014 The high-end gamblers who frequent Macau’s ultraritzy private gaming rooms are more interested in whether Cristiano Ronaldo can lead Portugal into the World Cup finals than knowing the next card to come out of the dealing shoe. Maybe it has something to do with Macau’s 400 years as a Portuguese colony. Whatever the case, gaming analysts believe soccer will outweigh baccarat in Macau from … [Read more...]
Indian Gaming: Understanding Michigan vs Bay Mills Indian Community By Artur Loss • June 10, 2014 Michigan vs Bay Mills Indian Community is a lawsuit by the state of Michigan to close an off-reservation Indian casino. On May 27, 2014, the U.S. Supreme Court ruled in favor of the Tribe. This is a win for the Indian Community, but does not mean that States are powerless. If off-reservation casinos are to continue in the long term, it will be only with consent from their States. Michigan … [Read more...]
New Poll Shows Voters View Casino Gaming More Favorably Than Ever Before By Geoff Freeman, President and CEO, American Gaming Association • June 10, 2014 Dear Gaming Colleagues, Voters across the political spectrum view casino gaming more favorably than ever before, and the vast majority recognizes that casinos create jobs, strengthen communities and support local businesses, according to the results of a national survey that the AGA released today. The survey release is the first step in the AGA’s multifaceted “Get to Know Gaming” … [Read more...]
LVCVA report reveals recent visitor behaviors By Richard Velotta, Las Vegas Business Press • June 9, 2014 For the Las Vegas Convention and Visitors Authority, it’s all about the research. It’s something that President and CEO Rossi Ralenkotter has driven into the culture of the organization that markets and promotes Southern Nevada to the world. Should Las Vegas run television spots, newspaper advertisements or maintain a bold online presence? Do the research. Should Las Vegas focus on its … [Read more...]
Change is a Necessary Fact of Life on the Las Vegas Strip By Ken Adams • June 8, 2014 It is an old cliché that change is the only constant and that is definitely true in business. Fads come and go; customers’ ages, interests, preferences and habits are always in flux and businesses must adapt. In my mind, no place on earth demonstrates the changing nature of business more than Las Vegas and the famous Las Vegas Strip. When gambling was first legalized in Nevada and before Benjamin … [Read more...]
INSIDE GAMING: Penn National sees trouble on the horizon for Charles Town property By Howard Stutz, Las Vegas Review-Journal • June 8, 2014 The nearly empty poker room tells the story. Penn National Gaming’s Hollywood Casino at Charles Town Races is feeling the brunt of neighboring Maryland’s gaming expansion, even though the state’s two newest casinos have yet to open. In summer 2013, the 2-year-old Maryland Live!, attached to a 250-store outlet mall in suburban Anne Arundel County, added a 52-table poker room. On any … [Read more...]
Free is a Welcomed Four-Letter Word By Christopher G. Axelrod • June 4, 2014 Casino management and marketers know the value of offering free entertainment, either as an attraction or a perk. Free entertainment can be exterior - augmenting a venue's theme for potential customers, or interior - sustaining customer interest and increasing onsite spending. One award-winning exterior attraction, providing a large number of sidewalk strollers, is the large lake in front of the … [Read more...]
Downtown workers faced no chance of striking By Howard Stutz, Las Vegas Review-Journal • June 4, 2014 There was never going to be a strike by downtown Las Vegas hotel workers. Despite the headlines and saber rattling, the leadership of Culinary Local 226 and Bartenders Local 165 wasn’t going to force union members to walk-off their jobs at properties that hadn’t finalized new contracts by 5 a.m. Sunday. In fact, negotiations to settle contract language at the last remaining hotel-casino … [Read more...]
Sports Betting in the U.S. Part 2: Public Policy Issues By Artur Loss • June 3, 2014 Sports Betting in the U.S. Part 2: Public Policy Issues Note: Part 1, Legality, was published previously. The legislative history of the Professional Amateur Sports Protection Act of 1992 (PASPA) shows the law’s three basic goals: (1) to stop the spread of state-sponsored sports gambling, (2) to maintain sports’ integrity, and (3) to reduce the promotion of sports gambling among America’s … [Read more...]
Shifting Momentum for Online Gambling By Ken Adams • June 2, 2014 Legalizing online gaming is one of the major issues of the gaming industry. Over the last few years there have been wide swings in the fortunes of online gambling in the U. S. When the feds jumped on the online operators taking bets from American gamblers in April, 2011, it appeared to be dead forever. But pressure from some major gaming corporations, poker players and states in need of additional … [Read more...]
Carl Icahn’s Poker Buddy’s Golf Buddy Made Some Good Trades By Matt Levine, Bloomberg View • June 2, 2014 One question about the big Carl Icahn golf insider-trading investigation is, who leaked it to the press, and why? My initial assumption was that the government leaked it, to try to shake loose some information after coming to a series of dead ends in the investigation. Maybe if it was in the papers, someone in the vast network of golfing insider traders1 would read about it and contact the FBI to … [Read more...]
Sports Betting in the U.S. Part 1: Legality By Artur Loss • June 2, 2014 On May 19th, New Jersey state senator Ray Lesniak announced that he was preparing a bill to allow sports betting at the state’s racetracks and casinos, in spite of the fact that it is not technically legal and could not be regulated. This is another logical step in the big sports betting battle which started back in 2012 and will determin the legal status of sports betting in New Jersey and … [Read more...]
Inside Gaming: Macau bans smoking on floors By Howard Stutz, Las Vegas Review-Journal • June 1, 2014 Come October, Macau’s casinos won’t smell the same. The special administrative region government last month told its resort operators that smoking will be banned on mass-market gaming floors starting Oct. 6. Here’s the surprise: Macau’s six casino operators — including MGM Resorts International, Wynn Resorts Ltd. and Las Vegas Sands Corp. — asked for the prohibition. The ban doesn’t … [Read more...]
AGA Fly-In: Connects & Informs By Geoff Freeman, President and CEO, American Gaming Association • May 30, 2014 More than 40 AGA member professionals from government affairs, communications, public affairs and compliance joined us in Washington yesterday for an effective and productive Government Affairs Fly-In event. This effort aligns with the AGA’s Strategic Plan, particularly the priority to connect and inform a broader spectrum of gaming professionals. Our program agenda included: Deeper … [Read more...]
MGM Resorts takes cautious approach to actual real money Internet gaming By Howard Stutz, Las Vegas Review-Journal • May 28, 2014 MGM Resorts International supports the legalization of online wagering in the U.S. The casino giant holds an interactive gaming license in Nevada. But the company’s Internet presence is devoted to a free-to-play casino site that allows customers of its M Life loyalty program to earn rewards, which can be redeemed at MGM properties in Las Vegas and Mississippi. MGM Resorts is taking a … [Read more...]
It Isn’t God’s Fault By Randy Fine • May 27, 2014 Over the past several weeks, most regional gaming companies have reported their first quarter results. The following quote could have been pulled from any number of releases: “Our first quarter 2014 performance was impacted by unusually extreme weather conditions across the country, increased competition and soft consumer trends.” This is not the first time this particular company has … [Read more...]
AGA Launches Its Most Aggressive, Coordinated Effort Ever to Promote Gaming Across the Country By Geoff Freeman, President and CEO, American Gaming Association • May 27, 2014 The new American Gaming Association has promised to be a relentless champion for the gaming industry, our 800,000+ employees and the communities from coast to coast to which we contribute. Today, we are excited to announce three new initiatives — built from the core underpinnings of our strategic plan — that will assist you and strengthen the gaming industry for years to come. Introducing "Get … [Read more...]