In the new world of legal sports betting, NFL clobbers an obscure cornerback By John L. Smith, The Nevada Independent • December 9, 2019 Until recently even avid NFL fans would have been hard-pressed to give you an in-depth read on Josh Shaw. Although in his fifth season in the league, the cornerback from USC hadn’t made much of an impression in the professional ranks. Selected in the fourth round by Cincinnati in the 2015 draft, he seldom started. He bounced from Cincinnati to Kansas City, and then on to Tampa Bay. This season … [Read more...]
California sports betting legislation needs a traffic cop By Howard Stutz, Executive Editor, CDC Gaming Reports • December 4, 2019 We’re learning the road to legal sports betting in California isn’t going to be an easy path. It’s looking, instead, more like trying to travel on Interstate 15 between Las Vegas and Los Angeles on a busy holiday weekend: a journey fraught with backups, potholes, and delays, leading to a slow, stop-and-go pace. Last month, 18 tribes California tribes said they were backing a ballot … [Read more...]
On the cusp of an election, the UK’s gaming industry braces for more change By Andrew Tottenham, Managing Director, Tottenham & Co • December 4, 2019 The UK Gambling Commission (UKGC) has published its biannual report on the gambling industry in Great Britain. In the year which ended 31 March 2019, it’s been a bit of a mixed bag, with some sectors of the industry seeing growth, albeit fairly anaemic, and others seeing declines in revenue. Land-based casinos were the sector that was hardest hit, with year-on-year revenues declining from £1.18 … [Read more...]
Ameristar is waiting and watching, like Wynn By Ken Adams, CDC Gaming Reports • December 2, 2019 In my piece from November 15, Maddox and Wynn Resorts Know When to Hold’Em, I opined that Wynn Resorts was waiting for Las Vegas to stabilize after undergoing some dramatic changes in the casino marketplace. The changes include major expansions of convention facilities, two new mega-resorts, the remodeling and rebranding of some of the older casinos, new casinos owners on the Strip, and the … [Read more...]
William Hill has a large slice of the U.S. sports betting pie, but it’s learning to share By Howard Stutz, Executive Editor, CDC Gaming Reports • November 26, 2019 The late comedian Robin Williams had a hilarious routine about trying to avoid Starbucks, except that he couldn't, because there always seemed to be one on every street corner. Often times, two on every block. “Oh my God, there’s another!” Williams would scream. Lately, we’re starting to feel the same way about sportsbook operator William Hill US. The Las Vegas-based company, a … [Read more...]
When is an Indian casino an Indian casino? By Ken Adams, CDC Gaming Reports • November 21, 2019 Indian gaming is not easy to define these days, now that tribes are beginning to move into traditional commercial casino gaming. The legal definition of Indian gaming itself has not changed: Indian gaming is a gaming enterprise authorized by the National Indian Gaming Regulatory Act of 1988 (NIGRA) and conducted under the conditions agreed upon by a tribe and state. In the 31 years since 1988, … [Read more...]
Gaming companies find support as debt and leverage reduction take center stage By Howard Stutz, Executive Editor, CDC Gaming Reports • November 20, 2019 Literally two minutes after MGM Resorts International announced Monday that it had closed the $4.25 billion sale and leaseback of the Bellagio, the company sent out a second press release stating it would redeem more than $1.878 billion in debt that is due over the next two years. A portion of the proceeds from the Bellagio deal went right to a reduction of the $15.1 billion in long-term debt … [Read more...]
Italy ‘s first move towards the regulation of remote gambling B2B operators By Valérie Peano, Attorney-at-Law, EGLA – European Gambling Lawyers & Advisors • November 20, 2019 The Italian Government has just issued the Fiscal Law Decree, which is intended to introduce new fiscal measures jointly with the Budget bill for 2020. Not surprisingly, fiscal measures on gambling have also been introduced. One of these has, however, attracted greater attention since it introduces compulsory registration into an official unique Register for all gambling operators active in … [Read more...]
Syndicates, algorithms, and beating the horses in Hong Kong By Andrew Tottenham, Managing Director, Tottenham & Co • November 20, 2019 In news articles, we occasionally hear about betting syndicates making large bets on races and sporting events, along with accompanying expressions of concern that they bring corruption to sports. But is this true? Are syndicates a malign influence? Do they bring the risk that players will throw matches or that jockeys will pull a horse to make sure it loses? We need to be clear here that there … [Read more...]
Where’s Waldo? And Bernie? By Bernard Kroviak, CDC Gaming Reports • November 16, 2019 This year’s Breeders Cup races are over. Only a few key races are still to be run this year. And yet many of this year's Eclipse Awards remain up for grabs, especially three-year-old of the year. Breeders’ Cup Juvenile winner Storm The Court, who won that race at 49-1, was listed at 90-1 to win the 2020 Kentucky Derby in the betting futures before the Juvenile, but he’ll likely soon be among the … [Read more...]
Maddox and Wynn Resorts know when to hold ‘em By Ken Adams, CDC Gaming Reports • November 15, 2019 The Las Vegas Strip is among the most dynamic business districts in the world. On the Strip, nothing stands still for long; there, change is the rule. Sometimes it is driven by external factors, like the economy or prevailing trends in the entertainment world. But most of the time, the change is internally driven, as casino and resort operators seek new and creative ways to grow their market … [Read more...]
Harris first to make presidential pitch to gaming industry’s top labor group By Howard Stutz, Executive Editor, CDC Gaming Reports • November 12, 2019 The non-descript Culinary Workers Local 226 complex tucked into the aging “Naked City” area of downtown Las Vegas is front and center for Democratic presidential candidates to lay bare their platforms. It’s become a right-of-passage every four years for candidates to hold a town hall event inside the second-floor meeting hall. The local represents more than 60,000 non-gaming workers in casinos … [Read more...]
Standards, priorities, opportunities By David Clifton, Director, Clifton Davies Consultancy Ltd • November 8, 2019 It is no longer the case, but there was a time – more than ten years ago – when a number of fundamental questions were raised in relation to the standards of the gambling licensing and regulatory regime established in Malta in 2001, when the regulator was known as the Lotteries and Gaming Authority. Since that time, three successive CEOs of the regulatory body – rebranded in 2015 as the Malta … [Read more...]
Industry concerns: public perception, excessive regulation, and eSports By Andrew Tottenham, Managing Director, Tottenham & Co • November 8, 2019 Recently, I had the opportunity to participate in an Ampersand Assembly, organised by Clarion Gaming, the behemoth behind ICE events and many other things. The idea behind such meetings is to bring together people from the gambling industry to discuss concerns and ideas that are affecting or could impact the industry. In this case, about 50 participants came from across Europe, including … [Read more...]
Full House stock takes a jump after CEO’s somewhat off-color remark By Howard Stutz, Executive Editor, CDC Gaming Reports • November 4, 2019 A well-placed f-bomb during a quarterly earnings conference call seemed to do the trick. Regional casino operator Full House Resorts doesn’t garner big headlines. The company has five casinos, none of which are located in major metropolitan markets. Full House stock, traded on the Nasdaq, has hovered below $3 a share for much of the year. The company averages roughly 72,000 shares traded on a … [Read more...]
Reno has an evolving identity, and a changing narrative By Ken Adams, CDC Gaming Reports • November 3, 2019 Reno has always been a city that was conflicted about its identity. Lately in the local press there have been columns and articles, each portraying a different picture of the city’s identity. The president of the local development agency, Mike Kazmierski, wrote in an opinion piece in the Gazette Journal on October 17 that “while the City of Reno has invested in downtown revitalization, and we … [Read more...]
‘Is it prudent?’ Las Vegas Sands has concern over Japan gaming investment By Howard Stutz, Executive Editor, CDC Gaming Reports • October 29, 2019 It appears Las Vegas Sands is not so bullish on the prospective casino market in Japan. The investment community doesn’t seem to mind the shift in strategy. On last week’s third quarter conference call with analysts, Las Vegas Sands President Rob Goldstein said the company is no longer sure investing in a Japan casino pencils out. The starting cost for one of the three integrated resorts the … [Read more...]
A dangerous idea married to dangerous technology By Ken Adams, CDC Gaming Reports • October 24, 2019 Forbes recently published an article on Facebook about its potential legal action against a relatively unknown company, The Spinner. According to Forbes, The Spinner has been using Facebook to make money. The Spinner’s technology targets individuals with the intent of changing their opinions and behavior. In the instance that offended Facebook, The Spinner’s customers were online gaming … [Read more...]
AI and Gambling By Andrew Tottenham, Managing Director, Tottenham & Co • October 24, 2019 intelligence (n.): the ability to acquire and apply knowledge and skills artificial intelligence (n.): the theory and development of computer systems able to perform tasks that normally require human intelligence, such as visual perception, speech recognition, decision-making, and translation between languages Much has been made of developments in Artificial Intelligence … [Read more...]
Dutch online market to open in January 2021… but not for everybody By Willem van Oort, founder, Gaming in Spain and Gaming in Holland • October 24, 2019 After a long and arduous political process, the regulated Dutch online market is now set to open on January 1, 2021. There is, however, a catch. After a lengthy and torturous political process of almost ten years, the Dutch Remote Gaming Act was finally adopted by the country’s Senate in February of this year, having passed the Lower House in July 2016. The act will come into force on July 1, … [Read more...]
Don’t expect fireworks as Nevada gaming regulators seek to declare Steve Wynn ‘unsuitable’ By Howard Stutz, Executive Editor, CDC Gaming Reports • October 22, 2019 Almost assuredly, the Nevada Gaming Commission will soon hold a public hearing on the five-count complaint against Steve Wynn, in which the Gaming Control Board seeks to have one of the casino industry’s most iconic figures be formally declared unsuitable to ever again hold a state gaming license. Nevada law requires the hearing. It’s doubtful, however, that the 77-year-old Wynn, who was … [Read more...]
Publisher’s Commentary: What I loved, liked and disliked about G2E By Jeffrey Compton, CDC Gaming Reports • October 18, 2019 I have attended over a dozen G2Es to this point, and the 2019 event was by far my favorite. This is the fourth year that CDC Gaming Reports brought out special "From the Floor" G2E issues. Thanks to Howard Stutz, Cory Roberts and Jim McGlasson our 2019 experience was smooth sailing editorially, operationally and financially. Our normally widely scattered writing team enjoyed working together, … [Read more...]
Illinois slot route operator about to gain financial strength in time for market expansion By Howard Stutz, Executive Editor, CDC Gaming Reports • October 15, 2019 Illinois caught the gaming industry’s attention in June when state lawmakers and the governor approved the nation’s largest gambling expansion to an existing market in more than a decade. The development also caught the interest of private equity giant TPG Capital. Through TPG Pace, the firm’s publicly traded acquisition company, the investment fund entered into a transaction agreement … [Read more...]
Danville and Its Dream By Ken Adams, CDC Gaming Reports • October 14, 2019 The expansion of casino gaming in Illinois is progressing at a measured pace. Chicago is still waiting for new legislation that reduces the taxes and fees for a casino in the city. But, there are bidders for the environs, including the Ho-Chunk Nation in Lynwood Village, Poarch Band of Creek Indians in Homewood and five separate entities pitching the city of Waukegan that lies 40 miles north of … [Read more...]
Casino hubs Macau, Las Vegas, use art to draw visitors from around the world By Cory Roberts, CDC Gaming Asia • October 10, 2019 With the five-month Art Macao event now drawing to a close, the Macau government has been quick to call it a success. The wide-ranging event saw 21 international art exhibitions, 6 outdoor art installations, 11 large-scale performances and 3 international youth festivals presented at more than 50 locations across the city. The gambling industry prominently participated in the event, helping to … [Read more...]
MGM Resorts makes right move in 1 October settlement By John L. Smith, CDC Gaming Reports • October 10, 2019 Credit MGM Resorts International for doing not only the smart thing, but also the right thing with its recent agreement to settle the potentially devastating litigation in the aftermath of the October 1 mass shooting on the Las Vegas Strip. By now, the grim statistics have been burned into many memories: More than 1,000 bullets fired from nearly two-dozen assault-style weapons with bump … [Read more...]
October 31st is not just Halloween By Andrew Tottenham, Managing Director, Tottenham & Co • October 10, 2019 “Brexit” is a word that everyone is fed up hearing, so I will keep this article as short as possible. As most of you are aware, I am sure, the UK could find itself outside of the EU as of the 31st of October, without any arrangement (deal) covering the terms of the UK´s withdrawal - the Benn Act notwithstanding. This outcome would have significant consequences for the land-based and online … [Read more...]
Empire building By Hannah Gannagé-Stewart, CDC Gaming Reports • October 10, 2019 Seventeen months ago, on 14 May 2018, the US Supreme Court struck down The Professional and Amateur Sports Protection Act (PASPA), opening up the US sports betting market. Back then, all eyes were on which of the major European players would swoop in and create the first transatlantic behemoth. Both William Hill and Ladbrokes Coral were occupied with stabilising their domestic UK businesses, … [Read more...]
Paragon’s Diana Bennett gives new life, and new amenities, to Hard Rock Lake Tahoe By Howard Stutz, Executive Editor, CDC Gaming Reports • October 8, 2019 STATELINE, Nevada – Purchasing the Hard Rock Hotel & Casino Lake Tahoe three years ago was both a professional and personal decision for Paragon Gaming Chairwoman Diana Bennett. Professional, because it gave the Las Vegas-based casino management company a foothold in the South Lake Tahoe casino market. After a prolonged gaming revenue decline for more than a decade, due to competition from … [Read more...]
Monsieur Gray Dog By Bernard Kroviak, CDC Gaming Reports • October 5, 2019 I have written in the past about my first racehorse, Monsieur Leclercq, and the excitement I felt just owning a thoroughbred. I also shared the thrill I experienced watching our colt run his very first race. Earlier that year, Thunder Gulch had won the most prestigious race for three-year-olds in the country, the Kentucky Derby, whereas our three year old had not yet even run his first race, so … [Read more...]
Remembering colorful cab man Ray Chenoweth in an evolving Las Vegas taxi industry By John L. Smith, CDC Gaming Reports • October 3, 2019 The Nevada Taxicab Commission last week embarked on a bold set of changes in the McCarran International Airport-to-the-Las Vegas Strip ride fare structure. Setting fares in the tourist corridor makes sense at a time cab companies are losing riders to Uber and Lyft. While not an answer to every challenge facing the business, the new structure sounds like a good idea that’s pro-active and is sure … [Read more...]
New ownership gives older Reno-area hotel-casinos a fresh start By Howard Stutz, Executive Editor, CDC Gaming Reports • October 1, 2019 RENO – The Grand Sierra Resort and Nugget casinos offer a pair of case studies to the gaming industry on how new and dedicated ownership has given two time-tested Northern Nevada properties fresh beginnings. Consider the Grand Sierra. Southern California businessman Alex Meruelo, through his Meruelo Group, bought the property in 2011 for a reported $42 million. Today, after an investment … [Read more...]
Macau casino license expiration dilemma has new boss, old rules By Muhammad Cohen, Forbes • September 25, 2019 Macau gaming concession expiration remains the elephant in the room for the world’s casino capital. In Beijing earlier this month, Macau’s new Chief Executive-elect Ho Iat Seng paraded the elephant around the room and gave those worrying about the 2022 expiration, especially U.S. licensees Las Vegas Sands, MGM Resorts and Wynn Resorts (via local subsidiaries), more to worry about. Beyond … [Read more...]
Ruffin, others stand ready to join Strip buying frenzy By Howard Stutz, Executive Editor, CDC Gaming Reports • September 25, 2019 Now that Caesars Entertainment has finally unloaded the Rio after more than 10 years on the sales block, the attention turns toward Circus Circus, MGM Resorts International’s slightly awkward, unloved stepchild. According to press reports, a suitor for the aging family-themed Strip hotel-casino has been found – billionaire businessman Phil Ruffin, who owns the TI and has a history with MGM … [Read more...]
Africa: Strong and stable By Andrew Tottenham, Managing Director, Tottenham & Co • September 25, 2019 “Africa has become the big game of the nation hunters. Today, Africa looms as the greatest commercial, industrial and political prize in the world.” -- Marcus Garvey (1922) When looking for growth opportunities, online gambling companies do not have a lot to choose from. The US is one possibility, but it is starting to look overcrowded and it is difficult to see who the winners will ultimately … [Read more...]
New advertising restrictions looming as Spain’s online market matures By Willem van Oort, founder, Gaming in Spain and Gaming in Holland • September 25, 2019 The regulation of Spain’s online gambling market has been a great success. Since the regulation of online gaming began in the country, the Spanish regulator has issued around sixty general operator licenses. Since 2011, the regulated online market has grown from €200m in annual GGR to almost €800m, with double-digit growth percentages being the norm. However, this spectacular growth has come with … [Read more...]
Bail, Caesars? Asia loses if Vegas giant exits region By Muhammad Cohen, Forbes • September 23, 2019 Caesars Entertainment ended its pursuit of a Japan casino license last month amid a $17.8 billion takeover by Eldorado Resorts, a much smaller company with no international experience. Eldorado management has expressed skepticism about overseas ventures, leaving the fate of Caesars’ $700 million resort under construction in Korea uncertain. It’s up to Caesars and Eldorado management to decide if … [Read more...]
How many casinos are too many? By Ken Adams, CDC Gaming Reports • September 22, 2019 Recently, the Press of Atlantic City published an interview with Tilman Fertitta, owner of the Golden Nugget in Atlantic City discussing his views on the Atlantic City casino market. In the interview Fertitta said Atlantic City was a seven-casino, not a nine-casino market. The comment was in reference to the addition of Hard Rock and Ocean Resort to the Boardwalk City in June 2018, raising the … [Read more...]
Same story, different day for MGM Resorts, until we hear from the board’s ad-hoc committee By Howard Stutz, Executive Editor, CDC Gaming Reports • September 17, 2019 Monday’s report that MGM Resorts International was considering a sale and leaseback of the Bellagio and MGM Grand Las Vegas to real estate conglomerate Blackstone Group was a little like the movie “Groundhog Day.” We keep waking up to the same news over and over again. At least this time, Bloomberg News attached a name to the speculated transaction. Blackstone’s proposed acquisition of … [Read more...]
Manes & Tails and Odds & Ends By Bernard Kroviak, CDC Gaming Reports • September 14, 2019 Now that the summer racing season has ended with both Saratoga and Del Mar concluding their meets, the racing world turns its attention to the Breeders Cup World Championships weekend in November. Usually these Cup races go a long way in determining the Eclipse Award winners, given annually for the most outstanding horse in each of several categories: best 2 year old male and female, best turf … [Read more...]
The sports book goes to the game By Ken Adams, CDC Gaming Reports • September 12, 2019 Sports betting handle and win is becoming significant nationally. It has gone from a minor part of Nevada casino revenue to the fastest growing segment of the gaming industry. According to Legal Sports Report, since June 2018, $10 billion has been wagered on sports legally in the United States. Seven states contributed to that number: by the end of the year there will be at least eleven states … [Read more...]
Newest bill calling for federal sports betting oversight is DOA By Howard Stutz, Executive Editor, CDC Gaming Reports • September 11, 2019 The Miami Dolphins stand a better chance of winning a game this season than the latest bill establishing federal guidelines for sports wagering does of getting through both houses of Congress. Yes, win a game, not just cover the weekly double-digit underdog point spread oddsmakers will likely place on the Dolphins all season. Last week, Gambling Compliance reported that a new piece of … [Read more...]
Will there be uniform regulation of igaming in the EU? By Hannah Gannagé-Stewart, CDC Gaming Reports • September 11, 2019 It is with no small sense of irony that I sit in London this week, writing about the potential for greater harmonisation of trading policy across the European Union (EU). Nonetheless, it is an issue high on the agenda of the Brussels-based European Gaming and Betting Association (EGBA) and, despite what may be unfolding on my own doorstep, the ramifications for gaming operators across the … [Read more...]
Europe: a snapshot By Andrew Tottenham, Managing Director, Tottenham & Co • September 11, 2019 The gambling industry in Europe today is very much a mixed bag - some sectors are under pressure while others are expanding. There does not appear to be a consistent theme across the continent other than the growth of online gambling, though often seen is a tendency of politicians to rein in various parts of the industry. The following is a quick gallop through four countries, selected for no … [Read more...]
Caesars touts company’s sports betting prowess, but William Hill has eyes on the business By Howard Stutz, Executive Editor, CDC Gaming Reports • September 3, 2019 Caesars Entertainment promoted its expanded nationwide reach in sports betting Tuesday. The Las Vegas-based company now has sports books in 29 casinos in nine states, including New York, where it has a branding and marketing alliance at properties owned by the Oneida Indian Nation. The landscape could look much different next year if Caesars’ sportsbooks become William Hill U.S. branded … [Read more...]
Innovation, slot machines and regulation By Ken Adams, CDC Gaming Reports • August 28, 2019 The Las Vegas Review-Journal recently published an article on the challenges to innovation in the casino industry. The piece quoted Kent Young of Spin Games. Young said innovation was difficult in gaming because of the heavy costs of regulation. He told the Review-Journal that just the licensing of the company’s executives could cost hundreds of thousands of dollars, making it very difficult … [Read more...]
Legal sports betting offers opportunities to heal old wounds By Howard Stutz, Executive Editor, CDC Gaming Reports • August 28, 2019 I’m waiting for the first casino to offer NFL Hall of Famer and Green Bay Packers great Paul Hornung the chance to place the location’s first legal sports wager. Over the next week and a half, every new sportsbook in Iowa, Indiana and New York seems to have scheduled a retired NFL great to kick off the betting action. “The Golden Boy,” now 83, the 1956 Heisman Trophy winner and a four-time NFL … [Read more...]
Weighing in on the slots controversy By Andrew Tottenham, Managing Director, Tottenham & Co • August 28, 2019 A recent study of the behaviour of slot players has caused some controversy. Anthony F Lucas, Ph.D., and Katherine A. Spilde, Ph.D, furthered the research into whether gamblers would be able to tell what was the relative Return to Player (RTP) of a particular slot machine game and whether they would migrate to a machine with a higher RTP. Why is this important? Well, some casinos have seen a … [Read more...]
Where do we go from here? By Paul Sculpher, Special to CDC Gaming Reports • August 28, 2019 Reading the annual results of some betting and gaming operators, you’d think the picture was quite rosy, with a whole world still out there waiting to be conquered, with virgin territory aplenty, and no clouds on the horizon. In reality the challenges outnumber the opportunities. With new options thinning out, the looming spectre of tougher responsible gaming regulation (as highlighted by the … [Read more...]
Gaming equipment provider AGS moves forward after first serious earnings ‘stumble’ By Howard Stutz, Executive Editor, CDC Gaming Reports • August 20, 2019 Gaming equipment provider AGS went right back to work following the announcement of the company’s first quarterly earnings disaster since going public 20 months ago. There was no sense in dwelling over a 52% stock price decline that began soon after the Las Vegas-based AGS told the investment community that its second quarter cash flow fell 2 percent and it would be cutting its 2019 earnings … [Read more...]
A casino in Chicago’s Millennium Park or slot machines in Midway Airport? By Ken Adams, CDC Gaming Reports • August 19, 2019 In June, the Illinois legislature passed Senate Bill 690; Governor J. B. Pritzker signed it June 28th. The good news is a casino expansion bill finally passed in Illinois, but the bad news is the bill was pushed through at the last moment and has some fundamental flaws. The bill allows for six new casinos, additional gaming positions for existing casinos, more VLTs at each authorized location, … [Read more...]
Really! Players cannot detect differences in pars By Anthony F. Lucas, Ph.D. & Katherine A. Spilde, Ph.D. • August 17, 2019 We deeply appreciate the opportunity to engage in this conversation about one of the key questions of our day. Frankly, we came at this project from a position of skepticism ourselves, as it seems that a player would notice the difference between a 10% and a 5% game. Certainly this is what all of us in casino operations have been told. Players consistently complain that the slots are too … [Read more...]
A short update on Czech gaming law By Anna Všetečková, Associate, Becker & Poliakoff • August 14, 2019 The law that regulates gambling in the Czech Republic is slowly beginning to stabilize after the major changes of 2017. But it seems that we can expect some amendments in the near future, which could open the Czech market a bit more to foreign operators. At the end of June, a bill was proposed that would change some of the provisions of the Act on Certain Measures Against Legalization of … [Read more...]
Changes in gambling and gambling regulation in the UK – lessons learned? By Andrew Tottenham, Managing Director, Tottenham & Co • August 14, 2019 Much in the news recently has been about the fines doled out by the UK gambling regulator. The amounts are not insignificant – from January through May the UK Gambling Commission levied £19.6 million in fines. And in July, recently-acquired GVC subsidiary Ladbrokes Coral was fined £5.9 million for lapses in duty of care to its customers and anti-money laundering procedures. The fine was for … [Read more...]
AGA’s Casey Clark and company transform americangaming.org into a first-class industry asset By Jeffrey Compton, CDC Gaming Reports • August 13, 2019 In the second half of 2018, the American Gaming Association began a very successful effort to resurrect and expand the organization’s primary website americangaming.org into a first-rate online resource for the organization’s members and potential members, elected officials, journalists, influencers, and the general public. As much as I’ve admired the work done by the AGA’s past … [Read more...]
Resort Fees, Full Disclosure and Customer Satisfaction By Ken Adams, CDC Gaming Reports • August 12, 2019 The practice of imposing mandatory resort fees has been getting a fair amount of attention lately. The attorneys-general in the District of Columbia and Kansas are suing Marriott and Hilton over them, MGM is raising its fees in Las Vegas and the CEO of Caesars issued a warning that the fees may be approaching a critical tipping point. Several consumer advocate groups are calling for government … [Read more...]
Trying to make sense of Suicide, Gaming and Guns By Jeffrey Compton, CDC Gaming Reports • August 5, 2019 I have been formulating this column since I received that sad news early last week that gaming writer and colleague Dave Palermo committed suicide. Two days later Kentucky Governor Matt Bevin made the most ill-informed, insensitive statement I have heard from a public official in recent years (and that clears a very high bar): "Every night somewhere in America, somebody takes their life in a … [Read more...]
Free of federal restraints for more than a year, Connecticut remains unable to establish regulated sports gambling By Mike Anthony, Hartford Courant • August 5, 2019 What is Connecticut doing on the sports gambling front? Basically assuring fat bankrolls for bookies in the seedy underworld and leaving the legal operations our state is sandwiched by in New Jersey, New York and Rhode Island as alternative options. Connecticut is doing nothing for itself. What a joke this has become. We’re losing because we’re not taking bets, folks – two years after … [Read more...]
It’s not a myth; players can detect slot machine hold percentage By Buddy Frank, CDC Gaming Reports • August 3, 2019 I have met and debated Dr. Anthony Lucas several times in the past. I generally applaud his efforts in gaming education at UNLV and his authorship of multiple informative articles about the gaming world. However, his recent studies (done with colleague Katherine Spilde of San Diego State University) proclaiming that it’s a myth that players can’t detect tighter slot machines, in my opinion, can … [Read more...]
Dave Palermo was a consummate journalist and an amazing storyteller By Howard Stutz, Executive Editor, CDC Gaming Reports • July 31, 2019 Long before Dave Palermo earned his place as one of the most knowledgeable gaming journalists in the country, he made his mark in Southern California as a reporter with the Los Angeles Herald Examiner. I learned about his reputation from one of the best – Pulitzer Prize-winning journalist David Cay Johnston. In 1990, when I was covering Nevada’s gaming industry for the Las Vegas Review-Journal, … [Read more...]
Yes Minister! By Andrew Tottenham, Managing Director, Tottenham & Co • July 31, 2019 If you want a case study in glacial gambling reform and how to “kick the can down the road”, Japan is not the only candidate - Ireland is also a good case in point. The current state of affairs in Ireland is that gambling is hardly regulated, although successive Governments have acknowledged that it needs root and branch reform. The main piece of legislation that covers both gaming and betting is … [Read more...]
The RET funding conundrum By David Clifton, Director, Clifton Davies Consultancy Limited • July 31, 2019 Background GambleAware is an independent UK charity tasked to fund research, prevention, and treatment services to help to reduce gambling harms. The charity asks all those who profit from the gambling industry in Great Britain, whether or not they hold a licence from the UK Gambling Commission (UKGC), to donate a minimum of 0.1% of their annual Gross Gambling Yield (GGY) directly to … [Read more...]
Once a skeptic, MGM Resorts now seeking ways to benefit from Las Vegas’ $1.9B stadium By Howard Stutz, Executive Editor, CDC Gaming Reports • July 29, 2019 Based on Jim Murren’s enthusiastic approach last week toward the $1.9 billion Las Vegas Stadium, one might think MGM Resorts International was a long-time supporter of the project. That wasn’t the case. In 2016, MGM executives were dead set against the 65,000-seat stadium if the plan was to siphon away funding for a $1.4 billion expansion and renovation of the Las Vegas Convention … [Read more...]
Hong Kong and Macau: Demonstrations and Celebrations By Ken Adams, CDC Gaming Reports • July 28, 2019 Macau is preparing to celebrate the twentieth anniversary of its reunion with Mainland China after four hundred years under Portuguese control. The celebration is scheduled for December; China views it as a significant milestone. Chinese President Xi Jinping is planning to be on hand to make speeches, congratulate everyone and celebrate the success of Macau as a Special Administrative Region of … [Read more...]
Dispute between the state, Twin River and IGT could be larger than ‘Little Rhody’ By Howard Stutz, Executive Editor, CDC Gaming Reports • July 23, 2019 Imagine going into a restaurant and finding just three items on the menu. Or how about browsing a bookstore that offers just three titles, or visiting a large mall with just three brands? Like a lot of things, the value of entertainment is based on choice. Just ask executives at Twin River Holdings, which operates Rhode Island’s two casinos. Under a proposed deal between the governor’s … [Read more...]
John James – fortifying for the casino wars of the 21st Century By Ken Adams, CDC Gaming Reports • July 21, 2019 Foxwoods Resort Casino in Ledyard, Connecticut, owned by the Mashantucket Pequot Tribal National has hired John J. James as CEO. He is to begin in August. Foxwoods has been without a permanent CEO since Felix Rappaport died in June 2018; the tribal chairman has been the acting CEO in the interim. In the PR announcement of his appointment, James said he was thrilled to be joining a stellar team, … [Read more...]
The unbridgeable gap of the Italian gambling advertising and sponsorship ban By Valérie Peano, CDC Gaming Reports • July 17, 2019 Article 9 of the so-called Dignity Decree (Decree-Law No. 87, dated 12 July 2018, converted with amendments by Law No. 96 of 9 August 2018) prohibits advertising, sponsorship and all other forms of communications with promotional content relating to gambling. The rationale of the blanket ban is to fight against gambling addiction and to strengthen protections for consumers and players, … [Read more...]
Decisions and Management By Andrew Tottenham, Managing Director, Tottenham & Co • July 17, 2019 A big part of a manager’s role is to make decisions. Making decisions comes naturally to most people although I have come across some who would prefer not to be put in a position where they have to decide. But just making a decision is not good enough - making good decisions is what separates good managers from bad ones. The process of decision making has been much studied, with various … [Read more...]
A new mission: Communications professional turns attention toward mental health By Howard Stutz, Executive Editor, CDC Gaming Reports • July 16, 2019 Reggie Burton is used to telling stories. Other people’s stories. As a longtime gaming industry communications executive, Burton has spent his career handling corporate matters, casino issues, and gaming diversity topics with ease and professionalism. In his boutique public relations firm, Burton represents a mix of clients from a variety of industries, and he communicates their messages, with … [Read more...]
Who will build new casinos in Pennsylvania, Illinois and Indiana? By Ken Adams, CDC Gaming Reports • July 13, 2019 Pennsylvania passed a massive gaming expansion bill in 2017. The bill authorized ten mini casinos, slot machines in truck stops and online gambling. The legislation required a separate auction for each of the ten mini casinos. Lawmakers envisioned a lively competition, resulting in a windfall for the state. The auctions began as the lawmakers had hoped, but with each successive auction the … [Read more...]
The best — and worst — places to put a Chicago casino By Ed Zotti, Chicago Sun Times • July 12, 2019 The best place in Chicago to put a casino? Michigan Avenue and Lake Street, which is a short distance from Millennium Park, the Riverwalk and the Randolph Street theater district. The worst place? The former Michael Reese Hospital site on the Near South Side — or any other isolated, blank-slate location. I base this on conversations with gaming and hospitality industry experts Andrew … [Read more...]
Summer at the Spa By Bernard Kroviak, CDC Gaming Reports • July 12, 2019 Now that the Triple Crown races are behind us, the racing world’s attention turns to the summer meets at Saratoga, NY and Del Mar, CA. Both of these “boutique” meets run for around six weeks. Thus, the moniker. Both also have wonderful histories and unusual origin stories, and attending these iconic places at least once should be on every handicapper’s bucket list. Saratoga Race Course is … [Read more...]
$500 million in Eldorado-Caesars cost savings? Analyst says make it $600 million By Howard Stutz, Executive Editor, CDC Gaming Reports • July 9, 2019 Union Gaming Group’s John DeCree labeled it “the $500 million question.” In the two weeks since Eldorado Resorts and Caesars Entertainment announced their $17.3 billion merger agreement, the investment community is still coming to grips with how the companies will implement $500 million in synergies – i.e., cost savings – in the first 12 months after the transaction closes. DeCree told … [Read more...]
Sports betting isn’t a game. D.C. shouldn’t grant a monopoly. By Christian Genetski and Griffin Finan, The Washington Post • July 9, 2019 Months ago, the D.C. Council wisely moved ahead to consider legalizing sports betting. Since the Supreme Court declared the ban on a state’s right to authorize sports betting to be unconstitutional, states across the country have been racing to take advantage of the revenue opportunity sports betting presents and to eliminate — via legalization and regulation — the predatory, illegal, offshore … [Read more...]
4 Ways the Caesars Entertainment Buyout Could Fall Apart By Travis Hoium, The Motley Fool • July 5, 2019 When Caesars Entertainment (NASDAQ:CZR) late last month announced it was being acquired by Eldorado Resorts (NASDAQ:ERI), it was a bit of a shock for the gambling industry. Eldorado was a relatively minor player until it began its acquisition spree a few years ago, and Caesars is just starting to get back on its feet after the bankruptcy of its biggest operating unit. It should come as no … [Read more...]
Stack the deck against organized crime at planned Chicago casino By Editorial, Chicago Sun-Times • July 5, 2019 It’s going to be a busy summer for Mayor Lori Lightfoot and the City Council if they hope to build a firewall against the influence of organized crime at the planned Chicago casino. Gov. J.B. Pritzker signed a law last week that would give Chicago its first casino, and a massive one at that. It would feature up to 4,000 so-called gaming positions at poker and blackjack tables, slot machines and … [Read more...]
Integrated resorts in Europe, take two By Andrew Tottenham, Managing Director, Tottenham & Co • July 3, 2019 A while ago I wrote a short piece on why there are no integrated resorts in Europe, to date. That article focussed on the problems with financing. This article will take a look at the political and administrative dimension in developing large-scale projects. On the political and administrative dimension, the reason for the absence of integrated resorts is quite obvious: it is very, very … [Read more...]
Professional Gamblers – a rare breed indeed By Paul Sculpher, Special to CDC Gaming Reports • July 3, 2019 All of us working in the betting and gaming industry will have seen plenty of people who claim to be professional gamblers – it seems to be an intoxicating profession, with the clichéd qualifications of vast intelligence, nerves of steel, encyclopaedic knowledge, and the will to avoid the tedium of a “normal” job. I’m sure I’m not the only person who’s looked with a pretty extreme degree of … [Read more...]
Sahara 2.0: Rebranded Strip casino will pay homage to the resort’s past ‘in our spirit’ By Howard Stutz, Executive Editor, CDC Gaming Reports • July 2, 2019 When 250 specially equipped drones lit up the evening sky and spelled out the name SAHARA over the SLS Las Vegas south parking garage last week, one of Strip’s worst-kept secrets was finally confirmed. Rumors are the second largest industry in Las Vegas behind gaming. But dropping SLS in favor of the iconic name that had been attached to location for 59 years was a foregone conclusion after the … [Read more...]
Come clean on why Mohegan leader stepped down By The Day Editorial Board • July 2, 2019 Something appeared amiss when the startling news came in early February that Kevin Brown had stepped down as chairman of the Mohegan Tribal Council with no explanation beyond “personal reasons.” Brown had served as a dynamic tribal government leader at a time of big deals and aggressive expansion, acting in the face of growing competition for its core operation, the Mohegan Sun … [Read more...]
Japan casinos face limitless horizons, plagued by limited groundwork By Muhammad Cohen, Forbes • June 30, 2019 The Japan Gaming Congress in Tokyo last month celebrated the country’s ascent to full-fledged casino legalization. It’s a momentous achievement decades in the making, one that carries nearly limitless possibilities. Research firm CLSA projects Japan’s initial three licensed integrated resorts will generate US$11 billion in revenue, more than double the revenue of Singapore, and in the 2030s, an … [Read more...]
Caesars and Eldorado merge: Icahn and Reno celebrate By Ken Adams, CDC Gaming Reports • June 28, 2019 It happened just as Carl Icahn wanted. Eldorado bought Caesars and is bringing the company formerly called Harrah’s back to where its life began. The merger was not unexpected. Still, on Monday, June 24th, when the announcement came it pushed all other gaming stories off the front page, even the opening of $2.6 billion Wynn Resorts’ Encore near Boston. The agreement between Eldorado and Caesars … [Read more...]
A mistake on a betting slip cost a punter £200k. How you react to that is telling By Jack Bernhardt, The Guardian • June 27, 2019 If I had to pick my favourite irrational fear – behind falling into open manholes, snakes coming out of the toilet and the unshakeable belief that my friends’ newborn baby secretly hates me and is going to beat me up as soon as he learns how fists work – it would probably be filling in forms. No matter how long I spend poring over them, painstakingly writing out everything in a black fountain pen … [Read more...]
What’s for sale and what’s not for sale on the Strip as Eldorado-Caesars deal moves forward By Howard Stutz, Executive Editor, CDC Gaming Reports • June 25, 2019 Speculation about what Las Vegas Strip casinos operated by Caesars Entertainment might be for sale was rampant long before the words slipped out of the mouth of Eldorado Resorts CEO Tom Reeg early Monday morning. Reno-based Eldorado is acquiring nine Caesars properties on or near the Strip as part of its $17.3 billion cash, stock and debt merger with Caesars. Eldorado – which has resorts in … [Read more...]
Caesars Deal Catapults Underdog Eldorado to Casino Powerhouse By Christopher Palmeri, Bloomberg • June 24, 2019 In the casino business, the minnow is swallowing the whale. Eldorado Resorts Inc.’s $8.58 billion acquisition of Caesars Entertainment Corp. means an underdog from Reno, Nevada -- a town long in the shadow of Las Vegas -- will become the largest owner of casinos in the U.S. In the deal, announced Monday, Caesars shareholders will receive about $12.75 a share, including $8.40 in cash. That’s … [Read more...]
Opposition voices went silent, grew weary or were ignored — and gambling roared in By Mark Brown, Chicago Sun-Times • June 20, 2019 You might have noticed something missing from this year’s debate on the expansion of legalized gambling in Illinois: any actual debate. Practically without substantive opposition beyond backstabbing within the gambling industry itself, three decades of Illinois lawmakers gradually upping the ante on legalized wagering as a solution to government revenue needs gave way to an “all in” explosion of … [Read more...]
Put the Chicago casino on the East Side By Edward McClelland, Chicago Magazine • June 20, 2019 Thirty years ago, when the Illinois General Assembly voted to allow riverboat gambling, the idea was to help faded river towns bypassed by modern transportation and technology. The state plunked floating casinos in Rock Island, Alton, Metropolis, and East St. Louis, promoting them as modern iterations of 19th Century Mississippi gambling boats. Closer to Chicago, “the boats” were moored on rivers … [Read more...]
Building a diverse casino industry By Jill Griffin, Mary Vogel, Susan Moir and Liz Skidmore, Boston Globe • June 19, 2019 Our legislative mandate is clear: Develop a blueprint to build a gaming industry that creates a more diverse and skilled workforce, and provides opportunities for minority, women, and veteran- owned businesses, ultimately enhancing economic opportunity for all Massachusetts residents. What better way to demonstrate the industry’s long-term commitment to diversity than to start literally with the … [Read more...]
Gambling Regulators – Who is the Best? By David Clifton, Director, Clifton Davies Consultancy Limited • June 19, 2019 I spoke as a panellist two months ago at SBC Events’ Betting on Sports America conference, held in New Jersey, USA, on the subject of “Avoiding the pitfalls – Lessons to be learned from other regulated markets”. The moderator of that panel, William J Pascrell III, partner at Princeton Public Affairs Group, made very clear his view that the New Jersey gambling regulatory model is far superior to … [Read more...]
The Wisdom of Crowds By Andrew Tottenham, Managing Director, Tottenham & Co • June 19, 2019 The UK does not have a Presidential system - we do not vote for a Prime Minister but for a party. The winning party forms the Government, and the leader of that party becomes the Prime Minister. And when a governing party chooses a new leader, as the Conservative Party in the UK is in the process of doing, the new leader automatically becomes the next Prime Minister. Sir Francis Galton, a noted … [Read more...]
Century not the only small casino company active in the acquisition market By Howard Stutz, Executive Editor, CDC Gaming Reports • June 18, 2019 Outside of Colorado and Alberta, Canada, only savvy investors knew much about Century Casinos before Monday. Union Gaming Group analyst John DeCree said the investment community will likely be learning about other small, under-the-radar casino companies in the coming months. The $385 million deal between Eldorado Resorts, Century and real estate investment trust VICI Properties wasn’t just … [Read more...]
2020, Stanley Ho’s second headache By João Paulo Meneses, Macau Business • June 16, 2019 The two gambling concessions owned by Stanley Ho end in 2020. Macau’s (via SJM) has been extended until 2022, but that of Portugal (via STDM / Estoril Sol) will not only not be extended (Portuguese law forbids it) but nothing is known about the form of the international tender.The Portuguese Government says it is preparing documentation related to the launch of the contest but has not yet … [Read more...]
What the U.S. can learn from the UK about sports betting By Paul Sculpher, Special to CDC Gaming Reports • June 15, 2019 In the post-PASPA world, the U.S. betting market is opening up, state by state - and if the European market is any kind of yardstick, there is a huge learning curve to be navigated by operators and customers alike.In comparison to the standing start Las Vegas sportsbooks had until perhaps ten years ago, and the pretty gradual progress made since, the European market has been evolving through … [Read more...]
Atop mountain, under cap, Korea’s only casino for Koreans faces uphill fight By Muhammad Cohen, Forbes • June 15, 2019 Management at Kangwon Land, the only casino in Korea you can enter without a foreign passport, has a mandate to limit its gaming revenue. The 51% government owned casino operates under a revenue cap, and in recent years has taken active measures to reduce its take from gaming tables and slot machines. But if you look beyond the revenue cap, Kangwon Land shares key traits with other casinos in … [Read more...]
D.C.’s sports betting contract reeks of cronyism By Colbert I King, Washington Post • June 14, 2019 D.C. Chief Financial Officer Jeffrey S. DeWitt has drawn attention to himself this week, but not necessarily in a good way.First, in a highly publicized dispute with the D.C. Council, DeWitt rode into battle on a mighty steed that turned out to be a hobbyhorse. Next, DeWitt asked the council to approve a $215 million sports gambling contract that reeks of cronyism.What he might do next week is … [Read more...]
PlaySugarHouse.com? Sure, why not? By Justin Martin, CDC Gaming Reports • June 13, 2019 In the wide-open sports betting climate that’s emerged in the U.S. post-PASPA, there are basically two questions that every jurisdiction has been hearing: when are you going to legalize sports betting, and when can we do it online? Brick-and-mortar market saturation and Wire Act uncertainty notwithstanding, we all essentially live online now, and there’s likely no real way a state’s legalization … [Read more...]
Illinois and its neighbors are set to be transformed By Ken Adams, CDC Gaming Reports • June 12, 2019 On Sunday, June 2nd, at the last possible moment, the Illinois legislature passed a massive gambling expansion bill. Adding more gaming is a perennial issue for Illinois lawmakers, politicians and would-be operators. Each year, the governor, mayor of Chicago, racetrack, casino and VLT operators have a wish list for the legislature.Each list is usually different from the others. However, not … [Read more...]
Political pressure could be forcing DOJ’s hand in the next Wire Act legal battle By Howard Stutz, Executive Editor, CDC Gaming Reports • June 11, 2019 Proponents of online gaming aren’t yet ready to spike the football. But the end zone is in view.The ruling 10 days ago by a New Hampshire federal judge that set aside the latest U.S. Department of Justice opinion on the 58-year-old Wire Act allows states to continue offering both online casino gambling and online lottery wagering.What is unclear is whether or not the Justice Department will … [Read more...]
Your brain on gambling: Why we keep betting even when the chips are down By Jeff Stibel, USA Today • June 11, 2019 I had a funny thing happen to me the other day. I was in Las Vegas playing baccarat. Turns out, the game is really simple: There is no skill to it, and all you have to do is flip the cards over and pretend to be lucky. I was having a hell of a time with it – great fun and even greater luck, and ended up with a pile of chips on my table.Here’s the funny thing: I was annoyed because I expected to … [Read more...]
Industry needs to take the lead in addressing compulsive sports betting By John L. Smith, CDC Gaming Reports • June 10, 2019 There’s lots of good news for advocates of legalized sports betting in America.In the wake of the U.S. Supreme Court’s repeal of the Professional and Amateur Sports Protection Act, state after state has embraced the Nevada model of legalization and regulation of bookmaking and sports wagering. Others have legislation under consideration. Even most states that are proceeding cautiously appear to … [Read more...]
‘Roving gamblers’ deserve clean air wherever they lay their money down By Mark Gruetze, CDC Gaming Reports • June 9, 2019 “I am a roving gambler; I’ve gambled all around.“And wherever I see a deck of cards, I lay my money down.”Those lyrics testify to Americans’ long fascination with games of chance. Music researchers trace “I Am a Roving Gambler,” composer unknown, to 1909. Country singer Kelly Harrell recorded it in January 1925, six years before Nevada legalized most forms of gambling. Even when the song enjoyed a … [Read more...]
Will Wynn Resorts stockholder suit generate more than damaging headlines? By John L. Smith, CDC Gaming Reports • June 8, 2019 Whenever I write about Wynn Resorts these days, I always wind up sounding like the voice-over for the commercial for “Jaws 2.”You remember that one. It was like the original “Jaws” only not as scary.It starts, “Just when you thought it was safe to go back in the water ...”Cue the ominous music. Here we go again.There’s splashing and screaming and overacting. Parts go flying. There’s tomato bisque … [Read more...]
Win, profit and a front-man: Finding the correct words By Ken Adams, CDC Gaming Reports • June 5, 2019 The casino industry gets its fair share of media coverage. At times, the coverage is very good and factually correct. The newspapers in Las Vegas, Atlantic City, Springfield, Massachusetts, Hartford, Connecticut and in the major cities in California have become expert observers of the industry. In other locations, the coverage is less consistent and often misleading. Even in major gaming … [Read more...]
Table Gaming in the UK By Paul Sculpher, Special to CDC Gaming Reports • June 5, 2019 In the UK, while slots and electronic versions of table games are an ever-increasing revenue stream, the casino industry has always been reliant on revenues from table gaming. The history of the table game offer in the UK is a curious one however – from as tightly controlled a selection as anywhere in the world to, arguably, now the easiest environment in which to try out a new game.The piece of … [Read more...]
What is the Value of a Licence? By Andrew Tottenham, Managing Director, Tottenham & Co • June 5, 2019 Although this article is mainly about the value of a licence for online gambling, I will start with land-based casinos. Originally, licences were granted to casinos for two reasons: as a means of controlling both who could own a casino and where a casino could be located. With regards to ownership, jurisdictions around the world have tried to control that by demanding that licensees must prove … [Read more...]
Restless billionaire Perelman continues to shake things up at Scientific Games By Howard Stutz, Executive Editor, CDC Gaming Reports • June 4, 2019 Billionaire Ron Perelman shook up Scientific Game’s C-suite a week ago, and Wall Street yawned.Bringing in former Aristocrat Leisure CEO Jamie Odell as a special advisor, as Perelman did, is par for the course for the consummate dealmaker. Perelman said in a statement his one-time gaming equipment rival would offer support to the company’s current growth strategies.Perelman, 76, chairman of … [Read more...]
Construction jobs one of the underrated benefits of casino industry growth By John L. Smith, CDC Gaming Reports • June 3, 2019 Check almost any news source and you’ll find plenty to read about the rapidly changing state of American gaming.Whether it’s the explosive growth of legalized sports betting, the remarkable evolution of tribal casinos, the complex politics of Internet-based gaming, or the appearance of yet another multibillion-dollar mega-resort from the heart of the Strip to a suburb of Boston, there’s a lot … [Read more...]
Three lessons Japan and Macau can learn from Singapore’s casino oversight By Muhammad Cohen, Forbes • June 1, 2019 Singapore remains Asia’s gold standard for integrated resort development. As Japan fine tunes its approach to IR regulation and Macau contemplates re-tendering casino concessions, Singapore illustrates what to do – and what to do differently.Lesson 1: Know what you want–and be right. Singapore had clear objectives for its initial IR experiment. It wanted and got a world class theme park, Universal … [Read more...]
On gambling, weigh the pro game only By The Lowell Sun • May 30, 2019 Legalized sports wagering in the not-too-distant future looks like a sure bet in Massachusetts. Whether it will include betting beyond professional sports is a matter currently being debated on Beacon Hill. Legislative hearings have delved into the pros and cons of including collegiate sports in any state-sponsored gambling bill. Eight states, including Rhode Island, have introduced … [Read more...]
Legal Massachusetts sports betting sure to make some ghosts envious By John L. Smith, CDC Gaming Reports • May 29, 2019 Massachusetts has a long and colorful history of sports betting, none of it legal.Perhaps its best-known bookmakers were the infamous Angiulo brothers of Boston’s North End. Before being hounded into submission by the FBI and some honest cops and mouthy newspaper columnists, the Angiulo’s “office” on Prince Street was reputed to handle more action than some legal sports books in Las Vegas.The … [Read more...]
A word on the Derby, and a few other things By Bernard Kroviak, CDC Gaming Reports • May 28, 2019 I once heard it said that opinions are like elbows and kneecaps: most people have them, but the only one who cares is the person who possesses them. So with that in mind, I have a few of my own to share, even knowing the above statement is probably true.Let’s talk about the Derby for a minute. In my opinion, the Kentucky Derby stewards got it right when they disqualified Maximum Security. The fact … [Read more...]
Wynn and MGM: Life in a Glass House By Ken Adams, CDC Gaming Reports • May 25, 2019 The biggest news in the gaming world for five days in May was the sale of Wynn Resorts’ Encore Boston Harbor to MGM Resorts International. The Boston Globe broke the story on May 17th, a Friday, in the late afternoon. By Wednesday morning, May 22nd, both companies had released statements saying the discussions had stopped and no sale was being contemplated. In between those days, hundreds of … [Read more...]
The high-stakes poker game that Wynn Resorts and MGM just lost By Shirely Leung, Boston Globe • May 22, 2019 Imagine a high-stakes poker game involving Wynn Resorts CEO Matt Maddox, MGM Resorts CEO Jim Murren, gaming commission chair Cathy Judd-Stein, Everett Mayor Carlo DeMaria, and Springfield Mayor Domenic Sarno. They’re playing with millions of tax dollars, thousands of jobs, and the future of the Massachusetts casino industry on the line.Wait, we don’t need to imagine it. Some version of this … [Read more...]
Forget a paper lottery, the Poarch Creeks have a much bigger proposal for gambling in Alabama By Josh Moon, Alabama Political Reporter • May 22, 2019 The Poarch Band of Creek Indians has an idea for gambling in Alabama. A big idea. One much bigger than a simple paper lottery. One bigger than a handful of gambling machines at a few casinos. “We want something that’s a bit more thought out,” said Arthur Mothershed, who is in charge of the tribe’s business development for its gaming operations. Mothershed reached out to me last week … [Read more...]
Trade war aside, competition stealing away Macau’s high-end gamblers By Howard Stutz, Executive Editor, CDC Gaming Reports • May 22, 2019 It’s not just growing hostilities stemming from the trade war between the U.S. and China over tariffs that could further depress Macau’s gaming results. Competition from other Asian markets, including the expanding casino presence in Russia’s port city of Vladivostok on the Sea of Japan, are syphoning away high-end customers.This is not good news for Las Vegas Sands Corp., MGM Resorts … [Read more...]
Troubles on land: the case of UK casinos By Andrew Tottenham, Managing Director, Tottenham & Co • May 22, 2019 All is not well in the land-based casino industry in the UK. Whilst the casino industries in other European countries have enjoyed some growth, albeit modest, UK operators are seeing double-digit declines in revenues.Apart from the few casinos operating with 2005 Act licences, UK casinos make the lion’s share of their revenues from table games. The details are interesting.Prior to the 2005 Act, … [Read more...]
Is the Las Vegas Strip finally showing cracks in their pricing policy? By Paul Sculpher, Special to CDC Gaming Reports • May 22, 2019 The cost of a trip to Las Vegas has been increasing almost exponentially for many years, with both highly visible changes (new resort fees, new parking charges) and more subtle increments (lower slot payout percentages, higher drink prices) contributing to the savage attack on the Strip visitor’s wallet.It’s also fair to say that it would be difficult to point to areas where service levels have … [Read more...]
B.C.’s money laundering inquiry will be a media circus By Mike Klassen, Vancouver Courier • May 21, 2019 Four years ago this week, in my first effort as a regular Vancouver Courier columnist, I explained why neither provincial nor municipal politicians would dare intervene in the real estate market in order to drive down home prices.Too much tax revenue was at stake, I argued, not to mention it would be politically risky. When home equity begins to wither away, property owners are quick to blame … [Read more...]
Time to end the fight against Prairie Flower Casino By Ron Cumberledge, Des Moines Register • May 21, 2019 In Carter Lake, Ia., a town of less than 4,000 citizens on the Nebraska side of the Missouri River, the Ponca Tribe of Nebraska has been working to develop gaming and entertainment options on its sovereign land within our city limits. In November 2018, the Prairie Flower Casino opened to large crowds and excited locals. The opening was a long time coming. For more than a decade, the State of … [Read more...]
Massachusetts is the big loser, thanks to casino board’s bungling By Jacklyn Cashman, Boston Herald • May 21, 2019 The Gaming Commission gambled on two Las Vegas giants — Wynn Resorts and MGM — and Massachusetts lost.Wynn lied to the commonwealth of Massachusetts to get its license when it failed to disclose a raft of sexual-harassment claims against former chairman Steve Wynn. It was rewarded for duping the regulators with a slap-on-the-wrist fine of $35 million — a pittance. But probably fearing the legal … [Read more...]
Could Wynn Resorts really consider quitting close to the end of its Boston marathon? By John L. Smith, CDC Gaming Reports • May 20, 2019 Imagine a top long-distance runner entering the Boston Marathon.He springs to the front of the pack, outpaces the best competition on the planet, manages to survive Newton’s Heartbreak Hill, the downward slope of “Cemetery Mile,” and pounds out 26 grueling miles through the city.With the finish line in sight, he can’t help but smile.Then the marathoner pauses, hails a cab bound for the airport, … [Read more...]
ESPN and other media entities risk their credibility with sports betting deals By Tom Hoffarth, Los Angeles Times • May 20, 2019 There are slippery slopes to continually sidestep on the sports media landscape. And then there’s the bedazzled Las Vegas Slip ’N Slide that ESPN just went barreling down last week, head over billfold. If all the other crazy kids are taking this crap shoot into the green-tainted pool, what’s the problem? They’ve tried to at least present some transparency of this business transaction — … [Read more...]
What I loved, liked and disliked about ICE North America By Jeffrey Compton, CDC Gaming Reports • May 19, 2019 In summary, ICE North America was a good show – not a great one, but for a first-time effort I came away with some great insights and a better understanding of the future of gaming.I loved:The focus of ICE North America: The primary focus of both the conference and the exhibits was gaming technology – sports betting yes, but also eSports, affiliate technology, and (as much as possible in the … [Read more...]
The Slot Club Overhaul: Recommendations from then and now By Nicole Barker, President, Relationship Marketing Solutions • May 18, 2019 Let’s journey back in time to sage advice from Jeffrey Compton of CDC Consulting regarding how to overhaul a tiered club program. Eleven years ago, Jeffrey offered four main factors for consideration. Has the conversation changed in the years since?Consideration of Open-Tiered ClubsIf one card is good, more cards are better, right? Ten years ago, the large commercial casinos were minting new … [Read more...]
As sports gambling grows, an athlete’s divorce is now more than just gossip By Phil Rosenthal, Chicago Tribune • May 17, 2019 I wish I could say the pending dissolution of Ben and Julianna Zobrist’s marriage was nobody’s business but theirs. I can’t. This isn’t just because it’s two celebrities — he a Cubs World Series MVP and she a Christian pop musician — who talked up their marriage in the national media. It’s also not just because Zobrist’s leave of absence affects the Cubs. There was the initial mystery … [Read more...]
A Derby to end all Derbies By Ken Adams, CDC Gaming Reports • May 16, 2019 The May 4th Kentucky Derby was first of three horse races that constitute the Triple Crown. It was squeezed into a very busy weekend that included Cinco de Mayo, the beginning of Ramadan, the National Hockey League championships and the NBA finals. Horse racing seldom makes the national news, except for the Kentucky Derby, Preakness and Belmont Stakes. There are other stakes, cups and derbies … [Read more...]
Trumpet master continues to hit the high notes in Las Vegas By John L. Smith, CDC Gaming Reports • May 15, 2019 I ran into Las Vegas trumpet master Tommy Porrello recently after he’d finished another gig, albeit a somber one.He played taps at the April 27 celebration of life for former Las Vegas journalist and casino communications specialist Gary Thompson, a proud former member of the U.S. Air Force. Porrello for many years has been part of a small group of professional musicians who volunteer their time … [Read more...]
Dispatches on ICE North America 2019: From the Publisher By Jeffrey Compton, CDC Gaming Reports • May 15, 2019 Entries: May 15, 2019 - Industry Experts address the industry’s need to adapt and adopt technology to attract tomorrow’s players May 14, 2019 - Answering the eSports question - from someone who should know May 14, 2019 - Legal vs. Illegal Sports Betting in the U.S. May 13, 2019 - Welcome! May 15, 2019 - Industry Experts address the industry's need to adapt and adopt technology to … [Read more...]
Casinos and marijuana continues to be an evolving issue in Nevada By Howard Stutz, Executive Editor, CDC Gaming Reports • May 14, 2019 Nevada’s booming legal marijuana business is seemingly on a collision course with the state’s legacy casino industry, despite efforts that began five years ago to keep the businesses separate.Those intentions notwithstanding, the lines between the two are quickly evaporating.Nevada Gaming Control Board member Terry Johnson drafted the May 2014 industry notice that admonished gaming … [Read more...]
Ex-chairman now ‘stars’ in WSJ ad as Wynn Resorts moves forward By John L. Smith, CDC Gaming Reports • May 13, 2019 Just when you think it’s safe not to think about all the ugliness that emanated from Wynn Resorts, a check of Twitter brings it all back. “Discover how the king of the Las Vegas Strip met his downfall,” the rolling advertisement from The Wall Street Journal says. The tweet is accompanied by a photo of a seemingly distressed Wynn. “Read more and see where the money leads.” Not to mention, … [Read more...]
How the ‘Las Vegas of Italy’ is kicking its slot machine addiction By Giorgio Ghiglione, The Guardian • May 8, 2019 At the start of this year, Massimo was standing on a bridge “determined to jump off”. The 45-year-old had been struggling with gambling addiction since 2001. “I started to play slot machines and video poker after the death of my father and ended up spending €5,000 a day,” says the artisan fence-maker, from the city of Pavia in northern Italy. He was soon in debt to loan sharks and ended up … [Read more...]
“At risk” players and the risk of competition By Andrew Tottenham, Managing Director, Tottenham & Co • May 8, 2019 Recent weeks have seen GVC, Svenska Spel, and number of other online gambling operators all calling for a total ban on broadcast advertising. Svenska Spel, the former gambling monopoly in Sweden (lottery and casino games), is owned by the state of Sweden and is being forced to compete now that Sweden has opened up its online gambling market to private operators. Sweden’s former monopoly operator … [Read more...]
In-play betting and the future of exchanges in the USA By Paul Sculpher, Special to CDC Gaming Reports • May 8, 2019 It’s news to no one that the US betting market is about to explode, state by state, as betting on sports becomes legal. No doubt in-play betting will almost immediately be a hot potato. There’ll be scare stories, some justified, about how easy it easy for customers who display problem gambling tendencies to get in much deeper, in the heat of the action, than they intended. One open question is … [Read more...]
After a rough start, convenient bond fostered between California tribes and ‘Big Gaming’ By Howard Stutz, Executive Editor, CDC Gaming Reports • May 7, 2019 The relationship between Nevada’s major casino operators and California’s Indian tribes wasn’t always so cozy. Two decades ago, Las Vegas-based gaming companies spent millions of dollars to try and stop a burgeoning tribal casino industry before it left the starting gate. Times have definitely changed. Both Caesars Entertainment and Red Rock Resorts continue to reap benefits from the … [Read more...]
A single available racino license causing consternation in New Mexico By John L. Smith, CDC Gaming Reports • May 6, 2019 New Mexico officials find themselves in a surprisingly prickly political predicament these days: How to move forward with the issuance of a single coveted racino license for one of several applicants. At a time of unprecedented legal expansion of various forms of gaming, the state’s horse racetracks have run up against the hard-line policy of its tribal gaming compacts: Only six racinos are … [Read more...]
Adelson-owned casino scores victory in Pennsylvania’s high court By Brian Pempus, PennBets • May 4, 2019 A component of Pennsylvania’s 2017 gambling expansion law was struck down late last month. The legal challenge was led by Sands Casino Resort Bethlehem, owned by Las Vegas casino magnate Sheldon Adelson. The lawsuit argued that provisions in the law that called for the state’s top-performing casinos in terms of slot revenue to send some of that money to the worst-performing casinos was … [Read more...]
Osaka Stands Alone As Japan Big City Casino Candidate By Muhammad Cohen, Forbes • May 1, 2019 Casino operators have declared Osaka their favorite major Japanese city to develop an integrated resort the way parents declare their only child their favorite. None of Japan’s other largest metropolitan areas have entered the competition for an IR license, so Osaka stands alone. Under the licensing process, local jurisdictions will nominate a single consortium for the national government to … [Read more...]
How To Be The Casino’s Landlord By Nathan Slaughter, Nasdaq • May 1, 2019 Back in the early 2000s, I used to write a column called "The Gaming Investor" for Casino Player magazine. As a result, I had a front-row seat to the gradual transformation that's taken place in the casino business over the years. The days of cheap drinks and 99-cent shrimp cocktails are sadly gone for the most part. Once considered loss-leaders just to lure in gamblers, property owners have … [Read more...]
Some basic tips for betting on horse racing, Kentucky Derby By Gary B. Graves, Associated Press • May 1, 2019 LOUISVILLE, Ky. (AP) - Picking a horse to win the Kentucky Derby is easy. Placing a bet is as close as a cellphone, tablet, computer or even a smart TV with internet access. But for the novice or inexperienced bettor, making a wager that pays off with a profit can be a challenge: Beginners need to know how to place a bet, who to bet on and where to place the bet. Off-track simulcasting in … [Read more...]
Murren says the focus is on MGM 2020, downplays any deal for the Cosmopolitan By Howard Stutz, Executive Editor, CDC Gaming Reports • April 30, 2019 Jim Murren attempted on Monday to stamp out speculation that MGM Resorts International wants to acquire the Cosmopolitan of Las Vegas, which was put up for sale two weeks ago. I’m not sure he succeeded. MGM’s CEO would rather have the investment community focus on the MGM 2020 corporate restructuring program, which the company expects will result in $300 million of additional cash flow … [Read more...]
What is a gaming regulator’s job? By Ken Adams, CDC Gaming Reports • April 30, 2019 Gambling regulators in Louisiana, New Jersey and Massachusetts have some big issues on their plates and no one is quite sure what to expect. Big issues in regulation are not uncommon in gaming. Casino gaming is a highly regulated industry and regulators play very prominent roles. As conditions change and the industry evolves, regulators are faced with adapting to new circumstances and that can … [Read more...]
Celebrating spring, baseball, and old-school sportsmen Gaughan and Exber By John L. Smith, CDC Gaming Reports • April 29, 2019 Every year about this time I’m transported back to childhood by the smell of fresh-mown grass, the crack of the bat, and the many signs of the start of another baseball season. Big league, minor league, or little league, I can’t pass a ballpark and not sense the thrill of the grass. That sense was only accentuated after making my first visit to the sparkling Las Vegas Ballpark for an Aviators … [Read more...]
Too big to fail U.S. Pacific Island casino keeps failing By Muhammad Cohen, Forbes • April 26, 2019 Last Friday’s Marianas Variety newspaper reports the Rotary Club of Saipan raked in US$34,000 from a Las Vegas Night. Perhaps the Rotarians can teach Imperial Pacific International how to operate a profitable casino on the U.S. Pacific island, part of the Commonwealth of Northern Marianas Islands. Hong Kong listed IPI declared a loss of nearly HK$3 billion (US$382 million) for last year. After … [Read more...]
Unlucky Dragon sale: Rental king Ahern picks up a bargain By John L. Smith, CDC Gaming Reports • April 24, 2019 If ever a place needed an owner handy with his hands with a sharp eye for figures, it’s the lowly Lucky Dragon Hotel and Casino just off the Strip. And this week, after more than a month of rumors linking him to interest in the bankrupt property, equipment rental king Don Ahern announced publicly his purchase of the Asian-themed operation for a bargain price: $36 million. The Las Vegas … [Read more...]
The FOBT Debate By Chris Brady, Special to CDC Gaming Reports • April 24, 2019 Whoever first coined the phrase, “FOBTs are the crack cocaine of gambling” has a lot to answer for, as do bookies screaming that they will all become destitute because of legal restrictions on these machines. Both distort, with hyperbole, a debate that cries out for honesty. In their preparations for the curbs on fixed-odds betting terminals (FOBTs) that the British government was about to … [Read more...]
Sports Betting – A Golden Age By Andrew Tottenham, Managing Director, Tottenham & Co • April 24, 2019 Despite the efforts of the US Department of Justice, the United States is crossing the threshold into a world of legal sports betting. Admittedly this is on a state-by-state basis, and the first states that have legalised sports betting have tended to be ones with smaller populations. So, to date, revenues have not been something to write home about. However, as the number of people that can bet … [Read more...]
Report: Six states with limited stakes gaming produced more than $4 billion in revenue in 2018 By Howard Stutz, Executive Editor, CDC Gaming Reports • April 23, 2019 Call it whatever you want; limited stakes gaming, slot machine route operations, convenience gaming, or distributed gaming. It’s all big business. In 2018, six states with locations that have a limited number of slot machines grew revenues 7.5 percent to $4.04 billion, according to a report by St. Louis-based accounting firm RubinBrown. Those figures don’t include Nevada, which doesn’t … [Read more...]
Gaming reporter-turned-casino-communications man Thompson stayed cool to the end By John L. Smith, CDC Gaming Reports • April 22, 2019 Gary Thompson was the cool one, that much I could tell as I began hustling as an intern at the Las Vegas Sun in the late 1970s. I knew next to nothing, but even I could tell that. Thompson was as cool as Tony Rome, and as quick as a gunslinger on deadline. That’s the way I’ll remember him. The longtime newspaper reporter and corporate casino communications expert died April 14 after a … [Read more...]
Legal gambling would be better than Utah’s tax ‘modernization’ By Ron Mortensen, The Salt Lake Tribune • April 22, 2019 Utah’s governing and business elites are doing their best to convince Utahns that the state’s tax system must be modernized. However, their solutions are to do more of the same rather than doing something really innovative, such as implementing a lottery and online sports betting. For example, the Salt Lake Chamber — dubbed an “Enemy of the Taxpayer” by Americans for Tax Reform — is the driving … [Read more...]
Gambling will take over TV sports By Holman W. Jenkins, Jr., The Wall Street Journal • April 20, 2019 Folks in the cable TV business aren’t taking any chances. When the Supreme Court last year struck down a federal law banning sports betting, they knew it was good news for the beleaguered cable bundle, the glue of which is live sports. But why wait for gambling to find its way to sports fans and sports fans to find their way to the TV? Why not give them a push? Now underway are experiments to … [Read more...]
A tale of Tunica’s decline By Ken Adams, CDC Gaming Reports • April 18, 2019 The Resorts Casino in Tunica, Mississippi is scheduled to close on June 30th. It will be the third casino to close in Tunica since 2014. The Roadhouse closed in January of this year and Harrah’s Tunica in 2014. Tunica has been on a long downward slide caused by competition from neighboring states. In 2006, there were ten casinos in Tunica with 14,000 slot machines, 400 table games and 12,000 … [Read more...]
Nine of the craziest legal sports betting proposals across the U.S. By Brett Smiley, SportsHandle • April 17, 2019 A Missouri sports betting bill on Monday cleared the House General Laws Committee, and one of its provisions is a doozy: It calls for an “entry and facilities infrastructure fee” to be funded with an off-the-top cut from all legal sports bets — in order to pay for the construction and upkeep of private or commercial stadiums in the state. This 0.6% fee on total betting handle would come in … [Read more...]
Rodio to helm Caesars Entertainment, but what will the company ultimately look like? By Howard Stutz, Executive Editor, CDC Gaming Reports • April 16, 2019 One wonders if Tony Rodio just signed on for a very short tenure as CEO of Caesars Entertainment. Within the same breath that it announced Rodio’s hiring, the casino giant said it has created a “transaction committee” of the company’s board that will evaluate “ongoing efforts in creating additional shareholder value.” The language downplayed previous wording from Carl Icahn, Caesars’ … [Read more...]
New York’s state constitution already permits mobile sports betting By Robert S. Smith and James M. McGuire, Times Union • April 16, 2019 If you live in New York, and you want to bet on the Super Bowl or the Final Four, you will soon will be able to do it legally — if you get into your car and drive to one of the casinos that are going to have sports betting licenses. That might be OK if you live near Tioga Downs, for example, but it would be a lot easier to sit in your living room and send your bet to the casino over the … [Read more...]
Fumble! AAF debacle an embarrassing misstep in the name of sports betting By John L. Smith, CDC Gaming Reports • April 15, 2019 These days it’s easy to get caught up in the legalized sports betting fever making its way across the country. In the wake of the U.S. Supreme Court’s 2018 repeal of the Professional and Amateur Sports Protection Act (PASPA), a rush to approve legal bookmaking has precedented growth in the sports gambling industry and business alliances that many wouldn’t have predicted just a few years ago. … [Read more...]
Virginia: Is State Sen. Stanley right? Are casinos a sign of civic death? By Bristol Herald Courier • April 15, 2019 It wasn’t quite like Daniel going into the lion’s den, but perhaps as close as we’ll get without actual big cats. State Sen. Bill Stanley, R-Franklin County, went to Danville last week and told city leaders they don’t need a casino. This was not what some community leaders there wanted to hear. Before we get to why this matters, let’s recap the very short history of casinos in Virginia: For … [Read more...]
My first Kentucky Derby: You can never forget the experience By Bernard Kroviak, CDC Gaming Reports • April 13, 2019 The Kentucky Derby is only a couple of weeks away, and the racing world has once again turned its attention to the Run for The Roses. The most exciting 2 minutes in sports comes once a year, on the first Saturday in May. It’s certainly the most anticipated race of 2019, for both fans and insiders - since the Derby is only for three-year-olds, a horse (and his owner) only gets one shot at being … [Read more...]
What is going on in Macau these days? By Ken Adams, CDC Gaming Reports • April 11, 2019 In March, casino revenue in Macau fell 0.4 percent to $3.2 billion; in February revenue was up 4.4 percent and in January down 5 percent. VIP win was down 10 percent for the first quarter and mass-market win was up 8 percent. Predictions for the rest of year vary, but no one sees any significant growth in 2019. However, Morgan Stanley is predicting dramatic growth over the next 3 years, from $37 … [Read more...]
Massachusetts officials study gambling perceptions in African-American community By John L. Smith, CDC Gaming Reports • April 10, 2019 The Massachusetts Gaming Commission has had its hands full lately with the fallout from the sexual harassment at Wynn Resorts. But there’s more going on at the agency that’s important – even if it doesn’t generate startling headlines. Beyond acting as a licensing and regulatory agency, the MGC continues to press for a greater understanding of legalized gambling’s impact on the community. For … [Read more...]
Contagion By Andrew Tottenham, Managing Director, Tottenham & Co • April 10, 2019 Four recent pieces of news from around Europe are all related, although they are about events in four different countries. Firstly, the Mayor of Riga, Latvia, not content with the closing of gaming halls (arcades with casino style slot machines) in the Old Town of Riga, has now demanded that most gaming venues in Riga be closed, excepting those in 4-star and 5-star hotels. In Latvia, casino and … [Read more...]
Why is Italy afraid of online poker shared liquidity? By Valérie Peano, Attorney-at-Law, EGLA – European Gambling Lawyers & Advisors • April 10, 2019 At the end of January 2019, the online poker regulatory authorities of France, Portugal, and Spain released a public statement on the implementation of the agreement concerning online poker liquidity sharing that they signed on 6th July 2017. The fourth signatory to that agreement was the gambling authority of Italy. The purpose of the agreement between the four authorities was specifically to … [Read more...]
What to make of the most recent German Prime Ministers’ decision By Dr. Joerg Hofmann and Jessica Maier, Melchers Law • April 10, 2019 On 21 March 2019, the Prime Ministers of the sixteen German states met for a conference intended to mark an important step forward in the debate on Germany’s future gambling regulation. They agreed on a Treaty amending the current Interstate Treaty, Germany’s core legal framework governing gambling. The new Treaty, which has become known as the Third Amendment Treaty or Interim Interstate Treaty, … [Read more...]
Skill-based gaming push a reminder of past slot machine efforts By Howard Stutz, Executive Editor, CDC Gaming Reports • April 9, 2019 Remember Silicon Gaming? In the late 1990s, the Palo Alto, California-based slot machine manufacturer created a series of games operated on a system called Odyssey that featured a futuristic design and what, for the time, were high-tech 3D graphics. One of the company’s best-remembered games was a video poker product where a pair of disembodied white gloved hands would deal the … [Read more...]
Singapore makes casinos an offer they can’t refuse By Muhammad Cohen, Forbes • April 9, 2019 Singapore’s two casinos came out of the gate strong in 2010 with estimated gross gaming revenue of US$6 billion. The city appeared poised to join Macau as a second Asian jurisdiction surpassing the Las Vegas Strip in GGR. But Singapore’s 2019 GGR was US$5.9 billion. Last week, Singapore granted Marina Bay Sands and Resorts World Sentosa long desired paths to growth, an offer they couldn’t refuse … [Read more...]
Rubinstein’s experience speaks to secretive nature of Wynn Resorts corporate culture By John L. Smith, CDC Gaming Reports • April 8, 2019 Obscured in the many sensational elements of the 209-page final report by the Massachusetts Gaming Commission in its investigation of the sexual harassment scandal inside Wynn Resorts is an intriguing moment that might shine a little light on the atmosphere at the company under its former chairman, Steve Wynn. Wynn, in a deposition in an unrelated case, claimed he was being extorted when he … [Read more...]
Who got rich this week: Casino magnate Sheldon Adelson gains $2.2B thanks to Macau’s high-rollers By Hayley C. Cuccinello, Forbes • April 7, 2019 When casino magnate Sheldon Adelson decided to build a string of resorts in Macau in 2002, his competitors were skeptical. “Everyone else in the gambling industry thought it was the dumbest idea ever,” Adelson told Forbes. “Now all the naysayers would cut off their right arm to get a piece of land there. I’ve got a warehouse full of arms, and a couple of left ones, too.” Nearly two decades … [Read more...]
See Macau monthly casino revenue numbers, watch larger trends By Muhammad Cohen, Forbes • April 5, 2019 Gaming revenue in the world’s casino capital beat expectations in March, even though it fell marginally compared with a year ago and decreased 0.5 percent in the first quarter. Gaming revenue numbers matter, to be sure, but not as much as the underlying trends creating those numbers. Those trends, like the numbers, paint a mixed picture with plenty to like, albeit perhaps not right now. For … [Read more...]
Casinos are still a bad bet in Pennsylvania By Philadelphia Inquirer • April 5, 2019 The casino industry and its addicted enabler — a.k.a. your elected Pennsylvania representatives — never ceases in their efforts to bring more gambling options to every corner of the Commonwealth. From slots to table games to sports betting, to online gambling to gambling at truck stops and airports, the gambling industry complex has spread across the state faster than the the emerald ash borer … [Read more...]
Predictably, another gamble lost in AAF failure By Tim Dahlberg, Associated Press • April 4, 2019 Charlie Ebersol was sure his new football league was different, even as it ventured into the dark hole that had swallowed up ventures like his before. I talked to him in November, before uniforms had even been ordered and one game had aired. The Alliance of American Football league was well financed and for real, he said, and ready to put on a show for a country supposedly starved for more … [Read more...]
Wynn Resorts weathering Massachusetts storm in final pitch for approval By John L. Smith, CDC Gaming Reports • April 3, 2019 Given the sordid nature of so much of the Steve Wynn sexual harassment mess, it’s hard to call anything shocking anymore. It’s like an epic Stephen King ghost story that keeps scaring you until you’re just worn out. After a steady drumbeat of ugly allegations, including a $7.5 million confidential settlement with a woman who he allegedly raped, Tuesday’s hearing between a new slate of Wynn … [Read more...]
AGA provides backers of sports betting ammunition for state legalization By Howard Stutz, Executive Editor, CDC Gaming Reports • April 2, 2019 After a fast and furious sprint out of the starting gate, the expansion of legal sports wagering across the U.S. has slowed to a trotter’s pace. For many state legislative bodies – working under abbreviated sessions and facing other complicated issues – sports betting legalization isn’t viewed as a pressing matter. Last week’s Sports Betting Executive Summit at MGM National Harbor … [Read more...]
With Mass. Gaming Commission hearing, is Wynn Resorts’ nightmare finally moving toward closure? By John L. Smith, CDC Gaming Reports • April 1, 2019 It isn't Watergate, but I am reminded of the words of accidental President Gerald Ford whenever I’m forced to think about the gaming industry’s long nightmare at Wynn Resorts. At some point, it just needs to be over. I’m probably kidding myself. What feels like a decade of ugly drama has really been only 14 months since The Wall Street Journal scorched high-flying company chairman Steve … [Read more...]
Osaka votes to decide casino question, but not the big one By Muhammad Cohen, Forbes • April 1, 2019 On Sunday, voters in Osaka will choose a new mayor and governor in elections that carry strong implications for the effort to obtain a license for a casino complex in Japan’s third largest city. But the results won’t address the most basic question looming behind the drive for a so-called integrated resort in Osaka Bay with a multi-billion dollar price tag. On March 7, Osaka Prefecture Governor … [Read more...]
Gaming Commission won’t stream Wynn hearing or post report online By Boston Globe • April 1, 2019 Back in 2013, when Steve Wynn came before the state Gaming Commission to argue that he was suitable to hold a Massachusetts casino license, the commission took all its normal steps to make the proceedings transparent. It posted the results of the commission’s suitability investigation online and streamed the proceedings on its website. Ultimately, the commission deemed the Las Vegas mogul and his … [Read more...]
Caesars is for sale: Let the buyer beware By Ken Adams, CDC Gaming Reports • March 30, 2019 Oh, once mighty Caesar, what has befallen thee? Caesars Entertainment, once the strongest of casino companies appears to be nearing its end. Since December Carl Icahn has acquired nearly 20 percent of the stock of Caesars Entertainment. Icahn thinks the company is underperforming and the stock undervalued. To rectify the situation, Icahn wants Caesars to make some structural changes including … [Read more...]
Editorial: Casinos are still a bad deal for New Hampshire By Concord Monitor • March 28, 2019 Opening New Hampshire to casino gambling, as the state Senate did by a 13-11 vote last week, is an even worse idea than it was on Manchester Sen. Lou D’Allesandro’s 2,347 past attempts to do so. The latter figure is a gross exaggeration – but so too, we believe, are the claims that permitting two casinos will net the state between $100 million and $200 million annually within the next few … [Read more...]
Legalized Betting Could Change How We Watch Sports By Derrick Clifton, The Bad Bet, ProPublica Illinois • March 28, 2019 With sports betting legal in eight states, NCAA tournament brackets are more than a hobby for fantasy league fun, bragging rights and office pools. NCAA officials are now renewing efforts to address how sports gambling may affect game integrity, as ESPN reports. March is also Problem Gambling Awareness Month. The National Council on Problem Gambling, a nonprofit that advocates for programs for … [Read more...]
One-time casino executive Douglass ranks as a ‘Distinguished Nevadan’ on many levels By John L. Smith, CDC Gaming Reports • March 27, 2019 Around Northern Nevada, William A. Douglass is probably best known as a writer and the co-founder of the University of Nevada, Reno’s Basque Studies Program. The author of an eclectic array of books on subjects ranging from Basque sheepherders and the letters of Tasker Oddie to fly fishing in exotic locales, his writing and academic pursuits have won him much acclaim, including a place in the … [Read more...]
Gaming REITs may find new partners for casino acquisition in 2019 By Howard Stutz, Executive Editor, CDC Gaming Reports • March 26, 2019 REITs - real estate investment trusts - have grown into an important gaming industry business model. However, don’t look for another REIT to join Gaming and Leisure Properties, MGM Growth Properties and VICI Properties, all three of which were active in 2018’s casino consolidation activities, particularly in the regional markets. Union Gaming Group analyst John DeCree said last week he expects … [Read more...]
Un-Lucky Dragon: Jilted Chinese investors hope their luck improves in court By John L. Smith, CDC Gaming Reports • March 25, 2019 Curious Las Vegas visitors may still wonder what happened to the once-sparkling Lucky Dragon, the diminutive Asian-themed casino on the edge of the north Strip at 300 West Sahara Avenue. The operating history was remarkably brief: It opened in December 2016 and almost immediately nosedived toward bankruptcy. Financing, construction and market challenges were many and obvious from the … [Read more...]
China economic stimulus stirs Macau optimism, but white collar slowdown looms By Muhammad Cohen, Forbes • March 23, 2019 China’s moves to stimulate its economy have renewed optimism about Macau gaming revenue in some quarters. Beijing’s decision to make tax cuts and ease credit underscores that China’s economic slowdown is real and far reaching. Macau’s two biggest risks remain mainland China further restricting people or money crossing the border into the city. Slowing economic growth is a third threat, and the … [Read more...]
Vegas bookie returns home to new world of betting By Tim Dahlberg, Associated Press • March 20, 2019 The biggest dice game around was just a few miles down the road when Jimmy Vaccaro was growing up in the Pittsburgh area. So was Comet News in Braddock, where those in the know slipped behind the green door into a back room where bookies offered action on both ponies and games. The longtime Las Vegas oddsmaker still likes to drive by the now shuttered Comet when he has time. It reminds him of … [Read more...]
Gambling on sports: The flood gates are open By Ken Adams, CDC Gaming Reports • March 20, 2019 The national gaming narrative is being kidnapped by the legalization of sports gambling. It has been less than a year since the Supreme Court ruled the Professional and Amateur Sports Protection Act of 1992 is unconstitutional. Sports betting has leaped from the exclusive territory of Nevada casinos onto the national stage like an Olympic long-jumper. Since that momentous ruling, six states and … [Read more...]
Decisions, Decisions By Andrew Tottenham, Managing Director, Tottenham & Co • March 20, 2019 If there is one thing we humans are not very good at, it’s making decisions. Ask people if they are good decision-makers, and most will tell you that they are. In fact, though, they are not, generally speaking. Stock and commodities traders and investment managers, for instance, are notorious for thinking they are better than they actually are. It is not enough to know what information we need … [Read more...]
888 Holdings: hero or villain? By Hannah Gannagé-Stewart, CDC Gaming Reports • March 20, 2019 It’s been a busy start to 2019 for the London Stock Exchange-listed 888 Holdings. The operator hit the headlines recently with two major acquisitions – one more controversial than the other – as well as some thought-provoking financial results. On the surface of things, the flurry of acquisition activity looks positive. 888 agreed to an £18m deal to acquire JPJ's Mandalay business in February, … [Read more...]
Icahn deals high-stakes poker game for companies tied to gaming icons Carano, Sarno and Harrah By Howard Stutz, Executive Editor, CDC Gaming Reports • March 19, 2019 The casino company founded by the late Don Carano could soon own properties associated with two other historical gaming figures, Bill Harrah and Jay Sarno. Orchestrating this proposed merger is billionaire corporate raider Carl Icahn. It seems like there should be a punchline somewhere. Reno-based Eldorado Resorts – the company Carano founded – is reportedly in talks to acquire gaming giant … [Read more...]
The settlement in the Suen-Sands lawsuit is undisclosed. It shouldn’t be By John L. Smith, CDC Gaming Reports • March 18, 2019 In a brawl that was at times reminiscent of a 15-round fight, the 15-year legal battle between Richard Suen and Las Vegas Sands ended abruptly last week with the announcement of a settlement. That was the final bell in a case entering its third trial, but don’t for a second imagine it was a draw. Sure, news accounts accurately reported that Suen’s attorneys estimate their client was owed … [Read more...]
Macau casino extensions leave big questions unanswered By Muhammad Cohen, Forbes • March 15, 2019 Macau has finally taken a first step toward acting responsibly on gaming concession expirations, though the major items concerning expiration remain absolutely unclear. On Friday, the government announced it has extended the concession of SJM Holdings and subconcession of MGM China to June 26, 2022, aligning them with the expiration of privileges for the other four casino operators. What … [Read more...]
Why a Chicago Casino May Never Happen By Robert Reed, Chicago Magazine • March 14, 2019 There’s plenty of action at Rivers Casino in suburban Des Plaines on this Wednesday afternoon. Scores of gamblers shovel quarters and dollar bills into banks of garishly colored video terminals with flashing names like Blazing 7’s Blackjack and Ultimate Texas Hold ’Em. Others prefer the high-stakes buzz of table games. “Guess what?” shouts a player to a small stack of pale blue chips as he scoops … [Read more...]
Fantasy sports giants continue to counting winnings, take hits in court By John L. Smith, CDC Gaming Reports • March 13, 2019 Some may consider them sore losers, but the ranks of fantasy sports players willing to litigate online giants DraftKings and FanDuel continues to expand at a time of unprecedented growth in America’s legalized sports betting options. Whoever believed that there would come a day sports betting was considered more acceptable than fantasy sports? Of late comes a class-action suit filed by … [Read more...]
Will Las Vegas Sands and Wynn Resorts survive the end of the Adelson-Wynn era? By Ken Adams, CDC Gaming Reports • March 13, 2019 The future of sports teams after creative geniuses and super stars leave is a frequent topic of discussion. The same kind of discussion also takes place in business; is there life after Steve Jobs, Sam Walton, Ray Kroc or Colonel Sanders? Recently two major events occurred in casino gaming that have created the “life after” discussions about Wynn Resorts and the Las Vegas Sands. In February … [Read more...]
Nevada watching from the sidelines as Wire Act court battle plays out By Howard Stutz, Executive Editor, CDC Gaming Reports • March 12, 2019 As New Hampshire heads to federal court in an effort to squash the U.S. Department of Justice’s planned changes to the Federal Wire Act, the state is finding its support growing. Last week, Michigan and New Jersey filed amicus (friend of court) briefs in support of the New Hampshire Lottery’s lawsuit to halt the Justice Department from implementing an Office of Legal Counsel reinterpretation of … [Read more...]
Japan casino resort hopeful Wakayama makes its case By Muhammad Cohen, Forbes • March 11, 2019 Integrated resorts in Japan’s largest cities promise to be spectacular successes. But most action on the IR front right now is in the so-called regional sector, areas that have been losing population and relevance as economic power becomes more concentrated in major urban centers. Hokkaido, north of main island Honshu, held an IR showcase in January with seven IR operators participating. Last … [Read more...]
Never-ending Suen-Sands case grinds back to court without Adelson By John L. Smith, CDC Gaming Reports • March 11, 2019 Forgive me if the story of Richard Suen and Las Vegas Sands sounds familiar. It probably should. The knock-down litigation has been going on in Nevada courtrooms for more than 14 years. President George W. Bush was still in his first term on Oct. 15, 2004, the day Suen filed a lawsuit in Clark County District Court against Sands, its Chairman Sheldon Adelson and then-company president William … [Read more...]
Labour needs to wake up to gambling’s complexities By Greg Wood, Talking Horses, The Guardian • March 10, 2019 Tom Watson, the deputy leader of the Labour party and a politician with a long-standing interest in the regulation of gambling, offered some hints of what might be in a new Gambling Act if or when his party returns to power in a speech to the Institute for Public Policy Research on Thursday morning. Watson was a prominent figure in the long-running and ultimately successful campaign to reduce … [Read more...]
Horse racing needs to clean up its act, or go away By Paul Newberry, Associated Press • March 10, 2019 It was supposed to be one of the most thrilling days of the year at Santa Anita. Two big races at the historic Southern California track, including one of the top preps for the Kentucky Derby. Bob Baffert in the house, sending out a pair of undefeated 3-year-olds. But the place will be empty on Saturday. After the deaths of nearly two dozen horses in less than three months, Santa Anita … [Read more...]
Minnesota: Why legalizing sports betting (still) faces such long odds at the Legislature this year By Peter Callaghan, MinnPost • March 8, 2019 Legal sports betting may be coming to Minnesota. But it doesn’t seem to be in much of a hurry. Consider that the Senate bill that would partially legalize sports books in Minnesota narrowly slipped out of its first committee Thursday (and faces an uncertain response at its next stop). The majority leader of the Senate isn’t keen on the idea. The state’s 11 Native American tribes are opposed. … [Read more...]
It’s time for the industry to face reputational challenges head on By Hannah Gannagé-Stewart, CDC Gaming Reports • March 6, 2019 It will have come as no surprise to the industry last week when the UK’s deputy opposition leader Tom Watson unveiled the Labour party’s plans to reform gambling legislation. At least it shouldn’t have done. Over the past year calls for fundamental changes to the way the industry operates and is regulated have been building across various channels of public discourse in the UK. In May last … [Read more...]
Skill or Chance – Is it legal? By Andrew Tottenham, Managing Director, Tottenham & Co • March 6, 2019 According to the number of times I get asked, there is clearly a misunderstanding about the role of skill in gambling. There is a misconception that if a game during which people can win or lose money has an element of skill in determining the outcome, then it must be legal. This was the argument that the US operators of Daily Fantasy Sports used when they promoted their product all over the US. … [Read more...]
Mistakes will happen, but we’re still in the early innings of the legal sports betting game By Howard Stutz, Executive Editor, CDC Gaming Reports • March 5, 2019 Since the U.S. Supreme Court allowed legal sports betting to expand across America 10 months ago, the race has shifted from a full-on sprint out of the starting gate to a steadier, more gradual pace. Seven states quickly joined Nevada in opening sports wagering facilities at casinos and racetracks; three jurisdictions legalized the activity but are still formulating their sports betting … [Read more...]
