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...]
At the highest levels, competitive casino industry evolves in real time By John L. Smith, CDC Gaming Reports • March 4, 2019 For those immersed in the Las Vegas casino success story, change in the industry has felt more plodding and generational than rapid and revolutionary. These days, however, you can watch the evolution as it happens. The examples are everywhere, and most noticeable in the rapid expansion of legalized sports betting in the wake of last year’s repeal of the Professional and Amateur Sports … [Read more...]
Why the party is over for online gambling By Jonathan Ford, Financial Times • March 3, 2019 When Britain loosened its gambling laws in 2005, then prime minister Tony Blair presented it as a way to legitimise what would happen anyway. “I am not a gambler myself, but people do gamble,” he said. “There is no point in taking a position which says all gambling is wrong.” It was always a strange line as the UK had legal betting and no one was exactly agitating for its abolition. But one … [Read more...]
Here’s why Nevada should worry about the Justice Department’s recent opinion about internet gambling By Chris Sieroty, Desert Companion • March 3, 2019 Internet gambling is a scourge and a plague, a magnet for crime and corruption. Or it’s a blessing and an economic boon — and a digital-era inevitability that we should tax and regulate. Or maybe online gambling is mere fiscal snake oil, a sham panacea that causes more social and economic woes than it solves. In this ongoing debate, some voices are louder than others. And a recent legal opinion … [Read more...]
Las Vegas Sands head Sheldon Adelson illness echoes Macau bid history By Muhammad Cohen, Forbes • March 1, 2019 Casino and political heavyweight Sheldon Adelson is being treated for cancer and has been away from the office since late December, according to media quoting Las Vegas Sands Corporation. The 85 year old chairman and CEO of Las Vegas Sands – his family holds a majority stake – and its Macau subsidiary Sands China Limited, Adelson reigns as the most powerful figure in Asian gaming. Thanks to … [Read more...]
Yes, Virginia, in 2019 it probably makes sense to legalize casino gambling By John L. Smith, CDC Gaming Reports • February 27, 2019 You can’t blame states for trying not to legalize casino gambling. The gaming industry, often as oversold as it is misunderstood, is a lot more complicated than it’s often portrayed. For its critics, and there are still plenty of them, its influence on society is only slightly less than a satanic scourge. For its cheerleaders, and they too often command the megaphone, it’s often painted as a … [Read more...]
Macau Dances the Chinese Tango By Ken Adams, CDC Gaming Reports • February 27, 2019 Gaming revenues in Macau have stagnated lately. It is difficult to put a finger on the exact cause partly because the city is a mixture of government systems. Macau is unique in many ways; it was a Portuguese trading post for 300 years until it became a Portuguese colony in 1887. Gambling has been legal in one form or other since circa 1850 and has been traditionally controlled by Chinese … [Read more...]
Sports’ great gamble, Part 3: Future of ‘integrity’ By Michael Silverman, Boston Herald • February 27, 2019 (This is the third in an ongoing series examining sports gambling, and its impact on the people — and sports teams — of Massachusetts, and beyond.) When it comes to the link between “integrity” and sports betting, 2019 offers a bounty of round-numbered opportunities to explore this most touchy of subjects. This October, after all, will mark the 100th anniversary of when the “Black Sox” from … [Read more...]
Battling illegal sports betting: A century of lessons to be pondered By Michael Pollock, Spectrum Gaming Group • February 26, 2019 (Cue Walter Winchell’s sonorous voice). This is a true story about Al Capone and the repeal of Professional and Amateur Sports Protection Act. The names have not been changed to protect the innocent. By pure coincidence, the U.S. Supreme Court’s landmark decision in Murphy versus National Collegiate Athletic Association to overturn PASPA was handed down just seven months shy of the 100th … [Read more...]
Betting on ‘Best Picture’ might liven up lagging Oscars audience By John L. Smith, CDC Gaming Reports • February 25, 2019 Hollywood’s high-rollers gathered Sunday for the 91st Academy Awards ceremony. Unlike their casino VIP counterparts in Las Vegas, the movie industry elite managed to get along fine without a host. The lack of so much as a good lounge comic wasn’t the only difference in the Oscars this year. If your feet were planted in New Jersey, for the first time in American history you could place a legal … [Read more...]
Quit Scalping Hawaii Taxpayers — Legalize Gambling By Danny de Gracia, Honolulu Civil Beat • February 25, 2019 When it comes to growing the economy and raising revenues, the 30th Legislature needs to learn to work smarter, not harder. Since no one else wants to say it, I will: it’s time for a state lottery system, casinos and legalized, taxable gambling in Hawaii. The official position of most local state and county agencies when it comes to gambling is almost perfectly captured by the Department of … [Read more...]
Restricting sports betting to upstate casinos would forfeit millions in tax revenue By Daniel Wallach and Robert Rosborough, New York Daily News • February 24, 2019 In a time when New York is seeing stunning declines in state tax revenues and faces an unexpected $2.3 billion budget shortfall, the state must not miss out on valuable opportunities to raise new revenue. That’s why the push to implement sports betting in New York without offering mobile wagering is a mistake the state can’t afford to make. New York’s current sports betting law will force New … [Read more...]
Oscars odds: Betting on the Academy Awards is now legal in New Jersey, so I tried it By Gary Thompson, The Inquirer • February 22, 2019 My anthem recently has been Bradley Cooper in A Star Is Born singing that maybe it’s time to let the old ways die, yet here I am, driving over the Ben Franklin Bridge on a Sunday, just like I used to when I wanted a bottle of wine and the State Stores were closed. These days, Pennsylvania sells wine on Sunday, and the gas prices have equalized, but I’m headed to Cherry Hill because you must … [Read more...]
Korea Casino Cluster Coming To Incheon – Probably By Muhammad Cohen, Forbes • February 20, 2019 A recent article by The Innovation Group’s Michael Vanaskie examines the casino cluster effect in spurring extraordinary tourism and gaming revenue growth in Macau and Manila. Naturally, other jurisdictions are trying to emulate that success, including Incheon in South Korea, where Paradise City opened its initial phase nearly two years ago and two more integrated resorts are being developed. With … [Read more...]
Between a rock and a hard place By Andrew Tottenham, Managing Director, Tottenham & Co • February 20, 2019 What will happen to Gibraltar, post-Brexit? In 1713, by the Treaty of Utrecht, the Spanish ceded the sovereignty of Gibraltar, nicknamed “the Rock”, to the British Crown, and it has remained a British territory ever since. Why did the Spanish cede sovereignty? It was all to do with the incestuous royal families of Europe. Charles II of Spain, who had died childless, had named Philip, grandson of … [Read more...]
Let’s wake up, before gambling is treated like tobacco By Valérie Peano, Attorney-at-Law, EGLA – European Gambling Lawyers & Advisors • February 20, 2019 Legal provisions adopted in Italy concerning gambling are quite worrying. Currently, the Italian Senate is debating another increase of the fiscal levy rate for video lotteries (VLT) and amusement with prizes (AWP) machines (low stakes, low prizes). Under the current government, these gaming machines already had two tax increases: one in July 2018, with the ‘Dignity Decree’, in order to … [Read more...]
An Icahn-Fertitta combination could hold the key to the future of Caesars Entertainment By Howard Stutz, Executive Editor, CDC Gaming Reports • February 19, 2019 As the Billion Dollar Buyer, Tillman Fertitta entertains CNBC audiences on a weekly basis as he evaluates the merits of two small businesses, each of which is hoping to land a lucrative contract as a vendor to his Houston-based Landry’s hospitality group. He looks at the merits of the particular business, points out its shortcomings, and offers suggestions on how to improve the product. In end, … [Read more...]
Labor organizations using websites, social media to battle casino and political foes By John L. Smith, CDC Gaming Reports • February 18, 2019 These are interesting times for the Las Vegas casino industry and the various unions whose members are among the many thousands of workers who help make so many memories for visitors and so much money for investors. The best-known labor organization associated with the industry is easily Culinary Union Local 226, which celebrates its 84th anniversary in 2019. Its membership has risen along with … [Read more...]
Getting in the game at last By Bernard Kroviak, CDC Gaming Reports • February 17, 2019 You might recall that, at the end of the last installment, our trainer, Andy, had just told us that our colt was ready to begin his racing career. The excitement of that momentous announcement set in motion my long-awaited career in this racing business. Of course, there were a few details yet to be worked out. Every horse that races must be identifiable as the horse listed on their foaling … [Read more...]
Is Virginia about to make a bad bet on casinos? By Peter Galuszka, Washington Post • February 15, 2019 Except for horse racing and a lottery, when it comes to gambling, Virginia has for years avoided casinos with slot machines and roulette wheels, believing they are tacky, risky and too close to organized crime. For evidence, look at Atlantic City or Las Vegas. That’s been a prudent policy, but it seems about to change in a big way. There’s strong momentum now to set up casinos at some six … [Read more...]
Even for Washington, the fight over online gambling has been unusually shady By Rachel M. Cohen and Ryan Grim, The Intercept • February 15, 2019 SEN. LINDSEY GRAHAM, R-S.C., talked to U.S. Deputy Attorney General Rod Rosenstein “several times” about changing the Justice Department’s interpretation of a law that banned interstate betting, he told The Intercept. A 2011 Justice Department analysis of that law effectively legalized online gambling; last month, the department reversed that opinion. “I’ve been pushing this from the day it … [Read more...]
AGA taking a measured approach toward the Wire Act reinterpretation By Howard Stutz, Executive Editor, CDC Gaming Reports • February 12, 2019 On his first day as CEO of the American Gaming Association, Bill Miller received a gift, courtesy of Las Vegas Sands Corp. Just as he was settling into the job, word landed that the U.S. Department of Justice had reconsidered its 2011 opinion of the Federal Wire Act. The decision immediately called into question seven years of gaming industry advancements, including online gambling activities … [Read more...]
Sports betting history being made in real time throughout the country By John L. Smith, CDC Gaming Reports • February 11, 2019 The wheels keep turning in the race to legalize sports betting across America. It’s easy to get caught up in the gold fever that broke out in the wake of last year’s decision by the U.S. Supreme Court to repeal the Professional and Amateur Sports Protection Act and start keeping score on a state-by-state basis. However, the fact is the expansion process combines entrenched politics with … [Read more...]
Pennsylvania: A chance to remake the York Galleria By York Dispatch • February 11, 2019 Anyone walking through the York Galleria can see that the Spiringettsbury Township mall is in trouble. Two of the former anchor stores are completely vacant. A third has been split, with Marshall's on the second floor and Gold's Gym on the first. There are vacant stores everywhere, and signs proclaim that at least one more, Charlotte Russe, will be closing soon. The formerly bustling site … [Read more...]
Our View: New York needs to open up legal sports betting to Batavia Downs By The Daily News • February 11, 2019 The state Gaming Commission has given preliminary approval to regulations that would open casinos to legal sports betting. Commission members drew a line, however, between casinos and racinos such as Batavia Downs Gaming that unfairly deprives the racinos from benefiting from expanded betting. The distinction is as curious as it is unfair and should be erased. The preliminary regulations … [Read more...]
Department of Justice shouldn’t end online gambling to appease Trump donor Sheldon Adelson By Peter J. Ferrara, USA Today • February 9, 2019 Most decisions made by the Department of Justice are made to protect the long-term integrity of the institution. Policy changes are not made swiftly and can often take decades to implement. As a lawyer and former associate deputy attorney general in the George H.W. Bush administration, I have never come across a decision as corrupt, unethical and legally bankrupt as the one the Justice … [Read more...]
Why I gamble: Sports betting is a labor of love By Brett Smiley, SportsHandle • February 9, 2019 I’ve voluntarily purchased new clothing three times since 2007. I clip coupons. I have an annual September calendar reminder to call SiriusXM, to threaten to cancel my subscription. They don’t like to lose customers, so each time they give me their latest promotional rate. I regularly sign up for and track my credit cards in a spreadsheet to take advantage of new promotional offers and maximize … [Read more...]
Atlantic City: A Word of Caution By Ken Adams, CDC Gaming Reports • February 7, 2019 Atlantic City is seemingly experiencing a resurgence. Gaming revenue has grown year over year for the last two years after ten years of declines. In 2018, total gaming revenue was up 8.7 percent and for December, a whopping 25 percent. However, a word of caution, it may not be what it appears The pressure from casinos in Pennsylvania that lead to a decade of decline still exist and will … [Read more...]
From Little Acorns By Andrew Tottenham, Managing Director, Tottenham & Co • February 7, 2019 It’s very cold in London (though not as cold as in the midwest of the USA), so it must be time for ICE. From my perspective the show keeps getting bigger and better. Thirty-two years ago, when I had just started my career as a consultant, I went to what was then called the Amusement Trades Exhibition (ATE), held in the old Earls Court venue. In those days ATE was a show that encompassed everything … [Read more...]
The Next Wave in The Gambling Industry: What’s It Going To Be? By Luke Haward, CDC Gaming Reports • February 7, 2019 The worlds of technology and of media never stand still. The gambling industry is particularly aware of this, as both the technology underlying the online games on offer, and that protecting the infrastructure for tracking play, monitoring players, and ensuring security and anti-fraud measures, are evolving at an extremely rapid pace. Buzzwords like Big Data are flying, and acronyms for emergent … [Read more...]
What Pansy Ho’s move on former Macau casino leader SJM really means By Muhammad Cohen, Forbes • February 6, 2019 Kung hei fat choi/Gong xi fa cai. As the Year of Pig dawns, Stanley Ho’s daughter Pansy Ho has again moved to seize the family empire. After leading the 2011 coup against her father that gave Ho and siblings a big piece of the patrimony, she now wants control of SJM Holdings, the casino operator that’s the legacy of her father’s 40 year reign as Mr Macau, currently run by Angela Leong, his … [Read more...]
‘Playing for Pizza?’ hedge fund places longtime gaming CEO on Papa John’s board By Howard Stutz, Executive Editor, CDC Gaming Reports • February 5, 2019 What does a struggling pizza chain have to do with a handful of casino companies under siege by activist investors? Hedge fund Starboard Value this week invested $200 million into embattled pizza chain Papa John’s, naming the New York-based company’s CEO, Jeffrey Smith, as chairman. Starboard might add another $50 million into Papa John’s by the end of March. Starboard is familiar to gaming … [Read more...]
Japan resorts ‘will be integrated like never before in gaming and hospitality’ By Marcus Prater, Executive Director, AGEM • February 5, 2019 (Remarks from AGEM Executive Director Marcus Prater at ICE London 2019) It’s a pleasure to be here today as Executive Director for the Association of Gaming Equipment Manufacturers (AGEM). We are a non-profit international trade association based in Las Vegas representing manufacturers and suppliers of electronic gaming devices, lotteries, systems, table games, online technology, sports … [Read more...]
Bettors get many Super Bowl choices at New Mexico’s first legal sports book By John L. Smith, CDC Gaming Reports • February 4, 2019 BERNALILLO, N.M. – Dressed in a Patriots sweatshirt, it was easy to tell which team Jeff favored in Super Bowl LIII. The far greater challenge was deciphering and deciding on which of dozens of proposition bets to make at the Santa Ana Casino’s new sports book. Managed by Las Vegas-based US Bookmaking, New Mexico’s first legal sports book bustled with activity on an otherwise sleepy Sunday … [Read more...]
Gambling firms agree to slash FOBT stakes in Northern Ireland By Luke Haward, CDC Gaming Reports • February 2, 2019 As has been covered ad infinitum, fixed odds betting terminals (FOBTs) will see a massive reduction in max stakes come April, from the current £100 to £2, in a bid to protect vulnerable gamblers. (It’s worth noting that many detractors have argued that the true problem lies online, where maximum stakes are much higher for many games of luck.) But one region which hadn’t been in line for this … [Read more...]
Macau casino revenue drop doesn’t mean sky is falling By Muhammad Cohen, Forbes • February 2, 2019 Macau casino revenue fell in January, the first year on year decrease since July 2016. The 5 percent decline to US$3.1 billion doesn’t mean Macau has begun a replay of the 2014-2016 slump that cratered casino revenue by 36 percent. For 2019, expect a lower octane gaming market in line with the slower growing mainland Chinese economy in a Macau transforming into destination that can profit from … [Read more...]
Nearly forgotten, Riklis owned Riviera, helped create junk-bond financing that reinvented LV By John L. Smith, CDC Gaming Reports • January 30, 2019 I’ve given up wondering how Meshulam Riklis will be best remembered. Riklis, who died Jan. 25 in a Tel Aviv hospital at the remarkable age of 95, has been portrayed as a rags-to-riches business success in some ends of the media. Entertainment wags recall his at times unintentionally humorous attempts to make an entertainment superstar of second wife Pia Zadora. In Las Vegas, his obituary … [Read more...]
What should Wynn Resorts pay Nevada to settle the company’s sexual misconduct case? By Howard Stutz, Executive Editor, CDC Gaming Reports • January 29, 2019 It’s ridiculous to think Wynn Resorts could escape paying a multi-million-dollar fine stemming from a 10-count complaint filed by Nevada gaming regulators that read like excerpts from a Law and Order: SVU script. But the company is nonetheless hopeful of that outcome when it faces the Nevada Gaming Commission. Steve Wynn was shown the door a year ago, as were seven company executives who … [Read more...]
Will Sports Betting Transform How Games Are Watched, and Even Played? By Bruce Shoenfeld, New York Times • January 29, 2019 Half an hour before a preseason hockey game last fall, Ted Leonsis strolled down the concourse of Capital One Arena in Washington, stopping every now and then to pose for someone’s selfie. Leonsis owns both the Washington Capitals, the National Hockey League team, and the arena itself, a squat behemoth that fills a block of Chinatown not far from Ford’s Theater. He also owns other teams that play … [Read more...]
In Super Bowl: Patriots’ winning image creates a challenge for sports books By John L. Smith, CDC Gaming Reports • January 28, 2019 Everyone knows songwriter Randy Newman loves L.A. But Rams fans? Not so much. At least, not so much that they rushed out to Nevada’s sports books to bet on their favorite team against the New England Patriots in Sunday’s Super Bowl LIII. Despite the team’s remarkable success throughout the season, and proximity to the biggest sports books in America, the wagering flow has been steadily … [Read more...]
Fractions, decimals, and other measurements By Bernard Kroviak, CDC Gaming Reports • January 26, 2019 The circumference of Thistledown race track is one mile. Most other tracks are about the same, although some vary. (The real exception is Belmont Park, which is the biggest in the United States at a mile and a half.) A mile in racing parlance is 8 furlongs; one furlong equals an eighth of a mile. Every track has large striped poles throughout the course that mark each furlong, as seen … [Read more...]
Brexit: A bettor’s guide By Luke Haward, CDC Gaming Reports • January 26, 2019 Brexit has become so endlessly drawn-out and depressing that it’s tough to even think about - let alone try to coherently write about - without a profound sense of existential dread. So let’s have a flutter on it. Why not? Things on our fair isle have reached such a delirious and fraught stage that, at this point, so much is up in the air that the bookies are scrambling to keep up. The odds are in … [Read more...]
It is Time to Adapt to the 21st Century for Wynn and Okada By Ken Adams, CDC Gaming Reports • January 24, 2019 Steve Wynn and Kazuo Okada are two of the most successful men in gaming. Their careers span almost fifty years; each of them in his own way shaped the industry. Wynn and Okada are the same age, born in 1942. In the early 2000s, Wynn and Okada became partners when Okada invested $380 million in the newly formed Wynn Resorts; they shared the title of co-founder. They appeared to be the best of … [Read more...]
Value creation – a delicate balance By Andrew Tottenham, Managing Director, Tottenham & Co • January 23, 2019 Private equity (PE) has been quite active in the gambling market in the last year. This represents a change from a decade ago, when gambling became persona non grata for private equity due to profitability not coming anywhere near the expected returns. Gambling companies were awash with red ink and investors all but wrote off any chance that they might get any of their money back. Since that … [Read more...]
2019 ICE London: The Naughty and The Nice By Luke Haward, CDC Gaming Reports • January 23, 2019 Last year’s exhibition was record-breakingly large, and this year is surely tipped to exceed that, with an incredible amount in store for attendees. Media coverage will of course be extensive, and I’ll be there doing the rounds on behalf of CDC Gaming Reports and its Tottenham Report. There’s an enormous amount going on, so let’s dip into a few areas and get a preview of what you can expect at ICE … [Read more...]
Wire Act reversal, panned by the gaming industry, was celebrated by one company By Howard Stutz, Executive Editor, CDC Gaming Reports • January 22, 2019 The geneses for last week’s stunning Department of Justice’s reversal of a seven-year-old interpretation of the Federal Wire Act probably took place in the Las Vegas Sands’ corporate offices shortly after Donald Trump was elected to the White House in November 2016. If not years earlier. On Friday, the Wall Street Journal reported that the legal reasoning behind the unusual move that threw … [Read more...]
As MLK Day passes, a reminder of the gambling ghosts of Vegas past By John L. Smith, CDC Gaming Reports • January 21, 2019 As short-lived as it was sensational, the Moulin Rouge casino on Bonanza Road long ago gained a mythical status in Las Vegas history. It is almost without exception the first name recalled when the conversation turns to casinos from segregated Las Vegas. With its grand opening in May 1955, the Moulin Rouge made banner headlines and even the cover of Life magazine, and eventually made the U.S. … [Read more...]
Illinois’s bet on expanded gambling poses risks By Jim Dey, The News-Gazette • January 21, 2019 With Illinois in desperate financial shape and a new governor taking office who advocates costly new social spending plans, the state is desperate for new revenue. So, once again, legislators who traditionally look for easy ways out of vexing problems are looking for an easy way out. That's why a dramatic expansion of gambling is on the table again in Illinois. Among the proposals, … [Read more...]
Brian Sandoval Moves On By Ken Adams, CDC Gaming Reports • January 16, 2019 Beginning in 1996, Brian Sandoval was Nevada Assemblyman, chairman of the Nevada Gaming Commission, Attorney General of Nevada, a judge serving in the United States District Court or the District of Nevada and in 2011 he became Nevada’s 29th governor. Throughout his twenty plus years in politics he was always considered among the best and brightest, a rising star. Nationally, he was considered … [Read more...]
Encore Boston Harbor casino project: a tough job to finish By John L. Smith, CDC Gaming Reports • January 16, 2019 It’s safe to say Peter Campo knows a challenge when he sees one. Campo, the director of construction for Wynn Resorts’ $2.6 billion Encore Boston Harbor, is responsible for bringing in a five-star, 600-room casino resort with a high-end spa, elaborate retail shopping center, restaurants, bars and lounges, a showroom, convention meeting space and, of course, a sweeping casino floor. While … [Read more...]
How Illinois Bet on Video Gambling and Lost By Jason Grotto and Sandhya Kambhampati, ProPublica Illinois, and Dan Mihalopoulos, WBEZ • January 16, 2019 With the last streaks of daylight fading on a mild October evening, the cars pulled up in waves at Piero’s Italian Cuisine, an old-school Las Vegas hotspot known for its osso buco. Cadillacs with tinted windows. Taxis and rideshares. A black Bentley limousine and a white minivan. Men and women emerged, most casually dressed, there for the first of a series of posh, private events hosted by the … [Read more...]
Icahn buying up Caesars stock, but what is his ultimate goal? By Howard Stutz, Executive Editor, CDC Gaming Reports • January 15, 2019 Oftentimes, the final intentions of corporate raider Carl Icahn are unclear when he focuses on the stock of a troubled company. Name an industry, and Icahn has probably dabbled in it. Trans World Airlines, U.S. Steel, King Pharmaceuticals, Motorola, Blockbuster, Marvel Comics, Netflix and Apple have all caught varying degrees of Icahn’s interest going back three decades. More often than not, … [Read more...]
Impending sale of Frias cabs a sign of rapidly changing times in LV By John L. Smith, CDC Gaming Reports • January 14, 2019 It rarely pays to get too sentimental about a cab outfit, not even one in service in Las Vegas as long as the company founded by Charlie and Phyllis Frias has been motoring. It’s a tough business known for its cutthroat operators and calloused drivers, but it’s also played an integral role in the remarkable Las Vegas success story. Transportation has long been a key – if sometimes … [Read more...]
The Everett casino and where it stands By Mark Arsenault, Boston Globe • January 13, 2019 Don’t have time to read every Greater Boston casino story? Just catch up with this one. We’ve anticipated your questions and provided some bite-sized answers. What is the extremely abbreviated background on the current brouhaha over the Wynn Resorts casino? For nearly a year, investigators for the Massachusetts Gaming Commission have been looking into allegations of sexual misconduct against … [Read more...]
Fifteen-year-old wins Spanish State Lottery El Nino jackpot By Luke Haward, CDC Gaming Reports • January 12, 2019 For lack of a better term, this one is a public relations nightmare for the Spanish gambling authorities: a fifteen-year-old boy named Cosmin Rotariu has won €200,000 in the Spanish State lottery. Start with the fact that the legal age for participating in the lottery is eighteen. Rotariu claims that his father had given him permission to make the purchase. This may or may not excuse the … [Read more...]
The book that made me close my online gambling account By Paul Rouse, The Irish Examiner • January 10, 2019 n Christmas Eve, two emails arrived from paddypower.com. The timing was pretty awful — it would be true to say that the emails were a profound source of irritation. In fairness, in the greater scheme of things, they might be considered to be standard fare, primarily advertising the fact that there were gambles to be made on the Christmas horse race meetings and on soccer matches. There was … [Read more...]
Playing Loose and Fast with the Truth By Ken Adams, CDC Gaming Reports • January 10, 2019 Imagine if you can, a 30-something couple sitting at a table in their local bar. They are telling their friends about a trip they took recently. In the story, the couple on vacation in a faraway place called The Strip, decided to go down to the hotel swimming pool. It was a nice sunny day and they had nothing to do before dinner. On the way to the pool they stopped and played a slot machine … [Read more...]
Corporate Strategy In 2019: A Changing of the Guard? By Luke Haward, CDC Gaming Reports • January 9, 2019 There has been a lot of talk towards the end of 2018 concerning new efforts by the UK gambling industry towards more responsible gambling. These have included private “leaders’ meetings” to discuss voluntary self-imposed advertising restrictions or caps, as well as major PR campaigns such as Will Hill’s “Zero Harm.” In this piece I’d like to consider how much it is in the leadership’s interests, … [Read more...]
Looking back and forward By Andrew Tottenham, Managing Director, Tottenham & Co • January 9, 2019 2018 was a year to remember, possibly for all of the wrong reasons. For the European gambling industry, there was not much positive during the year, with plenty of bad news to write about. The exceptions are the successful opening of Melco’s satellite casinos in Cyprus; the fall of PASPA in the US, which represents an opportunity for European betting operators and suppliers; and a reduction in … [Read more...]
Fractures appearing in NFL’s anti-gambling wall, but the structure is far from crumbling By Howard Stutz, Executive Editor, CDC Gaming Reports • January 8, 2019 One simple gesture along the Strip during the week prior to Feb. 3 will let us know if the National Football League’s long-standing hostility toward Las Vegas - and anything related to sports betting - has ended. If the marquee in front of Caesars Palace advertises the resort’s “Super Bowl Party,” then it’s safe to say we’ve entered a new era of cooperation. Otherwise, it’s probably business … [Read more...]
California tribal lawsuit should shake up state’s gaming regulators By John L. Smith, CDC Gaming Reports • January 7, 2019 It’s only January, but 2019 just got very interesting – dangerously so for the gambling gold mines of California. After watching what they believe has been a steady erosion of their exclusive casino gaming compact with the California government, three Indian tribes sued the state this week in federal court. The tribes have effectively called out the state’s Gambling Control Commission and … [Read more...]
Billionaire, Bust And Back: One Of Las Vegas’ Original Moguls Is Winning Big Again By Abram Brown, Forbes • January 7, 2019 Summer usually quiets Las Vegas. But on a 101-degree day in June, gamblers stream into the downtown California Hotel, the original property of publicly traded Boyd Gaming. Bill Boyd, the company’s cofounder and executive chairman, is walking the casino floor, winding up a routine he’s been honing for 40 years. He passes the blackjack tables, nodding to his veteran dealers, then ambles past the … [Read more...]
North Carolina should embrace sports gambling, or get left behind By Charles Gillespie, Charlotte Observer • January 5, 2019 Back in 2003 when I was an undergraduate at the University of North Carolina, online poker and online sports betting took the campus by storm. We very much felt that we were part of a movement, the birth of a new industry. The websites were regulated, but not by anyone in America. The legality of the activity from an American perspective was certainly a shade of gray. In 2006, the Unlawful … [Read more...]
Long vs. Short: Can Wynn Casinos Recover From Steve Wynn’s #MeToo Scandal? By Steve Friess, Intelligencer, New York Magazine • January 4, 2019 Of the many powerful men brought down by the #MeToo movement, the disgrace visited upon casino mogul — and high-profile Trump booster — Steve Wynn may well have been the costliest to the greatest number of people. Since February, when the Las Vegas icon behind some of the most celebrated and profitable casino resorts stepped down as CEO amid multiple accusations of sexual misconduct, Wynn Resorts … [Read more...]
Las Vegas Casinos Get The November They Needed By David G. Schwartz, Forbes • January 4, 2019 November, like October, was a good month for gaming operators in Nevada. With many indicators up, it appears that the summer slowdown is as much a memory as triple-digit temperatures in the currently chilly Mojave. This will likely boost investor confidence in Las Vegas-based casino giants in the short-term, as solid results from Las Vegas, coupled with domestic expansion, make these companies … [Read more...]
Changing tribal gaming compacts promises to become a top story in 2019 By John L. Smith, CDC Gaming Reports • January 2, 2019 It’s a time of year for predictions, and this one is easy: We will hear a lot about the definition of “exclusivity” in the next dozen months as states with tribal casinos test alliances and gaming compacts. Much is at stake for all the players involved. For the tribes, sovereign nations by definition, an unprecedented economic boom could be cooling for the first time since the Indian Gaming … [Read more...]
Sports betting may seem easy. It’s not. Here’s why By Wayne Parry, Associated Press • January 2, 2019 ATLANTIC CITY, N.J. (AP) — Wanna bet on sports? First, make sure you know what you’re doing — and the odds against you. Seven U.S. states now offer legal sports gambling, and as many as 30 more will consider jumping on board in 2019. So here are some of the basics — as well as some more esoteric aspects — of betting on sports. ___ PONY UP The biggest difference between placing a … [Read more...]
Wynn trademark infringement lawsuit against Resorts World Las Vegas seems overblown By Howard Stutz, Executive Editor, CDC Gaming Reports • January 1, 2019 For a nanosecond the other day, I thought Steve Wynn had returned to the helm of Wynn Resorts. How else can you explain the federal lawsuit the company filed just before Christmas against the developer of the $4 billion Resorts World Las Vegas project? Wynn, through his former Golden Nugget, Inc., and Mirage Resorts companies, had a history of filing litigation to stifle competition in Atlantic … [Read more...]
Italian Senate passes new gambling taxes, hitting industry hard By Luke Haward, CDC Gaming Reports • December 30, 2018 Now that last week’s proposed amendments to Italy’s budget have been confirmed and passed by the Italian Senate by a rather resounding 167-to-78 margin, Italian gambling firms must be feeling as if the government is adding insult to injury. A near-total ban on advertising within the country is due to come into law on the 1st January, and now here are a new series of tax hikes as well, including a … [Read more...]
Muscles, Eyes, and Other Body Parts By Bernard Kroviak, CDC Gaming Reports • December 30, 2018 One has to remember that young horses, like young children, have muscles, most of which are not yet developed. For horses to be ready to race, they need to first develop muscle strength and lung capacity. Doing this takes hours and hours, and miles and miles, of walking, trotting, and galloping before they can actually begin running. Knowing when his horse is ready to perform for the first time is … [Read more...]
2018: An amazing year in gaming going, going, gone By John L. Smith, CDC Gaming Reports • December 29, 2018 “In a year that has been so improbable, the impossible has happened.” -- Vin Scully The great Los Angeles Dodgers announcer Vin Scully was talking about the dramatic game-winning home run Kirk Gibson hit in the 1988 World Series, but I can think of no better way to describe some of the eye-popping events that occurred in the gaming industry in 2018. The fireworks synonymous with New Year’s … [Read more...]
A Wild and Crazy Year for Gaming By Ken Adams, CDC Gaming Reports • December 28, 2018 The narrative that has grabbed the most headlines and inches of copy in 2018 is sports betting. The Supreme Court of the United States overturned the Professional and Amateur Sports Protection Act of 1992 in May, or as one clever headline put it - SCOTUS kicked PASPA to the curb. Following the demise of the sports betting prohibition, Delaware started taking bets. It was quickly followed by New … [Read more...]
