Grease paint and putty noses were on full display yesterday at the Nevada Gaming Commission‘s charade of pretending to discipline Resorts World Las Vegas for consorting with criminals and laundering their money. In reality, the purpose of the hearing was to sweep the whole inconvenient mess under the nearest rug. The NGC rubber-stamped a paltry, $10.5 million fine, one which veteran casino executive and regulator Richard Schuetz termed not even a wrist slap.
Continue reading Send in the Clowns
Ancient casino vizier Steve Wynn finally ran out of luck. He appealed all the way to the Supreme Court to have libel laws reinterpreted in his favor because … well, because he’s special, we guess. Wynn used to fancy himself “the most powerful man in Nevada” and all that absolute power corrupted him absolutely. He got to the point of thinking that he could play hide the salami with Wynn Resorts employees and get away with it. He couldn’t and that was the end of a hitherto spectacular career in casinos.
Continue reading The biggest loser … and other dirty linen
That $10K which Resorts World Las Vegas donated to Joe Lombardo‘s gubernatorial campaign in 2022 was money well spent. It might be the best investment Resorts World LV ever made. How else to explain the incredibly lenient penalty handed down to Resorts World after it got caught laundering money and consorting with criminals? If the Lombardo administration wanted to go easy on Genting Group, the Nevada Gaming Control Board sure obliged.
Continue reading The fix was in
We can’t help but enjoy it when the holier-than-thou opponents of gambling are caught in bed with Big Gaming. Such is the case in Arkansas, where the churchy set has been cohabiting with a regional casino power. This was exposed by Ministry Watch, a publication that practices what others merely preach. The hypocrites who have been discovered with their pants down are Pastor Larry Walker and Deacon Jim Knight of the First Baptist Church of Russellville. They were so het up at the thought of a casino in Pope County that they rationalized it all the way to taking money from the Choctaw Nation … to the tune of almost $22 million. You evidently can justify a great deal of “pure, unadulterated wickedness at its origins” when your sugar daddy is so munificent.
Continue reading Sleeping with the enemy
Gamblers in New Jersey sent a very mixed message last month. They went to casinos less, bet on sports much less but hit the Internet casinos quite a bit harder. Atlantic City casinos were down 4%, grossing $203.5 million. Only three were revenue-positive. Harrah’s Resort had a rare good month, up a point to $18.5 million. Hard Rock Atlantic City hopped 2% to $42 million, while Ocean Casino Resort jumped 4% to $32.5 million.
Continue reading Atlantic City players stay home
“No matter how horrible things are, they can always get worse.”—from Executive Suite by Ernest Lehman.
A faltering economy has claimed its first victim in gaming. Thanks to the new administration’s ‘yes/no/maybe/but maybe not’ policy on tariffs, we’re starting to see pushback against U.S.-based firms. Specifically, Alberta has put the kibosh on the purchase and import of American-made slots and VLTs. Howard Stutz reports that “the province’s action could cost major gaming manufacturers headquartered in Las Vegas millions of dollars in lost sales.” If you don’t “share a free trade agreement with Canada” you’re SOL, pal.
Continue reading The party’s over
The Grinch who stole Dallas has struck again. Already Dr. Miriam Adelson put her malign stamp on the Dallas Mavericks by trading away their most beloved player, Luka Doncic, for the equivalent of two sagging basketballs and a rusty air pump. Now she’s hiking ticket prices 8.5%. (Premium seats will cost 20%.) To add insult to injury, the bad news was rolled out on the same day that a fourth starting player, Kyrie Irving, joined a swelling disabled list. With Dallas in 10th place in the Western Conference and running on fumes, playoff hopes are undoubtedly toast.
Continue reading Don’t mess with Texas
Malaysia we have a problem. The signature American attraction of Genting Group, its $4.3 billion Resorts World Las Vegas, is a dud, a flop, dead in the water, stale, old news. Why do we say this? Because when 4Q24 numbers were disclosed last week, it was revealed that Resorts World LV had cash flow of a bare $1 million. And why is that significant? Because it’s the customary measuring stick for return on investment. Meaning that Resorts World’s ROI for a period that included Formula One Weekend and New Year’s Eve was so small you’d need an electron microscope to see it, a tiny fraction of a percentage point. (It was $58 million in 4Q23, for the record.)
Continue reading Resorts World implodes
Between the twin disappointments that were Formula One Weekend in November and Super Bowl weekend earlier this month, the Las Vegas Strip saw an extraordinary upsurge of gambling. Can it last? Who knows. It’s as unexpected as it is welcome, coming after six straight months of decline. Strip casinos erupted 22.5%, hitting $840 million. Statewide, casinos jumped 12.5% for over $1.4 billion.
Continue reading Strip explodes in January
But first, a quickie Oscar update. A major upset appears to be brewing in Hollywood. Last night, Conclave took Best Ensemble at the Screen Actors Guild Awards. Why is this significant? Because this award has foretold four of the last five Best Picture winners at the Academy Awards (Parasite, CODA, Everything Everywhere All At Once, Oppenheimer). So we’re pushing our chips to the middle of the table and saying put them on Conclave (+225). Also, I’m Still Here has pulled (decisively?) ahead of Emilia Perez for Best International Feature, -140 to +110. Now, back to our regularly scheduled programming …
Continue reading Back to business …