Category: Casino News

Nobody can snatch defeat from the jaws of victory quite like Dr. Miriam Adelson. The ancient meddler and majority owner of Las Vegas Sands saw another slate Sands-proxy candidates go down to defeat last night in the Lone Star State’s primary. Texas voters applied a 10-gallon boot to Adelson’s carpetbagging posterior, in yet another rejection of her ham-fisted agenda. It takes a special kind of reverse political acumen to take a state where a majority of the electorate favors casinos and sports betting, and then turn them into a vociferous bunch of NIMBYs. But Miriam has done it again.

Earlier this week, Caesars Entertainment CEO Tom Reeg pissed on your head and told you it was raining. “There’s really no crisis happening in Vegas,” Reeg sniffed.  “This is normal economic-cycle activity. The city’s and all of our properties are doing quite well.” In case you’re wondering, “normal” activity looks like 4.5% less revenue for all of 2025. If visitation was to Las Vegas down again in January (the numbers aren’t out yet), it will mark a full year of decline. We’d call that a crisis. And, with international visitation to the United States off by 11 million people, it might be time for Reeg’s overpaid sphincter to start puckering.

In spite of construction disruption that should have dampened revenues, Station Casinos beat Wall Street expectations for 4Q25. Cash flow of $213 million came in 4% above Wall Street’s consensus projection. Not to be outdone, revenues of $512 million were also ahead of forecasts. Investors were further pleased with $48 million in share repurchases and a $1/share special dividend. For one, Barry Jonas of Truist Securities was moved to boost his price target from $75/share to $80.

Despite bad weather, the fourth quarter for Boyd Gaming was steady as she goes. Wall Street expected $334 million in cash flow and Boyd delivered $337 million, along with $1 billion in revenue. That was achieved even with soft business in the Midwest and South, as well as in the drive-in business in Las Vegas. Locals play in Sin City remains solid, which was a saving grace. Destination customers just weren’t coming, which hurt business at The Orleans, for one. To console investors, $185 million in stock was bought back, and projects in Virginia, Illinois and suburban Vegas remain in train through 2028.

Let’s make one thing clear: Ohio Gov. Mike DeWine (R) isn’t a bad guy. During the Covid-19 pandemic, for instance, he stood firm for science at a time when quackery and superstition dominated the public discourse. However, when it comes to sports betting, he’s got some odd policy ideas. Right now, DeWine is taking his final bows before leaving office and the farewell tour has one recurring theme. Namely, that where OSB is concerned, DeWine is in serious danger of becoming DeWhine.