Category: Casino News

ESPN Bet was supposed to be the salvation of Penn Entertainment. Now it is looking like its downfall. Penn’s venture into online gambling has had very mixed results. iGaming has brought with it great success. Sports betting, however, has been an unmitigated disaster. After PR and stock-price debacle Barstool Sports turned turtle, irresponsible Penn CEO Jay Snowden sold it back to Dave Portnoy for $1. (That’s not a typo.) Throwing good money after bad, Snowden doubled down with ESPN Bet. At first it looked like a potential winner. But it has lost money hand over fist, with no end to the red ink in sight.

Continue reading An empire falls

That promised megaresort in Chicago is disappearing like a mirage. This week, Windy City Mayor Brandon Johnson (D) met with the editorial board of the Chicago Sun-Times and expressed doubts that $1.7 billion Bally’s Chicago will ever get built. It’s already lost the support of the pro-casino Chicago Tribune … and now Hizzoner appears to be slinking away. Said the mayor, “I know our team is working with ownership to figure it out like we figured out some of the other things that I’ve inherited. It just has to make absolute sense … I think that one’s still to be determined, to be perfectly frank with you.”

Continue reading The perils of Bally’s

Las Vegans continue to be taken to the cleaners, this time by the Oakland Athletics and their slippery owner, John Fisher. Seems that the A’s have quietly applied to spend as little time in Las Vegas as humanly possible. They’ve asked to hold eight “home” games out of town. This home-but-away fiction is humored, to a lesser extent, by Major League Baseball, to facilitate exhibition games overseas. Not that anybody is falling over themselves to invite the cellar-dwelling A’s to town but one can’t blame the feckless Fisher for dreaming.

Continue reading Those sneaky A’s

Hardly the cruelest month, April made up for some recent and discouraging numbers for Las Vegas in particular and Nevada in general. Gambling receipts on the Las Vegas Strip tallied $666 million (the Mark of the Beast?), a 6.5% improvement over 2023 and 38% higher than May 2019. Locals casinos fared up even better, being up 16% overall, to $270 million. Table game hold was up on the Strip and baccarat was much tighter as well. Wagering at the tables (+20%) and slots (+43%) eclipsed 2019 figures. Baccarat winnings vaulted 80% from last year (when, to be fair, hold was very loose) and non-baccarat table games nosed up a percentage point. The one-armed bandits saw a 4% decline in coin-in.

Continue reading Big rebound for Vegas; The woman who said no

Your favorite screwups, and ours, Bally’s Corp. just stepped in it again. Or rather, their legislative lackeys in Rhode Island did. Bally’s has never actually been caught kicking the ball onto the fairway … but it has a remarkable ability to convince lawmakers to do that wrong thing. This time, a bill was snuck into legislation. It would double the credit lines that Bally’s Twin Rivers-branded casinos could offer players, to $100,000 apiece. “Obviously we’re not interested in extending lines of credit to those individuals who would not be able to pay it back,” a Bally’s spokeswoman unconvincingly assured solons. Why not? Casinos do it all the time. Las Vegas is littered with the corpses of dishonored markers, often ones from players that casinos beg to return and inflict pain upon them again. It’s Big Gaming’s favorite codependent-abusive relationship.

Continue reading Bally’s: Oops, they did it again