Had the pre-race hype not been so inebriated, the Las Vegas Grand Prix would be counted an unqualified financial success. On the Las Vegas Strip (in what is traditionally the slowest month of the year), it spurred a 22.5% leap in winnings, to $821 million—still short of the high-water $835 million recorded last July. (Thanks to Howard Stutz for the historical context.) Very impressive … but we were told to expect ‘record gaming revenues!’ thanks to F-U, er F1. What’s Jeremy Aguero‘s spin going to be? Perhaps next November will be better: Dramatically scaled-back prices for hotel rooms and race tickets will leave customers with more money in their pockets for gambling.
Baccarat definitely enjoyed a Formula One lift, vaulting 209%, as wagering increased 90% and hold was stiff. Aguero and his ilk predicted vastly more high-end play and they certainly got it. Score one for them. Luck sure wasn’t with the whales, though, judging by how much they left behind them. Other table winnings were up 19% on 24% larger wagering. Slot win actually suffered (-1%), with only 1% more coin-in and looser holds.
Downtown casinos won’t be grateful. They saw 2% less revenue ($81 million). North Las Vegas was flat at $23 million, the Boulder Strip dipped 2% to $83 million, Laughlin slipped 2.5% to $40 million but miscellaneous Clark County casinos were up 3.5% for $150 million. Mesquite was flat ($15 million) as was the other Utah-fleeing destination, Wendover, with $21.5 million. Lake Tahoe was 8% lower for $18 million, whilst Reno hopped 3.5% to $58 million. Sparks continues to flatten at $14 million and the Carson City area bounced 9% to $11 million.
“I don’t like the lottery. I don’t like any of it. But we have to be practical, not naive,” said nominally anti-gambling Virginia state Sen. David Marsden (D). So? Why does Marsden matter? Because he’s introduced a bill in the Lege that would authorize a casino referendum in Fairfax County. Marsden’s pitching a casino-anchored complex that would also include a convention center, concert hall, hotel, etc. It would be sited on the Silver Line to Dulles International Airport. While Marsden would prefer that the gambling house be in Tysons Corner, due to its closeness to the Maryland border, he’s amenable to other Silver Line Metro stops, such as Reston. The projected yearly tax haul would be $155 million. That’s undoubtedly optimistic but it’s double what Richmond‘s twice-nixed casino would have brought in … and gaming has to go where the dollars are.
While we favor Marsden’s plan, there are hurdles in its path. He’d have to wrest that casino away from Petersburg, which has a head start on vying for the Cavalier State’s fifth and final license. Also, a Manassas Park slot parlor, to have been built by Churchill Downs, got resoundingly rejected last month by voters. (Developer Comstock is already saving up long green for an anticipated ballot drive.) And the Lege considered Fairfax County before and did nothing. Finally, Gov. Glenn Youngkin (R) is running and hiding from the issue, refusing to commit to either signing such a bill or vetoing it. There’s a courageous man for you: He won’t even let voters decide for themselves.
Congratulation are in order for illusionist Shaun Joseph Benward. The Mississippi-based magician and gambler has just been ixnayed by the Nevada Gaming Control Board for cheating at roulette, a decision that took only 40 minutes to reach. We’re surprised it took as long as that: Benward was no-show and already 86’d from 17 casinos in Nevada … not to mention ones in Pennsylvania, Delaware, Michigan and Missouri. That doesn’t include arrests or convictions in New Jersey, Ohio, Indiana, Iowa and Rhode Island. Clearly a sleazy character. His stock in trade is to convince dealers that he’d placed his chips on the winning number—after it came up. According to PlayUSA, “The distracted and confused dealers would agree and pay the player for their ‘mistake.'” It’s hard to believe such a scam worked but it obviously did, and often. Benward’s “winnings” ran into the tens of thousands of dollars, which he’ll have a great deal of spare time to enjoy, should the NGCB fatwa stand. Which we hope it does.