Over the weekend, a rather bizarre story appeared in Sin City’s whipped cur of a newspaper, the servile Las Vegas Review-Journal, play toy of Dr. Miriam Adelson. Since Jonathan Halkyard has been functioning as CFO of MGM Resorts International since 2020, one might assume he’d been licensed for that position in Nevada. Well, you know what happens when we assume. Seems that only now is the sleepy Nevada Gaming Commission getting around to vetting the man who’s been #2 at MGM for five effing years now. Halkyard is squeaky clean but this is a prime example of how rotten apples like Scott Sibella can have time to taint the barrel whilst Silver State regulators catch up on their naps.
Also getting the thumbs-up, almost as belatedly, was Patrick Nichols, CEO of Venelazzo. Nichols had been with the uber-megaresort since 2008 and gained the top job when the Widow Adelson flushed Las Vegas down the tubes and sold the place almost four years ago. By all accounts, he’s doing a great job. Heck, Harvard Business School even published a case study on the current Venelazzo regime as a prime example of How To Do It Right. (Nichols started out at the bottom of the hotel biz and worked his way up, which may explain it.) But—as with Halkyard—there’s no reason why someone with such a lengthy tenure on the Las Vegas Strip should need 46 months to gain licensure.
Granted, the NGC and Nevada Gaming Control Board are woefully understaffed and unfunded. They’re trying to ride herd on a 2025 industry with 1990-level resources (i.e., pre-megaresort era). That appears to be partly by design, as Gov. Joe Lombardo (R) and others try to sweep industry infelicities under the nearest rug. But Nevada’s signature industry is running roughshod over the people meant to regulate it, which is why Richard Schuetz and other crusaders like John L. Smith tend to cite the “gold standard” with a sneer or as the punchline to a joke. Now Big Gaming is gaining a foothold in the United Arab Emirates, where human rights are somewhere back in the Middle Ages. Maybe the Silver State regulators will notice … by late 2030 or so.
Casino revenues dipped in the Bay State last month, down 2%. Gambling houses in Massachusetts grossed $98.5 million, led of course by Encore Boston Harbor with $59.5 million. It’s down 5.5% as rival casinos in New Hampshire leapt 59% in November, surely bleeding off some Encore business. MGM Springfield had a terrific month, though, up 6% to $24.5 million. Plainridge Park was down a point, grossing $14.5 million. Sports betting saw $914.5 million in handle, boiling down to revenue of $97 million. FanDuel is making inroads on DraftKings, although still well behind at $31.5 million to $48 million. Fanatics also had a good month, albeit lagging BetMGM $5 million to $7 million. Crumbs went to Caesars Sportsbook and ESPN Bet ($2 million each), while BallyBet fell below our Mendoza Line.
Down in Lousiana, it was out with a whimper for ancient Belle of Baton Rouge, which sank with all hands 48.5% to a miserable $300,000 in November, the last full month for that cobwebbed artifact of the early days of Pelican State gambling. Nearby Queen Casino was up 10% to $10 million and leader L’Auberge Baton Rouge bled a bit of biz, down 2% to $14 million. In Bossier City/Shreveport, promotional activity appears to have tapered off at Horseshoe Bossier City. It was up 4% but only to $10 million or third place, behind Margaritaville, which nonetheless plunged 27% to $12.5 million. Where did that business go? Try newcomer Louisiana Live and its $10.5 million. Bally’s Shreveport, like Margaritaville, had a dreadful month, plummeting 26.5% to $7 million. Also in misery were Boomtown Bossier ($3 million, -19.5%), Sam’s Town ($2.5 million, -13.5%) and Louisiana Downs ($2.5 million, -12%). The latter had hardly missed a step since leaving the Caesars Entertainment fold.
Promo activity is surely to account for 7.5% surge (to $7 million) at Horseshoe Lake Charles. Even so, the relative newcomer remains stuck in last place. The Roman Empire laid something of an egg with that one. L’Auberge du Lac (above) shook off Horseshoe’s challenge with a 5% gain of its own, to a market-leading $27 million. Golden Nugget Lake Charles ceded 10% to $25.5 million and Delta Downs was down 4% to $13 million. Gains at Treasure Chest, in the New Orleans market, have slowed to 5% as it posted $13 million. Slow-to-start Caesars New Orleans continued to accelerate, up 16% to $31 million. However, those newcomers continue to take the shine off Boomtown New Orleans ($8.5 million, -16%) and Fair Grounds racino ($3 million, -11.5%). Out in the boonies, Amelia Belle hopped 5.5% to $3 million but Evangeline Downs was off 6.5% to $6 million.
Gridiron Grumbles: Kudos to the Las Vegas Raiders for forcing the Houston Texans to eke out a 23-21 win in Houston last Sunday. Ok, it was another loss but putting up three touchdowns against the NFL‘s best defense is a signal accomplishment for the near-winless squad. There’s hope for Pete Carroll‘s team yet. Given Carroll’s considerable age, one understands why he has been impatient for wins rather than rebuilding around youth, even if we don’t endorse his (misguided) priority.
What will 2026 look like for the Silver & Black? Probably five wins at best. One need only look to the Cleveland Browns, who are playing a preponderance of rookies, out of a mix of choice and necessity, and are 3-12 right now—but just fought the Buffalo Bills to a near-standstill. The Raiders are sure to have some enviable draft picks next year and, with a modicum of tolerance, could rebuild around young talent and some crucial veterans. Whether Carroll has the patience for that remains very much to be seen. The long-suffering fans, unfortunately, have no choice but to live on hope. Then again, the supposed team of inevitability, that Silver & Black archnemesis the Kansas City Chiefs, are guaranteed a losing season … and who saw that coming?