Pay no attention to the man behind the curtain (Xi Jinping). That was the message of Wynn Resorts‘ first-quarter earnings call. Some analysts weren’t having it, with Deutsche Bank‘s Carlo Santarelli opining that Macao was “the real story.” That being said, he lauded the company, which “again delivered strong domestic results, with both Las Vegas and Encore Boston Harbor eclipsing our forecasts, to varying extents.” The shortfall in China, although “well anticipated” managed to neutralize the domestic outperformance. While Santarelli didn’t feel there was much novelty in the earnings call, he passed along the news that Wynncore occupancy was running at an enviable 91%, cash flow both on the Las Vegas Strip and in Boston was better than ever, Wynn lost $31.5 million on its abortive interactive division and Macanese hotel occupancy was 75% during the Labor Day period, of which more in “Jottings.”

That widening chasm between DraftKings‘ revenue projections ($2 billion in 2022) and its elusive profitability may be catching up with Jason Robins‘ company. Red ink from 1Q22 was $468 million, way up from 1Q21’s $346 million. Negative ROI shot up from $139 million to $289.5 million. What’s the problem? According to Bloomberg, the company is actually growing revenue ($417 million) and player base (two million added)—but spending ever more to get them. Robins’ answer to these problems is to cite $300 million in vague synergies from buying Golden Nugget Online and to sign former ESPN doofus Mike Golic. Yeah, that’ll really move the needle.

Analysts on Wall Street are going to be ratcheting up their forecasts for Caesars Entertainment for the remainder of 2022. Or so says Deutsche Bank analyst Carlo Sanatarelli. The Roman Empire’s 1Q22 cash flow of $296 million exceeded The Street’s consensus of $287 million. This was in spite of “the potential pitfalls associated with the domestic consumer … [and] the digital losses, all combining to drive the negative narrative.” As for that digital sphere, Caesars expects it to become profitable in two quarters’ time, but not before racking up a $1.5 billion cumulative loss. Meanwhile, the company continues to enjoy tailwinds on multiple fronts, whether it be the cessation of mask mandates in New Orleans or additional room capacity in Atlantic City. Still to be felt are the rebranding of Horseshoe Indianapolis, the expansion of Harrah’s Hoosier Downs and the return of the company to lucrative Lake Charles by year’s end.

According to Deutsche Bank analyst Carlo Santarelli, the 1Q22 numbers for MGM Resorts International were “better than forecast” in Las Vegas and regionally, nor as bad as expected from Macao. Losses from BetMGM were worse than anticipated. Santarelli predicted cash flow of $633 million and Leo the Lion delivered $670 million. The analyst only expects things to get better on the Las Vegas Strip, with high-margin The Cosmopolitan of Las Vegas displacing low-margin The Mirage. BetMGM was a $184 million drag on the balance sheet, more than the $162 million Santarelli was expecting but “the shortfall was not entirely surprising, given the lower hold experienced on the sports side in the period, as well as the spend levels associated with the New York launch. Importantly, MGM continues to outperform in the longer term margin friendly iCasino segment,” he wrote. MGM China contributed [?] a $26 million negative ROI.

$75 million or else. That’s extortionate Chicago Mayor Lori Lightfoot‘s latest demand of casino applicants. If you win the bid, fork over the cash. Her Dishonor might settle for ‘only’ $40 million on the barrelhead, followed up by a $2 million ransom the subsequent year. So far only Bally’s Corp. has offered upfront money—$25 million—while its rivals want Lightfoot to settle for the city’s cut on the back end. With the Chicago Tribune (Bally’s), waterfront (Rush Street Gaming), and Soldier Field area (Hard Rock International) sites all being blown raspberries by aldermen and public alike, some are even advocating putting McCormick Place back into play.

They won’t have much time. Chicago Casino Committee Chairman Tom Tunney wants a final selection by May, with the goal of having the Illinois Gaming Board sign off on the choice by autumn. In the meantime, Lightfoot has been caught playing footsie with Bally’s, charging it only one application fee for two sites. (Rush Street had to pay twice over.) Lightfoot’s office cited technicalities to justify the favorable treatment while Bally’s Chairman Soo Kim, citing his deep pockets, said, “We paid the fees that were asked. Don’t you think we would have sent another $300,000 if they asked us to?” Certainly—but Kim wasn’t asked, another indication of which way Lightfoot is leaning.