Intentionally or not, President Joe Biden (D) has done Florida Gov. Ron DeSantis (R) a solid. He wants the federal judiciary to dismiss litigation that would invalidate DeSantis’ controversial compact with the Seminole Tribe. As amusing as the spectacle of Biden and DeSantis in bed together is, the motive may have more to do with launching a preemptive strike in defense of what is a very shaky Department of the Interior case for tribal online sports betting. The Biden administration’s rather daffy interpretation of IGRA (or rather, supine acceptance of the Florida Legislature’s daffy translation) would extend “tribal lands” infinitely into cyberspace, at least within state boundaries. Just imagine the effect if the same logic is applied to tribal OSB in California in a year’s time.

Continue reading Biden wades into Florida swamp; New eras at Palms, Ocean

While the American economy overall may be a disappointment for some, Big Gaming has nothing of which to complain. Indiana is coming off another bully month, up 16% from 2019, for an overall gross of $201 million, driven in no small part by new Hard Rock Gary. It pulled in $29.5 million. Not to be outdone, Horseshoe Hammond won $33 million, albeit 4% off its 2019 pace. Ameristar East Chicago gained 24% but remained a solid third with $21 million. Blue Chip slipped 7.5% to $12 million. Elsewhere the numbers were good for almost everyone, although “everyone” wouldn’t include French Lick Resort, going down 15% to $6.5 million. Rising Star also set, -10% to $4 million.

All other casinos and racinos were revenue-positive, such as Indiana Grand, up 13% to $23.5 million, while Hoosier Downs cantered +17% to $18.5 million. Caesars Southern Indiana, now under Cherokee management, didn’t miss a step either, up 16% to $19.5 million. Tropicana Evansville was remotely in this league, with $13 million, an 11.5% gain, and although Hollywood Lawrenceburg only budged +1.5% that was good enough for $13.5 million. Belterra Resort nudged +3.5% to $8 million, rounding out the southern tier.

Continue reading Indiana wins big, Missouri too; Pennsylvania guv blows smoke

In a development that portends nothing but ill for Atlantic City, the CEO of Ocean Casino Resort, Terry Glebocki has resigned. She also leaves the Casino Association of New Jersey rudderless, no doubt to be replaced in both roles by someone safely white and male. No reason was given for Glebocki’s sudden departure, which was disclosed to staff yesterday morning. Frankly, we’d been fearing such news ever since Marian Illitch bought a half-interest in the casino. While Luxor Capital nominally owns the keys to Ocean, Glebocki was their gal and we don’t see them as the ones giving her the shove. The former CFO of Ocean, née Revel, Glebocki had held the top spot for two years, ones in which the casino’s fortunes dramatically reversed, with results that have been getting better and better with each passing month. Now … uncertainty and unease.

Continue reading Disaster at Ocean; Ready when you are, CB; Gruden gone

Exhibitors are folding their tents and weary journalists are packing it in as another Global Gaming Expo draws to a close, having kicked off inauspiciously with an anti-vaccine riot by “Covidiots” at The Cosmopolitan of Las Vegas. Looking back on the show, Truist Securities analyst Barry Jonas reported that attendance was less than 50% of previous expos (the absence of the international cohort didn’t help). Still, he saw enthusiasm, particularly from Las Vegas hoteliers, whose rooms and gambling floors were “packed.” Manufacturers had cause for optimism, too, as upward trends in gross gaming revenue gave them hope that casinos would loosen their purse strings and buy new machines next year. Interest in interactive gaming was described as a “feeding frenzy.” Revenue comparisons will get tougher next year, Jonas continued, and labor continues to be an issue (which we note is largely one of management’s own making). Also, promotional spending on sports betting is “unsustainable” and “leading to questions about a shakeout and more consolidation.”

Continue reading G2E, The morning after: Guarded optimism