Category: Casino News

Try to separate them. Just try. You can’t. They’re inextricably intertwined in a love-hate relationship. Or, as we like to say, you can take the casino out of politics but you can’t take politics out of the casino. Let’s look at some current events that illustrate this. Down in Mississippi, an attempt was made to juice a state-subsidized casino into Jackson, tiptoeing through the Lege when nobody was looking. Regulators were caught flat-footed, as were elements of the industry. The bill would have specified both the level of investment ($500 million, minimum) and the location (on the Pearl River). Also, it was a limited-bid scenario, with only owners currently operating in the state eligible.

Gaming observers awoke yesterday to the news that MGM Resorts International wants to be shot of struggling MGM Springfield, a $960 million albatross. No great surprise there. CEO Bill Hornbuckle had washed his hands of it a year ago, literally shrugging and telling the Boston Globe, “It is what it is.” Plus, the property president left late last year under murky circumstances and replaced with Louis “Louie” Theros, former legal counsel of MGM Grand Detroit. A curious choice, on the face of it. MGM grossly overestimated the regional pull of a Springfield casino and those chickens have evidently come home to roost.

While most companies who were presenting at the J.P. Morgan Gaming, Lodging, Restaurant & Leisure Management Access Forum sent their CEOs and CFOs, Las Vegas Sands couldn’t be bothered. It kicked the matter downstairs to Senior Vice President of Investor Relations Daniel Briggs. We can only presume that Rob Goldstein had a pressing tee time. After all, Sands had almost nothing but good news to present to Wall Street analysts. Leaving aside Goldstein’s discourtesy, you may be wondering if and when Sands is returning to the U.S. The answer would appear to be …

Since the Great Pandemic, gambling has never been quite the same for Detroit. Last month’s casino tally of $105 million was flat with 2023 and 9% down from the pre-pandemic pace of 2019, a recurrent theme in Motown. MotorCity beat the odds and posted a 1% increase, hitting $31.5 million for the month. Hollywood Greektown, which had been on a tear, was flat at $24 million, leaving $49 million (-1.5%) for MGM Grand Detroit. As J.P. Morgan analyst Joseph Greff reminds us, this includes a Leap Day, which probably kept Detroit’s casinos revenue-neutral for February.