It’s a good thing that Las Vegas has diversified its economy since 2008. Were that not the case, the subpar performance of the Las Vegas Strip would be pulling everyone down with it. But September’s gambling grosses show resilience in the locals-casino sphere … and the weakness of the Strip starting to infect Downtown as well.
Continue reading Locals Rise, Strip Sinks
Be careful what you wish for, NBA Commissioner Adam Silver, you are liable to get it. Silver wanted sports betting and, over the last seven years, has seen the consequences come home to roost in his league. Whereas the NFL cleaned up its sports betting problem (consisting mainly of player stupidity) fairly expeditiously and Major League Baseball comes down like a ton of bricks on offenders, the NBA remains dogged by scandal. (Can you say “Jontay Porter“? We thought so. How about “Malik Beasley“?)
Continue reading Foul Play
Not! It’s time for Stupid Government Tricks, in which the guvmint blunders into gambling oversight, usually with disastrous consequences. First up is Chicago Mayor Brandon Johnson (D), who wants to double down on Illinois Gov. J.B. Pritzker (D) and his usurious tax on sports betting handle. Seeing all the money the state stands to make (and possibly affrighted by the specter of predatory prediction markets), Johnson proposes a 10.25% tax on OSB revenue. It’s all part of a tap dance to cover a gaping budgetary hole. The target amount? $26 million a year.
Continue reading … And They’re Here To Help
After a good summer, gambling winnings in Atlantic City have plateaued in September, achieving $230.5 million. The coffee achiever of the Boardwalk was Ocean Casino Resort (above), catapulting 39% to $39.5 million. Hard Rock Atlantic City was still ahead at $45.5 million (2%) but that might be too close for comfort. Borgata led with $63 million but had the flattest grosses in town.
Continue reading Atlantic City Levels Off
See that fancy-schmancy vision of an upgraded MGM Empire City? Well, it ain’t happening. In the shocker of the year, MGM Resorts International yanked its New York City casino bid from consideration yesterday. What the company said was less interesting than what it didn’t say: It’s essentially pulling the plug on casino operations in the Big Apple altogether.
Continue reading Shocker from MGM
Having been run from pillar to post at Global Gaming Expo all week, we’re still in recovery. Ergo, we turn the bulk of this installment over to our Atlantic CIty bureau. What follows are a pair of letters sent to (but unlikely to be printed in) The Press of Atlantic City. Please enjoy them.
Continue reading Letters to Atlantic City
Surprisingly few victory laps were taken after Las Vegas Strip gambling revenues spiked 5.5% in August, helped by tighter hold. Perhaps it was the simultaneous, inconvenient disclosure the visitation slumped 6.5% that same month which quelled exuberance. Sin City is in a world of hurt, unlike regional casinos, and it’s not easy to spin right now. To the numbers …
Continue reading A Desert Mirage?
It’s the easiest thing in the world to build a casino megaresort if you don’t plan on paying for it. We learned that from Sheldon Adelson, who erected The Venetian out of other people’s pockets. By dint of releasing a new rendering of failsino Bally’s Las Vegas, Chairman Soo Kim scored himself a great deal of free media last weekend. The deck chairs on the Titanic have been duly rearranged.
Continue reading Pretty Pictures and B.S.
Right off the top, let’s congratulate Genting Group and MGM Resorts International for both being tapped—unanimously—by their community advisory committees. Both now advance to Albany for the final selection round, an agony that state Sen. Joseph Addabbo (D) is trying to drag into 2026. Enough already!
Continue reading MGM, Genting Advance in NYC
See that weird-looking collection of high-rises above? Yeah, it’s not happening. Freedom Plaza, the something-for-everybody, New York City megaresort proposal of Soloviev Group and Mohegan Sun, got canned today. The relevant Community Advisory Committee voted it down, 4-2. Quality-of-life concerns were cited. Not even the transparent, last-minute offer to add a thousand more affordable-housing units to Freedom Plaza swayed votes. The CAC clearly saw it for the desperation (and stalling) tactic that it was. As usual, surrogates for Gov. Kathy Hochul (D) and Mayor Eric Adams (I) flouted public sentiment, pimping for an unpopular development. They’d vote for anything spelled c-a-s-i-n-o. Will anyone remember at the next election?
Continue reading Freedom Plaza Fails