I’ve been playing video poker promotions for almost 30 years, and before that exploited blackjack promotions for about five years. I’ve absorbed a lot of “how to do things” over the years that are now second nature to me. When a new promotion comes along, I have enough experience, usually, to get the most out of it.
Recently, though, in another gambling game where they were giving away money, I was really out of my element.
Continue reading It’s Not So EasyAs we’ve written elsewhere, this was supposed to be The Year of Sports Betting … before the Covid-19 Delta variant reared its ugly head (and that was before Coronavirus knocked us out of Global Gaming Expo). But sports betting could still grab the prize, even if sometimes for the wrong reasons.
Maybe this isn’t the wrong reason but today’s top story is that, faced with potential litigation from MGM Resorts International, among other issues, DraftKings has spiked its $22 billion takeover offer for Entain, half owner of BetMGM. “We are not surprised by this outcome, because we viewed this deal as just too complicated to close from the start given … the sizable amount of equity that would have been used by DKNG in a ~$22B deal with 78% of this in newly issued equity,” writes JP Morgan analyst Joseph Greff, predicting that DraftKings stock would react positively to this sudden onset of sanity from CEO Jason Robins. The proposed buyout had been a drag on share prices.
Continue reading DraftKings, MGM play chicken, MGM wins; Highway robbery in N.Y.[This post is for programmers, especially AP programmers. All others read at your own risk. To McDuck and Refusal2, the judges—Chief Justice Cartwright, Associate Justices Marvin and ExhibitCAA—would like to extend a genuine appreciation for your willingness to put yourselves out there. It takes some courage to expose source code to the world! We were entertained, and we learned a lot. As the freshman, I was assigned to write the opinion.]
October 16 was a typical day on the Internet. A geek lamented: “C is a pain. Python is too slow.” Amen, brother, there’s no shame in getting old, but it’s no fun! But if you’re looking for support on Blackjack The Discord, you’ve come to the wrong place! The conversation devolved into a flame war involving primitive types, mockery of the “perceived speed problem,” and technical explanations of dict support.
Continue reading Discord Death Match 2021
September gaming revenues in Louisiana were expected to be diminished by Hurricane Ida and they certainly were, down 23% on a same-store basis. New Orleans had the worst time of it (-48%), Baton Rouge the easiest (-5%). All comparisons are to 2019 numbers. In the Crescent City, Harrah’s New Orleans had a terrible month, grossing only $8 million (-66%) and almost as low as second-place Boomtown New Orleans (just under $8 million, -22%). Fair Grounds racino barely registered with $2 million (-47%), falling behind Amelia Belle ($3 million, -25.5%), while Boyd Gaming‘s other area property, Treasure Chest, grossed $6 million, down 39%. Lake Charles casinos didn’t suffer so spectacularly but they weren’t turning cartwheels either. L’Auberge du Lac took top honors for the month, off only—and amazingly—5% with a gross of $26.5 million, comfortably ahead of Golden Nugget‘s $22.5 million (-23.5%). Dover Downs brought in $12 million, a 21% decline.
Continue reading Ida dampens Louisiana’s day; NFL tackles degenerate gambling
Wall Street analysts were frankly underwhelmed by Las Vegas Sands‘ third quarter. Now that the company is wholly reliant upon the afflicted Macao and Singapore markets that’s hardly surprising. JP Morgan analyst Joseph Greff was pretty blunt, calling Macanese cash flow “barely positive in September,” swinging from a negative August, while characterizing Marina Bay Sands as a “locals” casino these days. (Ouch!) At least Singapore shows signs of easing up on international travel. “In terms of when travel mobility between Mainland China and Macau eases, there is no visibility on when this occurs, given China’s seemingly zero COVID-19 case tolerance; our best sense is that the earliest this takes place is sometime after the Beijing Olympics in February.” It does not help that the Macanese vaccination rate is an unimpressive 50%. At least there were no signs of new regulations upon Macao’s casinos, which is some comfort.
Investment in digital gaming “will likely be small” at least until Pacific Rim cash flow improves. Ditto share repurchases. Sands has $5.6 billion worth of powder that it’s keeping dry. The future, as Greff sees it, is one of sequential improvements “but not a heroic one.” That means mass-market gaming reaching only 60% of 2019 levels next year and VIP play an anemic 35%. By 2023, mass play should be back to 95% of normal but VIPs will still be lagging at half their pre-pandemic level, further validation of Sands’ mass-market strategy.
Continue reading Sands: From bad to worse; Musk subway system approved for Vegas
After grappling with the effects of gaming saturation for several months, Pennsylvania flexed its muscles in September, up 9% from 2019. The gross was $283 million. On a same-store basis (i.e., discounting the effects of new casinos), the Keystone State was 4% off the 2019 pace. Slot revenues of $199 million were 6% down but table game revenues grew 3%. Most casinos were revenue-negative for the month, some severely so. Pacesetter was Mohegan Sun at Pocono Downs, up 8% to $19 million. Parx Casino never seems to have a bad month, climbing 4% to a state-leading $51.5 million. Wind Creek Bethlehem grew 3% to $42 million. Aside from Parx, the Philadelphia market was a dog-eat-dog affair. Rivers Philadelphia (above) continues to lose market share (-19%) to Philadelphia Live but clings narrowly to second place, $19 million to $18 million. (Fears that Live would be a category killer appear overblown.) Harrah’s Philadelphia plunged 25.5% to $15 million while Valley Forge Resort Casino was down but 2% to $11 million.
Across the state, Rivers Pittsburgh was flat at $31 million and Hollywood Casino at The Meadows slipped 2.5% to $17 million, while novel Live Pittsburgh grossed $9 million, obviously generating some new business. Presque Isle Downs dipped 4% to $10 million, Mount Airy was flat at $15.5 million and Hollywood Penn National stumbled 15.5% to $16 million. Hollywood Casino York debuted with $7 million and Lady Luck Nemacolin was down 25% to $2 million.
Continue reading Pennsylvania rebounds; Mega-jottingsIn pop culture, card counters have a reputation for being MIT geniuses or Rain-Man-esque savants. Card counters roll with that, even though the reputation is entirely undeserved. Within the casino industry, they have another reputation. For being stiffs. That reputation is entirely deserved. And card counters roll with it.
Continue reading SE Nojniloc (S2 E5): The Nit at the Card TableLegally, I need glasses to operate a car. Barely. In Nevada, you need to be 20-40 in both eyes (if you have two eyes) to drive without corrective lenses. My eyes are 20-40 in one eye and 20-60 in the other. I see better in the daytime than I do when it’s dark. I’m confident I can drive safely — but if I get pulled over for something, I might have an additional problem if I’m not wearing glasses.
Continue reading A Search for Glasses
September was a breakout month for Atlantic City casinos, which surged 11% over 2019 to $248.5 million. Slot win was 14% higher on 13% more coin-in and table games garnered 4% more on 4% greater wagering, so luck was with the house. Traditional market leader Borgata didn’t fare quite as well, up 5% to $60 million on 3% less table win (despite very high hold and due to 20% less wagering). Borgata slots made up the difference, winning 11% more on 7% higher coin-in. The Caesars Entertainment threesome was 4% richer, with table win +6% (on 7% greater wagering) and slots up 6% despite only 4% more coin-in. Harrah’s Resort was out in front with $27.5 million (+4%), followed by Tropicana Atlantic City‘s $24.5 million (-4.5%), then Caesars Atlantic City‘s $22 million, +14%.
Continue reading Atlantic City: Boardwalk boffo, sports betting bigger still; DeSantis wins
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