Our august Supreme Court had the chance to decisively outline the parameters of the Indian Gaming Regulatory Act—and blew it. SCOTUS had been petitioned by parimutuel owner West Flagler Associates to block implementation of Florida‘s compact with the Seminole Tribe, one which gives the Seminoles exclusive rights to sports betting in the Sunshine State. The highest court voted 8-1 against hearing West Flagler’s appeal, made after activist appellate judges redefined “tribal lands” in IGRA as extending throughout cyberspace, which neatly turns the Act on its head. Only Justice Brett Kavanaugh realized that there were bigger issues at stake and was acutely aware of the IGRA contradiction. Would that he was not alone. The compact, he wrote, also “raises serious equal protection issues.” We’d like to hear those litigated and there’s a chance that West Flagler will get another bite at the SCOTUS apple, although the chances seem bleak. The Seminoles have been green-lit to start taking sports wagers and once that particular ship has sailed it will be difficult to sink it.

Third quarter results are out for Boyd Gaming and they could have been a good deal better. J.P. Morgan analyst Joseph Greff minced few words, headling his investor note “Revenue upside more than offset by higher costs.” Ouch. He ratcheted his price target on the stock all the way down to $72/share from $79 (it’s currently trading at $55). Third quarter cash flow of $321 million was just 1% below what Wall Street expected but the disappointment was palpable. Weaker results at the core casinos were largely mitigated by strong ones at tribal Sky River, near Sacramento, and by online operations, which include an invaluable alliance with FanDuel.