{"id":847388,"date":"2023-12-11T13:11:27","date_gmt":"2023-12-11T21:11:27","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/shop\/?p=847388"},"modified":"2023-12-11T13:11:27","modified_gmt":"2023-12-11T21:11:27","slug":"f1-flop-adelson-exposed-shame-on-fanduel","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/blog\/f1-flop-adelson-exposed-shame-on-fanduel\/","title":{"rendered":"F1 = flop; Adelson exposed; Shame on FanDuel"},"content":{"rendered":"\n

Spinning as hard as they can<\/strong>, opinion makers in Las Vegas<\/strong> have been trying to paint the Las Vegas Grand Prix<\/strong> as a roaring success. Well, if they can cherry-pick anecdotal information to make their point, we can respond with some numbers. For instance, Caesars Entertainment <\/strong>had predicted a 5% boost in its annual cash flow from Formula One Weekend<\/strong>. But, according to Truist Securities <\/strong>analyst (and F1<\/strong> booster) Barry Jonas<\/strong>, that’s not the case. He informed investors<\/a> today that Caesars “consequently fell a little shy of its expected +5% or +$25M incremental Y\/Y EBITDA lift.” It suffered from the fact that “properties away from the track and less high-end did not fully benefit.” Quelle suprise<\/em>. We coulda told Tom Reeg<\/strong> that was gonna happen. Jonas predicted, without explaining, that future iterations of F1-in-Vegas would “have wider appeal.” We’d love to know how. And does “wider” include the put-upon Las Vegas community?<\/p>\n\n\n\n\n\n\n\n

According to Covers.com<\/em>, last-minute discounting<\/a> for the Grand Prix meant that savvy customers were “paying lower room rates than an average November weekend in Vegas.” And bear in mind that this is traditionally the very slowest part of the calendar for Sin City. Oops. Greedy much, Big Gaming? (Greed and shortsightedness are always opposite sides of the same counterfeit coin.) Now certain operators are tiptoeing out rates for 2024 and\u2014guess what?\u2014they’re dramatically lower than for 2023. A room in Paris-Las Vegas<\/strong> that listed for $3,497.60 this year is now advertised at $1,486.19 and who knows if even that will hold up. Maybe Wynncore<\/strong> dealers can rent those pricey, faux<\/em>-Parisian cribs and hole up during race week, considering that they split $900,000 in tips (before management took its cut, presumably) on the day of the Grand Prix.<\/p>\n\n\n\n

Out, damned spot!<\/strong> Out, I say! While analysts on Wall Street<\/strong> continue to search for signs of a recession that stubbornly refuses to manifest, casino executives\u2014taking their cue\u2014are doing the same. Jonas reports from Boston<\/strong> that “Management teams have been scouring company data for trends of a softer consumer.” However, “gaming continues to hold up.” Damn that pesky consumer spending! “The lower end and unrated player has softened while the higher end remains strong,” writes Jonas, reprising a narrative for regional casinos that has held steady since they reopened after the Covid-19<\/strong> pandemic. In other words, everything remains fine. So stop panicking, Big Gaming!<\/p>\n\n\n\n

The Adelson family’s idea<\/strong> of stealth is about as covert as a bull in a china shop. The late Sheldon Adelson<\/strong>‘s clumsy subterfuge to take over the Las Vegas Review-Journal<\/em> was exposed in a matter of hours. Now Las Vegas Sands<\/strong> has been caught trying to sneak into Texas<\/strong> under the cover of\u2014deja vu<\/a>\u2014a front company. The Sands aegis snapped up over 100 acres near the old site<\/a> of Texas Stadium<\/strong>. Lord knows, Mark Cuban<\/strong> and Dr. Miriam Adelson<\/strong> have been vocal about wanting a combined casino\/arena facility in Dallas<\/strong>. However, trying to present the Lege with a fait accompli<\/em> may well backfire. “There’s no confirmed connection between the Las Vegas Sands’ apparent land purchase, and the purchase of the Mavericks,” reports WFAA-TV<\/strong>. But you don’t need to be a genius to figure out the linkage and the motivation.<\/p>\n\n\n\n

The buyer, Village Walk RE 2<\/strong>, just so happens to share the same mailing address as Sands and closed on the land for $22.5 million last July, well before any Adelson-Cuban sports franchise dickerings were disclosed. Cuban pled ignorance of the land deal and Sands is keeping mum, as well it might, having been totally busted by D Magazine<\/em>. Dr. Adelson, when not engaged in idolatry of false prophets<\/a>, would do well to come clean with the citizens of the Lone Star State about just what she plans to do with her new rancheria. Compared to what she spent on the Dallas Mavericks<\/strong>, she got it for dirt cheap, that’s to be sure. Score one for skullduggery.<\/p>\n\n\n\n

In the past,<\/strong> sports betting giant FanDuel <\/strong>has patted itself mightily on the back for its responsible-gaming infrastructure\u2014abetted by fawning coverage in Sports Betting Operator<\/em> by ourselves. For shame! A Freedom of Information Act<\/strong> request by our favorite newspaper, The Guardian<\/em>, has exposed FanDuel as a bunch of rank hypocrites. When New York State<\/strong> was promulgating rules for protecting the vulnerable, FanDuel was strongly agitating to castrate<\/a> those very same edicts (which went into place anyway, thank God). \u201cIt\u2019s the biggest hypocrisy,\u201d commented problem-gambling activist Brianne Doura-Schawohl<\/strong>. \u201cIt seems not only disingenuous to the public, but also the policymakers that probably took many of them at their word that responsible gambling was a priority … when there is an opportunity to influence regulations, they are trying to overturn and undo any obligations they have to the very consumer protections they promised were a pillar of their business.\u201d (FanDuel hid under cover of ‘no comment.’)<\/p>\n\n\n\n

Among FanDuel’s affronts against basic decency was an objection to a rule that would abjure promotional language<\/a> to which disordered gamblers would be susceptible. FanDuel’s problem? Such a measure would be “analogous to a liquor not being able to advertise to customers who ‘may be’ alcoholics.” Can’t have that, can we? FanDuel also got its dander up over the idea of not being able to place ads in proximity to college campuses (New York’s legal gambling age is 21). Equally objectionable was the notion of requiring FanDuel to display a compulsive-gambling assistance message in its ads. If you’ve seen FanDuel’s TV ads, you’ll notice that such messaging is run in the smallest possible type. Might spoil the fun, you know.<\/p>\n\n\n\n

FanDuel was comparably exercised that it might be held responsible for the irresponsible acts of its affiliates, ones who don’t play by the marketing rules. It wanted a blanket waiver. Didn’t get it. Anti-money-laundering measures were also found objectionable by FanDuel. Fortunately, the Empire State held firm against FanDuel’s pressure. What the effect of the bombshell Guardian revelations is, it’s too soon to know. However, some measure of opprobrium is in order\u2014maybe a few rolling heads in the C-suite.<\/p>\n\n\n

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We sincerely hope<\/strong> that sports bettors took the ‘under’ on yesterday’s Minnesota Vikings\/Las Vegas Raiders<\/strong> game. That mind-numbing affair ended in a 3-0 Vikes pyrrhic victory, just as it looked like a 0-0 overtime was imminent. Our condolences to the Allegiant Stadium<\/strong> attendees who were held hostage to this pathetic display of “professional football.” The silver (and black) lining was that the Raider defense was so stout that it held the visitors scoreless until the Vikings eked out a 59th-minute field goal. However, the anemic Raider offense hit a season low and the dismay was universal. Not even the Review-Journal<\/em> pulled its punches. Stick a fork in the 5-8 Raiders: They’re done for the season, along with any playoff hopes their long-suffering fans might have nurtured. Just to have an outside shot at the postseason, they now have to run the table of the Los Angeles Chargers<\/strong>, Kansas City Chiefs<\/strong>, Indianapolis Colts<\/strong> and Denver Broncos<\/strong>, most of whom appear playoff-bound. Have the Raiders been smoking their notorious victory stogies before <\/em>the games … or are those cigars packed with wacky weed instead?<\/p>\n\n\n

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Jottings<\/em><\/strong>: True to form, failed casino owner Donald Trump<\/strong> gave the lie to his own rhetoric<\/a>, electing not to testify in the final days of his criminal-fraud trial in New York City. Some will be deprived of amusement, others relieved at not having to endure hours of self-serving bombast … Brazil<\/strong> remains an elusive prize<\/a> for the gambling industry. Casinos remain out of the question, and even i-gaming and sports betting are having a tough time of it. Sports betting legalization is being punted into early next year and i-casinos are catching flak as well, even though billions of dollars are being wagered illegally at present … Unregulated slot routes in Pennsylvania<\/strong> can go on thumbing their noses at the commonwealth, thanks to a court ruling that sheltered them from closure. Having been deemed legal, will the black-market slots now be accepted for the sake of taxation? … Employees at a trio of Winnipeg<\/strong> casinos must be royally pissed. They’ve voted almost unanimously to strike\u2014two days before Christmas<\/strong> … Just as the Seneca Nation<\/strong>‘s compact with New York State<\/strong> was screeching to a close, the tribe inked a temporary extension with Gov. Kathy Hochul<\/strong> (D). Talks for a long-term compact continue to hang fire.<\/p>\n","protected":false},"excerpt":{"rendered":"

Spinning as hard as they can, opinion makers in Las Vegas have been trying to paint the Las Vegas Grand Prix as a roaring success. Well, if they can cherry-pick anecdotal information to make their point, we can respond with some numbers. For instance, Caesars Entertainment had predicted a 5% boost in its annual cash […]<\/p>\n","protected":false},"author":83928,"featured_media":847389,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[1728],"tags":[],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.lasvegasadvisor.com\/shop\/wp-content\/uploads\/2023\/12\/paris-las-vegas.jpg?fit=553%2C500&ssl=1","_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/posts\/847388"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/users\/83928"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/comments?post=847388"}],"version-history":[{"count":0,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/posts\/847388\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/media\/847389"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/media?parent=847388"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/categories?post=847388"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/tags?post=847388"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}