{"id":857331,"date":"2024-04-11T09:59:57","date_gmt":"2024-04-11T16:59:57","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/shop\/?p=857331"},"modified":"2024-04-11T10:02:43","modified_gmt":"2024-04-11T17:02:43","slug":"with-friends-like-this","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/blog\/with-friends-like-this\/","title":{"rendered":"With friends like this …"},"content":{"rendered":"\n

Desperation, thy name is Genting Group<\/strong>. In its panic to obtain a New York City<\/strong> casino license, the gaming giant has offered unilaterally to pay 67% of its slot winnings<\/a> to New York State<\/strong>. That’s right, two thirds. This dramatically ups the ante for anybody else wanting a Big Apple casino, an expected annual levy of $1 billion with a capital “B.” Executives at Las Vegas Sands<\/strong>, Wynn Resorts<\/strong>, Bally’s Corp<\/strong>., MGM Resorts International<\/strong>, etc., etc., have to be scowling in the direction of Resorts World New York City <\/strong>right now and with good reason.<\/p>\n\n\n\n\n\n\n\n

Not only will they now have to pony up at least $500 million in the form of an upfront fee, the expectation will now be that they match or one-up Genting’s insane tax offer. The company hopes to stave off high taxes on its table game winnings (as though Resorts World NYC will now be a high-roller haven), in addition to getting a leg up on the competition. It evidently also hopes to offset the higher taxes via expanded operating hours and a wider repertory of games. Empire State officials like it when gaming execs get desperate, so Genting may have just juiced itself into a casino license. however, this crazed arms race could easily result in mutually assured destruction of the bottom line. Whatever the projected ROI in Gotham is, it just got a lot smaller.<\/p>\n\n\n

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\"Atlantic<\/figure><\/div>\n\n\n

Casino revenues<\/strong> hopped 4% last month in Detroit<\/strong>, although they’re still 13% down from where they were in 2019. MGM Grand Detroit was the pace car, up 4% to $56.5 million. Comeback kid Hollywood Greektown<\/strong> had a mildly adverse March, down 1% to $27 million. MotorCity<\/strong>, meanwhile, leapt 7% to $38.5 million. That’s a pecking order that’s never changed and almost certainly never will.<\/p>\n\n\n\n

Steady as she goes<\/strong>. In Missouri<\/strong>, gambling win was flat with last year, for a gross of $175.5 million. First-place Ameristar<\/strong> St. Charles<\/strong> exemplified the state, flat at $26.5 million. Nearby Hollywood St. Louis<\/strong> slipped 4% to $21.5 million. Sister property River City<\/strong> receded 3.5% to $23 million and Horseshoe St. Louis<\/strong> was down 3% to $14 million. Things were more volatile in Kansas City<\/strong>, where Bally’s Kansas City<\/strong> leapt 8.5% to $12.5 million. Argosy Riverside<\/strong> also made inroads, up 4% to $16.5 million. Ameristar Kansas City<\/strong> was not to be deterred, up 2% to $19 million, whilst Harrah’s North Kansas City<\/strong> lost market share, -6% to $15.5 million. In the boonies, Isle of Capri Boonville<\/strong> slid 7% to $8 million, while Century Casinos<\/strong> was up 5% in Cape Girardeau<\/strong> ($7 million) and 4% in Caruthersville<\/strong> ($4.5 million).<\/p>\n\n\n\n

Staying with the Midwest,<\/strong> sports betting revenue in Illinois<\/strong> was up 22% in February, hitting $83.5 million, despite low hold. DraftKings<\/strong> inched past FanDuel<\/strong>, $32 million to $31.5 million. BetRivers<\/strong> held onto the third spot with $7 million while Bet ESPN<\/strong> made impressive inroads to have achieved $4.5 million. It was followed by BetMGM<\/strong> ($3.5 million) and Caesars Sportsbook<\/strong> ($2 million). Fanatics<\/strong>, meanwhile, tiptoed past BetMGM with $4 million. All others scraped up $300K between them.<\/p>\n\n\n\n

Speaking of sneaking,<\/strong> online sports betting has already celebrated a year in Maryland<\/strong> while we weren’t looking. Last month’s takings were down 5%, in spite of a 41% surge in handle to $522 million, spurred in part by slightly increased ESPN Bet<\/strong> activity. Revenue was $44 million, luck being with the punters. Free play subtracted another $11 million from operators’ winnings. Luck was not with ESPN Bet for sure, as it made far less than a million when the dust settled. FanDuel<\/strong> was predominant with $26.5 million, followed (of course) by DraftKings<\/strong> with $11.5 million. Casino dominance isn’t translating into cyberspace for BetMGM<\/strong>, which notched just $3 million, while Caesars Sportsbook<\/strong> nabbed $1 million. BetRivers<\/strong> was amongst the also-rans, as was Fanatics<\/strong>, which came in just under our Mendoza Line ($1 million).<\/p>\n\n\n

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Jottings:<\/strong><\/em> Palace Station<\/strong> armed robber<\/a> and all-around scumbag O.J. Simpson<\/strong> has died. It couldn’t have come a moment too soon or to a more deserving individual … Virgin Las Vegas<\/strong> is still without a collective-bargain agreement for its unionized employees. Ergo, the Culinary Union<\/strong> will be picketing it today. Negotiations, however, are said to be ongoing … Banning of prop bets may just be the leading edge of a backlash<\/a> against sports betting. To some extent, operators have themselves to blame, thanks to their absurd degree of advertising overkill … Casinos in Thailand<\/strong> have been approved by parliament but several hurdles remain. One of these is yet another study<\/a>, to be conducted by the Ministry of Finance<\/strong> … OSB is losing the sports betting debate but DraftKings<\/strong> CEO Jason Robins<\/strong> thinks he has a winning strategy: Blame the victims<\/a>. Once a douchebag, always a douchebag.<\/p>\n","protected":false},"excerpt":{"rendered":"

Desperation, thy name is Genting Group. In its panic to obtain a New York City casino license, the gaming giant has offered unilaterally to pay 67% of its slot winnings to New York State. That’s right, two thirds. This dramatically ups the ante for anybody else wanting a Big Apple casino, an expected annual levy […]<\/p>\n","protected":false},"author":83928,"featured_media":857332,"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\/2024\/04\/resorts_world.jpg?fit=400%2C273&ssl=1","_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/posts\/857331"}],"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=857331"}],"version-history":[{"count":3,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/posts\/857331\/revisions"}],"predecessor-version":[{"id":857340,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/posts\/857331\/revisions\/857340"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/media\/857332"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/media?parent=857331"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/categories?post=857331"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/tags?post=857331"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}