As the line continues to blur between social gaming and real-money gambling, MGM Resorts International continues to hang back from the latter and favor the former. It’s putting its efforts into a free-play site that offers M Life rewards, as U.S. Internet gaming has proven to be small potatoes so far. As Macquarie Securities analyst Chad Beynon puts it, “a lack of progress keeps us concerned.”
Not so social gaming, which has proven to be a bonanza for Caesars Entertainment. It was prescient of Gary Loveman to leap into this realm with both feet, buying up social-gaming platforms left and right. In the last quarter, Caesars owned $116 million of a $202.5 million social-gaming market and it’s projected to take in a half-billion dollars for the full year. (Wouldn’t it be ironic if social gaming were the fiscal savior of Caesars’ huge bricks-and-mortar empire.) MGM, meanwhile, is concentrating on expanding its myVegas application beyond its Strip casinos, the only places where you can redeem your rewards presently.
And then there were six. Falling quickly into line behind Boyd Gaming, the owners of the El Cortez came to terms with the Culinary Union, agreeing to a new collective-bargaining pact. In a small victory for the El Cortez, it will be retroactive to a year ago. As a 5:30 a.m. Sunday walkout time looms ever larger, the pressure is ramped up on The D, Golden Gate, Las Vegas Club, Plaza, Four Queens and Binion’s.
