Strip returns to form; Caesars nixes buffets, free play

Last month Nevada raced ahead of 2019 gambling-revenue benchmarks, up 11% to just over $1 billion. Locals-derived winnings ($245 million) jumped 18%, despite operating at 80% capacity. (Locals casinos saw 15% higher slot win 18% greater handle and 35.5% more table win on 9% higher wagering—talk about luck being with the house.) Similarly confined were Las Vegas Strip casinos, which finally matched 2019 numbers with a $483.5 million performance. Strip slot revenue ($327 million) was up 19% on 16% more coin-in, while non-baccarat table win was down 10% on 3% less wagering. Baccarat remains a black hole, with winnings down 58% on 42% less wagering and low hold percentages. In other words, slots saved the day.

The only revenue-negative market was North Las Vegas, down 2% to $26.5 million. (Small wonder that Texas Station and Fiesta Rancho remain on ice through 2022.) Downtown hopped 23.5% to $76 million, the Boulder Strip was up 3.5% to $81 million and the balance of Clark County was 35% higher than last year at $137.5 million. Laughlin remained flat, grossing $45.5 million. Upstate, Lake Tahoe rocketed 66.5% higher to $22 million and Reno vaulted 26% to $62 million. Elko was up 28% to $32.5 million and the Carson City area grossed $11.5 million for a 28.5% gain. Two-year revenue stacks are unavailable for Mesquite and Wendover but the former grossed $15.5 million and the latter $21.5 million. Thanks as always, Utah. You’ve got our back.

Sports betting and Internet gambling are all but a done deal in Connecticut, pending Department of the Interior approval (since two tribal mega-casinos are involved). DFS appears to have been a casualty of compromise. The anticipated launch date is Sept. 9. In addition to betting online, punters can place walk-up wagers at Mohegan Sun and Foxwoods Resort Casino, as well as at 15 OTBs owned by Connecticut Lottery Corp. In-state collegiate betting is off-limits … except when it isn’t: “But bettors would be allowed to wager on tournaments that involve Connecticut teams as well as others, like filling out a bracket for the NCAA men’s or women’s basketball tournament,” reports the Hartford Courant.

Chimerical Tribal Winds Casino in East Windsor goes on ice for 10 years, by which time everyone will have forgotten it, if they haven’t already. Besides, with casinos being able to offer a full spectrum of games online, who needs it? The lottery gets online keno, in addition to other games. Everybody wins—even problem gamblers, who will see an additional $2 million in funding for treatment programs, paid directly by the casinos and Lottery. The state is expecting $83 million in annual tax revenue from this gaming expansion, which may be the one part of the scenario that is too roseate. Then again, tax rates will be somewhat steep: 18% for the first five years of i-gaming, 20% after that, while sports betting will be taxed 13.75% of gross.

Massachusetts casinos caught a break from state regulators, who voted to rescind most anti-Coronavirus protocols “as long as the facilities continue to follow broader state public health regulations.” Which means that the trio of casinos can go to full capacity on Saturday. Plexiglas dividers will come down and poker will finally return to the Bay State. This is parallel to a statewide relaxation that, among other things, permits vaccinated people to go out in public maskless. Casinos will still have to have an on-site pandemic-safety officer and self-report any Covid-19 cases that occur on-property. Still, said Massachusetts Gaming Commission Chairwoman Cathy Judd-Stein, “The three gaming licensees have cooperated fully throughout this process, working always to serve the public’s interests and protect their patrons and employees.”

OddsChecker.com says Vice President Kamala Harris (D) will be the next POTUS, at 4/1. Should he decide to run for a second term, President Joe Biden‘s odds are looking pretty good, too: 5/1. Donald Trump is just a little ways back at 8/1 (and constitutional scholar Lawrence Tribe argues that, even if convicted and jailed, an elected Trump could still run the country from the Big House). Should any Republican seek to challenge The Donald, the smart money is currently on former United Nations ambassador Nikki Haley (20/1) and much-in-the-news Florida Gov. Ron DeSantis (20/1). Hey, he just sewed up the Seminole vote.

The skeletal, cadaverous hand of Stanley Ho is reaching out from the grave to drag down son Lawrence Ho, CEO of Melco Resorts & Entertainment. While the younger Ho maintains he simply ‘forgot’ about extensive corporate ties to Dear Old Dad, evidence shows that he went to incredible lengths to conceal them, particularly from regulators. A must-read piece by Muhammad Cohen lays out Lawrence’s culpability, especially when it came to Australia, from which old Stan had been banned. “Melco should have known that Stanley Ho was a red flag. I suspect they thought they could overcome that red flag, since the Hos and Packers of the world think they can overcome anything and think regulators are just another nuisance in life,” observes investor advocate Michael Levin. “Melco saw a good deal in Crown [Resorts], and no need to let what it saw as stupid regulators in New South Wales get in the way.” Next time Lawrence Ho gets caught out, maybe he can say the dog ate his paperwork.

Jottings: Leave it to Tilman Fertitta to complain about the federal cash infusion that’s reviving Big Gaming. He took to his favorite forum, CNBC, to vent that “Everybody’s getting the extra $300, people aren’t working so they are going out and they are having dinner and they are going to the casinos, but at the moment I can’t find employees.” Try offering them realistic wages, Tilman. It’s called supply and demand, one of the few laws (like gravity) that can’t be ignored … Casinos on Mississippi‘s Gulf Coast also find themselves hard up for workers as players flock to the scene. At the moment it’s a race between the pressure to raise salaries and the cutoff of unemployment benefits … If you think the return of the Bacchanal Buffet means that buffets are back at Caesars Entertainment, think again. Almost all will be eliminated, along with cash promos for loyalty and sports betting. Otherwise, CEO Tom Reeg is happy with what he sees, particularly along the Las Vegas Strip … The Maryland Lottery is holding special drawings for people who get their Covid-19 vaccine. “Our mission is to ensure that no arm is left behind,” said Gov. Larry Hogan (R), adding, “Get your shot for a shot to win.” The big prize is $400,000 … Global Gaming Expo Asia, slated for Venetian Macao, has been postponed again. No, it’s not for heath reasons. Exhibitors need more time to prepare. The show will (we hope) take place in November.