Case Bets: Sands, Atlantic City, Maryland, Isle of Capri, Churchill Downs, etc.

Las Vegas Sands lost more top executive talent when Sands Bethworks President Robert DeSalvio handed in his notice. He’ll be at the casino through mid-March but the move seems to have caught Sands off-guard. The latter assured reporters that DeSalvio’s departure had nothing to do with the recent megahack of the Bethlehem casino’s Web site. DeSalvio has turned the casino, an initial underachiever, into one of the Pennsylvania’s top-grossing properties. Such talent will be in demand although the departing president will undoubtedly be bound to some form of non-compete clause.

A mass migration of Atlantic Club players to the Golden Nugget Atlantic City has created a sudden need for employees. That’s why 1,300 wannabe casino workers took a 1-in-26 chance of landing a job at the Tilman Fertitta-owned property. The odds may be shortening. The casino needs 50 dealers and 50 other employees now, and still more will be required when the summer season kicks into gear. Comments by prospective workers were tinged with desperation. “These are all dedicated people and we’re not used to being out of a job. My health benefits are expiring. I need a job and I need it now,” said one. Here’s hoping the Nugget hires as many as possible.

Rocky Gap Casino Resort, in western Maryland, needs more slots.  Maryland Live, to the east, needs room for table games. The solution? Sell 19 slots to Rocky Gap and free up some space at Live. Regulators are mulling the transfer.

If you’ve never set foot aboard Harrah’s Metropolis, do it now. The venerable riverboat will soon depart, to be replaced with land-based casino. (A new water feature will preserve the state-prescribed fiction that casino action be conducted over H2O.) New competition from Missouri and the ongoing recession have taken their toll on Harrah’s Metropolis. Said Mayor Billy McDaniel, “We received the lowest amount this past month that we have since the boat has been in operation. I do believe this [change] will be just like a new brand casino opening in the community.” Here’s hoping.

Isle of Capri Casinos‘ 4Q13 revenue slipped by 2% from last year but the company dramatically outperformed analyst expectations. An anticipated loss of $0.07 cents per share turned into a profit of $0.24. Kudos to CEO Virginia McDowell for a job well done. (While warning of new competition in the Lake Charles market, Deutsche Bank analyst Carlo Santarelli identified Isle as a potential acquisition target.)

The world’s newest casino market? Armenia.

Last year, VLT-based “instant racing” games outgrossed horse racing, according to Churchill Downs.

Repentance has its rewards, as in the case of former Mashantucket Pequot Tribe treasurer Steven Thomas. By demonstrating genuine contrition and reform, he persuaded a federal judge to let him off with 10% restitution of stolen funds and 200 hours of community service. Evidently his brother, and fellow felon, Michael Thomas was not so contrite: He’s doing 18 months in the federal pen.