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Category Archives: Taxes
Caution at Churchill Downs doesn’t impress Wall Street
Churchill Downs‘ stock reacted adversely to a cautious 4Q19 revenue report, as investors worried about the impact of coronavirus on the running of the Kentucky Derby, slated for May 2. JP Morgan analyst Joseph Greff, although one of those staying … Continue reading
Posted in Arizona, Caesars Entertainment, Canada, Churchill Downs, Dining, Health, Horseracing, Illinois, International, Internet gambling, Kentucky, Macau, Money laundering, Regulation, Resort fees, Scientific Games, Slot routes, Sports betting, Taxes, The Mob, The Strip, Virginia, Wall Street, William Hill
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More Stitt double talk; Tribes try again for Maine casinos
Oklahoma Gov. Kevin Stitt (R) continues to bake over $130 million/year in tribal-casino exclusivity fees into his next two budgets, despite A) contending that the state’s Native American casinos are operating illegally and B) raiding those exclusivity fees to pay … Continue reading
Posted in Cambodia, China, Churchill Downs, Economy, Internet gambling, Maine, Oklahoma, Penn National, Racinos, Regulation, Taxes, Tribal
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“Empty gesture” in Macao; Big deals for Scientific, Hill
Casinos may have reopened in Macao but coronavirus cannot be so easily wished away. Fears of its spread hit U.S. stock markets hard, with the Dow Jones tumbling 840 points, ceding all 2020 gains. Overseas bourses are taking it hard, too, … Continue reading
Posted in Alabama, Arizona, Atlantic City, China, Culinary Union, Economy, Election, Galaxy Entertainment, Genting, Health, International, Internet gambling, Las Vegas Sands, Macau, Melco Resorts & Entertainment, MGM Resorts International, Michigan, Mississippi, Nevada, New Jersey, Oklahoma, Pennsylvania, Scientific Games, Singapore, Sociedade de Jogos de Macau, Sports, Sports betting, Taxes, Tilman Fertitta, Tourism, Tribal, Wall Street, William Hill, Wynn Resorts
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Life’s good if you’re Boyd; Caesars fire sale threatened
Boyd Gaming‘s share price got a bump from JP Morgan analyst Joseph Greff, who wrote “We continue to believe BYD is well positioned in both U.S. regional gaming markets as well as the LV Locals market.” Since Boyd is ahead … Continue reading
Odds favor Bloomberg; Hilton returns to Vegas
As Saturday’s Nevada caucus nears, South Point oddsmaker Jimmy Vaccaro is boldly going where none of his colleagues have gone before, posting presidential odds. We’ll break them down by category. Vaccaro has Sen. Bernie Sanders (I), as expected, winning Nevada … Continue reading
Posted in Baseball, China, Connecticut, Cretins, Culinary Union, Election, International, Internet gambling, Kentucky, Las Vegas Sands, Law enforcement, Macau, Maryland, Massachusetts, Mattress Mack, MGM Resorts International, Nevada, New Hampshire, Politics, Resorts World LV, Sahara, Scientific Games, Sports betting, Taxes, Technology, The Strip
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Wynn dominates Massachusetts; Scientific disappoints
Massachusetts casinos raked in $80 million last month, 60% of that—or $48.5 million—at Encore Boston Harbor. Holding onto a 26% share was MGM Springfield, grossing $20.5 million, while Plainridge Park won $11 million. That was a 10.5% decline for the … Continue reading
Posted in Arizona, Baseball, Economy, Internet gambling, Japan, Massachusetts, Maverick Gaming, MGM Resorts International, Oklahoma, Penn National, Scientific Games, Sports betting, Taxes, The Strip, Tribal, Wall Street, Washington State, Wynn Resorts
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Encore gets real; Atlantic City on impressive streak
According to the Boston Globe, a “sense of reality” in sinking in at Encore Boston Harbor that it has to appeal to somebody besides high-income demographics. “This shift was evident recently when a bright-red taco truck appeared on the gambling … Continue reading
Posted in Atlantic City, Canada, Dining, Georgia, Illinois, Internet gambling, Marketing, Massachusetts, MGM Resorts International, Real Estate, Regulation, Sports betting, Steve Wynn, Taxes, The Mob, Wynn Resorts
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New deadline for Oklahoma; Nevada casinos notch new high
Chief U.S. District Judge Timothy DeGiusti has placed the ball on compact renewal squarely back in Oklahoma‘s court. However, he has—to mix metaphors—split the baby quite fairly. And he’s given everyone a ticking clock to make a deal. Both sides are to … Continue reading
Pritzker whistles past graveyard, Ivey more cautious
Casino revenue in Illinois last year was down 1.5% from 2018—and 17% from 2012, the seventh consecutive year of declines. Despite this empirical evidence, Gov. J.B. Pritzker (D) and his commissars for optimism remain hellbent on casino expansion, believing that … Continue reading
Posted in Alabama, Election, Health, Illinois, Law enforcement, Lotteries, Louisiana, Missouri, Penn National, Politics, Slot routes, Taxes, Tribal
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Tramway to Encore; Pennsylvania pony pennies pinched
A gondola ride from Everett City Hall to Encore Boston Harbor? It could happen. Everett Mayor Carlo DeMaria has applied for a $200,000 study grant so that the city can look into the feasibility. He’s picking up the ball from Wynn … Continue reading
Coronavirus hits Vegas; Connecticut’s massive screwup
This just in … It’s here! The Southern Nevada Health District has reported a possible case of coronavirus. More details as we get them. In the meantime, there are at least six confirmed cases in Macao, as gaming stocks suffer … Continue reading
Posted in Atlantic City, Caesars Entertainment, Connecticut, Cosmopolitan, Dan Gilbert, Eldorado Resorts, Foxwoods, Health, Japan, Las Vegas Raiders, Macau, Massachusetts, MGM Resorts International, Mohegan Sun, Ohio, Oklahoma, Politics, Sports, Sports betting, Taxes, The Strip, Tourism, Transportation, Tribal
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Resort fees look ominously permanent; Goodbye, Hard Rock Hotel
Las Vegas is “a market notorious for some of the highest resort fees anywhere.” So writes Hotelsmag.com’s Juliana Shallcross. Big Gaming needn’t be too worried: The Hotel Advertising Transparency Act of 2019 has gone absolutely nowhere in the supposedly liberal House … Continue reading
Casinos seen as gold mine, get the shaft; Oscar odds out
Whenever it’s time to consider a tax increase in Nevada, non-gaming businesses can look forward to continued freeloading. Case in point, the PAC calling itself Nevadans for Fair Gaming Taxes (and what’s unfair about Nevada’s casino tax?) are mounting a … Continue reading
New gambling ban in Britain; Casinos face uncertain Georgia future
Great Britain continues to crack down on gambling. As of April 14, Britons will no longer be able to bet with their credit cards. (Lottery tickets are exempted from the fatwa.) This comes on the heels of a reduction in the … Continue reading
Big MGM payday; Halting casino extortion; Wynn scammed
Betting the farm on Japan, CEO of MGM Resorts International Jim Murren has realized his goal of selling MGM Grand and Mandalay Bay. The price was a sweet $4.6 billion it will only cost MGM $292 million a year to lease … Continue reading
Posted in Caesars Entertainment, Eldorado Resorts, Environment, Hard Rock International, Indiana, Japan, Law enforcement, Louisiana, Macau, Massachusetts, Maverick Gaming, MGM Resorts International, Ohio, Penn National, Philippines, Spectacle Entertainment, Sports betting, Taxes, The Strip, Wynn Resorts
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Stitt robs public purse; Hard Rock blindsided
Oklahoma citizens may find themselves using the term “Indian giver” to describe Gov. Kevin Stitt (R). He’s planning to plunder the state’s rake of tribal gaming revenue to defend against a lawsuit brought by the state’s three biggest tribes. The … Continue reading
Sports betting back on in Florida; Genting tipped for Japan
Although Florida voters thought they were cutting the Lege out of gambling legalization, lawmakers may have found a way to weasel their way back in, at least as concerns sports betting. The Sunshine State’s constitution now forbids the Lege from … Continue reading
Posted in AGA, China, FanDuel, Florida, Galaxy Entertainment, Genting, Japan, Law enforcement, Melco Resorts & Entertainment, MGM Resorts International, Missouri, Movies, New Jersey, New York, Politics, Regulation, Seminole Tribe, Sheldon Adelson, Singapore, Slot routes, Sports, Sports betting, Taxes, Texas, The Strip, Transportation
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Japan scandal grows; Caesars slammed
Japan‘s 500.com bribery case continues to spread. An additional five Nipponese lawmakers have been implicated, accused of taking $9,249. The notion that Japanese solons would sell their souls for such chump change indicates how desperately they want to get in on the … Continue reading
Stitt escalates Oklahoma conflict; The new N-word
Oklahoma Gov. Kevin Stitt‘s jihad against the state’s gaming tribes has claimed its first casualty. Secretary of Native American Affairs Lisa Billy resigned, writing that the governor was “committed to an unnecessary conflict … [You have] remained intent on breaking faith with them,” … Continue reading
Posted in Churchill Downs, Connecticut, Genting, Hooters, International, Las Vegas Raiders, Marketing, Massachusetts, Movies, New York, Oklahoma, Problem gambling, Sexual misconduct, Sports, Sports betting, Taxes, Tribal, TV, Wynn Resorts
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Brandes’ big bet; Skill-based slots catching on
“We think it’s time for Florida to take it out of the shadows and into the sunshine,” said state Sen. Jeff Brandes (R). He was speaking of sports betting which, like daily fantasy sports, is currently illegal in the Sunshine … Continue reading