Category Archives: Taxes

New York state of mind; Moody blues for Las Vegas

Posted on May 13, 2020 by David McKee

Like Massachusetts casinos, those in New York are not expected to reopen until July. Lago Resort & Casino General Manager Lance Young told journalist James Rutherford he’s monitoring reopening protocols as far away as Macao but has received no concrete … Continue reading →

Posted in Economy, Health, Horseracing, Internet gambling, Lotteries, Maryland, MGM Resorts International, Michael Gaughan, Nevada, New York, Oklahoma, Penn National, Regulation, Rush Street Gaming, Sports, Sports betting, Taxes, Tribal, Wall Street | Comments Off

Boston buoys Wynn, Penn leans on Barstool

Posted on May 11, 2020 by David McKee

Wynn Resorts was one of three biggies to report 1Q20 results late last week and the Las Vegas Strip was the least of its problems. Wynn Las Vegas and Encore had net revenue of $324 million, down 19% from last … Continue reading →

Posted in Atlantic City, Caesars Entertainment, CityCenter, DraftKings, Economy, FanDuel, Florida, Golden Gaming, history, Illinois, Indiana, Internet gambling, Las Vegas Sands, Macau, Maine, Marketing, Maryland, Massachusetts, MGM Resorts International, Penn National, Pennsylvania, Slot routes, Sports, Sports betting, Taxes, The Strip, Tourism, Wall Street, Wynn Resorts | 3 Comments

Creative responses to a crisis

Posted on May 7, 2020 by David McKee

Leave it to Derek Stevens to find a way to literally drive sports-betting business in Downtown. Starting this morning, Circa Sports began taking curbside sports bets at the Golden Gate. You pull up, flash your cash (or plastic) and a … Continue reading →

Posted in Caesars Entertainment, California, Culinary Union, Derek Stevens, Dining, Downtown, e-sports, Economy, Health, Law enforcement, MGM Resorts International, Nevada, Penn National, Regulation, Sports, Sports betting, Taxes, The Strip, Tourism, Transportation, Tribal, Wall Street | 2 Comments

Twin River advances, Maverick retreats; Sands optimistic

Posted on April 27, 2020 by David McKee

Twin River Holdings is now a player in Atlantic City. It must have driven a hard bargain, too, picking up lowly Bally’s for $25 million, mere pocket change. It had Caesars Entertainment and Eldorado Resorts over a barrel, as keeping … Continue reading →

Posted in Atlantic City, Caesars Entertainment, Economy, Eldorado Resorts, Health, history, Internet gambling, Lake Tahoe, Las Vegas Sands, Louisiana, Macau, Maverick Gaming, Regulation, Sports betting, Taxes, The Strip, Twin River, Virginia | 1 Comment

New opening for ‘Net bets; Goodman still under fire

Posted on April 24, 2020 by David McKee

With gaming reeling—and tax revenues along with it—Internet gambling may start looking more attractive to states that have previously scorned it. Sports betting has taken the lead, with Colorado poised to enter that fray. However, Morgan Stanley analyst Thomas Allen … Continue reading →

Posted in Atlantic City, Caesars Entertainment, Colorado, Culinary Union, Economy, Eldorado Resorts, GLPI, Health, Internet gambling, Morris Bailey, Nevada, New Jersey, Oregon, Penn National, Real Estate, Sports betting, Taxes, The Strip, Tilman Fertitta, Tribal, TV, Unite-Here, Wall Street, Wisconsin | Comments Off

Trimming ship at Mohegan Sun; Tennessee’s bad bet

Posted on April 22, 2020 by David McKee

Slot win at Mohegan Sun was $19.5 million (-62%) last month, while Foxwoods Resort Casino didn’t do quite so well, winning $14 million (-67%) before closing on March 17, as did Mohegan Sun. The silver lining for the tribes is … Continue reading →

Posted in Foxwoods, Internet gambling, Mohegan Sun, Penn National, Sports betting, Taxes | Comments Off

More woes for Penn; “A slog” for Encore Boston

Posted on April 21, 2020 by David McKee

Covid-19 has claimed another casino casualty in the form of Resorts Casino Tunica. Ironically, the Penn National Gaming closure comes after an abortive March which promised to exceed the 2019 in Mississippi. Overall gaming revenues were at $110 million when … Continue reading →

Posted in Australia, California, Crown Resorts, Economy, GLPI, history, International, Massachusetts, Mississippi, Penn National, Sports betting, Taxes, Tourism, Wall Street, Wynn Resorts | Comments Off

Hiccup in Virginia; Sheldon’s retail therapy

Posted on April 21, 2020 by David McKee

Just when it seemed like casinos in Virginia were a done deal, some last-minute tinkering by Gov. Ralph “Blackface” Northam (D) could scupper the whole deal. Northam unilaterally amended the enabling legislation to redirect two-thirds of the tax collections from … Continue reading →

Posted in Boyd Gaming, Cretins, Economy, FanDuel, Hard Rock International, International, Internet gambling, Las Vegas Sands, Macau, Mohegan Sun, Pennsylvania, PokerStars, Politics, Racinos, Regulation, Rush Street Gaming, Sheldon Adelson, Singapore, Sports betting, Taxes, Tourism, Transportation, Tribal, Virgin Hotels, Virginia, Wall Street | Comments Off

Northam covets slot tax; CEO suddenly out at Foxwoods

Posted on April 16, 2020 by David McKee

In Gov. Ralph Northam‘s Virginia there are two inevitabilities: death from Coronavirus and taxation of black-market slot routes. Northam wants to legitimize the devices (their unsanitary properties notwithstanding) in order to collect taxes off them. He rationalizes the move by … Continue reading →

Posted in e-sports, Economy, Foxwoods, Health, International, Internet gambling, Politics, Problem gambling, Resorts World LV, Slot routes, Sports, Sports betting, Taxes, The Strip, Virginia, William Hill | Comments Off

Macao bad, worse to come; No casinos for Brazil

Posted on April 7, 2020 by David McKee

“With the government keeping limitations on individual and group visas into the market and transportation options remaining impaired we believe the Macau market could take five to seven months to start stabilizing and showing improvement,” Stifel Financial analyst Steven Wieczynski … Continue reading →

Posted in Atlantic City, Caesars Entertainment, China, Connecticut, Dining, Economy, Foxwoods, Galaxy Entertainment, Hard Rock International, Health, history, International, Internet gambling, Japan, Las Vegas Sands, Macau, Maryland, Melco Resorts & Entertainment, MGM Resorts International, Mohegan Sun, Ocean Resort, Politics, Scientific Games, Station Casinos, Taxes, Wall Street, Wynn Resorts | 1 Comment

Quick stimulus update

Posted on March 25, 2020 by David McKee

Here’s a good rundown of the economic-stimulus bill. Republicans made some concessions (attaching strings to corporate bailouts) and Democrats made others (no forgiveness or deferment for student loans). It’s not yet clear how much of its wish list the casino … Continue reading →

Posted in AGA, Alex Meruelo, Donald Trump, Economy, Sahara, Taxes | Comments Off

Stitt catches a break; Station, Gaughan step up to the plate

Posted on March 21, 2020 by David McKee

Did the government of Oklahoma screw up the exclusivity agreement that gave it power over tribal gambling? That’s the contention of a new legal brief from the Wichita and Affiliated Tribes, who say that the recent expansion of lottery offerings … Continue reading →

Posted in Boyd Gaming, Charity, Dan Gilbert, Downtown, Genting, Golden Gaming, Health, International, Internet gambling, Lotteries, MGM Resorts International, Michael Gaughan, Ohio, Oklahoma, Sahara, Singapore, Sports, Sports betting, Station Casinos, Taxes, The Strip, Tilman Fertitta, Tribal, William Hill | 1 Comment

Tough times return to Atlantic City; KY Derby delayed

Posted on March 18, 2020 by David McKee

As we saw earlier today, Las Vegas and Reno are pretty badly screwed for at least the next month. What about perennial problem child/comeback kid Atlantic City? Just when it’s back on its feet and roaring again, along comes Coronavirus … Continue reading →

Posted in AGA, Atlantic City, California, Dining, Economy, Election, Health, Horseracing, Internet gambling, Kentucky, Macau, Maryland, MGM Resorts International, New York, North Carolina, Regulation, South Carolina, Sports betting, Taxes, Tilman Fertitta, Tourism, Tribal, TV, Wall Street, Washington State | Comments Off

Gaming: Too big to fail?; Sports betting gets creative

Posted on March 17, 2020 by David McKee

Casino CEOs have no shame. They are capitalizing on the Coronavirus crisis to go to Congress, palms extended, cadging for a bailout. In an outrage-inducing story in today’s Washington Post, it is reported that the gaming industry’s wish list includes: … Continue reading →

Posted in AGA, Caesars Entertainment, Economy, Eldorado Resorts, Genting, MGM Resorts International, Michael Gaughan, Nevada, Phil Ruffin, Planet Hollywood, Politics, Sports, Sports betting, Steve Wynn, Taxes, Tourism, Transportation, Westgate LV, William Hill | 2 Comments

Las Vegas slides toward crisis as market tanks

Posted on March 12, 2020 by David McKee

Coronavirus having been officially been declared a pandemic by the World Health Organization, it was only a matter of time before the impact hit Las Vegas. Not much time, either. Late yesterday, the National Association of Broadcasters pulled the plug … Continue reading →

Posted in AGA, Boyd Gaming, Caesars Entertainment, California, Conventions, DFS, Donald Trump, Economy, Eldorado Resorts, Health, International, Las Vegas Sands, Melco Resorts & Entertainment, MGM Resorts International, New York, Sheldon Adelson, South Korea, Sports, Sports betting, Station Casinos, Taxes, The Strip, Tourism, Twin River, Wall Street, Wynn Resorts | 3 Comments

Gaming stocks immune to rally; Casinos get serious about coronavirus

Posted on March 11, 2020 by David McKee

Gaming stocks by and large didn’t feel the love on Wall Street yesterday, trending slightly downward, not counting 9% rallies for Station Casinos and Melco Resorts & Entertainment (the latter the only Macao operator to bounce back). The market recouped … Continue reading →

Posted in AGA, Alex Meruelo, Atlantic City, Boyd Gaming, Caesars Entertainment, Cosmopolitan, Current, Detroit, Dining, Donald Trump, Economy, Eldorado Resorts, Florida, Health, Lake Tahoe, Las Vegas Sands, Macau, Maryland, Massachusetts, Maverick Gaming, Melco Resorts & Entertainment, MGM Resorts International, Michigan, Penn National, Phil Ruffin, Reno, Rhode Island, Sahara, South Dakota, Sports betting, Station Casinos, Taxes, The Strip, Tilman Fertitta, Tourism, Transportation, Vermont, Wall Street, Washington State, Wynn Resorts | Comments Off

Gambling approved in Virginia, ixnayed in Louisiana

Posted on March 10, 2020 by David McKee

Gambling’s fate in Virginia now rests in Gov. Ralph Northam‘s hands, as the General Assembly has sent a casinos-and-sports-betting bill to his desk. In an eleventh-hour compromise to preserve the legislation, betting on Virginia collegiate teams will be forbidden, a … Continue reading →

Posted in Internet gambling, Japan, Louisiana, Marijuana, Money laundering, Oklahoma, Philippines, Politics, Sports betting, Taxes, Tribal, Virginia | Comments Off

Stitt plays games; Georgia weighs sports betting

Posted on March 6, 2020 by David McKee

Ignoring a court order, voluble Oklahoma Gov. Kevin Stitt (R) decided to negotiate through the media again. Instead of dickering with the Sooner State’s tribes over revenue sharing (which he’s supposed to be doing), Stitt threatened to bring private casinos into … Continue reading →

Posted in Connecticut, Cretins, Georgia, Health, International, Oklahoma, Politics, Sports, Sports betting, Taxes, Tourism, Tribal | Comments Off

Vegas vs. virus; Tribe puts $1 billion on table

Posted on March 4, 2020 by David McKee

Las Vegas is 20,000 attendees poorer now that Adobe Summit 2020 has pulled the plug on its convention. Although Sin City has been spared from coronavirus fears so far, withdrawals of this magnitude are at least as bad as a … Continue reading →

Posted in Alabama, China, Churchill Downs, Conventions, Donald Trump, Election, Health, International, Lotteries, Massachusetts, MGM Resorts International, Real Estate, Taxes, The Strip, Tribal | Comments Off

Dream on (really); Golden gets downgrade

Posted on March 2, 2020 by David McKee

Dream on the south Las Vegas Strip is looking more like reality, Shopoff Real Estate Investments having purchased the requisite 5.25 acres. The exact location will be at the Strip at Russell Road, just south of Mandalay Bay. Calling the … Continue reading →

Posted in Conventions, Economy, Golden Gaming, Horseracing, Kansas, Las Vegas Raiders, Lotteries, Phil Ruffin, Politics, Problem gambling, Sports betting, Station Casinos, Taxes, The Strip, Wall Street | Comments Off