Derby Day a dud; Bank cools on Resorts World LV

Optimism is in shorter supply at Maybank, which wrote down its expectations for Resorts World Las Vegas, attributing “nil value” to the project and lowering Genting Berhad from “Buy” to “Hold.” Maybank’s gloom was not attributable to the project’s staggering cost ($4.3 billion), Resorts World‘s dearth of brand equity in the U.S. or the challenge of duking it out with entrenched megaresorts (in more attractive locations) for high rollers. No, “The United States is now the country worst hit by the COVID-19 pandemic. If the COVID-19 pandemic in the United States does not stabilize by the time RWLV opens in the summer of 2021, we fear that it will generate losses.” Even should the health picture improve, Resorts World LV is a long-term play. Novelty factor aside, we don’t see it making immediate inroads on the likes of Wynncore and Venelazzo. That said, we like its prospects much better than vaporware like The Drew. The picture for Genting isn’t much brighter in Singapore, where Maybank “does not expect [Resorts World Sentosa] to breakeven in the near future on lack of international gamblers and social distancing requirements.” With the exception of Resorts World New York City, it’s an uphill slog for all of Genting’s major casinos.

Are you puzzled by anemic long-haul tourism to Las Vegas? Global Gaming Business has one of the answers. The problem, it seems, isn’t so much the getting in as what happens when you go home again: quarantine. There’s a mind-blurring myriad of policies depending on your state of origin but the bottom line tends to come out the same—go to Vegas, shelter in place for a fortnight upon your return. That’s unlikely to change so long as Nevada is the Typhoid Mary of Covid-19. Nevada’s positivity rate is 15%, three times higher than what is considered a “flattening curve.” Heck, Maryland won’t even let you go to Sin City if you test positive. (“What happens there never gets here.”) In some states, the quarantine-upon-return mandate is merely suggested, not mandatory. Nonetheless it sends a chilling message about the near future of Silver State tourism.

Seminole Hard Rock Hollywood seemingly had it all: a dazzling, state-of-the-art facility, eye-catching architecture and a Super Bowl rollout featuring Jennifer Lopez and Alex Rodriguez. But there’s one enemy it can’t beat: Coronavirus. The resort just laid off 1,527 people, blaming it on the pandemic. “If things stay the same, the notification said, the layoffs could become permanent,” reported the Miami Herald. One of the key problems is that the resort’s concert hall remains closed, idling many employees. Among the downsized are 265 dealers, 100 bartenders and 80 greeters. Seminole Hard Rock hopes to hire back many of the unlucky 1,500 soon but this illustrates the tough choices being made by casinos across the country. On the plus side, the affected workers are still receiving health insurance through the end of the month. The Seminoles are but one casualty of a leisure industry that’s four million jobs down from this time last year.

Speaking of the Super Bowl, it may have a distinct feeling of déja vu this season … if TheLines.com is correct. Aggregating odds from FanDuel, DraftKings, PointsBet, SugarHouse and Bet MGM, it favors the Kansas City Chiefs to repeat as world champions. If they win, a $100 bet yields a $600 payout. Books also like the Baltimore Ravens (+650 compared to Kansas City’s +600). In the NFC the pickings must be pretty slim, with the San Francisco 49ers overwhelmingly favored (+900) to punch their tickets for a return to “the Big Game” (blech!). Long-suffering New Yorkers and players who favor lengthy odds can pick the New York Jets (+8,500) or New York Giants (+8,400), while the Las Vegas Raiders check in at +6,700 (at least their opening game, at talent-depleted Charlotte, is all but a gimme—TheLines.com has the Raiders three-point favorites). Leaving out teams that don’t play in jurisdictions where sports betting is legal, the closest runner-up are the Philadelphia Eagles at +2,100. No mention is made of the Washington Football Team. Is it that hopeless?

Sheldon Adelson has replaced the Koch Brother(s) as the favorite fundraising bogeyman of the Left. He and Home Depot co-founder Bernie Marcus have been outed by the League of Conservation Voters as being the moneybags behind a $30 million ad buy in swing states Florida, North Carolina, Pennsylvania, Wisconsin, Arizona, Iowa, and Georgia. Several of those states have vulnerable GOP senators but we think Sheldon is going to the well for Donald Trump, don’t you?

Jottings: Sept. 17 is now the official opening date for Tropicana Las Vegas. In a typical Penn National Gaming pinchpenny gesture,”restaurants that do open will only offered prepackaged sandwiches, drinks, and snacks.” Way to say ‘Welcome back,’ Penn … Owner Dreamscape is starting to put its stamp on The Rio, in anticipation of 2022 takeover from Caesars Entertainment. It has tapped Las Vegas Convention & Visitors Authority veteran Amy Riley as director of group sales … Michael Jordan (no, not the chef) has been named a special advisor to DraftKings. His portfolio is “strategic and creative input to [sic] on company strategy, product development, inclusion, equity and belonging, marketing activities and other key initiatives” … It’s official: Gov. Andrew Cuomo‘s ban on casinos in New York State is lifted tomorrow … August was a month to forget for Macao. Gambling revenue plunged 94.5%. September is predicted to be better—and would be hard-pressed to do worse … The online Global Gaming Expo has been set for Oct. 27-28. The two-day virtual event “will include keynote addresses, education sessions, pre-planned meetings and networking opportunities. It also will feature a platform for enabling exhibitors and buyers to conduct business through virtual showrooms, product demos, AI-driven matchmaking and one-on-one meetings” … Imagine this fascist wet dream applied to casino floors. And advantage players think they’re persecuted already.