Ten years. That’s how long it’s been since a brand-new resort has opened on the Las Vegas Strip. Looking to break that dry spell, Genting Group has recommitted itself to a 4Q20 opening of 
Resorts World Las Vegas. Commenting on that news and the ongoing trough in Vegas visitation, Credit Suisse analyst Cameron McKnight wrote, “Generalist investors are perplexed at the seeming disconnect between a strong US consumer and macro environment, and weak pricing trends in Las Vegas. Investors are digging into whether weak 3Q guidance does reflect an aberration in comps and event calendars, or whether it reflects ‘something else’ … we think stocks are likely in the penalty box until there’s clarity on Q4 rates.”
Getting a jump on his peers, McKnight quickly vetted July’s casino revenues and wrote that they “disappoint … Bottom line, revenues were weak with normalized mass market revenues down -2.2%, versus +3.1% in the year-to-date to June … In our view, normalized mass market revenues are the best indicator of market growth and health as they include slot machines, which represent 50% of Las Vegas, and excludes the volatile baccarat business, in which only a handful of casinos participate.” It will be interesting to see what, if anything, McKnight’s colleagues have to say when they weigh in later today.
* Being a nosy parker about sports betting has now become a bipartisan issue at the federal level. Sen. Chuck Schumer (D) 
has fallen in line with Sen. Orrin Hatch (R) in calling for federal oversight of sports betting. “With the Supreme Court’s ruling, it’s incumbent on the federal government to take a leadership role and provide the necessary guidance to prevent uncertainty and confusion for the leagues, state governments, consumers and fans alike,” Schumer bloviated. Yes, because the federal government has so much experience in overseeing sports betting. Not. Even states with much experience in sports betting, like Nevada, would see their prerogatives overridden by Uncle Sam.
The American Gaming Association’s Sara Slane was quick to return fire. “The casino gaming industry shares Senator Schumer’s goal in preserving the integrity of sporting events and providing consumer protections. Federal oversight of sports 
betting was an abject failure for 26 years only contributing to a thriving illegal market with no consumer protections and safeguards. New federal mandates are a nonstarter,” she wrote.
“The casino industry is working with stakeholders to ensure the proper protections for consumers, and the integrity of bets and sporting contests are included in state policy, universally implemented by all operators in those states, and overseen by effective state and tribal gaming regulators.” [emphasis] Neither Hatch nor Schumer has said how they’d pay the costs of this federal regulation but the phrase “integrity fees” comes to mind.
* We’ve heard a lot in recent years about vegetarian and even vegan offerings in Las Vegas restaurants, but how many of them cater to kosher sensibilities. Well, one that we know of: Rampart Las Vegas. It has added unspecified “traditional Jewish fare” for Rosh Hashanah and Yom Kippur. Not being one of the chosen people, I can only guess what cuisine this might be but commend Rampart on its outreach.
