Horseplay in Massachusetts and Monday mega-jottings

Credit Suisse analyst Ben Chaiken says Wynn Resorts is “heading in the right direction … Macau has a pretty low bar right now, and it sounds like momentum is starting to trend in the right direction. All operators have talked about being break even in Macau in October, and it feels like some of the worst case scenarios being floated are off the table.” Chaiken still likes Las Vegas Sands better for its premium-mass share in Macao, lower leverage and Singapore presence. “Trends from Las Vegas and Boston sound like they are improving, with positive [cash flow] of $28m … and $26m respectively. Both MGM and WYNN have talked about the slower 4Q period ahead in Vegas, which likely weighs on results and sentiment.” The analyst moved his price target to $80/share, which was hardly a big deal, as the stock was trading there already.

The Las Vegas Raiders‘ anti-Covid policies have more holes than a colander. It’s gotten to the point where the Silver and Black have had to void a draft pick for its ineptitude with regard to public health. Sports Illustrated places the blame at the feet of celebrity coach Jon Gruden: “It seems Gruden—who at one point this preseason cared enough to have an assistant coach pretend he had COVID-19 to see how his players would respond (what a show that must been)—doesn’t care for the NFL’s protocols and, perhaps like many others in the country, doesn’t take the virus seriously.” While Gruden can’t police every team member, SI allows, he sets the tone … and so far that tone appears to be one of mere lip service. The Raiders, incidentally, way more than covered the spread yesterday, crushing the Denver Broncos 37-12, just missing the 53-point ‘over.’

Jottings: Bad news for Detroit casinos—Gov. Gretchen Widmer (D) has ordered a Nov. 18 shutdown. Covid-19 cases in the state have surged to 9,100 … Visitation to Macao doubled to 40,000 souls per day in early November from October. “I would characterize it more as an ‘improvement’ rather than a ‘recovery,’” reported analyst Lorien Piling … Yet another casino slowdown in Yokohama: A petition drive to halt the pursuit of a megaresort has garnered landslide support. If the referendum passes, Mayor Fumiko Hayashi has promised to abide by the results of the vote … Congratulations to GVC Holdings, which won ‘Safer Gambling Operator of the Year’ at EGR’s Operator Awards 2020. GVC was praised for increased philanthropy and stronger player-protection policies. Group Director Grainne Hurst vowed that “we will not be resting on our laurels. As announced last week, we have launched our Advanced Responsibility & Care programme and have set out plans for responsible gambling to be incorporated into Group-wide bonuses from 2021.” … Coronavirus has caused casinos to close in the United Kingdom, Latvia, Lithuania, Greece, Belgium, Holland, France, Italy and Germany … Daily fantasy sports is sports betting, or so says a formal IRS memo. No action, however, has been taken … Scientific Games has been rewarded with a new, five-year contract by the Massachusetts State Lottery Commission to provide instant games and “digital engagement.” The contract contains a two-year option for renewal. Scientific and Massachusetts are old friends, the company having supplied the lottery since 1974. “It goes without saying that the Mass Lottery has been the highest performing instant game lottery in the world for many years and continues to set the bar for lotteries around the globe. We are extremely proud of the results of this trusted business partnership over the past four decades,” said SGMS exec John Schulz …

Crown Resorts may take another tilt at Las Vegas, specifically Venelazzo. The mobbed-up is tipped by Global Gaming Business as a contender, along with Golden Nugget, Macao’s Galaxy Entertainment (which should have no trouble scaring up the $6 billion required) and even fast-rising Churchill Downs. Venelazzo owner Sheldon Adelson could be looking at an enormous auction-driven payday, which should salve some of his election losses … Adelson wasn’t the only deep-pocketed election loser. Nebraska Gov. Pete Ricketts (R) plunked down $250,000 against legalization of racinos. The measure passed with supermajority support … New York‘s casinos and racinos aren’t doing so badly, all things considered. Statewide gaming revenue for October, $197 million, was down 11%. MGM Empire City did a bit better, off 10.5% … Although it makes no sense to add tables in a pandemic, that’s what card rooms in San José can do, from 49 to 64. In return they’ll accept their tax rate being hiked from 15% to 16.5% … Fairmount Park in Illinois has been green-lit for casino gambling. Don’t expect it to roll the dice for a year, though … In an ill omen for locally owned Tennessee Action 24/7, the online book didn’t start taking wagers until eight hours after BetMGM, FanDuel and DraftKings did. The latter is now operational in 10 states, further cause for investor confidence.