New York $tate of mind; DraftKings gets rabies

OK, so New York State sports betting “slowed slightly” last month. Big deal. After all, there weren’t five weekends of NFL action, for starters. What’s more newsworthy is the $1.5 billion in handle that Empire State online sports betting whipped up. Admitted PlayUSA‘s Mike Mazzeo, “As big as the Super Bowl is, it is still just one game. And a slowdown in the immediate aftermath of the game is to be expected everywhere.” Besides, PlayUSA is already predicting $3 billion in nationwide wagers on March Madness, so the minor lull will be brief. New Yorkers bet online at a $54.5 million per day clip, and out of a $82.5 million gross, books kept $40.5 million (less promotions) as the state racked up $42 million in taxes … although Assemblyman Gary Pretlow (D) is making noises about a tax cut, which might actually enable New York OSB operators to post a profit.

DraftKings was second in handle ($387.5 million) but first in revenue with $30 million. FanDuel flipped the stats with handle of $568 million but only $23 million in winnings. Former leader Caesars Sportsbook took a tumble, with handle of $323.5 million and revenue of $20 million, a big comedown from January’s $59 million.

What was DraftKings CEO Jason Robins doing when this good news was coming down the pike? He was engaged in a paranoid rant on Twitter, raging from his bunker that “If you sold #DKNG today, just be aware that my team and I are on a mission to make you regret that decision more than any other decision you’ve ever made in your life.” That’s mighty big talk when your stock is trading at $18.35/share and has been in steady decline ever since Robins’ bluster. Perhaps Robins should be thinking about why his stock has lost over 75% of its peak value, rein in marketing spending or even refrain from making puffed-up revenue projections. Nah. And if you’re waiting for DraftKings to turn a profit, a MoffettNathanson analyst says it will … in 2028.

Staying with New York a moment longer, the state and the Seneca Nation are set to collide on Wednesday. That’s the deadline Gov. Kathy Hochul (D) has given the Seneca to turn over $540 million in disputed revenue-sharing funds—or else they’ll be seized. The tribe, for its part, wants a further delay so that the National Indian Gaming Commission can review the Seneca compact and determine whether the nation is indeed liable. The dispute between state and tribe has been dragging on for five years, and Seneca Nation President Matthew Pagels appears to be going back on a settlement he signed with Hochul two months ago. “Rather than threatening aggressive action,” Pagels said, spitting defiance, “the state should permit the federal agency responsible for overseeing Indian gaming issues the time it needs to complete its work.”

He added, in allusion to former governor Andrew Cuomo, “We have seen what happens when New York acts like a government intent on eroding, ignoring and obliterating relationships with Native nations and Native people.” Pagels wants a new compact, having lost one legal challenge after another to the old one. But he’s not likely to get it with rhetoric like that.

Louisiana casino revenue continues to ‘normalize,’ down 2% from February 2019 but up 30.5% from last year. We’ll use 2021 numbers for our comparative purposes. Casinos grossed $197 million while OSB saw $211 million in handle and $17 million in revenue. Even lowly Belle of Baton Rouge posted a 14% gain to reach $1.4 million. Hollywood Baton Rouge was up 10% to $4.5 million and L’Auberge Baton Rouge vaulted 44% to $17 million. In New Orleans, the status quo was also maintained, with Harrah’s New Orleans out front with $20 million (+28%), then Boomtown New Orleans‘ $12 million (+36%), Treasure Chest‘s $8 million (+30%) and Fair Grounds racino’s distant $4 million (but +26%).

Over in Lake Charles, it was a narrow win for L’Auberge du Lac, up 28% to $28 million, over Golden Nugget‘s $27.5 million, up 35% and coming on strong. Delta Downs gained 13% to reach $13 million, while outlying Boyd Gaming properties Amelia Belle and Evangeline Downs made $3 million and $6.5 million respectively, up 35.5% and 18%. As for Shreveport/Bossier City, rebranded Bally’s Shreveport catapulted 78.5% but only to $9 million, putting it well shy of market leader Margaritaville ($18.5 million, +43.%). Horseshoe Bossier took second place with $14 million and a 28% gain, while Sam’s Town eked out a 3% upward nudge to $3.5 million. Boomtown Bossier leapt 43% to $4 million but Louisiana Downs tumbled 35% to $2 million. Deutsche Bank broke out no individual numbers on sports betting, alas.

Here’s another reason to avoid online dating, especially in Las Vegas. An unidentified man was stabbed in the neck at Sunset Station by (allegedly) Nika Nikoubin, who seems to have randomly picked the victim out to be the target of revenge for the Obama, er Trump [see “Comments”] administration’s assassination of terrorist leader Qasem Solemani. The star-crossed lovers were “engaged in sexual activity,” with the man having unwisely consented to be blindfolded before the dagger thrust struck home. Nikoubin has already confessed to the crime, saying the song “Grave Digger” inspired her to do it. Boy, it doesn’t take much provocation for people to commit violence these days.

On a more positive Vegas note, Bally’s Las Vegas (soon to be Horseshoe) is hosting a photography exhibit called Rarely Seen. It features imagery culled from the library of National Geographic, 50 pictures in all. Focusing on exotic places like Antarctica and New Guinea, the “immersive” exhibition will be “bringing these photos to life and placing our guests within the experience itself,” said Tom Zaller, CEO of Imagine Exhibitions. Kudos to Bally’s and parent Caesars Entertainment for bringing this valuable and edifying entertainment to the Strip.

Quote of the Day: “From our perspective, we could never get it to move along to our satisfaction, so we packed up and called it a day.”—Las Vegas Sands CEO Rob Goldstein on casino development in Japan.