JP Morgan analysts met virtually with Churchill Downs brass, including CEO Bill Carstanjen. The news was good to great. First things first, the Kentucky Derby is expected to be run with spectators (CHDN execs are keeping an eye on what happens with the Indianapolis 500) and social distancing will probably mostly affect general-admission ticket holders. Although they represent two-thirds of attendance, their financial impact is minimal (10% of the gate). As for casinos, Churchill Downs has reopened seven of 10, although cash cow Rivers Casino Des Plaines is in the “TBA” category, along with casinos in Maine and Pennsylvania. “Derby City has been stronger than management expected, with many properties up y/y despite fewer machines/lower capacity and reduced freeplay/marketing.” Capex projects for the year are characterized as “on schedule,” mainly Oak Grove (September opening) and Turfway Park Annex (late in the year). Morgan’s Daniel Politzer wrote “we believe the broad reopening momentum in gaming should be constructive as CHDN considers resuming some of its paused capital projects.”
16%, thanks in part to draconian cost-cutting measures. Eldorado stock, down 31% year to date, rose 6% on the news. Caesars nudged up 2%. The Caesars brand is doing better in the post-reopening environment, with revenue 2% and cash flow improved as much as 40%. How? Higher table minimums. Less marketing to low-margin customers. No buffets. No shows or nightclubs, either. “I think it’s going to be a long time before customers are willing to eat at buffets,” proclaimed Reeg, with CNBC adding, “Buffets are a moneypit for the operators. They are labor-intensive and wasteful.”
require reservations for admission, and non-guests will have to book daybeds and cabañas. Out: DJs. In: ambient music. (Except at The Cosmopolitan of Las Vegas, home of poolside bottle service, too.) Not that this is deterring customers; 
(restricted) capacity bookings and attendance. Since this is Vegas Lite, one in which fewer rooms are available and win/slot/day reflects far fewer machines, it’s as yet unclear whether it’s a harbinger of a faster-than-expected recovery or an initial burst of business that was months in abeyance. Fitch Ratings 
and, yes, you can eat ’til you burst (or until your two hours are up). But you’ll be 
off to promote distancing. About 30% of people were wearing masks, MGM required masks in the elevators if you were traveling with others not in your party. Most of the venues were closed- the D only had the hot dogs and the coffee stand open, Caesars the food court and some restaurants, and the same with MGM. Never saw so little traffic on the strip! Very few pedestrian traffic as well. If you wanted a pic at the LV sign there wasn’t a line. Seems as if MGM properties were not prepared for 
($18 million) and Borgata ($17 million). That’s $181 million less than Atlantic City would have generated in an average May but it’s progress of a sort. “Land-based gambling revenue almost certainly won’t return in June, and it will take some time to recover while Atlantic City casinos presumably navigate reduced capacity and relatively weak tourism demand,” PlayNJ.com analyst Eric Ramsey said. “Because of that, online casinos will continue to be relied upon to bridge the revenue gap. Even if online revenue can’t fully replace what has been lost from the shutdown, the overall gaming industry would be in much worse shape without it.”
“Cuomo missed the boat, deriding New Jersey sports betting revenue by saying it amounted to a ’rounding error’ in his state budget. That rounding error—a few hundred million dollars in the treasury every year—could fund a lot of good programs in New York.”—former New Jersey state senator Raymond Lesniak on New York State Gov. Andrew Cuomo‘s opposition to sports betting.
removed upon request and offer the excuse of helping “offset restrictions on our business resulting from the COVID-19 crisis.” Hey, a lot of Americans’ livelihood was restricted by the ongoing pandemic and you don’t see them using it an excuse to jack up prices. Your salaries aren’t increasing and you can’t tell The Man you’re going to start imposing “crisis fees” on him because you need the money. This is exploitation, plain and simple. 
with Covid-19. Not only did online casinos benefit in general (185% more revenue), live-dealer play was off the charts, up 317%. It seems that housebound gamblers still hanker for personal interaction, even if via computer. Said Nate Johnson, product manager of PayPerHead, “Sportsbook software allows players to stream live dealer games on their tablets and mobile phones. Digital casinos use animation, and its cool animation. But many casino players still crave the human element. Numbers don’t lie. If you’re 
resorts are reopening, in most cases, well ahead of expectations. Not only is Excalibur returning June 11 and Aria on July 1, several other hotels 
by Visitdata.org. Foot traffic is “significantly lower” than pre-pandemic levels. How much lower? 47% in Clark County, 32% in Louisiana and 18% lower in Mississippi. However … “duration of visits has been tracking higher in Clark County and Mississippi, up 15% relative to pre-COVID levels in February, which we think is supportive of higher quality, more dedicated players being the first to return.” Greff adds that “we view these visitation results as broadly encouraging and likely better than previously feared,” although the much-ballyhooed “pent-up demand” now appears to have been a brief spurt.
July 31 at Disney World. (Sorry, Vegas.) DraftKings‘ odds remained the same but those on FanDuel bumped up and down. The Bucks slipped from +240 to +200, the Lakers leapt from +250 (paying $250 on a $100 wager) to +270 while the Clippers shifted from +325 to +340. DraftKings has the teams at +250 (Bucks), +333 (Clippers) and +250 (Lakers). If a miracle happens and Kevin Durant comes back—and you love playing extreme long shots—the Brooklyn Nets are at +8,000 on DraftKings and +5,000 on FanDuel, a big improvement from +20,000 and +21,000, respectively, but still a real gamble. The DraftKings/FanDuel breakdowns for the other favored teams were as follows: Denver Nuggets (+3,000/+2,500), Philadelphia 76ers (ditto), Indiana Pacers (+10,000) and Portland Trail Blazers (+17,000/+20,000, down slightly in both cases). Place your bets, friends.
early September at best, start of November at worst. Which is a much more hopeful timeline than MGM had been discussing with Wall Street, one that saw closures extending into 2021. If Aria resumes business next month, that leaves Park MGM, The Mirage, Luxor and Mandalay Bay. When it happens, it won’t be the same old same-old, according to PR boss Jenn Michaels. “Other changes we’ve implemented will improve the hospitality experience at our resorts forevermore,” she e-mailed journalists. “Our restaurants now -
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