Vegas casinos can reopen, sorta; Hard Rock returns

Want to go back to a Las Vegas casino? Now you can. In a well-meant directive that seems to be sowing a certain amount of confusion, the Nevada Gaming Control Board stated that during the current Phase I, casinos could reopen their restaurants—provided they leap several hurdles. One of the most difficult will be to provide access to the eateries without customers setting foot on the (closed) gaming floor. This holds true for restrooms as well. After all, it is a shibboleth amongst the industry that you must Continue reading

Posted in Caesars Entertainment, Cosmopolitan, Cretins, Dining, Economy, Georgia, Hard Rock International, Lotteries, Maryland, Massachusetts, Movies, Oregon, Penn National, Real Estate, Sahara, Steven Witkoff, The Strip, Virgin Hotels | 2 Comments

Rodio steps up; A kinder, gentler restart

Unlike some leaders in our federal government, Caesars Entertainment CEO Anthony Rodio has the stones to be seen wearing a health mask in public, as he does in a new video message to Caesars customers. Without going into the exhaustive details of Las Vegas Sands and Wynn Resorts, Rodio outlines a four-step program for making the Las Vegas Strip safe to Continue reading

Posted in Caesars Entertainment, Economy, Health, Las Vegas Sands, MGM Resorts International, Station Casinos, The Strip, Wynn Resorts | 4 Comments

Internet gambling hits Jersey high; Hard Rock back to Vegas

April was the worst of months and best of months for New Jersey. Sports books are estimated to have lost out on $450 million in handle while Internet casinos did better than ever, raking in $80 million. “Seeing New Jersey’s retail sportsbook handle at zero and its land-based casinos generate no revenue is jarring, laying bare just how much these shutdowns are costing the industry,” said analyst Dustin Gouker. People were still betting online but, with little to wager upon, handle was a slim $54.5 million. That’s an 82.5% plunge from this time last year. Gross revenue—a measly $2.5 million—was even worse off, down 88%. As Gouker said, “The picture for the industry is not pretty, and that will continue until sports leagues figure out a way to reopen.” FanDuel‘s $1.5 million topped the market in revenue, leaving scraps for everyone else.

On the flip side, it was a great month for the Golden Nugget, making $27.5 million in Continue reading

Posted in Boyd Gaming, Charity, Dining, FanDuel, Hard Rock International, Health, International, Internet gambling, Japan, Las Vegas Sands, MGM Resorts International, Michigan, New Jersey, PokerStars, Sports betting, Station Casinos, Taxes, Tilman Fertitta, Wall Street | 1 Comment

Quote of the Day

“The virus doesn’t give a damn about our impatient desire to get back to our way of life. Maybe I’d be more encouraged if the owners were offering more specifics about their logistics to prioritize the health of everyone involved.”—columnist Chad Finn on the manifold failings of MLB Commissioner Rob Manfred.

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New York state of mind; Moody blues for Las Vegas

Like Massachusetts casinos, those in New York are not expected to reopen until July. Lago Resort & Casino General Manager Lance Young told journalist James Rutherford he’s monitoring reopening protocols as far away as Macao but has received no concrete guidance from the Empire State yet. “We’re all kind of talking back and forth about the things we hear from around the country, making sure we’re all aware of best practices,” he said. All told, 20 casinos and racinos in New York State have been idled by the Coronavirus pandemic, which has been at its worst in N.Y. MGM Resorts International has already indicated that its Empire City racino in Yonkers will be the Tail-End Charlie of its reopenings and Rivers Casino in Schenectady has furloughed staff through Continue reading

Posted in Economy, Health, Horseracing, Internet gambling, Lotteries, Maryland, MGM Resorts International, Michael Gaughan, Nevada, New York, Oklahoma, Penn National, Regulation, Rush Street Gaming, Sports, Sports betting, Taxes, Tribal, Wall Street | Comments Off on New York state of mind; Moody blues for Las Vegas

Adelson quits Japan; Caesars vague on relaunch

Las Vegas Sands CEO Sheldon Adelson has come through the Covid-19 crisis with two things most of us don’t have: A) a boatload of cash and B) a desire to acquire other businesses. The rumor mill says he has his eye on Wynn Resorts. It wouldn’t come cheap: At $79.70/share, WYNN is probably the single most expensive stock in gaming. Sands, by contrast, trades in the mid-forties. Sheldon may be in the mood for some ‘retail therapy,’ having pulled the plug on his Japan aspirations, despite Sands being one of the frontrunners. Said Adelson, “the framework around the development of an [integrated resort] has made our goals there unreachable.” That seems to be a fancy way of saying he lost patience. (Wynn, incidentally, is also targeting Yokohama, Adelson’s former city of preference.) The Sands CEO turned his aspirations toward Continue reading

Posted in Caesars Entertainment, Crown Resorts, Current, Georgia, Health, Japan, Las Vegas Sands, Lotteries, MGM Resorts International, Philippines, Sheldon Adelson, Sports, Sports betting, Vietnam, Wall Street, World Series of Poker, Wynn Resorts | 2 Comments

Quote of the Day

“If we go back to business as usual, we’ll go back to transmission as usual.”—Dr. Edward Nardell, a professor of medicine at Harvard Medical School.

Posted in Health | 1 Comment

MGM’s seven steps; Culinary throws tantrum

Add MGM Resorts International to the roster of Las Vegas companies announcing reopening protocols. (Earth to Caesars Entertainment, come in Caesars … ) The company calls it a “comprehensive, multi-layered approach resulting from months of consultations and guidance from public health experts.” CEO Bill Hornbuckle warns that MGM resorts won’t look they way they once did for quite some time but promises that it’s all for the best.  Continue reading

Posted in Atlantic City, Caesars Entertainment, Conventions, Culinary Union, Dining, Donald Trump, Hard Rock International, Health, International, Japan, Macau, Maryland, MGM Resorts International, Mississippi, Mohegan Sun, Sports, The Strip, Tribal | 1 Comment

Play ball!; Wall Street hearts casinos

Handwaving questions about maintaining player safety and how to recompense their employees, Major League Baseball rolled out a plan for belatedly starting the 2020 season around the traditional All-Star Break. The owners are not without their priorities: The sacred Designated Hitter will be imposed on National League teams, probably as a backdoor way of making that odious position universal to the game. 82 games would be played to empty stadiums, mostly home fields with some spring-training facilities and neutral sites mixed in. Playoffs would be widened to 14 teams, in another suspicion-raising move and the Fall Classic would hopefully be played in October. A two-week spring training would start in a month. Leagues would be realigned in such a way that one would see the Boston Red Sox playing the Continue reading

Posted in Arizona, Baseball, Caesars Entertainment, Economy, Entertainment, Health, Japan, Las Vegas Raiders, Resort fees, Sports, The Strip, Tribal, Wall Street | 3 Comments

Barrack screws up (again); Boyd reopens … somewhat

Colony Capital CEO Tom Barrack is back in the news and, as usual, not in a good way. His REIT has defaulted on $3.2 billion in loans secured by 157 hotel and healthcare properties. That’s three-quarters of his holdings. Prior to Colony’s collapse, Barrack had demanded that taxpayers infuse the financial sector with $500 billion in bailouts. Too late. Now Colony will have to tap its $1 billion cash on hand and $600 million credit line. Why does Wall Street keep lending to this boob? Perhaps because he’s got privileged access to the White House. He’s also a sexist, a boor and an enabler of terrorist states like Qatar. In case you’re a latecomer to our program, Barrack was one of the prime actors in the Great Casino Crash of 2008. His mismanagement cost the Continue reading

Posted in Boyd Gaming, Caesars Entertainment, Colony Capital, Downtown, Economy, Health, history, North Carolina, Penn National, The Strip, Tribal, Wall Street, Wynn Resorts | 4 Comments

Boston buoys Wynn, Penn leans on Barstool

Wynn Resorts was one of three biggies to report 1Q20 results late last week and the Las Vegas Strip was the least of its problems. Wynn Las Vegas and Encore had net revenue of $324 million, down 19% from last year. And there was $140 million of ‘free money’ in the form of Encore Boston Harbor, which wasn’t open in 1Q19. Macao was a different story. Wynn Macau‘s $229.5 million was a 56% dive, while Wynn Palace plunged 64% to $259.5 million. Occupancy in Las Vegas was 80% with an average daily rate of $374. $415 million was wagered at the tables and $665 million in the slots. Win/slot/day was a far-above-average $343. Gross table revenues were $83 million and slot win $47 million.

JP Morgan analyst Joseph Greff ratcheted his WYNN price target down from $98 to $93/share but otherwise defended the company. “We believe WYNN’s asset base in Macau positions it well for Continue reading

Posted in Atlantic City, Caesars Entertainment, CityCenter, DraftKings, Economy, FanDuel, Florida, Golden Gaming, history, Illinois, Indiana, Internet gambling, Las Vegas Sands, Macau, Maine, Marketing, Maryland, Massachusetts, MGM Resorts International, Penn National, Pennsylvania, Slot routes, Sports, Sports betting, Taxes, The Strip, Tourism, Wall Street, Wynn Resorts | 3 Comments

Quote of the Day

“Very little is needed to make a happy life. It is all within yourself, in your way of thinking.”—Marcus Aurelius

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Roy Horn, R.I.P.; Tourism on life support

Now every John Q. Public in America knows someone who has died of Covid-19. That someone is erstwhile magician Roy Horn, who died at age 75 of Coronavirus complications. Horn had been involuntarily retired from show business since 2003 when his and Siegfried Fischbacher‘s white tiger act went tragically awry. We don’t know much about Horn’s tragic demise at this point but the lights of the Las Vegas Strip would surely be dimmed in his honor if there were anybody to see it. As for ourselves, we’ve used Siegfried & Roy (or “Siegmund & Leroy,” as Penn Jilette used to call them) as a bullseye for satire for years but never wanted to write about either of them in the past tense.

* “In the absence of bustling crowds of drunken revelers, packed poker tables and overzealous club promoters, the slogan Continue reading

Posted in Dining, Economy, Entertainment, Health, International, Phil Ruffin, Regulation, The Strip, Tourism, Transportation | Comments Off on Roy Horn, R.I.P.; Tourism on life support

Quote of the Day

“They’re gonna have to.”—Chris Christie, asked whether the American people would accept 3,000 Coronavirus deaths per day.

Posted in Current, Health | 1 Comment

Quote of the Day

“The virus does not take weekends off. From the standpoint of Atlantic City, the virus is not observing Memorial Day.”—Spectrum Gaming Group Managing Director Michael Pollock, on when to reopen the Boardwalk.

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Nevada begins reopening sooner than expected

What do brothels and casinos have in common? (Some would say you get screwed in both.) Neither can reopen during Phase One of Gov. Steve Sisolak‘s multi-stage resumption of business as usual in Nevada, starting tomorrow. Most of the continuing closures make sense as they include things like gyms (think of all that sweat in the air), bars that don’t serve food, public pools, live entertainment, movie theaters, zoos, aquariums, bowling alleys, miniature golf, ‘adult entertainment establishments,’ spas and tattoo parlors, among others. Compared to many of those types of businesses, casinos seem as safe as a nursery ward. For the first time we’re beginning to think gaming is getting a bum rap.

Business that did make the grade for reopening include restaurants (at 50% capacity), barber shops and hair salons, provided there is social distancing. Now we’re overdue for a haircut but how Continue reading

Posted in Caesars Entertainment, Conventions, Cretins, Dining, Economy, Entertainment, G2E, Health, Massachusetts, Nevada, Technology, The Strip, Wynn Resorts | 3 Comments

Indian Country keeping pace with the times

By guest contributor Robb Monkman

Certain things in life can be a gamble but what about personal safety? Or, in the case of casinos, what about the safety of staff? Of course the answer seems obvious. Admittedly, the well-being of staff should never be left to chance or treated with the same whimsical probability so often applied to a friendly game of blackjack, right? And yet for years the safety of staff on casino grounds was anything but assured. Just as hotels have struggled with the prevalence of staff-related incidents including, but not limited to, injury, harassment and assault, bustling casinos have endured the development of similar concerning trends. Casinos, after all, invite an influx of guests from around the world, with studies showing that 26% of the population gambles (1.6 billion people worldwide, to be precise), along with a 4.1% increase in tribal gaming revenues. As patrons are caught up in games of chance Continue reading

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Creative responses to a crisis

Leave it to Derek Stevens to find a way to literally drive sports-betting business in Downtown. Starting this morning, Circa Sports began taking curbside sports bets at the Golden Gate. You pull up, flash your cash (or plastic) and a sort of sports-wagering valet takes your action. The choice of wagers includes UFC 249, Korean KBO Baseball, TaylorMade Skins Match, NASCAR, Cactus Tour Golf, the Outlaw Golf Tour, South Korea K League, Belarusian Premier League, e-sports events, major sports futures, etc. (We don’t mind saying we haven’t heard of roughly half of those … but bettors can’t be choosers these days.) For deposits and contest fees you have to have the exact amount needed. No change will be made. Winning and refund tickets will be applied to application balances. The headline wager is the parlay Circa Survivor, with its 18 legs, one for each week of NFL play. Not only is there a $1 million payout to the winner, Stevens is promising a Continue reading

Posted in Caesars Entertainment, California, Culinary Union, Derek Stevens, Dining, Downtown, e-sports, Economy, Health, Law enforcement, MGM Resorts International, Nevada, Penn National, Regulation, Sports, Sports betting, Taxes, The Strip, Tourism, Transportation, Tribal, Wall Street | 2 Comments

Quote of the Day

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Goodman batshit crazy; Detroit puts casinos on ‘hold’

Could we be seeing the last of Las Vegas Mayor Carolyn Goodman (I), and her ‘every man for himself and devil take the hindmost’ approach to Coronavirus? Poker pro Doug Polk has begun a recall petition drive to try and return Her Honor to the private life she would so richly endow. Incidentally, after reading several first-person narratives of Covid-19, we are 101% confident that if Mrs. Goodman had the disease in January, as she laughingly states “might” have happened, she A) would be in no doubt and B) wouldn’t want to put anyone else at risk. Oblivious to the dangers of the pandemic, Goodman continues to run her trap, putting fear of poverty on an equal footing with a fear of illness (an illness that has claimed more American lives than did the Vietnam War). “When,” she wailed, “is too soon too late?” In your case, Your Honor, Continue reading

Posted in Caesars Entertainment, Detroit, Dining, Downtown, Eldorado Resorts, Health, Michigan, Politics, Sports, Tilman Fertitta, Tribal, Wall Street | 3 Comments