Twin River Holdings is now a player in Atlantic City. It must have driven a hard bargain, too, picking up lowly Bally’s for $25 million, mere pocket change. It had Caesars Entertainment and Eldorado Resorts over a barrel, 
as keeping Bally’s would have given the merged companies four casinos in the city, the very definition of “undue market concentration.” Or as pundit Dan Heneghan put it, the deal would “significantly reduce the level of economic concentration and that will make it a lot easier for the Casino Control Commission to approve it. The fact that it is being sold to a new player for the market here will help increase competition.” A sale to Maverick Gaming having fallen through Eldorado flipped Eldorado Shreveport and Lake Tahoe‘s Montbleu Resort Casino & Spa to Twin River. Reflecting the value of the markets (especially Shreveport), the deal is for $155 million.
Maverick had been on a hyper-aggressive buying spree but the paralysis of its gaming operations by Continue reading
Lion poses an array of questions to Platinum- and Noir-tier customers. As Roeben says, it reveals more than it conceals, at least with regards to MGM corporate thinking about the company “unchartered [sic] waters.” Some of the ideas floated in this trial balloon are …
Covid-19 could spur more states to legalize online casino and sports betting.” After all, look to New Jersey, where homebound players turned to ‘Net betting 65.5% more than last year, generating $65 million for casinos. Two Atlantic City casinos, the Golden Nugget and Resorts Atlantic City raked in more from the Web than they did terrestrially. Penn National Gaming, while absent from New Jersey, also expects to make a silk purse from a sow’s ear. CEO Jay Snowden told investors that 
needed relief for small casinos, manufacturers and slot-route operators. Hedge funds and private equity are explicitly excluded from PPP money under the newest rules, banishing one fear. Bankrupt companies are also out, so you don’t want to open Chapter 11 right now. “We are pleased that the new regulatory guidelines released today make small gaming companies eligible for this critical program just as Congress has replenished its funding,” said Miller, adding, 
decline in revenue per available room from $249 to $199. Sands was modestly down at the tables, from $95.5 million to $89 million, on $446 million in wagering (up from $419 million last year). Slot win took a beating, down to $49.5 million from $56 million on vastly lower coin-in (2019: $668 million; 2020: $603 million). That made for a 9% decline in casino revenue, less bad than we were expecting. If you include the zeroing out of Sands Bethlehem ($137 million in 1Q19), Sands suffered reversals on all fronts. Las Vegas Strip revenue fell 15% to an even $400 million, Macao toppled 65% to $802 million, while Marina Bay Sands slid 20% to $612 million.
(-67%) before closing on March 17, as did Mohegan Sun. The silver lining for the tribes is that they get to 
degree of exposure, it’s no surprise that Caesars Entertainment had the biggest decline of any operator, 63%. Harrah’s New Orleans fell 64% to $10.5 million, while competitors grossed far less still: Boomtown New Orleans $5 million (-57.5%), Treasure Chest $4 million (-59%), Fair Grounds racino $2 million (-51.5%) and Amelia Belle $1.5 million (-63%). The total New Orleans gross ($23.5 million) not only fell below Lake Charles‘ $33.5 million but—horribile dictu!—Shreveport/Bossier City. Those Texas-based players must have 
efforts during the crisis (bolstered by a $500,000 contribution from Dubai World). He promised changes to the look of the casino floors, the frequency of cleaning, the greeting of guests and to restaurants. Specifics were not to be had. “This is a completely uncharted path,” said Hornbuckle, who may be seeing how Wynn Resorts‘ extensive reopening strategy plays out (we find it reasonable but our readers respectfully dissent). He began and ended with advocacy of social distancing. How that will be enforced in a ‘reopened’ Las Vegas Strip remains to be seen but we’ll be following it with interest.
for Pagcor to act. Senate Minority Leader Franklin Drilon thinks there’s a $5.9 billion payday to be had. Trouble is, Pagcor’s casinos are finally profitable, which would give the government an incentive to maintain the status quo. Pagcor points out that 100% of those profits go directly to the government, while private casinos in the archipelago are taxed at 19.5% of gross gaming revenue. Nor would a Pagcor sale likely be as simple as proponents believe. In the words of CalvinAyre.com, “It would be naïve to 
an abortive March which promised to exceed the 2019 in Mississippi. Overall gaming revenues were at $110 million when play was aborted on March 16, a 48% stumble from last year ($212 million). Gaming-tax collections will be 36% down in March and squat this month. Mississippi Gaming & Hospitality Association Executive Director Larry Gregory remained stoic, saying, “We’ve dealt with the BP oil spill, Mississippi River flooding, and the most memorable, Hurricane Katrina. We are coping, as most businesses are doing now, optimistic that one day this crisis will come to an end.
redirect two-thirds of the tax collections from the general fund to school construction. A gubernatorial adviser explained, “The language is going to be relatively broad given the revenue from the casinos won’t start coming in for at least a couple years, probably more.” The Lege can only vote the amended bill up or down and if the latter, it’s back to Square One for yet another session. Northam also tinkered heavily with a sports betting bill, levying $50,000 background checks on principals (i.e., owners of 5% or more in equity) and—here’s the wallop—on managers of sports books, most of whom probably can’t afford it. As Global Gaming Business reports, when piled atop 
Rudy Gobert tested positive for Coronavirus. That same day, the National Association of Broadcasters pulled the plug on its Las Vegas convention and the dominos started to topple. The next day the National Hockey League suspended its season as well. College basketball games played to empty auditoriums, then March Madness was canceled entirely. Major League Soccer first banned spectators, then games. Major League Baseball pushed back the start of its season by at least two weeks. The Masters golf tournament was postponed indefinitely, and the Boston Marathon and Kentucky Derby were pushed back to September. NASCAR canceled its season, the PGA canceled golf tourneys left and right, and even the Monte Carlo Grand Prix was scrapped.
he said, refraining from giving a firm, back-to-business date. The state’s infection rate continues to ramp upward, with 3,088 cases and 137 deaths. Sisolak’s caution