Yesterday, while noting MGM Resorts International CEO Jim Murren‘s impending departure, we were remiss in noting some of his 
accomplishments. On Murren’s 2008-20 watch, the company became synonymous with diversity, environmentalism, LEED certification and community outreach. With becoming modesty, Murren always deflected credit toward “the company” and its “team members,” whose accomplishment were showcased in the weekly “MGM Minute” (a viral innovation of the Murren administration). We thank him for that.
Of course you can’t say “viral” these days without thinking of coronavirus, which has caused MGM to pull all its 2020 earnings estimates. MGM derives 27% of its revenue from Continue reading
slots were hot (+11%). Borgata gained 8.5% on the strength of 4.5% more table win—despite 3% less wagering—and 11.5% higher slot win on 1% more coin-in. Yes, the house played very lucky, to the tune of $55 million. Across town, that “high-value customer” strategy sure is working out for Tropicana Atlantic City ($20.5 million), as revenues plummeted 23%, thanks to 23% less table win on 21% fewer wagers. The Trop’s saving grace was a 2.5% bump in slot revenue on 2% more coin-in. Hard Rock Atlantic City ate the Trop’s lunch, shooting up 38% to $21.5 million.
from an anti-gambling one to a “slow down” one, saying the Lege should see how other states fare (pretty darn well, judging by the latest numbers out of New Jersey). It’s a bitter victory for casino owners Penn National Gaming and Churchill Downs. Thanks to Mills, tribes and OTBs won’t get sports betting—but neither will they. Meanwhile, state Sen. Louis Luchini (D) promised to be back next year with another bill, saying “The big thing is that people are doing this illegally now. They’re going to continue to do this illegally. Maine won’t get any taxes from it, and Maine people won’t get any consumer protections.” Unless you count Mills, the real winner is New Hampshire Gov. Chris Sununu (R), whose state will be open for business to all those sports bettors driving in from Maine.
to make a deal. Both sides are to submit a wish list of possible arbitrators, from whom DeGiusti will draw one, and divide the cost of mediation 50/50. Aforesaid mediation must be “completed or substantially completed” by the end of March. That means the Sooner State’s gaming tribes and Gov. Kevin Stitt (R) will be forced out of their did/didn’t impasse over whether the compacts automatically renewed at the start of this year.
and illegally leaked by an IGB employee … resulting in significant financial and reputational harm.” We don’t know how much ‘repetitional’ harm can be done when you’re so mobbed-up that the governor of Illinois, no less, barred you from owning a racino, but there you have it. Heidner seeks $2 million in damages and another $2 million for his Gold Rush Gaming, for “causing substantial harm when an IGB employee intentionally and without authorization disclosed sensitive financial information, including personally identifiable information relating to Gold Rush, Mr. Heidner, his wife, two of his children, and other individuals.”
optimism 
refused to act, fearful in no small part of censure from Beijing. Thus, a critical period of several weeks passed that allowed the contagion to spread. The situation was made worse by the fact that, by the time the epidemic was officially acknowledged and the central government began to mobilize to treat and contain it, the weeklong Lunar New Year had arrived. It’s China’s busiest travel season, and it occurred as the contagion rapidly spread throughout Hubei [Province] and beyond.”
friendly state … but a 19% upsurge in revenue? In January, no less? Well, I suppose people have to go somewhere when it’s cold outside but the amount of discretionary dollars they have to spend is pretty impressive, especially when you consider that the out-of-season racinos did 20.5% better this year. Not even an extra weekend day (and there will be another in February) comes close to explaining it.
thought they had reached an accommodation with the Empire State. The state gaming commission is defying the court by continuing to maintain its position that DFS is a skill game. The ruling, nonetheless, makes New York one of six states where DFS is illegal. As Fox Business reports, “Some states, such as the gambling capital of America, Nevada, have no fantasy operations because it is seen as gambling and as a gambling operation, a company such as DraftKings would require a state gambling license.”
it or isn’t it? “Mohegan hasn’t been officially awarded the license because the appeal process needs to be completed. The government has yet to open the technical and financial offers. So no one, in fairness to Mohegan, has been confirmed as the winner at this time,” said Allen, trying to keep hope alive. He does allow that Hard Rock has been disqualified by the government, for reasons to which he takes umbrage, such as a lack of financial wherewithal, mainly because a bank guarantee was allowed to lapse, which Allen says Hard Rock self-reported.
Las Vegas was blamed on “soft Asian high end play,” so it’s going around everywhere. Encore Boston Harbor, though, was “a bit better than projected,” according to JP Morgan analyst Joseph Greff. Coronavirus put a damper on what began as a strong 2020 in Macao. While Greff characterizes the epidemic’s impact as “temporary and transient,” we’re talking real money here: Wynn will burn through $2.5 million for each day that its Macanese casinos are closed. “While not a ton of details were given on Far East/China player visitation to Las Vegas, it doesn’t sound great, though it’s not nearly as bad as Macau,” Greff wrote.
the MBTA station across the Mystic River. Wynn had previously considered a footbridge connection but abandoned that idea. Permitting for the bridge continues to be sought but the smart money’s now on the prospect of Wynn switching its loyalty to the tram, at least if it’s required to subsidize something. Reports the Boston Globe, “Everett officials have long looked across the Mystic with envy at Somerville, where a vibrant community of shops, restaurants, apartments and offices sprouted up at Assembly Row, spurred in part by the T station’s opening in 2014. Commuter rail trains roll through Everett, meanwhile, but do not stop there.”
has had its fill of the visual pollution. The messages range from the sinful (“Asian Girls for You”) to the saintly (“Jesus Rose From the Dead for You”) and it’s irking the casinos that they’re blotting out attractions like the Mirage volcano. “We would like to see the county place a moratorium on new applications and study the operation of mobile billboards until such time as a study of the impacts and limitations can be established,” Nevada Resort Association President Virginia Valentine said.
leverage at a rate quicker than modeled, although the +24% stock-price euphoria that followed the Barstool Sports acquisition might be subsiding. Robust market segments were the South and West, offsetting challenges in the Upper Midwest and in the Northeast (read: Encore Boston Harbor … but still a cash cow, generating $621 million). Rent payments were a tad higher than anticipated and launching Penn’s sports-betting application incurred some one-time charges. On the plus side, sports betting is propelling higher table-game volume and 
down 2%. MGM had 40% market share to Maryland Live‘s 35.5%. The latter grossed $52 million for a 12% gain. Horseshoe Baltimore‘s decline softened, down only 4.5% with a $19 million gross. (But it was the only revenue-negative property in the state.) Everybody else had a big month. Ocean Downs was up 11% to $5 million, Hollywood Perryville hit the jackpot, gaining 12% to $6 million and Golden Entertainment‘s Rocky Gap Resort leapt 10.5% to $4.5 million. A 10% gain in slot play boosted West Virginia revenues 8%, with Charles Town Races ceding 6% at the tables but recouping 11% at the slots for a 7% uptick overall.