Quote of the Day

“It’s my belief we developed language because of our deep inner need to complain.”—Lily Tomlin.

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Atlantic City up in November; Sports betting comes to Michigan

Gross gaming revenues of $224 million in Atlantic City last month represented a 7% gain. Table games (+11%) led the way, followed by slot revenues, up 6%. Table win at Borgata rose 14.5% on 7% more wagering, as the house played lucky, and slot win nudged 3% higher on 2% less coin-in (no surprise, holds were 9% tighter). The Caesars Entertainment trio was up 8.5%, driven by 21% higher win on 11.5% greater wagering. Slots won 3% more on flat handle. Eldorado Resorts continues to fumble away business at the Tropicana Atlantic City, down 7% to $23.5 million. (Borgata’s $59 million easily led the market.) Caesars Atlantic City set the pace for the Roman empire, vaulting 27% higher to $28 million, followed by Harrah’s Resort with $25.5 million, microscopically up. Bally’s Atlantic City let the side down with a 7% decline to $13.5 million and last place in the market. It’s making a strong case for closure when the Caesars/Eldorado merger is consummated.

Bally’s slid down past Resorts Atlantic City, which tumbled 15.5% to $14 million. Outperforming the rest of the market was Continue reading

Posted in Atlantic City, Boyd Gaming, Caesars Entertainment, DFS, e-sports, Economy, Eldorado Resorts, Environment, FanDuel, Greenwood Racing, Hard Rock International, Internet gambling, MGM Resorts International, Michigan, Mohegan Sun, New Jersey, Ocean Resort, Penn National, Pennsylvania, Politics, Rush Street Gaming, Sports betting, Taxes, Tilman Fertitta, Tribal | 1 Comment

Mega-Jottings

What do you do when the news is too short to justify a paragraph but too big to be ignored? How about a big-ass session of …

Jottings: Mike Brooks and Tim Brooks, owners of the Emerald Isle Casino are doubling down on Henderson. They’ve bought the Rainbow Club from Peppermill Casinos. The Brooks brothers are described as “well-respected” in Henderson … David L. Kennedy, who served briefly as Scientific Games‘ CEO and lengthily on its board of directors, is stepping down for Continue reading

Posted in Animals, Caesars Entertainment, Dan Lee, Eldorado Resorts, Full House Resorts, GLPI, International, Japan, Kansas, Louisiana, Nevada, Penn National, Scientific Games, South Korea, Spectacle Entertainment, Taxes, Wall Street | Comments Off on Mega-Jottings

Pritzker in denial; Get Mobbed on New Year’s Eve

“This is the voice of delusion,” said an S&G source of Illinois Gov. J.B. Pritzker (D) and his stated optimism of getting a casino in Chicago, an idea that has drawn a cavernous yawn from the gaming industry. He tried to minimize the crippling 72% tax rate as “hiccups.” We hate to say that Windy City Mayor Lori Lightfoot (D) has a point but unless the state funds the building of the casino and hires some underrepresented operator like MGM Resorts International to run it for a flat fee, this idea is never going to get off the ground. Kansas owns its casinos, so the notion is not entirely without precedent. Neither political party is entirely blameless in this boondoggle, the gambling expansion having passed on a bipartisan basis.

“To the extent a casino operator could pare down Continue reading

Posted in Downtown, Entertainment, Illinois, Japan, Kansas, Macau, Marijuana, New Jersey, Sports, Tamares Group, Taxes, The Mob, Transportation, Wynn Resorts | Comments Off on Pritzker in denial; Get Mobbed on New Year’s Eve

Quote of the Day

“So ridiculous. Greta must work on her Anger Management problem, then go to a good old fashioned movie with a friend! Chill Greta, Chill!”—Donald Trump, reacting to losing Time‘s Person of the Year to climate activist Greta Thunberg.

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Looking for love in Macao; Resorts World LV’s big bet

“All of the juice has been squeezed out of the orange. Macao is starting to resemble more mature competitive markets such as Las Vegas and Atlantic City.” Ouch! That was Bloomberg Intelligence contributing analyst David Bonnet, taking an exceptionally gloomy view of the world’s gambling Vatican. Like Atlantic City, Macao struggles to evolve beyond a daytripper’s market. Because business has been so bad for the past two years, 2020’s expected 3% revenue isn’t the stuff of banner headlines. Whales who formerly took their action to Macao are now heading to Vietnam, away from governmental scrutiny, and the prospect of megaresorts in Japan is another cause of worry. Oh, and there’s no end in sight to the protest movement in Hong Kong, much as Chief Executive Carrie Lam would like us to believe otherwise. Nor has Continue reading

Posted in Architecture, Atlantic City, Century Casinos, Economy, Genting, Hard Rock International, Japan, Las Vegas Sands, Macau, Missouri, Mohegan Sun, New Jersey, Oklahoma, Philippines, Rush Street Gaming, South Korea, Taxes, The Strip, Transportation, Tribal, Vietnam | 2 Comments

Quote of the Day

“The vote is the most powerful instrument ever devised by man for breaking down injustice and destroying the terrible walls which imprison men because they are different from other men.”—President Lyndon B. Johnson.

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Stitt, tribes going to the wire; California card rooms slammed

Oklahoma Gov. Kevin Stitt (R) is escalating his rhetoric in his war with the Sooner State’s casino tribes. He says they’ll be operating gambling “illegally” starting on New Year’s Day. But his verbal volley wasn’t aimed at tribes so much as their vendors, who he implied would be operating at risk if they continued doing business with the tribes. Laying on the invective, Stitt said, “I feel so confident that Oklahomans can see right through a certain industry, the casino industry, saying, ‘These [compacts] go on forever.’ That can’t be true.” Both sides have painted themselves into a corner. Stitt won’t negotiate with the tribes unless they acknowledge that their contracts expire in 20 days. The tribes won’t talk until Still accedes that the compacts extend into perpetuity—or at least for another 15 years. “Governor Stitt’s position is not supported by law, logic or the compact’s plain language,” said Chickasaw Nation Senior Counsel Stephen Greetham. “Those are terms the state offered to us 15 years ago, and it is beyond untenable for it to arbitrarily and at the 11th hour suddenly say it didn’t mean what it said. Oklahoma is better than that, and the state-tribal relationship deserves better than that.”

Saying he doesn’t want to negotiate in public (although when your opening gambit is a Tulsa op-ed, your claim of blushing modesty is Continue reading

Posted in California, Downtown, Japan, Law enforcement, Maryland, Money laundering, Oklahoma, Politics, Regulation, Taxes, Tribal | Comments Off on Stitt, tribes going to the wire; California card rooms slammed

Penn a solid bet; New Year’s Eve in Vegas could be better

Penn National Gaming got a rave review from J.P. Morgan gaming analyst Joseph Greff, who wrote that ” we continue to believe PENN offers a favorable risk/reward with an attractive valuation.” Strong fundamentals in the regional-gaming sphere were cited, as were better weather and deleveraging made possible by a sale of the Tropicana Las Vegas. Plainridge Park “continues to experience competition/promotional pressure” from Encore Boston Harbor, with a 14% revenue decline in this quarter predicted, slightly offset by gains in Ohio. “Looking further out, the regional gaming consumer remains healthy, supported by a strong macro environment (wage growth, employment, consumer confidence all pointing in the right direction).”

Both synergies from the Pinnacle Entertainment acquisition and same-store efficiency improvements are expected to Continue reading

Posted in Entertainment, Japan, Massachusetts, Missouri, Nevada, Ohio, Penn National, Pinnacle Entertainment, Regulation, Sexual misconduct, Sports betting, Steve Wynn, Taxes, The Strip, Wall Street, Wynn Resorts | 2 Comments

What gives, Indiana?; Galaxy ousted from Philippines

Despite the excellent November performance of surrounding Midwest states, Indiana casinos were up only 1% last month. Factor in an extra weekend day this year and that’s a pretty underwhelming result. In its last

full month of service, riverboat Glory of Rome brought in $17 million for Caesars Southern Indiana, down 9%. Caesars Entertainment‘s two racinos fared better, with Hoosier Park grossing $16 million, up 3%, and Indiana Downs up 6% to $20.5 million. Hollywood Lawrenceburg was up 1.5% to $14.5 million while Tropicana Evansville rose 6% to $12.5 million. Boyd Gaming and Full House Resorts didn’t fare so well. Belterra Resort ceded 5% to $8 million and Rising Star sank 14% to $3.5 million. French Lick Resort grossed $8 million for a 2% gain.

In the Hoosier State’s northern tier, Horseshoe Hammond was dominant, up 8% to a hefty $32 million. Next best was Continue reading

Posted in Boyd Gaming, Caesars Entertainment, Churchill Downs, Dan Gilbert, Dining, DraftKings, Eldorado Resorts, FanDuel, Full House Resorts, Galaxy Entertainment, Indiana, MGM Resorts International, Ohio, Penn National, Philippines, Rush Street Gaming, Spectacle Entertainment, Sports, Sports betting, The Mob, The Strip, Tropicana Entertainment | Comments Off on What gives, Indiana?; Galaxy ousted from Philippines

New angle on sports betting; Slot-route throw down in Missouri

Look out FanDuel and DraftKings: Here comes Tradesports. It’s a new wrinkle on U.S. sports wagering: a betting exchange. Say the New England Patriots are playing against the Kansas City Chiefs and you’ve got money on the Pats. Theoretically, you can match your bet with somebody who took action on the Chiefs. As Bloomberg explains it, “You buy a contract on the Patriots to win by at least 3, which might be offered for $48. If the Patriots cover, your shares settle to $100, and you win $52. If they fail, you lose your money.” You could sell your contract, too, but you’d better do it while your team is ahead or you’ll probably find precious few takers.

Intrade founder Ron Bernstein tried this concept before, several years ago, but it was restricted to fantasy sports and found r Continue reading

Posted in Canada, Derek Stevens, Downtown, International, Macau, Missouri, Mohegan Sun, Regulation, Slot routes, Sports betting, Technology, Wall Street, Wynn Resorts | Comments Off on New angle on sports betting; Slot-route throw down in Missouri

Duterte socks it to casinos; Sports betting battle in California

This is an effective promotional tool. Why aren’t other companies doing it? (We’re looking at you, Caesars Entertainment.)

* Philippine strongman Rodrigo Duterte is punching out at Philippines offshore gaming operators (POGOs) over delinquent taxes. He asserted that they had paid only $39,000 of a $424 million liability and gave them three days to get out of arrears. “I’m giving you at least three days,” he said over CNN Philippines. “That’s good enough, fair enough. Do you think it’s fair, three days? What do you think as a Filipino? Three days would be a kind of a good grace period for them.” He added, “I’m giving you three days to pay your debts. If not, you POGOs, I will shoot you with air guns. Because from where I come from, pugo [quail] is Continue reading

Posted in California, Cosmopolitan, DraftKings, Economy, FanDuel, Galaxy Entertainment, Genting, Hard Rock International, International, Internet gambling, MGM Resorts International, Mohegan Sun, Nevada, Philippines, Politics, Regulation, Sexual misconduct, Sports betting, The Rio, The Strip, Tribal | Comments Off on Duterte socks it to casinos; Sports betting battle in California

Case Bets

Las Vegas went into the crapper last weekend, with the opening of the Giant Poo Experience in Lyft Art Park. I’m not inventing this. The larger-than-life-size mock-excrement was sponsored by airspray Poo-Pourri. Explained the company, “For over a decade, Poo~Pourri has been taking the stink and shame out of letting sh*t go—literally. Now, they’re teaching the world how to let go of a different kind of crap—toxic thoughts. Self-sabotaging thoughts that, when held in, weigh us down, constipate our minds and hold us back from showing up as our authentic selves. I’m not enough; I’m behind in life; I feel jealous, I’m different. By letting these types of toxic thoughts go, we gain confidence, create space for good to come in, and feel at peace to just … be.” What happens in Vegas stays in the toilet, I guess.

* Yesterday, in the course of removing dead links, I came across an old, old S&G entry about Sheldon Adelson. Under the headline Continue reading

Posted in Alabama, Downtown, Entertainment, Internet gambling, Japan, Lotteries, Marketing, Politics, Sheldon Adelson, Sports betting, Tribal, Wall Street | Comments Off on Case Bets

Around the gambling world in nine stops

Please welcome new Stiffs & Georges guest contributor Cora Lee, a travel writer whose article on Japan‘s consumer culture was linked to S&G last week. Here is her debut S&G feature. Enjoy!

Some places are known for their tropical islands, excellent weather, and diving spots. Others are known for their magnificent architecture or their rich history, making them easy picks for travelers. If you’re a casino lover, however, there are specific things you might be looking for when going on a vacation, like all-round entertainment and enhanced gambling experience. It’s a great thing that there are places that would offer you just that. Take a look at these top casino travel destinations you can adore!

Las Vegas, Nevada

Without any doubt, Las Vegas would take the number-one spot on any top casino-travel-destinations list. Brimming with glamorous lights, fascinating architecture, and innumerable stunning casinos, this city is the Mecca for all gambling enthusiasts. You can outrightly feel the excitement in the air and the energy coming from all the hopeful players around you once you visit the city. Not only that, but you can also indulge in different entertainment, nightclubs, concerts and high-end restaurants. Go ahead and see its gambling splendor and extravagant beauty all poured out for you.

Monte Carlo, Monaco

If you are seeking for glitz and glamour, there’s no other place to go to but Continue reading

Posted in Atlantic City, Caesars Entertainment, Dining, Entertainment, International, Las Vegas Sands, Macau, Movies, Singapore, The Strip, Tourism | 2 Comments

Quote of the Day

“I was gratified to see that the rule itself is shorter than my own home insurance policy.”—the late Paul Volcker, on the Dodd-Frank rule.

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Clinton out in Yonkers, Glebocki in in Atlantic City

Uri Clinton is out as COO and president of MGM Resorts International‘s $850 million Empire City Casino after only a year in the post, although he’ll be retained as a consultant. Maybe he didn’t take to life in Yonkers. Despite his New York posting, Clinton was better known for his lobbying efforts in Hartford, trying to block a tribal casino in East Windsor and gain an MGM megaresort in Bridgeport. Clinton was also starting to jawbone the New York Lege for table games at Empire City, even though it’s not supposed to get them before 2023. Connecticut state Rep. Joe Verrengia (D) took a business-as-usual approach, saying, “There’s plenty of unfinished business to deal with in the upcoming session, and I’m sure MGM will continue to be part of that discussion.” As for the New York legislative push, Gov. Andrew Cuomo (D) dismissed it, saying,  Continue reading

Posted in Atlantic City, Connecticut, DraftKings, FanDuel, Illinois, MGM Resorts International, New York, Ocean Resort, Politics, Revel, Rush Street Gaming, Sports betting | 1 Comment

Illinois up, Maryland flat, Palms sued

Enjoy it while it lasts, Illinois. Gaming revenues shot up 8%, a welcome bit of good news. One extra weekend day surely helped although we find it hard to believe that entirely accounts for the variance. The overall gross was $116 million, with Eldorado Resorts having a rare good month at Grand Victoria, flat at $13 million. Rivers Casino Des Plaines far outdistanced the state average, with $40 million, an 18% pole vault. The closest competition came from Harrah’s Joliet, down 2% but still grossing $14 million. Empress Joliet gained 7% to $10 million while Hollywood Aurora was up 4% to $10 million.

Mid-state Jumer’s Casino Rock Island gained 8% to $5 million while Par-A-Dice was flat at Continue reading

Posted in Boyd Gaming, Caesars Entertainment, Churchill Downs, CityCenter, Cordish Co., Eldorado Resorts, Entertainment, FanDuel, GLPI, Golden Gaming, Illinois, Law enforcement, Maryland, MGM Resorts International, Palms, Penn National, Phil Ruffin, Sports, Sports betting, Station Casinos, Tilman Fertitta, Virginia, West Virginia | 1 Comment

Quote of the Day

“We all need to treasure the things that bring us together as a nation, as a people. Collectively hating on this Peloton ad is that thing.”—National Public Radio producer Renée Klahr on the much-despised new Peloton ad.

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Tumult in Atlantic City; Goodell’s exquisite hypocrisy

Atlantic City casinos have had enough with the town’s mayoral office. They want it eliminated in favor of a city manager. Difficult to argue with that one. Except for Don Guardian, we haven’t seen one A.C. mayor we’ve liked. The office is almost synonymous with corruption, and definitely synonymous with gridlock and cronyism. Not only is Resorts Atlantic City owner Morris Bailey contributing heavily to a referendum to phase Hizzoner out, more importantly, the city’s unions are lending their muscle to the effort. (Don’t mess with the unions in Atlantic City.) There would actually still be a mayor, under the reform proposal, but he or she would be chosen from among a downsized city council. Unite Here Local 54 President Bob McDevitt needs 2,472 signatures to get the question on the ballot and says he’s got them.

The union prexy has been on a media blitzkrieg, telling The Press of Atlantic City, “The only people that are [opposed] are those who Continue reading

Posted in Arizona, Atlantic City, Caesars Entertainment, China, Dining, Election, Entertainment, history, Indiana, Macau, Melco Resorts & Entertainment, MGM Resorts International, Oscar Goodman, Politics, Sports betting, Steve Wynn, The Strip, Tilman Fertitta, Tourism, Unite-Here, Wall Street, Wynn Resorts | 1 Comment

Wynn writes $20M check; Japan wants your winnings

Settlement of a shareholder lawsuit against Wynn Resorts will be covered in large part by Steve Wynn himself, paying $20 million, with insurers chipping in $21 million. The suit accused the Wynn Resorts board of directors of complicity in Steve Wynn’s sexual misdeeds (which he insists were consensual, as if that makes a difference). As part of the settlement, no longer will one person hold the roles of chairman of the board—currently occupied by the admired Phil Satre—and CEO. Lead plaintiff in the lawsuit was New York State Comptroller Thomas DiNapoli, litigation that was rolled into suits by pension funds that also had their dander up about Wynn Resorts. In return for a big payday, the litigants absolved the Wynn Resorts board from blame for Sexgate.

* VIP players are giving Macao a wide berth these days, helping drive gambling revenues down Continue reading

Posted in China, Economy, Environment, Japan, Macau, Problem gambling, Sexual misconduct, Steve Wynn, Taxes, Wynn Resorts | Comments Off on Wynn writes $20M check; Japan wants your winnings