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

Dems court Culinary vote; Scandal in Austria

Democratic presidential candidates are hardly taking the Nevada caucuses for granted. Sen. Kamala Harris (D) has already been once to Las Vegas (in vain) as has Joe Biden. The latter probably endeared himself to

Culinary Union members by having a contretemps with Station Casinos. Biden will be playing a return engagement with the Culinary on Dec. 11. Sens. Elizabeth Warren (D) and Bernie Sanders (I) will also be dancing attendance upon the union, with Warren scheduled for Dec. 9 and Sanders the following day. Mayor Pete Buttigieg (D) appears to be giving the Silver State a pass, perhaps because he is only polling in single digits there. Will the Culinary join Jim Murren in endorsing Biden? We can only Continue reading

Posted in Caesars Entertainment, California, Canada, China, Culinary Union, Derek Stevens, Election, Foxwoods, International, Japan, Law enforcement, Macau, Michigan, Movies, New York, Penn National, Politics, Singapore, Station Casinos, Steve Wynn, Tourism, Tribal | Comments Off on Dems court Culinary vote; Scandal in Austria

Quote of the Day

“Politics, as we see at the moment, are grubby, dishonest and chaotic.”—British royal biographer Penny Junor.

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Norment’s Torment; New hope for Cal-Neva

Virginia state Sen. Tommy Norment (R) hasn’t been paying attention to the performance of MGM National Harbor. Placing a resort casino in northern Virginia would be, he says, “complete folly.” Instead, Old Virginny will have to put its hopes on that traditional cash cow, Richmond. A study conducted in part by The Innovation Group projects $970 million in annual casino revenue and $260 million in taxes from gambling houses placed in Richmond, Norfolk, Portsmouth, Danville and Bristol. Casinos would be taxed at a stiff 27%. Also scrutinized were sports betting, which was predicted to yield $55 million a year for the state (optimistic) and Internet gambling, projected to yield $82 million in taxes.

While the remit of the study was confined to lower Virginia it volunteered that a casino in the northern tier would claw back Continue reading

Posted in Caesars Entertainment, Canada, Dubai, Economy, history, Horseracing, International, Lake Tahoe, Law enforcement, Lotteries, Maryland, MGM Resorts International, Money laundering, New York, Ohio, Politics, Problem gambling, Resort fees, Sports, Sports betting, Taxes, The Strip, Tilman Fertitta, Transportation, Tribal, Virginia | 1 Comment

‘Sharp’ criticism of Congress; MGM a popular stock pick

Newly elected National Congress of American Indians President Fawn Sharp wasted no time in opening a can of whup-ass on the U.S. Congress. Speaking to the House Committee on Natural Resources Subcommittee for Indigenous Peoples of the United States Oversight, Sharp poked them about a lack of action on the 2018 Broken Promises report. The latter chronicles failed financial commitments that stretch across the George W. Bush, Barack Obama and Donald Trump administrations. In addition to heading the NCAI, Sharp is also president of the Quinault Indian Nation. Broken Promises is a 2018 follow-up to “A Quiet Crisis: Federal Funding and Unmet Needs in Indian Country,” a 2003 report by the U.S. Commission on Civil Rights. It determined that funding for Native American populations was “disproportionately lower than funding for services to other populations.”

Broken Promises reads, in part, “Federal programs designed to support the social and economic well being of Native Americans remain chronically Continue reading

Posted in Caesars Entertainment, California, Culinary Union, Derek Stevens, Dining, Eldorado Resorts, Entertainment, Hard Rock International, Japan, Las Vegas Raiders, Las Vegas Sands, Law enforcement, MGM Resorts International, Mohegan Sun, Penn National, Politics, Sports, Sports betting, Station Casinos, The Strip, Transportation, Tribal, Wall Street, Washington State, Wynn Resorts | Comments Off on ‘Sharp’ criticism of Congress; MGM a popular stock pick

Quote of the Day

“Just when I discovered the meaning of life, they changed it.”—George Carlin

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Quote of the Day

“Like Columbus Day, the sugarcoated story of Thanksgiving whitewashes a monstrous history of land theft and environmental degradation, white settler-colonialism, systematic abductions and rape, forced displacement and assimilation, and genocide. The list of crimes that governments and non-Indigenous individuals in the U.S. have committed against Indigenous communities goes on and on.”—Win Without War, being a bunch of Debbie Downers about the holidays. Never mind them. Have a happy Thanksgiving!

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Small thinking big in Oklahoma; Smoke gets in their lungs

In Oklahoma, Council of Public Affairs President Jonathan Small went to the mat for Gov. Kevin Stitt (R), backing Stitt’s demand for higher—much higher—exclusivity fees. To his credit, Stitt has put sports betting on the table as an incentive. Small implies that 6%, which Sooner State tribes pay, is far too little and that Connecticut‘s 25% (which only applies to slots) would be fairer. He also cites Florida, but that state isn’t getting any gaming-tax revenue from the Seminole Tribe at present, so I don’t know if that particular dog will hunt. For their part, the tribes say they’re still waiting for a concrete proposal from Stitt, who has been exquisitely vague about what he wants from them. “What is that written proposal? What do they have to offer of interest?” asked Choctaw Chief Gary Batton, who likened Stitt to a used-car salesman, the unkindest cut possible.

Neither side seems to be able to get off the dime as regards Continue reading

Posted in California, Connecticut, Environment, Florida, Hard Rock International, Las Vegas Sands, Nevada, Oklahoma, Palms, Problem gambling, Sports betting, Taxes, Technology, Tribal, Virginia | Comments Off on Small thinking big in Oklahoma; Smoke gets in their lungs

Tax-and-spend fantasy in Illinois; Encore Boston nickels and dimes its patrons

It’s more important to have a money-losing casino (upon which absolutely nobody has bid) in Chicago than to lower the über-confiscatory 72% tax rate. So says state Sen. Dave Syverson (R), a real crank. As Syverson puts it, “The problem with that is that means the state would be getting about $150 million a year less in revenue from Chicago.  That’s about 15% of the entire capital plan.”  Oh, Laura mercy, as Pogo would say. Somebody should ask Syverson what he plans to do when no casino is built and there’s exactly $0 going into the capital plan. Somebody must have asked Syverson if this was sour grapes, since he represents Rockford, soon to be home of a Hard Rock-branded casino. Seemingly high on happy dust, he replied, “Chicago’s casino is going to be the most successful and the biggest, and it’s going to generate the most revenue. The idea of giving them a much better deal than Rockford gets, it just isn’t fair, one, and then second, it’s going to hurt the state’s revenue.”

* Encore Boston Harbor, despite a public show of contrition, continues to charge $7 for Continue reading

Posted in Caesars Entertainment, Galaxy Entertainment, Golden Gaming, Illinois, Japan, Macau, Massachusetts, MGM Resorts International, Resort fees, Sheldon Adelson, Taxes, Terry Caudill, Transportation, Wynn Resorts | Comments Off on Tax-and-spend fantasy in Illinois; Encore Boston nickels and dimes its patrons