Quote of the Day

“I’m not a socialist. I like capitalism. I think markets need to be regulated. I think when people face a combination of avarice and conscience, avarice tends to win, and so we need to regulate our markets.” — Stacy Abrams, stating one possible argument for regulation.

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West Virginia joins ‘Net-bet pack; Conventioneers flood the Strip

And then there were five. Internet gambling was legalized in West Virginia this week, as was i-poker. Gov. Jim Justice (R) appears to have been opposed to the law—or to giving political opponents a stick to beat him with—so he sat on his hands, letting it become effective without his signature. Justice similarly hid under his desk when a sports-betting bill came his way last year. There will be five i-gaming permits and, by a remarkable coincidence, the state has five brick-and-mortar casinos. Licenses will cost $250,000 and be effective for five years, whereupon renewal will require a $100,000 levy. Suppliers will pay $10,000 apiece to be licensed.

As for a product launch, don’t hold your breath: It took nine months for Continue reading

Posted in Atlantic City, Caesars Entertainment, California, Downtown, Economy, Entertainment, Florida, Genting, Hard Rock International, Internet gambling, MGM Resorts International, New York, Politics, Rush Street Gaming, Scientific Games, Tamares Group, The Strip, West Virginia | 2 Comments

Baccarat undercuts the Strip; Japan shows its hand

Is our trade war with China inflicting collateral damage on the Las Vegas Strip? That’s one theory for anemic Chinese New Year visitation that led to a 2% downturn in gaming receipts last month. By contrast, last year saw an 11.5% increase. Slot winnings were actually good ($268 million), up 4.5%, while non-baccarat table win jumped 14%. But baccarat was a triage unit, down 26% on 18.5% less wagering, making the house doubly unlucky. Strip casinos grossed $592 million overall. Downtown jumped 9% to $58 million, the Boulder Strip grossed $65 million (+2.5%), North Las Vegas grossed $24 million, up 5%, and miscellaneous Clark County jurisdictions like Mesquite and Summerlin pulled in an aggregate $97 million, an 8.5%. In other words, the picture was unquestionably healthy among locals gamblers and mostly so amidst the tourists.

Laughlin ($45 million, flat) actually surpassed Continue reading

Posted in Boulder Strip, Downtown, Economy, Internet gambling, Japan, Lake Tahoe, Laughlin, Mesquite, MGM Resorts International, Nevada, North Las Vegas, Philippines, Problem gambling, Regulation, Reno, Taxes, The Strip, Wendover | Comments Off on Baccarat undercuts the Strip; Japan shows its hand

Run for the roses; Friends of Dorothy

I’ve got a horse right here, his name is … no, not Paul Revere but Game Winner and he’s favored to win the annual run for the roses at Churchill Downs. At least that’s what Kentucky Derby Online Betting says. KDOB predicts the following order of finish: Continue reading

Posted in Churchill Downs, Current, Entertainment, Horseracing, Marketing, Mohegan Sun, Movies, Palms, Regulation, Station Casinos, Technology, Tribal | 3 Comments

Blackout at Boyd; Virginia ponies propped up

Boyd Gaming appears to have stepped in it, big time, according to former Ameristar St. Charles sales director Kim Carpenter. She’s suing the casino over her dismissal, which she alleges followed her complaints about sexual discrimination and retaliation. After booking a nightclub act that drew a largely African-American clientele, Carpenter says the casino’s general manager told her to never again “book a nightclub event for all black people.” She also charges the casino with firing her as relation for a workmen’s-comp filing. Carpenter says she was told she was not a “good cultural fit” for the casino, despite having earned a performance bonus the previous month.

The racially coded language about a “cultural fit” is a live grenade I’m sure somebody at Boyd wishes he Continue reading

Posted in Architecture, Boyd Gaming, Economy, Horseracing, MGM Resorts International, Mississippi, Missouri, Nevada, Racinos, Reno, Rhode Island, Sports, Sports betting, Station Casinos, The Strip, Tribal, Virginia | 4 Comments

Quote of the Day

“By the way, the acronym MICE has started to give way to ME, for meetings and events, handily sidestepping the rodent reference. Another term that’s being bandied about is ‘bleisure,’ for the business-and-leisure guest. It’s a concept to remember, but a word to forget.” — Marjorie Preston, on the ascendancy of the business traveler in Las Vegas.

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Case Bets

It’s try, try again time for New Hampshire‘s Legislature, as it attempts to enact casino gambling. The state senate has narrowly passed a casino-enabling bill but it still needs to go through the lower house and receive the signature of Gov. Chris Sununu (R). Longtime champion Sen. Lou D’Allesandro (D) predicts $100 million in revenue from a two-casino formula, but the prospect of big bucks has repeatedly failed to move Granite State lawmakers and it’s anybody’s guess if 2019 will be different.

Correction: The following item states that Southland is a horse track. It is, I regret to say, a dog-racing track. Maybe casino gambling is the first step toward the abolition of dog races. We can only hope.

* Halfway across the country, casino gambling has officially come to Arkansas. Both Oaklawn and Southland horse tracks have been OK’d by regulators to start Continue reading

Posted in Arkansas, DFS, Entertainment, history, Las Vegas Sands, Macau, Massachusetts, MGM Resorts International, New Hampshire, Politics, Racinos, Regulation, Sports betting | Comments Off on Case Bets

Quote of the Day

“The point is, anyone can state an opinion about a line with great confidence and authority when it is accompanied with complete financial immunity. It takes a truly talented group of people to put up numbers day after day knowing that people would be trying to take all of the money away from that book. Truly a case of money talks and bullshit walks.” — Richard Schuetz, late of the Stardust sports book, on the phenomenon of “Jimmy the Greek” Snyder.

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Astral sighting; Cuomo nixes Gotham casinos

Urban blight along the Las Vegas Strip could be (partially) giving way to new casino development. Resort entrepreneur Asher Gabay has found the Promised Land in Las Vegas, where he hopes to take a run at the boutique-hotel concept. His planned Astral would sit opposite Mandalay Bay (where Motel 8 is now) and rise 34 stories. Budgeted at $350 million, tops, it would Astral would feature a rooftop pool and sky lobby, as well as the de riguer nightclub. No word on gaming amenities, though we’re sure they’d be needed to make this gamble pay. Gabay is planning to launch Astral after the arrival of the nearby Las Vegas Raiders, prompting HREC Investment Advisors broker Josh Smith to tell the Las Vegas Review-Journal, “If he times it just right and has the right business model, it’ll have some success.”

Given the iffiness of the location (not great for walk-in traffic) and the recent demise of Continue reading

Posted in Connecticut, Fontainebleau, Foxwoods, Genting, Internet gambling, Las Vegas Raiders, Las Vegas Sands, MGM Resorts International, Mohegan Sun, New York, Politics, Regulation, Sports, Sports betting, Steven Witkoff, The Strip, Tribal, Virginia | Comments Off on Astral sighting; Cuomo nixes Gotham casinos

Quote of the Day

“We’re not looking to be the fun police. That’s not our objective. Clearly, people enjoy betting on the bracket and doing office pools. I think the larger point just goes to the fact that a couple of things: No. 1, this is such a massive part of our culture. People enjoy betting on sports and I think that’s why you’ve seen such a wide range of acceptance throughout the United States to see legalized sports betting.  And then secondarily, it highlights the fact that, yes, while it may be illegal, there is the opportunity now to make it legal and to regulate it and to recapture that revenue.” — American Gaming Association Vice President for Public Affairs Sara Slane on the AGA’s shining of a spotlight on illegal sports betting. Incidentally, Utah has highest percentage of sports bettors — 26%.

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Louisiana chokes on smoking ban; Graham’s conversion

Gaming revenues were down 4% last month in Louisiana, mainly dragged under by the Baton Rouge market, plummeting 19%. Since the imposition of a smoking ban in Red Stick, casinos’ business has been 17% lower, a business catastrophe. Belle of Baton Rouge collapsed 43%, hitting $2.6 million and putting Eldorado Resorts in a world of hurt. By that measure the other casinos could be almost said to be doing well: Casino Rouge shed 15% ($4.5 million) and L’Auberge Baton Rouge tumbled 12% ($12 million gross).

In Shreveport/Bossier City, overachiever Margaritaville (+9%) finally caught and tied Continue reading

Posted in Boyd Gaming, Caesars Entertainment, Charity, Churchill Downs, Eldorado Resorts, GLPI, history, Louisiana, New Jersey, North Carolina, Penn National, Pennsylvania, Politics, Problem gambling, South Carolina, Tilman Fertitta, Tribal, William Hill | Comments Off on Louisiana chokes on smoking ban; Graham’s conversion

Quote of the Day

“The day the Cardinals show up with Bayer/Monsanto patches (or any others of that ilk) is the day I stop watching baseball.” — my mother, a lifelong baseball fan, on the news that the Oakland Athletics were wearing MGM Resorts International logos on their uniforms, like so many base-running billboards.

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Caesars: Running numbers; Showboat is back

JP Morgan‘s Daniel Politzer ran the numbers on an Eldorado Resorts buyout of Caesars Entertainment and finds it doable. His model is predicated on a $10.50/share purchase of CZR stock, currently trading at $8.56. That’s a pretty good deal for a junk stock that has always traded below its IPO price because Gary Loveman had put Caesars into a world of hurt before deciding to go public. Under Politzer’s scenario, each CZR share would be traded for 0.09 of an ERI one. Let’s face it: Caesars shareholders would be getting a much better stock in this deal and should consider themselves lucky to have it. Eldorado would assume $10.9 billion in Caesars debt and could achieve up to $300 million in synergies, whether from merged marketing, labor cutbacks or “culled corporate expenses” (read: deadwood).

Two billion-plus in asset sales also figure in Politzer’s calculus. “We think the company gets the most bang for its buck selling Continue reading

Posted in Atlantic City, Caesars Entertainment, Detroit, DFS, e-sports, Eldorado Resorts, Illinois, Internet gambling, Iowa, Japan, Lake Tahoe, Las Vegas Sands, Laughlin, Marketing, MGM Resorts International, Michigan, Missouri, Politics, Reno, Sports, Taxes, Wall Street | 1 Comment

Quote of the Day

“The Rays have the right under the collective bargaining agreement to renew me at or near the league-minimum salary. They also have the ability to more adequately compensate me. as other organizations have done with players who have similar achievements to mine. The Rays chose the former.” — defending American League Cy Young winner Blake Snell on the measly (by MLB standards) raise he got from the Tampa Bay Rays, one of many teams seemingly more bent on pinching pennies than pitching wins. It would certainly explain the measly, indifferent crowd I saw when I attended a Friday-night Rays home game last year.

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MGM: The first shall be last … or something like that

Closing out the J.P. Morgan Gaming & Lodging Management Access Forum were execs from MGM Resorts International. The company’s four priorities were stated as 1) drive organic growth, 2) bring new properties up to speed in terms of revenue performance, 3) the MGM 2020 cost-cutting plan and 4) allocate capital appropriately. #1 could be taken to mean “We’re not buying Caesars,” as it emphasizes growth within the existing MGM empire. The company anticipates 15% or so returns on MGM Cotai and Park MGM. As for MGM Springfield, which has been a disappointment so far, management sees room for improvement in midweek slot play. Half of MGM 2021’s cost savings are to be extracted from the workforce, while marketing efficiencies are also expected to contribute as well.

MGM disclosed no plans to raise (nor to eliminate) resort fees and was sanguine on convention business, which management characterized as Continue reading

Posted in Caesars Entertainment, Culinary Union, International, Internet gambling, Japan, Las Vegas Raiders, Macau, Mandalay Bay Massacre, Massachusetts, MGM Resorts International, Palms, Reno, Resort fees, Sports betting, Station Casinos, The Strip, Transportation, Wall Street | 1 Comment

Quote of the Day

“I just want to lay it on the line, that the country deserves better. The McCain family deserves better. I don’t care if he’s president of United States, owns all the real estate in New York, or is building the greatest immigration system in the world …. Nothing is more important than the integrity of the country and those who fought and risked their lives for all of us.” — Georgia Sen. Johnny Isaakson (R), defending the reputation of the late Sen. John McCain (R) against a recent Donald Trump smear campaign.

Posted in Donald Trump, Georgia, history | 2 Comments

Going to the dogs

5 Tips to Get Your Canine Companion Ready for a Pet Friendly Las Vegas Hotel by Jessica Kane, special correspondent to Stiffs & Georges

Las Vegas is a welcoming city when it comes to travelers with pets. For example, even the Strip is open to dogs from 5:00 a.m. to noon daily. In the grand scheme of things, lodging with your pooch at a Vegas pet-friendly hotel is a two-way street. You not only want a hotel that is ready to accommodate your furry friend but you want to be certain your dog is ready for his her stay at a Vegas property. There are five tips to keep in mind when it comes to making sure you pooch is Vegas-hotel ready. 

Is Your Dog in Good Health? Before heading off to Vegas with your dog, make certain that he or she is in good health. If your pooch is under the weather in one way or another, the better part of wisdom may be to Continue reading

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Eldorado explores Caesars takeover; MGM says ‘Play ball!’

Since corporate mergers, once begun, develop a momentum all their all own, it was inevitable that someone would step forward to explore a purchase of Caesars Entertainment, regardless of whether it is a good
idea, risking a second bankruptcy. In a David-vs.-Goliath storyline, the buyer-to-be is Eldorado Resorts. The latter has requested inside information from Caesars and is in the process of performing due diligence. “Eldorado has yet to make a binding offer for Caesars, and there is no certainty any bid will materialize or that a deal will be successfully negotiated, the sources added,” chronicled Reuters. Considering that the two companies have a combined debt load of $12.4 billion, merger talks should be approached cautiously.

An Eldorado/Caesars combination would create a company with 79 casinos worldwide and a greatly enhanced Continue reading

Posted in Architecture, Atlantic City, Baseball, Caesars Entertainment, Eldorado Resorts, Genting, Internet gambling, Japan, Las Vegas Sands, Law enforcement, Macau, Marketing, Melco Resorts & Entertainment, MGM Resorts International, New York, Politics, Sheldon Adelson, Sports, Tilman Fertitta | Comments Off on Eldorado explores Caesars takeover; MGM says ‘Play ball!’

Heavy action prophesied for March Madness; Death at Bellagio

“Unlike any other sporting event in the country, March Madness attracts millions who fill out brackets, make casual bets with friends or wager at a legal sports book, which Americans can now do more than ever before.” With those words American Gaming Association President Bill Miller strove to throw a light on the rampant nature of illegal betting in this country. Using a Morning Consultant study, the AGA estimates that 47 million Americans will bet on the NCAA roundball tourney, with only $3.9 million of the estimated $18.5 million wagered going through sports books and other legal channels. According to the AGA, 2.4 million will go to the neighborhood bookie while 5.2 million will use illegal offshore sites.

Sticking to legal sports books and Web sites, PlayNJ.com‘s Zack Hall estimated that $300 million would be wagered in Nevada and $75 million in New Jersey. “In Nevada, the NCAA Tournament trails only Continue reading

Posted in AGA, Atlantic City, Caesars Entertainment, Current, Dining, Downtown, Entertainment, history, Internet gambling, Law enforcement, MGM Resorts International, Nevada, New Jersey, Ocean Resort, Palms, Security, Sports, Sports betting, Station Casinos, Tourism | 1 Comment

Quote of the Day

“No one wants advice—only corroboration.” — John Steinbeck

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