Las Vegas Sands reported 4Q18 results yesterday and the result wasn’t what Wall Street had been hoping. Take the rapidly morphing reaction of Credit Suisse analyst Cameron McKnight. He went from “Good Read Thru” to “Disappointing 4Q Against Elevated 
Expectations” to “Not Lighting Cigars This Time.” At JP Morgan, analyst Joseph Greff shaved three dollars off his price target, lowering it to $57/share. Greff also cited Macao results that undershot expectations, as well as “softer than anticipated results in Singapore,” where Resorts World Sentosa is apparently clawing back some market share. Las Vegas was a saving grace “with attractive y/y growth in table drop, slot volume and room revenues.” While there were no progress reports on the new St. Regis suites in Macao, nor on conversion of Sands Cotai Central into The Londoner, the “continues to believe that its properties, and the Macau market overall, is capacity constrained (rooms/suites) on weekends and holidays and this investment should bear long term attractive returns.”
Management tried to manage expectations, saying of Macao “trees don’t Continue reading
“The importance of experience is that it is protection against the disruption or the obsolescence of the real estate. If it’s a great place-based experience, it is something that Amazon, at least yet, has not figured out how to put in a box [and] ship to your house, such that it dislocates the real estate literally and figuratively.” — Vici Properties CEO Ed Pitoniak, 
respectively and juices the Pamunkey Indian Tribe into one of the casinos. The latter has declared its willingness to waive sovereignty and operate a private-sector casino along the same rules as everyone else. Why? Because the Pamunkey tribe is pursuing federal recognition and 
Atlantic City is where professional teams go to die, such as the Atlantic City Seagulls, which went 0-28 in their final season, the only winless season ever recorded in the history of the bygone United States Basketball League. The AFL reacted positively and a formal announcement 
$12 million. Casino Rouge fell 9% to $4.5 million and Eldorado Resorts had a disastrous month at Belle of Baton Rouge, careening 39% to a meagre $2.5 million. Can they even keep the doors open at that rate. In Shreveport/Bossier City, Penn National Gaming made an inauspicious debut at Margaritaville, slipping 6% to $13.5 million, Eldorado was flat at $10 million and Horseshoe Bossier climbed 1% to $18 million. Sam’s Town grew 7% to $4.5 million, Harrah’s Louisiana Downs hopped 2% to $4 million while Boomtown Bossier was up 4% to $5 million. Diamond Jack’s wants to leave Shreveport and the market reciprocated the sentiment, as manifested in a 17% plummet to $3 million.
most industry-friendly is state Sen. James Welch‘s, which would tax sports-betting revenue at 6.75% and would split sports betting into two categories, with the second category being venues like Plainridge Park that lack table games. Then there’s state Sen. Brendan Crighton‘s bill, which would legalize mobile wagering and contains a ‘bad actor’ that would redline any company found to have conducted illegal Internet wagering. It would tax revenues at 12.5%, set entry fees at $500,000 with $100,000 renewal charges. Least helpful is state Sen. Bruce Tarr‘s proposal for an 11-member commission to “
of predecessor Geoff Freeman. Indeed, that already seems to be the case. It would account for the AGA’s slow and mostly supine response to the Department of Justice‘s newly expansive reading of the Federal Wire Act. Already, Global Gaming Business is 
NMH stands for National Mentor Holdings and it sold the Circa trademark to an unnamed buyer (probably answering to the name Derek Stevens) in December. However, this does not mean that NMH is unconnected to Las Vegas. Its parent company, Vestar, owns The District at Green Valley Ranch. Also, Vestar owner Leon Tsoukernik has been sued by poker player Matt Kirk over 
require a referendum, most likely in November 2021. “New York is one of the most populous, wealthy and sports-mad states, and we think investors are more likely to seriously ascribe value for sports when they can see it around them,” writes McKnight, who projects $456 million in gross revenues by Year Three, with the addition of mobile wagering in 2022 bringing in another $380 million. “New York is clearly an important state, with: 20mm people, per capita income 1.2x the national average and 3.5% per capita income growth at 1.4x the national average.” The Empire State will also be the decisive battleground for integrity fees, since 
as reversing a reversal, raises several concerns for the gaming industry, especially for online gaming that occurs in the states of Nevada, New Jersey, and Delaware, with active startups underway in Pennsylvania.” Mobile gambling (legal in Nevada), DFS and even lotteries may be affected. In the inciting memo, Acting Assistant Attorney General Steven Engel wrote, “While the Wire Act is not a model of artful drafting, we conclude that the words of the statute are sufficiently clear and that all but one of its prohibitions sweep beyond sports gambling.” Engel’s memo, write GMA analysts, “only raises further questions on how responsible operators should act in the current environment.”
11% (down 7% same-store) and tables bounced 17% (-6% same store). Borgata — $57.5 million — was flat overall but enjoyed a 9% bump at table games on 6.5% less wagering, while slot win was 5%. The Caesars Entertainment trio got thumped, down 14.5% and led by a 21.5% falloff in table win, on dramatically lower wagering. Over at Tropicana Atlantic City ($26 million), revenue was 2% down, with a 4% slip in slot winning negating a 6.5% increase in table win. Even so, Tropicana comfortably maintained the #2 spot, while Hard Rock Atlantic City and Harrah’s Resort tied with $23.5 million (-19% for Harrah’s). Caesars Atlantic City grossed $21.5%, off 10%, and Bally’s Atlantic City brought in $14 million, a 13% decline.
statutory provisions are not uniformly limited gambling on sports events or contents … While the Wire Act is not a model of artful drafting, we conclude that the words of the statute are sufficiently clear and that all but one of its prohibitions sweep beyond sports gambling.” Fortunately, the OLC’s ruling does not have the force of law. Also, the First and Fifth Circuit Courts have held that the Wire Act 
potential Icahn takeover offers 
supposedly demanded the change but was sensible enough to leave casino prexy Frank Leone in place. The last thing that Ocean needs now is a learn-on-the-job managerial team. The new owner of Deifik’s share 
buffet, additional hotel suites, gaming floor improvements and more entertainment options.” It’s easier to rule out potential acquirers — Glenn Straub, Eldorado Resorts, Caesars Entertainment — than finger the owner-to-be. As for Deifik, it’s probably the path of least resistance to sell than to face Ocean Resort’s embarrassing failure to live up to his financial projections (first he forecast it would equal the Tropicana Atlantic City in revenue[($384.5 million], then said it would make $292 million in its first year; he’s come up woefully short on both counts). Ocean Resort quickly faded to the back of the pack, and fell further and further behind.
cantered past it to a $21 million finish, gaining 4.5%. Hoosier Park surged 12.5% to $16 million. Biggest gainer of all was French Lick Resort, up 14.5% to $9 million. Tropicana Evansville and Hollywood Lawrenceburg were flat, for $13 million and $15.5 million respectively. Rising Sun set 2%, to $4 million, while Boyd Gaming was pushing the right buttons at Belterra, up 5% to $10 million. In the northern tier of the Hoosier State, Horseshoe Hammond was becalmed but still pulled in $32 million. Primary rival Ameristar East Chicago gained 10% on the competition to finish at $19.5 million. Blue Chip continues to rebound from tribal competition at Four Winds Casino. For December it was up 7.5% to $13 million. As for the two Majestic Star boats, the first lost