It’s not like the slot routes haven’t brought this upon themselves. Under half of those inspected by Nevada OSHA were found to be in compliance with state health-safety rules. The overall compliance rate for businesses was a sorry 79%. The Silver State can (and should) do better. And if you don’t, there’s a $134,940 fine waiting for you. Incur enough of those and we’ll be talking about real money.
On a happier note, sports books in New Jersey generated a boffo $165 million in handle in June. The amount took analysts by surprise, particularly in “a typically slow month.” The $126 million in handle generated by sports other than baseball, basketball or football was described as “shocking.” And even with the major leagues idle, futures betting was strong. Said analyst Eric Ramsey, “Futures will continue to gain steam, fueled by pent-up demand, as the opening of baseball, basketball, and hockey nears. If plans continue to move forward, July and August should produce a significant leap.” As for online casinos, they raked in $85 million. This inspired MGM Resorts International to announce a $250 million investment in its GVC Holdings-powered platform. Golden Nugget led all casinos with $29 million in win. At the risk of stating the obvious, analyst Dustin Gouker said, “Online gambling has proven its importance to the industry through this crisis. Even if the growth slows with the return of retail casinos, it will continue to be an enormously important vertical for the industry.” Amen to that.
The Eldorado Resorts takeover of Caesars Entertainment continues apace. Nevada regulators have given it their blessing. Indiana ones had some qualms, particularly given that it would increase Caesars’ market share to 60%, well above the desired 40% level. As a consequence, two or three properties will have to be divested. Horseshoe Hammond is safe but there’s a fair amount of uncertainty about the others, particularly in the southern tier. Brand-new Caesars Southern Indiana, we hardly knew ye. Popular Tropicana Evansville (also newly remodeled) could also be on the chopping block. That still leaves two racinos in the portfolio. As for those up in the air, Twin River Holdings, your phone is ringing.
Jottings: Tribes in California who are pursuing sports betting may, having been given another three months to extend their petition drive, aim for the 2020 election ballot, not 2022 as expected. Coalition spokesman Jacob Meija equivocates, “There’s some factors and considerations there. Our focus is to collect our remaining signatures and to get certified and qualified” … First-weekend customers in Atlantic City casinos were observed to be doing a good job of complying with state and industry safety protocols. Said Ocean Casino Resort patron Virginia Hight, “I feel less risk than in the supermarket. You could bowl in this place” … Gov. Phil Murphy (D) can’t win for losing when it comes to Unite-Here prexy Robert McDevitt. The latter groused that health safeguards “fall short in providing the protections that guest and workers need to provide a safe environment,” yet howled with outrage at Murphy’s decision to ban indoor dining, saying it put Local 54 members out of work … Of the past-posting debacle on Korean baseball at Bellagio, Richard Schuetz says, “I’m not too critical of the people who exploited the apparent dumb-ass controls that allowed the parlay betting incident to happen.” We vociferously agree.
