{"id":23315,"date":"2019-01-21T09:19:41","date_gmt":"2019-01-21T17:19:41","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=23315"},"modified":"2019-01-21T09:34:05","modified_gmt":"2019-01-21T17:34:05","slug":"adelson-sparks-firestorm","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/adelson-sparks-firestorm\/","title":{"rendered":"Adelson sparks firestorm"},"content":{"rendered":"

When Bill Miller<\/strong> was appointed CEO of the American Gaming Association<\/strong>, we speculated that his relationship with Sheldon Adelson<\/strong> would be “less strained<\/a>” than that \"\"of predecessor Geoff Freeman<\/strong>. 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<\/strong>‘s newly expansive reading of the Federal Wire Act<\/strong>. Already, Global Gaming Business<\/em> is pointing the finger of culpability<\/a> in the Wire Act rereading in Adelson’s direction. Big Gaming has been given three months to formulate its reaction<\/a>, thanks to\u00a0Deputy US Attorney General Rod Rosenstein<\/strong>. “But reaction is difficult since the industry doesn\u2019t know what the specific rules might be or how the DOJ would enforce the decision.” GGB<\/em> is of the opinion that shared online-liquidity poker in Nevada<\/strong>, Delaware<\/strong> and New Jersey<\/strong> might be imperiled. Daily fantasy sports might be forced to stop taking wagers across state lines. Former Garden State legislator Raymond Lesniak<\/strong> reacted with a mixture of weariness and self-aggrandizement, telling one publication,\u00a0\u201cLooks like I will have to go to court again to straighten out the Justice Department\u2019s overreaching on states\u2019 rights as I did with sports betting.\u00a0This opinion is outrageous. It puts state lotteries at risk and state revenues. If Congress won\u2019t fix it, I will through the judicial process.\u201d<\/p>\n

Making a clever pun, former presidential hopeful Ron Paul<\/strong> wrote, \u201cWhy should the financial urges of one casino owner trump the constitutional rights of the individual states and the choices of their residents?\u201d Paul’s former Congressional colleague, Rep. \"\"Dina Titus<\/strong> (D) chimed in, too, saying\u00a0\u201cThough the full impact of this reckless DOJ reversal remains to be seen, we can be certain that it will inject uncertainty into a well-regulated market and push consumers back into the black market.\u201d Jeff Irah<\/strong>, an attorney specializing in online-gaming issues, added his two cents:\u00a0\u201cThe revised opinion does not reflect the thoughtful and more careful analysis issued by the two highest federal courts of appeal that have reviewed this precise question\u00a0…\u00a0It is unfortunate that the Office of Legal Counsel<\/strong> appears to have been manipulated to issue an opinion for purely political purposes.\u201d And whose purposes might those be? Pretty obviously, a casino owner with the initials S.A.<\/p>\n

Gaming analyst Chris Grove<\/strong> summed the problem up in a tweet, typing,\u00a0\u201cRapid read from legal types is that the decision is a negative for regulated online gambling and that we\u2019re likely headed to the courts.\u201d If that’s the case, we’re likely to hear more from Adelson puppet Blanche Lincoln<\/strong>, who yelped,\u00a0\u201cToday\u2019s decision seamlessly aligns with the department\u2019s longstanding position that federal law prohibits all forms of internet gambling, as well as with Congress\u2019s intent when it gave law enforcement additional tools to shut down the activity through the overwhelmingly-passed Unlawful Internet Gambling Enforcement Act<\/strong> in 2006.” So, you<\/em> tell me who’s pulling the strings here?<\/p>\n

* Massachusetts<\/strong> Gov. Charlie Baker<\/strong> (R) has named his deputy counsel, Cathy Judd-Stein,<\/strong> as the new chairwoman of the Massachusetts Gaming Commission<\/strong>. She enters the playing field at a critical juncture, with the MGC’s report on Steve Wynn<\/strong>‘s misdeeds hanging fire in the courts. One bizarre-but-possible scenario would have the MGC giving Encore Boston Harbor<\/strong> the go-ahead to open, then fining it later.<\/p>\n

*\u00a0Sports betting at racinos, horse tracks and OTBs is a no-go, according to New York State Gov. Andrew Cuomo<\/strong> (D). However, state Sen. Joseph Addabbo<\/strong> (D) and Assemblyman Gary Pretlow<\/strong> (D) have different ideas<\/a>. Speaking of sports betting, PlayNJ.com<\/strong> analysts are forecasting $100 million in Garden State handle on the Super Bowl<\/strong>. Some sports books started with the New England Patriots<\/strong> as one-point underdogs (!?!) but the line is moving and William Hill<\/strong> has them as 2.5 faves.<\/p>\n

* JP Morgan<\/strong> analyst Daniel Politzer<\/strong> is feeling the love for Eldorado Resorts<\/strong>, thanks to its “having one of the easiest paths to move higher from current levels, with reasonable\/beatable estimates (and no guidance concern\/overhang), a track record of execution, and opportunity for acquisition-related synergies.” Politzer thinks cost \"\"savings at Grand Victoria<\/strong>, taken over from MGM Resorts International<\/strong> and Hyatt Gaming<\/strong>, will be $10 million more than Eldorado projected. “In November, ERI commented it had realized $15m in [Tropicana Entertainment<\/strong>] synergies and expected to reach its $40m target in 1H19, before ‘dramatically outperforming that synergy target’ as 2019 progresses.” In other words, expect fewer comps at Tropicana Atlantic City<\/strong> and other ex-Carl Icahn<\/strong> properties now owned by Eldorado. Partnerships with William Hill<\/strong> and The Stars Group<\/strong> are expected to be upsides to the stock, and the company is exiting the Pennsylvania<\/strong> market, having closed its sale of Presque Isle Downs<\/strong> to Churchill Downs<\/strong>. ERI is also adding attractions at Pompano Park<\/strong>, including an indoor water park, as well as “other entertainment amenities, upscale retail and dining options, a corporate office campus, residential facilities, and a hotel.” JP Morgan has pegged the stock’s value at $60\/share, but it presently trades in the low forties. Perhaps that will change for the better.<\/p>\n","protected":false},"excerpt":{"rendered":"

When Bill Miller was appointed CEO of the American Gaming Association, we speculated that his relationship with Sheldon Adelson would be “less strained” than that of predecessor Geoff Freeman. Indeed, that already seems to be the case. It would account … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":17045,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[249,82,176,164,227,199,36,174,58,37,112,245,207,248,101,33,111,25,12,74,243,32,21,38,252,233],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/23315"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/comments?post=23315"}],"version-history":[{"count":3,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/23315\/revisions"}],"predecessor-version":[{"id":23320,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/23315\/revisions\/23320"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media\/17045"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=23315"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=23315"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=23315"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}