{"id":23629,"date":"2019-03-01T09:49:07","date_gmt":"2019-03-01T17:49:07","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=23629"},"modified":"2019-03-01T09:49:07","modified_gmt":"2019-03-01T17:49:07","slug":"pga-gives-itself-a-mulligan-mgm-sharpens-the-axe","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/pga-gives-itself-a-mulligan-mgm-sharpens-the-axe\/","title":{"rendered":"PGA gives itself a mulligan; MGM sharpens the axe"},"content":{"rendered":"

Despite having cried out for federal regulation of sports betting, the PGA Tour<\/strong> is willing to look the other way if its players opt to be sponsored by the gaming \"\"industry.\u00a0\u201cBecause of the Supreme Court<\/strong>\u2019s decision last year, and because of the direction that we see legalized, regulated sports betting going in this country, and just because of the public perception toward gaming, we\u2019ve made the decision to remove a great deal of the prohibitions on gambling sponsorships in our sport,\u201d explained tour exec Andy Levinson<\/strong>. There’s something in it for the PGA too, as the tour says it can accept event and marketing sponsorships from gaming concerns, provided that their\u00a0\u201cprimary purpose isn\u2019t sports betting.\u201d Commissioner Jay Monahan<\/strong> revealed that the PGA has spent at least two years preparing<\/a> for this eventuality and putting the proprietary “ShotLink<\/strong> technology in place so we can be in a position to participate.\u201d As board member Kevin Streelman<\/strong> said of the new status quo, “it\u2019s good for all parties to try and maximize earning potential and new business relationships for everyone involved.\u201d<\/p>\n

* What’s MGM Resorts International<\/strong>‘s new workforce motivator? Fear. So says JP Morgan<\/strong> analyst Joseph Greff<\/strong> in an investor note. Referring to the “2020 plan” to shave $200 million-$300 million off the company’s budget, he wrote, “Given \"\"many of the cuts are cost related, we could envision greater efficiencies from an increased sense of self-preservation among employees.” Two-thirds of the cuts are targeted for the Las Vegas Strip<\/strong>, so get ready for an influx of the newly unemployed, Culinary Union<\/strong>. It’s a neat trick on MGM’s part: Agree to higher wages, then sack a bunch of worker bees and blame it on labor costs.<\/p>\n

Greff doubts a New York Post<\/em> report that MGM is interested in a Caesars Entertainment<\/strong> takeover. “At this juncture, management remains focused on simplifying the company and operating more efficiently, and wants to shy away from complicating things, especially after a prolonged period of development (Cotai<\/strong>, Springfield<\/strong>, Nat\u2019l Harbor<\/strong>, etc.),” he wrote, adding that requests for proposals for Osaka<\/strong> could come as early as the second quarter and an “ultra competitive” (MGM’s words) process is expected.<\/p>\n

* Macao<\/strong> gambling revenues were 4% higher last month, not a big number but better than what Wall Street<\/strong> was expecting. Credit Suisse<\/strong> analyst Cameron \"\"McKnight<\/strong> revealed that “over 3,000 people had been arrested in 2018 for alleged involvement with illegal foreign exchange activities in connection with Macau\u2019s casinos … [This] along with heightened arrests, could impact VIP and Premium mass, as an estimated 50-60% of premium players use this system to transfer money.” On a happier note, Sociedade de Jogos de Macau<\/strong> got the lead out in constructing Grand Lisboa Palace<\/strong>, now expected to be finished by July, which would bode well for renewal of the company’s concession.<\/p>\n

Galaxy Entertainment<\/strong> led market share of VIP play, with 26%, followed by Wynn Resorts<\/strong> (20%), Melco Resorts & Entertainment<\/strong> and Sands China<\/strong> (16% each), SJM (14%) and MGM (8%). In terms of mass-market play, Sands led with a formidable 30%, trailed by Galaxy (19%), SJM (16%), Melco (15%), Wynn (12%) and MGM (8%). The latter seems unable to move the needle, even with new resort product.<\/p>\n

* Now that casinos are all but inevitable in Virginia<\/strong>, the state is looking to crack down on Internet<\/strong> caf\u00e9s, “sweepstakes” machines and other black-market forms of gambling. In this it has the support of the American Legion<\/strong> and the Charitable Gaming Council<\/strong>, which see the activity as unwelcome competition to their own bingo offerings. As CasinoGamesPro<\/em> explains, “Sweepstakes businesses sell products such as Internet time or phone cards, for example. When customers buy the product, they are given credits which could be used to play web-based games of chance.” Sounds like gambling to us.<\/p>\n","protected":false},"excerpt":{"rendered":"

Despite having cried out for federal regulation of sports betting, the PGA Tour is willing to look the other way if its players opt to be sponsored by the gaming industry.\u00a0\u201cBecause of the Supreme Court\u2019s decision last year, and because … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":23044,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[24,151,201,22,171,241,189,62,222,245,74,243,9,215,38,233],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/23629"}],"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=23629"}],"version-history":[{"count":1,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/23629\/revisions"}],"predecessor-version":[{"id":23630,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/23629\/revisions\/23630"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media\/23044"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=23629"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=23629"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=23629"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}