{"id":27774,"date":"2020-08-17T08:46:37","date_gmt":"2020-08-17T16:46:37","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=27774"},"modified":"2020-08-18T08:07:47","modified_gmt":"2020-08-18T16:07:47","slug":"caesars-postpones-casino-sale-d-c-sports-betting-bombs","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/caesars-postpones-casino-sale-d-c-sports-betting-bombs\/","title":{"rendered":"Caesars postpones casino sale; D.C. sports betting bombs"},"content":{"rendered":"\n
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One Caesars Entertainment<\/strong> casino of many on the Las Vegas Strip<\/strong> remains theoretically for sale … but put your checkbooks away for the time being. While new CEO Tom Reeg<\/strong> has to make good on his promise to realize hundreds of millions of dollars in savings, he has decided now’s not the time<\/a> to go to market with a Strip casino. What’s more, he’s right. The fizzled Tropicana Las Vegas<\/strong> sale and Skyvue<\/strong> auctions are clear indicators that this is a terrible juncture to be hawking Strip real estate, especially when you’re looking for at least a $500 million payday. <\/p>\n\n\n\n

\u201cAs soon as we get to the other side of the virus and to more normal business levels, you should expect we\u2019ll be thinking about that,\u201d Reeg told investors, pushing the timeline of the sale out as much as 18 months. This must have greatly disappointed companies like Twin River Holdings<\/strong> that were all in a lather about having a Las Vegas Boulevard<\/strong> address. While hinting at further job cuts, Reeg said hotel occupancies were around 50% midweek and 70% on weekends (which are going to become even more important in the Las Vegas<\/strong> economic picture). Perhaps the best news of all for Caesars was that it only lost $100 million in the second quarter, an achievement bordering on the miraculous.<\/p>\n\n\n\n\n\n\n\n

\"\"On its Atlantic City<\/strong> front, tempers are rising<\/a> between Caesars and Unite-Here<\/strong>, which wants the oligopoly to temperature-screen its casino guests. (Ocean Casino Resort<\/strong> is also guilty of delinquency in this respect, says the union.) Caesars and Ocean simply ask their patrons if they’re running a temperature, which is both impotent and absurd: If you were feverish would you admit it … with those tempting casino games so close at hand? But “the union says they don\u2019t even do that at all times. Donna DeCaprio<\/strong>, the union\u2019s secretary-treasurer, said the union has documented at least 180 instances of casinos failing to verbally screen guests since most of the casinos reopened in the first week of July.” A Harrah’s Resort<\/strong> bartender complained that \u201cThe rooms aren\u2019t being cleaned on a daily basis the way they are supposed to. This is a lot of people in an enclosed place, and we\u2019re not rising to the challenge.\u201d Tropicana Atlantic City<\/strong> apparently hasn’t even bothered to limit the number of access points to the property, making health screening even more onerous. For its part, Caesars says it is in full compliance, although it was a little vague on the details of its “screening process.” The administration of Gov. Phil Murphy<\/strong> (D) has been asked to intervene but Murphy’s hiding under the desk.<\/p>\n\n\n\n

Sports betting is a flop in our nation’s capitol. According to the D.C. Lottery<\/strong>, handle for the first two months was $1.2 million. That’s handle, not revenue. Sure, a menu of sports-wagering options led by table tennis, Korean baseball and darts wasn’t a cinch to set the market afire, but that hasn’t hampered other states. (Whoops, D.C., isn’t a state. As the District license plate says, “Taxation without representation.”) Heck, there was even 10 days of MLB<\/strong>, three days of the NBA<\/strong> and another three days of the NHL<\/strong> reflected in that feeble $600K\/month. William Hill<\/strong> may be wishing it wasn’t in such a rush to capture this market, such as it is.<\/p>\n\n\n\n

\"\"An additional 16 casinos in Arkansas<\/strong>? We kid you not. That was the goal of Arkansas Wins in 2020<\/strong>, a group pushing for an exponential increase in casinos via this year’s election. However, Secretary of State John Thurston<\/strong> refused to certify the PAC’s petitions, setting the stage for a state Supreme Court challenge. However, Arkansas Wins waved the white flag and promised to take “no further legal action.” A good thing perhaps, since Arkansas Wins was employing canvassers with criminal records<\/a>. Oh, and only 58,675 signatures were actually on the face of the petition. However, casino backer Taylor Riddle<\/strong> was unrepentant: “It is unfortunate that the Secretary of State’s office was unwilling to defend the will of the nearly 100,000 Arkansas voters who signed our petition and we believe our argument before the Supreme Court was valid.”\u00a0Arkansas Wins lost and the real winner were casino opponents, who were victorious without having to lift a finger.<\/p>\n\n\n\n

Last night, the wife and I watched John Cassavetes<\/strong>‘ Love Streams<\/em> (1984), which includes a junket to Vegas. You know you’re watching a low-budget movie when the high-roller hangout is … Imperial Palace<\/strong> (now under new management). Still, it was interesting to see the Ralph Engelstad<\/strong>-era decor and uniforms, as well as get a glimpse of pre-expansion Caesars Palace<\/strong> in the background.<\/p>\n\n\n\n

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Jottings<\/em><\/strong>: The Nevada Gaming Control Board<\/strong> is being coy<\/a> on whether it will fine the Sahara<\/strong> for multiple safety-protocol violations. If it doesn’t<\/em> fine the resort, what’s the point of the citations? … Full House Resorts<\/strong> is a company that could use some good news. That’s what it got from Silver Slipper<\/strong> in Mississippi<\/strong>, which posted its best-ever month<\/a> in June … Resorts World Sentosa<\/strong> lost $163 million in 2Q20<\/a>, due to a government-mandated shutdown. “For the rest of the year, the group remains pessimistic on the overall financial performance as global travel remains highly restrictive,” stated owner Genting<\/strong>. Rival Marina Bay Sands<\/strong> lost $113 million, as it saw only $7 million in casino revenue. Duly, expansion of the two megaresorts will be postponed. Singapore Tourism Board<\/strong> CEO Keith Tan<\/strong> noted, \u201cHowever, both Genting and Marina Bay Sands have not indicated any slippage of their investment commitments here in Singapore<\/strong>” … Cherokee Nation<\/strong> casinos in Oklahoma<\/strong> are banning smoking<\/a>. As casino spokesman Brandon Scott<\/strong> said, “As you know, it’s probably pretty hard to smoke with a mask on. As long as masks are in place, that is going to be the policy” … British-based ZenSports<\/strong> has taken out on option to buy Big Wheel Casino<\/strong> in Lovelock<\/strong>, Nevada<\/strong>, and to operate the sports book at Baldini’s Sports Casino<\/strong> in Reno<\/strong>. The endgame is to launch a mobile sports-betting platform<\/a> in Nevada\u2014and beyond?<\/p>\n","protected":false},"excerpt":{"rendered":"

One Caesars Entertainment casino of many on the Las Vegas Strip remains theoretically for sale … but put your checkbooks away for the time being. While new CEO Tom Reeg has to make good on his promise to realize hundreds … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[65,179,23,244,26,198,120,283,140,241,35,10,257,115,69,254,25,79,54,108,243,20,196],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/27774"}],"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=27774"}],"version-history":[{"count":2,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/27774\/revisions"}],"predecessor-version":[{"id":27777,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/27774\/revisions\/27777"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=27774"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=27774"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=27774"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}