{"id":27894,"date":"2020-09-03T07:23:45","date_gmt":"2020-09-03T15:23:45","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=27894"},"modified":"2020-09-09T06:51:02","modified_gmt":"2020-09-09T14:51:02","slug":"macao-moots-casino-closures-stevens-vs-william-hill","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/macao-moots-casino-closures-stevens-vs-william-hill\/","title":{"rendered":"Macao moots casino closures; Stevens vs. William Hill"},"content":{"rendered":"\n
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Here it comes. Again. The government of Macao<\/strong> is taking a zero-tolerance policy<\/a> toward Covid-19<\/strong>. Although there hasn’t been a case in four months (good for them), the enclave is floating the idea of shutting down any casino where a positive test occurs. According to GGR Asia<\/em>, “From July 15, ‘all people who intend to enter’ the city\u2019s casinos are required not only to have their body temperature measured and to display a health-declaration statement, but also to present a certificate of a ‘valid nucleic acid test’ proving freedom from Covid-19.” That’s a high bar to clear. While a comeback of Macanese gaming revenues is inevitable, IGamiX Management & Consulting<\/strong> Managing Partner Ben Lee<\/strong> cautioned not to expect<\/a> miracles. \u201cThe mainland authorities will likely be careful in managing the number of [tourist] permits issued, in order to not swamp the city,” he reasoned. <\/p>\n\n\n\n\n\n\n\n

Why? “Macao will be extra-cautious in managing the risks of a resurgence in Covid-19 cases that might occur were there a sudden surge of mainland visitors.” Besides, gambling revenues were already on a downturn even before Coronavirus<\/strong>, so Macao will be swimming upstream in more ways than one. Casino owners will also probably have to dig deep and subsidize junket operators who are facing liquidity issues right now. \u201cMore importantly, I see the casino operators competing more aggressively in granting credit to their premium-mass players. Granting credit to premium-mass players can help increase your top line and preserve your margin because when they play with your money, you don\u2019t have to give them as many comps.” Fewer comps? That’s music to a casino’s ear. But, says Lee, \u201cThe problem is that say, two years down the track, a significant percentage of that will probably become receivables, and eventually bad debt. We have seen that in the Macao market previously.\u201d So, hasten slowly.<\/p>\n\n\n\n

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Although William Hill<\/strong> seems to be gobbling up every sports book in Nevada<\/strong>, ever-vigilant Derek Stevens<\/strong> is pushing back. He’s added the independent Tuscany Suites & Casino<\/strong> to his Circa Sports<\/strong> flotilla. The rebranded venue will debut next March. There’s no word yet on what sort of bells and whistles the revamped book will have but, given Stevens’ track record, something impressive seems in order. As for William Hill, it may ease Caesars Entertainment<\/strong>‘s debt burden by assuming the Internet casinos of the Roman Empire. The hope is that the bulked-up joint entity could generate $700 million in annual revenue and throw up a challenge to DraftKings<\/strong>. William Hill already has a 20% stake in Caesars sports books and the relevant execs are talking like it’s a done deal. Hill CEO Joe Asher<\/strong> says “We’ve been riding on their coattails as they’ve been growing. Clearly, we bet on the right horse.” Adds Caesars CEO Tom Reeg<\/strong>, selling the online division to Hill would be “gathering all our mobile assets, both sports and online. That would be ideal.” Even so, with a market capitalization of $7 billion, Hill\/CZR would be dwarfed by DraftKings’ $13.5 billion. Some contrarians are putting their money on a Caesars takeover of William Hill<\/a>, but how much more debt can the Roman Empire sustain?<\/p>\n\n\n\n

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Jottings<\/em><\/strong>: Japan<\/strong> is probably pushing its casino-selection process back at least six months, maybe a year. Zzzzzzzzz … The Motley Fool<\/em> cut through the bullshit<\/a> about MGM Resorts International<\/strong>‘s recent pogrom of 18,000 jobs. It called the unfortunate workers “fired,” none of this “layoff” crap, which implies you’re going to get your job back … Bet MGM<\/strong> has gone live in West Virginia<\/strong>. It is the only gaming app in the state to offer slots, roulette, blackjack and progressive jackpot-linked games … The Great Shutdown cost Oklahoma<\/strong> $25 million in tribal-casino exclusivity fees<\/a>. Instead of making Gov. Kevin Stitt<\/strong> (R) more conciliatory, he is probably going to push for still-more-usurious fee increases … Undeterred by recent hardships, the Gila River Indian Community<\/strong> is incepting a $143 million expansion that will include a new hotel tower at its Arizona<\/strong> casino. Also on the agenda<\/a>, “an oasis-style pool and cabanas, two hot tubs, an adults-only pool, casino renovations, and an additional 22,000 square feet in indoor and outdoor meeting space.”<\/p>\n","protected":false},"excerpt":{"rendered":"

Here it comes. Again. The government of Macao is taking a zero-tolerance policy toward Covid-19. Although there hasn’t been a case in four months (good for them), the enclave is floating the idea of shutting down any casino where a … 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":[109,244,155,277,14,144,37,171,62,53,245,115,243,20,38,139,252],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/27894"}],"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=27894"}],"version-history":[{"count":2,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/27894\/revisions"}],"predecessor-version":[{"id":27897,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/27894\/revisions\/27897"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=27894"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=27894"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=27894"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}