{"id":32524,"date":"2023-04-03T08:16:41","date_gmt":"2023-04-03T16:16:41","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=32524"},"modified":"2023-04-07T07:03:19","modified_gmt":"2023-04-07T15:03:19","slug":"mgm-owns-ohio-ny-lege-owns-sports-books-texas-jolt","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/mgm-owns-ohio-ny-lege-owns-sports-books-texas-jolt\/","title":{"rendered":"MGM owns Ohio; NY Lege owns sports books; Texas jolt"},"content":{"rendered":"\n
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Ohio<\/strong> casino tallies jumped 10% last month, hitting $197 million. It was a decisive win for MGM Northfield Park<\/strong>, which outstripped the competition by grossing $25.5 million, an impressive feat for a casino with *no* table games. Jack Cleveland<\/strong> continues to surge, hitting $23 million (+13%) and surpassing the two Penn Entertainment<\/strong> casinos, so dominant for so long. Hollywood Columbus <\/strong>climbed 16% to reach $21.5 million and Hollywood Toledo<\/strong> nudged up 2.5% to gross $18.5 million. The last of the non-racino properties, Hard Rock Cincinnati<\/strong>, was up 6.5% to $20 million. The heat-up of Jack Cleveland didn’t hurt Jack Thistledown<\/strong>‘s cause, as the racino hopped 8% to $15.5 million. Scioto Downs<\/strong> grossed $20 million, an 11% leap, while Miami Valley Gaming<\/strong> delivered $20 million for co-owner Churchill Downs<\/strong>, a 14% vault. Belterra Park<\/strong> hung in there with $7 million (+2.5%), whilst Hollywood Dayton<\/strong> was up 8.5% to $13 million and perennial overachiever Hollywood Mahoning Valley<\/strong> netted $13.5 million in an 8% hop. As you’ve undoubtedly noticed, no one was revenue-negative, praise be.<\/p>\n\n\n\n\n\n\n\n

The bigger news for some will be the sports betting grosses from February, as six operators hogged 95% of the marketplace. Revenue was $82 million on handle of $621 million, with OSB providers throwing promotional dollars at Ohioans hand over fist, to the tune of $59 million, led by Bet365<\/strong> (41% of handle). Other George promoters were FanDuel<\/strong> (34%), BetMGM<\/strong> (33%) and DraftKings<\/strong> (25%). FanDuel dominated revenue with $38 million, followed predictably by DraftKings with $25 million. BetMGM and Bet365 were way back with $5 million each, while Caesars Sportsbook<\/strong> scared up $4 million and Barstool Sports <\/strong>$2 million. All other operators got a share of $4 million overall and a participation trophy. “Recall that for OSB, Ohio takes gross receipts and subtracts both winnings paid and voided wagers to arrive at revenue,” J.P. Morgan<\/strong> analyst Joseph Greff<\/strong> cautioned.<\/p>\n\n\n\n

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Y’all remember how that usurious 51% OSB tax in New York State<\/strong> was supposedly so outta here? Yeah, you can forget that. So has the Empire State Lege<\/a>. When Assemblyman Gary Pretlow<\/strong> (D, above<\/em>) says \u201cThat\u2019s not going to change,” you can take it to the bank. \u201cIt\u2019s not going to change ever, as far as I know. I can\u2019t see it changing. It\u2019s going to stay at 51 percent,\u201d he reiterated. Considering that Pretlow had previously been in favor of adding OSB providers and thereby lowering the levy, there’s no explanation for his flip-flop. Ditto industry-friendly state Sen. Joseph Addabbo<\/strong> (D), who frostily told sports betting supplicants that they \u201cknew it was 51 percent going forward. You negotiated it. And now we have these numbers, and there\u2019s no real foundation to say these numbers are suffering at this point.\u201d<\/p>\n\n\n\n

Preach it, Brother Joseph! They knew what they were getting into and, what’s worse, they wanted<\/em> it. Nobody forced Jason Robins<\/strong> to bend over and grab his ankles. Addabbo didn’t rule out revisiting a lower impost in the future, telling PlayUSA<\/em>, \u201cNever is a strong word because nothing in politics is forever. But nobody has made a credible argument that lowering the tax rate is going to increase education funds. I don\u2019t think a credible argument exists, but I\u2019m all ears if someone wants to submit something.\u201d<\/p>\n\n\n\n

In response, FanDuel’s president, Christian Genetski<\/strong>, ladled out some vintage bullshit, saying handle in New York State might fall 20%, which will probably happen the day after Hell freezes over. He also threatened that some books might up and leave the state, an empty attempt at menace. Bottom-feeders like BallyBet <\/strong>are more likely to evaporate of their own accord and if FanDuel were to exit, there would be plenty of operators happy to take its place. Flutter Entertainment<\/strong> CEO Peter Jackson<\/strong> wasn’t above hinting at steeper holds or\u2014as he disingenously put it\u2014”lower levels of generosity.” Yup, screw the player first, Big Gaming’s go-to instinct when times are tough (and even when they aren’t). For now, the biggest concession the industry is likely to get from lawmakers is an Arizona<\/strong>-like tax credit for promotional outlays. See you next Lege, guys.<\/p>\n\n\n\n

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So far, all the state has grudgingly consented to do (and not without a forcible shove from the court system) is allow electronic bingo, or Class II gaming, for the three aforementioned tribes. It’s a paternalistic attitude that dates back at least as far as the George W. Bush<\/strong> governorship and probably beyond (newfound gambling enthusiast Rick Perry<\/strong> was especially bad on this score). Gonzalez’s HR 156<\/strong> would apply a blowtorch to Abbott’s butt by enabling tribes to sue him in federal court if he failed to negotiate with them in good faith. However, it’s not going anywhere at present and\u2014since it would require amending the constitution\u2014needs two-thirds majorities to pass out of the Lege, before going to the electorate. We don’t like those odds.<\/p>\n\n\n\n

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Jottings<\/em><\/strong>: Online casinos in the Philippines<\/strong> may be living on borrowed time. Sen. Sherwin Gatchalian<\/strong> has introduced legislation to outlaw them and do it in three months’ time, which is certainly an aggressive approach. It might be what’s needed to deal with the seamy “POGO” sub-industry … Casino revenue in Macao<\/strong> exploded last month, catapulting 247% from this time last year and growing 23% from February. Even so, the mega-month was but 49% of March 2019, so the enclave still has quite a ways to go … The Tohono O’odham Nation<\/strong> is building a fifth casino, near Loop 303 and Northern Parkway. The land has been taken into trust, so the state of Arizona<\/strong> can’t stop it, even if it wanted. Construction begins Wednesday … It’s hard to believe in these times but the British magazine Sports Betting Operator<\/em> has folded. Requiescat in pacem … It’s Masters Week<\/strong> here in Augusta<\/strong> and the missus is driving a shuttle for a lark. But yours truly will still be here, providing casino coverage through the week.<\/p>\n","protected":false},"excerpt":{"rendered":"

Ohio casino tallies jumped 10% last month, hitting $197 million. It was a decisive win for MGM Northfield Park, which outstripped the competition by grossing $25.5 million, an impressive feat for a casino with *no* table games. Jack Cleveland continues … 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":[109,293,291,300,60,244,176,277,278,165,299,62,245,101,71,69,192,33,74,243,31,114],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/32524"}],"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=32524"}],"version-history":[{"count":2,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/32524\/revisions"}],"predecessor-version":[{"id":32526,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/32524\/revisions\/32526"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=32524"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=32524"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=32524"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}

If Texas<\/strong> Gov. Gregg Abbott<\/strong> (R) sees reason, he’ll enter into Class III gaming compacts with the Alabama-Coushatta Tribe<\/strong>, the Kickapoo Tribe<\/strong> and the Ysleta Del Sur Pueblo<\/strong> of his own accord. Failing that, state Rep. Mary Gonzalez<\/strong> would like to incentivize him via a newly introduced bill that would apply federal regulations to Texas’ tribal casinos. As Gonzalez put it, \u201cThese indigenous communities are very important to the life and culture of our state and to the economic success of their regions. It\u2019s important that we treat these communities with fairness and respect as they go about the work of providing for themselves.\u201d It has not passed unnoticed within the tribal community that Native Americans have been conspicuously left out<\/a> of the political discussion about bringing casinos to the Lone Star State.<\/p>\n\n\n\n