AGA: Q3 15th Consecutive Growth Quarter
U.S. commercial gaming revenue reached $17.71 billion in Q3 2024, the industry’s highest-grossing Q3 on record, according to the American Gaming Association’s (AGA) Commercial Gaming Revenue Tracker. This makes Q3 2024 the industry’s 15th consecutive quarter of annual revenue growth, with September marking the 43rd straight month of rising year-over-year commercial gaming revenue.
Through the first nine months of the year, nationwide commercial gaming revenue stands at $53.24 billion, pacing 8 percent ahead of 2023 and putting the industry on track for a fourth straight record revenue year.
In Q3 2024, 29 of the 35 commercial gaming jurisdictions operational last year saw increased year-over-year revenue. This growth resulted in an 8.9 percent year-over-year increase in state and local taxes tied directly to gaming revenue, with commercial gaming operators contributing $3.79 billion in taxes across the quarter.
IRGC Solicits Feedback on Cedar Rapids Casino Proposal
The Iowa Racing and Gaming Commission (IRGC) held a public comment meeting in Cedar Rapids Nov. 20 to get more feedback on the proposed $275 million Cedar Crossing casino project from Peninsula Pacific Entertainment and the Linn County Gaming Association.
Among the biggest supporters of the project is Cedar Rapids Mayor Tiffany O’Donnell, who, according to Iowa Capital Dispatch, told the commission, “I get to be the voice of the people who aren’t in this room, here to tell you that we want this. And all we’re asking for from you is an opportunity and a fair shake. Because what’s happening on the outside, it’s not us.”
Among those opposed were representatives from a local group known as Iowans for Common Sense, which has come out against the casino. The group argues that the state does not need any more gaming licenses, an argument that has also been championed by existing casinos.
A two-year moratorium on licenses expired earlier this year, but there has been much speculation that lawmakers will move to enact a new moratorium in the next session. That has created a window for the Cedar Crossing proposal, which has been in the works for several years. The IRGC is set to vote on the proposal on Feb. 6.
Las Vegas Casino, NBA Arena Project Receives OK from FAA
The proposal from Las Vegas developer LVVP to build an expansive development featuring a casino-resort and NBA-ready arena has received the green light from the Federal Aviation Administration (FAA). The approval was significant for the project because one of the structures is 752 feet tall, which would make it the tallest in Las Vegas.
According to the Las Vegas Review-Journal, the proposal can now be heard by the Clark County Commission, and is expected to be discussed at the commission’s Dec. 4 meeting. The proposal was first approved by the Winchester Town Advisory Board Nov. 12.
In addition to a casino, the development features a 2,605-unit hotel and condominium complex and an 18,000-seat arena built to NBA specifications. Las Vegas has long been circled as an expansion candidate for the league but there are not currently any league-ready arenas. Should the CCC approve the proposal, LVXP can then pursue financing possibilities.
Bally’s Shareholders Approve Queen Merger
Bally’s Corp. announced Nov. 19 that its shareholders have voted to approve the previously announced merger with Queen Casino & Entertainment (QCE), a regional operator owned by hedge fund Standard General (SG).
Earlier this year, SG–which is headed by Bally’s Chairman Soo Kim—completed its quest to buy out Bally’s at $18.25 per share, which represented a heavy discount from its previous offer of $38 per share in early 2022. As part of the buyout, Bally’s was expected to merge with QCE, thereby combining the companies’ portfolios to a total of 19 casinos in 11 states.
The new company will remain publicly listed. Bally’s said in its release that shareholders who elected to rollover their existing shares will see them trade under the ticker symbol BALY.T until the completion of the merger. After that, they will return to the usual symbol, BALY. The merger is expected to close in the first half of next year.
Full House’s Proposed New Haven Casino Facing Pushback
Full House Resorts is proposing to relocate its Rising Star Casino in Rising Sun, Ind. to New Haven. But in order to do so, it must secure approval from the state legislature, and a recent town hall meeting did not seem to garner much favor for the proposal.
WANE reported Nov. 18 that three officials—Rep. Dave Heine,Sen. Tyler Johnson and Sen. Liz Brown—all opposed the project at the meeting.
“I don’t give a flying fig what unicorns and rainbows they’re promising,” Brown said, per WANE. “I don’t think the amount of money they’re promising is worth it to this community.” The bill allowing the move will need to be authored by a lawmaker who doesn’t live in the district, which Heine said he’s never seen before.
Silver Sevens Nixes Continental Rebrand, For Now
The Nevada Independent reported Nov. 20 that Affinity Interactive, owners of the off-Strip Silver Sevens casino in Las Vegas, has decided not to return the property to its original Continental brand as previously announced. Silver Sevens operated as the Continental from its opening 1980 through 1999, and assumed its current name in 2013.
“We have a great product that we’ve invested in over time,” Affinity CEO Scott Butera told the Independent. “The Continental approach is very appealing. But in considering the idea, we want to make sure we’re doing it correctly.”
Alabama Lawmakers Say Gambling Legislation Will Return in 2025
After a mighty effort to expand gambling in Alabama earlier this year fell short by a single vote in the state Senate, lawmakers say that more gambling legislation will be introduced next year. Sen. Greg Albritton, who originally sponsored a comprehensive bill in the Senate but later voted against it, told WIAT Nov. 19 that the prevalence of the black market makes it so that “the only thing we can do in Alabama is try to grasp control of that industry so we can protect the public and be a beneficiary of it.”
Rep. Sam Jones, who sponsored the bill in the House, lamented the fact that state voters “never got an opportunity to vote on it. Really, never got an opportunity to digest it.” Jones also referenced the fact that the Poarch Band of Creek Indians will be a key voice in any discussions regarding gambling expansion.
“I think that those discussions can continue. I don’t see any reasons why they shouldn’t continue,” Jones told WIAT. “Since they’re already in the business here in the state.” Rep. Andy Whitt, another sponsor from last session, said that he expects several gambling bills to be introduced even though he personally is not working on any.
Reno’s J Resort Announces $130 Million in New Upgrades
The J Resort in Reno, Nev., formerly the Sands Regency, has announced $130 million worth of new developments, including a 10-acre festival grounds and a slew of other upgrades such as expanded gaming, parking, a new dining option, two banquet halls, a display exhibit with European sports cars, a 20-foot sculpture commissioned from Italy and more.
Operator Jacobs Entertainment reopened the casino last year after spending $300 million to renovate and rebrand the property. The company has also purchased a slew of other nearby real estate holdings, and Jacobs CEO Jeff Jacobs has previously pledged to invest $1 billion in the area.
“We have over $400 million currently invested in downtown Reno,” Jacobs told the Reno Gazette Journal Nov. 20. “With the additional $130 million to be spent, we will have invested close to $550 million.”
CEASE Holds NJ Anti-Smoking Rally
Casino Employees Against Smoking Effects (CEASE) gathered outside the New Jersey League of Municipalities conference Nov. 21 to urge Governor Phil Murphy and New Jersey lawmakers to end the casino exemption to the state’s indoor smoking ban.
The protest took place on the last day of the New Jersey League of Municipalities conference, where Murphy addressed local government officials gathered to discuss how to improve the quality of life for their residents. Despite repeatedly saying he will sign a bill if it reaches his desk, Murphy has done nothing to push for bipartisan legislation closing the casino smoking loophole.
“Casino workers in New Jersey have had to choose between their health and their paychecks for almost two decades,” said Pete Naccarelli, co-founder of CEASE and longtime table games dealer. “Municipal leaders and Governor Murphy are here in Atlantic City to talk about ways to make life better for New Jerseyans while they ignore a simple fix that would improve quality of life for the workers who drive the state’s economy forward. It’s time to end this hypocrisy and give casino workers in New Jersey the same health and safety protections as nearly every other New Jersey worker. It’s long past time to close the casino smoking loophole.”
Caesars Launches Horseshoe Online in NJ
Caesars Entertainment officially launched its newest proprietary iGaming platform, Horseshoe Online Casino, in New Jersey this week. The launch in New Jersey marks the fifth North American jurisdiction where Horseshoe Online Casino is now available, joining Michigan, Pennsylvania, West Virginia and Ontario.
Horseshoe Online Casino debuted in Michigan at the start of October and has extended Caesars’ multi-brand strategy for iGaming, the renowned Horseshoe brand joining Caesars Palace Online Casino and more in Michigan, Pennsylvania, West Virginia, Ontario, and New Jersey.
“The Horseshoe brand is anchored by a promise to put the player first,” said Matt Sunderland, senior vice president and chief iGaming officer at Caesars Digital. “A brand with such a storied past deserves an online equivalent that pays respect to the legacy it has established in gaming, and that is what we’ve created with Horseshoe Online Casino.”
Five Plead Guilty in Illegal Michigan Casino Sting
The Michigan Gaming Control Board (MGCB) announced Nov. 18 that five individuals had pleaded guilty in connection to running an illegal storefront casino in Flint. The venue, named Hot Spot Skill Arcade, had 41 gaming stations on which patrons could wager and win points that were then redeemable for Visa gift cards. Two of the individuals pleaded guilty to felony counts of conducting a gambling operation without a license, and the other three pleaded guilty to misdemeanor counts of maintaining a gambling house for gain.
