Weeks before Wynn Resorts is due to open its $2.6 billion Encore Boston Harbor resort (l.), reports have surfaced that the company may be exploring a sale of the property to MGM Resorts, which have been confirmed by both companies. Wynn faced grueling scrutiny in the market as a result of the Steve Wynn sexual harassment scandal, recently receiving the OK to open, but with several conditions—such as a $35 million fine and a public monitor for at least three years—that makes Wynn squirm.
The Seminole Tribal Council Chairman Marcellus Osceola Jr. (l.) told Florida Governor Ron DeSantis his tribe will end monthly payments of $19.5 million in exchange for card game exclusivity. The tribe won a lawsuit against the state for allowing parimutuels to offer designated card games it claimed infringed on its exclusive rights. But tribal officials said the state hasn't followed through with "aggressive enforcement" against the games, therefore it is no longer required to make the payments.
The one-year anniversary of the U.S. Supreme Court striking down a federal ban on sports betting passed on May 14 and since then the nascent U.S. sports betting industry is thriving across the country. Eight states have introduced sports betting and five more have approved legislation since the decision (the American Gaming Association’s map of legal sports betting states and prospects at left). An estimated $8 billion has been wagered on sports in the last year generating about $55 million in taxes.
MGM Resorts last week said that it is prepared to fork out as much as $800 million in damages to victims of the October 1, 2017 shooting. Insurance will reportedly cover $750 million of that total, but not so fast say lawyers for the plaintiffs, who have barely even begun to negotiate.
After weeks of speculation whether Iowa Governor Kim Reynolds (l.) would sign a sports betting bill, she recently put her signature on legislation allowing in-person, online and mobile wagering on professional, collegiate and international sports events, as well as fantasy sports contests. Sports betting is expected to be offered before football season starts.
The AGA has released a new “Responsible Marketing Code for Sports Wagering,” marking the one-year anniversary of the U.S. Supreme Court decision removing the federal ban on sports betting. The guidelines set a “high bar” according to AGA President & CEO Bill Miller (l.).
Along with Osaka, there’s now a second serious contender to host a Japan integrated resort. Wakayama Prefecture has announced it has established a committee led by Tokyo Metropolitan University President Haruo Shimada (l.) to bring an IR to a manmade island called Marina City.
The inaugural ICE North America was celebrated in Boston, Massachusetts. It was all about the marriage of sports, sports betting, and the technology that will bring them together. Special guest Sugar Ray Leonard thrilled the crowd by taking selfies, like this one with Clarion MD Kate Chambers and ICE North America Ambassador Roy Student.
Sometimes a problem can be right before your eyes and you don’t see it. That may have been the case with the opiate epidemic. Gaming veteran Richard Schuetz recounts the early days of Las Vegas when showgirls and performers used drugs to get through their routines. And therefore it became a problem.
The history of economic cycles tells us that sooner or later we’re going to be hit by a recession. Good times don’t last forever and trees don’t grow to the sky. So how should you prepare your portfolio? Look for companies that have a unique story and a big upside.
This week, the GGB Podcast talks to Richard Schwartz, the president of Rush Street Interactive, on how his company is well positioned in the industry to partner with small casinos and tribal entities to enter the burgeoning sports betting and iGaming market.
There may be help in store for Saipan casino operator Imperial Pacific International. A Japanese firm will reportedly plow $500 million into the company to help it complete Phase I of its casino resort in the CNMI. The CEO of the troubled resort, Mark Brown (l.), says the investment will help grow the company and the CNMI.
Philippine President Rodrigo Duterte (l.), the country’s most vocal critic of gambling and casinos, now says he is giving up the fight against gaming activities, and will only urge his countrymen not to indulge.
Connecticut-based casino operator Mohegan Gaming & Entertainment has announced that it’s about to break ground on its US$1.6 billion South Korean integrated resort called Inspire (l.).
Despite numerous pledges by local lawmakers to ban casino boats operating in the waters off Goa, India, another vessel has been added to the fleet: Golden Globe Hotels’ Big Daddy (l.).
Leading Macau junket investor Suncity Group has confirmed that it will manage the casino at its Hoiana integrated resort (l.) in Vietnam, which is expected to open before the end of the year. It will also oversee F&B.
The company wants to trim floor staff at its three Macau casinos in a way that will keep the government happy. Supervisors are being offered a number of incentives to voluntarily leave, including buyouts up to MOP500,000, (US$62,000) up to a year of unpaid leave or the option to transfer to other positions.
The European Casino Association, representing the licensed land-based casino industry in Europe, is launching a campaign highlighting the positive impact of the licensed industry for economies and societies.
The UK Gambling Commission has levied more than $5.7 million in fines against four online gambling companies. The penalties are for failing to put in place effective safeguards to prevent money laundering and keep consumers safe from gambling harm. The companies are InTouch Games Limited, Betit Operations Limited, MT Secure Trade and BestBet.
The UK Advertising Standards Authority has pulled TV ads from Paddy Power and William Hill from TV and Tinder, saying they presented gambling “as a way to financial security” and “sexual success.”
William Hill Plc has reported higher revenue for the year through April thanks to online sports betting operations in the United States that countered a weak retail performance in the UK. The company also benefitted from its acquisition of Mr Green & Co. overall the company said revenue increased 2 percent and online revenue grew 8 percent.
Reports have surfaced that the Canadian Province British Columbia has become a hub for international money laundering in its casinos and housing market. Now comes a report from former RCMP deputy Peter German (l.) that the province’s lottery spent millions on anti-money laundering technology that did not work.
The Kenyan Revenue Authority has ordered East African betting operator SportPesa to pay €80 million (US$134.5 million) in past-due taxes, plus interest and penalties for arrears that mounted up between 2015 and 2018.
Century Casinos, which is based in Colorado, boosted first quarter earnings this year by opening new OTBs in Canada and by overcoming licensing delays to reopen all of its Polish casinos. The results were an impressive growth in revenue of 12.2 percent.
Michigan state Rep. Brandt Iden (l.) continues to tweak his online gambling measure to avoid a veto by Governor Gretchen Whitmer. Her office has expressed the same concern as former Governor Scott Walker who vetoed similar legislation last year—namely, that online gambling would cannibalize the state's casinos and online lottery.
PartyPoker announced it has closed 94 accounts for the fraudulent use of ‘bots’ and seized about $144,000 and €34,000. The accounts were on the operator’s global and shared liquidity doteu licenses. A total of 34 dot.com accounts were seized along with 55 rogue accounts.
The Buenos Aires Province Institute of Lottery and Casinos has released the terms and conditions to compete for one of the seven online gambling licenses to be issued. Applications will be taken through June 25. A total of 19 companies have already registered with the regulator.
Danish gaming operator Danske Spil has signed a deal to assume control of Tivoli Casino’s online gaming business. The terms of the agreement give Danske Spil the right to use the TivoliCasino.dk brand for 10 years.
Swedish gaming regulator Spelinspektionen has fined Betway Ltd. and Mandalorian Technologies for offering multiple customer bonuses when only first-time bonuses are permitted.
Californians never tire of reminding other folks that their state is bigger than lots of nations. So it should not be surprising that such a complex polity is taking its sweet time about legalizing sports betting. But tribal intransigence on ceding any control of sports betting to the state makes is unlikely it will be legalized anytime soon, according to Steve Stallings (l.), the chairman of the California Nations Indian Gaming Association.
The Stars Group and FOX Sports have announced plans to launch FOX Bet through a national media and sports wagering partnership in the United States. FOX Sports will provide the Stars Group with an exclusive license to use certain FOX Sports trademarks and will invest $236 million to acquire 5 percent of the group, says Stars Group CEO Rafi Ashkenazi (l.).
The deal will bring a second sports betting TV hub to Caesars’ Las Vegas Strip portfolio. The studio will serve as an outpost of ESPN’s “Daily Wager” show and will extend Caesars’ brand reach to every facet of the cable giant’s programming, including its website and mobile app.
Rhode Island is doing a little tinkering to try to make its sports betting operation a little more profitable. Such as raising the credit limit for bettors from $50,000 to $100,000. But lowering the 50-percent tax rate? Not on the table right now.
The New York Senate’s Gaming Committee has cleared legislation that restricts web-based wagering to the state’s upstate commercial and tribal casinos. It’s less than supporters want, but they see it as a foot in the door. They’re hoping the Assembly and Governor Andrew Cuomo (l.) agree.
Effective July 1, online and mobile sports betting will be legal in Tennessee. Governor Bill Lee will allow a sports betting bill to become law without his signature. Sports betting is estimated to generate $50 million annually for education, infrastructure projects and problem gambling services. Tennessee Titans CEO Steve Underwood (l.) wants the state to rely on “official” data.
Bookmaker William Hill has responded to recent changes to high-street betting rules in the UK by expanding into Sweden. Limits to FOBT bets at home will cause the firm to close 900 betting shops.
Delays in implementing online and mobile sports betting in Pennsylvania are costing the industry millions, particularly considering its high taxes and fees.
Maine lawmakers on the Committee on Veterans and Legal Affairs have spent the last few weeks taking seven sports betting bills, putting them in a legislative blender and reducing them to one bill, a shell bill. It will include parts of all of them, and will have mobile sports betting.
Overriding a governor’s veto in Montana is a leisurely affair. It involves mail ballots and a month of consideration. Senator Mark Blasdel (l.) wants to override the veto of Governor Steve Bullock of his sports betting bill. He’s got 30 days to do it.
Blackstone Tactical Opportunities, a unit of the Blackstone Group, has announced it will invest €175 million (US$196 million) in Superbet, the largest sports betting and gaming company in Romania.
Caesars reportedly has given Eldorado Resorts until the end of the month to make an offer to acquire the gaming giant. The hitch for Eldorado is finding $500 million in cost cuts, according to one report. And if it doesn’t find them there won’t be an offer. Treasure Island owner Phil Ruffin (l.) is interested in some of the Las Vegas Strip properties.
The 2 million square foot Live! Resorts Pompano will be developed at Isle Casino Racing Pompano Park (l.) in Florida by Eldorado Resorts and the Cordish Companies. Groundbreaking will be held in spring 2020 for the project which will include an expanded casino, nationally known restaurants, live entertainment venues, housing and more.
As the May 31 end of the legislative session approaches, Illinois lawmakers see neighboring states moving forward with gambling legislation and hear the pleas of in-state gambling advocates. Without some form of gambling expansion, Governor J.B. Pritzker's (l.) proposed budget faces a $300 million gap.
Regulators in Pennsylvania delayed a vote until next month on final approval for the sale of the Sands Casino Resort Bethlehem to Wind Creek Hospitality. The vote was delayed because the investigation isn’t complete, according to a gaming board spokesman.
New Jersey saw another sports betting handle of over $300 million in April and online casino gambling was up 59 percent as Atlantic City casinos reported a 17 percent increase in revenue for the month to about $251 million. The state’s sports betting handle has topped $300 million for six straight months. The Tropicana sports book, which recently opened, at left.
In Arkansas, two voter-approved projects are moving forward. The city council in Pine Bluff, Jefferson County approved annexing land for the Oklahoma-based Quapaw Tribe's proposed Saracen Resort and Casino. Also, construction has begun on a $100 million expansion at Oaklawn Racing Casino Resort (l.) in Hot Springs, expected to be completed before the 2020 racing season.
In a strange political game of chicken, New Hampshire Senator Lou D’Allesandro (l.) allowed his two casino bill to die a permanent death in this session in order to preserve a sports betting bill that an opponent had threated to tie to his bill in a sort of “poison pill.” By his action, the sports betting bill stays alive.
Las Vegas is attracting fewer people, but they are spending just as much money. That’s just some of the facts contained in the annual visitor’s profile by the Las Vegas Convention and Visitors Authority.
Spectacle Entertainment partner Greg Gibson (l.) said he hopes a voter referendum to allow a Terre Haute casino can be held this fall. If it's approved, Spectacle, and other potential developers, would compete for the Vigo County casino license. Gibson said he'd locate his casino long the U.S. 40/Indiana 46 corridor adjacent to Interstate 70.
Construction of the $850 million Majestic Las Vegas is slated to begin next spring at a six-acre site on Convention Center Drive site that once hosted the Debbie Reynolds (l.). Plans call for 720 five-star hotel rooms, 10 floors of meetings and conventions space, a wellness spa and several restaurants.
MGM Resorts International and Boraie Development LLC announced a plan to build 200 luxury condo units in Atlantic City’s Marina District, near MGM’s Borgata Casino. The project may be one of the first steps of an as yet undisclosed redevelopment plan for the area being considered by the casino company. Building is contingent on regulatory approvals.
The pro-gambling group, Keep the Money in Nebraska, has until July 7 to collect 113,900 valid signature to place on the 2020 ballot a constitutional amendment allowing slots at racetracks. Officials said they raised nearly $1 million, mostly from Ho-Chunk Inc., the Winnebago Tribe's economic development arm. Nebraskans gamble $500,000 annually in other states, group officials said.
A bill in the Pennsylvania State Senate that would allow municipalities to prohibit video gaming terminals though a local resolution was voted out of committee.
Housing is dear in Cripple Creek Colorado, but employees are important. So Triple Crown Casinos decided to deal with the housing shortage by converting a motel into employee housing.
Connecticut Governor Ned Lamont has tried his best to hammer together a comprehensive gaming bargain that will have something for everybody and will include sports betting. However, the governor admitted last week that it won’t happen this year. But Mashantucket Pequot Tribal Chairman Rodney Butler (l.) isn’t giving up.
President Donald Trump is known for his tweets. Recently one of his tweets appeared to dash the hopes of the Mashpee Wampanoag tribe for its own reservation—and a casino in Taunton, Massachusetts. The involvement of Senator Elizabeth Warren, shown with the president, seems to have been the fatal blow.
The St. Croix Chippewa of Wisconsin, charged with 527 violations of federal and tribal ordinances, face fines of $5.5 million. Tribal leaders allegedly embezzled $1.5 million in casino funds "for personal gain," stated National Indian Gaming Commission Chairman Jonodev Chaudhuri (l.), just days before he stepped down, including trips to Las Vegas and Hawaii. Many of the tribe's 1,000 members live in poverty.
In Oklahoma, HB 2667 would allow taxpayers to exclude gambling losses from the $17,000 itemized deduction limit. State Senator Dewayne Pemberton opposes the exclusion, claiming the state would lose nearly $9 million in annual education funding. However, he believes Governor Kevin Stitt (l.) will sign the legislation, which was "a priority" for the Cherokee Nation.
South Dakota Governor Kristi Noem (l.) has been banned from the reservation of the state's largest tribe, the Oglala Sioux, which operates the Prairie Wind Casino & Hotel in Pine Ridge. In March, Noem signed measures allowing the state to sue and/or fine organizations that encourage protesting along the Keystone XL and other pipelines.
The new Cherokee Casino Tahlequah (l.) in Oklahoma recently opened, spotlighting Cherokee Nation culture inside and out. The 96,000 square foot facility, which replaces an older casino, offers 500 gambling machines, two restaurants, a tavern and convention space. The project created 90 new jobs, bringing the total to 220.
In a 6-2 vote, an Alabama House committee approved a constitutional amendment to allow a state lottery with paper-only tickets. A tight vote is expected in the full House. If approved, a statewide referendum would be required. Lottery revenue would go to the general fund and the Education Trust Fund.
Konami Gaming has appointed Randy Caron (l.) as senior director, business development for the Western Region, and has named Scott Freed and Steve Kohon as senior sales directors.
Gaming Laboratories International has promoted Danial Pennisi (l.) to technical manager, Tony Blayney to service delivery representative and Daniel McDougall technical specialist in the Sydney, Australia laboratory.
Local 54, the Atlantic City arm of the powerful hospitality union UNITE HERE, has reelected Bob McDevitt for a fifth term. Opponents accuse him of strong arming members into voting for him or not voting at all.
PA, which provides multimedia sports, editorial and data, has added two new staffers to its Racing & Betting Team. Their job is to help broaden the company’s appear to the global market.
The Innovation Group has been named as a consultant to assist the Virginia Joint Legislative Audit and Review Commission in its review of gaming regulations in other states, as required by recently passed legislation. The study, due December 1, will include analyses of casinos, sports betting and online gambling, plus the economic impact of various casino sites.
Caesars Entertainment recently was ranked number 72 in Corporate Responsibility Magazine's "100 Best Corporate Citizens" list for 2019. The selection was based on the company's social and governance activities and especially its emphasis on environmental issues, including continued commitment to environmental sustainability progress, including science-based targets to reduce greenhouse gas emissions.
Scientific Game Corporation reported that it will use $301 million raised through its initial public offering of shares in social gaming division SciPlay to narrow losses and pay down debt.
Everi has officially kicked off its annual six-month TournEvent of Champions contest, in which company officials travel around North America for satellite events of the national slot tournament.
Mazooma launched a new single-integration payment platform, capable of handling high-volume online gaming payments, at last week’s ICE North America trade show.
Asia Pioneer Entertainment is developing its own proprietary electronic gaming machines for land-based casinos, under the group’s own intellectual property.
Daisy Ho Chiu Fung, chairwoman and executive director of SJM Holdings Ltd., and daughter of Macau gaming legend Stanley Ho, will deliver a keynote speech at G2E Asia 2019.
The International Association of Gaming Regulators announced the lineup of speakers for its annual conference, to be held September 30 to October 3 in Jamaica.
Frank Fantini, the Fantini Research CEO will moderate a panel at the East Coast Gaming Congress, June 13-14. At Harrah’s Resort in Atlantic City, featuring some of the leaders of some of the most important technology companies in the industry.
