DraftKings Making a Play for the Online Sports Betting Crown
October 20, 2023
The hierarchy of sports betting sites is experiencing some upheaval at the top. That is because more and more data is pointing to a changing of the guard when it comes to the mobile side of legal sports betting market share in the United States. Namely, it looks like DraftKings has seized, or is getting closer to seizing, the top spot from FanDuel, which has long been the leader among U.S. online sports betting operators. DraftKings has typically run second in the rankings, but numbers recently reported by state regulators show DraftKings claiming the top spot, or at least coming within arm’s reach.
View original article at www.covers.com
Casino Stocks Spark Higher As Macau Comes To Life
October 19, 2023
Casino stocks jumped Thursday after Las Vegas Sands (LVS) noted strong recovery at its Macao and Singapore resorts during its Q3 earnings late Wednesday. LVS stock and Wynn Resorts (WYNN) swung higher. The gaming resort operator reported adjusted earnings of 55 cents per share compared to a loss of 27 cents per share in 2022. The results marked three consecutive quarters of positive earnings. Revenue leapt to $2.8 billion from $1.01 billion last year. FactSet analysts expected earnings of 55 cents per share on $2.72 billion in revenue.
View original article at www.investors.com
3,700 Detroit casino workers go on strike against MGM, MotorCity & Hollywood
October 17, 2023
Thousands of Detroit casino workers are now on strike after the Detroit Casino Council and MGM, Hollywood Casino and MotorCity Casino could not come to an agreement.The Detroit Casino Council represents the 3,700 casino workers across five unions - UNITE HERE Local 24, United Auto Workers, Teamsters Local 1038, Operating Engineers Local 324 and the Michigan Regional Council of Carpenters.
View original article at www.wxyz.com
Virginia Supreme Court reinstates ban on slots-like skill games
October 13, 2023
In a surprise order Friday, the Supreme Court of Virginia overruled a lower court and reinstated the state’s ban on slots-like skill machines, saying a lawsuit challenging the ban on free speech grounds is unlikely to succeed.The high court was reviewing the propriety of a lower court’s longstanding injunction that has been preventing the state from enforcing a ban on the machines that took effect in the summer of 2021.
View original article at www.virginiamercury.com
Clark County passes ordinance to ban street vendors from Las Vegas Strip
October 3, 2023
The Clark County Commission passed an ordinance to ban street vendors from the Las Vegas Strip, while the path for a license is still months away.Clark County leaders carried out the first mandate from recently-passed Senate Bill 92: by October 15, cities and counties must create ordinances to ban street vendors from within 1,500 feet of resorts and casinos, conventions and stadiums.
View original article at www.fox5vegas.com
Macau welcomed post-pandemic high of 158,726 visitor arrivals on Saturday in strong start to Golden Week
October 2, 2023
Macau welcomed a post-pandemic high of 158,726 visitor arrivals on Saturday, up 473% year-on-year in what was a promising start to this year’s eight-day Golden Week holiday period.According to figures from the Public Security Police Force, this took the total number of arrivals for the first two days of Golden Week to 246,815 after there were 88,089 arrivals on Friday. By comparison, visitor arrivals over the first two days of the holiday period are up 394% over the same period in 2022 but down 4.2% on the 257,600 arrivals across the first two days in 2019.
View original article at www.asgam.com
September Storm Rattles Macau, Gaming Revenue Drops 13 Percent
October 1, 2023
Macau readied for a significant storm in early September that resulted in the local government ordering its six casino operators to temporarily shutter their resorts. Macau’s Gaming Inspection and Coordination Bureau released September gaming revenue numbers for the six operators in town. September gross gaming revenue (GGR) totaled MOP14.93 billion (US$1.85 billion), a more than 13% decline from August when the casinos won $2.13bn
View original article at www.casino.org
Global Online Gambling & Betting Market is Anticipated to Reach US$ 182.2 Billion by 2031, Expanding at an 11.5% CAGR: TMR Report
September 26, 2023
The online gambling & betting market acquired a valuation of US$ 62.0 billion in 2021. It is anticipated to register an 11.5% CAGR from 2022 to 2031 and by 2031; the market is likely to gain US$ 182.2 billion. Real-time, in-play betting is gaining traction as bettors seek more dynamic and engaging experiences. It allows users to place bets during live events, enhancing the excitement and potential rewards. VR technology is revolutionizing the way people experience online gambling.
View original article at www.globenewswire.com
North Carolina: GOP abandons push for casino gambling expansion in budget passage
September 20, 2023
In a significant turn of events, North Carolina Republican legislative leaders have decided to ditch their efforts to expand legal gambling in the state. Instead, they announced on Tuesday their intention to pass a final budget without the much-discussed provisions to allow up to four new casinos in the state.
View original article at www.yogonet.com
Florida's sports betting fight heading to the Supreme Court
September 19, 2023
Arguing that the outcome of the case could represent a “blueprint for expanding gaming outside of Indian lands,” a Florida pari-mutuel owner plans to ask the U.S. Supreme Court to weigh in on whether a multibillion-dollar deal giving the Seminole Tribe control of sports betting throughout the state violates federal law.
View original article at www.tallahassee.com
US casinos have their best July ever, winning nearly $5.4B from gamblers
September 14, 2023
Commercial casinos in the U.S. had their best July ever this year, winning nearly $5.4 billion from gamblers, according to figures released Thursday by a national gambling industry group.The American Gaming Association said the casinos’ winnings were up nearly 6% from July 2022.The association also said the casinos remain on pace to have their best year ever in 2023, with winnings from in-person casino games, sports betting and internet gambling at nearly $38 billion over the first seven months of this year, 11% ahead of what they won during the same period in 2022.
View original article at apnews.com
China to issue yuan bonds in Macau, as the gambling hub targets financial services in bid to diversify its economy
September 13, 2023
The 5 billion yuan (US$685 million) sale is the government’s third offshore bond sale in Macau, after the debut 2 billion yuan issue in 2019, and 2022’s 3 billion yuan sale. The bond issue will support Macau in the development of its financial sector and the ‘appropriate diversification of the economy’, China’s Ministry of Finance said.
View original article at www.scmp.com
Gambling provision is lone budget hold-up: North Carolina Legislature is in a budget standoff
September 12, 2023
Republicans at the North Carolina legislature converged Tuesday in a standoff over an already long-delayed budget plan because the House and Senate disagree on adding provisions that would further expand state-sanctioned gambling.House Speaker Tim Moore said not enough of his GOP colleagues in the chamber are willing to support a final budget that includes the authorization of new casinos and video gambling machines for it be contained in the negotiated plan.“At this point, the only way the House can pass a budget is if it does not include gaming in it,” Moore told reporters.
View original article at www.witn.com
More Las Vegas Strip casinos make an unpopular pricing move
September 8, 2023
Nearly every casino on the Strip has made the same change because, with huge events in the way, visitors have very little leverage. After its brief shutdown and a very long period where social distancing, mask rules, and limited international travel kept crowds low, the Strip has returned to 2019 crowds. Those numbers should get bigger in the next few months as Las Vegas welcomes some of the biggest events in its history.
View original article at www.thestreet.com
Blackstone sells 22% stake in Vegas' Bellagio
August 29, 2023
Blackstone Real Estate Income Trust plans to sell a portion of its stake in The Bellagio Las Vegas to REIT Realty Income in a deal that values the asset at $5.1 billion. The 4,000-room Bellagio is operated by MGM Resorts International under a long-term lease. Realty Income, a company that owns over 13,000 properties in the U.S. and Europe, is paying $300 million for the 22 percent stake in the casino and resort. Realty Income is also investing in a $650 million preferred equity stake in the property known for its 8.5-acre lake and fountain shows along the Las Vegas Strip.
View original article at www.hotelmanagement.net
Disney and ESPN bet big on entering gambling arena – but will they win?
August 19, 2023
Last week the Disney-owned sports network ESPN announced a $2bn deal with a gaming company, Penn Entertainment, that will see the launch this autumn of a sportsbook called ESPN Bet.The biggest brand in American sports broadcasting graduating from covering gambling to promoting it is an about-face for Iger and a major step towards the mainstream for an activity that is now legal and operational in some form in 34 states and Washington DC – though not in the three most populous states, California, Texas and Florida (where the situation is fluid). It is also a sign of turbulent times for media giants in the streaming era.
View original article at www.theguardian.com
Researchers question the effectiveness of China’s game time restrictions for minors in reducing heavy play
August 14, 2023
A new study published in Nature found no evidence that China’s online game time limit reduced lengthy playing. China has continued to ramp up oversight of internet usage by children and teenagers in an effort to keep them from being glued to the screen.
View original article at www.scmp.com
NCLGS Adopts Responsible Gaming Resolution for States
July 17, 2023
As gaming expands throughout the country, the National Council of Legislators from Gaming States have adopted new guidelines to help jurisdictions develop responsible gaming standards.The NCLGS is the only organization of state lawmakers to meet on a regular basis to discuss issues regarding gaming. The members of the council unanimously adopted a resolution on Friday, July 14, to help states “develop robust responsible gaming standards,” the council announced.
View original article at www.sportsbettingdime.com
UK gambling lobby group accused of inaccurate statements on regulation
July 10, 2023
The main lobby group for the UK gambling industry has been accused of making inaccurate statements relating to the regulation of the £10bn-a-year sector the day before its boss appears before a parliamentary committee.
View original article at www.theguardian.com
Hong Kong visitor arrivals to Macau back to 80% of 2019 levels
June 16, 2023
The Deputy Director of the Macao Government Tourism Office (MGTO) said Friday that the number of visitor arrivals from Hong Kong had recovered to 80% of 2019 levels as the agency prepares to launch more promotional activities in the month ahead.The impressive recovery in Hong Kong arrivals comes with the total number of arrivals to Macau having reached 70,000 in June, gradually creeping towards the daily average of around 108,000 pre-COVID.
View original article at www.asgam.com