States are Now Free to Legalize Sports Betting
Seven trending gaming industry stories that will impact your casino Revenue Strategy.
1. Supreme Court Ruling Opens Door to Sports Betting
On Monday, the Supreme Court struck down a 1992 federal ban on sports betting. The 6-3 ruling is a victory for states, like New Jersey, that want to allow sports gambling as a way to encourage tourism and tax revenue. How the states handle the implementation will determine how the ruling plays out.
“Congress can regulate sports gambling directly, but if it elects not to do so, each state is free to act on its own,” the court wrote in its decision.
After the ruling, shares of several casino companies moved higher including Caesars Entertainment, up 6 percent, and Penn National Gaming, up 4 percent. Others gaining included MGM Resorts, Boyd Gaming and Churchill Downs. Wynn Resorts stock recaptured some of its losses from earlier in trading, down 1.8 percent on the day.
2. Is Carl Icahn Cashing in his Chips in Atlantic City?
With the sale of Tropicana Atlantic City, billionaire investor Carl Icahn appears to be ending nearly two decades of involvement in the city’s gambling scene. Icahn made a name for himself in the Garden State by acquiring bankrupt casinos at bargain prices, extracting their value, or shaping them up and selling them at a profit.
The deal would leave Icahn Enterprises with only one casino property: the Trump Plaza Hotel and Casino in Atlantic City, which Icahn wants to demolish.
3. Detroit Casinos are on a Hot Streak
4. Why Japan Should Copy Vegas
Steven Tight, Caesars’ president of international development, believes Japan should follow what he calls the “Las Vegas Model” as a template for casino resort implementation and regulation in Japan.
“While there are many approaches to develop integrated resorts, Caesars would like to raise considerations — the Las Vegas model — as the most appropriate benchmark for Japan,” Tight says. “Las Vegas, as a city that reinvents itself through its non-gaming entertainments, has become the world’s undisputed entertainment capital.”
5. Caesars launches #LikeACaesar Campaign
Las Vegas’ Caesars Palace is trying to appeal to younger generations — those between 30 and 50 — with its newly launched #LikeACaesar campaign, developed by its agency i.d.e.a, that showcases the resort’s array of amenities through the lens of the fictional Caesar character.
Designed for multiscreen and multiplatform viewing, the fully integrated, sharable narrative video links to a branded webpage where viewers can book themed hotel packages, view newly renovated rooms, and see what guests are experiencing on property through a social media live feed.
6. Parking Fees Blamed for Declines in Vegas Visitors
The publisher of Las Vegas Advisor is blaming daily resort fees and parking charges — which can add as much as $45 a day to visitors’ hotel bills — for a recent decline in the number of visitors.
The Las Vegas Convention and Visitors Authority disputed the claim, saying fees have not contributed to the most recent declines in visitors. Instead, the LVCVA attributed the reduction in room inventory to renovations and upgrades and the near-term impact from the Oct. 1 shooting at Mandalay Bay.
7. U.S. Gaming Totals Up Almost 5% in March
Despite New Jersey’s off-month, national gaming revenue during March hit $3.837 billion, an increase of nearly 5% from a year earlier, according to figures compiled by gaming analyst and consultant Ken Adams.
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Joanna DeChellis, Contributing Editor
Joanna joined Duetto in May 2015 as a Contributing Editor with more than a decade of writing, editing and graphic design experience for both print and online trade publications. She is passionate about driving content innovation through blogs, e-newsletter and social channels.