The Eldorado Resorts acquisition of properties in Reno, Nev., from MGM Resorts International closed Tuesday. Eldorado spent $72.5 million to acquire the Circus Circus Reno and a 50% stake in the Silver Legacy. Before the deal closed this week, Eldorado owned half of the Silver Legacy.
Nevada lawmakers approved a measure this year allowing skill-based slot machines. A memo from a Las Vegas law firm encourages video game developers to pursue adapting popular video games for the casino floor, either through licensing or offering games directly to casinos.
The Sanford C. Bernstein brokerage issued a report on the interplay between junkets and casinos as the Chinese government cracks down on high rollers in Macau. "Longer-term, we believe the consolidation in junket industry would actually be helpful as it would create more liquid and professional (i.e. better managed) junket operations," said the brokerage.
The Nevada Legislature passed six bills related to the gaming industry before adjourning June 1. Key legislation included allowing the development of skill-based slot machines and permitting Nevada entities to manage sports books out of state if federal law expands sports betting.
Pennsylvania lawmakers are proceeding with a bill that would allow online gaming, according to the Poker Players Alliance. The House Gaming Oversight Committee moved the bill out of committee, but there is no date scheduled for a vote in the state House.
MGM Resorts International has launched a legal battle to prevent a third tribal casino from opening in Connecticut. MGM has proposed a $950 million casino resort for Springfield, Mass., which is less than 6 miles away from the state's border with Connecticut.
Japanese brokerage Nomura predicts that mass-market gaming will increase by 8% in Macau next year as VIP gaming tumbles by up to 29%. Nomura said "the magnitude of mass growth is likely to be moderate, with declining average customer spend and a longer ramp-up period for new projects."
The Lowell Sun points to increasing competition for casino dollars as evidence that gaming may not provide as much of an economic boost as originally predicted for Massachusetts. "We can hope that the economy continues to improve, boosting discretionary spending and thus casino revenues, and that all of this intense competition will make the casinos give its patrons a better gamble," the editorial states.
Gross operating profits at casinos in Atlantic City, N.J., rose 61% for the third quarter as compared to the same quarter last year. Four casinos closed last year in Atlantic City, boosting results at the remaining eight. "These results show that casino operations are stabilizing after several difficult years," said Matt Levinson, chairman of the state Casino Control Commission.
The Springfield, Mass., City Council will schedule a public hearing within 45 days on a revised casino plan from MGM Resorts International. City officials said the revamped MGM plan for a $950 million casino was completed this week.
- Page 1