Strong results from Pinnacle Entertainment's casinos in Indiana and Missouri helped the company post a second quarter net profit of $15.8 million, compared with a loss of $2.3 million a year ago. Net revenue grew by 4.8% in the quarter, reaching a total of $582 million.
MGM Resorts International may be open to selling The Mirage, with Starwood Capital as a possible buyer. Reports from two Wall Street analysts indicate that a sale to Starwood Capital could be worth anywhere from $1 billion to $1.5 billion. "MGM has reprogrammed other assets recently in need of (capital expenditures) in the south end of the Strip, but hasn't done much with Mirage. MGM has a heavy development pipeline, so a sale could free up some resources," said Cameron McKnight, a gaming analyst for Wells Fargo Securities.
Attractions such as Shark Reef and Light Nightclub, as well as more than 20 restaurants and 3,000 hotel rooms, help set the Mandalay Bay Resort and Casino apart from the competition, Steve Marcus writes. In this photo profile of the popular destination, Marcus also mentions the Cirque du Soleil's Michael Jackson One show and a plethora of gaming options as reasons for its continued popularity among visitors.
Washoe County, Nev., posted a 2.7% increase in gross gaming revenues between July 2014 and June 2015, the Nevada Gaming Control Board reports. The county, which includes Reno, Sparks and North Tahoe, has now posted three straight years of gross gaming revenue gains. A 3.2% increase in slot machine revenue helped Washoe County reach its favorable results.
The unlikelihood of federal regulation is among the reasons for optimism that online gambling will become a reality throughout much of the U.S., online gaming writer Steve Ruddock says. "It may seem like iGaming expansion is happening at a snail's pace, but the fact of the matter is we're less than four years removed from the [Department of Justice's Office of Legal Counsel's] opinion on the Wire Act that gave states the opportunity to pass online gambling bills, and there were only three early adopters," Ruddock writes.
Las Vegas Strip casinos saw only $64.7 million in June Baccarat revenue, a 53.7% year-over-year decrease. Meanwhile, gamblers wagered 43% less on baccarat, betting $616.7 million. However, because June 2014's baccarat revenue represented a gain of 154.8% increase from June 2013, many analysts expected the decline.
Wisconsin Attorney General Brad Schimel is appealing a decision that allows video poker at the Ho-Chunk Nation's Madison casino. A 7th Circuit U.S. Court of Appeals reversal in April said the tribe the right to offer the game. Schimel, who filed his request for a U.S. Supreme Court hearing Monday, says that video poker should be classified as a Class III card game, which would make it illegal under the tribe's gaming deal with Wisconsin.
Investments by Wynn Resorts, MGM Resorts International, Las Vegas Sands and other companies totaling $27 billion indicate that the gambling industry hasn't given up on Macau. Among the efforts to help Macau rebound include a government focus on encouraging spending by the middle class. Many of the developments are focused on making Macau an entertainment destination. "It will be like having Las Vegas and Orlando, Fla., right next to each other instead of 2,000 miles apart," notes Galaxy Entertainment Group Deputy Chairman Francis Lui Yiu Tung.
Echo Entertainment Group is hoping that a partnership with jeweler Chow Tai Fook will funnel high rollers to its Brisbane, Australia, casino. Echo plans to build an 1,100-room hotel and casino in Brisbane with the jeweler's sister company, Chow Tai Fook Enterprises, and property developer Far East Consortium International.
No evidence supports fears of legalized online gambling cutting into land-based casino revenue, writes OnlinePokerReport.com publisher Chris Grove. Researchers found this year that online gaming would enhance revenue from land-based casinos. "In New Jersey, executives from the Golden Nugget, Borgata and Caesars have all reported that the vast majority of Internet gambling customers are new customers to the casino," Grove writes.