Gambling News Podcast

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The Plaza Hotel and Casino in Las Vegas was in the news a few weeks ago for its vintage progressive Keno video game. The game offered a long-running progressive jackpot that was finally hit by one lucky player. Eric Santos of Kahului, Hawaii walked away with the $96,000 jackpot on Saturday, Sept.21.
The Keno game at the Plaza actually originated at the Western Casino. The video game was relocated to the Las Vegas Club with the jackpot still intact. The game made its way to the Plaza where the jackpot was then transferred to a newer machine. The original Keno machine operated on coins.
As a vintage gambling machine, it will be raffled off in an October contest at the Plaza. This will be part of a special promotion at the Las Vegas casino resort. There will be two separate contests that month with plans to giveaway a dozen classic coin machines. Popular titles such as Joker Poker, Deuces Wild and Catch the Heat will be part of the collection. These vintage machines have quite a bit of nostalgic popularity. However, their antiquated technology is no longer compatible with newer slot machines.
Caesars Sells Its Las Vegas Casino Rio for $516 Million
The Rio All-Suite Hotel and Casino has been sold for $516 million. Caesars Entertainment currently owns the Rio. The new owner will be a real estate investment company that is part of Imperial Companies. The deal is still subject to regulatory approval from the Nevada Gaming Commission.
As part of the terms of the deal, Caesars will continue to operate the Rio for two years. The Las Vegas gaming giant will pay $45 million annually in rent. The deal also includes a $7 million third-year option for Caesars’ continued management services.
The Rio is located off the Las Vegas Strip. The buyer has also left open an option for continued Caesars management after the terms of the current agreement expires. The Rio will remain part of the Caesars rewards program as part of the deal.
There is also an agreement to keep the World Series of Poker at this location through 2020. Ownership of this highly popular event is not part of the agreement. Caesars will maintain ownership of WSP as a proprietary event.
Imperial Companies is a real estate investment firm based in New York. Earlier this year, Caesars announced that it would merge with Eldorado Resorts out of Reno. That deal was valued at more than $17 billion.

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In our first story this week, Macau authorities announced on Friday that they will add two more casino hotels to Covid-19 medical facilities as the number of cases continues to rise in the world's largest Macao gambling hub. The resorts that will be used to increase capacity and handle the surge of infections are Grand Lisboa Palace and the Grand Hyatt Hotel. Two other properties, Sheraton Hotel and Londoner Resort, are already in use as quarantine facilities.

Macau is yet to implement a full lockdown, although there are more than 17,000 people in quarantine. However, residents have been asked to stay at home and the restaurants only provide takeaway services. For now, other casinos will remain open to protect the jobs, despite the significant lack of business.

Next up, the American Gambling Association is increasing its efforts in the fight against illegal offshore betting platforms. Among other things, this includes actively seeking help from Google.

Despite the rapid legalization of sports betting in the United States, many American gamblers still place their wagers with offshore betting sites. The lack of regulation allows these platforms to offer better odds and higher caps to their customers, but also leaves more room for shady and unsafe practices. Current estimates are that around $15 billion is being wagered through offshore properties. Some of these sites still rank very high in search results, which is why AGA is asking Google to step up and block these illegal online casinos from being seen in regulated markets.

In our next story, Illinois is the only state in the US to report year-to-year casino revenue growth in June. This time of the year is traditionally a slow betting period as NFL and NBA are in the offseason, with MLB the only active major sport. Still, compared to the same period last year, the gambling-related revenue in Illions is up 5% and stands at $110.7 million.

The June success comes despite poor performance from some of the state's largest casino operators. Ceasars' revenue fell 5% to $64.8 million in June, while Penn National reported $30.9 million, an 8% drop. However, these losses were offset by other major players in the Illinois gambling industry. DraftKings, Quad Cities, and Rivers-Des Plaines all had a very successful month.

In our last story, Las Vegas Strip is about to get another landmark property. A new $500 million hotel and casino plans to open its doors to visitors in 2024.

Last week, the Dream Hotel Group, one of the fastest growing hotel companies, broke ground on their latest project - a casino and hotel complex which will be named Dream Las Vegas. The new complex will feature a boutique-style hotel with 531 rooms and several premium dining options. Future guests will also get to enjoy a swimming pool, entertainment venue, nightclub, and fitness center. The casino will spread over a 20,000 square-foot floor featuring exclusive slot machines and gaming tables.

Dream Las Vegas will be located at one of the most attractive spots on the Strip, just opposite Mandalay Bay.

In less than thirty seconds, Donald Trump’s presence in Atlantic City was finally erased. The dilapidated Trump Plaza building was imploded to the ground on Feb. 17. The decaying property was shuttered in 2014. It was purchased out of bankruptcy in 2016 by another billionaire developer Carl Icahn. However, he left it to further decay in a prime location on the iconic Atlantic City Boardwalk. As pressure mounted for a long-term solution, Icahn finally agreed to raze the remains early this year. Long-term development plans are in the works. For now, the property will be used for public parking.
Is the US Federal Reserve Pushing Investors Towards Bitcoin?
Bitcoin’s dramatic increase in market value continues. At the beginning of the current bull market, BTC was trading around the $13,000 level at the Army Of Bitcoin. This was in fall of last year. Heading into the final week of February, the current price is around $54,500. Some financial analysts contend that US Federal Reserve fiscal policies are contributing to this staggering increase. With zero incentive to invest into traditional money markets or government bonds, BTC is attracting massive attention. This includes private investors that may not fully understand just how volatile bitcoin and other cryptos can be. It is a stretch to call bitcoin a safe alternative.
Las Vegas Woman Arrested in California for Abandoning Her Child
On Dec. 29 of last year, a little three-year old girl was found all alone in a bathroom at Wynn Las Vegas. This past week, her mother Mariam Ramos was arrested in California in connection with this case. The US Marshals Service has been working in conjunction with the Las Vegas Metropolitan Police Department to track her down. The 26-year old is currently awaiting extradition to Las Vegas. She will be charged with at least one count of child neglect or abuse. The child was not harmed in anyway other than being left alone. She was put into the custody of Clark County Child Protective Services at the time of the incident.
Coronavirus Pandemic Takes its Toll on 2020 Casino Revenue Figures
The American Gaming Association recently quantified the loss in casino revenue for 2020. The economic impact of the coronavirus pandemic resulted in a 31.3% decline in revenue in the legal US market. The total revenue generated was $30 billion. This was the lowest total since 2003. It was also the first time since 2014 that gaming revenue failed to increase against the previous year. It was reported that US casinos lost 27% of their normal operating time. This was first due to initial shutdowns in March of last year. Reduced operating hours and limited capacity are two more contributing factors.
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The timetable to reopen the casinos in Las Vegas has not been set. However, select casino executives have met informally to discuss potential plans. One idea was to open the casinos off the famed Las Vegas Strip first. This would get more locals back to work quicker. They also discussed the idea of mobile testing facilities for the coronavirus. This would benefit both casino employees and guests. Social distancing was also high on the list. Limited access to casinos floor would be in place. Workers would wear masks and gloves. Current safety practices in Macau casinos could be a guideline.
Online Gambling Helps Fill the Revenue Void in Pennsylvania Casinos
All 12 of Pennsylvania land-based casinos remain closed due to the coronavirus outbreak. As one of the few states with legal online casino gambling, that has helped fill the void. The loss in state gaming revenue topped 50 percent in March will casinos closed half the month. The lone bright spot was the 25 percent increase in internet casino games as compared to February. The state took in $57 million in online casino revenue the first three months of this year. That compares to $34 million over the last six months of 2019. Mount Airy Casino has already done $3 million in online poker. #onlinegambling #gamblingnews #onlinepoker
Las Vegas Gaming Giants Turn to Casino Interests in Macau
While Las Vegas is closed for business right now, the Macau region of casinos in China is back to work. They did close for 15 days in February when the coronavirus was at its peak in Asia. The recovery of business has been slow. March was off 80 percent in total casino revenue. Yet, this was an improvement over the 90 percent loss the previous month. Tourists are slowly returning to Macau. This could also help casino giants such as Las Vegas Sands and Wynn Resorts stabilize stock value. The business situation in Las Vegas remains dire with casino closed through the end of April.
Ho-Chunk Nation’s Wisconsin Casino Plan Gains Federal Approval
Late last week, the Department of the Interior’s Bureau of Indian Affairs (BIA) approved plans for a casino project in Beloit, Wisconsin. The plans were submitted by Ho-Chunk Nation with the blessing of local officials in Beloit and Rock County. The state’s Division of Gaming determined that Ho-Chunk Nation is entitled to one more casino in the state. The next step in the approval process rests with Gov. Tony Evers. He has already stated that he would carefully review the proposal “to ensure fair consideration” for all concerned parties. The comprehensive plan calls for a casino, hotel, water park and retail development.
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Earlier this month it was reported that one lucky slot player walked away with a $1.2 million jackpot. The big hit took place at the Venetian on the Las Vegas Strip. The anonymous winner bet just $5 on Wheel of Fortune Wild Red Sevens’ progressive slot to land the $1,264,574 jackpot. This was the third seven-figure Las Vegas payout this year on the IGT series of Wheel of Fortune slots. Also in early March, a $10 wager hit a $1.7 million jackpot at Wynn Las Vegas. In January, $5.4 million was won at Excalibur as the biggest 2020 Wheel of Fortune jackpot to date.
Asian Casino Mogul Betting Big on Russia
Chen Lip Keong made his billion-dollar fortune in the Asian casino market. He is most notable for his company’s casinos in Cambodia. The president and CEO of NagaCorp is now banking on expansion into the Russian casino market outside of Vladivostok. Construction is well underway on a $300 million casino hotel. It is estimated to open sometime in 2021. This company was the first to build a casino in Cambodia back in 2006. Keong’s net worth from the venture has grown to $5.3 billion over the years. He anticipates the same kind of success in the Russian gaming market starting with this initial venture.
Ransomware Disrupts Slot Play at Two Las Vegas Casinos
Towards the end of February, two downtown Las Vegas casinos had their systems hacked. Both owned by TLC Casino Enterprises, Inc., the Four Queens Hotel and Binion’s Casino were impacted. The slot machines went down as part of the hack. Also impacted were credit card processing, hotel reservations and ATM machines. Both casinos kept operating with slot payouts in cash only. The outage dragged on for more than six days. The Nevada State Game Control Board is investigating the matter. It is also monitoring the situation at this time. TLC Casino Enterprises did not offer any official comments on the situation.
Lastly, The Coronavirus Shuts Down Casino in Oregon
It was reported that an employee at Wildhorse Resort and Casino has contracted the coronavirus. As a health precaution, the casino closed to the public on March 3. Following a thorough cleaning, its plan is to reopen on March 10. The employee was flown to a hospital in Washington for treatment. That person worked in a confined part of the casino with no exposure to the general public. This information was released by a spokesperson for the Confederated Tribes of the Umatilla Indian Reservation. This is the first time the Pendleton-based casino has closed for business since opening in 1994.
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