Seven trending gaming industry stories that will impact your casino Revenue Strategy.
1. Pearl River Resorts Opens Sportsbook
Pearl River Resort in Choctaw, Mississippi, made history earlier this summer when it opened the first tribal owned and operated sportsbook, Sportsbook at Timeout Lounge.
“Being a part of such a historical moment is a significant achievement for Pearl River Resort and the Mississippi Band of Choctaw Indians,” stated Sonny Johnson, Interim President & CEO for Pearl River Resort in a realease.
In addition to the new sports betting space, the Mississippi Band of Choctaw Indians confirmed plans to launch mobile betting that will allow visitors of the resort to place bets anywhere on casino grounds.
2. Is the Gaming Industry Changing Faster Than Las Vegas?
Each time the gaming industry in the United States has evolved, Las Vegas casinos have changed to cash in on new demand. That dynamic is in play once again — as Vegas diversifies even more into an entertainment and sports destination, while gaming continues its nationwide expansion — with huge implications for casino development on The Strip.
By 2020, billions of dollars will be spent to open not only three major casino-hotels, but also to expand the Las Vegas Convention Center and to build a stadium for the National Football League’s Raiders franchise and a performance venue from Madison Square Garden.
Dr. David Schwartz, a historian and professor at the University of Nevada-Las Vegas and director of UNLV’s Center for Gaming Research, has chronicled Las Vegas’ history of reinvention in a recent Forbes column, where he has also tracked key issues like sports betting and the construction boom on The Strip. The city’s pivot to toward more non-gaming attractions fits with previous actions, he said.
3. Rivers Casino in NY Hits August Hot Streak
In August, Rivers Casino & Resort (Schenectady, N.Y.) saw its best revenue month ever since its February 2017 opening, grossing $14.4 million in revenue on $132.7 million gambled. Even so, Rivers was not in the top spot in the state.
The new Resorts World Catskills outdid them by a hair, reporting $14.99 million in GGR in August.
4. Why Vegas Casinos Need Fewer Gaming Employees
Recent trends on the Las Vegas Strip show that casinos are hiring fewer gaming employees. One expert attributes the lessening numbers to a rise in electronic table games as well as an increase in the importance of non-gaming elements, like rooms and dining.
5. Nevada Focuses on Economic Diversification
Backed by the state, Vegas is trying to shake its reputation as a transient city, overly reliant on tourism. And it’s trying to do so before the next recession hits as the last recession had devasting impacts on the city and state.
But as long Vegas has an economy driven by visitors’ discretionary spending, it will have an above-average risk during economic downturns.
Even so, Mayor Carolyn Goodman insists that Vegas is ripe for healthcare advancement as well as start-ups since the state has been investing in infrastructure and efforts to woo new businesses.
6. Will New Jersey Surpass Nevada in Sports-Betting?
According to one industry expert, New Jersey’s sports-betting market will surpass Nevada’s by 2021. And if August revenue numbers are an indicator, he’s right.
Online sports bets accounted for just over a third of New Jersey's total sports betting revenue in August. That's with only three brands in the market for only part of the month with limited products and deposit options.
"Online sports betting appears to be as substantial an opportunity as forecasts suggested," says Dermot Smurfit, CEO of GAN plc, a gambling technology provider that, alongside SG Digital, powers FanDuel's online sportsbook in New Jersey.
7. Boyd Acquires Valley Forge Casino for $280.5 Million
Boyd Gaming Corporation has completed its acquisition of Valley Forge Casino Resort, located 20 miles west of downtown Philadelphia, in King of Prussia, PA. Valley Forge is Boyd Gaming's first property in the state of Pennsylvania. (The Las Vegas-based firm now owns and operates 25 gaming properties in eight states including Illinois, Nevada, Mississippi, Iowa, Louisiana, Indiana, Kansas and Pennsylvania.)
According to Boyd’s President and CEO, Keith Smith, the purchase represents a key expansion for the company. Plans are underway to add 250 slot machines to the property’s casino floor and considerations are being made to offer both online gaming and sports wagering through Boyd’s partnership with FanDuel Group.
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