MGM Addresses Vegas Shooting on Earnings Call

Seven trending gaming industry stories that will impact your casino Revenue Strategy.

1. MGM CEO Says It’s Back to Business as Usual

In its first financial report since a gunman opened fire from one of its Las Vegas buildings and killed 58 people in October, MGM Resorts said bookings are almost back to normal after a short-lived wave of cancellations.

Chairman and CEO Jim Murren attributed the demand this quarter to big events, such as two boxing matches, as well as a strong group calendar. As a result, MGM Resorts saw a 4% increase in net revenue to $1.5 billion, Murren said.

Full story at Hotel News Now.

2. Pennsylvania’s Gaming-Expansion Might Hurt Current Casinos

Pennsylvania’s new gaming law, signed by Gov. Wolf, approves the opening of ten mini-casinos and allows betting online, in airports, and at truck stops. This means the state’s supply of slot machines could rise 13 percent and table games would grow 16 percent.

And while the bill is good for the state’s finances, critics suggest it might not be good for existing operators.

“This expansion is a credit negative for our rated issuers due to expected cannibalization of their business, particularly in light of sluggish gaming demand in the state,” says the credit-rating agency Moody’s Investors Service.

Full story at The Philadelphia Inquirer.

3. How Mount Airy Casino Uniquely Benefits from Pa.’s Gaming Bill

A 28-word amendment added at the last minute to Pennsylvania’s gaming bill gives Mount Airy Casino and Resort in the Pocanos an unusually large protective area barring any competitive gaming halls.

Who inserted the amendment and why they did it remains a mystery.

Full story at Pittsburgh Post-Gazette.

4. New York Launches Investigation into Underperforming Casinos

New York’s State Comptroller, Thomas DiNapoli, has been asked to investigate the reasons behind three upstate land-based casinos’ failings to meet their target revenues. This includes Tioga Downs in Nichols, del Lago in the Finger Lakes, and Rivers Casino near Albany.

Current estimations suggest that the three casinos will come in $220 million short. The casinos’ owners say that it’s “too early to judge” how well they might do in the months ahead, adding that hospitality offerings are earning well while gaming is not.

Full story at Casinopedia. 

5. Meanwhile, Tioga Downs Debuts New Hotel to Guests

The 161-room hotel at Tioga Downs' (Nichols,  N.Y) welcomed its first guests on November 3rd, one month before the official grand opening, which is scheduled for December 1st.

The hotel is a key piece of the casino’s overall strategy and includes a full-service spa, fitness center, three pools, two rooftop decks, an events center with banquet and reception areas that can accommodate up to 400 people. There will also be a P.J. Clarke's restaurant and a new clubhouse for the nearby Tioga County Country Club golf course.

"[The hotel will be used as] a benefit for our best customers…," says Tioga Downs owner Jeff Gural.

Full story at Press & Sun-Bulletin.

6. Dutch Gambling Firms Wait on Malta for License to Launch Dutch Online Casinos

At the moment, only state-owned gambling firms such as Holland Casino are allowed to target the Netherlands. But that could change according to Financieele Dagblad, which says Malta has legal and tax infrastructure specially developed to facilitate online gaming as well as technical and commercial expertise.

Full story at Dutch News.

7. Maryland Casino Revenue Jumps 40 Percent

Maryland’s six casinos generated $133.2 million in revenue during October which marks a rise of 39.5 percent compared to October 2016. MGM National Harbor, which opened in December, accounted for $52 million of that.

Full story at Washington’s Top News.

RELATED CASINO REVENUE STRATEGY ARTICLES

 

Joanna DeChellis, Digital Marketing Manager

Joanna joined Duetto in May 2015 as a Digital Marketing Manager with more than a decade of writing, editing and graphic design experience for both print and online trade publications. She is passionate about digital media and driving engagement.

    Sign up for Duetto Digest, a weekly newsletter featuring our top content every Friday.

    TWITTER

    The Ultimate Guide to Hotel Revenue Strategy

    Free eBook: The Ultimate Guide to
    Hotel Revenue Strategy