News

GMA quoted on CDC Gaming Reports

Gaming and Leisure Properties to acquire real estate assets of three Cordish Live! casinos for $1.81 billion

by Buck Wargo

Gaming and Leisure Properties, Inc., a Pennsylvania-based real estate investment trust spun off from Penn National Gaming, has agreed to acquire the real estate assets of three of the Cordish Companies’ Live! casino properties for $1.81 billion, further expanding its portfolio.

In return, Cordish will immediately lease back the properties and continue to control and manage the gaming operations at Live! Casino & Hotel Maryland, Live! Casino & Hotel Philadelphia, and Live! Casino Pittsburgh.

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GMA quoted on GamblingNews.com

GLPI Purchases Three Cordish Live! Assets for a Price of $1.81B

by Filip Mishevski

Pennsylvania-based Gaming and Leisure Properties, Inc makes a massive move as it agrees to purchase a total of three The Cordish Companies’ Live! casino assets for a price of $1.81 billion.  Wall Street analysts greeted the developments as the purchase will allow Gaming and Leisure Properties to expand its portfolio.

The transactions between Cordish and Gaming Leisure Properties will be finalized at different times of the year in 2022.  All of them will be subject to financing, regulatory approvals, and other closing conditions.  With that being said, the Maryland transaction is set to be finalized by the end of 2021, while the Pennsylvania transaction is set to be finalized at the start of 2022.

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GMA quoted on GGR Asia

Bangkok good bet for any Thai casino biz: consultants

Thailand’s capital Bangkok would be an optimal location for a casino resort if that nation decides to legalize such business, say two casino consultants in commentary given to GGRAsia.

Their remarks followed news that Thailand’s House of Representatives – the lower chamber in the National Assembly – had voted on December 2 to set up a 60-member “extraordinary committee” to look into the possibility of legalizing casinos in the country.  It is anticipated the group would complete its study in “90 days.”

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GMA quoted on Sportsbook Review

Ohio Moving Toward Legal Sports Betting…in 2023

by Dave Bond

The idea of legal sports betting in the state of Ohio has been a contentious one indeed but there appears to finally be some good news regarding the eventual launch of the platform. An agreement to legalize has finally been made after months of legislative and regulatory wrangling.

While mostly positive, the latest legalization news has bettors in the Ohio market still waiting over a year to place their first legal sports bets.  Jan. 1, 2023 has been identified as the logical jumping-off point for sports betting in the Ohio market – not ideal for a market that was hoping to be live before the start of the current NFL season.

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GMA quoted on SportsHandle.com

Ohio Senate President On Board With New Sports Betting Proposal

by Jill R. Dorson

Ohio Senate President Matt Huffman has signed off on anew legal sports betting proposal, according to an industry source, and language for a new bill could be finalized by the middle of next week.  That news comes on the heels of Rep. Bill Seitz telling Statehouse news earlier this week that a “possible agreement” has  been worked out to legalize statewide mobile and retail sports betting.

Neither Seitz nor Sports Handle’s source could offer any information about the details of the latest agreement, which has been a year in the making.  Some stakeholders still say Ohio lawmakers won’t legalize until 2022, despite a yearlong effort that included 14 meetings by a Senate Select Committee on Gaming.

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GMA quoted in the Las Vegas Review Journal

Losses by large companies show pandemic still affects Las Vegas

by Richard N. Velotta

The theory gaming industry analysts hypothesized moths ago appears to be holding true: Companies operating on the Strip and in Macao are struggling more than their regional counterparts.

Third-quarter earning reports wrapped up late last month and the numbers show there’s still a way to go before we can say the pandemic is behind us, even as Nevada continues to break records for monthly gaming win.

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GMA quoted in CDC Gaming Reports

San Manuel Tribe set to receive license to operate the non-nightclub-centric Palms

by Buck Wargo

The San Manuel Band of Mission Indians is closing in on becoming the first Native American tribe to own a Las Vegas resort by the end of the month, but the new Palms won’t be like its predecessor.

The Nevada Gaming Control Board will hold a hearing Wednesday on licensing the California tribe to operate the Palms.  Red Rock Resorts, which operates as Station Casinos, said during its third-quarter earnings call that it plans to close on its sale of the Palms and the Palms Place condominiums for $650 million by the end of 2021. That property has remained closed since the shutdown in March 2020 and Red Rock has since focused on driving customers to its other properties and its plans for a Durango Station casino in the southwest valley.

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GMA quoted in The Nevada Independent

Indy Gaming: Q3 numbers for Resorts World LV show opening struggles

by Howard Stutz

Malaysia – based Genting Berhad blamed Nevada’s indoor mask mandate for less-than-stellar third quarter results from the company’s recently-opened $4.3 billion Resorts World Las Vegas.

In a statement released on Thanksgiving Day, the company (headquartered in Kuala Lumpur with multiple non-gaming businesses), said Resorts World Las Vegas reported $175 million in revenue for the quarter that ended on Sept. 30, marking the 3,500- room hotel-casino’s first full quarter of operations.

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GMA quoted in CDC Gaming Reports

Casino stocks hit by news of new COVID variant; observers say wait and see on an industry that’s proven to be resilient

by Buck Wargo

The Dow posted its worst drop of 2021 with casino stocks taking a hit Friday as investors feared a new COVID strain will hamper travel, gaming, and the broader economy.

But those who monitor gaming are less concerned about any fallout in the U.S., believing it would take much more dire news to have an impact on an industry that’s been resilient with strong revenues during the pandemic. Instead, they said its best to take a wait-and-see approach to the impact.

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GMA quoted in the Akihabara News

Doubts Grow Over Wakayama IR Financing

The Wakayama Prefectural Assembly has put its foot down, demanding the Clairvest Neem Ventures – led consortium reveal how it would fund the construction of its proposed US $4.3 billion Integrated Resort (IR) including a casino before allowing the approval process to continue.

Wakayama Prefecture had previously announced that it would conduct a total of fourteen public hearings from November 15 to December 5, but this plan is now on ice until Clairvest can put some evidence on the table of its financial capability.

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