News

Kit Szybala and Seth Young Featured on GGB Podcast

GGB PODCAST: Tribal Economic Growth with Kit Szybala and Seth Young, Founding Partners, GMA Consulting

Land-based gaming has long been an economic driver for tribes across the U.S., but in order to ensure long-term sustainability and growth, diversification into new avenues and investments is key. This applies to both gaming and non-gaming verticals, according to Kit Szybala and Seth Young, two of the founding partners of GMA Consulting. The duo spoke with GGB Managing Editor Jess Marquez via Zoom in February.

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Josh Swissman Quoted on Las Vegas Review-Journal

Tropicana operator downgraded; how could this affect A’s stadium plans?

Two credit rating organizations have downgraded Bally’s Corp. just as the company is on the verge of closing its Tropicana property in Las Vegas.

In separate actions, Moody’s Investors Services downgraded Rhode Island-based Bally’s from “B1” to “B2” while S&P Global Ratings cut its Bally’s rating from “B” to “B-,” junk-bond status.

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Steve Gallaway Quoted on iGaming Business

Brave new NagaWorld

After a quarter century of virtually uninterrupted success, Naga Corporation faces two unprecedented challenges. For the operator of NagaWorld, the monopoly integrated resort in Cambodia’s capital Phnom Penh, one situation is far more easily addressed than the other.

In the post-Covid climate of decreased mainland Chinese international travel and the Middle Kingdom’s diminished appetite for overseas investment amid domestic economic woes, NagaWorld’s 2023 gross gaming revenue of US$514.8m was down 70% from US$1.7bn in 2019.

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Josh Swissman Quoted on Las Vegas Review-Journal

IGT’s big return to Nevada will boost state’s gaming manufacturing

For many, July 2014 was a sad time for Nevada gaming, the month when a group of Italian lottery company executives using the name Gtech Holdings, acquired IGT, the shorthand version of International Game Technology.

It was sad because a stalwart of the state’s gaming business, founded by the legendary Si Redd in 1990, was being sold off to foreign buyers half a world away for $6.4 billion.

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Josh Swissman Quoted on CDC Gaming Reports

Super Bowl thrusts Las Vegas into global spotlight

Coming off record gaming revenue for December and 2023 and the Formula 1 race in November, the Super Bowl is thrusting Las Vegas once again into the international spotlight. More records are expected to fall, including the betting handle on the game between the Kansas City Chiefs and San Francisco 49ers. The game is certain to enhance Las Vegas’ growing reputation as a sports destination.

The February gaming-revenue record of $1.23 billion set last year will probably be breached, as will the Super Bowl record handle of $179.8 million reached in February 2022 when the Cincinnati Bengals played the Los Angeles Rams.

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Josh Swissman Quoted on Las Vegas Review-Journal

Las Vegas’ Super Bowl will be an entertainment extravaganza

Super Bowl 58 — the first to be held in Las Vegas — is more than just a championship football game.

It will be an entertainment extravaganza, a centerpiece for championing public service, an opportunity for businesses to make money — and finally a game between the Kansas City Chiefs and the San Francisco 49ers that will attract millions worldwide.

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Josh Swissman Quoted on iGB

Fontainebleau Las Vegas opening highlights growing trend of luxury visitors

The opening of the $3.8 billion Fontainebleau Las Vegas casino resort this week feeds the narrative that the Strip is becoming more of a destination for wealthier visitors. While previously known as a marketplace once relished by tourists for its inexpensive rooms and cheap buffets, that’s now changing.

November’s inaugural Formula One race on the Strip attracted international jet setters and affluent households. This is now what is expected and desired by Las Vegas’ luxury resorts like the Wynn, Bellagio, The Cosmopolitan and others.

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