News

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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GMA quoted in the Homewood-Flossmoor Chronicle

Casino hopefuls vie for edge with gaming board

by Eric Crump

The two finalists for the south suburban casino license squared off on Oct. 28 to refine their pitches to the Illinois Gaming Board and to seek and edge before the board makes its final decision.

The board eliminated the two other candidates Oct. 20, leaving Wind Creek Illinois (WCI) and South Suburban Development LLC as the finalists. WCI proposes to operate a casino in Homewood and East Hazel Crest, and SSD plans to operate a casino in Matteson.

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GMA quoted in the Las Vegas Review Journal

Thanksgiving holiday weekend expected to be big in Las Vegas this year

by Mike Shoro

Thanksgiving holiday travelers are coming, and they have quite the appetite.

It’s the second Thanksgiving weekend during the pandemic.  But the circumstances are different this year – there are no pandemic capacity restrictions, shows are up and running, COVID-19 vaccines are widely available across the country and international borders are open to vaccinated travelers.  Mask mandates are again in place.

Those factors bode well for Las Vegas’ tourism economy and its chances of resembling a pre-pandemic Thanksgiving holiday weekend.

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GMA quoted in the Las Vegas Review Journal

Chicago unveils 5 proposals for city’s planned casino-resort

by Richard N. Velotta

The city of Chicago on Friday unveiled a summary of five casino project proposals it will consider over the next few months as it narrows options for a single resort valued at more than $1.3 billion.

The five options, submitted in a request – for – proposal process that ended in late October, will be analyzed by a committee of 11 city departments before being submitted to Mayor Lori Lightfoot for Chicago City Council approval.  The winning bid would then go to the Illinois Gaming Board for consideration.

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GMA quoted in the Chicago Tribune

South suburban casino hopefuls don’t see proliferation of video gambling hurting their odds of success

by Mike Nolan

While video gambling has proliferated in the south and southwest suburbs, applicants for the sole casino license in the region say they don’t see the thousands of machines scattered among bars and restaurants as a threat to their proposed business.

They also said their plans already factored in a land-based casino in Chicago, which is now putting together proposals to consider.

State gaming regulators could decide by the end of the year which of the two remaining south suburban applicants will be awarded a license, having eliminated two of the four contenders last month.

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GMA quoted in the Las Vegas Review Journal

More states considering casino gambling expansion

by Colton Lochhead and Richard N. Velotta

It’s no wonder why states across the nation are in various stages of introducing some form of gaming to their citizens.

The American Gaming Association last week reported that commercial gaming revenue hit a quarterly record for the months of July, August and September and that revenue is on a record pace for 2021.

The AGA said that with $38.67 billion in revenue through the first nine months of the year, the industry has already passed revenue generated for the full year 2020 and is on pace to smash its annual record of $43.65 billion, set in 2019.

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