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Wednesday, November 8, 2023

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Red Rock delays Durango opening to December 5, touts YTD record on earnings call

Red Rock Resorts announced Tuesday it’s delaying the opening of the $780 million Durango Station casino resort in southwest Las Vegas to give the company more time to train staff. The opening date has been pushed back by 15 days to Dec. 5. The property was scheduled to open on Nov. 20 after the F1 race weekend, but the change was outlined during the third-quarter earnings call with Wall Street analysts. The final expenditure is expected to be within 5% of the $780 million price tag previously estimated.

Read more: Buck Wargo, CDC Gaming Reports

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Virginia: Second Richmond casino referendum fails by large margin

Richmond’s do-over casino referendum failed at the ballot box Tuesday by a much larger margin than the first casino referendum did in 2021, as about 58% of Richmond voters said no to the $562 million Richmond Grand Resort & Casino… Everything was bigger this time, especially spending by the proposed casino’s corporate backers, Urban One and Churchill Downs, which sank more than $10 million into advertising and get-out-the-vote efforts that included a free Isley Brothers concert next to an early voting facility and subsidized food truck meals for voters through October and November.

Read more: Kate Andrews, Virginia Business

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Rush Street CEO paints expansive picture during earnings call

Rush Street Interactive announced third-quarter revenues of $169.9 million in a November 1 earnings call. The company also pronounced itself optimistic in terms of a positive return on investment when full-year 2023 results are in. Revenues rose 14 percent from 2022 and third-quarter losses narrowed to $13.4 million from $22.7 million in the same period of last year. The company realized return on investment of $4.1 million, reversing a $12.5 million loss the year before. Marketing expenses also came down to $34.1 million from $44.7 million.

Read more: David McKee, CDC Gaming Reports

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Penn’s ESPN Bet gives Massachusetts regulators pause, but is okayed for Nov. 14 launch

The blurred lines between sports media and sports betting were in the spotlight of the Massachusetts Gaming Commission on Tuesday as regulators probed the marketing deal between Penn Entertainment and the self-proclaimed worldwide leader in sports, ESPN. At issue was whether the MGC would require anything more of Penn, which operates Plainridge Park Casino in Plainville and the Barstool Sportsbook mobile betting app, or otherwise stand in the way of the planned Nov. 14 launch of the newly rebranded ESPN BET mobile wagering platform.

Read more: Colin A. Young, State House News Service

DraftKings handles $3.4M on Maine’s first weekend of sports gambling

Millions of dollars in bets were made in Maine over the weekend to DraftKings. Sports betting began in the state early Friday morning. From Friday until Sunday, DraftKings reported more than $3,406,000 in total wagering receipts. Out of that $3.4 million, more than $2.57 million in winnings were paid out. The tax collected from the first weekend of sports betting with DraftKings came out to nearly $82,000.

Read more: Raquel Ciampi, WMTW-TV

Borgata Arcade now available to online casino players in New Jersey

Say the word “arcade” to anyone who grew up in the 1980s or ‘90s, and brightly lit visions of Pac-Man, Mortal Kombat, pinball, and boxy brown machines that turn bills into quarters will dance in their head. The same may even happen for Gen Zers, since they’ve all watched Stranger Things. BetMGM is now preying on that nostalgia, that longing for a simpler time, with the launch of Borgata Arcade.

Read more: Eric Raskin, USBets

Rep. Frankel ‘totally certain’ Pennsylvania casino smoking ban will pass

The smoking debate inside Pennsylvania casinos is starting to gain some traction. Allegheny County Democratic Rep. Dan Frankel is holding a vote at the meeting on Nov. 15 to move House Bill 1657 forward. The bill, also known as the Protecting Workers from Secondhand Smoke Act, would effectively end smoking inside Pennsylvania casinos.

Read more: Corey Sharp, PlayPennsylvania

Legislative push is on for sports betting in South Carolina

With the 30th running of the Fall Steeplechase in Aiken just days away, there’s a fresh push to keep sports wagering at the top of lawmakers’ list. At the close of the last legislative session, House Bill 3514 passed the House Judiciary Committee and is now set to appear before the South Carolina Senate in January.

Read more: Alyssa Lyons, WRDW/WAGT-TV

Players in Missouri gambling debate chase stakes worth billions

Missourians spend billions every year in pursuit of instant riches. They buy lottery tickets, play casino games and dab bingo cards. And increasingly in recent years, they play games of questionable legality in convenience stores, truck stops and small gaming parlors. Everyone involved in the industry thinks people would spend more, if given the chance

Read more: Rudi Keller, Missouri Independent

Formula 1 parent company spends $280M ahead of Las Vegas Grand Prix

Southern Nevada is on the clock as the countdown continues towards the Formula 1 Las Vegas Grand Prix. On Friday, Liberty Media officials, who own Formula 1, outlined how things are progressing and the economics of what it takes to put on such an event. Through the third quarter, Liberty Media CFO Brian Wendling said the company has “incurred approximately $280 million of CapEX.”

Read more: Jarah Wright, KTNV-TV

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Culinary Union picked an irresponsible date to threaten Las Vegas strike

By the Las Vegas Sun

Warning that tens of thousands of Culinary Union members could go on strike while Las Vegas rolls out the red carpet for our inaugural Formula One race is an unnecessarily serious threat with implications that go far beyond race weekend. On Thursday, Ted Pappageorge, Culinary’s secretary-treasurer and chief contract negotiator, announced that approximately 35,000 workers would walk off the job at the end of this week if they can’t reach an agreement with MGM Resorts International, Caesars Entertainment and Wynn Resorts. Their frustration is understandable. Most of the 35,000 potential strikers have been working without a contract since June. (more)

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Former BHA chief executive Nick Rust to chair new advisory group to the UK Gambling Commission

Former BHA chief executive Nick Rust has been named as the chair of the Gambling Commission’s new Industry Forum, a body set up to share industry views with its regulator. The commission has been criticised for an apparent lack of industry expertise among its ranks, most recently last week when seven new commissioners were appointed to the regulator, none of whom had any background in gambling.

Read more: Bill Barber, Racing Post

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EveryMatrix winning streak continues as casino record broken again in Q3

EveryMatrix generated record net revenue in its latest trading period with huge gains across both its casino and sports verticals. EveryMatrix saw revenue up 79% year-on-year to €60m ($64.2m) during the three months to 30 September. Net revenue reached a record €27.2m, which was up 62%, and with a three-year CAGR of 47%.

Read more: Richard Mulligan, iGaming Business

GLI’s Karen Marcela Sierra-Hughes confirmed as ICE Ambassador

Clarion Gaming has added to its ICE Ambassador team of senior international gaming influencers with the appointment of Karen Marcela Sierra-Hughes, vice president, Latin America, Caribbean and Spain at GLI. A Panamanian attorney with a Master’s in commercial law, Karen Marcela Sierra-Hughes has vast experience in the gaming, sports betting, and lottery sectors.

Read more: CDC Gaming Reports

This report is edited by Alec Rubin