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
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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
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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
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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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Editorial
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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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
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