“Recreational horse racing to me is more appealing than recreational pot.” So says one of the backers of expanded gambling in Colorado, state Rep. Don Coram (R). “We’re opposed because the way the initiative is written it gives the owner of Arapahoe Park a five-year monopoly on Front Range gaming in Colorado,” responds Colorado Gaming Association Executive Director Lois Rice. A ballot initiative would call for a minimum of 2,500 slots per racino. (Colorado’s biggest casino has 1,500.) The state has banked $1.3 billion in gaming taxes over the last 20 years, although Colorado was one of the first states to suffer from saturation.
The ballot initiative is a creature of Twin River Worldwide Holdings Inc., owner of the eponymous Rhode Island casino. Under it and another initiative, racino status would eventually be extended to two other tracks yet to be built. ”Would they be in favor of expansion of gaming at a facility that already has wagering? That’s a question we thought there is value in putting to the Colorado voters,” asks Twin River’s Patti Doyle. In return, the state and locality would receive Continued >>
Culinary Union-represented workers at the Riviera and at Treasure Island have cause for celebration, being the beneficiaries of new, five-year collective bargaining agreements. Culinary Secretary-Treasurer Geoconda Arguello-Kline took the extra step of hailing the Riviera deal as “mutually beneficial” to the parties involved. Meanwhile talks continue to hang fire at 14 other properties, from the rarefied (Golden Nugget) to the pits (Las Vegas Club). The Culinary continues to gnash its teeth over the Affordable Care Act, which prevents it from participating both in federal subsidies and employer-paid health plans. The Culinary’s is a Taft-Hartley plan, one in which multiple employers pay benefits. Such pools are disqualified from participating in the ACA because Continued >>
Yesterday, Elliott Management announced that it owns 5% of Boyd Gaming. Shares of the company, which had closed just under $12, opened at $14. But is this a vote of confidence in Boyd? According to Seeking Alpha, “Elliott has a long track record of mounting activist campaigns in which it calls for a company to make big changes and/or put itself up for sale.” And there was Boyd, just last week, talking about expansion into Japan. Now the heavily leveraged company may have to fight off Elliott instead.
Boyd’s online gambling revenues at Borgata (and those of rival Atlantic City casinos) should see an uptick this month. The State of New Jersey has “eased the parameters” of geolocation along the state line, thinning the buffer. Said the Division of Gaming Enforcement‘s Kerry Langan, “We have worked with the geolocation vendors and casinos to enhance the technology to make it more accurate and reliable, and to reduce false negatives.” And if a few non-Garden State players slip through the ‘Net … ? There seems to be tacit agreement not to lose sleep over that.
Remember those ’2341′ keys that the Peppermill casino in Reno used to spy on Continued >>