Adelson gives himself promotion; Making Macao family friendly

By David McKee ~ January 23rd, 2015 @ 4:16 pm No Comments »

With Edward Tracy retiring and Rob Goldstein only undertaking the presidency of Sands China on an interim basis, Sheldon Adelson has named himself CEO of Sands Sheldon AChina in addition to Las Vegas Sands. This is viewed as a positive move, centralizing the chain of command that connects Las Vegas, Macao and Singapore. “Business strategy has always been decided by Mr. Adelson all this while, so in terms of strategy, I wouldn’t expect any change,” offered BNP Paribas analyst Goh Shengyong.

Between them, Macao and Singapore represent 88% of Sands’ revenue and Adelson assumes the reins in China at a time of crisis, as casino revenues continue to slide. The government’s anti-graft campaign hasn’t gone away as Adelson predicted it would, and high rollers continue to keep a low profile. With its mass-market orientation, Sands China can say it’s insulated but it’d be kidding itself.

* Casino crisis or not, the Brookings Institution and JPMorgan Chase ranked Macao #1 in the world for Continued >>

Stir crazy in Massachusetts

By David McKee ~ January 23rd, 2015 @ 3:24 pm No Comments »

For all the restrictions it has placed upon its casinos, there’s one restraint the Massachusetts Gaming Commission wants to ease. It has proposed raising the $600 ‘IRS lockdown’ imposed on slot winners: “a player will not be able to play the machine again Crosbyuntil a casino or slots employee takes down the player’s name, address and 5 percent off of the $600 in winnings for a state withholding tax.” The prevailing lockdown point in the U.S. is $1,200. Commissioners are worried that the inconvenience of a lower jackpot lockdown could impel them to play in Rhode Island or other neighboring states.

“And the whole point of the Massachusetts law was to repatriate Massachusetts dollars that are now being spent in other states, and this runs counter to Continued >>

Possible rescue for Delaware tracks; New boss in Atlantic City

By David McKee ~ January 23rd, 2015 @ 2:58 pm No Comments »

Going against Gov. Jack Markell (D), Delaware lawmakers are wrapping up a relief package for the state’s beleaguered racino industry. The tax rate on table games would be cut Delaware leg-hallfrom 29% to 15% and the $3 million licensing fee would be eliminated. The state would also increase its percentage of vendor costs to 43.5%, costing taxpayers an additional $3 million annually. Slot machine revenue would get a 5% credit to offset marketing and capex costs. (“They want us to pay the full thing and that’s not fair,” said one detractor.) A controversial add-on would divert 1% of revenue from the state to the horseracing industry. Main proponent state Sen. Brian Bushweller (D) was forthright in his reasoning, saying, “We’re simply taking too much money. The simple solution to a simple problem is let’s take less money from the casino industry.”

Added Dover Downs CEO Denis McGlynn, “If you want this industry to fight the competition, you have to Continued >>

Walker finally acts; Pessimistic about Japan

By David McKee ~ January 23rd, 2015 @ 2:06 pm No Comments »

After numerous delays, Wisconsin Gov. Scott Walker (R) finally was roused from inaction on the proposed Menominee Nation casino for Kenosha. The governor’s scott-walker1response to the tribe was a firm “no,” predicated upon forecasts of revenue losses from the state’s other tribes, particularly the Potowatomi Tribe and Ho-Chunk Nation. Walker passed the blame to his predecessor, stating “Due to the compacts negotiated by Governor [Jim] Doyle, the current cost to taxpayers of approving the proposed casino project is up to $100 million and the long-term economic hit to the state budget would be a potential loss of hundreds of millions of dollars.”

The Potowatomi were quick to reward Walker for his decision, releasing Continued >>

Further Reading

Adelson gives himself promotion; Making Macao family friendly

Stir crazy in Massachusetts

Possible rescue for Delaware tracks; New boss in Atlantic City

Walker finally acts; Pessimistic about Japan

The man who couldn’t make up his mind

Straub wins again; Delaware, racinos at an impasse

Mohegan Sun ambushes Wynn

New chief at Resorts World; Pay cut for Wynn

Straub holds Revel hostage; Caesars cutbacks begin

Politicians desert Atlantic City; Cuomo dreams on

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