Wisconsin Gov. Scott Walker (R) has managed to bring Democrats and Republicans together — in opposition to his decision to nix a proposed Menominee Nation casino. Lawmakers cited the $250 million bond posted by the Menominee and the tribe’s promise to indemnify the state against any action by the Forest Lake Potowatomi as reasons to go forward. “Fear of litigation — or the risk of losing litigation — should not be a factor in your decision,” 10 legislators wrote. Walker replied that, since his decision was on file with the Bureau of Indian Affairs, the point was moot. He also reiterated that the prospect of $100 million in near-term losses to the Potowatomi (and potentially millions more) was too great a risk to run.
Kenosha residents were the picture of dejection, stung by Continued >>
There was definitely some grit in the 4Q14 financial results for Las Vegas Sands‘ Strip properties. Table play was down $102 million, or 16%. And those players who showed up played lucky. Table revenue was down 26%, or $37 million. Coin-in at the slots was healthy, though, up 8%. Looser hold percentages, however, turned the gain into a 2% loss. At $150 million, casino revenue was $38 million down (-20%). Retail, entertainment and F&B almost equaled the gambling haul, grossing $143 million (+2%). And although room rates were up, averaging $222, 81% occupancy and a decline in revenue per available room spelled a 5% decline.
Never mind that it’s one of the biggest weekends in Sin City, the National Football League continues to stick its fingers in its ears when it comes to casinos that dare whisper the words “Super Bowl.” Not only must Las Vegas hide behind the “Big Game” euphemism when promoting Super Bowl-related events, if they show aforesaid large-scale game on TV screens that exceed 55 inches, the NFL is prepared to make trouble.
While the league might more sensibly opt for a piece of the action, which included a $119 million wagering pool last year, it prefers to pretend Las Vegas doesn’t exist. It’s missing out on a big slice of pie. According to the American Gaming Association, $3.8 billion will be bet illegally on the Super Bowl, dwarfing legal wagers into insignificance. You’d think the NFL would want Continued >>