Analyst says Macao outlook brighter than Las Vegas, Rio completes redesign phase
Two analysts’ reports by Macquarie Equity Research indicate the economic future of gaming in the fourth quarter may be brighter for Macao than Las Vegas.
In reports to investors Thursday, Chad Beynon cited the Nevada Gaming Control Board’s August gaming win report that showed slumping results and reports of economic stimulus programs planned in China to conclude that Macao’s casinos may be a better investment.
Beynon added that tough monthly comparisons figured into the Las Vegas picture and that Nevada’s outlook still seems good, but that Macao could be the better play over the next two quarters.
Rio completes phase one of redesign
New York-based Dreamscape Cos. — the new operators of the off-Strip hotel-casino — announced Monday it has completed phase one of a multi-year, property-wide redesign.
The updates include Canteen Food Hall (opened in January), a renovated casino floor, new exterior lighting with three miles of programmable LEDs, renovated meeting and convention space and new food and beverage outlets, among other changes.
Fontainebleau joins F1 party with exclusive package
After missing out on the inaugural Formula One Las Vegas Grand Prix last year, Fountainebleau is coming out the gates in 2024 with a exclusive stay-and-play package. The Fontainebleau Race Club Grandstand Package includes a two-night stay at the resort (room choices available), transportation to and from the race and two seats in the T-Mobile Grandstand.
Fontainebleau is an official event partner of the 2024 LVGP.
Gov. Newsom signs bill allowing California gaming tribes to sue competitors
California Gov. Gavin Newsom signed Senate Bill 549 into law, allowing casino-operating tribes to take their gaming competitors to court.
The issue stems from gaming tribes’ contention that California card rooms are illegally offering casino games in violation of gaming compacts they have with the state.
Under the new law, the sovereign nation tribes are a recognized entity eligible to file claims against the card rooms in a California court.
ESPN Bet launches in NY, country’s largest sports betting market
Already the biggest sports betting market in the country, New York recently welcomed the addition of a gambling app from the Worldwide Leader in Sports.
ESPN Bet officially launched in the Empire State over the weekend, bringing the total number of sports betting apps in N.Y. to nine.
ESPN Bet is operated by Penn Entertainment.
Is Nevada Gaming Commission homeless?
State government’s move from the Sawyer Building to McCarran Center has turned the Nevada Gaming Commission into a government entity without a home.
Because some hearing rooms at McCarran Center, near Harry Reid International Airport, haven’t been completed, the commission met at Las Vegas City Hall in August and the Nevada State Contractors Board in September.
It’s unclear where the group will meet for its October session.
This report is a roundup of some of the biggest gaming news from Las Vegas and the world.