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Gambling in the USA

Credit Suisse rates Caesars’ chances high in regional gaming markets

Niji Narayan

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Credit Suisse rates Caesars’ chances high in regional gaming markets
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Credit Suisse’s Cameron McKnight studied the position and performance of US casino operator Caesars Entertainment Corporation, which rose from bankruptcy in 2017, and concluded that company is in the best position to dominate the Las Vegas Strip as well as the regional gaming markets.

Caesars has eight Las Vegas properties that account for 55 per cent of total EBITDA.

The company focuses on renovating and reinvigorating “long-neglected” assets and focusing on prime center-Strip locations has resulted in market share gains in the region, the analyst said. The momentum expected to continue into 2020, a new convention space should drive incremental corporate bookings and share, he said.

The regional market accounts for the remaining 45 per cent of total EBITDA, and the segment is “steady as she goes,” with revenues growing at a low-single-digit rate, McKnight said. A steady and growing market has given the company an opportunity to significantly decrease its marketing spend from $994 million in the first half of 2017 to $907 million in the first half of 2018, a notable source of margin growth, he said.

Caesars’ strong position in Las Vegas and regional markets should help it generate a 7.5-per cent EBITDA compounded annual growth rate through 2020, and the company can outperform rivals in both markets, according to Credit Suisse. The stock’s discount to peers at 8 times 2019 EBITDA makes the stock an attractive investment, in the firm’s view.

 

Source: benzinga.com

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.

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Gambling in the USA

Legislators discuss bill to legalise sports betting in Montana

Niji Narayan

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Legislators discuss bill to legalise sports betting in Montana
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Members of a legislative committee discussed a bill to legalise betting on college and professional sporting events in Montana. The bill proposes to allow betting in bars with full liquor licenses.

The bill is proposed by Republican Sen. Mark Blasdel of Kalispell after the 2018 U.S. Supreme Court ruling that allows states to legalise sports gambling.

Supporters told the Montana Senate Business, Labour and Economic Affairs committee that passing the bill would allow the state to legalise, regulate, and tax activity that is already happening.

The computerised wagering would be run by sportsbook companies that install equipment in bars. The bill calls for bars to receive 5 per cent of the net sportsbook income derived from the premises while operators would pay an 8.5 per cent state tax on adjusted gross betting receipts.

The committee did not vote on the bill which was drafted in consultation with the state Department of Justice, companies that provide gambling machines to casinos, and the Montana Tavern Association.

If passed, it would not take effect until June 2020, giving the state time to write rules and taverns time to install and test machines, Blaisdel said.

If problems arise, Blaisdel said, the Legislature would be back in session in six months and could address them.

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Gambling in the USA

William Hill US contributes $50,000 in New Jersey

Niji Narayan

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William Hill US contributes $50,000 in New Jersey
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William Hill, America’s premier sportsbook operator, has donated $50,000 to the Council on Compulsive Gambling of NJ. This fund helps conduct a campaign that supports people with gambling problems.

The campaign will produce an educational video that shows the family of a problem gambler and directs them to helpful resources. The video will be distributed online and via social media and promoted through ads on TV, on the radio, online and in movie theatres.

“We are proud to partner with the Council on Compulsive Gambling of New Jersey on bringing attention to this extremely important issue,” said Joe Asher, CEO of William Hill U.S. “When we settled a lawsuit recently, we said a portion of the proceeds would go to an organization that supports people with gambling problems. The Council on Compulsive Gambling of New Jersey saw the article about our intentions and reached out to us. We spent a lot of time working on best use and we decided to focus on reaching out to family members of those with a gambling problem. I know from personal experience that family members of problem gamblers can help push those that need help to seeking it.”

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Gambling in the USA

NY Governor declares himself “not a fan” of online sports betting

Niji Narayan

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NY Governor declares himself “not a fan” of online sports betting
Photo Source: newsday.com
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New York governor Andrew M. Cuomo has categorically stated during WAMC News that he is “not a fan” online sports betting. He also downplayed the economic gains that could come with mobile wagering in New York.

The state regulators have already approved legislation for allowing sports gambling at Native American-owned casinos and the four private gaming halls upstate, including Rivers Casino & Resort in Schenectady.

Cuomo described the plan as an attempt to “fortify” the upstate casinos.

The limited blueprint, which will soon be subject to a 60-day public comment period, is based on the restrictive gambling language in the state constitution.

“If we want to expand it beyond the land-based casinos … we need a constitutional amendment,” state Budget Director Robert Mujica told reporters when the state budget was revealed in January.

Despite this interpretation, industry stakeholders and some state legislators are still pushing for online sports wagering.

The budget resolution approved by Senate Democrats last week would allow the full-scale upstate casinos to offer sports gambling online. Other gambling operators — including off-track betting corporations, the New York Racing Association and the video lottery terminal parlors known as racinos — would still be excluded from participating.

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