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Gambling in the USA

Governor Ricardo Rosselló proposes online and live gambling in Puerto Rico

Niji Narayan

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Governor Ricardo Rosselló to legalise online and live gambling in Puerto Rico
Image Source: fee.org
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Ricardo Rosselló, the Governor of Puerto Rico, has proposed a bill that would make online and live gambling legal. The bill proposes full suite of gambling is, including esports, fantasy sports and sports betting, both on and offline.

Rosselló said: “Our administration is committed to new and creative ways to improve the lives of all Puerto Ricans, especially as we continue our reconstruction in the aftermath of Hurricane Maria. This legislation, made possible by a Supreme Court decision last year, will make Puerto Rico an attractive place to visit, which will greatly benefit our tourism industry.”

He quoted two studies on potential revenues. The first study was commissioned by the Chamber of Commerce of Puerto Rico and was prepared by The Innovation Group. The government commissioned the second from the Spectrum Gaming Group.

Focusing on money is everything for Puerto Rico. A debt crisis in 2017 saw the government face a shutdown and unable to fund healthcare. If that was not enough, Hurricane Maria hit in September that year.

Puerto Rico’s infrastructure was badly damaged. Electricity was off for months in some areas and all the territory’s airports only re-opened half a year later.

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

UNITE HERE Warns About Potential Gaming Tax Revenue Declines, Job Cuts, and Other Problems of Proposed Merger of Eldorado Resorts and Caesars Entertainment

George Miller

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UNITE HERE Warns About Potential Gaming Tax Revenue Declines, Job Cuts, and Other Problems of Proposed Merger of Eldorado Resorts and Caesars Entertainment
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Eldorado Resorts and Caesars Entertainment jointly announced a proposed transaction to combine the two corporations, pending shareholder and regulatory approvals. The deal is to be based on $7.2 billion of new debt financing and $500 million of cuts and other “synergies.” UNITE HERE, the hospitality workers union, represents approximately 25,000 workers at Caesars and Eldorado properties.

UNITE HERE-represented union casinos accounted for approximately 68% of the pro forma $30 billion combined Caesars-Eldorado EBITDAR in 2018. These 22 UNITE HERE union casinos altogether include over 50% of the combined company’s total hotel rooms, over 30% of its total slots, and nearly 40% of its total table games. UNITE HERE locals are currently in contract negotiations with Eldorado at Circus Circus Reno and Isle Pompano Beach. Contracts at six additional UNITE HERE union casinos in the combined Caesars and Eldorado portfolio will expire in 2020, including four properties in Atlantic City.

UNITE HERE issued the following statement from President D. Taylor:

“UNITE HERE has had a positive relationship with Caesars Entertainment over the years, and 25,000 union members have been excited to help the company reinvest and rebuild as it recovers from the disastrous leveraged buyout led by Apollo and TPG. It is in this context that we approach the proposed sale of the company with great concern.

Yesterday, Eldorado announced cost-savings of $500 million in the first year of the combined company. Where are they going to cut? We will not stand by idly if the proposed Caesars-Eldorado transaction will lead to significant job losses, worse wages and benefits for our members, and lower state gaming tax receipts in the many communities where members we represent work and live. Casinos operating under privileged licenses are meant to create significant benefits for host communities, including family-sustaining jobs and local government funding based on gaming taxes.

We will support changes at Caesars that preserve the company’s long-term financial health and provide a sustainable path to good jobs in vibrant gaming markets across the country.”

2018, 7,700 UNITE HERE members went on a multi-city strike at Marriott hotels across the United States and won historic settlements in Boston, Detroit, San Francisco, San Jose, Oakland, San Diego, and Hawaii.

UNITE HERE represents over 300,000 hospitality workers in gaming, hotel, and food service industries in North America and provides analysis from the perspective of those who work in these industries.

 

Source: UNITE HERE

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Gambling in the USA

Mobile Betting Bill Fails to Progress Through New York Assembly

Niji Narayan

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Mobile Betting Bill Fails to Progress Through New York Assembly
Photo Source: theb1m.com
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Senator Joseph Addabbo’s mobile betting bill has failed to progress through the New York Assembly. The legislative session saw S17 fail to progress beyond the Assembly Standing Committee on Codes.

Addabbo tweeted that he saw no clear reason why the state could not implement mobile sports betting in 2019. Failure to do so would see the state miss out on around $75m in revenue, funding for education, and both job creation and retention.

“NY will be stuck like a disabled car on the shoulder, while we allow an illegal sports betting business in our state thrive and idly watch other neighboring states pass us up with enormous revenue gains from mobile sports betting,” Addabbo said.

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Gambling in the USA

Eldorado Resorts to Buy Caesars Entertainment Corp

Niji Narayan

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Eldorado Resorts to Buy Caesars Entertainment Corp
Photo Source: tripsavvy.com
Reading Time: 1 minute

 

Eldorado Resorts Inc., the US based casino operator, has agreed to merge with Caesars Entertainment Corp through a $17.3 billion cash and stock deal.

The deal, which is expected to be announced soon, values Caesars at close to $13 a share. The combined company’s ownership would be split roughly between Eldorado and Caesars shareholders.

An Eldorado spokesman said the company did not comment on rumours or speculation. Caesars did not immediately respond to requests for comment.

The combination of the two companies would create a serious competitor to larger casino industry players, such as Las Vegas Sands Corp, Wynn Resorts Ltd and MGM Resorts International.

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