Tag Archives: casino resorts

Steve Wynn’s Journey in Massachusetts

By @TheDailyPayoff

In case you missed it, Boston Globe columnist Shirley Leung wrote a wickedly sharp piece this week describing casino mogul Steve Wynn’s odyssey of trying to get approval to build a $1.7 billion casino in Everett, MA.
As Leung points out, politics is a hard play in Massachusetts.
Read to the end. The kicker is good.

View the original source: https://www.bostonglobe.com/business/2015/07/16/olympics-wynn-casino-city-that-never-lets-anything-happen/xk7DQUlPZRZpm3ncBDIknL/story.html#

NJ Casino Expansion Idea Heats Up

By Frank Scandale @FScandale @TheDailyPayoff

Gov. Chris Christie’s comments on 101.5 radio Wednesday has stirred visions of jackpots in northern New Jersey.

With everything from a poll by NJ.com that showed almost a 60-40 split in favor of a casino in the northern part of the state by Thursday late afternoon to a well-regarded gambling expert in the Garden State agreeing such a casino could be the most lucrative in the country, the governor’s statements fueled more speculation for an upcoming referendum.

“I have absolutely no problem with that question going on the ballot right away,” Christie said on New Jersey 101.5 FM. “The competition’s only going to grow, in New York in particular. And so, if we could plant our flag firmly in the ground, I think it would make the project even more successful.”

His comments came a day after New Jersey Sen. Ray Lesniak, whose district sits in the northern part of the state, said he would push for a referendum in November that would also call for $1 billion in revenue from such a casino to be redirected to South Jersey, according to The Press of Atlantic City. Gov. Christie also said he would approve the ballot measure if it had a component such as the one Lesniak outlined.

And his comments come against the background of an announcement that next Wednesday the Hard Rock International and Meadowlands Racing & Entertainment will detail their concept of a Hard Rock Casino in the Meadowlands. The pitch will be a potential of $400 million in annual revenue that would provide tax relief and rebuild Atlantic City, says the HudsonReporter.com

A separate poll by The Press of Atlantic City shows overwhelming opposition to the proposal, with 63 percent against the idea, 21 percent for it as long as revenue gets funneled to the South, and almost 16 percent voting for secession from North Jersey. http://www.pressofatlanticcity.com

The difference in the polls could be explained by the fact that NJ.com draws much of its readership from the central and northern parts of the state. It is affiliated with the Star Ledger, which is based in Newark in the north.

Just how realistic is the concept of a casino or more in North Jersey depends on how serious those with money want to push the issue, according to a state expert from Stockton University, located in the southern part of the state.

“It is true that a pole we did a year ago had far more people who expressed their opinion opposed to the idea,” said Izzy Posner, Executive Director, Lloyd D. Levenson Institute of Gaming, Hospitality and Tourism at Stockton University. “When it comes to these issues, a lot of big money will support one side or the other.”

The Washington Post reported that when Maryland proposed building a casino on the edge of the nation’s capital, approximately $90 million was spent by parties supporting and opposing the measure. Posner sees that scenario shaping up in New Jersey.

At the heart of the debate is the division between North Jersey, which is densely populated and located just miles from New York City, and South Jersey, where Atlantic City casinos reside. As the city and the casino business have battled erosion these last few years, those with interests in the south fear a casino beachhead say in The Meadowlands of Bergen County, would further exacerbate the problem. The olive branch seems to be the redirection of large amounts of northern New Jersey casino revenue to the south, as proposed by Sen. Lesniak and endorsed by the governor.

Posner added: “Many interests will see southern New Jersey as a loser if casino gambling comes to North Jersey. Others see the benefits mitigated by some of tax revenue coming back to South Jersey.”

Currently, a contingent of South Jersey state legislators are expressing opposition, as well.

What Posner does see is a geographic competition ramping up as the fight for gambling dollars becomes more central to states’ economic health.

“You certainly  are seeing Pennsylvania, New Jersey, New York and Connecticut competing for gamblers. And the comments about a casino in North Jersey possibly being the most successful in the country is not hyperbole, says Posner.

Citing Aqueduct Racetrack’s casino, Resorts World Casino, in Queens, NY, Posner said that casino’s success suggests a fully licensed casino in the Meadowlands in New Jersey, for instance, could set records.

“It’s the most densely populated piece of real estate in the US and one of the most wealthy between North Jersey and Connecticut, so that kind of money would not surprise me,” Posner said.

View additional sources: http://www.nj.com/politics/index.ssf/2015/05/poll_do_you_favor_allowing_casinos_being_built_in.html

http://www.washingtonpost.com/local/md-politics/politically-connected-firms-hit-jackpot-in-maryland-casino-fight/2012/11/17/f377cfb4-2e76-11e2-89d4-040c9330702a_story.html

 Hudson Reporter – Hard Rock Casino Meadowlands a possibility

 

Monmouth Park Sets to Open, But With An Uncertain Future for Legalized Sports Gambling

By Joe Favorito @JoeFav @TheDailyPayoff

This weekend millions will take to the road to celebrate everything from graduations to communions and confirmations to Mother’s Day, but on Saturday racing and gambling enthusiasts and sports business people will also travel to Monmouth Park for the opening of the 70th season at the Jersey Shore’s crown jewel.

With one eye on the past and another on the future, those hopefuls wonder what the future will bring at Monmouth in Oceanport, NJ, where supporters continue the quest to bring a new face to the racing venue.

The park’s current owners, the Governor’s office and a host of state legislators continue to push for year-round casino gambling like what is now featured at the at former Yonkers Raceway, now Empire City Casino on the trotters side, where the racing is but an appetizer for the legal gambling.

The state will put up a referendum for vote in November that would allow casino gambling at two North Jersey sites, the Meadowlands and maybe Jersey City and if it passes, Monmouth Park and even struggling Atlantic City would get a piece of the financial pie.

The work that the New Jersey Horsemen’s Association has done in making the track already fan and family friendly in their four years of ownership has been strong. Corporations can get their own race for a fraction of the cost of a trip to a Mets or Yankees game, and can even make some money legally while you root your favorite thoroughbred’s home. The weekend of the Haskell will bring big crowds and some other Stakes weekends will also swell the stands, but for the most part a day at Monmouth is a day, unfortunately, where crowds are rare.

The big lure for many on the business side remains that ongoing fight to bring legalized sports gambling to the track and marry it with live thoroughbred racing. Challenges continue to be put forth and fought back in the courts, and dates keep getting delayed for when a legal sports book can start, even as a trial with non-financial prizes.

As far as horse racing as a stand-alone draw, last week’s Kentucky Derby with New Jersey-owned American Pharoah winning in front of a record crowd of 170,000 at Churchill Downs continues to show that elite racing has a pulse. Whether that can translate over business at regional tracks away from The Breeders Cup or The Triple Crown or even Saratoga or Keeneland on a consistent basis in the northeast remains a dream, despite all the charm and the effort that has been put into making Monmouth more of a destination. Critics say the horse racing demographics  are too old, the meets too long and the lack of star power too prevalent to ever bring horse racing back to the masses.

Whether sports gambling will save brick and mortar facilities like casinos and racetracks is part of the national debate on wagering. If most of the gambling, which experts say could be in the billions, is done on a mobile device, why would millennials, a favorite target of supporters, flock to a racetrack? Las Vegas has taken the time to build itself as a warm weather destination with many things to do beyond gambling on games, so the draw is the experience, not the gambling room per se. A track like Monmouth during its racing season could use sports gambling as the bait, and could use its location, its grounds for concerts and other events, and then the thrill of horse racing as the switch to fill the stands.

If that happens, you could see brands investing in marketing in and around the track on weekends, with new food offerings and other services like we see at ballparks popping up with a vested interest in growing the fan experience. The track would also get a solid infusion of capital from whoever its traditional betting partner would be. Right now it appears that William Hill, the British bookmaker that is one of several betting houses to have set up a business structure in the US, might be the partner of choice. Monitoring the gambling debate, it already owns a bar at the track and sponsor the Haskell. There the investment was low risk, high reward should sports gambling shake out and Monmouth becomes a daily and weekly hub on the gambling side.

Where all this plays out is now anyone’s guess. Pay fantasy companies like Draft Kings and Fan Duel have invested and raised millions taking advantage of the pay fantasy loophole in Federal law right now.

At the recent Sloan MIT Sports Conference most media types in the sport, and league officials from the NBA and MLB (who are monitoring the situation as closely as the horse racing industry) were uniform in saying that the states challenging the Federal overturn of sports betting laws will not be successful. They say ultimately sports gambling will be handled, and regulated by a consistent federal law. The estimate was that it would happen, but not before at least 3-5 years, factoring in a Presidential election cycle which could slow the process in 2016.

Until then, a beautiful track like Monmouth will continue to operate and tread water with the hopes of a change and an upswing in overall business, while trying to ride a wave of casual interest that its primary tenant, the thoroughbreds, may have as the Triple Crown plays out.

After that, the hope of warm weather and some strategic marketing will try to lure casual fans to supplement the die-hards as the track, and the horse racing industry in general, remains in flux as a sports business, with a glorious past and the promise, maybe of better days ahead with bets going down on the Rangers and Yankees bolstering the run for home just beyond the grandstand glass.

H & R Block Inc (HRB), Nexstar Broadcasting Group, Inc. (NXST),…

Daniel Lewis ‘ Orange Capital posted a solid return for the first quarter, according to the returns of the majority of stocks from its equity portfolio. The fund had a total of 11 positions at the end of 2014, out of which 10 stakes are represented by companies with a market cap of over $1.0 billion.

'Duck Dynasty' musical premieres in Las Vegas

Producer Tommy Mottola and television personalities Korie Robertson and Willie Robertson attend the “Duck Commander Musical” premiere at the Crown Theater at the Rio Hotel & Casino on April 15, 2015, in Las Vegas, Nevada. Photo Credit: Getty Images / Ethan Miller LAS VEGAS – There is no shortage of beards, camo, hunting and God alongside a bit of recent real-life scandal in “Duck Commander Musical.”

New luxury vacation lofts will transform iconic corner of downtown Austin

As early as July, there will be a new spot to vacation – or staycation – in Austin. Top Trip Rentals , a vacation rental property company based in Austin, has announced the launch of Littlefield Lofts, part of a multimillion dollar exterior remodel happening at 119 E. Sixth St., across from the historic Driskill Hotel .

Gaming Commission hiring private counsel for cities' lawsuit

State gambling regulators are hiring their own private counsel as they face lawsuits from the cities of Boston, Revere and Somerville over a license awarded to Wynn Resorts for a casino in Everett. The move is an attempt to avoid legal issues that could arise if the attorney general’s office, which represents the state and its agencies, were to defend the Massachusetts Gaming Commission from the civil litigation as the office pursues a criminal case involving the sale of land for the casino.

An artist's conception of the proposed Plainridge Park Casino in Plainville, Mass.

Massachusetts is inching closer to the official launch of its casino industry, as Penn National Gaming submitted revised plans Thursday for a slot parlor slated to open in June along the Rhode Island border while regulators highlighted steps the state still needs to complete before it can oversee gambling operations. Plans for Plainridge Park still call for a gambling floor with 1,250 slot machines but other parts of the $225 project have changed slightly, according to a report submitted to the Massachusetts Gaming Commission.

Steve Wynn Caught in Middle of Ex-Wife, Board Proxy Fight

Elaine Wynn said Thursday she has her ex-husband Steve Wynn’s endorsement in her battle to remain on the board of the casino-hotel company they co-founded. Elaine Wynn cited statements the Wynn Resorts Ltd. CEO made on Charlie Rose’s interview show this week that he didn’t agree with the board’s decision not to re-nominate her.

Jepsen says casino bill could prompt challenges

Attorney General George Jepsen warned Connecticut legislative leaders Wednesday that a bill allowing the state’s two federally recognized tribes to open jointly operated casinos could face legal challenges from other gambling entities who claim the legislation is unconstitutional. He said the proposed legislation also raises legal issues that “pose significant uncertainties and potentially serious ramifications for the existing gaming relationship between the state and the tribes,” which currently provides tens of millions of dollars annually to Connecticut’s budget.

5 Things to Expect from the 50th ACM Awards

It’s the 50th anniversary of country music’s biggest night, and Luke Bryan says he and co-host Blake Shelton are ready to bring their A-game. Sunday’s ACM Awards will honor the biggest names in country music and is set to feature an all-star slate of performances from rising stars to a long-awaited reunion.

Kennesaw State receives $5 million to name Culinary Sustainability and Hospitality program

The University System of Georgia’s Board of Regents today approved the naming of the Michael A. Leven School of Culinary Sustainability and Hospitality at Kennesaw State University. Michael Leven, a veteran hospitality industry executive and president and CEO of the Georgia Aquarium, made a commitment of $5 million to name Kennesaw State University’s School of Culinary Sustainability and Hospitality.

Reid, Graham In Civil Union To Pass RAWA

As Congress gets back to work, Capitol Hill conservatives are anxious about the anxious about the out-in-the-open partnership between retiring Senate Minority Leader Harry Reid and Sen. Lindsey O. Graham to ban web-based gambling. Reid said he confers with Graham on the legislation for a federal ban web-gambling and the two men agreed to let the House pass its bill first in the same March 27 interview Reid gave to Joe Schoenmann , host of KNPR’s ” State of Nevada ” program that featured first-time-long-time President Barack Obama .