So much has happened this past week, I felt a post with related links might be in order. Accordingly, here is a number of news snippets in “New England Casino News You Might Have Missed.”
Plainridge Racing at the Mercy of Mass Legislators
They did it last year, and they’re doing it again. Who? Massachusetts state lawmakers are bringing the horse racing to the brink of extinction once again. According to Colin A. Young in
the Lowell Sun, “If the legal authority for racing and simulcasting is not extended before Thursday, all racing and simulcasting must stop. Subsequently meaning it must be enacted by the Legislature and signed into law by Gov. Charlie Baker. Plainridge Park Casino, the only remaining host of live horse racing in Massachusetts, is planning to hold races until then.”
Live racing has come under attack in New England in recent years. Unfortunately, Suffolk Downs, the last thoroughbred racing in Massachusetts and New England, closed in July. Maine still has racing at Scarborough and Bangor (connected to Hollywood casino block away) with parimutuel betting. The summer fair season in Maine has horse racing which helps the Maine horse breeding market.
CT Lawmakers announce comprehensive casino/sports betting plan
A bipartisan group of Connecticut lawmakers announced a wide-ranging bill they hope could lead to legalized sports betting. Furthermore, it also hints at the addition of a Bridgeport casino and the completion of the combined tribal venture in East Windsor. The tribes must spend a minimum of $100 million on an entertainment and gambling facility in Bridgeport. Consequently, the tribes will receive authorization to conduct sports wagering at Foxwoods Resort Casino and Mohegan Sun. In addition, sports wagering through mobile applications, online and other locations in the state would be approved. The original tribal compact will stay intact, with 25% slot revenue going to the state from the two current tribal casinos. In addition, the tribes would contribute 10% of their table games revenues generated. Only at both the proposed Bridgeport casino and East Windsor casino would add this to the state’s tourism marketing fund.
Rhode Island Sports Betting is up
Rhode Island’s two regulated sports betting operators, Twin River and Tiverton Casino, recorded a combined book revenue of $2.15m in June. Presently, that is a record high for the Ocean state. As a matter of fact, the total sports betting profit for the fiscal year is nearly $6.9 million. Rhode Island became the eighth state to offer sports betting in 2018, months after the Supreme Court struck down PASPA.
Mohegan Sun Prepares for sports betting
Mohegan Sun announced signed an agreement with Kambi Group plc to provide online and on-property betting products. The Kambi Sportsbook will be integrated into Mohegan Sun’s iPro gaming platform to power a free-to-play sportsbook. Equally important, it will enable Mohegan Sun guests to familiarize themselves with the Kambi product ahead of a regulated real-money launch. Mohegan Gaming & Entertainment currently has casinos and resorts in New Jersey, Pennsylvania, Canada, and Connecticut. At this time, both Pennsylvania and New Jersey already offer real-money legal sports wagering through retail and mobile sportsbooks.
Rhode Island Problems include deal with IGT
To begin with, the agreement would start in 2023. Through IGT’s $6.4 billion merger with Rhode Island-based GTech Holdings in 2015, the company already controls 84 percent of the slot floors at the Twin River and Tiverton casinos. Scientific Games has 12 percent of the remaining slot space, and Everi Holdings has the other 4 percent. In fact, Governor Raimondo and top lawmakers announced they had reached a tentative deal with IGT to extend its Lottery contract. In exchange, the company will keep 1,100 workers in the state employed. Although this is true, a major concern is a monopoly of gaming machines by IGT. Besides, there would be an absence popular brands found in other casinos across New England and the country by Aristocrat, Konami and IT.
Related Post – Rhode Island Casino Specs and History
another Blackjack class-action Suit, this time MGM Springfield
According to MassLive, “Blackjack players have filed a class action lawsuit claiming MGM Springfield is paying less than state regulations permit on winning hands at some tables. The claims, including in a lawsuit filed Monday in Hampden Superior Court, echo those made in a similar suit filed recently against Wynn Resorts’ Encore Boston Harbor. Similarly, claims were made concerning Encore Boston Harbor after it opened. However, they were dismissed by the Massachusetts Gaming Commission.
Wynn Not a Win?
Encore Boston Harbor has been the most anticipated resort Casino to open in New England since Foxwoods in 1992. Even then, Foxwoods was just at the beginning of its expansion. I even called it the “Jewel” of New England’s Casinos.
To summarize, he proposes 5 considerations:
- Wynn’s new Massachusetts casino, Encore Boston Harbor, has sizable competition, and has significantly fewer amenities than that competition.
- Sentiment from early patrons skews negative.
- The location won’t be Encore Boston Harbor’s “silver bullet.” It’s not ideal, and it’s unclear how much convenience even matters to New England gamblers.
- We are projecting that EBH will fail to meet most revenue estimates, including the projections from Wynn itself.
- Although it’s unlikely that Encore Boston Harbor will be a significant catalyst for Wynn stock, we recommend a smaller gaming stock with large exposure to this new resort.
This is a must read as well as the comments if you are interested in New England’s casino expansion.
Finally, Maine’s Casinos Had a Record Year
Robert F. Bukaty of the AP reported that Maine’s two casinos raked in close to $144 million last year, setting a state gambling record. The recent rise is considered tied to Oxford’s hotel addition and expanded gaming floor. But Milt Champion, executive director of Maine’s gambling control unit, doesn’t expect the windfall to last due to increased competition across the board. Maine is one of 12 states with record casino gambling last year, according to a report from the American Gaming Association released Tuesday. Nationwide, gamblers spent almost $42.7 billion in two dozen states with legal casinos, the association said.