Industry News of the Day for February 27, 2023

Industry News

• Associated Press: Casinos And Consulting? Pandemic Spurs Tribes To Diversify
  • When the COVID-19 pandemic shuttered Foxwoods Resort Casino in Connecticut for three months in 2020, its owners, the Mashantucket Pequot Tribal Nation, had to reckon with decades of relying heavily on gambling as the tribe’s main source of revenue. “The fact that the casino revenues went from millions to zero overnight just fully reiterated the need for diverse revenue streams,” said Tribal Chairman Rodney Butler.

• PlayUSA: Bally’s Reports Increases In Q4 2022 And Full-Year Results
  • Bally’s Corporation announced financial results for the fourth quarter and full year ending Dec. 31, 2022. The US gambling giant reported a 5.3% revenue increase for Q4, with a full-year revenue increase of over 76%. Bally’s reported $576.7 million in revenue for the last quarter of 2022. The figure compares to $547.67 million recorded during the last months of 2022. The company shared net losses of $487.5 million.

Florida

• Legal Sports Report: How Early Maverick WA Sports Betting Loss Sets Up Florida Case
  • It was October 28, 2022, the last time that the PACER docket had been updated in one of the most watched gaming cases around the country, this one related to WA sports betting. The case involving Maverick Gaming was captioned as being versus the United States, or more specifically, the Department of the Interior, as well as a number of Washington State-based officials.

Maryland

• Sports Handle: Maryland Bill Targets Universities Partnering With Betting Operators
  • A Maryland bill inspired by a series of New York Times articles about sports betting began its journey through the state Senate on Wednesday. SB 620, introduced by Sen. Shelly Hettleman, plans to prohibit colleges and universities from forming a partnership with a sports betting operator “if the institution of higher education receives compensation for student participation in certain sports wagering.”

Massachusetts

• PlayMA: Ahead Of MA Launch, BetMGM To Promote Responsible Gambling In Ads
  • In a decision that could exert pressure on competitors, BetMGM has announced it will include prominent messaging about responsible gaming in its sports betting ads. The decision comes on the eve of Problem Gambling Awareness Month in March, as well as days before the launch of online sportsbooks in Massachusetts. Starting March 1, the company will run responsible gambling messages in its BetMGM Sportsbook app, as well as within TV and online advertising for the first time.

New York

• PlayNY: Merit, Ability To Open Quickly Will Earn Caesars Downstate NY Casino License
  • Tom Reeg emphasized that his company sees the same documents the public does when it comes to the three downstate New York casino licenses up for grabs. As such, he noted that the state aims to “award something” by the end of 2023. However, Reeg, CEO of Caesars Entertainment, remains confident that his company sits on the inside track to join the NY casinos landscape.

Texas

• SBC Americas: Abbott Outlines Vision For Texas Gambling Expansion As Legislative Season Continues
  • Gov. Greg Abbott, the governor of Texas, has revealed he is open to the idea of gambling expansion in the Lone Star State, but that there are certain boundaries and terms he would like to set out. Speaking to the Fort Worth Star-Telegram, Gov. Abbott noted that he would be open to casinos opening in Texas, if it was done in a ‘professional’ way.

• PlayTexas: Longtime Texas State Sen. Lois Kolkhorst Spearheads Sports Betting Measure
  • The first sports betting bills have been filed in the Texas Senate this session. Sen. Lois Kolkhorst (R-Brenham) is sponsoring SB 715 and SJR 39, which would legalize online sports betting in the state. Rep. Jeff Leach (R-Plano) is sponsoring companion bills HB 1942 and HJR 102 in the Texas House. The longtime state senator’s legislation is backed by the Sports Betting Alliance, a group of professional sports franchises, leagues, racetracks and gambling organizations that champion the expansion of legal sports betting in Texas.