Indy Gaming: California sports betting future murky after two ballot questions lose
Two sports betting initiatives were rejected by California voters. The initiative supported by tribal casinos and mobile sports wagering operators received less than one-third of support. More than $460 million was spent on the two failed questions. California's Indian casinos produce an estimated $9 billion in annual gaming revenue. Tribal leaders believe their history, success and knowledge of the state’s gaming consumer was ignored by the major sports betters. Thirty-six states and Washington, D.C., have legalized sports gambling. Nevada sportsbooks produced a record $455.1 million in revenue in 2021.
Two ballot questions regarding sports betting in California have been rejected. DraftKings and FanDuel CEO's said their referendum could return in 2024. Grove is not convinced there is a path for compromise between the tribes and sportsbetting operators.
IGT reported a 7 percent increase in third-quarter revenue and $402 million in cash flow. The division that provides slot machines and gaming systems to casinos saw its revenue increase by 30 percent. CEO Vince Sadusky said the division had to sustain higher supply chain costs than other businesses. In August, IGT executives told analysts that supply issues cost the company some $70 million during the second quarter. Everi Holdings CFO Mark Labay said they have seen more stability from their component suppliers. iGT continues to struggle with supply chains headwinds, but the strong trends across all three business segments more than offset the head winds.
Wynn CEO Craig Billings praises Tilman Fertitta's $377 million stock purchase into the casino company last month. FERTitta is the second-largest stockholder in Wynn. He plans to build a 43-story, 2,420-room hotel-casino on a 6-acre plot at the southeast corner of Las Vegas Boulevard and Harmon Avenue. He bought the land this year for $270 million. The Clark County Commission approved his plans in October. Billing didn't answer a question about whether he had communicated with Fergitta before the purchase.
Century Gaming's operations in Nevada and Montana accounted for almost 23 percent of Accel's $267 million revenue during the third quarter. The Illinois-based company's net income increased by 108 percent. Acel operated 22,429 slot machines for 3,517 non-casino businesses in Illinois, Nevada, and in Montana. Century accounted 921 of the locations. in both states, which operated a combined 8,400 slot machine machines. In Nevada there are 2,044 restricted gaming locations with 19,248 slot Machines.
The cost of the MSG Sphere has exceeded the construction budget for the 65,000-seat Allegiant Stadium. The cost for 17,500-seater entertainment venue behind The Venetian has risen by $175 million to $2.18 billion. It is expected to open in the fall of 2023.
MGM Resorts International will build temporary grandstands on the Bellagio lake for next year's Formula One Las Vegas Grand Prix. Access to the grandstanding will be available to those booking a three-night stay at one of 10 MGM properties on Strip. Light & Wonder has seen changes to its upper management, the company’s board, sale of its lottery and sports betting divisions, a new slate of controlling investors and a balance sheet that saw long-term debt reduced from $8.7 billion at the end of last year to $3.9 billion.
AGS leases electronic bingo games to the Tigua Indians of El Paso, Texas. The Supreme Court ruled in June that the tribe could operate electronic games at an entertainment center.
