Casino Developers Will Have to be Patient on Japanese Regulation, Says Analyst

Casino Developers Will Have to be Patient on Japanese Regulation, Says Analyst

Global casino operators are bending over backwards to get a piece of the future Japanese casino industry, but they may have to wait just a little bit longer.

Union Gaming Analyst Grant Govertsen believes Japan is unlikely to develop a framework of regulation for casino gaming until the fall and it will likely be an ‘October or November’ event.

The Japanese Diet passed its Integrated Resorts Promotion Bill in December, after years of mulling the issue, paving the way for the opening up of a market with the potential to become the second biggest in the world, after Macau. But Japan has not regulated casino gaming, not yet, at least.

The Integrated Resorts Bill was an enabler, giving the Diet a 12-month deadline to prepare a framework of regulation, which will lay down licensing requirements and measures to protect problem gamblers from using casinos.

No Movement in Spring

With the Diet’s ordinary session getting underway nice and early, on January 20, it was hoped that process would begin soon, but not so fast, says Union Gaming Analyst Grant Govertsen. There is unlikely to be any movement on regulation during the spring session, he said in a note this week.

‘Rather, we think the Diet has already made the decision to handle the IR bill during the fall special session, suggesting that it is more likely going to be an October or November event,’ Govertsen said.

Prime Minister Shinzo Abe’s ruling Liberal Dem Read More

Atlanta Casino Drive Gains Powerful Lobbyist, Golden Nugget Owner Willing to Bet on Georgia

Atlanta Casino Drive Gains Powerful Lobbyist, Golden Nugget Owner Willing to Bet on Georgia

Two identical Atlanta casino bills have been introduced to both chambers associated with state’s General Assembly, and gambling companies throughout the country are readying for the legislative fight by employing high-profile lobbyists.

It’s tough to find fertile non-gaming regions in the US, especially in major metropolises. An Atlanta casino bill seeks to bring gambling that is land-based Georgia, much towards the delight of billionaire Tilman Fertitta.

The absolute most recent name to join the push for casinos in Georgia is former Mississippi Governor Haley Barbour. The Republican whom served two terms leading The Magnolia State has filed lobbyist paperwork in Atlanta to represent the interests of Las Vegas-based Wynn Resorts.

Barbour joining the discussion is important as a result of his long friendship with current Georgia Governor Nathan Deal (R). State lawmakers have been pressing to legalize gambling that is commercial Georgia for more than a year in an effort to increase tax revenue.

Deal has opposed such legislation in yesteryear, but recently hinted he’d be open for a discussion should the casino legislation mandate that most the proceeds help education, and also the impact wouldn’t directly hurt their state’s lottery system.

The Peach State sold $4.556 billion worth of lottery tickets in 2016 though Georgia doesn’t currently have land-based tribal or commercial gambling Read More

MGM Resorts Misses Fourth-Quarter Projections, but Springfield Casino Construction Ahead of Schedule

MGM Resorts Misses Fourth-Quarter Projections, but Springfield Casino Construction Ahead of Schedule

MGM Resorts posted improved fourth-quarter revenues in 2016 compared to the previous year, but the generated income fell far short of projections.

MGM Resorts CEO Jim Murren is encouraged heading in 2017 despite a disappointing fourth quarter for his company.

The Las Vegas-headquartered gaming and hospitality company reported net income of nearly $70 million for the final three months of the year. That translates to four cents per share, a far cry from the analysts’ consensus estimate of 21 cents for the quarter.

Though the company’s new property in Washington, DC, appropriately named National Harbor, brought in big money for MGM, and performance improved at the conglomerate’s 10 venues in Las Vegas and Atlantic City’s Borgata, the convention space underperformed.

Regardless of coming in well under fiscal expectations, CEO Jim Murren painted the earnings data in a rosy light.

‘The achievement of key financial and strategic milestones demonstrates our continued focus on driving profitability,’ Murren said in a release. ‘We are excited about the outlook for 2017.’

Investors on Wall Street don’t normally take the bait, and value numbers over words. Traded on the New York Stock Exchange, shares of MGM Resorts fell as much as nine percent following the financial announcement.

For the complete year, MGM generated a net income of $1.24 billion, or $1.94 per share. That’s a substantial im Read More

President Trump Talks Sports Betting, Nevada Books Collect Record Handle on Super Bowl

President Trump Talks Sports Betting, Nevada Books Collect Record Handle on Super Bowl

Sports betting legalization is a controversial topic that has recently been debated in several state capitals, and the US Supreme Court is considering conducting unique review in the coming months.

President Trump explained he won’t fight for activities legalization that is betting he hears all sides of this tale from people who understand the market best.

The topic is garnering the attention of even more important players as Super Bowl LI generated a record handle at Nevada sportsbooks. The commander-in-chief gave over the weekend while there was much coverage on President Donald Trump’s sit-down with FOX News’ Bill O’Reilly during Super Bowl Sunday, it wasn’t the only interview.

Appearing on American sportscaster Jim Gray’s Westwood One radio network program, the president was asked about legalizing sports gambling nationwide.

‘What I’d do is sit straight down with the commissioners. I would be talking for them, and we’ll see how they feel about it,’ Trump explained. ‘Some would maybe not wish it, I’ve look over others perhaps do. I might certainly wish to have their input and have the input from the leagues that are various . . It will be studied very carefully.’

While vague, the president’s remarks will be the first time he’s opined on possibly even considering repealing the pro and Amateur Sports Protection Act (PASPA). The 1992 federal statute made sports gambling illegal in most b Read More