There’s been plenty of local news lately. With the start of football and NHL season, national sports betting chatter and casino revenue results, here’s a rundown of some top stories you might have missed:
Nevada gaming revenues drop significantly in August
Unfortunately, the Las Vegas Strip was the biggest loser. However, it was not as bad as some industry analysts anticipated. The state’s unrestricted licensees won $913 million in August. That was down 7.73 percent over the previous year.
State slot win was $618 million, down 7% over August 2017. Slot handle was up almost 4 percent over the year before, meaning players were a bit luckier or slots looser last month compared to the previous year.
Nevada table games won $285 million in August. That was down 19 percent with handle dropping 15 percent. Table game handle refers to the cash dropped compared to the amount cashed out by players.
Las Vegas Strip casinos won $478 million from players in August. That was down 12 percent.
Las Vegas Strip slots took in $255 million, down less than 2 percent from the previous August. Handle was up almost 1 percent. Table games on the Strip won $223 million. That was down 22 percent over August 2017, and handle was down almost 19 percent.
A drop in baccarat play contributed to the poor results. Baccarat won $92 million, down 9 percent with the drop decreasing 15 percent.
Downtown Las Vegas fared better than the Strip. That area won $45 million, down 3 percent over the previous year. Slots won $32 million, down 2 percent. Tables dropped $13 million, down 7 percent. Baccarat led the decline in downtown Las Vegas. It was down 88 percent. This is likely due to the closure of Lucky Dragon, which was included in the downtown Las Vegas market.
The Golden Knights teamed with William Hill
The Vegas Golden Knights recently partnered with William Hill. The NHL team and sportsbook deal was the first of its kind in the United States.
“We could not be more excited to partner with the Golden Knights. We are headquartered in Las Vegas and have seen first-hand what this team has done for our community,” said Joe Asher, CEO of William Hill US.
The companies will work together to improve the experience of Golden Knights fans while promoting William Hill products. This includes displaying betting odds on the T-Mobile Arena’s Knight Tron during intermission, as well as signage in areas visible on television during debates. When the Vegas Golden Knights make a line change, it will be announced as a “William Hill Line Change.”
The Vegas Golden Knights host this season’s first home game on October 4. The Philadelphia Flyers are the opponent.
The Vegas Golden Knights practice at City National Arena in Summerlin, a suburb in the western Las Vegas Valley. It is one of three hockey rinks in the metro area. It is the only one that does not have gambling on the premises.
The Las Vegas Ice Center has a tavern with a William Hill kiosk and video poker. The Sobe Ice Center, located at Fiesta Rancho, has a full-service casino and sportsbook connected to it. The property is managed by Station Casinos.
Two members of Congress discourage federal sports betting intervention
Nevada Congresswoman Dina Titus and New Jersey Congressman Tom MacArthur penned a letter to the House Subcommittee on Crime, Terrorism, Homeland Security, and Investigation this week. The message was that regulation of sports betting and all gambling is best left at the state level. This was in anticipation of last Thursday’s hearing on sports betting regulation.
The letter noted that there are currently five states that operate with regulated sports betting without any issues that require federal help. Titus noted that Las Vegas has shown that professional sports leagues, i.e. the Golden Knights, operate in the city with no reports of illicit activities related to gambling. The letter stated that burdensome regulation could stifle innovation and competition in the industry.
You can read the letter here.
The federal sports betting hearing drew mixed reactions from observers due to some speakers opining on the ills of all gambling as opposed to the regulation of legal activities. Speakers included Les Bernal of Stop Predatory Gambling, Jon Brunig of the Coalition to Stop Internet Gambling, Jocelyn Moore, executive vice president of communications and public affairs for the NFL, Nevada Gaming chair Becky Harris and Sara Slane, senior vice president of public affairs for the American Gaming Association.
The committee hearing was for information purposes only. There is currently no bill before Congress to intervene in state sports betting regulation.