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Las Vegas-Bound Leaky Pipeline Fixed, Fuel To Flow Again

The damaged pipeline that supplies Las Vegas and the rest of Southern Nevada with gasoline and diesel fuel was repaired this weekend. Fuel was to start flowing again, officials said on Saturday.

Las Vegas gas stations saw lines this weekend
Las Vegas gas stations saw lines this weekend, pictured above. Panic buying took place after a major fuel pipeline was shut down due to a leak. The pipeline was repaired. (Image: KTNV)

The pipeline operator, Kinder Morgan, a Houston-based energy company, said it was forced to shut down the entire pipeline on Friday due to a leak at its Watson Station facility in Long Beach, Calif.

Workers found the leak, identified its cause, and the pipeline was operating again as of Saturday afternoon.

That led the company to announce it could once again use the 566-mile, 14-inch CalNev pipeline to provide fuel to Clark County.

A second pipeline, SFPP West, which stretches from California to Phoenix, Ariz., was also again available for fuel flow over the weekend.

States of Emergency Continue

But states of emergency issued Friday by Nevada Gov. Joe Lombardo and Clark County officials were to stay in effect as of Saturday.

No timeline was given when the emergency declarations would be lifted.

“Clark County officials continue to monitor the Kinder Morgan fuel transmission situation and the County plans to keep our emergency declaration in place until we are confident our regular amount of fuel is passing through the pipeline and into our region,” Clark County spokesperson Erik Pappa said on Saturday.

Kinder Morgan also said it’s updating government regulators as progress is made on the situation.

We continue to be in close contact with our customers and the appropriate regulatory agencies as we work to resolve this issue,” Kinder Morgan said in a Saturday statement.

On Thursday, approximately 205 gallons of fuel leaked from the Kinder Morgan pipeline in Long Beach, the Las Vegas Review-Journal said.

The CalNev pipeline provides 90% of the fuel to the Las Vegas Valley, according to KLAS, a local TV station.

The Kinder Morgan pipeline is one of two pipelines supplying Southern Nevada gasoline storage facilities with unleaded and diesel fuel. The second one originates in Salt Lake City, Utah.

Kinder Morgan’s pipeline also supplies jet fuel to Nevada. But a company official said on Friday that its jet fuel delivery to Las Vegas’ Harry Reid International Airport was not affected by the shutdown.

Panic Purchases at Vegas Gas Stations

News of the shutdown and the states of emergency led to some panic buying Friday at a limited number of gas stations in Las Vegas.

Some stations even ran out of gas, according to KVVU, a local TV station.

Lombardo had discouraged motorists from heading to gas stations and buying fuel out of “panic.”

Lombardo also warned against price gouging by gasoline stations and other providers. If customers suspect price gouging, the governor advised them to contact the office of Attorney General Aaron Ford.

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Promising Outlook for Lone Star Casinos on the Ballot

promising_outlook_for_lone_star_casinos_on_the_ballotyim1Texas legislators are on the move to bring casino gambling to the Lone Star state. Before this year’s legislative session even started, state Sen. Carol Alvarado, D-Houston, filed a bill on casino legislation that was supported by Las Vegas Sands in 2021.

The tide has turned somewhat and a new strategy that would moot the Alvarado bill has been introduced by a highly influential Republican representative from the Dallas-Fort Worth area.

State Rep. Charlie Geren, R-Fort Worth, filed a proposal on Friday (House Joint Resolution 97). The current strategy seeks to amend the state constitution to allow voters to make the decision on expanded gambling in November. A total of seven destination casino resorts could be authorized if the bill passes and is signed by the governor. Public opinion is overwhelmingly in favor of allowing casinos in the state.

Jobs and Economic Shot in the Arm for North Texas

Political and business leaders have advocated for casino gambling in North Texas for several years in order to bring jobs, increase tourism, and to reap other economic benefits.

Las Vegas Sands and other gambling operators have employed hordes of lobbyists and have spent millions of dollars to promote the legalization of Las Vegas-style casino gambling. There are currently three Native American Tribes with gambling houses in the state using “video bingo” machines that look and act like regular random number generator-powered slots. The largest operation is near the Mexican border in Eagles Pass.

The Kickapoo Lucky Eagle Casino holds over 3,000 of the machines. Another small operation is located in Livingston, Naskila Entertainment. The third is the on-again-off-again Speaking Rock Entertainment Center in El Paso.

Geren said in a prepared statement: “Polling over the last year makes it clear that more than 85% of Texans want the right to vote on this issue, republicans and democrats alike.

“It is high time that the legislature listens to the voters and allow them to decide this issue. I, for one, am not in the business of denying the voters of Texas their voice when their preference is so clear.”

A stampede of legislation in other states legalizing online sports betting and casinos has left Texas in the dust, and neighboring states like Arkansas, Louisiana, and Oklahoma already allow some forms of gambling leaving Texans to travel out of state or to the southern border in order to gamble. The revenues are not captured by the state under current law.

Sports betting was once considered illegal in all states except Nevada as no other states “grandfathered” in their right to offer it. However, in 2018 the Supreme Court overturned the Professional and Amateur Sports Protection Act (PASPA) of 1991 opening the floodgates for legalized sports betting. There are currently 36 states that allow the activity with Oklahoma planning to join the pack this year.

Seven Destination Casinos Would be Allowed

The Geren bill would authorize two casinos in the Dallas-Ft. Worth, and two in the Houston area. One would be allowed in San Antonio, one in McAllen, and another in Corpus Christi. In the bill, it was stated that those locations promise the “greatest positive economic impact from destination resort development.”

Geren imagines the properties to become more than simply casinos, but “tourism amenities and facilities, including hotels, restaurants, meeting facilities, attractions, entertainment facilities, and shopping centers,” the bill said.

The bill would allow some of the Texas race tracks to use their current pari-mutuel licenses to open destination casinos.

While in the past, gambling proponents have advocated for casino gambling to increase state revenues, in 2023 lawmakers will be busy figuring out what to do with a more than $30b budget surplus.

The bill, as written would impose a 15% gross gambling tax on the casinos.

Just before Christmas, Dallas Mavericks owner Mark Cuban said he would be open to moving his team to the Dallas area when the current long-term lease expires in 8 years and a new casino with an arena for basketball and hockey should be part of a new casino resort. Cuban told The Dallas Morning News, “My goal, and we’d partner with Las Vegas Sands, is when we build a new arena, it’ll be in the middle of a resort and casino. That’s the mission.”

Source: Gambling proponents have a new plan to ask Texas voters to legalize casinos, San Antonio Current, February 3, 2023

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Amazon Prime Sports Betting Network Debuts on Free Streaming Platform

Amazon Prime’s newest streaming channel is a 24/7 sports betting network airing on the Freevee platform.

Amazon Prime sports betting SportsGrid Freevee
The SportsGrid Network studio. SportsGrid Network launched on Amazon Prime’s Freevee streaming platform this week. The network is focused on sports betting and runs 24/7. (Image: SportsGrid)

Amazon Freevee, formerly IMDd TV, was rebranded and debuted under its new identity last April. Amazon acquired IMDb, an online database of credits for movies and television productions, in 1998.

Freevee is a free streaming service featuring movies, television, and original shows. Along with on-demand programming, Freevee offers live entertainment channels.

Freevee’s newest channel comes from SportsGrid, an online website and sports radio network focused on the convergence of sports and gaming. The SportsGrid Network on FreeVee is the world’s first and only FAST (free ad-supported streaming channel) network.

It is an exciting day for the SportsGrid executive team to partner with Amazon Freevee and Prime Video services offering their millions of users access to the best destination source for sports betting news, real-time data, and expert commentary. We look forward to the Amazon partnership to innovate and develop new tools to engage and redefine the sports viewers betting experience,” said Louis Maione, president and co-founder of SportsGrid.

The SportsGrid Network launched Wednesday, February 8. The channel seeks to serve the global sports wagering audience with exclusive programming and real-time coverage of both pregame and in-game sports betting odds and line movements.

Amazon Considering Own Bet

Last December, Amazon revealed that it’s contemplating dipping its toes into the sports betting space with its own standalone app focused on the emerging gaming sector. The goal of the mobile application would be to allow Amazon to better capitalize off of its sports rights, which are highlighted by the company’s NFL “Thursday Night Football” package.

Amazon Prime is the exclusive broadcaster of “TNF” through the 2033 season. There was a bit of a learning curve for consumers this past season, however, as ratings for the Thursday games were down 15% in 2022 — or about two million fewer viewers per game. Since Amazon Prime is a subscription service, the NFL requires that Amazon allow the games to air on broadcast networks in the local markets of the teams playing.

Amazon’s “TNF” declines outpaced the league’s weekend and Monday Night Football games, which also experienced year-over-year ratings losses. The NFL’s 272 regular-season games averaged 16.7 million viewers across television and digital platforms — about 3% lower than in 2021. Despite the slight setback, NFL ratings were the third-highest since 2016 in 2022.

Along with “TNF,” Prime also has rights to Premier League soccer and some New York Yankees games.

DraftKings Partnership

Integrating its own sports betting product could help Amazon Prime increase its “TNF” audience. Amazon is paying the NFL $13 billion over 11 years to serve as the exclusive home to “TNF.”

In September, Amazon announced DraftKings as an official sponsor of the weekly games. DraftKings odds were integrated into the weekly kickoff games.

This Sunday is Super Bowl LVII between the Philadelphia Eagles and Kansas City Chiefs. The Eagles are slightly favored, and Amazon’s Alexa believes a bet on Philly is a good one.

When prompted to predict an outcome, Alexa is currently telling users, “This game is going to come down to one thing: defense. My prediction? The Eagles and their defense are going to soar to their second Super Bowl win. Fly Eagles Fly!”

The Eagles last won the Super Bowl in 2017 with a 41-33 win over Tom Brady and the New England Patriots.

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MGM Tops Las Vegas Records, Unveils New $2B Share Buyback Plan

MGM Resorts International (NYSE: MGM) announced Wednesday that its fourth-quarter and full-year 2022 earnings before interest, taxes, depreciation, amortization, restructuring or rent costs (EBITDAR), and revenue set new records in Las Vegas and throughout its regional portfolio.

MGM buyback
MGM CEO Bill Hornbuckle, seen here in 2020. The company reported strong Q4 results and announced a new $2B billion buyback plan. (Image: Bloomberg)

The Bellagio operator said it earned 69 cents a share in the final three months of 2022 on revenue of $3.6 billion. Earnings per share (EPS) tripled while sales jumped 18%. MGM posted a consolidated adjusted EBITDAR of $957 million in the fourth quarter.

On the Las Vegas Strip, where it’s the largest operator, MGM’s revenue rose 27% to $2.3 billion, underscoring the benefits of the addition of the Cosmopolitan to the operator’s roster. MGM’s Las Vegas adjusted property EBITDAR in the fourth quarter swelled to $877 million from $699 million a year earlier.

At its regional venues, which include casino hotels in Maryland, Massachusetts, and Michigan, among other states, MGM posted net sales of $991 million, compared with $900 million a year earlier, as adjusted property EBITDAR increased to $320 million from $309 million.

MGM Extends Buyback Binge

Already one of the gaming industry’s most dedicated buyers of its own shares, MGM continued gobbling up its stock in 2022 as the operator bought 76 million of its shares.

Our share buyback program continues to return capital to shareholders as we have already repurchased 4 million shares for $164 million year-to-date, adding to the 76 million shares we repurchased in 2022 and totaling approximately $4.7 billion since 2021. Beyond this, our Board of Directors authorized an additional $2 billion for share buybacks,” said CFO Jonathan Halkyard in a statement.

Based on Wednesday’s closing price of $41.43, $2 billion would buy more than 48 million shares of MGM equity, meaning the current shares outstanding tally of 393.30 million would be significantly reduced.

News of MGM’s new share repurchase program arrived after implementing a 1% buyback last year.   President Biden wants to quadruple that rate to support lavish spending programs.

MGM China Back to Profitability

MGM owns nearly 56% of MGM China, and that’s a positive these days, as the Macau gaming industry is bouncing back from the negative effects of China’s lengthy zero-COVID policies.

What we accomplished in 2022 is nothing short of remarkable and is a testament to our strategic plan, scale, brand strength, talented team, loyalty program, and the diverse geographies and channels in which we operate. We believe that there is strong momentum in our business, and our 2023 outlook remains bright, driven by a robust events calendar domestically, MGM China’s rapid year-to-date return to profitability, and BetMGM’s ongoing improvement in 2023,” said CEO Bill Hornbuckle in the statement.

The casino operator controls half of BetMGM. The internet casino and online sportsbook entity is expected to turn profitable in the back half of this year. UK-based Entain Plc (OTC: GMVHY) owns the other half of that business.

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Boyd Elixir – Las Vegas Locals and Raiders Sponsorship

boyd_elixir_las_vegas_locals_and_raiders_sponsorshipBoyd Gaming has used digital to enhance its land-based operations in recent years. The Las Vegas (Paradise) Nevada-based company is still owned by family members of founder Sam Boyd who opened his first casino in 1975.

The last week has revealed success in the company’s focus on local Las Vegas gamblers through properties such as the iconic Fremont Hotel & Casino located Downtown in the heart of the Fremont Street Experience and other locals-friendly venues like Gold Coast, Main Street Station, and Sam’s Town.

The company posted Q4 2022 revenues of $922.9m, beating out its $879.8m take for the same quarter last year. The Las Vegas locals market drove the earnings. Net income was up more than 57% with fourth-quarter earnings of $172.7m compared to $109.8m for the fourth quarter of 2021.

Digital Growth Supports Land-based Sector

Keith Smith focused on future earnings opportunities in a recent investor call saying that the company will continue with a strategy of increasing growth in the digital sector in order to further support the land-based casinos.

“We took an important step forward in our online growth strategy with our recent acquisition of Pala Interactive, which gives us the talent and technology to begin building our regional online casino business,” Smith said.

“While online casinos are now limited to just a few states, we believe in the long-term potential from igaming. Owning and operating our own igaming operation will allow us to leverage our nationwide portfolio and extensive customer database to create a profitable online casino business,” he added.

Total Boyd Gaming revenue for the year was up 3.8% to $3.56b, outshining the company’s previous record of $3.70b.

While gaming costs were up and revenue was down slightly, the company more than made up for it in other metrics including food and beverage revenue up 20%, rooms revenue rose 22.7%, and other revenue was up 48.2%.

Focusing on continued organic growth, Smith said: “While the opportunities from online and land-based reinvestments are compelling, we also believe there is upside from continued organic growth in our existing operations, particularly in hotel revenues, meeting, and convention business, and other non-gaming revenues,” Smith said.

Official Exclusive Sponsor of Las Vegas Raiders

Boyd Gaming’s 10 casinos in the Las Vegas Valley were named as the Official and Exclusive Local Casinos of the Las Vegas Raiders and Allegiant Stadium, according to the official website of the LV Raiders, Raider Nation. Boyd Gaming was a Founding Partner of Allegiant Stadium, and the company will get prominent signage and brand placement at Allegiant, including rebranding the west side of the stadium’s upper deck with the company’s brands.

Boyd will be the “presenting partner” of one home game each year, and the weekly radio show will be “Presented by Boyd.” Fans can also expect to see the operator’s name on regular customer promotions, communications, and advertisements.

Keith Smith, President, and Chief Executive Officer of Boyd Gaming said: “Since arriving in Las Vegas, the Raiders have greatly enhanced and strengthened our city’s reputation as the Entertainment and Sports Capital of the World, giving fans across the country another reason to visit southern Nevada. The Raiders have been equally committed to our community off the field, giving back generously to nonprofit organizations and charitable causes across the Las Vegas Valley. Boyd is proud to partner with an organization and team that share our long-standing commitment to the well-being of the southern Nevada community.”

Las Vegas Raiders President Sandra Douglass Morgan added: “We are proud to partner with Boyd Gaming, who share our values of integrity and commitment to community. We know that with this respected partner, we will be able to provide Raider Nation with even more exciting activations and experiences.”

Source: Boyd Gaming named Official and Exclusive Local Casinos of the Las Vegas Raiders and Allegiant Stadium, Raider Nation, February 3, 2023

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