Former American Gaming Association (AGA) CEO Geoff Freeman helped transform the US gaming industry by successfully petitioning the Supreme Court to review the longstanding federal sports betting ban in 2018. The nation’s high court in May of that same year overturned the Professional and Amateur Sports Protection Act (PASPA) and made sports betting legality a state’s right.

Freeman, considered one of the country’s top lobbyists, was subsequently poached from the AGA in June 2018 by the Grocery Manufacturers Association. Freeman has led that trade association since, which was renamed the Consumer Brands Association in 2020.

Now, Freeman is set for another new gig. The US Travel Association, the national nonprofit that represents all components of the travel industries, has named him as its next chief executive.

“As CEO of the American Gaming Association … Freeman led an industry-wide campaign to legalize sports betting and expanded the organization’s membership to include tribal gaming entities,” the US Travel Association release read.

The group additionally pointed to Freeman’s leadership navigating the Consumer Brands Association into its new identity, and helping to “re-establish the association as a Washington, DC, powerhouse.”

Critical Role During Critical Time

The COVID-19 pandemic hurt nearly every industry, but travel was among the hardest hit.

The travel industry, which is inclusive of casino gaming, came to a standstill in 2020. The pandemic’s restrictions on domestic travel endured into much of last year, too.

An abundance of leftover pandemic pent-up demand spurred a quick recovery in many travel segments. For casinos, last year and the first half of 2022 has been a thriving time, as record gross gaming revenues are being experienced in numerous states, including Nevada.

But a chaotic Wall Street, paired with steep inflation, threatens to stampede the roaring post-pandemic 2020s. Freeman is keenly aware of the potential challenges ahead, and the critical need to keep the travel industry afloat.

There are few industries more essential to the nation’s economy, more connected to consumers and more critical to bringing Americans together than the travel industry,” Freeman declared.

Freeman and the US Travel Association will work with Congress to push legislation that only strengthens the association’s many sectors. Freeman will officially enter his role effective September 1. He replaces Roger Dow, who has been in the role for the past 17 years.

Casinos US Travel Members

With gaming and resorts a major component of the domestic travel industry, the nation’s largest casino operators are members of the US Travel Association.

The US Travel Association uses a dues model that is based on each company’s annual revenue and industry segment.

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While Macau casinos technically remain open, most of the workers have been asked to stay home while the government continues mass testing of all residents that began on Sunday and will continue through today with the last tests for roughly 600,000 people.

Casino shares on the stock exchange tumbled on Monday morning with Sands China taking the biggest hit with an 8% drop in value. That was the biggest drop since the casinos actually closed their doors for two weeks in March 2020 and after a precipitous drop in tourist visits in March this year.

Other operators – Galaxy Entertainment, Wynn Macau, MGM China, Melco, and SJM Holdings dropped between 4%-7%.

The Special Administrative District of China relies on casino revenues for about 80% of its operating budget. Most of the population of the former Portugues enclave is employed either directly or indirectly by the gambling industry there.

The testing was mandated after dozens of cases of Covid-19 were found over the weekend. On Monday, 36 positive results were reported.

Revenues Expected to Plummet Short Term

With border restrictions tightened, most workers staying home, and even restaurants closed for dining in, revenues are expected to plummet to near-zero in the coming weeks.

Analysts stated today that Galaxy Group has enough liquidity to weather a full five years of a shutdown on one end of the spectrum and Sands Macau has a strong enough balance sheet to only survive until March of next year. Others have enough liquidity to last between 1.5 to 2 years, according to a note from DS Kim of JPMorgan Chase & Co.

Across the entry point in Mainland China, the neighboring city of Zhuhai requires those returning from Macau to quarantine at home for a week followed by another seven days of self-health monitoring.

Macau’s chief executive Ho Iat Seng said in an official statement that the newest outbreak happened suddenly and the virus has spread rapidly with no person known as the source. The current outbreak has been shown to appear in two distinct clusters. One appears to be centered on foreign workers and the other a prison employee and their close contacts. The only known link between the two clusters so far is a Macau/Zhuhai commuter.

Those infected range in age from an 8-month-old baby to a patient that is 89 years old.

Outbreak Came Suddenly Spread Rapidly

The latest outbreak came suddenly and has been spreading rapidly, Macau’s chief executive Ho Iat Seng said in a statement on the government’s website.

The last time the virus appeared in Macau was in October 2021. Nearby Hong Kong, another Chinese special administrative district, was hit earlier this year with over 9,000 residents dying among the more than one million infected. Hong Kong is still seeing new cases of at least 1,000 per week but the hospital and medical services are not overly stressed at that number.

Macau is home to a single hospital that is already stressed on a daily basis. It’s unclear if neighboring Zhuhai would take in Macau residents for medical treatment. Those traveling to Macau from Zhuhai must present a certificate dated within the last 48 hours showing they tested negative.

It’s unclear at this point whether the government will order another shutdown of casinos. Kenneth Fong, an analyst with Credit Suisse said in a note Sunday, “Players may choose not to come in the near term fearing they may not be able to return to their home town if additional cases are discovered.”

Source: World biggest gambling hub Macau shuts most businesses amid Covid-19 outbreak but casinos stay open, The Star, June 20, 2022

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Penn National Gaming’s (NASDAQ:PENN) land-based casinos remain sturdy. But investors are no longer assigning a premium to the operator’s digital business, which includes Barstool Sportsbook.

However, resilient spending among patrons frequenting regional casinos isn’t satisfying market participants, as highlighted by Penn’s 40% year-to-date decline. In a new note to clients, Stifel analyst Steven Wieczynski points out investors have “almost completely written off” Penn amid dour economic expectations.

At this point, we believe investors are pricing in not only a meaningful slowdown in the regional gaming consumer, but also effectively zero credit for their Interactive business,” said Wieczynski.

Like other casino stocks, Penn is a travel and leisure equity, placing it in the consumer discretionary sector. That’s one of the worst-performing groups this year. But as Wieczynski notes, Penn’s regional casino business may be a baby being thrown out with the bath water, as investors sour on consumer cyclical equities.

Penn Reality Different than Investor Perception

Penn is the largest regional casino operator, meaning it’s not impervious to inflationary pressures. Still, the reality of what’s happening at the company’s brick-and-mortar casinos and what investors believe is taking place are two different things.

“Management has seen zero signs the regional gaming consumer is pulling back in light of rising gas prices and other inflationary pressures,” says the Stifel analyst. “This was a theme we heard across our regional and Strip operator meetings, but one worth highlighting ,as investors continue to look for the elusive signs of consumer ‘pullback’ in our space.”

Additionally, Penn is less dependent on lower-margin players than it has been in the past — a relevant point against the backdrop of a possible recession, because those are the customers that will swiftly eliminate casino spending in tough economic environments.

Potential Penn Perks

Amid high inflation and the specter that the Federal Reserve could raise interest rates by as much as 75 basis points at its next meeting, gaming equities are being taken to task. However, in the case of Penn, earnings are rising while valuation is declining – a potential positive.

Regarding the regional casino behemoth, it has its own set of catalysts that market participants may not be fully appreciating. Those include a more rational approach to marketing spending today than during the 2008-09 economic crisis.

“Third, management noted visitation from the high-worth 65+ demographic is still off double-digits versus 2019. Fourth, the majority of PENN’s database lives within a 20-minute drive from the property, mitigating the risk from rising gas prices,” concludes Wieczynski.

He rates Penn a “buy” with a $50 price target.

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Indiana’s only tribal casino expects to open its hotel early next year.

In a release issued late last month, the Pokagon Band of Potawatomi Indians provided an update on the expansion effort for its Four Winds South Bend casino. Besides a 317-room hotel, the expansion includes a conference center, a spa, and added gaming seats.

We are very pleased with the collective efforts of our Four Winds team members, our project manager, construction contractors, job site employees and vendors as we work towards completing the expansion of Four Winds South Bend,” Four Winds COO Frank Freedman said in a statement. “The expanded resort will offer amenities and an entertainment experience that is not currently available in South Bend and Northwest Indiana.”

The conference center will be called the Ribbon Town Conference and Event Center. Ribbon Town is a nod to what the Pokagon call part of its ancestral territory in northern Indiana, which is where South Bend is based. The center will have 16 meeting rooms, a ballroom seating 600, two bars, a business center, and outdoor gathering space.

The hotel will feature 317 rooms, 83 of which will be suites.

COVID Delayed Four Winds Expansion

Tribal leaders announced the hotel expansion effort in 2019. At that time, they hoped the work would be completed in two years. However, the COVID-19 pandemic forced a delay on the project.

The work has led to 350 construction jobs, including 35 of which have a preference for Native Americans. When completed, the expansion will create up to 400 new jobs at the casino resort.

Currently, Four Winds South Bend features 140,000 square feet of gaming space. That includes 1,400 slot machines and 16 table games. A 45,000-square-foot expansion is set to add 850 new slots, 11 more table games, and a high-limit area.

At 2,250 slot machines, Four Winds South Bend would offer more than any other casino in Indiana. Horseshoe Hammond near the Indiana-Illinois state line features 1,853, according to the Indiana Gaming Commission.

South Bend, which sits right on the Indiana-Michigan state line, is one of four casinos the Pokagon Band operates in the area. The other three Four Winds Casinos are in southwestern Michigan.

Class III Gaming Started Last August

Four Winds South Bend officially opened in January 2018, and for more than three years, it operated as a Class II facility. That means it could only offer slot-like electronic bingo games and non-banked poker.

At the same time it announced the expansion effort, the Pokagon Band also stated its intention to negotiate a Class III gaming compact with Indiana officials. Tribal leaders and Indiana Gov. Eric Holcomb’s office reached an agreement in January 2021, and lawmakers approved the compact that spring.

The South Bend casino officially started Class III gaming last August.

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On Wednesday, June 1^st, 2022 the Manchester United football club announced that their superstar midfielder, Paul Pogba, who initially joined Manchester United for a world – record fee, but he will be leaving the English club for free.

Manchester United last Wednesday that the French – born midfielder will be departing from Old Trafford at the end of the month of June when his current contract ultimately expires. Another midfielder, Jesse Lingard, will also be leaving Manchester United when his latest contract also expires on June 30^th, 2022 according to a Manchester United spokesperson.

Manchester United wishes Paul Pogba the very best in the Future

“We wish him all the best for the next steps on a remarkable journey,” Manchester United expressed regarding Pogba via a long statement that detailed all the successes of his illustrious football career.

However, Pogba’s 2^nd – stint with Manchester United has been somewhat underwhelming as he has been considered to be under – performing as of lately.

Paul Pogba’s History with Manchester United

Pogba made his return to Manchester United back in 2016, when Jose Mourinho was manager, for an astonishing fee of approximately 105 million euros ($116 million) to go along with a whole lot of fanfare that featured a series of extravagant highlight videos. Paul came over to Manchester United from the Juventus football club, where he had moved from Manchester United way back in 2012 having joined the English club’s academy at the tender age of 16 – years – old.

Pogba made a total of 226 – game appearances, and he scored 39 – goals over the duration of his 6 – injury – affected seasons during his 2^nd – stint with Manchester United. Over the course of that time, he won the World Cup with France’s international team back in 2018, but Paul’s performances for Manchester United never quite lived up to those for his beloved French national team, with the managers of Manchester United coming up short in attempting to discover the best role for Pogba on their team.

He won two trophies including the League Cup championship title as well as the Europa League championship title both during Pogba’s 1^st – season back with Manchester United.

Throughout Paul’s 1^st – run with Man U, he played just 7 – games (all as a substitute for Manchester United) prior to it all eventually ended poorly when he permitted for his current contract at that time to expire followed by Pogba joining Juventus in the Italian Serie A League.

Manchester United received just roughly 800,000 pounds (around $1 million) in total compensation for a player in Pogba who at that time was then just an ambitious teen.

His last match for Manchester United ultimately happened to be the 4 to 1 defeat vs. Liverpool back in April of 2022, where he limped off as he was injured early during the 1^st – half of that game.

“For a boy that joined the academy at 16 to make over 200 United appearances and lift the Youth Cup, along with two major pieces of silverware — not to mention the World Cup at international level — is something that should be applauded and celebrated,” says Manchester United.

Manchester United goes on to say, “Everyone at the club would like to congratulate Paul on his successful career.”

The Future of the Midfielders leaving Manchester United

Pogba has been linked with Juventus and Paris Saint – Germain as potential landing spots for the star midfielder.

Lingard is also leaving Man U after spending 21 – years with the club, having joined its under – 19’s team way back in 2001.

The England international player in Lingard made 232 – appearances for Manchester United. He spent the 2^nd – half of the 2020 – 2021 European football season on loan from the West Ham football club.

Paul Pogba’s Football Career Achievements, Honors, & Awards

Juventus

• Serie A: 2012 – 2013, 2013 – 2014, 2014 – 2015, 2015 – 2016
• Coppa Italia: 2014 – 2015, 2015 – 2016
• Supercoppa Italiana: 2013, 2015

Manchester United

• UEFA Europa League: 2016 – 2017 Runner – Up: 2020 – 2021
• EFL Cup: 2016 – 2017

France U20

• FIFA U – 20 World Cup: 2013

France

• FIFA World Cup: 2018
• UEFA Nations League: 2020 – 2021

Individual

• UEFA European Under – 17 Championship Team of the Tournament: 2010
• UEFA European Under – 19 Championship Team of the Tournament: 2012
• FIFA U – 20 World Cup Golden Ball: 2013
• Golden Boy: 2013
• Serie A Team of the Year: 2013 – 2014, 2014 – 2015, 2015 – 2016
• FIFA World Cup Best Young Player: 2014
• Bravo Award: 2014
• UEFA Team of the Year: 2015
• FIFA FIFPro World11: 2015
• ESM Team of the Year: 2015 – 2016, 2018 – 2019
• UEFA Europa League Squad of the Season: 2016 – 2017, 2020 – 2021
• UEFA Europa League Player of the Season: 2016 – 2017
• PFA Team of the Year: 2018 – 2019 Premier League

Orders

• Knight of the Legion of Honor: 2018

Sources:

The Associated Press News Services. “Pogba leaving United for free after joining for record fee”. The Associated Press. June 1, 2022.

Football Reference News Services. “Paul Pogba”. Football Reference. June 2, 2022.

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