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Caesars Virginia in Danville Churns Out Long Lines, Lofty Excitement

Caesars Entertainment this week opened its newest casino resort by way of Virginia’s Danville.

Caesars Virginia Danville casino resort
Caesars Virginia is officially open in Danville. The $750 million property is the third permanent casino to open in the commonwealth after Rivers Casino Portsmouth and Hard Rock Hotel & Casino Bristol. (Image: Caesars Entertainment)

On Tuesday, the brand-new Caesars Virginia opened to a long line of guests who patiently waited for hours outside the $750 million integrated resort complex located on the former grounds of the Dan River Mills textile manufacturing campus. Part of the property’s historic roots remain with the Three Sisters, as Caesars retained the iconic smokestacks that have stood over Danville for decades.

Caesars Virginia was initially scheduled to open on Thursday, December 12 but Caesars delayed the opening until December 17.

Guests said it was worth the wait.

I’m proud of it,” Danville resident Dorothy Walker told CBS7. “It’s beautiful. It’s changing the whole city. It’s going to be beautiful at night when you pass by instead of seeing just a big, old, brick building sitting with nothing in it.”

“When you walk in, you feel like you’re in Las Vegas,” added local Douglas Whorley.

Caesars, Tribal Project

While the Caesars name dons the luxury resort casino that has 1,500 slot machines, 79 live dealer table games, 48 electronic table games, a World Series of Poker Room, and a Caesars Sportsbook, the development is a joint venture between the Nevada-based gaming giant and the Eastern Band of Cherokee Indians (EBCI).

Caesars and the tribe that holds federal recognition in North Carolina have been strategically aligned for many years. Caesars has run the Cherokees’ two tribal casino resorts in their home state — Harrah’s Cherokee in Cherokee and Harrah’s Cherokee Valley River in Murphy — since they respectively opened in 1997 and 2015.

“The grand opening of Caesars Virginia in Danville marks another proud moment of our partnership with Caesars. It reflects the EBCI’s commitment to economic growth, job creation, and community investment. We’re honored to be part of an effort that creates lasting opportunities for the people of Danville and the surrounding region,” said EBCI Chief Michell Hicks.

Along with 90K square feet of gaming, Caesars Virginia has 320 hotel rooms, 50K square feet of meeting space, and a 2,500-seat theater. A full-service spa and pool are among the resort’s amenities.

Caesars Virginia also turns Danville into a culinary destination with a wide variety of dining options highlighted by Michelin-starred celebrity chef and television personality Gordon Ramsay’s Ramsay’s Kitchen. Additional options include the Asian-themed Dan Dan Noodle, Three Smokes, a casual American eatery, and the 500 Block Food Hall by local restaurateur Steve Parry.

Opening Ceremonies 

Caesars Virginia formally opened with five-time NBA champion Dennis Rodman serving as the master of ceremonies. The event kicked off with a parade of race and supercars supplied by the Virginia International Raceway, Kaizen Autosport, and Foreign Cars Italia weaving through the heart of Danville.

After arriving at the casino, Rodman placed the first sports bet — a $100 five-leg parlay on all five teams he played for in the NBA to win their next game. A fireworks and drone show then ensued.

The City of Danville is expecting to receive $35 million to $40 million annually from Caesars Virginia. The city receives about 6.5% of the casino’s monthly gross gaming revenue. It will also collect taxes on hotel stays, food and beverage, entertainment, and other resort revenue.

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LeoVegas Joins EGBA to Advance Safer Gambling and Industry Standards

leovegas_joins_egba_to_improve_industry_standards_in_europe The European Gaming and Betting Association (EGBA) has officially welcomed LeoVegas Group as its newest member. This collaboration aims to advance safer gambling practices, promote responsible advertising, and ensure compliance with EU regulations, including anti-money laundering (AML) measures.

Enhancing Safer Gambling Across Europe

LeoVegas, a leader in the online gambling industry, will participate in EGBA’s working groups, contributing its expertise to initiatives that prioritize consumer protection and regulatory compliance. Carl Brincat, LeoVegas’ Director of Policy & Regulatory Affairs, commented:
“As a company committed to safer gambling and technological innovation, we look forward to contributing our expertise to EGBA’s important work. This partnership aligns perfectly with our vision of leading the way towards a sustainable and well-regulated gambling industry in Europe.”

This partnership also reinforces EGBA’s representation in the Nordic region, where LeoVegas has a strong market presence. By joining forces with EGBA, LeoVegas strengthens its position as a proponent of well-regulated online gambling markets that prioritize consumer safety and entertainment.

Expanding Global Operations

In 2024, LeoVegas made significant strides in its global expansion efforts. Notably, the company acquired Tipico’s US sportsbook platform, enabling it to control proprietary sportsbook technology and operate in international markets. Under the umbrella of its parent company, MGM Resorts International, this move reflects LeoVegas’ ambition to expand its influence beyond Europe.

Additionally, LeoVegas extended its collaboration with Playtech earlier this year, integrating platform technology into its Dutch operations and other European markets. These efforts underscore LeoVegas’ commitment to maintaining high standards of operational excellence and regulatory compliance across its growing portfolio.

EGBA Welcomes LeoVegas

Maarten Haijer, Secretary General of EGBA, expressed enthusiasm for the new partnership:
“We’re delighted to welcome LeoVegas Group to EGBA’s membership and pleased to close the year with another new member. As a leader in our industry and with strong Nordic market presence, LeoVegas Group brings valuable expertise to our association and will enhance our collective efforts to promote a well-regulated and sustainable gambling sector in Europe. We look forward to working closely with our new colleagues on our shared commitment to high industry standards.”

LeoVegas’ inclusion in EGBA not only boosts the association’s influence in the Nordics but also exemplifies its mission to create a safer, more sustainable online gambling ecosystem throughout Europe.

Source:

”European Gaming and Betting Association (EGBA)’s Post‘‘, LinkedIn, December 16, 2024.

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Florida Cracks Down on Illegal Casinos to Keep the Market Safe

Florida-Cracks-Down-on-Illegal-Casinos-to-Keep-the-Market-SafeFlorida’s Gaming Control Commission (FGCC), in collaboration with law enforcement agencies in Brevard and Volusia counties, has taken decisive action against illegal gambling operations. This crackdown led to the closure of five unauthorized casinos and the seizure of over 500 illegal gambling machines, associated equipment, and more than $845,000 in cash.

The seized assets also included a 2022 Chevy Silverado allegedly used to transport cash from the illegal casinos. Criminal charges are expected to follow as investigations continue.

Locations and Additional Seizures

The illegal casinos, all based in Brevard County, Florida, were located at:

  • 190 Malabar Road, Suite 121, Palm Bay
  • 4940 Stack Boulevard, Suite D1-D2, Melbourne
  • 780 Apollo Boulevard, Melbourne
  • 1882 North Wickham Road, Melbourne
  • 950 North Courtenay Parkway, Merritt Island

In a related operation, FGCC agents joined forces with the Port Orange Police Department to address community concerns about two independently owned businesses. These efforts resulted in the seizure of 19 illegal slot and gaming machines and more than $6,000 in cash.

Three individuals were arrested on charges of operating illegal gambling establishments and illegal possession of gaming devices. The targeted businesses were the Stop & Go Convenience Store at 5687 South Ridgewood Avenue and Mark and Jill’s Village Tavern at 5263 South Nova Road in Port Orange.

FGCC Acting Executive Director Ross Marshman emphasized the importance of these efforts, stating, “The cooperative relationships developed between the Florida Gaming Control Commission and our partner law enforcement agencies are essential to fulfill our mission, and these efforts are making an impact. Through innovative strategies, enhanced resources and collaboration, these partnerships reflect our dedication to fostering trust and accountability while effectively addressing public safety concerns related to illicit gambling locations.”

Gambling Laws and Legal Options in Florida

Florida’s gambling regulations allow for limited legal options, primarily centered on operations managed by the Seminole Tribe. In 2021, a 30-year gaming compact granted the tribe exclusive rights to sports betting within the state, allowing bets to be placed at tribal casinos or through the Seminole Tribe’s Hard Rock Bet app. This agreement also enabled the addition of games like craps and roulette at tribal casinos.

Legal gambling in Florida includes:

  • Sports betting through the Seminole Tribe’s casinos or app
  • Pari-mutuel gambling, such as horse racing and jai alai
  • State-run lotteries like Powerball and Mega Millions
  • Charitable games like bingo and raffles
  • Casino gambling on Seminole and Miccosukee tribal lands

Betting among friends, while common, is technically illegal unless it involves penny-ante games with winnings not exceeding $10. For those interested in sports betting, only the Hard Rock Bet app is sanctioned for use within the state. Offshore betting platforms operate in a legal gray area and are not officially recognized.

Source:

“Florida gaming regulators, law enforcement shut down illegal casinos”, cdcgaming.com, December 11, 2024.

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Macau’s November Gaming Tax Revenue Surges to $1 Billion

Macau-taxes-in-November-2024-Macau has solidified its position as a global leader in the gaming industry, reporting MOP$8.0 billion (US$999 million) in gaming tax revenue for November 2024. This figure, released by the Financial Services Bureau (DSF), represents a 6.4% increase from the same period last year and a significant 20.3% jump from October’s tax revenue.

This surge correlates with Macau’s October gross gaming revenue (GGR), which climbed to a post-pandemic record of MOP$20.8 billion (US$2.60 billion). This performance, driven by robust visitor numbers and record-breaking activity during the National Day Golden Week holiday, underpinned the government’s fiscal achievements.

From January to November 2024, Macau has collected a total of MOP$81.05 billion (US$10.1 billion) in gaming taxes, representing a 37.2% year-on-year increase. This total accounts for 96.9% of the government’s FY24 gaming tax estimate of MOP$83.6 billion (US$10.4 billion), positioning Macau to exceed its annual financial targets.

Overall government revenue during this period reached MOP$100.5 billion (US$12.5 billion), of which gaming taxes comprised a remarkable 80.6%.

Record-Breaking October Revenue Drives Fiscal Success

The tax achievements stem from a highly successful October, where Macau’s gaming operators generated MOP$20.8 billion (US$2.60 billion) in GGR. According to the Gaming Inspection and Coordination Bureau (DICJ), this represents a 6.6% year-on-year increase and a 20% rise from September’s MOP$17.3 billion (US$2.16 billion). The October figures also surpassed the previous post-pandemic high of MOP$20.2 billion (US$2.52 billion) recorded in May 2024.

The surge in revenue coincided with the National Day Golden Week holiday, which ran from October 1 to 7. Visitor numbers during the week reached 993,117, marking a 1.9% increase over 2019 figures. Hotel occupancy rates peaked at 98.5% on October 3 and 4, averaging 94.5% throughout the holiday period. Analysts have noted that market strength extended beyond Golden Week, prompting many to revise their revenue forecasts upward.

For the first 10 months of 2024, Macau’s GGR totaled MOP$190.1 billion (US$23.7 billion), reflecting a 28.1% growth compared to the same period in 2023. This sustained momentum highlights Macau’s ongoing recovery and resilience in the global gaming sector.

New Illegal Gaming Law Bolsters Regulatory Oversight

In parallel with its financial successes, Macau has taken significant steps to strengthen its gaming regulatory framework. The new Illegal Gaming Law, effective October 29, 2024, introduces strict penalties for unauthorized gambling activities, including “betting under the table” and illegal currency exchanges.

Key provisions of the law target side betting, a prevalent issue in Macau’s casinos, with offenders now facing up to eight years in prison. Individuals participating in any form of unlicensed gambling could face six months of imprisonment. The legislation also imposes severe penalties on those conducting illegal foreign currency exchanges within integrated resorts, with sentences of up to five years in prison.

To enhance enforcement, the Judiciary Police have been granted expanded investigatory powers, including the ability to conduct undercover operations and night-time searches. These measures address the nocturnal nature of gambling crimes, allowing for more effective intervention during peak activity hours.

The law also criminalizes illegal online gambling and unlicensed lotteries, ensuring that all gaming activities in Macau remain strictly regulated. Corporations engaged in unauthorized gambling can face fines of up to MOP$18 million (approximately US$2.25 million) and judicial dissolution, with company representatives held personally accountable if implicated.

Source:

“Macau government collects US$1 billion in gaming tax revenue in November”, asgam.com , December 12, 2024.

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Penn Entertainment Lifted by JPMorgan Upgrade

Shares of Penn Entertainment (NASDAQ: PENN) closed higher by 3.90% today on volume that was well above the daily average after JPMorgan upgraded the gaming stock.

Penn ESPN
A slide from a Penn Entertainment investor presentation. JPMorgan upgraded the stock today, sparking a rally. (Image: Penn Entertainment)

In a new report to clients, analyst Joseph Greff lifted his rating on the regional casino operator to “overweight” from “neutral” while boosting his price target to $27 from $19, implying upside of about 30% from current levels. He noted that while ESPN Bet looms large for the Penn stock thesis, there are pathways to upside for the shares via the company’s regional casino business.

Some degree of ESPN Bet success is the single biggest driver for the stock, (but) we see the value of the land-based casinos and market access fees equating to $26 per share, in any event,” wrote Greff.

Penn operates 43 casinos and has racetracks strewn across roughly a dozen states, making it the largest operator of regional gaming venues in the country.

Penn Spending to Enhance Regional Casinos

Since its acquisition of a stake in Barstool Sports in early 2020 followed by a $1.5 billion agreement reached last year with ESPN to use the sports network’s branding on its mobile sportsbook, much of the investment community has viewed Penn through lens of mobile sports wagering, glossing over the operator’s expansive portfolio of land-based assets.

Some analysts and investors have argued that shouldn’t be the case. Not when Penn is in the midst of a $850 million capital expenditure cycle aimed at sprucing up casinos from the Midwest to the South to Neavda. Greff said some of that spending is already paying dividends and could generate double-digit returns on investment over the long-term.

In Illinois, where it’s the dominant casino operator, Penn is spending $360 million to bring its Hollywood riverboat casino in Aurora ashore. Another $185 million is allocated to bring a riverboat gaming vessel ashore in Joliet. Those expenditures could prove crucial because casino competition is increasing in the sixth-largest state, so much so that some analysts are pondering saturation in the gaming market there.

Penn’s largest expenditures are expected to come to an end next year, meaning free cash flow could improve in 2026, allowing the gaming company to “de-lever and reduce its not so burdensome cash interest expense,” according to Greff.

Penn Transactions Possible

JPMorgan added that should Penn’s interactive business, which includes ESPN Bet, not make notable progress, it’s possible the operator could consider asset sales or mergers and acquisitions. Signs are emerging that ESPN Bet is making progress, particularly in its ability to capture female and younger bettors, but wresting market share from the likes of DraftKings and FanDuel is a long-term endeavor.

Earlier this year, a Penn shareholder said the company should abandon sports betting and consider a sale of itself outright, sparking rumors of a potential takeover by rival Boyd Gaming (NYSE: BYD), but nothing came of that speculation and Penn doesn’t appear to be a willing seller.

In terms of asset sales, Penn has levers to potentially pull, including divesting operating right to select casinos or a sale of its interactive business.

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