Indy Gaming: Caesars pulls the plug on its three-year plan to sell a Strip casino
Caesars Entertainment CEO Tom Reeg wanted to sell one of the company's Strip properties. Reelce announced the start of a sales effort a year ago, 16 months after the merger. The off-Strip Rio Resort was sold to a New York real estate investment firm for $516.3 million. Caesar's will keep its Vegas Strip assets. The company’s Strip hotel-casinos produced almost $1.1 billion of revenue in the third quarter and $480 million of cash flow. It is the Caeresars-owned casino farthest south on the Strip is Paris Las Vegas.
Jim "Mattress Mack" McIngvale won $75 million on the Houston Astros winning the World Series. Six sports betting operators in three states took a combined $10 million in wagers. Penn's Barstool Sportsbook in Louisiana was on hook for $ 10.6 million of the payout. Caesars Sportsbooks wrote a $30 million check to McIngvale. The majority of World series wager were on Astros. The event was a bust for the sportsbook industry. It's expected to be an effective marketing headline. for sportsbooks.
Century Casinos is buying the Nugget Casino Resort in Sparks for $195 million. The company's co-CEO says the resort won't need a massive overhaul. There will be some upgrades to the casino floor, but no capital expenditures for the first year. Century is also in the process of buying Rocky Gap Casino in western Maryland. The casino company operates two casinos in Colorado and Missouri and one in West Virginia. It also operates four casinos and is trying to sell its casinos from Poland. Stifel Financial analyst Jeffrey Stantial thinks Century may not be finished acquiring small-to-mid-size casinos.
Penn National CEO Jay Snowden announced a $206 million expansion of the M Resort in Henderson. The expansion will begin late next year. It will add a 378-room hotel tower and other amenities. When complete, M resort will have 774 rooms and suites.
Golden Entertainment operates casinos in Las Vegas, Laughlin and Pahrump and a slot machine route operation that services taverns and other locations throughout Nevada. Management is amazed at the resiliency of the gaming consumer. California Indian tribes and national sports betting operators have spent more than $400 million on two competing ballot questions to legalize sports gambling in the state.
Palms Casino Resort reopened Vetri Cucina on the off-Strip property’s 56th floor. The restaurant opened in 2018 but has been closed since March 2020. Palms reopened in May under the ownership of the San Manuel Indian Tribe.
MGM Resorts International is expected to receive one of the three gaming licenses for commercial casinos in the New York City area. Empire Casino in Yonkers, which houses slot machine-like video lottery terminals, is part of Yonker Raceway.