Two Nevada Sports Betting Laws Signed, Caesars Shares Tank, and Merger Rumors on the Strip

Mike_PenceIndiana Governor Vetoes One Gaming Bill, Ignores Two Others

Indiana Governor Mike Pence used executive inaction to allow two bills to go into law and vetoed a third this week.  HEA 1540, which allows casinos to build on land, became law without the governor’s signature.  HEA 1540 also permits gaming compacts with state tribes.  SEA 252  allows the Indiana Horse Racing Commission to use breed development funds to promote the industry.

Pence vetoed HEA 1270, which would have permitted online and mobile horse racing.  This is a common form of online gaming in other states.  Currently, horse racing wagers may only be made at tracks and off-track betting facilities.

Two Nevada Sports Betting Bills Signed into Law

Nevada Governor Brian Sandoval signed two sports betting bills into law this week.  SB 443 would allow companies to set up sports betting entities.  This would allow mutual fund-style investing in sports.  All participants would be required to register personal information with the entities.

SB 445 would allow Nevada sportsbooks to setup headquarters in Nevada for out-of-state and international operations.  This bill was made in anticipation of legalized sports betting in other states.

Caesars Shares Hit New Low

The stock of Caesars Entertainment dropped sharply after a court ruling that may expose the parent company to liability in the bankruptcy proceeding of its operating subsidiary.  Bloomberg reports that a judge may be able to rule on portions of the case without a full trial.  Caesars’ stock dropped 16 percent on the day news broke.  It closed at $6.41 on Friday.  That is its lowest price since November 2012.

Wynn Resorts and MGM Resorts Merger Rumors

Jim Cramer of TheStreet stated during a CNBC program that there was speculation on Wall Street that MGM Resorts and Wynn Resorts were in merger talks.  Wynn Resorts has seen its stock price hammered due to the declining Macau gaming market.  MGM Resorts is less exposed to Macau.  Wynn Resorts closed at a 52-week low of $98.29 on Monday.  It has since rebounded to $109.14, still well off its 52-week high of $220.50.

Last Weekend of Riviera Liquidation Sale

This is the last weekend for the Riviera liquidation sale.  Most of the casino has been picked clean by buyers.  There are many items in the boutique, as well as signage and brass for sale.  We recently visited the casino last week and took many pictures of the ruins.  Those images and a trip report may be found here.

World Series of Poker Colossus Event Smash Hit

The World Series of Poker Colossus event exceeded all expectations.  It drew more than 23,000 players.  It also flooded the Las Vegas poker market with players.  Virtually every poker table near or on the Las Vegas Strip and downtown was occupied. More than 3,000 names were on wait lists for cash games at poker rooms through the city on Saturday night.  The last World Series of Poker event starts July 7.  That is the last day to register for the $10,000 Main Event.