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New President and the casino industry

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BlueBellThunder

BlueBellThunder

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First off this is not a political statement of any kind, just looking for random opinions. Since the new President has a back round in the casino business I was just wondering peoples thoughts on how or if it will affect the casino industry.

Sonya, if this violates the boards rules policies I apologize and please remove this post.
 
I don't anticipate any major changes. His best friend is Phil Ruffin who owns TI. Steve Wynn and Sheldon Adelson were on his inaugural committee. I believe Vegas will be well represented and we will see everything remain the same.
 
If anything, Trump is pro-gambling. Certainly not a prohibitionist. Relaxing the sports betting law would make some of his friends in Nevada mad. Did you see that Wynn kicked out Tom Ford in support of Trump? The ability to expand sports betting outside of Nevada is huge.
 
Probably not much IMAO.

One of our local casinos is installing a race-only book and I KNOW that they would just LOVE to be able to write for other sports as well. Wouldn't that be up to the state and not to the federal govt anyway?
 
dmr said:
Probably not much IMAO.

One of our local casinos is installing a race-only book and I KNOW that they would just LOVE to be able to write for other sports as well. Wouldn't that be up to the state and not to the federal govt anyway?
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No, there is a federal law that confines sports betting to Nevada. Sports betting is legal by state law in NJ but the federal blocks us.
 
Snidely said:
No, there is a federal law that confines sports betting to Nevada. Sports betting is legal by state law in NJ but the federal blocks us.
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That's one law I want to see changed. I would like to bet on sports online from a reputable real world casino, whether it be in Nevada or NJ or anywhere else where gaming is legal.
 
Well, the guy has owned casinos, so I don't think we have to worry.
 
I don't see the new administration as moving the needle on gaming. I think the big issues, gaming wise, rests at the state level.
 
Because of his particular ties with Adelson and Wynn, forget about online gambling. And I don't see him doing anything in particular for the gaming industry unless those two are passionate about it.
 
New Jersey had a 10 year window to legalize sports betting after the "Bradley Act" went into effect in 1993, but they didn't pass legislation. Oregon, Delaware, and Montana had sports lotteries at the time, so these states are exempt. In the case of Delaware, they currently offer parlay betting, a three game minimum.

Last week the Supreme Court delayed a decision in New Jersey's attempt to legalize sports betting by asking the Solicitor General to file a brief, so there is a chance that the ban will be lifted.
 
Gambling is a difficult issue for legislators to tackle. Guessing most want to avoid it. One of stupid laws is those W2-gs. The IRS assumes that a $1,200 win is really a win, when in reality many people just put it back in... but it impacts their taxes, Social Security, Medicare and even the affordable care act.

(p.s. - thanks to everyone so far that have refrained from slams against the current or past president)
 
Ok i am ignorant. If they legalize sports betting outside Nevada, how would Nevada necessarily loser money. I am at home during the Super Bowl and bet with an illegal bookie. Or, I am at home during the super bowl and bet down at the corner shop which is legal due to new legislation. Either way I wasn't going to vegas to bet.
Also, couldn't harrah's, Boyd, or Wynn set up shop once legalized in states of their choice? Again, ignorant here of the ins and outs. Thanks for any insight.
 
bubbakitty said:
Ok i am ignorant. If they legalize sports betting outside Nevada, how would Nevada necessarily loser money. I am at home during the Super Bowl and bet with an illegal bookie. Or, I am at home during the super bowl and bet down at the corner shop which is legal due to new legislation. Either way I wasn't going to vegas to bet.
Also, couldn't harrah's, Boyd, or Wynn set up shop once legalized in states of their choice? Again, ignorant here of the ins and outs. Thanks for any insight.
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Why take that trip to Vegas for the NFL Playoffs, Superbowl or NCAAs if you can bet legally at home and probably have better access to viewing parties that don't require VIP status to attend? You and I don't go to Vegas to get on those events but there are tons of people who do. The national casino companies will come out okay either way but overall this could be a situation where Vegas will have to compete with casinos out of Nevada for customers. It could make AC more relevant which is why NJ wanted to do it.

I am for legal sports betting. Let's get all that money out of the dark and accounted for. And even though I wouldn't travel to Vegas specifically for sports betting, if it were easy enough, I would make an occasional bet here or there if it were legal here.
 
bubbakitty said:
Ok i am ignorant. If they legalize sports betting outside Nevada, how would Nevada necessarily loser money. I am at home during the Super Bowl and bet with an illegal bookie. Or, I am at home during the super bowl and bet down at the corner shop which is legal due to new legislation. Either way I wasn't going to vegas to bet.
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But you are just one person - not everybody knows an illegal bookie or bets online. In the end there is just so much money going in to Las Vegas for sports betting that just losing 5% would add up to more than $12M a year in lost profits.
 
Auggie said:
But you are just one person - not everybody knows an illegal bookie or bets online. In the end there is just so much money going in to Las Vegas for sports betting that just losing 5% would add up to more than $12M a year in lost profits.
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Good point, though I think sports betting is a much smaller piece of the total Vegas pie. Vegas has already witnessed what happens when so many states now have legal casinos. At one time, there were basically three places. Vegas, Atlantic City and Mississippi. A/C is on a downward spiral (many factors). MS has taken a serious hit, but surviving.

FYI - revenue by state: http://gaming.unlv.edu/reports/national_annual_revenues.pdf
 
Tax cut specifically targeted at pass through income would most definitely result in some c to s Corp conversions. The majors have already made conversions in some of their subsidiaries.
 
I don't think our new president is anti-gambling. Interesting and informative posts concerning sports betting that I didn't know about but my opinion is gambling will not be affected by the new administration.
 
The gaming industry is global, especially for Wynn, LVS, and MGM that have operations in Asia. International friction may have an impact to the bottom line, for international and domestic operations.
 
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