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Casino Scores – (Bloomberg) — The new Wynn Resorts Ltd. $48.6 million in gaming revenue in its first full month, more than the state’s other two casinos combined.
The $2.6 billion Encore Boston Harbor, which opened June 23, is one of three casinos in Massachusetts. MGM Resorts International’s Springfield resort, which opened last August, posted $20.4 million in revenue in July.
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Penn National Gaming Inc.’s Plainridge Park Casino, which operates only slot machines, generated $12.5 million. The state agency released details of the casino on Thursday.
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Plainridge, about an hour south of Boston, took $15.1 million last July, suggesting Wynn’s new resort has built a vacation business from the property.
Wynn CEO Matt Maddox said on a conference call with investors earlier this month that slot play at the new property was not as strong as table games and that the company had yet to begin marketing high rollers to its customer base.
Encore slot machines generated about $216 a day, more than Springfield but less than Plainridge, according to JP Morgan analyst Joseph Graff. Its table game revenue, at $3,829 a day, was nearly three times that of Springfield, but lower than other East Coast resorts. MGM National Harbor in Maryland earned $5,743 per board per day. (Bloomberg) — Ian and Richard Livingstone have built a multibillion-dollar real estate business that includes London movie theaters, Florida hotels and Caribbean resorts. While the brothers’ real estate holdings have declined due to the pandemic, their fortunes continue to climb thanks to a long-term bet on online gambling.
The two invested in Evolution Gaming Group AG early enough for the 15-year-old company to list one of them—Richard—as a founder in its prospectus. Shares in the Stockholm-based company, one of the world’s largest online casino platforms, have risen more than 200% since the start of 2020 as the Covid-related lockdown accelerated the growth of online betting.
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According to the Bloomberg Billionaires Index, the brothers’ income from Evolution Gaming is about $3 billion, bringing their net worth to $7.2 billion. They have received at least a 5,000% return from the company, which licenses software for betting businesses — including a Monopoly-themed game show — and is expanding its presence in the United States as more states legalize online betting.
“The Livingston brothers have always been known as shrewd real estate operators, but their desire to diversify has been just as rewarding,” said Bobby Consol-Ver, founder of 1fs Wealth, a London-based fintech firm that works with him. Family offices and private banks. “The pandemic has made many wealthy people realize that they need to recognize the risks of portfolio concentration.”
The dentist’s sons, Ian, 58, and Richard, 56, started building the property business – London & Regional Properties – in the 1990s, buying up distressed assets in the UK after prices fell. Ian, who studied optometry in college, founded an eyewear company in London around the same time and sold it to Leonardo Del Vecchio’s Luxottica Group.
A representative for London & Regional did not respond to a request for comment, while Evolution Gaming, which is scheduled to report full-year results on Wednesday, declined to comment. At 2:15 p.m., the firm’s shares fell by 1%. in Stockholm.
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Like the Livingstones, many of the world’s rich have diversified technologically to protect their wealth. Li Ka-shing, Hong Kong’s richest man who made his fortune in manufacturing and real estate, is an investor in Zoom Video Communications Inc. Income from his family’s conglomerate, founded as a cotton exporter in 1952, has been funneled into tech firms including Airbnb Inc., Twitter Inc. and Snowflake Inc.
“You have to be in the right sector,” Mansoor said in a recent interview. “You have to make wise decisions about the good and great companies that will contribute to collapse or instability.”
Livingstones collected more than 700 million pounds ($962 million) in dividends through London & Regional, according to data compiled by Bloomberg. However, the fallout from the pandemic may make them want to pull cash out of their real estate business for the final financial year.
The firm’s UK subsidiaries have warned of “material” uncertainty over the fallout from the crisis, filings show, and many of its London and regional properties, including the Hard Rock Hotel London and Rita Suites in Las Vegas, have closed or are offering limited services. after local. Resurgence of Covid-19.
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While vaccine efforts are raising hopes for retail and office space owners, it’s unclear when some governments will allow workers and customers to move freely or how the pandemic will affect long-term demand for commercial real estate.
“If you believe that companies will bring their workers back into the office as soon as it’s safe to do so, then office real estate may be able to escape the worst of the pandemic,” Bloomberg Intelligence analyst Jeffrey Langbaum said. “Although some of the traditional operating dynamics have clearly changed.”
Evolution Gaming has provided Livingstones with a major source of liquidity during the pandemic. Richard, a trained surveyor, sold more than $500 million worth of shares in the company last year. London & Regional has since emerged as a potential buyer of Texas hotels in Austin and Dallas for about $150 million as it continues to consolidate its U.S. presence.
In November, Evolution Gaming signed a partnership agreement with Caesars Entertainment Inc. to offer live casino games in Pennsylvania and New Jersey after earlier announcing another partnership with online betting venture Wynn Resorts Ltd. The US online gaming market is expected to expand by 15% annually through 2025, according to ResearchAndMarkets.com, giving Evolution Gaming growth beyond the pandemic.
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“The gaming market is moving from land-based to online and they have one of the best products for that,” said Martin Arnell, senior equity analyst at DNB Markets, who has a buy rating on the stock. “Within the world of gaming, that’s the niche that needs to be right now.”
The National Indian Gaming Commission issued another ruling in the tribe’s favor, saying Wednesday that the tribe has the right to operate the Prairie Flower Casino on land it purchased in Carter Lake, Iowa.
The $10 million Prairie Flower opened in November with 200 slot-style slot machines after a federal commission first approved the tribe’s casino license in 2017, 10 years after the tribe began trying to open a casino.
Although the casino is technically in Iowa, it is located on the west side of the Missouri River and surrounds Omaha. The nearby city of Council Bluffs, Iowa — which already has three state-licensed casinos — and the states of Iowa and Nebraska have sued to try to shut it down, with opponents in Iowa worried it would be a drain on gambling tax revenue and opponents in Nebraska worried the casino could bring crime to Omaha.
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Unlike other tribal casinos, Prairie Flower was not built on a reservation. The Ponca tribe, forced from their homeland along the Missouri River in Nebraska in the 1870s by the US government, do not have a reservation. The US government exterminated the tribe in the 1960s and took its remaining lands as part of a policy that sought to end reservations and assimilate Native Americans into mainstream American society. The tribe regained federal recognition in 1990, and most of its 4,500 members are located in 15 counties in Iowa, Nebraska, and South Dakota.
Lawmakers faulted the federal commission’s decision to grant Prairie Flower a license, saying the tribe misrepresented its intentions when it first announced plans for a health center on the Carter Lake property. In March, a federal judge overseeing the law ordered the commission to analyze whether the deal should reverse the commission’s 2017 finding that the Carter Lake lot is restored tribal land eligible under federal law for tribal casinos.
“Since this plot is in the original territory of the tribe and the tribe has modern ties with it, based on the geographical factor only, the plot of land has been restored,” the commission said.
The Iowa Attorney General’s Office said Thursday that it is reviewing the decision and “considering our next steps.” Dick Wade, an attorney representing Council Bluffs, said the city plans to continue with the lawsuit to try to shut down the Ponca casino, but he acknowledged Wednesday’s decision “makes it harder” for the plaintiffs.
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On Thursday, Nebraska Attorney General Doug Peterson had harsh words for the commission, saying the federal panel’s decision was made without any input from the parties involved and wrongly ignored the tribe’s original intent to use the land for a health clinic. Peterson called on the U.S. Department of the Interior and other federal agencies to review the commission’s work and governance.
James Megesto, the tribe’s attorney, believes there is little to argue
