Revel and its new owner Glenn Straub found out this week that the New Jersey gaming license is not transferable. This means that Revel’s new management team will be required to start the application for a gaming license from scratch. This will make it nearly impossible for Revel to reopen before the end of the summer tourist season.
In better news, Revel was able to get its electricity turned back on by its partner utility company. The two sides came to an agreement to provide power to the building while it is mothballed. Revel was previously paying a $5,000 daily fine for not having power as it caused a potential hazard in case of a fire.
Harrah’s New Orleans, located near the river in downtown New Orleans, became the first casino in the South forced to operate under a smoking ban. It is the only casino in Louisiana affected by the ban passed by the city council in February. This puts Harrah’s at a competitive disadvantage, according to the company. Casinos often lose about 20 percent of their revenue when a smoking ban is forced. The situation may made worse as local casino Boomtown does not operate in the city and is not covered by the ban.
Harrah’s is pursuing legal action against New Orleans. It is also attempting to get the state to overturn the local smoking ban in the state legislature.
The Ho-Chunk Nation operates a casino in Madison, WI. The local voters have only approved electronic games, not table games. Ho-Chunk decided to spread Pokerpro electronic tables as a substitute for live games. U.S. District Judge Barbara Crabb ruled last year that this violated the gaming pact as electronic poker was not a class II game under the Indian Gaming Regulatory Act. A federal appeals court overturned that decision this week.
Wynn Resorts saw its stock price tank nearly $20 a share this week after the company posted a loss. It blamed poor conditions in Macau that prevent the movement of cash for its high rollers. The situation is affecting all Macau operators. Chinese Nationals can only bring the equivalent of $3,300 to Macau for trips. This rule was set in place by China in an attempt to prevent corruption among junket operators and others in the market.
Riviera Las Vegas will close its doors forever on May 4 at noon. The casino celebrated its 60th birthday on April 20. The casino is giving away $145,000 in jackpot money on Saturday night. The casino will give way to a massive expansion of the Las Vegas Convention Center.
The Saturday night fight between Mayweather and Pacquiao will give Las Vegas sportsbooks the biggest fight handle in history. About 200,000 visitors are expected in Las Vegas, although only 18,000 or so will be able to see the fight in person. Others will watch from private viewing parties thrown by MGM Resorts properties. Most will just enjoy the fight atmosphere. MGM has blacked out the game for competing casinos and bars in the city.