By 2022 that logic had collapsed under its own contradictions. Channelisation had sunk below 50%, Veikkaus’ annual contribution to the state had halved since 2017, and policymakers across the political spectrum were conceding—quietly at first, then publicly—that the monopoly was no longer defensible.

Now the country is poised to become Europe’s newest licensed market. What remains uncertain is when the competitive regime will actually begin. The legislative process—still officially aligned with the government’s timetable—has begun to buckle under political nervousness about advertising, electoral timing and the preparedness of regulators.

But while Parliament wrangles over dates, operators are already building teams, commissioning legal advice and shaping local strategies. The Finnish opening is small by European standards but symbolically weighty: one of the last Nordic holdouts is moving into the mainstream. And the industry is preparing accordingly.

Where the bill stands—and why delay now looks likely

At a technical level, the bill is close to the finish line. “The Finnish Parliament’s Administration Committee decided to conclude its hearings on 13 November and is now drafting its report,” says Antti Koivula, Chief Compliance Officer of Hippos ATG. He expects the report “at the very latest mid-December,” after which the two plenary readings “can be completed relatively quickly.”

Independent consultant Jari Vähänen offers a similar assessment: “Parliament is still considering the bill. The Administrative Committee is almost ready, and Parliament will have time to approve it this year, when the law will enter into force on 1 January 2026.”

And yet the committee’s schedule tells another story. Pekka Ilmivalta of Nordic Legal had noted an omission in dealing with the bill in the administrative committee’s weekly plan, which, he said, “raises concerns about the timetable”.

Behind this ambiguity lies political considerations. Both Ilmivalta and Vähänen point to last-minute discussions about pushing the market opening from January 2027 to summer 2027—after Finland’s parliamentary elections.

Gambling operators aware of potential delay

Operators received the same signals. A representative from a big operator told iGB that “government are now discussing postponing the market opening…so after the elections in April,” explaining why the item was unexpectedly pulled from the committee’s agenda.

What is driving the hesitation? According to Vähänen, “political decision-makers fear that gambling marketing will increase so much that public opinion will turn against it before the parliamentary elections.” Even parties broadly supportive of liberalisation prefer to postpone any visible shift until after the vote.

Most observers therefore expect a short delay—weeks in legislative approval, months in market opening. As University of Helsinki researcher Janne Nikkinen puts it, “Perhaps a delay of a few days or weeks, they’re mostly ironing out technical issues.” The law’s substance is not in question; the timeline is.

A spokesperson from the Ministry of Interior could not comment on a possible delay, but said in an email to iGB:  “The aim of the Administrative committee has been to complete the report in November, according to the estimate, after which the report is meant to progress to the plenary session”.

Consensus without clarity

Despite procedural delays, political unity on the need for reform is unusually strong. “There has been broad cross-party consensus for a few years that the gambling market should be partially liberalised,” Koivula says. Differences remain over advertising and harm-prevention, but not over the direction of travel.

Ilmivalta explains the logic: “Channelisation of the monopoly is less than 50%, income for the Finnish government has declined and at the same time problem gambling has been slightly increasing. The current system simply does not serve its purpose any more.”

And unlike in many European debates, the opposition has little incentive to resist change: Veikkaus itself declared as early as 2022 that the monopoly should be dismantled. As Nikkinen puts it, “Even the opposition isn’t opposing the reform, because Veikkaus itself said it no longer wants the monopoly.”

The political friction, therefore, is not about whether but when.

A regulator still not ready for day one

While legislative consensus holds, confidence in regulatory readiness is far thinner.

Koivula is frank: “I am not fully confident that the transition will be seamless. ” Although the National Police Board will supervise licensing through 2026, he warns that “the new authority will need to hire a substantial number of employees, and very few—if any—will have prior experience in the gambling sector.” Even within the National Police Board, he says, “this remains to be seen.”

Nikkinen is more pessimistic: Finland’s model “relies on courts, which can take years. That’s too slow for fast-moving marketing campaigns.” The new authority will sit within a regional administrative agency that also handles unrelated topics, from animal welfare to alcohol licensing. “They won’t have power to sanction directly. That’s a weakness,” he says.

Vähänen is more hopeful, believing staff will transfer from the NPB and that the technology project “will be ready in 2026.” Ilmivalta, though trusting in Finnish administrative competence in general, stresses that preparations “have not been very transparent, nor has the regulator had much dialogue with the industry.”

The result seems to be a split-screen picture: operators preparing with determination, and regulators racing quietly behind.

A black-market problem without the tools to solve it

Every expert interviewed agreed that the largest structural weakness is enforcement.

Koivula’s assessment is blunt: “I foresee nothing but enforcement challenges. The enforcement toolbox provided to the regulator is highly insufficient for tackling black market operators.” He warns of a counter-intuitive outcome in which “the majority of enforcement actions end up targeting licensed operators,” simply because they are visible and cooperative.

Nikkinen underscores the legislative omissions: Finland “does not include payment blocking, website blocking, DNS blocking,” partly due to political resistance and partly because the autonomous region of Åland—and PAF—complicates national blocking measures. The result, he predicts, is persistent leakage: “I believe leakage to the black market will continue, and that we’ll need to revise the law again by 2029 or 2030.”

Ilmivalta shares the concern: “There will always be those who decide not to join the regulated market, and the regulator’s tools are not too many.” The B2B licensing requirement in 2028 will help, but is unlikely to be decisive.

Even the operators’ own trade body, the Finnish Gambling Association, Rahapeliala, strikes a cautionary tone. CEO Mika Kuismanen argues that “the bill in itself does not contain enough explicit tools to combat the black market,” warning that if supervision focuses only on licensed companies,” unlicensed operators will not have sufficient incentive to consider the legal market.

Operators prepare: cautious, optimistic and waiting for certainty

Despite the regulatory grey zones, operator sentiment is broadly positive. “The industry as a whole has a positive feeling,” says Kuismanen. The legislative process has been relatively fast and well structured, even if “operators will still have to wait before starting full preparations.”, he says.

FDJ/Kindred´s general manager for Finland and Estonia, Joel Hakamies echoes that view: “It’s looking fairly good for the big picture. Overall it’s been fairly positive from our view.” The main constraint, he says, is uncertainty: “For our planning it would be better if the timeline was set in stone sooner rather than later. Uncertainty always blurs the horizon for investment.”

Hippos ATG, meanwhile, is preparing at full speed. “We are building a Helsinki-based organisation, recruiting experts on product, marketing and customer support,” Koivula says. For Hippos ATG, Finnish liberalisation is not just commercial: “Every euro of profit flows back to Finnish and Swedish horse racing — a model no other operator can offer.”

Ilmivalta sees a wide variety of strategies: “Some operators will establish local organisations while some are planning on operating very much remotely. Some are customising, some trust that their international offering works.” He also expects variety of new and innovative measures in brand-building under advertising constraints.

Marketing: permissive or restrictive?

Advertising rules are emerging as one of the most contested elements of the reform. The government’s responsible advertising clause drew criticism for vagueness, and even the Basic Law Committee questioned whether courts could interpret it effectively.

Nikkinen notes that Finnish media interests are lobbying heavily, while affiliates have been “banned,” leaving an “uneven table.” He warns that traditional media—not online channels—are the dominant source of exposure for consumers, including children.

Operators themselves are split on how restrictive the framework will be. Kindred sees the new rules as “actually quite liberal,” with “plenty of possibilities for operators to make their mark”. Kuismanen, too, believes “almost all channels are available and there are no time limits”.

What Finland means for Europe

Experts that iGB has spoken to agree Finland will not transform the European landscape overnight. “In reality, the wider impact will be limited,” Koivula says. Vähänen and Kuismanen concur.

Yet Finland matters symbolically: it is the first Nordic monopoly to fall since Sweden in 2019, and Norway will be watching closely. As Nikkinen notes, Norway “still maintains a strict monopoly.” Whether Finland succeeds—or struggles—will shape its neighbour’s arguments for years.

More broadly, Ilmivalta expects Europe to move gradually toward harmonisation in the 2030s, driven by black-market control and safer gambling priorities.

A market worth the wait

Finland’s opening is not smooth, nor is it fully defined. But operators appear willing to tolerate uncertainty for a market that remains both lucrative and culturally embedded. “Finland has been and will be an attractive gambling market,” Hakamies says. “Definitely a major opportunity.”

The real test will come not in 2026 or 2027, but in the following years—when Finland must decide whether its lightly armed regulator and incomplete enforcement architecture can deliver the channelisation and consumer protection the reform promises.

For now, the industry waits—impatient, optimistic and already laying its bets.

All three will now move on to the last round of consideration by the New York State Gaming Commission (NYSGC). The commission is to make its final licensing decision by 31 December. Up to three downstate licences may be awarded, at a minimum cost of $500 million each.

Most of the meeting was procedural – GFLB’s announcement and remarks lasted all of about 10 minutes. The board has been convening weekly behind closed doors since 8 October.

Board chair Vicki Been said in prepared remarks that the group “determined that awarding all three licences best advances the state’s long-term economic, fiscal and community objectives”.

This question of whether all three projects would advance had become increasingly uncertain as the process unfolded. Several previous applicants voluntarily withdrew and two of the three remaining finalists – Metropolitan Park and Resorts World – are both in Queens, raising questions about cannibalisation from competition. The final licensing decision now rests with the NYSGC.

In any case, board members were met with vitriol following the announcement. Chants of “Shame on you!” broke out at the meeting for several minutes until the shouters were removed. It was not immediately clear which decision was being protested.

All three New York casino bids selected but costs vary

Once the shouting was quelled, board member Greg Reimers explained why all three had been approved.

“No alternative scenarios produce comparable revenue or fiscal benefits,” he said, with regard to other licensing outcomes. “Each project proposes to deliver substantial community benefits, including infrastructure and transit improvements, local business partnerships and significant commitments to community-based organisations.”

The planned investment costs listed on Monday for the projects were below the total cost projections offered by the applicants, which took licence fees, community benefits and other costs into account.

The capital investment for Bally’s was listed at $2.3 billion, from $4 billion total. Metropolitan Park was tagged at $5.3 billion, from $8 billion total, and Resorts World was listed at $3.3 billion, from $7.5 billion total.

Applicants eager to clear final licence hurdle

In a statement after Resorts World’s approval, Genting New York chief Robert DeSalvio said the ruling “represents more than 15 years of work to generate jobs, revenue and opportunities for our neighbours”.

Bally’s said in a statement that it was “grateful for the board’s confidence” and was “honoured” to be selected.

“Our team has worked closely with community leaders, union partners and local stakeholders to build a project that delivers real jobs, lasting economic benefits and a world-class entertainment destination for the Bronx,” the statement said.

Metropolitan Park spokesman Karl Rickett said in a statement that the board “has validated the positive economic impact this project will have with billions of dollars in tax revenue, 23,000 union jobs and over $1 billion in community benefits. We look forward to the Gaming Commission’s review.”

Both Bally’s and Metropolitan Park have projected openings in 2030, whereas Resorts World, as an existing facility, has pushed the limit in scheduling its ramp-up. Originally, it projected a July 2026 opening, but its latest projection has it moved up to March.

Bright spotlight for the GFLB

The five-member GFLB was thrust into the spotlight this autumn after a quick formation in 2025. Four of the five members were appointed this year, the most recent of which came on 30 September. None of the members have experience in or connection to gaming.

In a press conference following the announcement, Been indicated the board leaned heavily on consultants in forming its decision. This was especially true with regard to performance projections and market concerns.

“We ask our consultants to be extremely searching and thorough, and we ask them to be very conservative,” she told reporters. “They disagreed with some estimates by the applicants and thought that they were quite high, so all of our estimates about the revenue potential are based upon our consultants’ views, not the applicants’ views.”

The board estimates that the three applicants could generate $7 billion in gaming tax revenue and $5.9 billion in other tax revenue in the 10-year period from 2027-2036.

According to the selection rationale document, the gaming analysis was “led by Tailored Hospitality Advisors with support from Advantage Partners Consulting, Klebanow Consulting, Hall Hospitality Advisors, Ben Mammina Development Group and Thompson Consulting and Analytics”.

Been was adamant that the board’s approval is not a “rubber stamp” for an identical ruling from the NYSGC. When asked whether there are “strong odds” for such an outcome, she said simply, “I am not a betting person.”

Strong market potential but timelines ‘ambitious’

The rationale document showed that all three applicants were approved unanimously. There were points of concern with each, but the market overall was viewed as being fundamentally solid.

“The downstate gaming market is among the nation’s strongest, given the area’s dense population, high income levels and tourism volume,” the rationale said. “The large local population base residing within a two-hour drive of the proposed casino sites is expected to anchor longterm visitation, supplemented by domestic and international tourism. Each proposal is positioned to compete for premium gaming customers through brand strength, amenities, and facility design.”

Applicants’ suitability and integrity was not included in the board’s consideration – that will be the purview of the NYSGC. Commission chair Brian O’Dwyer has vowed repeatedly that applicants will be held to the highest standard.

Aside from the concerns with the individual applicants, the board noted that construction timelines might impact each. All of the proposed timelines were seen as “ambitious” by members.

“Resorts World New York City’s projected March 2026 opening may underestimate regulatory and construction complexities, and Bally’s Bronx and Hard Rock Metropolitan Park’s mid-2030 timelines may be optimistic given project scale and urban constraints,” the rationale reads. “Continued and diligent oversight and coordination will be necessary to ensure timely delivery.”

Couple arrested over AU$1.2 million fraudulent casino win

A husband and wife from Kazakhstan have been arrested over allegations they defrauded an Australian casino out of AU$1.2million (US$786,059).

The BBC reports that the couple was caught cheating at Crown Sydney. Dilnoza Israilova was found to be wearing a discreet camera on her T-shirt while gambling at the venue.

Police also found “magnetised probes” and a mirror attachment for a phone allegedly used to rig games. Both she and her husband, Alisherykhoja Israilov, were arrested shortly after.

New South Wales Police charged the pair with dishonestly obtaining a financial advantage. They remain in custody over the matter.

Malta regulator issues further warning over illegal sites

The Malta Gaming Authority (MGA) has distanced itself from two websites that claim to be licensed by the regulator.

Both Lavbet321.com and Kasinoseta.com claimed to have been approved by the MGA and that they hold a Malta licence. However, the regulator said this was not the case with either site.

The MGA said that any reference to the regulator or a Malta gaming licence is “false and misleading”.

“The MGA would like to remind consumers not to utilise services provided by an entity unless they have ascertained that the entity in question is authorised to provide such services by the MGA,” the regulator said.

London councils join anti-gambling ad campaign on Underground

Five more London councils have declared their support for a campaign to stop gambling advertising on the city’s Underground.

Barnet, Brent, Enfield, Hackney and Lewisham councils joined the Coalition to End Gambling Ads (CEGA), the BBC reported. The group campaigns against the spread of harmful gambling promotions, with the Underground one of its focus areas.

Haringey Council was the first council to join CEGA in January 2025. The ongoing campaign calls for the end of advertising for all forms of gambling.

In 2021, Mayor of London Sir Sadiq Khan pledged to implement such a ban as part of his re-election manifesto. However, this has yet to come to fruition.

Evoplay welcomes Mantsiou as chief financial officer

The game development studio Evoplay has promoted Vasilena Mantsiou to the role of chief financial officer.

As CFO, she will oversee the studio’s financial strategy, planning and operations. This, Evoplay said, will support sustainable growth and stability as part of its global expansion plans.

Mantsiou joined Evoplay in May 2022 and was promoted to head of the accounting department in January 2024.

“Vasilena’s been an integral part of Evoplay’s journey, demonstrating exceptional leadership and deep financial expertise,” said Ivan Kravchuk, CEO at Evoplay, “Her promotion to CFO is a natural step forward. We’re confident that her strategic vision will continue to support our long-term goals as we expand into new markets.”

Caesars launches sports betting in Missouri

On the first day online sports betting became available in Missouri Monday, Caesars Entertainment has announced its launch.

Players in the state can now download the Caesars Sportsbook mobile app and place bets on a range of markets. They can also visit physical locations at both Harrah’s Kansas City and Horseshoe St Louis.

Missouri was also the first state where Caesars launched with Universal Digital Wallet on the first day of wagering. This enables deposits and withdrawals across Caesars platforms in all regulated states.

Eric Hession, president of Caesars Digital, said: “From our intuitive mobile app to our in-person sportsbooks at Harrah’s Kansas City and Horseshoe St Louis, we’re committed to providing a secure and responsible way for fans to engage with the sports they love.”

At present, a single licence is available in Austria for lotteries and online gaming products. This 15-year permit is held by Austrian Lotteries’ brand Win2day – a subsidiary of Casinos Austria, which also holds all 12 land-based casino licences. Austria’s state holding company, ÖBAG, in turn owns a 33% stake in Casinos Austria.

Rumours of reform have been swirling since Austria’s three-party coalition entered government back in March. In their February coalition pact, the centre-right People’s Party (ÖVP), liberals (NEOS) and centre-left Social Democrats (SPÖ) had cryptically promised a “further development” of the gambling monopoly, leaving the question of liberalisation on the table.

More recently, senior government officials have spoken out in favour of an open licensing scheme for online gambling. With the sole licence due to expire in 2027, the urgent question is whether the next tender process will be a fully open one.

According to Simon Priglinger-Simader, president of the Austrian Betting and Gaming Association (OVWG), clarity on this question could come “any day now”.

“It should only be a question of days until the draft is released and then it will be all about the political negotiations,” he told iGaming Business. “But the signals we’ve received from all three parties have been positive when it comes to a licensing reform for online gambling.”

Political negotiations over iGaming reform in Austria

Although the industry is eagerly awaiting the Finance Ministry’s plans, they will only be the start of the process, kicking off talks between the SPÖ (who control the ministry), the ÖVP and the NEOS.

These talks should lay the groundwork for a new gambling bill to be drafted in February or March next year, with new regulations potentially in place by summer.

If the anticipated reform is announced, it will spell the end of a long and arduous fight against the single-licence system in Austria, which has regularly been placed under a microscope by the European Court of Justice (ECJ). 

“I would say [we’re] much closer to online gambling reform than we’ve ever been in Austria – or at least in the past five or 10 years,” said Priglinger-Simader. “And for us as an industry, that’s a hugely positive sign.”

It is far from the first time that the question of ending the online monopoly has been on the agenda: a previous attempt by the former ÖVP and Green Party-led coalition was scuppered by the parties’ political differences. This time, however, the stars seem to be aligning in favour of an open online market.

Licensing deadlines and tender process

“By 2027, six of 12 of the existing 15-year national offline casino licences will expire, along with the single online gambling licence. The remaining six out of 12 licences for offline casinos will expire in 2030,” explained Arthur Stadler, an Austrian attorney who specialises in betting and gaming law.

With the tender process taking around two years, there is a race against time to draft a new framework for handing out the next set of licences – and potentially tap into a new income source for the government.

“Austria’s fiscal situation is deeply concerning,” Stadler added. “It is an open secret that new licensing fees and taxation models in the gambling sector, as so often in history, will be leveraged to help plug gaps in the national budget. Whether this creates an attractive consumer offering and channelisation is an entirely different story.”

Since entering government in March, the coalition has already introduced two significant tax hikes. Online gambling taxes soared from 40% to 45%, while betting duties were more than doubled from 2% to 5%.  

If the market is opened, the OWVG will argue that these dizzyingly high tax rates could stand in the way of channelisation. Research carried out in Germany suggests that every percent of tax above 30% could equate to a 1% loss to black-market operators.

Unanswered questions in Austria

According to Stadler, Austria’s current dire channelisation rates may have also prompted the political rethink.

“Despite the fact that Austrian Lotteries is the sole legal provider of online gambling services, it has failed in its task of steering Austrian players towards legal gambling channels,” he said.

This places the monopoly on legally shaky ground, as the ECJ has ruled that monopolies in Europe must genuinely serve the public interest.

Still, it’s unclear what shape any future online gambling framework – if there is one – could take, and how many potential licences could be available for operators.   

Speaking to the Austrian Press Agency (APA) this November, a ministry spokesperson explained that the number of licences available in the next tender would be part of the ongoing political discussions.

If the monopoly is lifted, it’s possible that licences could still remain capped at an arbitrary number. Here, however, Germany’s unsuccessful sports betting licence cap – which was scrapped in 2021 – could serve as a cautionary tale.

Another option is a cap through the back door, which would involve setting the standards and costs so high that only a few operators could realistically meet them. The third, much less complicated option, would be to offer unlimited licences.

Enhancing player protections

Whatever the next licensing scheme looks like, one thing is clear: the government will have to develop its player protection regulations almost from the ground up.

“All three parties will need to make sure that player protections are increased and improved in Austria because at the moment, we don’t have that much within the Gambling Act and very little oversight from the ministry,” said OWVG President Priglinger-Simader.

In their February coalition pact, the three parties pledged to ramp up enforcement measures against the black market, introducing measures such as IP-blocking and payment blocking.

However, Stadler points out that these would require precise implementation to avoid falling afoul of EU rules.

Nevertheless, the gaming law expert believes Austria is in a unique position due to the long delay in regulating the online market.

“As one of the last countries to maintain an online gambling monopoly, Austria is very late to the show,” said Stadler. “However, this could potentially turn out to be an advantage, as the Austrian legislator has been able to observe developments in similar countries and draw conclusions on the most successful measures.

“There is no need – and no justification – for a trial-and-error-period in Austria.”

An independent gambling commission?

Alongside an expansion of the online licensing scheme, industry stakeholders will be scouring the draft plans for mentions of an independent gambling authority, ending the Ministry of Finance’s jurisdiction.

Though moves have been made to address any conflicts of interest – moving the stake in Casinos Austria from the Finance to Economics Ministry – operators are still yearning for neutral and independent oversight. However, as Stadler explains, “establishing such an authority would take a substantial amount of time”.

With time running out to issue tenders, the OWVG believes the new gambling authority will be put on the backburner until after new licences are issued – or even set up in parallel.

Even without a new gambling commission to worry about, however, time is still tight. If the tender process kicks off next summer as expected, it is unlikely to be completed by the autumn of 2027 – not least due to the likely barrage of legal challenges.

According to a recent report in Der Standard, the Finance Ministry is considering buying extra time by extending the current tenders by one year – pushing back reforms to 2028. This would take advantage of a provision laid out in the current Gambling Act, although it’s unlikely to be received well by operators or the European courts.

Although the wait could be longer than expected, however, there is one major consolation for the industry: after years of campaigning and legal scrutiny, one of Europe’s most intransigent online gaming markets could finally be on the brink of reform.

A dominant global force in gaming, the operator has become market leader in the US through its FanDuel brand and has expressed similar lofty ambitions in Latin America.   

In September 2024, Flutter acquired a 56% stake in NSX, the parent company of Brazil-facing brand Betnacional. That same month, the company insisted the deal boosted its market share to 11%. NSX provided the operator with a wealth of local talent and experience.

The deal was completed in May, when NSX CEO Joao Studart stepped into the top job at the newly formed Flutter Brazil.

The agreement mirrored Flutter’s strategy across Europe and the US, combining local brand strength and the group’s financial and technology firepower and global structure. For Studart, the deal made perfect sense and marked a new chapter for the Brazil sports betting market.  

“Flutter saw in Brazil not only an opportunity for strategic expansion, but also a market with real prominence within the global sector,” Studart tells iGB. “It recognised in Betnacional a successful example of genuine connection with Brazilian fans – a popular, culturally rooted and fast-growing brand.” 

M&A specialist Christian Tirabassi, founder and senior partner of Ficom Leisure, believes Betnacional was a top-10 player in Brazil’s pre-regulated market.

Acquiring a local hero of this size meant Flutter could achieve an early-mover advantage, a key benefit in such a highly competitive market.

“The opening of other markets has shown us that whoever is early into the market has an important market share and will probably stay there or even increase that leading position,” Tirabassi says. 

Local prowess 

Stakeholders have noted just how important localisation is to succeed in Brazil, which differs culturally from its LatAm neighbours even beyond the language distinctions.

Pre-regulation, many shared the belief that international entrants could struggle in Brazil unless they properly localised through a boots-on-the-ground approach that differs vastly from their other markets. 

Studart believes Flutter Brazil combines NSX and Betnacional’s local prowess and the Flutter Edge technology stack, bringing scale and local autonomy.

“Flutter Brazil [is] an operation that remains Brazilian at its core, with local leadership and a deep understanding of the consumer,” Studart explains. “At the same time, it operates with the resources, governance and technology of a global group. 

“Through the Flutter Edge, we brought to Brazil state-of-the-art tools, a robust infrastructure, high-level compliance standards and a responsible gaming programme tailored to the country’s reality.

“At the same time, we preserved Betnacional’s essence as a local hero – a brand that represents the Brazilian spirit of football, entertainment and popular culture.”

Brazil’s launch has dominated gaming news in the last couple of years. A huge nation with a population of around 213 million, Brazil has a vibrant sporting culture, and many expected its opening to provide an entry into LatAm’s growing gambling opportunity.  

H2 Gambling Capital ranks Betano, Superbet and Bet365 as its top three players by market share, according to its revenue estimates. International entrants are clearly gaining a strong foothold in the market.

Since the launch, operator revenue figures for Brazil have varied. In Q1 most listed players reported strong numbers as early entrants, but as competition has increased, and KYC pressures remain, some have seen that growth slow slightly.  

In Q3 London-listed Entain warned that iGaming was not performing as well as it could be, due to a slow and arduous certification process, which meant few games were available in the market during the period. Flutter reported revenue of $87 million in Brazil in Q3, marking a 412% uptick on the same period in 2024, prior to regulation.  

Of course, this year the company has included NSX’s revenues within its mix, with Betnacional reportedly achieving record iGaming revenues during the quarter. Excluding NSX’s revenue, Flutter saw a 18% year-on-year revenue drop across its Betfair brand in Brazil.

Group CEO Peter Jackson said this was due to its continued recovery from bottlenecks that occurred during and following the regulatory process.

Ed Birkin, H2 Gambling Capital managing director, estimates Flutter Brazil is currently sitting in fifth position in the market with a 4.5% market share. 

“While it’s still very competitive at the moment, I would imagine Flutter’s strategy will be focused on getting the best product [out],” Birkin explains. “And then as other people start to pull back, which is going to happen at some point because the losses that I’d imagine a lot of companies are making aren’t sustainable, that’s when they will start to leverage their financial firepower, start to lean in as they call it and pick up the slack.” 

A slice of the pie 

The Flutter Edge platform is the core function powering the operator’s “local heroes” strategy, through which it has acquired numerous leading brands in various markets and integrated them into the central platform.

Analysts are bullish on the power of the Edge platform. In December 2024 Macquarie senior gaming analyst Chad Beynon estimated the platform would help Flutter gain up to 25% market share in Brazil by 2030.  

In his December note Beynon said the platform had proven to affect market share gains in new markets quickly. He also said further M&A was on the cards for Flutter in LatAm.  

“Flutter Edge brings to Brazil state-of-the-art resources in infrastructure, data intelligence, innovation and compliance – ensuring that our brands operate with robustness, speed and security,” Studart says. “At the same time, we have the freedom to adapt products, experiences and strategies to local realities, delivering tailored solutions that truly connect with our audience.  

“It is precisely this combination of global structure and local leadership that positions Flutter Brazil among the most prepared companies to lead the sector – with consistency, credibility and a positive impact on the entire ecosystem.” 

Birkin expects Flutter will invest heavily in marketing further down the line, as competition slows and others pull back from the market. This will enable it to capitalise on waning competition, a strategy that worked for Flutter in stunning fashion in the US. 

“My view is the best strategy would be to focus on integrating their very strong technology and know-how into the Betnacional business to improve the product,” Birkin says. “Once they’ve got the product where they want it, then to spend their money on marketing as others pull back on it. 

“What you’d notice in the US is that as people started pulling back on bonusing and marketing, as lots of operators were loss-making, they pull back, then FanDuel starts to lean in and kind of use their scale to take customers.”

Birkin notes Bet365 employed a similar strategy in the US, where the operator avoided spending huge amounts to gain brand awareness. Instead, it operated efficiently in the background, waiting to make market share gains when others pulled back. 

The sheer scale of Flutter Brazil compared to smaller operators is demonstrated by its massive local workforce of over 500. The business operates multiple functions locally, including technology, marketing and customer services. The company also recently changed its corporate structure, with a raft of new C-level appointments to work alongside Studart. 

Flutter Brazil has drawn from other sectors to build out its executive team, while also ensuring a combination of international expertise with a “deep cultural connection” to Brazil.

“The IT team is a great example of this integration, with professionals from Flutter’s international structure working remotely in collaboration with the local team, expanding our capacity for innovation and integration,” Studart adds. 

“The new executives bring extensive experience in their fields, foster local reach and lead highly qualified teams that are already recognised as industry benchmarks, always operating with responsibility and a long-term vision. With Betnacional as part of its brand ecosystem, the goal is to sustain an operation centred on Brazilian talent and local insight.” 

Further M&A 

Tirabassi shares Benyon’s view that Flutter will make other acquisitions in LatAm, in part due to their strong history of successful M&A across its global portfolio and with the company’s sights set on reaching the summit of the regulated Brazil sector.

“Their objective, clearly, is to become number one, and that’s why I think they’re going to make other acquisitions,” Tirabassi says. “Large ones that would allow them to be quickly number one or number two, so something of the same size or similar size. I think that Flutter is actively looking for an [M&A] target. I know that for sure.” 

But Tirabassi knows well that this process isn’t easy.

“We believe the issue [in Brazil] is finding a target which is ready to transact,” Tirabassi adds. “Being on the sell side, the majority of the work we do is prepare the target, because they’re not ready. We understand the priority is business. But then again, very big business, very small corporate. So that’s why we’re trying to kind of help them to realign the size of the corporate together with the size of the business.  

“They need at least a couple of quarters to organise the company. So, we expect that in 2026 you will see some additional M&A in the market, because targets will be in a better position than now to engage in a transaction with a company like Flutter.” 

With Birkin currently ranking Flutter Brazil and its Betnacional and Betfair brands at number five in the market, he has reservations over whether they can scramble to the top spot. H2’s numbers give Betano, Superbet and Bet365 a combined 47% of the market, and Birkin feels that could be a tough trio to crack for Flutter. 

“They want to be in a podium position,” Birkin explains. “On our numbers that would involve them overtaking Sportingbet and Superbet. Is that possible? Yes. Do I see them being able to capture in a year, five years, Betano and Bet365? That would involve a significant change in market structure.” 

Tirabassi, however, is a little more confident and believes in the value of the NSX acquisition. Add to that Flutter’s capability to conduct more M&A, and Flutter could certainly buy its way to the top.  

“I think the difference is that culturally, the Flutter group has been extremely capable in M&A, they have a very strong team and also the guys that come after the deal. Betano has basically no experience in M&A or very little so it’s not really their culture.” 

Ultimately, Studart is confident Flutter Brazil will continue to make strides in the new and exciting Brazil market.

“The Brazilian market is going through a phase of consolidation that brings great opportunities for operators who invest with seriousness, a consumer-first mindset and a commitment to best practices,” Studart concludes.  

“The progress of regulation has laid the foundation for a more balanced ecosystem – one that combines innovation with responsibility. Flutter Brazil sees this new scenario as fertile ground for sustainable growth. By combining global scale with a deep understanding of local specificities, we aim to actively contribute to the sector’s maturation – offering relevant and safe experiences to users while reinforcing the pillars of trust, transparency and Brazilian culture that underpin our brands.” 

Play 971 launched earlier this week, stating on its website that it is the maiden online gaming site to launch in the UAE with a licence from the General Commercial Gaming Regulatory Authority (GCGRA).

The regulator updated its site to add Play 971 to its internet gaming and sports wagering licensees on 28 November, with sources suggesting it is undergoing a trial rollout in a limited area. The site appeared to be available in Abu Dhabi and Ras Al-Khaimah, but not Dubai, on Wednesday.

The site is operated by Coin Technology Projects LLC. That entity shares an address with The Game LLC, the business behind The UAE Lottery, which launched ticket sales a year ago today.

Whether the site going live marks its official launch is unclear. Sources close to the project suggested an official launch was planned in the first quarter of 2026.

Which suppliers are providing games for Play 971?

A number of the games featured on Play 971’s homepage are from the supplier OneTouch, which falls under the licensed entity of Live Online Gaming Services, a subsidiary of Yolo Group.

However, in the live casino section, the Speed Dragon Tiger is supplied by Evolution, which isn’t yet listed among the licensees.

Aside from OneTouch and two other Yolo Group B2B brands – Hub88 and Live88 – geolocation provider Xpoint and sports data specialist Sportradar, the vast majority of supplier licensees announced to date appear focused on land-based and lottery gaming.

Play 971 marks UAE’s first foray into iGaming

The Play 971 launch – whether as a trial or as an official rollout – marks a major step as the UAE expands its regulated gambling market, by adding online sports betting, racing and iCasino to the nascent market. To date, the UAE Lottery is the only legal product, with Wynn’s Al Marjan Island resort not due to open until early 2027.

Sources suggest regulations allow for one online licensee per emirate, meaning there could in theory be up to seven operators in the market. This of course would depend on all seven emirates supporting an online gaming offering.

While regulations state emiratis are not permitted to gamble, a population made up of roughly 88% expats provides an addressable market for operators. Rumours of an online launch have persisted throughout 2025, as far back as the second quarter of the year.

Building Momentum

Momentum LLC became a key player in the UAE last July, when it beat local incumbents Mahzooz and Emirates Draw to secure the UAE Lottery licence. That business is operated via its subsidiary TheGame LLC, while Play 971 is linked to Coin.

The rollout may be just one step in Momentum’s growth plans. Its website lists a game publishing arm, mixed reality gaming and esports alongside lottery operations and commercial gaming as areas of focus. This, it says, is underpinned by an embrace of AI.

Personnel changes at the GCGRA

Play 971 emerges in the wake of the GCGRA’s founding CEO Kevin Mullally stepping down from his role earlier this month. Mullally, who oversaw the establishment of the regulator’s core governance and regulatory structures, is departing to spend more time with his family. Chairman Jim Murren takes over in the interim.

As well as building the foundations for regulated gaming in the UAE, Mullally also oversaw the launch of the UAE Lottery and Wynn’s licensing.

In its first year, the UAE Lottery awarded prizes of over AED147 million ($40 million) to more than 100,000 players.

The GCGRA and Momentum have both been approached for comment.

This story was updated on 28 November to reflect the GCGRA adding Coin Technology Projects to its internet gaming and sports wagering licensees.

Earlier in November, the regulator suspended the company’s operating licence amid anti-money laundering failures. These included issues with the casino’s AML policies, procedures and controls, all of which are required by licence.

Concerns regarding decision-making processes and responses to identified AML and counter-terrorist financing risks were also flagged. At the time, the commission said these “serious” issues warranted a licence suspension while it carried out a broader review.

Changes to casino leadership

However, issuing an update on the case, the regulator confirmed the suspension has been lifted. This, the commission said, followed significant action taken by the operator.

These steps included widespread changes to the casino’s leadership, AML and compliance supervisors. VGC Leeds has also implemented new AML and safer gambling policies and procedures, improved staff training on AML and social responsibility. In addition, the venue committed to undergoing an independent audit within six weeks

This was enough for the commission to lift the licence suspension. However, its review of the operator will continue, with monitoring of its actives to remain ongoing. The commission said this will ensure “full and sustained compliance” with licensing requirements.

Based in Leeds city centre, the casino offers slot machines, table games and electronic roulette games. It also houses bars and lounges for watching sports events and hosting live entertainment.

The suspension was the second regulatory ruling against VGC Leeds in recent years. During October 2021, the company was ordered to pay a £450,000 regulatory settlement after the regulator flagged social responsibility and AML failures at the casino.

Commission taking no prisoners in clampdown

VGC Leeds was one of several companies to have faced regulatory action in Britain in recent weeks.

Deadheat Racing had its licences suspended while the commission carried out a review of the operator. This was in response to suspected social responsibility and AML failures and covered the operator’s remote and non-remote betting licences.

Meanwhile, Videoslots was fined £650,000 for breaching AML and social responsibility rules. NetBet was also recently ordered to pay £650,000, again over AML and social responsibility failings.

In addition, the commission suspended Spribe OÜ’s software licence in October for failing to comply with hosting requirements. The commission said this was due to “serious” non-compliance. The supplier said it was applying for the relevant hosting licence and hoped to be running again within a few weeks.

Billups, a five-time NBA All-Star, uttered several one-word replies at his New York arraignment in response to a series of questions from US District Judge Ramon Reyes. The 2024 Basketball Hall of Fame inductee is facing felony charges of money laundering conspiracy and wire fraud conspiracy. Each charge carries a potential sentence of up to 20 years in federal prison if convicted.

Billups appeared as part of a status conference in US vs Aiello, a sweeping probe into an alleged mob-backed illegal poker network. All 31 defendants in the case were present at Monday’s hearing including Angelo Ruggiero Jr and Thomas Gelardo, two mob figures who have been denied bail. The conference was held in an expansive ceremonial courtroom, usually reserved for immigration naturalisation proceedings.

Billups and attorney Marc Mukasey declined comment as they walked to a van outside a Brooklyn courthouse. Billups retained Mukasey, a former attorney for US President Donald Trump, following his arrest in Oregon last month.

Chris Heywood, an attorney who represented Billups last month in Portland, referred to the former NBA star at guard as a “man of integrity” and denied the allegations against him. Billups also fits the profile of an unindicted co-conspirator described in US vs Earnest, a parallel case being prosecuted out of Brooklyn concerning illegal sports betting.

A complex case

In the poker case, Reyes addressed several procedural matters at the status conference that lasted nearly two hours. Billups and Jones are not the only athletes indicted in the case. An attorney for boxer Curtis Meeks unsuccessfully petitioned the court to modify the bail restrictions for his client. Meeks has pleaded not guilty to charges that he worked with other defendants to provide poker cheating technology for the rigged games.

Reyes declared it a “complex case” of multiple schemes involving the rigged poker games and alleged extortion and robbery. He denied a petition from Assistant US Attorney Michael Gibaldi seeking to break the case into three different groups of 10-11 defendants in order to streamline proceedings.

Gibaldi said at Monday’s hearing that several defendants have begun plea negotiations with the government.

Reyes scheduled the next status conference for 4 March 2026.

Update on Jontay Porter case

Separately, federal prosecutors submitted a pre-sentencing letter against a defendant on Tuesday in an illegal sports betting conspiracy involving former Toronto Raptors center Jontay Porter. In July 2024, Porter pleaded guilty to wire fraud in connection with charges that he manipulated the outcome of a prop bet to defraud a gambling company. Prosecutors charged five other defendants – Timothy McCormack, Mahmud Mollah, Long Phi Pham, Shane Hennen and Ammar Awawdeh – in the brazen scheme.

The government recommended a prison term of 41 months to 51 months for McCormack, whose sentencing is scheduled for January. McCormack and two other defendants conspired to place “under” bets on Porter’s performance in two games during the 2023-24 NBA season, resulting in profits of $33,250 and $36,000 from the wagers.

Joseph Nocella, interim US Attorney for the Eastern District of New York, stated at a press conference last month that Porter may have been a victim of extortion. In a 2024 complaint, prosecutors accused Awawdeh of pressuring an NBA athlete, referred to in court records as “Player 1”, to extinguish his gambling debts. It was suggested the player could reduce the debts by leaving several games prematurely to secure the outcomes on the prop bets.

With Texas lawmakers only convening in odd years, 2025 was a pivotal point in Sands’ expansion efforts. Sands’ controlling shareholder, Miriam Adelson, quadrupled her lobbying spend for this year’s session compared to 2023. Sands’ longtime government relations chief Andy Abboud told iGB in October 2024 that the chances of Texas gambling expansion were “greater than 50%”.

Lawmakers weren’t swayed, however, and any notion of legalising either casinos or sports betting was never considered. Sands’ highest-backed state Senate candidate also failed to even reach a run-off. Additionally, recent lottery scandals in the state have turned some officials further against gaming than before, and upcoming races for attorney general and lieutenant governor don’t look promising for the industry.

All of these developments have yet to deter Sands’ Texas casino dream. The company is again embarking on media campaigns, this time proclaiming that it could replicate its world-class Singapore resort Marina Bay Sands in the heart of the Lone Star State.

At the same time, Sands has this year given up hopes for a New York casino and abandoned its short-lived digital arm. Why, then, is Texas so enduringly attractive despite the lack of progress?

Texas has biggest pool of untapped population

The simplest explanation as to why Sands is still bullish on Texas is population. Its most recent estimates surpass 31 million residents, second only to California. The next most populous states, in order, are Florida, New York and Pennsylvania.

California and Florida are prohibitive to Sands, as both are markets where Indian tribes have exclusivity for Class III gaming. The company deemed New York to be unattractive due to the looming possibility of legalising iGaming, which is already legal in a Pennsylvania market crowded with all forms of gambling plus unregulated skill games.

Texas is both commercially untapped and conservative with gambling expansion, a perfect combination for a retail-only operator willing to make big investments.

“Looking at the US in general, Hawaii, Utah, downstate New York, Georgia and Texas are really the only greenfields left,” said Gene Johnson, executive vice president at consultancy Victor Strategies. “Texas is the biggest plum on the tree because of the lack of alternatives right now for the huge population and economic demographics.”

Johnson suggested that for Sands, the years of toil could be more than repaid by securing any kind of first-mover advantage. He surmised it’s “probably better to get half the pie in Texas” than a small slice of an existing or less attractive market.

Previous analysis from The Innovation Group estimated that the Texas casino market could generate $2.5 billion to $3 billion in annual tax revenue.

Market perhaps not as reliant on international traffic?

Another factor that could work in Sands’ favour is the idea that the Texas market might not be as reliant on international tourism as places like Las Vegas, Singapore and New York. Las Vegas stakeholders in particular have seen the headaches that a dip in international visitation can cause. Texas’ extensive population, which does have wealth pockets in tech and oil but is mostly local, could make for a “super-regional” type of property.

“I think it’ll be a great domestic market,” said Las Vegas-based consultant Brendan Bussmann of B Global Advisors. “Not just from pure population centres like Dallas and Houston, but also what you’re attracting from a regional setting.”

For years, neighbouring gaming states like Oklahoma, Louisiana and New Mexico have profited immensely from Texas’ lack of gambling expansion by welcoming Texans across their borders. If the state were to legalise its own offerings, some of that outbound traffic could stay local.

Bussmann guessed that a Texas casino could see domestic traffic rates of 92%-93%. There are no current comparisons to that sort of scenario, he said, but returns could be “exceptional” if major players like Sands get the green light.

Johnson noted that there are some international opportunities, but overall “the bigger opportunity is for the domestic customer, all this population in the Dallas-Fort Worth area and the Houston area, which you could serve with a very large integrated resort”.

Potential regulatory environment still very unclear

Perhaps the biggest unknown about a potential Texas casino market is the regulatory environment it would operate under.

Given how staunchly state officials have opposed gaming, it seems hard to imagine that the sector would be granted favourable regulatory conditions if it is legalised. But with limited competition, those factors might not be as important for Sands as it would be in other markets.

Johnson surmised that Texas casinos would face a “tolerable” environment, though Sands might be “willing to risk a pretty high tax rate” in exchange for growth opportunities. In Nevada, casinos face a tax rate of 6.75% but there is ample competition. New York has yet to issue licences for its pending downstate casinos, but the three finalists will see tax rates of at least 25% and 10% for slots and tables, respectively.

For Bussmann, the more important issue is crafting a message that resonates with lawmakers to even get the conversation moving in a positive direction, which has yet to happen. It may take more than one voice to get the ball rolling, a concession Sands might be loathe to relinquish.

“There’s a way to get this done, but it has to take a multi-pronged approach, not just a one-solution opportunity,” Bussmann said. “You need multiple operators coming in and saying, ‘Here’s a pitch,’ as opposed to, ‘Here’s one, and we’re gonna do everything we can to get it’. I just think you need multiple parties in the process to give different perspectives.”

He was referred to as a “bad actor”, an “AML wrecking ball” and even a “semi-wannabe gangster” at one point. Regardless, he is quickly running up the list of the most infamous figures in the history of Las Vegas.

With the approved fine, Caesars became the third Las Vegas entity to face AML fines in connection to Bowyer this year, joining MGM Resorts and Resorts World Las Vegas. This $7.8 million penalty ranks third among them, with MGM paying $8.5 million and Resorts World paying $10.5 million for similar AML offences.

In all three cases, Bowyer was allowed to frequent casinos for years despite the entities having at least suspicion of his workings as an illegal bookmaker, suspicions they sometimes shared. Bowyer was ultimately sentenced to one year in federal prison in August. The five-count complaint against Caesars connected Bowyer to Caesars Palace, Harrah’s Resort Southern California and Harveys Lake Tahoe (now Caesars Republic Lake Tahoe).

Caesars Chairman Gary Carano made a rare public appearance before the commission Thursday. His father, Donald Carano, was a legendary Nevada gaming attorney and executive. But the younger Carano had the unpleasant task of taking accountability for the company’s shortcomings.

“On behalf of Caesars, our employees, our entire leadership team, our board of directors, I sincerely apoligise for our role in the Bowyer incident and the impact it had on the gaming industry of the state of Nevada,” Carano said.

How regulators calculated Caesars fine for Bowyer

With three cases now centring on the same individual, it is difficult for regulators to avoid making comparisons. Caesars received the smallest fine of the three, potentially implying that its transgressions were the least egregious. But officials were far from agreed on that idea, and their disagreements were perhaps indicative of the added scrutiny and criticism the scandals generated.

Before the commission heard from Caesars, Nevada Gaming Control Board Chairman Mike Dreitzer explained why and how the board negotiated the proposed $7.8 million fine. According to the board’s investigation, Bowyer frequented Caesars properties from 2017 to January 2024. The company knew Bowyer had been banned from other casinos and categorised him as “high risk” for five years before banning him, which only came after federal authorities raided his home.

Caesars won a total of $2.6 million from the bookie, Dreitzer said, so the fine represents a tripling of that. This was done to quell any notion of Caesars still ending up with a net gain from Bowyer. But in reference to the MGM and Resorts World cases, Dreitzer asserted that Caesars’ conduct was the least offensive.

“Here, we do have the conduct occurring over a significant period, certainly, seven years,” Dreitzer said. “However, it’s important to state that there is no evidence of any Caesars employee engaging in any intentional conduct. This was a case of systematic negligence that led to this complaint, and that stands in contrast to other matters that this commission has previously heard where there have been bad actors who have acted intentionally within the employ of the licencees in question.”

‘One bad actor’ vs ‘systematic negligence’ for Caesars

Dreitzer’s comments proved to be a point of debate among commissioners. While MGM was not named specifically, much of the disagreement appeared to center around its conduct as opposed to Caesars’, as the former’s fine was higher. Commissioner Rosa Solis-Rainey was the most notable detractor, and later cast the lone vote against the settlement.

“I see some similarities and some differences between this case and others that we’ve handled recently,” Solis-Rainey said. “Some of the differences are more egregious, in my mind, than what we saw previously.”

In the case of MGM, Solis-Rainey noted that “a bad actor” was at fault for intentionally contravening AML protocols, which she felt mitigated MGM’s culpability as a company. This might have been a reference to Scott Sibella, the now-banned executive featured in both the MGM and Resorts World cases. Caesars, meanwhile, could be seen as more at fault given that it does not have a specific person to blame.

“I think it’s worse in [Caesars’] case where the programme worked, [Bowyer] was reported to the AML officer, and nothing was done,” she said.

Commission Chairwoman Jennifer Togliatti was more aligned with Dreitzer, saying she felt the fine was “placed appropriately on the spectrum of fines that this commission has imposed” so far this year. She noted the stipulations included in the settlement, Caesars staff changes and the effort of the board to negotiate the fine as reasons for supporting it.

“I don’t know that it’s more egregious, necessarily, I think it’s different,” Togliatti said.

Commissioners Brian Krolicki and George Markantonis, both of whom have become increasingly irritated at the volume of AML cases, sounded exasperated in their comments.

“It’s almost numbing that we continue to have this conversation, particularly because of the acts of one individual,” Krolicki said, referencing Bowyer.

Both commissioners ultimately voted for the settlement.

Contrition from the C-suite at Caesars

In addition to Carano, Caesars CEO Tom Reeg and CLO Ed Quatmann also attended to atone for the company’s misconduct. The scandal adds to what has been a tough year for the operator, whose stock price has dropped precipitously in the midst of poor Las Vegas performance and a failed New York City casino bid.

“We know that this entire matter has been a stain on the state and we’re embarrassed that we’re a part of it,” Reeg told the commission. “We never sacrifice compliance for revenue. There is no customer that’s worth illegitimate profits. We didn’t catch Bowyer and we should have, full stop.”

Quatmann, as the legal and compliance chief, faced more extensive questioning. He acknowledged the company did not do enough in relation to Bowyer but noted several remediation efforts. Caesars’ 2020 takeover by Eldorado Resorts, the Carano family business, was also discussed, given that it occurred in the middle of the misconduct. Quatmann joined Caesars from Eldorado.

“Our AML headcount overall has increased considerably since this matter has occurred,” Quatmann said. “And as has been mentioned earlier, our AML spend is roughly twice what it was in 2017.”

Company did not admit to wrongdoing

Quatmann now has final say on all AML matters as part of the changes. All “high-risk source of funds decisions” now funnel to him, even on vacation, as he promised to commissioners.

When pressed about why Caesars only took action on Bowyer after his arrest was made public despite having intel from other casinos, Quatmann indicated a level of hubris on behalf of the company.

“I think what happened is we saw other licencees and their issues and said, ‘Well, that’s not us,'” he said.

The contrition from the various officials was clear over the course of the lengthy debate. But Caesars attorney Michael Alonso specified that his client did not admit to or deny any wrongdoing in the settlement, and that language was agreed to by the board.

“It’s obvious from what you’re seeing today, we’re taking responsibility for what happened, but for reasons and consequences that have nothing to do with the state of Nevada, we felt it was important to have that language in the stipulation,” Alonso said.

Alonso did not elaborate on what those reasons were and commissioners did not ask. MGM did admit to wrongdoing in its settlement earlier this year.

Revenue for the year was on par with 2023, data from national regulator Kansspelautoriteit (KSA) showed. The published figures cover both online and land-based gambling, including casinos, sports betting and lotteries.

It was bad news for land-based casinos, which have been in steady decline since the Covid-19 pandemic. Revenue for the sector as a whole was 5.5% lower at €1.30 billion but still represented 30% of the total market.

Physical slot machine revenue dropped 5.4% to €654.4 million. However, machines placed in Holland Casino venues also posted a rise, with revenue edging up 0.5% to €396.1 million. Table games revenue, meanwhile, fell 9.3% to €247.6 million.

The KSA also reported a decline in the number of player positions in most land-based venues. Arcade machine player positions dropped 15% to 20,997, while Holland Casino places fell 0.3% to 6,233. There was, however, an uptick in machines in “catering” venues, with the total rising 17.35% to 7,992.

As was the case in 2023, lotteries drew the most revenue at €1.5 billion, a year-on-year rise of 3.%. This represented 34% of total gambling revenue for the year, while lottery turnover edged up 4.2% to €2.43 billion.

Dutch online casino revenue edges down

Elsewhere, the KSA reported a 1.1% drop in revenue from online casino in 2024. It did not publish a breakdown for the area but did note that the segment drew 26% of total market revenue for the year.

Turning to sports betting, growth was reported across both the online and land-based areas. Online sports betting revenue increased 17.7% to €352.6 million while land-based revenue was 27.4% higher at €77.1 million for the year.

Horse racing accounted for just €3.9 million of the online total, with the rest spread across other sports. It also generated €1.6 million worth of online revenue.

Land-based player losses continue to outweigh online

Player losses data was also released by the KSA in its update on Thursday. On average, players lost €197 each from land-based gambling during the year, only slightly lower than €198 in 2023. In contrast, online loss reached an average of €101, up from €99 in the previous year.

As for tax, the total collected for the year topped €1.03 billion. Despite a decline in revenue, land-based casinos generated the most income for the country. In total, tax from land-based casino activity in 2024 was €396.1 million, only slightly lower than 2023.

Online casino followed with a tax contribution of €342 million, up 2.2%, then lotteries with €156.3 million. Internet sports betting generated €107.5 million in tax and land-based betting €23.4 million.

Tax is very much a hot topic of discussion in the Netherlands at present, with another gambling tax rise on the horizon. From 1 January 2026, operators will be taxed at a rate of 37.8% of gross gaming revenue. Operators already faced an increase to 34.2%, which came into effect in January 2025.

It has become increasingly common to see $1 billion-plus projects in Las Vegas and California, but Reno had never seen that level of investment – until recently.

Grand Sierra Resort (GSR), which was snapped up from bankruptcy in 2011 by billionaire Alex Meruelo, embarked on a multi-phase expansion project that includes a sports and entertainment arena, a new hotel tower and other amenities. Overall costs for the project fully built-out would be at least $1 billion, the first to break the 10-digit threshold in Reno’s history.

Central to the development is a key question for both Nevada and California in gaming: can sports and entertainment be the driver of casino and regional economic growth like it has for a decade in Las Vegas?

Reno far behind California, Las Vegas by revenue

Now that work is underway, GSR is hopeful the arena will become a new staple for a region that competes primarily with northern California tribal casinos but somewhat with Las Vegas as well. Arguably the biggest modern inflection point for the Reno gaming market came in 2000, when California tribes were granted exclusivity for Class III gaming in the state.

Since then, northern California became a sizable gaming market while the Biggest Little City’s industry failed to grow. Reno reported gross gaming revenue of $754 million in fiscal year 2024, compared to $834 million in fiscal year 2000, per the Nevada Gaming Control Board.

The most recent National Indian Gaming Commission data shows that California tribal casinos reported GGR of $12.1 billion in FY24, though that was statewide. That figure was easily the highest of all eight geographic regions tracked by the commission. Combined GGR for the Las Vegas region (Strip, downtown and locals), which is Reno’s other chief competitor, was also about $12 billion in FY24.

Adding to that level of competition is the fact that significant developments are in the works for both markets. Hard Rock Sacramento is undergoing its own billion-dollar expansion project, and a previously approved casino project near Santa Rosa was recently put on hold but is still on court appeal. Among projects in Las Vegas, the A’s are building a new MLB stadium on the Strip with an adjacent resort complex to be developed by Bally’s Corp.

What’s included in the GSR expansion project?

The yet-unnamed arena is the focal point of the project and will serve as the home for the University of Nevada, Reno men’s basketball team. Stakeholders are hopeful the arena can become both a draw for fans and a recruiting asset for the school as it fights to compete in the name, image and likeness era. The university is not committing any resources toward the 10,000-seat, $435 million arena project.

GSR chief marketing officer Chris Abraham told iGB the idea for the grand expansion started about three years ago.

“It just became clearer as time went on that there’s a real need in our community for an arena, a real one that can house sports and entertainment and do it in a first-class way, which is, I think the message that we were very cognisant to get across,” he said. “We’re not just building an arena. We think we’re building the greatest arena on the planet at 10,000 seats.”

The first phase of the project includes the arena, an adjacent parking garage, a community ice rink and a waterfront Topgolf-style facility. A groundbreaking was held for these 30 September, with completion expected by September 2027. Construction was halted last week because of soil contamination but is expected to resume shortly without affecting overall timelines.

Hockey on the horizon?

Abraham noted that ice hockey is also an intended use for the stadium. Meruelo owned the NHL’s Arizona Coyotes franchise from 2019-2024 but ultimately dissolved the team after failing to drum up support for a new arena in Phoenix.

He did, however, maintain ownership of the Tucson Roadrunners minor league team. There has been speculation that the team could be moved to Reno to play in the GSR arena, but Abraham said it “has not yet been determined” which hockey team might play there.

After the first phase, the remaining amenities include a workforce housing building and an 800-room hotel tower. The exact timelines for those phases are unknown, but GSR estimates the entire project to take about 10 years. Abraham said the expansion will fit mostly on its existing footprint, and some adjacent land has already been purchased.

“We’ve always been blessed with an abundance of land,” Abraham said. “We have over 150 acres on the property, it’s massive. And so we have plenty of room and Mr Meruelo has always talked about unlocking the potential of this property – not just the property itself, but all of the space we have.”

Hope is that if arena is built, growth will follow

A key question for the project is whether the mature Reno market can support such a large and ambitious investment. After all, the projected cost of the arena, which Abraham said would “probably end up being a little bit more” than $435 million, is more than half of what the city as a whole is averaging in annual gaming revenue. But from GSR’s perspective, a first-class venue can be the catalyst needed to kickstart new growth.

In addition to UNR basketball and other sporting events, the arena would immediately become the premier draw in the region for top musicians and entertainers. Its capacity of 10,000 beats out the current leading facilities like Lake Tahoe Outdoor Arena (9,300), Reno Events Center (7,000) and outdoor Nugget Event Center (8,500).

UNR’s current facility, Lawlor Events Center, actually has a higher capacity than the GSR plan (12,000) but is 42 years old, has parking limitations and no longer hosts concerts. The new arena would feature more modern systems and fan technology to account for the slightly lower seat count.

“We’ve looked at about a good dozen of the newest arenas in the country, and we feel like we’re going to take the best of all those,” Abraham said. “And when this is built and this is complete, it’ll be the nicest arena this size, we hope, in the world.”

Las Vegas has long been a hub for A-list entertainers and there is a breadth of new venues throughout California. One that could serve as a model, as Nevada Sports Net noted, is Acrisure Arena in Palm Desert. That venue has similar capacity and was designed by the same firm (Gensler). Acrisure has hosted several acts Reno typically would not draw, like Harry Styles, Olivia Rodrigo, Maroon 5 and Dave Chappelle.

Betting big on the Biggest Little City

Most of the large casino properties in Reno are at least 30 years old, with GSR among them. The property changed hands several times since opening as the MGM Grand in 1978. Prior to Meruelo’s ownership, GSR struggled to perform to its potential as the largest resort in the city by room count and casino size. It was believed to be on the brink of collapse before being sold in a $42 million fire sale.

Since taking over nearly 15 years ago, Meruelo has injected hundreds of millions into the property. Abraham said that, above all, the mogul has brought “more of an entrepreneurial spirit” to the business. The arena and overall expansion project are the embodiment of that attitude, despite the potential doubts about the market.

“As Mr Meruelo took over and began to understand the business, it was the experiences that needed to be curated,” Abraham said. “And it’s not just putting money in, but how to put money in, where to put money in. What’s unique about us is we have many core guests. We have convention goers, we have leisure, we have business, being right by the airport. We have entertainment seekers and gamers.

“So looking at all those experiences and how they all interact and how we create a product and create services to those, and pricing and across the board is really what’s made the product and the property successful. People from any walk of life, you can come to the property, you’ll find there’s something there for you.”

TIF drama and the university’s involvement

The biggest controversy related to the expansion is its use of tax increment financing (TIF). TIF is a complicated public funding mechanism that involves freezing and diverting property taxes back to developers to help fund investments that are deemed beneficial inside of designated redevelopment zones. Proponents hail TIF as a means to generate investment in blighted areas, while opponents say it pulls potential tax dollars away from essential services.

When the project was first announced in 2023, Meruelo said he would finance the project privately. He also said the arena “will not cost the university one dollar”, which was later misconstrued as meaning there would be no public funds. Stakeholders since reiterated that Meruelo was referring to the university and not the city.

“The only thing we said is we’re not going to use a dime of university money,” Abraham said. “We want the university to be whole, that they’re not going to have to spend an extra penny to house their games at our arena.”

The official who negotiated UNR’s deal is university President Brian Sandoval, a former governor of Nevada. Sandoval has known Meruelo for more than a decade and is no stranger to the state’s gaming industry.

He served as chairman of the Nevada Gaming Commission from 1999-2001 and later took an executive role at MGM Resorts immediately following his governorship. Last week, Sandoval was also named chairman of the Resorts World Las Vegas board. Jim Murren, the previous board chair, was CEO of MGM when Sandoval joined the company.

Competitors not opposed to project but disagree with TIF

The city of Reno first started using TIF in 1980 and has established two “Redevelopment Areas” that qualify for funding. The second area, known as RDA2, was established in 2005 and encompasses the GSR site. Numerous development projects around the city have utilised TIF in both zones.

TIF agreements are overseen by the city’s Redevelopment Agency, consisting of the mayor and city council. The agency went dormant in 2009 due to the Great Recession but has ramped up activity in recent years. Abraham said that GSR’s $61 million TIF agreement, approved in May, only kicks in “after the arena is built and additional property taxes are levied”.

A coalition of six local operators represented by public affairs firm McDonald Carano sent a letter to the council in March, urging it to reject the funding. Among them were market leaders Caesars Entertainment, Peppermill Resort Spa Casino and Atlantis Casino Resort.

The coalition said it did not “generally oppose the Project itself”. Instead, it took issue with the TIF grant, asserting that the project should not be eligible for such funding. The group argued the affected areas are not “blighted”, according to the city’s standards, and alleged that GSR planned to use the funds for operating expenses rather than development costs.

‘If there’s incentives available to you, then go out and get ’em’

In response, Abraham argued everyone is free to invest in their properties and claim any available incentives. He pointed to Jacobs Entertainment, which did not oppose the project and has also invested significant capital in its gaming and non-gaming real estate projects in recent years.

“Invest in your product, invest in the market, and if there’s incentives available to you, then go out and get ’em, because it’s going to win when the market reinvests in itself and creates a better product and better experience,” Abraham said.

But with regard to TIF specifically, only Caesars operates properties within the two RDA zones. Peppermill and Atlantis are both fenced out of RDA2 and therefore do not qualify for the funding. Representatives from Caesars and Atlantis did not respond to requests for comment for this story.

In April, Caesars regional president Stew Massie told Global Gaming Business that Reno “is incredibly important to us”, and that the company is “consistently working to create the best experiences for our guests at all three of our Reno resorts”. Caesars has promoted live local events like the Great Italian Festival and the Biggest Little Latin Festival, Massie noted.

John Farahi, longtime CEO of Atlantis operator Monarch Casino, expressed similar sentiments to Abraham’s with regard to capital investment. Atlantis completed an extensive remodel this year fueled by Monarch’s significant cash reserves instead of outside funding.

“Those properties that have invested in product, service and location are going to be able to grow more than those who haven’t,” Farahi told Global Gaming Business in April. “There will be a difference for those who have those three elements from those who do not. We compete with any product in northern Nevada, or I would honestly stick my neck out and say, compared to Las Vegas.”

Brazil has captured much of the gambling sector’s interest this year after regulation launched on 1 January, with a number of international giants entering the market.

One such company was Flutter, which created its new Flutter Brazil business after acquiring a 56% stake in NSX, the parent company of Brazil-facing brand Betnacional.

That deal was concluded in May and, in Q3, Flutter achieved $87 million in revenue from its Brazil venture. This was 412% higher than the $17 million it generated in the same quarter last year prior to the completion of the NSX deal, which largely came from its existing Betfair business.

But while Betnacional achieved record iGaming revenues in Q3, excluding M&A Flutter’s revenue during the quarter was actually down 18%, which Flutter attributed to the fact that Betfair Brazil was still continuing its recovery from the friction derived from the re-registration required at the start of regulation in January.

Despite the Betfair struggles, Flutter CEO Peter Jackson remains confident the company will succeed in Brazil.

“Brazil is an exciting growth opportunity for Flutter and we retain a strong conviction that scale operators with the best products will win the largest share of the market,” Jackson said in the Q3 report.

Entain hampered by poor sports margin

Entain, meanwhile, enjoyed a successful transition to the regulated market with its Sportingbet brand, reporting a 21% year-on-year NGR rise in Brazil during H1.

But Q3 was a different story, with NGR in Brazil down 11% despite 14% volume growth.

Entain deputy CEO and CFO Rob Wood put this down to “genuine bad luck from sports results”, stating the company is still trading on the right side of expectations when it comes to volume.

He expects sports margin to normalise over time, with the volume growth demonstrating why Flutter continues to be enthused about its future in Brazil.

It’s not just sports betting where Entain struggled during Q3, however, with Wood saying slow game authentication has hampered the company’s iGaming efforts in Brazil.

“iGaming is not particularly strong at the moment and all the growth is coming from sports,” Wood said on the earnings call. “We think this is a market-wide phenomenon, not just Entain.

“The good news is we think there’s a lot more growth to come out of gaming as we look forward. But so far in 2025, it’s been slow.”

BetMGM investing heavily in Brazil

Last August, MGM Resorts International struck a partnership with Grupo Globo, LatAm’s largest media group, to introduce the BetMGM brand to the Brazilian market as a joint venture.

The company has stated on a number of occasions that it is aiming to reach 10% market share in Brazil, and it reiterated this target in its Q3 presentation.

MGM achieved “strong growth” in Brazil during Q3 without giving direct figures. The company is focused on efficiently building brand awareness and customer acquisition, powered by its on-the-ground team led by MGM Brazil CEO Almir Ribeiro.

However, MGM Resorts International CFO Jonathan Halkyard said the company’s heavy investment in Brazil will likely lead to MGM Digital reaching an EBITDA loss of close to $100 million for the year.

Halkyard explained the company’s investment is in line with its roughly 50% stake in the JV, which is already showing positive signs.

“The venture has seen encouraging growth quarter-over-quarter throughout the year in active players, deposits and GGR,” Halkyard said on the company’s earnings call.

Record LatAm casino revenue for Betsson in Q3

Betsson continues to make significant efforts in LatAm, launching in Brazil and Paraguay during 2025 to add to its existing markets which include Argentina, Colombia and Peru.

It is proving a successful venture, with Betsson achieving year-on-year revenue growth of 10.2% to €76.5 million in LatAm over Q3.

This was powered by record casino revenue in the region, rising from €46.1 million in Q3 2024 to €56.6 million in the same period this year.

Casino growth helped to offset a year-on-year drop in sportsbook revenue from €23.1 million to €19.8 million. Betsson put this down to tough comparisons with last year’s Q3 which included the European Championship and Copa America football tournaments.

LatAm accounted for 26% of Betsson’s revenue in Q3, down from 28% in Q2.

Betsson CEO Pontus Lindwall pointed to Argentina, Peru and Colombia as key areas of focus, with the former continuing to show strong underlying growth in terms of deposits and turnover.

Codere Online positioned to become a leading player

Codere Online is currently operating in the LatAm markets of Mexico, Colombia and Panama, as well as certain provinces in Argentina.

Its current total addressable market (TAM) is €4.8 billion, although it noted in its Q3 presentation the combined TAM of online expansion markets, which includes Brazil, Peru and Uruguay, could be €8.4 billion by 2029.

In the presentation, the company said: “Codere Online is especially well positioned to become a leading player across the region.”

Mexico continues to be Codere Online’s biggest market, achieving market revenue of €26.8 million in Q3. This is ahead of the €22 million generated in its home market of Spain.

However, with Mexico’s government weighing up increasing the gambling tax rate from 30% to 50%, Codere Online said it may have to reconsider its investment into the market.

Outgoing CFO Oscar Iglesias, who will shortly be replaced by Marcus Arildsson, expects the tax to come in from 1 January.

“The discussions around capital allocation, I think, is a broader one, and it’s in the context of the discussions we’re having at the board level,” Iglesias told analysts.

“The tax obviously factors into … our appetite and willingness to invest into the market because it has an impact on the unit economics, the flow-through of every dollar of NGR to EBITDA in the business.  

“It’s still a little bit early to say what that means in terms of our plans for next year to invest in Mexico.” 

Codere Online is also working under the assumption that the 19% VAT in Colombia, which is set to end from the start of 2026, will be renewed.

Codere Online Executive Vice Chairman Moshe Edree explained the operator’s short- to mid-term strategy “does not include Colombia”, echoing CEO Aviv Sher’s post-Q2 comments that the company was pulling back in the market.

RSI confident Colombia VAT won’t be renewed

But while Codere Online is expecting the VAT to be renewed, Rush Street Interactive CEO Richard Schwartz said on the company’s post-Q3 earnings call that the business is predicting the tax will be scrapped.

Rush Street Interactive followed many other operators in absorbing the tax through player bonusing. This meant in Q3, while GGR from Colombia grew over 50%, net revenue was down 27%. Revenue across LatAm fell 11%.

Despite this, Rush Street Interactive believes it holds second place in Colombia, while it also claims to be among the top seven operators in Mexico.

Monthly active users in LatAm during Q3 were up 30% year-on-year to around 415,000.

Rush Street Interactive listed Brazil, Ecuador, Argentina and Chile as potential expansion opportunities.

When asked on the earnings call whether the situation in Colombia may dampen the company’s interest in further LatAm expansion, Schwartz responded by saying the company was still excited by the region.

“We believe those markets are at the infancy of growth,” Schwartz said. “And as we see in our growth ourselves, there’s lots of opportunity there, and it’s a very large population across Latin America that are in the process of or will be legalising online gaming in the future. So we certainly remain very excited for it.”

Kambi lowers FY2025 guidance due to slow Brazil progress

In its Q3 report, Kambi announced it was lowering its full-year 2025 guidance from an adjusted EBITDA of €20 million-€25 million to approximately €17 million.

The company said this was in part down to the Brazilian market developing more slowly than expected, with CFO David Kenyon stating the company isn’t seeing the growth in Brazil it had “hoped for”.

Kambi CEO Werner Becher said on the earnings call that while the Brazil market is continuously growing, he believes the overall pre-regulation market size was overstated.

“There’s a little bit of disappointment, I would say, in the entire industry about the Brazilian market,” Becher claimed.

“The legalised regulated market grew slower than expected because the black market is still very big there.”

The GRA has a “broad and overarching scope” to oversee ship-based, land-based and online operations with the exception of lotteries and social games. It will govern licensing and taxation, manage revenue collection and standardise problem gambling safeguards.

“The regulator will also ensure that casinos operate according to rules and concerns about money laundering,” said Deputy Minister of Economic Development Anil Jayantha Fernando.

The launch effectively repeals the Betting on Horse Racing Ordinance, the Gaming Ordinance and the 2010 Casino Business Act.

Minister: No rapid expansion of gaming

A handful of land-based casinos now operate in Colombo, the commercial capital of Sri Lanka. In October 2024, a $1.2 billion integrated resort opened in the port city. Developed by John Keells Holdings and Melco Resorts and Entertainment, City of Dreams Sri Lanka offers a 16,725-square-metre gaming floor.

Melco Chairman and CEO Lawrence Ho has said Sri Lanka “can be to India what Macau is to China”.

However, Sri Lanka is not looking to rapidly expand its gaming industry or hand out additional licences, according to Fernando. “The focus is on regulation,” he said. “That regulation will define which gambling activities are permitted, the restrictions that apply and matters such as the revocation or cancellation of licences.”

New tax structure increases levy by 3%

The introduction of a sole independent regulator was accompanied by a higher tax rate. On 1 October, the Betting and Gambling Levy increased from 15% to 18%. The casino entry fee for Sri Lankan citizens doubled from $50 to $100.

Sri Lanka’s gaming sector is projected to generate $410 million by 2026, up from $240 million in 2020. Analysts predict a compound annual growth rate of 5.4% through 2031.

Michigan surpassed by 12.7% the previous record of $312.5 million set in August this year for combined online casinos and sports betting. Revenue, referred to by the Michigan Gaming Control Board as gross online gambling receipts, was also 38.9% ahead of October 2024 and 16.4% more than September this year.

This was helped by record gross receipts from mobile casino play. In October, $278.5 million in gross revenue was drawn from this segment, a new monthly high and 26.2% more than last year.

As for online sports betting, gross revenue rocketed by 123.6% year-on-year to $73.8 million. This was one of the highest monthly totals since Michigan launched its legal market in August 2020.

In terms of adjusted gross receipts, which accounts for promotional spending, the market total was 49.1% higher than last year at $310.9 million. Adjusted icasino gross receipts climbed 31.8%, while adjusted sport betting gross receipts jumped 397%.

The regulator also published data on player spending within the sports betting market. In October, the handle reached $605.9 million, an increase of 8.1%. This meant Michigan ended the month with a hold of 12.18% based on gross receipts and 8.12% for adjusted revenue.

FanDuel and MotorCity continue to lead in Michigan

Looking to operators, FanDuel and MotorCity retained top spot in the online casino market. In total, the partnership generated $76 million in gross revenue and $71.4 million in adjusted revenue.

MGM and BetMGM remained second with $68.8 million and $64.7 million in gross and adjusted revenue, respectively. DraftKings and the Bay Mills Indian Community were again third with $44.7 million and $42.1 million.

FanDuel and MotorCity also led the way in the online sports betting market in Michigan. The duo took $29.9 million in gross receipts and $17.5 million adjusted receipts. Based on gross revenue and a $230.5 million handle, this left a hold of 12.97%.

DraftKings posted the second-highest gross revenue monthly total at $21.4 million and $16.8 million in adjusted revenue. Hold, based on gross receipts and $180.5 million in wagers, was 11.86%.

BetMGM completed the top three with $10.7 million in gross revenue and adjusted revenue of $7.3 million. Having processed $70.5 million in bets, hold for the month was 15.18%.

Tax-wise, the state took $58 million from online gambling activities. This included $54.6 million from casinos and $3.4 million in sports betting payments. A further $15 million was paid to the city of Detroit by its three commercial casino operators, while tribal payments topped $6.5 million,

Detroit casino revenue back above $100 million

Data for the three land-based casinos in Detroit was also made public. In October, they posted $107.4 million in revenue, up 4.4% year-on-year and 8.6% more than September.

Revenue from slots and table games edged up 2.2% to $105.9 million. However, qualified adjusted gross receipts from sports betting revenue fell 33.3% to $1.6 million. Monthly sports betting hold, after $13.5 million in bets, was 11.59%.

MGM Grand Detroit retained its healthy lead in the city with a 49% market share. MotorCity Casino followed with 29%, then Hollywood Casino at Greektown with 22%.

Total gambling revenue for the month amounted to $611.1 million, the New Jersey Division of Gaming Enforcement reported. This was 22.3% ahead of October 2024 and 8.4% ahead of this September.

iGaming was the main source of gambling revenue in New Jersey, ahead of the land-based and sports betting segments. However, it was the sports wagering market that reported the largest year-on-year growth.

Another iGaming record for New Jersey

Breaking down the monthly figures, iGaming revenue was 21.8% above last year’s total while clearing $250 million for the first time. It surpassed the state’s prior record – $248.8 million this August – by 4.8%.

Some $257.7 million of iGaming revenue came from online slots and table games, up 22% from last year. Peer-to-peer internet poker revenue also increased 11.1% to $2.6 million.

FanDuel and partner Golden Nugget remained the frontrunners in this market, posting $60.9 million in revenue. DraftKings and Resorts World were second at $48.5 million and BetMGM and the Borgata took third with $33.2 million.

Sports betting revenue rises 49.8% in October

Turning to sports betting, monthly revenue was 49.8% higher year-on-year at $116.1 million. Of this, $110.7 million came from online betting, up 45.9%, while retail revenue rocketed by 242.5% to $5.4 million.

In terms of customer spending, total handle for the month was $1.24 billion, a 10.7% increase from last October. This total included $1.19 billion in online wagers and retail spend of $43.8 million.

As such, New Jersey ended October 2025 with a statewide betting hold of 9.39%.

Operator-wise, FanDuel and Meadowlands again led the online sector, posting $39.9 million in revenue. DraftKings and Resorts World remained second at $30.5 million, followed by BetFanatics and Bally’s with $11.4 million.

As for retail locations, Meadowlands retained top spot with $2.3 million in revenue. Borgata was again its closest challenger, reporting $1.5 million in total monthly revenue. New Jersey does not publish handle information for individual operators.

Double-digit land-based casino growth

The remaining $234.7 million in revenue came from land-based casinos, up 12.5% from last year.

This included $174.4 million from physical slot machines, an increase of 9.1%. In addition, the land-based table games sector posted $60.3 million in revenue, some 23.5% higher than October 2024.

As for the year-to-date, total gambling revenue in New Jersey for the 10 months through the end of October was $5.74 billion. This was 10% higher than at the same point last year.

iGaming revenue was 22.6% higher at $2.39 billion, while sports betting revenue was 0.2% ahead at $914.6 million. Land-based casinos generated $2.44 billion in the same period, up 3.4% year-on-year.

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GFLB members made site visits to the three locations on Monday after poring over financial records and application details.

Board members were not made available to the media, and the purpose of the visits was to “obtain an understanding of the physical location and, if necessary, seek clarification regarding the transportation, parking, infrastructure and layout components of the proposal”, per the board’s website.

Meanwhile, two bidders have made headlines recently, neither for positive reasons. The US Tennis Association (USTA) last week volleyed a lawsuit at New York City Mayor Eric Adams’ administration, which could quickly become a major hurdle for the Metropolitan Park project. The suit alleges the city broke its lease agreements with the USTA by allowing the bid to move forward, although stakeholders say an agreement has been reached.

And on Monday, Bloomberg cited anonymous sourcing in a report that Resorts World will ask the board to reconsider the terms of its proposal. The casino had been the most aggressive in its bid terms, offering a $600 million licence fee and tax rates of 56% and 30% for slots and tables, respectively.

Board making New York casino site visits

Monday’s site visits were likely the only ones of those for the five-member board. All of their other meetings have been conducted behind closed doors. Since the previous round’s deadline of 30 September, the GFLB has convened a total of seven times, including Monday.

The board has established a once-weekly cadence for its meetings so far. That would leave just one more meeting opportunity before the 1 December deadline, although the Thanksgiving holiday next week could complicate schedules.

Most of the previous meetings were held on Wednesdays but the board had scheduled a longer, formal meeting after the site visits Monday. That would allow for another meeting on 24 November before the holiday if the schedule remains the same. In any case, the board’s recommendations are technically non-binding, as the New York State Gaming Commission will ultimately have the final say over how many licences are awarded and to whom.

During the upstate New York casino licensing process in 2014-15, the GFLB recommended four casinos but only three were licensed initially. The fourth, Tioga Downs Casino Resort, was not licensed until the following year.

USTA says city, Metropolitan Park have ignored its lease

The USTA’s suit against NYC was the latest unforeseen development in a process riddled with twists and turns. Filed 12 November in New York state Supreme Court, the association alleges the city will violate its lease obligations if Metropolitan Park is allowed to move forward without its input. The USTA operates the Billie Jean King National Tennis Center, located adjacent to Citi Field.

Metropolitan Park itself is not a defendant in the litigation, but the project is slated for the same Citi Field parkland that is leased by the USTA from the city.

According to the suit, the USTA’s lease grants a number of rights over the land when it hosts the annual US Open tennis tournament for roughly three weeks from late August to early September. This is ensured through a “superiority clause” granted to the USTA, and includes the following protections during tournament days:

• Special parking rights for Citi Field parking lots.
• Protection from “competing events that would materially and adversely affect the US Open”, other than MLB games at Citi Field.
• Exclusive rights over “concessions, marketing, and hospitality offerings in the Park during the US Open”.
• Guarantees that the protections stretch for 23 days, the entirety of tournament play and qualifying rounds.

The USTA said it does not oppose the project overall, only the elements that would conflict with its lease. Its suit only seeks declaratory and injunctive relief instead of monetary damages.

Spokesman says a compliant agreement has been reached

Metropolitan Park is projected to cost $8 billion, the most ambitious of the remaining New York casino bidders. But the USTA pointed to the existing benefits of the US Open, which could be harmed if the city and Metropolitan Park fail to uphold the superiority clause. The tournament generates an estimated $1.25 billion in economic impact annually and welcomed 1.1 million visitors in 2025.

The suit alleges that USTA has “repeatedly asked the City to share the draft lease agreement” with Metropolitan Park, but the city “has refused to do so”.

Last Friday, Manhattan Supreme Court Justice Nancy Bannon granted a temporary restraining order preventing the city from ratifying a new pre-development agreement (PDA) with Metropolitan Park. Under the latter’s New York casino application from June, a PDA for the site was expected to be negotiated by Monday and signed by 31 December.

Metropolitan Park spokesman Karl Rickett told iGB that a PDA has in fact been reached with the city. The agreement is said to have complied with the court order and all sides will continue discussions moving forward.

“We have successfully signed our pre-development agreement with the city,” Rickett said. “This moves forward Metropolitan Park as a comprehensive transformation of the area that embraces the existing sports attractions to create a world-class sports and entertainment destination in the heart of Queens. This is a positive step forward for the local community and fans.”

Resorts World showing hesitancy after bullish campaign

Meanwhile, as Metropolitan Park charges forward, Resorts World appears to be trying to pull back on the extent of what it is offering the state. The racino has outdone all competitors in its quest to ensure licensure but could be getting cold feet at the last minute. Bally’s has proposed slot and table tax rates of 30% and 10%, and Metropolitan Park proposed 25% and 10%, the minimum allowed.

In its application, Resorts World dwarfed those rates by offering 56% and 30%, and it bumped its proposed licence fee by $100 million to $600 million. Bloomberg’s anonymous source said the casino will ask the state to lower its rates or raise those of its competitors.

That is likely a worrying sign for regulators and state officials. Over the last year, three big casino operators willingly withdrew from the process: Las Vegas Sands, Wynn Resorts and MGM Resorts. MGM was considered a shoo-in alongside Resorts World, and its withdrawal was the most surprising of the three. A withdrawal or downsizing from Resorts World, the most bullish bidder, could throw the entire process into disarray.

The state’s Metropolitan Transportation Authority is banking on at least $1.8 billion in casino licensing fees and tax revenue in the coming years. That seemed more than attainable six months ago but now looks increasingly shaky, especially if fewer than three licences are awarded. New York state as a whole faces a projected $34 billion cumulative budget gap through fiscal year 2029.

Caesars is the third Las Vegas gaming company to face fines related to Bowyer, joining MGM Resorts and Resorts World Las Vegas. Caesars’ shortcomings were detailed in a five-count, 21-page complaint also filed on Thursday but dated 10 November.

Bowyer, 50, reported to federal prison to serve a one-year sentence in October. Considered to be one of the biggest bookies in the US at his peak, Bowyer is most well-known for taking more than $325 million worth of action from baseball star Shohei Ohtani’s former interpreter, Ippei Mizuhara.

The Nevada Gaming Commission will consider the matter at its next meeting on 20 November. All of the AML fines administered this year have been accepted by the commission. If approved, Caesars’ $7.8 million fine would rank third among those levied this year. Resorts World paid $10.5 million and MGM’s total was $8.5 million.

“The board’s investigation revealed that Caesars and/or its subsidiary properties, including Caesars Palace, had identified, as early as April 2017 and on multiple subsequent occasions until he was banned by Caesars, suspicions regarding Bowyer’s activities, including that there was a lack of information regarding his source of funds and/or that his source of funds failed to justify his level of play,” the complaint reads in part.

What’s included in the Caesars complaint?

The five counts listed against Caesars in the complaint are:

• Failure to establish Bowyer’s source of funds
• Failure to ban Bowyer
• Failure to conduct adequate due diligence on Bowyer after receiving negative information
• Failure to elevate Bowyer to Caesars’ AML officer
• Failure to conduct an investigation

Caesars released the following statement:

“At Caesars Entertainment, integrity and regulatory compliance are paramount. We fully cooperated with the Nevada Gaming Control Board throughout its investigation and are committed to maintaining strong anti-money laundering and ‘know your customer’ programmes. We take our compliance responsibilities seriously and are dedicated to continuously strengthening our practices to meet and exceed the highest standards.”

Investigators said the misconduct by the operator ran from “sometime prior to 2017 until 22 January 2024”, when Bowyer was banned by Caesars. Bowyer was allegedly categorised as a “high risk” patron continually from June 2019 until he was banned nearly five years later. Caesars had documentation that “two other Las Vegas casinos had banned Bowyer” from May 2017.

The decision to ban the bookmaker came after news reports surfaced about his home being raided by federal authorities, the complaint says.

Overall, Bowyer was said to have “won and lost millions of dollars” at Caesars properties, including Caesars Palace, Harrah’s Resort Southern California and Harveys Lake Tahoe (now Caesars Republic Lake Tahoe).

Flurry of AML scandals for Nevada regulators

Often dubbed as the “gold standard” of US gaming regulation, Nevada has been besieged by AML scandals this year. In addition to the three Bowyer-related cases, Wynn Las Vegas was also fined $5.5 million in a separate AML-related case, and word of an additional investigation involving the Fontainebleau leaked earlier this year.

Regulators have expressed displeasure about the spread of these cases. NGCB member George Assad has been particularly vocal about the misconduct and Nevada Gaming Commission member Brian Krolicki has said the large fines should serve as a “clarion call” for the Las Vegas Strip. Nevada has two regulatory bodies: the NGCB handles day-to-day regulation and the NGC has final say.

Former Gaming Arts CEO Mike Dreitzer took over as NGCB chair in June, becoming the fifth chair since January 2019. Regarding repeated AML fines, Dreitzer told iGB at the Global Gaming Expo in October that the board “will have no problem” ratcheting up enforcement efforts if there is “recidivism” in the misconduct.

“Fines make headlines, but at the end of the day from my perspective it’s even more important that the operators, the licensees are acting in a corrective way, and that we are regulating and verifying that as we go along. … Certainly we are not afraid to continue to ramp up enforcement, if that means fines, whatever makes sense,” Dreitzer said.

The misconduct by Caesars is similar to the complaints against MGM and Resorts World. In all three cases, internal AML procedures were ignored and Bowyer was allowed to frequent the casinos freely for years despite the known risks.

Largely a year to forget for Caesars

For Caesars, the fine is the latest headache in what has been a tough year for the operator. Performance has been ho-hum in all three quarters this year, and Las Vegas profits in particular tanked in Q3.

Its digital segment has been the biggest bright spot, although analysts are largely expecting a spin-off or sale as it outpaces its retail operations. As competitors like FanDuel and DraftKings move ahead with prediction market deals, Caesars feels constrained by regulatory warnings from the NGCB. The board has made it clear that offering prediction markets could put Nevada licences at risk. As such, the company is stuck in limbo.

“As we’ve said before, we can’t be out in the lead on this one,” Caesars Digital president Eric Hession told analysts in October. “We’re going to monitor it, make sure we’re not left behind if there’s regulatory clarity. … Our best approach at this point is to monitor it, put our plans in place, make sure we’re adequately resourced and be ready to move if there’s a legalisation or definition in either direction.”

The company was also charging hard this year for a New York casino in Times Square. Theatre unions rallied to oppose the bid, however, and it was rejected by a local community board in September after more than 12 hours of public hearings.

Caesars’ share price dipped below $20 in trading Friday, and the stock is now down 41% year-to-date and 50% over the last 12 months. The company reported $11.9 billion in debt in Q3, markedly above its chief competitors Wynn ($10.5 billion) and MGM ($6.1 billion).

Revenue for the three months to the end of September was marginally higher than SEK6.68 billion in Q3 2024. However, the monthly total fell 4.4% short of the SEK7.02 billion posted in Q2 of this year.

Figures from regulator Spelinspektionen showed commercial online gambling remained the primary source of gambling revenue by some margin. Total revenue from the sector, which includes online casino, topped SEK4.51 billion in Q3, up 3.5% year-on-year.

This segment also covers online sports betting, with the increase coming despite a tough comparable period last year. Q3 of 2024 included the latter stages of football’s Euro 2024 tournament, as well as the 2024 summer Olympic Games.

Mixed news from the land-based sector in Sweden

Turning to land-based gambling, revenue from the state lottery and physical slot machines was 7.2% lower year-on-year at SEK1.26 billion.

Revenue from lotteries classified as “gaming for public benefit” edged up 0.5% to SEK822 million. Meanwhile, bingo games under the public benefit umbrella generated SEK48 million, which was level year-on-year.

Elsewhere, land-based commercial gaming, including restaurant casinos, drew SEK67 million in revenue, a rise of 3.1%.

Finally, Q3 was the first quarter in which the former Casino Cosmopol land-based operations did not generate any gambling revenue. Svenska Spel closed its final physical casino in April, just weeks after Sweden’s government voted to abolish land-based casinos. 

Land-based casinos will officially be banned in Sweden from 1 January 2026.

Extended credit gambling ban edges closer in Sweden

Also soon to be banned in Sweden will be gambling with credit. The Swedish Gambling Act already prevents players from using credit to gamble with licensed operators. However, a change in regulation will take this further.

From 1 April 2026, both licensees and gambling agents will be banned from processing transactions that involve any form of credit. This will extend to credit agreements with other actors, such as loan agreements and bank overdrafts, where they may be misappropriated for the purpose of gambling.

Licensees and agents must also take measures to counteract gambling with credit. This could include blocking credit card payments and not promoting third-party lenders to customers.

However, the government said Spelinspektionen could make certain exceptions to the ban. This may cover licensed operators running gambling for public benefit, like charity lotteries.

The deal represents a significant shift for locals-focused Golden and allows VICI to penetrate further into the Las Vegas locals market, which has seen great success since the start of 2024. Under the terms of the deal, publicly traded Golden will now be taken private by chairman and CEO Blake Sartini.

Golden shareholders will receive a fixed exchange ratio of 0.9 shares of VICI stock and a cash distribution of $2.75 per share held at closing from Sartini. The overall consideration of $30 per share represents a 40% premium to its 5 November closing price, the day before the the deal was announced.

The company will continue its quarterly $0.25 per share dividends through closing, which is set for mid-2026. VICI agreed to pay up to $426 million of the operator’s current debt. Notably, the deal includes a “go-shop” clause that allows Golden to solicit “alternative acquisition proposals from third parties” through 5 December, the company said.

“We are pleased to combine our high-quality Nevada casino real estate with one of the most attractive experiential real estate platforms in the country and partner together to unlock value in our company and explore future opportunities,” Sartini said in a staetment.

VICI President John Payne added that his firm has “sought exposure to the attractive Las Vegas Locals gaming market since our inception”. He described the market as having “sticky, durable customer bases”.

Downtown and locals market increasingly attractive

The health and long-term prospects of Las Vegas’ economy have generated much debate in 2025. After multiple record years post-Covid, the city is feeling the effects of declining visitation and volatile gaming revenue. From a business perspective, perhaps the most notable trend to arise from these conditions has been a resurgence of the downtown and locals markets as consumers seek more value-oriented options.

According to the Nevada Gaming Control Board, downtown Las Vegas finished +2% year-over-year in revenue for fiscal year 2025, and the locals market was +5%. The Strip, by contrast, was -3%. Even when the Strip had its best year ever in FY24, downtown was still +2% and the locals market was +7%. Locals revenue in particular is nearing $2 billion per year, easily the second-biggest total in Nevada behind the Strip.

REITs like VICI and Gaming and Leisure Properties have amassed a large portion of Las Vegas’ casino assets through sale-leaseback deals in recent years. But as such assets become increasingly scarce, firms have had to devise new growth avenues and funding mechanisms. VICI’s portfolio features more than 50 casinos in 15 states, but in Vegas it had notably lacked a downtown or locals property.

“This transaction diversifies VICI’s real estate ownership in Nevada, an attractive gaming jurisdiction due to its stable regulatory environment and low tax rate,” the company said in a release. “The transaction also provides VICI with exposure to the Las Vegas locals market, which was the second largest gaming market in the US in 2024 by gross gaming revenue. The locals market has long been targeted by VICI due to its key characteristics of consistent and stable growth, strong demographic and demand tailwinds driven by population trends, and high barriers to entry.”

Will private ownership help Golden Entertainment?

VICI acquired the land assets for the following properties from the following markets:

• The STRAT Hotel, Casino & Tower, north Las Vegas Strip
• Arizona Charlie’s Decatur, locals market
• Arizona Charlie’s Boulder, locals market
• Aquarius Casino Resort, Laughlin
• Edgewater Casino Resort, Laughlin
• Pahrump Nugget Hotel & Casino, Pahrump
• Lakeside RV Park & Casino, Pahrump

In total, the properties include 6,000 hotel rooms, 4,306 slots and 78 tables. VICI is charging Sartini an overall master lease of $87 million per year, with a 30-year term and four five-year renewal options. The rent will increase by an annual rate of 2% starting in year three.

The STRAT is the highest-profile asset among them, though it has had something of a snake-bitten history. Since opening in 1996, the property’s famous tower has become a staple of the Las Vegas skyline. The 1,149-foot tower is the tallest free-standing observation tower in the US and the tallest structure in Nevada. But its location on the far north end of the Strip has always been its biggest hurdle, as it is essentially between the Strip and downtown.

Consultant and former regulator Richard Schuetz was brought in as president of the STRAT in its first year to help stabilise operations after a rocky opening. He told iGB that the tower is an “unbelievable” asset and tourist attraction, but that appeal might have a shorter lifespan than a typical resort that can remodel and reinvent itself more over time. Further, its location apart from the rest of the Strip means it “just doesn’t get that walking traffic” that feeds other properties.

“It’s kind of in no-man’s land,” Schuetz said.

Sartini will now try to maximise the properties’ value under private ownership. Golden’s casino-resort segment saw revenue and EBITDA declines in Q3 and its locals casino segment was flat.

Most locals operators have steered clear of REITs

By diving into the sale-leaseback trend, Golden Entertainment is breaking from its contemporaries. The other two main locals operators in the region, Red Rock Resorts and Boyd Gaming, have so far abstained from selling their real estate. Both companies have enjoyed massive success in the last two years with a notable lack of rent escalators.

Sale-leaseback transactions give operators a huge cash infusion that helps in the short to medium term, especially when multiple projects are in need of financing. But once that money is spent, the future expenses only go up. And most locals operators are inherently conservative, meaning their finances are not as stretched as might be the case for international firms.

“With the strength of our balance sheet, the strength of our cash flows and our ability to access other forms of financing, we just don’t have a need [for REITs],” Boyd CEO Keith Smith told the Nevada Independent in 2023.

Red Rock is even more opposed to REITs, as the company has long deployed the strategy of acquiring and holding real estate for future projects. According to its Q3 investor presentation, the company holds 461 acres of undeveloped land in Nevada worth an estimated $950 million.

Sartini and Red Rock are closely connected – the Golden CEO is the brother-in-law of Red Rock bosses Frank and Lorenzo Fertitta. Earlier this year, there was some intrigue about the fact that Red Rock launched a new tavern brand, called Seventy Six, which now directly competes with Golden’s tavern business.

When asked on an earnings call about the added layer of competition, Sartini said Golden’s “size and our brand is a significant competitive advantage”.

“As a group, we’re deliberately shifting away from that short-term cash mindset,” Falzon tells iGB.  

She says the company is leaning on its “truly unique” technology platform to drive its new strategy.  

“It’s highly agile, allowing us to enter new markets quickly and deliver exactly what customers want,” Falzon tells iGB. “We believe that, combined with our ecosystem of live studio, slots and aggregation products, this agility gives us a strong advantage.  

“In the regulated space, this means we can move faster than competitors, adapt to local requirements efficiently and provide a superior, compliant experience for players.” 

In September, Yolo announced it would incorporate its Sportsbet and Bitcasino brands into the single Yolo.com brand, which it would utilise to target Tier-1 regulated markets. 

Yolo has already secured two gaming-related vendor licences for its Hub88 Holdings and Live Online Gaming Services subsidiaries in the UAE. These licences will allow Yolo to supply iGaming content to the regulated market in the UAE.

With Yolo having enjoyed a hugely successful period as an unregulated operator, the move away from grey markets raised questions over how exactly the company would manage this seismic shift. 

Shift from quick-buck mentality 

In its announcement the company said it had a responsibility to bring the crypto casino experience to regulated domestic markets. 

This has necessitated a cultural shift for Yolo, and Falzon describes the strategy change to one of heavy regulatory compliance as “by far the biggest hurdle”. 

“In terms of changes, I think the biggest one is mentality,” Falzon explains. “I’m not saying we’re done yet.  

“Historically, our business has operated at a pace of speed, speed, speed – let’s get the money, let’s move fast. But when you’re dealing with regulators, it’s a completely different world. 

“There’s a lot of paperwork, processes and procedures that we have had to implement. It requires patience and discipline, and it changes how people think – some initially resist because it doesn’t feel immediately revenue-generating. But that’s part of the regulated environment and embracing it has been a major shift for us.” 

A long-term financial outlook for Yolo Group

Falzon raises an interesting point on margins, with iGaming and sports consultant Stefan Kovach previously telling iGB that Yolo’s strategy change could “significantly impact” its profitability, at least in the short term. 

But this is something Yolo is well aware of, says Falzon, and it has formed a large part of its strategy.

“I believe it’s about more than just margins – it’s really instant cash versus long-term valuation,” she adds. “It’s the million-dollar question that many business owners ask themselves: do you prioritise immediate cash and dividends, or focus on building sustainable, long-term value?  

“We’d rather invest in creating a robust, high-value proposition that positions Yolo for growth, stability and leadership in regulated markets over the long term.” 

Will Yolo Group face increased scrutiny from regulators? 

In the announcement of its plans, Yolo acknowledged domestic regulators “are not keen” on operators continuing activities in other pre-regulated markets. 

Elizabeth Dunn, partner at UK law firm Bird & Bird, suggested Yolo’s previous position as a grey-market crypto operator could raise concerns among Tier-1 regulators. 

“Regulators in most Tier-1 markets continue to struggle with the idea of operators directly accepting cryptocurrencies and/or being funded through cryptocurrencies,” Dunn previously told iGB. 

“Yolo’s history as a crypto-first operator is, therefore, likely to come under scrutiny when regulators are assessing its suitability to hold a licence.” 

But while Falzon emphasises the strategy change hasn’t been an “easy ride”, Yolo’s collaboration with regulators has made the transition smoother. 

“I believe proactive engagement, transparency and collaboration is paramount,” Falzon says. “We are not shy of our crypto origins; it defines who we are. However, at the same time, we want to collaborate closely with regulators, educating them about our platform while learning about their concerns.  

“By working together as a team, we can find a middle ground that ensures player protection, transparency and compliance, while allowing our technology and ecosystem to deliver the best possible experience for our players.” 

This week, UK Gambling Commission CEO Andrew Rhodes warned the government cannot ignore crypto gambling.

However, he stopped short of saying the UK could soon issue licences for crypto-based betting, instead stating the government must take steps to regulate the activity.

As was the case in Q2, Wynn posted Las Vegas gains in Q3 while MGM and Caesars lamented soft conditions and chastised themselves for poor pricing.

Wynn’s Las Vegas casino revenue grew 11% year-over-year to $161.5 million for the quarter, and the company is now 15% ahead of where it was at this point last year. Its Las Vegas casino metrics were up across the board in Q3, including table game win (+11%), slot win (+10%) and poker rake (+11%). All three of those metrics are up at least 4% year-to-date.

By contrast, MGM’s Las Vegas casino revenue was down 5% in Q3, and while its slot win was up slightly (+3%), it was offset by a 6% slide in table game win. The company’s Las Vegas casino revenue is flat year-to-date. Caesars fared worse, posting an 11.5% YoY decline in Las Vegas casino revenue in Q3. This quarter’s results dragged the sector to -4% year-to-date for Caesars.

To this point in 2025, MGM’s stock is down 2.5% and Caesars has fallen 40%, whereas Wynn is up 55%. All three companies operate the same games in the same market, so why is Wynn winning while the others languish?

High-value clientele buoying Wynn in Las Vegas

Brand and clientele are perhaps the first reason why Wynn is outshining its Las Vegas casino competition. The company caters almost exclusively to the high-end luxury market, whereas Caesars and MGM offer a mix of higher- and lower-end properties.

One of the biggest trends for Las Vegas in 2025 has been declining visitation and volatile gaming revenue. Tourism has been down all year but revenue has vacillated up and down.

Macroeconomic pressures like sticky inflation and interest rates, high tariff costs and an ongoing government shutdown have impacted low- to mid-tier consumers, but the highest rollers are still showing up, which plays into Wynn’s strengths.

“Mass gaming and [average daily rates] are, of course, levered to visitation, because they’re both either demand-driven or correlate to the number of people that are coming through the doors every day,” Wynn CEO Craig Billings said on an earnings call last week. “High-end gaming, very different, right? That’s about the equity markets. It’s about host-to-customer relationships, one-to-one selling, the specific service in the building, that particular customer and what they’re doing.”

‘Unrelenting when it comes to value for their dollar’

Caesars and MGM must find ways to cater to all customers and provide value to each segment, but Wynn is able to fine-tune its approach to a select group. While there has been a lot of discussion this year about the “value” of Las Vegas, Billings said his company is the best at delivering on lofty expectations and justifying higher costs.

“Wynn Las Vegas is not necessarily built for those visiting Las Vegas on a tight budget,” he told analysts. “Our customer generally isn’t the customer who focuses on cost alone, but they are the type of customer who is really unrelenting when it comes to value for their dollar, right? Their expectation of that perceived value could not be higher.”

Slot consultant and retired casino executive Buddy Frank told iGB it’s surprising to see such strong relative casino performance in a particular market by one company over others. This is because “mass volumes and [hold] percentages tend to hold true over time”. However, this equation changes when the players are higher value.

“The exception to [that premise] comes from those casinos who have a strong percentage of what I call high-roller guests, or ‘whales’, and also those who have highly volatile games like baccarat,” Frank said.

While all of the Big Three would fit those definitions, Frank stressed that “a single player or group of players can have a dramatic effect on overall outcomes”. It appears that Wynn is having more success in finding and retaining those needle-movers than its competitors.

Most Las Vegas operators leasing real estate from REITs

From a business perspective, Wynn is also unique among Las Vegas casino operators because it has not followed the sale-leaseback real estate trend.

Most companies – especially MGM and Caesars – have opted to sell and lease back their properties from real estate investment trusts. Top gaming REITs VICI Properties and Gaming and Leisure Properties (GLPI) have long owned most of Las Vegas’ casino assets.

Under these arrangements, escalating annual rent becomes a huge expense that can be a drag on performance. Caesars, for example, leases a total of 24 casinos, 18 from VICI and six from GLPI. In its 10-Q form, the company said a “significant portion” of its liquidity needs are for “debt service and payments associated with our leases”. Its estimated lease payments to both companies in Q4 is $338 million.

MGM has been even more aggressive in selling its domestic real estate, including all nine of its Las Vegas properties. The company has paid $571 million in operating lease costs year-to-date, per its 10-Q, and it reports $25 billion in total operating lease liabilities. It expects to pay $460.7 million in operating leases in Q4.

Wynn still owns all of its Las Vegas casino real estate and therefore pays no lease costs in the market. Additionally, the company owns another 34-acre vacant plot on the Strip that it has not yet committed to developing.

Early moves saving money later for Wynn

Overall, Wynn has been very decisive in recent years about narrowing its focus to its core land-based markets. That decisiveness has streamlined its operations and reduced unnecessary expenses.

In 2023-24, the company exited the online gaming industry altogether by dissolving its WynnBet brand. And this year, it pulled out of the New York casino race before submitting an official bid, limiting its exposure and expenses in a process that Caesars and MGM ultimately exited from months later.

Caesars and MGM have both invested substantial resources and time in their online gaming divisions, though neither is close to matching sports betting and iGaming market leaders FanDuel and DraftKings.

Caesars Digital has seen growth in 2025 but is widely expected to be spun off or sold as it outpaces its retail division. BetMGM is having its best year to date in 2025 and is returning cash to parents MGM and Entain. Still, it has yet to record a profitable year since its formation in 2018.

In the New York casino licence race, Wynn had originally proposed a $12 billion mixed-use development in Manhattan, the biggest potential investment among those initially in the field. But it folded the proposal before jumping through any hoops, whereas Caesars and MGM both went on to file official bids and participate in the various rounds of consideration.

Caesars was eliminated from contention in September when rejected by a local community board, while MGM was considered a frontrunner all year before pulling out in October. In MGM’s case, such a late withdrawal resulted in $93 million in non-cash write-offs and a non-cash goodwill impairment charge of $256 million, per financial filings.

“Yolo is entering the UAE market with a complete eco system offering, live studio experiences, slots and aggregation services,” Falcon tells iGB. “Thus, providing a fully connected entertainment platform that can provide quality, safety and innovation to players.

“This all-in approach builds credibility and trust, which effectively gives us a lot of opportunities as well as a head start when compared to our competitors.”

First-mover advantage for Yolo in the UAE

Yolo is aiming to “press the start button” in the UAE as early as this month, with its live studio in Abu Dhabi very close to completion, according to Falzon. “As soon as they’re ready, we’re ready to go,” Falzon declares.

Falzon believes Yolo’s first-mover advantage in the UAE is imperative to success, especially in a market that could prove to be hugely lucrative.

“Speed to market is key,” Falzon adds. “It provides the opportunity to have a local footprint and thus raising barriers to entry for competitors. This could be quite rewarding both in terms of revenue but also valuation.”

In early October, Yolo Group announced it had secured two gaming-related vendor licences in the UAE for its Hub88 Holdings and Live Online Gaming Services subsidiaries.

The licences enable Yolo to supply iGaming content to the UAE’s regulated market. As per the the UAE’s gambling regulations, one online licence will awarded per emirate.

The news of the approved licences followed Yolo’s announcement that it had decided to pivot to fully regulated markets, leaving its grey past behind.

Yolo CEO Tim Heath described the move into the UAE as a “statement of intent” and Falzon, who was appointed CEO of Yolo’s B2B brands in July, says the company’s mentality should prove a successful strategy in the market.

UAE a key market for Yolo’s future

During Falzon’s time at the company she says securing the UAE licences has been one of her proudest achievements so far.

“Beyond the commercial opportunity it represents, it fundamentally changes Yolo’s positioning in the market,” Falzon says. “The licence has elevated our credibility and opened new conversations that weren’t possible before. It’s a strong foundation for the next phase of our growth.”

It’s a big opportunity for Yolo and its B2B segment, especially considering some other more mature regulated markets are already dominated by monopolies or big operators.

The UAE, meanwhile, is described by Falzon as a “forward-thinking, well-regulated market”, which aligns with Yolo’s company values. “Yolo Group believes it has the opportunity to innovate responsibility in a high growth region,” Falzon explains.

“In the UAE, there are a lot of untapped opportunities which makes it very exciting as we don’t know where this will take us, both in terms of product offering but also from a strategical point of view.”

Falzon believes Yolo’s ability to differentiate itself in the UAE market will hinge on two strategic levers – product and technology.

“One of our core initiatives is to treat the UAE as a live lab trying to test & identify what players value most,” Falzon says. “As a content aggregator our key focus is to understand the market & identify different product offerings that appeal to the players in this region.

“The other lever is technology. Yolo can differentiate through a best-in-class tech stack which is trusted by its suppliers and customers. The technology allows for rapid iteration and deployments. Moreover, it provides other tools such as analytics, automated promotional setups as well AI-driven personalisation.”

Localisation as a safety net

One interesting finding so far has been the UAE’s affinity for camel racing. Falzon jokes: “I need to find a studio that offers camel racing first!” But while she feels localisation is important, it goes beyond simply making Yolo “fit in”.

“It acts as a safety net, reducing cultural, regulatory and engagement risk,” she says. “However, I still believe that long term success depends on how quickly Yolo ‘integrates’ into the market.

“An additional factor which is very important in the UAE is the religious and social alignment that is unique when compared to other markets.”

A transparent licensing process in the UAE

The licensing process in the UAE as tough but collaborative, she says.

“Overall, the process has been thorough, transparent and internationally benchmarked, but it’s still evolving. We had several briefing sessions, guidance calls and documents reviews whereby GCGRA offered a level of engagement that was more of a collaboration or ‘partnering’ rather than punitive,” she concludes.

“What is unique is that the UAE’s approach is to encourage innovation and co-operation while still asserting control.”

On Tuesday, voters across the US headed to the polls for the 2025 elections with several issues of interest to the gaming industry on the ballot, namely key races in current or prospective gaming jurisdictions.

The New York City mayoral election was a major storyline for the casino industry, which has three finalists vying for three downstate licences to be issued in the state by year’s end. Nearby, gaming-forward New Jersey elected Democrat Mikie Sherrill to be the state’s next governor, over Republican candidate Jack Ciattarelli.

In Texas, a state Senate race monitored by Las Vegas Sands is headed to a runoff without the Sands-backed candidate. And in Pennsylvania, the state’s Supreme Court retained its 5-2 Democratic majority as the casino industry continues its legal battle against so-called skill games.

Mamdani the biggest headline of 2025 elections

Democratic socialist Zohran Mamdani won the election handily over former New York governor Andrew Cuomo and longtime political activist Curtis Sliwa. Mamdani’s election as NYC mayor is notable for multiple reasons.

At 34, he is the city’s youngest mayor in over 100 years, and he is the first Muslim to hold the office. His far-left policies have rankled the city’s business and financial communities, as he proposes funding the bulk of his initiatives through higher taxation of the wealthiest New Yorkers and businesses.

All of the downstate casino finalists – Bally’s Bronx, Resorts World NYC and Metropolitan Park – are proposing multibillion-dollar developments that could see impacts from Mamdani’s politics.

Bally’s bid was significantly buoyed by outgoing mayor Eric Adams, who withdrew from the race in September. Metropolitan Park, the most ambitious project ($8 billion), is backed by Steve Cohen, who is a major donor to the Democratic Party to which Mamdani belongs. But Cohen’s ties have mainly been to Governor Kathy Hochul, who originally opposed Mamdani but ultimately endorsed him.

As a Muslim, Mamdani is opposed to gambling, which is forbidden under the faith. But his stance on the downstate process specifically is neutral, with the caveat that it is largely out of his control.

“I’ve been open about my personal skepticism, and yet I also know this is the law,” Mamdani told The New York Times in August. “The siting and the choices of which casinos will open, that pertains to the state.”

Prior to running for mayor, Mamdani served in the state Assembly since 2020. His district was in Queens, which is where the Metropolitan Park and Resorts World downstate bids are located. Resorts World is going above and beyond to secure a licence, offering the highest licence fee ($600 million) and tax rates (56% for slots, 30% for tables). Cohen and Metropolitan Park, by comparison, are offering the minimum licence fee ($500 million) and tax rates (25% for slots, 10% for tables).

Cuomo oversaw major gaming growth as New York governor

The gaming industry might have preferred a Cuomo victory, given previous expansions under his tenure.

Cuomo was governor in 2013 when voters passed Proposal 1, which allowed for a total of seven commercial casino licences throughout the state. Four licences were awarded upstate in 2014-15, leaving the three remaining in the current downstate process.

Cuomo was also governor when New York legalised online sports betting in early 2021, before resigning in August of that year in part because of a sexual harassment scandal. Cuomo drove the online NY sports betting process, making clear he would not sign anything but a robust tax rate. Bidders ultimately proposed the 51% tax rate that is the nation’s highest, and led to New York becoming the biggest OSB market in the US by handle and tax revenue.

New NJ governor takes reins of major US market

New York’s casino expansion is likely to have ripple effects for New Jersey, which has positioned itself as one of the major gaming states in the US. Outgoing governor Phil Murphy oversaw numerous gaming-related developments in the Garden State since his election in 2017.

There are three central gaming issues that the incoming Sherrill might face in the next four years.

The first and perhaps most controversial is indoor smoking in casinos. New Jersey has become a key battleground for advocacy groups like Casino Employees Against Smoking Effects and Americans for Non-Smokers’ Rights (ANR). Murphy said he would sign a smoking ban bill if it reached his desk, but none did, as the casino lobby has successfully dug in its heels to this point.

At an event in 2024, Sherrill said that proponents of indoor casino smoking were choosing a “weird fight to have”. That sentiment drew praise from ANR, but Sherrill did not publicly take a stand on the topic during the gubernatorial campaign.

The other two Garden State issues pertain to casino expansion and tax rates. New Jersey officials have posited the idea of expanding casinos in the state beyond Atlantic City, but it has yet to gain traction. That could change meaningfully, however, during Sherrill’s tenure once the New York expansion begins.

With regard to tax rates, Sherrill is taking office on the heels of an increase championed by Murphy. New Jersey’s sports betting and iGaming tax rates were increased this year to 19.75% from 13% and 15%, respectively. Murphy originally proposed 25% rates.

It seems unlikely Sherrill would push quickly for further hikes, but other states like Illinois and Ohio have seen multiple increases approved or proposed in short succession.

Sands’ Texas hopes fall flat, again, in 2025 election results

Texas is opposite to New York and New Jersey in many ways, but it too has been grappling with casino expansion for years. Las Vegas Sands has keyed in on the Lone Star State as its next untapped gaming destination. Sands’ controlling shareholder, Miriam Adelson, has been a huge presence in Texas politics for several cycles. She also purchased the NBA’s Dallas Mavericks franchise in 2023 and installed Sands COO Patrick Dumont as governor.

Earlier this year, the company was charging hard for a prospective casino-resort development in Irving, a suburb of Dallas. The project narrowly secured local zoning approval, but Sands pulled the casino component after fierce pushback from residents and tribal casino interests in neighbouring states. Additionally, previous progress in the state legislature was sharply cut down by anti-gaming officials this year. Texas lawmakers will not convene again until 2027.

Adelson still spent aggressively in the 2025 elections, as she put in $1.2 million backing John Huffman in the race for Senate District 9. A related interest group contributed an additional $2 million, per NBC Dallas. Huffman’s opponent, Leigh Wambsganss, was funded by conservative interests, including Lieutenant Governor Dan Patrick, who controls the Senate and has blocked previous gambling-related legislation.

In the end, it was a third candidate, Democrat Taylor Rehmet, who was the top vote-getter (48%). Wambsganss finished second (36%) and Huffman was far below both in third (16%). Because Rehmet fell short of a majority, he and Wambsganss will now have a runoff election at a later date. Huffman was snubbed altogether, another setback for Sands’ Texas efforts.

Pennsylvania court that ruled for skill games upheld

Lastly, Pennsylvania’s gaming stakeholders were keyed into elections for three state Supreme Court justice slots. All three Democratic incumbents – Justices Christine Donohue, Kevin Dougherty and David Wecht – retained their posts, meaning the court will maintain the party’s majority. Wecht and Dougherty received new 10-year terms, whereas Donohue will serve until she reaches mandatory retirement age in 2027.

This is perhaps unnerving for state casinos, which have lobbied for years against the proliferation of “skill games”, or unregulated slot-like games, in small businesses. But state courts, including the Supreme Court, have repeatedly ruled in favour of skill games and their manufacturers.

In March, the Supreme Court ruled that state gaming regulators erred in denying gaming licences to businesses that offered skill games. Regulators argued that such behaviour violated a “good character” clause in the licensing application. The court disagreed and largely avoided the question of skill games legality altogether.

Per the Altoona Mirror, Wecht ruled that businesses had a right to believe skill games were legal because of “court rulings” and “the representations of the device manufacturers and their lawyers”.

“Given this landscape, it is reasonable for these individuals to believe that they are doing nothing wrong,” Wecht continued. “It is, thus, excessive and unfair for the board to declare that every individual involved in this industry lacks ‘good character, honesty and integrity’ merely due to their involvement in the industry.”

The 2025 shutdown is the 15th by the US government since 1980. However, most of those lasted a week or less. On Tuesday, this edition became tied for the longest ever, which stretched from 22 December 2018 to 22 January 2019 during President Donald Trump’s first term. With the US Senate rejecting a stopgap funding bill for the 14th time, this shutdown will now officially become the longest.

For the gaming industry, a prolonged shutdown puts pressure on both retail and digital stakeholders. Fears related to sluggish tourism and air travel, especially for Las Vegas, will continue to mount, as will uncertainty regarding prediction markets and federal financial regulators.

The American Gaming Association, the industry’s lobbying arm, has not commented directly on the shutdown but referred iGB to a letter from the US Travel Association dated Monday, which the AGA co-signed. The letter was addressed to Senate and House leaders. Other gaming co-signers included Delaware North, Caesars Entertainment and MGM Resorts.

“As a broad coalition of organisations and companies representing every sector of the US travel industry, we urge Congress to immediately pass a clean continuing resolution to reopen the federal government,” the letter reads in part. “With Thanksgiving, the busiest travel period of the year, imminently approaching, the consequences of a continued shutdown will be immediate, deeply felt by millions of American travellers and economically devastating to communities in every state.”

Las Vegas most likely to feel air travel strain

For consumers and travellers, disruption to air travel is one of the most noticeable aspects of a shutdown. Air traffic controllers for the Federal Aviation Administration have missed one paycheck and are on track to miss another in the coming days. This strain has led to staffing shortages and subsequent traffic delays in airports around the country.

Transportation Secretary Sean Duffy said at a press conference on Tuesday that if the shutdown extends for another week, the nation “will see mass chaos”.

“You will see mass flight delays,” he warned, per Politico. “You will see mass cancellations. And you may see us close certain parts of the airspace because we just cannot manage it because we don’t have the air traffic controllers.”

That is a worrying development for Las Vegas, America’s premier gambling destination. Monthly visitation has not seen a meaningful year-over-year increase since September 2024, and Trump’s aggressive tariff and trade policies had already been impacting international traffic, especially from top feeder markets Canada and Mexico. International traffic to Harry Reid International Airport was down more than 13% YoY in September.

Despite these trends, gaming revenue had been increasing for three consecutive months, but that too slipped back in September. The stage is now set for a pressure-packed Q4, which features the annual Formula One Las Vegas Grand Prix in November as well as the Thanksgiving and Christmas holiday breaks.

It is hard to pinpoint the exact economic impact the government shutdown is having or will have on Las Vegas. But the US Travel Association in September estimated that the travel industry as a whole would lose $1 billion per week.

Prediction markets abound during government shutdown

Unfortunately for digital stakeholders, they too are seeing the effects of a strained federal workforce. The rise of prediction markets in late 2024 and early 2025 has captivated the gaming industry, and their rise has been attributed in part to federal law and regulations.

Prediction markets operate as financial exchanges through which users can place contracts on wide-ranging events that relate to economics, politics, pop culture and, most recently, sports. By venturing into sporting events, they are now direct competitors to state-licensed commercial bookmakers. They are regulated at the federal level by the Commodity Futures Trading Commission. As a result of the lapse in federal funding, the CFTC has curtailed operations.

The CFTC was already stretched incredibly thin before the shutdown. Acting Chairwoman Caroline Pham is currently serving as the sole commissioner amid several resignations. There are typically five commissioners at any given time, all of whom must be nominated by the president and confirmed by the Senate.

Pham has indicated she too will step down when a new chairperson is confirmed. Trump’s first nominee, Brian Quintenz, had his nomination pulled, and Securities and Exchange Commission crypto chief Michael Selig is the new nominee. Thus, Selig or whoever else is confirmed would still be the lone commissioner until other nominations are advanced.

Less regulation, more valuation

Prediction markets have seen an influx of legal challenges from a number of states in 2025. So far, they have clung to the argument that the CFTC is their lone regulator, not state agencies. The gaming industry, in response, has questioned the commission’s ability to effectively serve as a national gambling watchdog.

Forty-eight of 50 US states have some form of legal gambling, and a regulatory body is staffed to oversee each jurisdiction. Some states, like Nevada and New Jersey, allow considerable gaming operations and therefore allocate abundant resources to policing the legal gambling industry. Even with these frameworks in place, scandals and controversies still arise.

The CFTC has less than 700 full-time staff total, with a national scope overseeing trillions of dollars in commodities, futures and, now, prediction markets.

The longer the shutdown continues, the more uncertainty the CFTC faces. Many federal workers from various agencies are potentially facing layoffs, although legal battles on this issue have already begun. Other financial bodies like the Federal Trade Commission, the Consumer Financial Protection Bureau and the Treasury Department have seen staff reductions this year.

Prediction markets, in the meantime, have flourished under the current environment. Platforms Kalshi and Polymarket have fetched multibillion-dollar valuations and both are now partners of the National Hockey League. Meanwhile, the stocks of sports betting market leaders Flutter (FanDuel parent) and DraftKings have dropped by nearly 30% and 40%, respectively, since 1 September.

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According to the Nevada Gaming Control Board, the state generated gross gaming revenue of $1.28 billion for the month, a 2.2% decrease year-over-year. The Las Vegas Strip see-sawed from a 5% gain in August to a 5% decrease in September, posting GGR of $687. 8 million. For the fiscal year-to-date, the state is up 2% over last year’s pace while the Strip is up 1.5%.

Baccarat performance on the Strip plummeted 42% YoY to $50.6 million, continuing an extremely volatile stretch for the game. The Strip is +22% for baccarat over the past three months but is -2% over the last 12. For September, the Strip was down 17.5% on table games as a whole.

Nevada set three consecutive fiscal year gaming revenue records from 2022-2024. FY25 broke that streak, but the state is again trending upward, at least for now. September was the first red month of FY26 and all eyes now are on Q4, historically the busiest season of the year for Las Vegas.

But while gaming revenue has been up and down, visitation has only been down, with few signs it will turn around soon.

Troubling visitation, air traffic numbers in September

The Las Vegas Convention and Visitors Authority reported September visitor volume of 3.09 million, a 9% decrease YoY. It has now been a full calendar year since the city posted a YoY visitor gain of more than 1%, which last occurred in September 2024.

As a whole, the LVCVA’s database is rather grim. Convention attendance was down more than 18% and all occupancy, room rate and revenue metrics were in the red. The lone exceptions were car travel on all highways (+2.5%) and travel on Interstate 15 near the California border (+3.4%).

Air travel fared no better, as September traffic at Harry Reid International Airport fell 6% to 4.4 million passengers. Total traffic is now down 5% year-to-date.

The most glaring statistic was a 13.5% skid in international travel, which has been a particularly sore spot for Las Vegas tourism this year. Traffic from Canada and Mexico, the city’s top international markets, has been markedly down this year in response to several factors, including the aggressive tariff and trade policies of US President Donald Trump.

All of the following Canadian and Mexican airlines were down significantly YoY in September:

• Air Canada (-18%)
• WestJet (-44%)
• Volaris (-9%)
• Aeromexico (-11%)

Big Strip operators reeling?

The strain on the Strip and the resulting influx of customers to smaller operators has been shown thus far in third-quarter earnings results.

Caesars and MGM, the two biggest operators to report so far, were both down markedly in Las Vegas, which was also the case in Q2. Wynn managed to buck that trend and post gains in Q2 but has yet to report for the most recent quarter. While Caesars CEO Tom Reeg and MGM CEO Bill Hornbuckle had long downplayed concerns for the market, both were more cautious on their Q3 calls.

Hornbuckle said he and his contemporaries deserved “shame” for their high prices and vowed to correct that trend. He told analysts his company is ” proactively working to create initiatives and draw incremental visitation”.

Reeg, for his part, said the market is “four months into this step-down in leisure demand for Vegas”, adding that his company is “still not back to where we were on a year-over-year basis”.

Locals and regionals surge amid Las Vegas tourism woes

Meanwhile, locals operators and ancillary markets are seeing positive results amid the Strip malaise.

Red Rock Resorts saw its net revenue for the quarter increase 1.5% while its net profit surged more than 38%. Boyd Gaming saw overall revenue and profit increase while its Las Vegas locals segment “achieved its strongest quarterly growth in more than two years with year-over-year growth in both revenue and adjusted EBITDAR, while segment margins were nearly 50%”, the company said.

In an investor note last week, Macquarie gaming analyst Chad Beynon wrote he was worried “softness from the leisure/international customer” in Las Vegas will “last through year-end” after a strong post-Covid run.

“Conversely, trends in US Regionals remain strong, and we expect this segment to continue outperforming Vegas for the remainder of the year,” Beynon wrote.

All eyes will now be on the fourth quarter, which is typically a big driver for Las Vegas tourism. The Thanksgiving and Christmas holiday breaks mixed with a busy sports, entertainment and conference schedule tend to buoy the slower spring and summer months.

Hopes pinned on F1 to jumpstart new growth

The third edition of the Formula One Las Vegas Grand Prix is also set for 20-22 November, and stakeholders are hopeful that can return to growth as well.

During the record-setting days of 2023, the race generated an estimated $1.5 billion in economic impact, the most ever for a single event. The 2024 race, by comparison, was pegged to have generated $934 million. As mentioned, that point (November 2024) was right around the beginning of the downward trend.

Leading the charge for promoting the race is the LVCVA and its CEO, Steve Hill. Hill and company have had their work cut out for them in 2025 to combat the city’s visitation drop. The agency this year has travelled to Canada, rolled out a new ad campaign and organised a city-wide Las Vegas sale in September. F1 is now the next key event on the calendar.

“We’ve refined access and mobility plans, strengthened communication with residents and employees, and expanded transportation options,” Hill told iGB recently. “The Las Vegas Grand Prix team also listened closely to feedback from the community, resorts and fans, resulting in a more collaborative and responsive approach to hosting the race.”

Analysing the factors at play

From a market-wide perspective, stakeholders will be taking a close look at many headwinds that could be a drag on Q4 performance. Some fears might be easier to explain away than others, and this may well be a disappointing overall year for the sector.

Josh Swissman, managing director for GMA Consulting, told iGB his outlook will be shaped by specific factors at play. He suggested that tough YoY comparisons due to changing entertainment or conference schedules, or just poorer operating performance, are easier to stomach than overall visitation trends.

“If [poor performance] is due more systemically to decreased planing and deplaning numbers or vehicles crossing the California border, and it’s like that for, say, 89 out of the 90 days in the quarter, well shoot, that’s indicative of a bigger problem and something that would perhaps be a little more concerning,” he said.

The regulator announced the decision on 31 October, following a recent compliance assessment of the venue. It said this had uncovered failures to maintain and implement effective anti-money laundering policies, procedures and controls, as required by licence.

Serious concerns were also identified regarding the decision-making processes and responses to identified AML and counter-terrorist financing risks. This, the regulator said, raised questions about the overall effectiveness of governance and risk management arrangements.

The licence suspension was made effective immediately, with VGC Leeds required to halt all operations. It includes VGC Leeds’ remote and land-based casino licences and its land-based bingo licence.

‘Serious’ threat to licence objectives

In its ruling, the regulator said the licence would remain suspended while it carried out a broader review of VGC Leeds’ operations. This, it said, would establish whether it was still suitable to hold a licence for casino operations.

“These failings are considered significant and represent a serious threat to the licensing objectives, in particular keeping crime out of gambling,” the Gambling Commission said.

“We have made it clear to the operator that during the suspension, we expect it to focus on treating consumers fairly and keeping them fully informed of any developments which impact them.”

Located in Leeds city centre, the casino offers a range of slot machines, table games and electronic roulette games. It also features bars and lounges for watching sports events and hosting live entertainment.

This is not VCG Leeds’ first penalty from the Gambling Commission. In October 2021, the licence holder was handed a £450,000 regulatory settlement after the commission flagged a number of social responsibility and AML failures at the casino.

Another licence suspension in Great Britain

VGC Leeds was the second gaming operator in just a few days to have its licence suspended by the commission.

In late October, the regulator also suspended Spribe OÜ’s software licence after ruling it had failed to comply with hosting requirements. It said this was necessary on “grounds of suitability” due to “serious” non-compliance.

Spribe was required to immediately halt all hosting activity in line with the suspension. It may not resume hosting activities until the suspension is lifted and a suitable hosting licence is issued by the regulator.

Apprehension started to mount in February over the possibility of Ohio Republican Brian Quintenz becoming the next chair of the CFTC. Quintenz, a former CFTC commissioner nominated that month by US President Donald Trump, had direct ties to prediction markets as a sitting board member for Kalshi. Additionally, Quintenz publicly advocated for another exchange, ErisX, in its failed attempt to offer sports contracts in 2021.

Now, Quintenz’s nomination has been pulled after multiple hiccups, and Trump this week announced a new nominee: Michael Selig. Selig’s expertise is cryptocurrency, from both a regulatory and legal perspective.

While the gaming industry has been focused primarily on prediction markets, the Quintenz-Selig shuffle could signify that crypto is the real prize at stake. Yet with Quintenz also heavily involved in crypto himself, it could also just be more of the same.

Who is Michael Selig, the new CFTC chair nominee?

Selig currently serves as chief counsel of the Securities and Exchange Commission’s Crypto Task Force and as a senior advisor to SEC Chair Paul Atkins. Back in 2014-15, Selig also worked in the office of former CFTC commissioner J Christopher Giancarlo, per LinkedIn.

Giancarlo was a commissioner at the time Selig worked for him, but he went on to become CFTC chair in 2017 during Trump’s first term. He has since adopted the nickname “Crypto Dad” for his support of digital assets and published a book under that title in 2021.

David Sacks, Trump’s so-called “AI and Crypto Czar”, said in an X post that Selig has “been instrumental in driving forward the President’s crypto agenda” at the SEC, adding that he and Selig will “deliver on President Trump’s promise to make the US the crypto capital of the planet”.

In response, Selig posted that he would “work tirelessly to facilitate Well-Functioning Commodity Markets, promote Freedom, Competition and Innovation and help the President make the United States the Crypto Capital of the World”.

Quintenz nomination lost early momentum

Quintenz’s candidacy, if charted on a prediction market, might look like something of a bad beat. It started strong, but the longer his nomination dragged on without confirmation, the more things started to unravel.

Quintenz faced questioning during a Senate hearing in June and his confirmation vote was twice delayed afterward, both times abruptly and at the last minute. In July, the release of internal CFTC emails through a FOIA request from The Closing Line newsletter suggested undue access for the yet-unconfirmed Quintenz.

Then, billionaire crypto twins Tyler and Cameron Winklevoss got involved, leading Quintenz to distance himself in September by posting threatening messages he had received from Tyler. The messages claimed the CFTC “abused” its power in previous legal action against Gemini, the twins’ crypto trading platform.

“It’s my understanding that after this exchange they contacted the president and asked that my confirmation be paused for reasons other than what is reflected in these texts,” Quintenz posted on X.

The White House pulled his nomination on 30 September before nominating Selig weeks later.

CFTC chair candidates share multiple similarities

Between the two nominees, Selig has fewer direct connections to prediction markets than Quintenz. But there are some connections, and Quintenz’s crypto experience ultimately could make the two more similar than not.

According to InGame, Selig’s name appears on a July 2024 letter submitted by venture capital firm Paradigm Operations to the CFTC in support of Kalshi’s legitimacy as a prediction market.

Kalshi had not begun offering sports contracts at the time, but Paradigm argued that “the CFTC’s characterisation of political contests, awards contests and sporting events as forms of ‘gaming’ is arbitrary and capricious”. Selig was among three attorneys from the firm Willkie Farr & Gallagher LLP representing Paradigm. The VC firm would go on to invest in Kalshi this year.

Quintenz, for his part, is also heavily involved in crypto. He became an advisor to Crypto.com months after leaving the CFTC in late 2021, and he spent the past four years at Andressen Horowitz (or a16z), a crypto-focused VC firm. Since late 2022, Quintenz has served as its head of policy for crypto. His tenure as a CFTC commissioner also aligned with Giancarlo’s tenure as chair.

Based on these points, it remains to be seen whether gaming stakeholders would view Selig as a more favourable candidate by comparison.

Regulatory questions at play for CFTC, SEC

Since Trump took office for his second term in January, crypto advancement has been a key goal for the administration. The GENIUS Act, the most significant regulatory bill for digital assets introduced in the US to date, was signed into law in July. Another similar bill, the CLARITY Act, passed the House in July but has been sitting in the Senate since September.

Prediction markets have not seen the same level of legislative or regulatory clarity. Acting CFTC Chair Caroline Pham hosted a meeting with tribal gaming stakeholders earlier this year but did little to assuage their concerns. In an advisory issued in late September, the CFTC gave no concrete guidance and essentially said it has yet to determine the validity of sports contracts.

In the meantime, the influx of new crypto rules could put the SEC and CFTC in tough spots with regard to oversight and delineation. The agencies have historically been independent of one another. As their names suggest, the SEC primarily oversees securities like stocks and bonds, while the CFTC oversees commodities and derivatives.

Various forms of digital assets like crypto might not fall neatly within one box or another. Notably, Selig has had intimate dealings with both agencies in his career thus far.

The two agencies in September held a unique roundtable discussing possible regulatory synergies. Among the panellists were Kalshi’s Tarek Mansour and Polymarket’s Shayne Coplan, although neither participated much. Crypto interests were also well-represented by officials from Crypto.com, Robinhood and Kraken.

Before Selig’s nomination, a sense emerged among observers that the SEC’s Atkins was gaining momentum as a potential CFTC chair candidate as well. Such a consolidation would have been unprecedented, but the subsequent roundtable was perhaps an indication that their relationship is aligning closer.

Crypto interests dwarf prediction markets

The true breadth of the CFTC’s remit was perhaps best shown in Quintenz’s Senate hearing. For almost two hours, lawmakers presented questions about agriculture, ranching, commodities, crypto and, to a much lesser degree, event contracts on prediction markets.

That divide in priorities seems to be more apparent as the saga plays out. It was the crypto-focused Winklevosses, not the collective furor of the regulated gaming industry, that proved to be Quintenz’s downfall, and perhaps for good reason: the crypto market this summer eclipsed a total market value of $4 trillion.

By comparison, nationwide gross revenue this year from casinos, sports betting and iGaming combined was $51.1 billion through August, per the American Gaming Association. Sports betting, the vertical most closely associated with prediction markets, accounted for $10 billion of that.

Prediction markets are also small in scope when compared to crypto’s trillions. Leading exchanges Kalshi and Polymarket are garnering multibillion-dollar valuations but there are few other significant players as of yet. Additionally, gaming companies like FanDuel, DraftKings and Robinhood have already launched or are planning to launch prediction markets, which could saturate the market.

Prediction markets make money off trading commissions and other transaction fees. As such, the exchanges often see billions in weekly trading volume (not directly equivalent to sportsbook handle) but their revenue is only a small fraction of that.

Notably, though, prediction markets do not have to pay state gaming or federal excise taxes, nor do they have responsible gaming obligations to answer for.

Trump administration connected to both sides

The connections to both crypto and prediction markets are everywhere in Trump’s administration. Donald Trump Jr is an advisor to both Kalshi and Polymarket, having endorsed them after they correctly predicted his father’s election victory last November. 1789 Capital, a firm backed by Trump Jr, invested in Polymarket this year.

Things went a step further this month with the announcement that Trump’s media arm will offer prediction markets through a partnership with Crypto.com. The contracts will be available to users directly through Trump’s Truth Social platform.

Trump is constructing a $300 million ballroom at the White House that was privately funded by 37 donors. The donor list featured some traditional gaming stakeholders but is littered with crypto connections, including:

• The Winklevoss twins
• Coinbase, a crypto exchange platform
• Ripple, a blockchain payments network
• Tether America, a blockchain payments network
• Charles Cascarilla, co-founder of blockchain payments network Paxos

If you can’t beat ’em, join ’em?

An ironic part of the prediction market-crypto discussion is that the regulated industry would likely pursue both verticals if their licences would not be at risk by doing so. The push by some companies to enter the prediction market space is evidence of that, and those that have not have largely blamed regulatory uncertainty.

Caesars Entertainment CEO Tom Reeg said this week his company won’t put “any licences” at risk to pursue prediction market deals. He also asserted Caesars “is preparing and would be prepared to go down that path” if clarity comes.

Mike Dreitzer, chairman of the Nevada Gaming Control Board, indicated earlier this month he would be open to bringing prediction market technology under state law if able.

There are similar feelings for crypto, which is a popular payment method for younger players. At the ICE Barcelona conference in January, a panel of three international CEOs – Per Widerstrom (Evoke), Gavin Isaacs (Entain) and Fabio Schiavolin (Snaitech) – all lamented that unregulated platforms can utilise crypto while they cannot.

“All three of us would dream to be in the unregulated market just for a day,” Schiavolin joked at the time.

FanDuel founder now leaning into crypto

Those who are venturing into crypto despite the regulatory gruff are seeing the benefits. Nigel Eccles, co-founder and former CEO of FanDuel, has started a new crypto-based iGaming venture called BetHog.

The platform is not licensed or available in the US, but Eccles has embraced crypto as the new frontier, much like he did with daily fantasy sports in the early-to-mid 2010s. DFS is where FanDuel and DraftKings got their start, which at the time was also unregulated. Both have since grown to become the biggest regulated sports betting and iGaming companies in the US.

“We’ve got a very clear signal from the federal government that [crypto] is a technology we should embrace,” Eccles told iGB. “We’ve got really clear operator interest. And so I do feel at a state level, a state regulator level, it is only a matter of time” before the benefits outweigh the risks.

Eccles said security and anti-money laundering risks are the biggest barriers holding crypto back from gaming. But he argued the traceability of crypto makes it more secure than fiat currency, and individualised wallets help protect against fraud and chargebacks.

From a functional standpoint, Eccles contends that operators would save tremendously on money-moving fees, which eat away at margins. This, in turn, could allow for more bonusing to players or other similar benefits.

“Instead of giving 15% of our revenue straight out the door to Visa and MasterCard, we can actually give a chunk of that back to the player and say, ‘Look, you can have a better experience’,” Eccles said.

During a third-quarter earnings call marked by similarly soft Las Vegas results seen by other operators , Hornbuckle cited MGM’s decision this month to withdraw from New York’s casino bidding war as one indicative of the strategy.  A presumed frontrunner for a hotly contested downstate New York casino licence, MGM pulled out in a move unforeseen by many industry insiders. With New York in the rear view mirror, MGM is squarely focused on its new integrated resorts abroad, namely in Japan.

Hornbuckle made the comments on Wednesday evening in a call with Wall Street analysts. The CEO of MGM Resorts tried to remain optimistic after MGM shares fell sharply in the after-hours session amid continued struggles in Las Vegas. Hornbuckle pointed to several factors for the slowdown, including a dip in international visitation, Spirit Airlines’ bankruptcy and customer frustration over traffic from Southern California.

“While we don’t expect the dynamic to be changed overnight, we are proactively working to create initiatives and draw incremental visitation,” Hornbuckle told analysts.

Softness in Vegas drags MGM earnings

The sub-par Nevada figures did not surprise analysts, given similar trends on the Las Vegas Strip over the previous quarter. Las Vegas has seen declines in tourism for the majority of 2025, as macroeconomic uncertainty has led to a tightness in discretionary spending among customers.

In September, Strip visitation declined 8.8% year-over-year to approximately 3.1 million, the Las Vegas Convention and Visitors Authority said on Wednesday. It marked the ninth consecutive month that volume on the boulevard declined.

Earlier this week, Caesars expressed concerns on occupancy, which fell about 5% on the quarter to 92%. Caesars CEO Tom Reeg attributed the decline primarily to weakness in city-wide visitation. At the same time, Reeg cited the company’s poor table handle across the Strip for the depressed results. Hold percentage at Caesars’ Vegas properties sank to its lowest in more than three years, he said.

MGM experienced similar challenges throughout The Strip.

MGM Q3 by the numbers

• Across the Strip, MGM generated revenue of $2 billion, down from $2.1 billion in the year-ago quarter. MGM attributed the decline mostly to a room remodelling programme at the MGM Grand that concluded this month. MGM cited the renovations in July as a factor for reduced EBITDA in Las Vegas.
• MGM also attributed the lower third-quarter figures to a decline in food and beverage revenues, lower table hold and lower revenue per available room (RevPAR), a key industry metric. MGM’s table win percentage on The Strip fell from to 22.6%, down from 23.7% in the third quarter of 2024.
• As a result, the segment’s adjusted EBITDAR fell to $601 million, compared with $731 million in the same quarter in 2024.
• MGM also referenced a decrease in business interruption proceeds that amounted to $14 million, along with an an increase in general liability and workers’ compensation insurance expense of $13 million.

A New York state of mind no more

Predictably, analysts opened the question-and-answer portion of Wednesday’s call on MGM’s decision to exit the New York bidding process. Hornbuckle noted that MGM Empire City reached a tentative agreement with the City of Yonkers that would have resulted in a minimum tax contribution of at least $400 million. While MGM did not disclose its proposed tax rates, applicants were required to set a minimum rate of 25% for slot machines and 10% for table games.

Fellow bidder Resorts World NYC established floors of 56% for slots and 30% for table gambling. Hornbuckle indicated that newly issued state guidance on the duration of the licence prompted MGM to reconsider its bid. Based on the proposed tax rate submitted per applicant, the policy gave the New York Gaming Facility Location Board the latitude to award a bidder with a 15-year licence rather than the 30-year version that MGM originally expected.

“While we initially liked the return, it got tighter and tighter so much so that given overall market conditions, we think it’s capital best spent in some other location and some other opportunity.” – MGM Resorts CEO Bill Hornbuckle

The decision to withdraw its New York contributed to a non-cash goodwill impairment charge of $256 million, MGM said. The withdrawal also led to an expense of approximately $93 million in non-cash write-offs related to MGM Empire City, according to the company.

Company moves on to Japan project

MGM is turning to other endeavours, specifically its MGM Osaka resort, projected to open in 2030. The $8.9 billion project served as a hot topic at Expo 2025, a renowned conference that just concluded on the prefecture.

MGM noted that it has entered into a US$300 million denominated credit facility to support its funding of the resort. The facility, which has an interest rate of 2.5%, can be upsized to $450 million, said chief financial officer Jonathan Halkyard. MGM has already received incremental interest, he added.

MGM stock moves after earnings report

For the three-month period ended 30 September, MGM generated net revenue of $4.3 billion, slightly topping forecasts of $4.2 billion. MGM has eclipsed revenue estimates in each of its last four quarters. However, MGM reported earnings per share of $0.24, down considerably from $0.54 in the year-ago quarter. MGM fell short of per-share targets from Zack’s Consensus Estimate of $0.37.

In Wednesday’s after-hours session, MGM fell sharply by 8% to $28.70 per share. MGM pared some of the losses on Thursday, trading near $31 a share. However, MGM is down more than 10% year-to-date.

A popular subject on the call centred on a potential buying opportunity for investors since several MGM executives view its stock as undervalued. Hornbuckle pointed to BetMGM as a lever to unlock value, while Halkyard alluded to conditions in Las Vegas.

“We have a better cost structure than we’ve ever had in Las Vegas,” Hornbuckle said. “With the dynamism in this market, I think that that’s an unlock for the stock.”

Barry Jonas, an analyst with Truist Securities, lowered his price target on MGM slightly to $47 per share. Despite the hit from Las Vegas, MGM’s diversification from its digital, regional and China segments offer “support” to the stock, according to Jonas, who sees room for “material upside” should the Vegas segment inflect.

Macquarie analyst Chad Beynon reiterated an “outperform” rating on MGM in part because of its balance-sheet strength. Beynon also lowered his MGM price target on revised estimates, cutting to $45 a share.

Caesars stock was down about 2% at close Tuesday to $22.09 but continued sliding to $19 in trading Wednesday. Its shares are now down more than 40% year-to-date.

Caesars Las Vegas performance has been down for much of 2025 and analysts had several questions for CEO Tom Reeg about the market’s outlook for next quarter and beyond. The city has seen marked tourism declines this year and macroeconomic uncertainty related to inflation, tariffs and now a government shutdown is putting pressure on consumers.

Reeg was largely dismissive of these concerns in Q1 but shifted his tenor for the last two quarters. In both Q2 and Q3, Reeg acknowledged the softness in the market while asserting future optimism. His analogy in July was that a leaking tire had been patched, but his comments on Tuesday indicated that the leak is not fully stemmed.

“We’re now four months into this step-down in leisure demand for Vegas, and while we’re better than we were in July, we’re still not back to where we were on a year-over-year basis,” Reeg told analysts.

Abnormally poor table-game hold in Las Vegas also cost the company about $30 million in Q3, Reeg estimated. He said the third instalment of the Formula One Las Vegas Grand Prix, set for 20-22 November, is trending “considerably better” than 2024 but “not as good” as 2023. Las Vegas saw economic impact of $1.5 billion from the race in 2023, compared to $934 million last year.

The possibility of selling Las Vegas assets was not ruled out but Reeg confirmed Caesars is not “actively exploring” it.

Caesars Q3 earnings by the numbers

Las Vegas net revenue fell 10% YoY to $952 million, while net profit slid 40% to $132 million. Revenue and profit for the segment are now down 5% and 28% year-to-date, respectively. Regional revenue of $1.5 billion was a 6% YoY increase but profit fell by more than half (-55%) to $56 million. Year-to-date regional profit for Caesars stands at $65 million, down 43% from last year.

Caesars Digital, which buoyed the company’s performance for several quarters with huge growth, saw a slight revenue uptick ($311 million, +2.5%) but profit slipped to a $21 million loss, as opposed to an $11 million gain the previous year period. The segment’s strong performance for the year overall is perhaps best shown by its year-to-date adjusted EBITDA of $151 million, up 55% YoY.

Las Vegas adjusted EBITDA of $379 million in Q3 represented a 19% decrease from last year, while regional was more stable at $506 million (+1.5%).

From a balance sheet perspective, Caesars ended the quarter with total cash and equivalents of $836 million compared to total debt of $11.9 billion. The company redeemed $546 million of debt during the quarter and repurchased $100 million worth of shares.

Reeg encouraged by regional trends

Concerns about regional performance moving forward after a tough Q3 were largely attributed to the push and pull of spending allocations. Reeg said the balance of investing versus cutting back in regional markets “doesn’t happen neatly in 90-day periods” and is in constant flux.

“This stuff happens over a longer period of time, but we are particularly encouraged by the trends that we’re seeing, that suggest that what we’re doing is working and driving more aggregate cash flow, which is the goal of this whole enterprise,” Reeg said.

He acknowledged that often, in any given regional market, Caesars is likely spending less than its competitors. The company has emerged as perhaps the leader in cost-cutting since the Covid pandemic.

In responses to analysts’ questions on the topic, Reeg admitted “that gap, in hindsight, might’ve gotten too wide”, but also seemed to push back at other times on the idea that the company is not spending enough.

“If you look at the regional capital investment across us and our peers, we’ve outpaced everybody in the last five years,” he said. “Let’s harvest those investments, give people a reason to come and see [regional properties]”.

Digital not center of attention in Caesars Q3 earnings

Caesars Digital, which had been the focal point of recent calls, was largely quiet this time around. Analysts have long asked the company whether it would consider spinning off its high-growth digital arm. Caesars has never denied the possibility but remained steadfast on reaching its goal of $500 million in annual EBITDA for the business by 2026.

Both Reeg and digital president Eric Hession noted multiple headwinds that dragged on the sector’s Q3 performance. One was the sale of the World Series of Poker franchise, which closed last October, meaning the YoY comparisons have now phased out. Another was increased gaming tax burdens in multiple states. In the last year, rates have gone up in several key markets, including Illinois, New Jersey, Maryland and Louisiana.

The third, and perhaps least controllable, aspect was player-friendly sports outcomes in September. Particularly during football season, these outcomes have become a central topic for bookmakers in recent years. While overall player focus has shifted to parlays and other volatile bets with higher hold, particularly adverse game results can still drag on performance.

“With game outcomes, obviously we had a third quarter that wasn’t great,” Reeg said. “We’re four of 13 weekends into the fourth quarter, those outcomes have not gotten substantially better … so that will have an impact on where the fourth quarter comes in.”

Prediction markets unavoidable but Caesars licences at risk

No gaming earnings call in 2025 would be complete without mention of prediction markets. Federally licensed financial exchanges such as Kalshi, Robinhood and Crypto.com have evolved to offer contracts on sporting events. Their meteoric growth has started to have real impacts on commercial bookmaking; to wit, Caesars was removed from the S&P 500 stock index in September, displaced by Robinhood.

Caesars is perhaps in a tougher spot than others when it comes to navigating prediction markets. Nevada casinos, between Las Vegas and its home base in Reno, are a huge piece of the company’s operations.

The Nevada Gaming Control Board recently warned its licensees that offering sports prediction markets either in the state or elsewhere could jeopardise their suitability. That risk would seem too big to stomach, even as others like FanDuel and DraftKings – who are absent from mobile wagering in Nevada – are making splashy deals. BetMGM, which is connected to fellow Nevada licencee MGM Resorts, faces a similar conundrum.

“As we’ve said before, we can’t be out in the lead on this one,” Hession told analysts Tuesday. “We’re going to monitor it, make sure we’re not left behind if there’s regulatory clarity…Our best approach at this point is to monitor it, put our plans in place, make sure we’re adequately resourced and be ready to move if there’s a legalisation or definition in either direction.”

Reeg followed with the assertion that Caesars “will not put any” licences at risk for prediction markets. But if there is “a path that develops” to participate, he said Caesars is “preparing and would be prepared to go down that path”.

After months of breakneck pace and a flurry of news from applicants, the process has largely ground to a standstill, at least in public view. Bidders have made their final offers and the many hours of public input from previous rounds have been replaced by closed-door meetings of the GFLB.

The GFLB’s first meeting 8 October was just 15 minutes and was largely organisational. But the rest have run for multiple hours, and although the virtual meetings are open to the public, the audio and video are disabled when the board is in session. Only the opening and closing of the meetings are viewable.

None of the five board members has experience in or connection to gaming, to help ensure neutrality. Four of the five were appointed just this year, the most recent on 30 September.

The board is working toward a 1 December deadline to submit licensure recommendations to the New York State Gaming Commission (NYSGC). So far, a weekly cadence has been established for its meetings. That would indicate that there is a maximum of five more meeting opportunities before the deadline, including Wednesday.

What criteria is NYC casino board considering?

Once its recommendations are submitted, the commission will have final say on the licensing outcome. Regulators could issue all three, less than three or award some at a later date. When the upstate New York casino process was conducted in 2014-15, four casinos were recommended by the GFLB but only three were licensed initially. The fourth licence, which went to Tioga Downs Casino Resort, was issued a year later.

Following a surprise exit by MGM Resorts earlier this month, three applicants remain for the three downstate licences:

• Bally’s Bronx
• Metropolitan Park
• Resorts World NYC

The bidders submitted their final, amended applications to the GFLB 14 October. Each project is being reviewed based on four weighted criteria:

• Economic activity and business development (70%)
• Local impact siting (10%)
• Workforce enhancement (10%)
• Diversity framework (10%)

Bally’s busy across the country

All three bidders have been active as the process unfolds. Bally’s in particular is stretched coast to coast, with ongoing projects in Chicago and Las Vegas in addition to its $4 billion Bronx proposal.

Its Chicago project has seen multiple roadblocks, including recent pushback from lenders financing the project. Bally’s is obligated to open the $1.7 billion casino by 9 September 2026 under its host city agreement but is currently projecting a fourth-quarter opening. The company did not respond to a request for clarification on this point.

On the Las Vegas Strip, Bally’s unveiled new renderings and broad construction timelines this month for its 26-acre plot next to the under-construction A’s MLB stadium. Preliminary plans include four construction phases that would begin as early as April 2026 and finish by March 2029.

The spacing is somewhat condensed, as Phase 1 is slated to open alongside the stadium in spring 2028. That timeline would leave just one year to complete the remaining amenities. Phase 1 only includes infrastructure, dining and retail spaces. The casino, two hotel towers totalling 3,000 rooms, and a theatre would come in Phases 2-4.

Bally’s has faced immense scrutiny for its highly leveraged business model and consistent debt manoeuvering. Much of its funding has come through Gaming and Leisure Properties, which has not ruled out the possibility of investing in a New York project. Bally’s has said its reverse-merger with Intralot reset its balance sheet with  “more than $1 billion of cash and available credit facilities”.

Unlike other New York casino bidders, however, Bally’s would owe an additional $115 million to the Trump Organization if awarded a licence. That controversial kicker was included in the sale agreement from 2023.

Resorts World, Hard Rock all-in as well

Resorts World is also doing some shuffling as it angles for a New York casino licence. Parent company Genting Berhad is attempting to buy out its Genting Malaysia subsidiary for $1.6 billion, to help consolidate its capital structure. A previously announced sale of its Resorts World Catskills property to Sullivan County in upstate New York is on hold until the merger is completed.

With regard to the downstate process, Resorts World remains the most committed bidder in the field. It is proposing the highest licence fee ($600 million), the highest tax rate (56% for slots, 30% for tables) and the fastest speed to market (July 2026). The project received unanimous approval from both the public and its appointed community board. In addition to $5.5 billion in capital investment, Resorts World is pledging $2 billion worth of community benefits.

Metropolitan Park’s casino partner, Hard Rock International, has been the quietest of the three finalists by comparison, though it has several ongoing projects of its own, including a Las Vegas Strip resort. Its finances are perhaps most secure for a New York casino, given the project’s connection to Steve Cohen. Cohen is the owner of the New York Mets and is listed as the 101st-richest man in the world by Forbes.

The company made headlines last week for its donation to a $300 million ballroom project at the White House. No comment was given and no amount was disclosed, but Hard Rock Chairman Jim Allen was previously an executive for the Trump Organization.

MTA counting on a lot of New York casino money

There are two factors at the state level that might complicate the licensing process. The first is the fact that New York’s Metropolitan Transportation Authority (MTA) has long earmarked licence and tax revenue for future budgets. Its projections indicate an expectation that all three licences will be awarded, and quickly.

According to an MTA financial outlook from the state published this month, the agency is depending on “$500 million annually during 2026 and 2027, $600 million in 2028 and $200 million in 2029” from casino licensing and tax revenue. That totals $1.8 billion, and the exact figure that will come from licence fees is still unknown.

Resorts World and Hard Rock are pitching a combined $1.1 billion in licence fees, while Bally’s did not indicate a fee preference. The $500 million minimum indicates the total would be at least $1.6 billion, but there is no guarantee that all three bidders will remain in consideration following several withdrawals by other major gaming companies. Time is also of the essence for the GFLB and the NYSGC to make their decisions by year’s end.

“Any delay in the approval would lead to a delay in the MTA receiving license fee revenue and then recurring gaming tax revenue — opening potential budget gaps,” the report said.

New York state already faces a $34 billion cumulative budget gap over the next three fiscal years.

Kalshi lawsuit now top-of-mind

Adding to the New York casino intrigue is a new lawsuit between the state and the prediction market Kalshi. The NYSGC last week became the eighth state regulator to send a cease-to-desist letter to the controversial platform, and Kalshi sued in response. The company is now involved in lawsuits with a total of six states: New York, Massachusetts, Ohio, Nevada, Maryland and New Jersey.

Tribal groups in California and Wisconsin have also filed suit, and several other states have sent warnings or notices to sports betting licensees.

New York has substantial turf to defend as prediction markets expand in scope and prevalence. The Empire State boasts the biggest online sports betting market by revenue and tax generation in the US. Its running total of both retail and online handle is nearing $75 billion, with almost $3.5 billion in tax revenue.

Sports event contracts on prediction markets, including parlay-type offerings, could affect New York more than any other wagering market based on revenue and taxes. This significance has fast-tracked these lawsuits in other markets, meaning there is no time to waste for state officials in the wake of the licensing saga. It remains to be seen what kind of strain this added pressure might have on the downstate process.

On 20 October, about 150 California card room employees, city officials and labour organisers gathered outside Attorney General Rob Bonta’s office in downtown Los Angeles to protest two sets of proposed regulatory changes related to blackjack-style games and player-dealers. The changes, if enacted, could significantly affect revenue and future growth for the sector.

Armed with picket signs and bullhorns, protestors chanted “fight for our jobs” and “save our cities”, buttressed by honking support of cars and city buses passing by. The demonstration as a whole lasted about an hour.

The aesthetic of the rally was the Monopoly board game. A “Monopoly man” mascot posed for photographs and rained fake money that featured Bonta’s face, with the words “Supporting CA Tribal Monopoly, Destroying our Communities”.

Several elected officials spoke against the proposed regulations, including representatives of nearby cities Hawaiian Gardens, Compton, Commerce and Bell Gardens. All of those cities feature card rooms that provide revenue to fund municipal services.

In Bell Gardens, for example, more than 40% of the city’s general fund comes from card room revenue. Parkwest Bicycle Casino in Bell Gardens is the third-largest card room in the state by table count. For others, like Hawaiian Gardens, that percentage is even higher, reaching 70% or more in some years. Bell Gardens Councilwoman Francis de Leon Sanchez told iGB at the protest that the regulations would “tremendously affect” her city’s services and residents if enacted.

“A lot of jobs are going to be lost,” Sanchez said. “I come from a very hardworking Latino community, and a lot of our residents do work at the casino, so they’re going to have to find other sources of income. It’s going to be devastating.”

The California Nations Indian Gaming Association (CNIGA) did not respond to requests for comment. Tuari Bigknife, the attorney general for the Viejas Band of Kumeyaay Indians who has advocated for tribes on this issue, also did not respond to requests. The Indian Gaming Association declined to comment.

How did California card room fight get here?

The protest was the latest round in a fight that has been ongoing for decades. Indian tribes have exclusivity for Class III gaming in California, which includes slots and house-banked table games (player vs the house). This was granted through the passage of Proposition 1A in 2000.

As such, card rooms are only able to offer player-banked, or peer-to-peer, gameplay. The revenue-generating differences between the two styles is stark, with the advantage going to Class III.

Per the National Indian Gaming Commission, California tribal casinos generated $12.1 billion in gross gaming revenue in fiscal year 2024, up 1% year-over-year. There is less available data for card rooms, but a 2019 study estimated their total economic impact to be about $5.6 billion annually.

The complex system of TPPPs in California card rooms

In late 2007, card rooms deployed what are known as third-party proposition players (TPPPs). State regulations require dealers in card rooms to offer players the opportunity to act as the bank after every hand or round. Most players do not have the funds or desire to act as the bank in a peer-to-peer setting, which can stifle gameplay.

TPPP entities are licensed contractors whose employees work in card rooms as designated player-dealers. They take up the offer to bankroll gameplay repeatedly and are funded by their employers for that purpose. Card rooms utilise this system to help run Class III-style games like blackjack and baccarat.

Tribes have long contended that this is simply a workaround to offering house-banked games that violate their exclusivity. Proponents point to regulations that stipulate TPPP providers must be financially independent from card rooms. This separation is what stakeholders say delineates the games from house-banking. They argue that the games have been operating in accordance with state law for nearly 20 years now.

“Let’s be clear: these are legal, licensed and regulated games,” Hawaiian Gardens Mayor Dandy de Paula said at Monday’s protest. His city is home to Gardens Casino, the state’s second-largest card room by table count.

Despite the independence requirements, the web of connections between card room owners and TPPP providers is deep and complex. Further, the original idea for TPPPs is widely credited to Bob Lytle, who served in the AG’s office as the state’s top regulator before resigning to work for a card room.

Lytle sent a letter to two card room lobbyists days before resigning that outlined his interpretation of player-dealers under state law, and TPPPs emerged shortly after. Lytle was later banned from the state’s gaming industry for tax fraud and other charges in 2016.

Tribal suit bill passed, but lawsuit dismissed

TPPPs have been controversial since their inception but tribes had limited avenues of enforcement. Previous legal action in state court had been unsuccessful because of tribes’ lack of standing as sovereign nations. However, both legal and regulatory pathways emerged in recent years.

The legal front started with the bill SB 549, also known as the Tribal Nations Access to Justice Act, which was introduced in the state Legislature in 2023. Its passage in 2024 provided tribes with a unique, one-time carveout to sue card rooms over the banked-games issue. That suit was filed in January of this year but ultimately dismissed this month.

Sacramento County Superior Court Judge Lauri A Damrell ruled that the case was preempted by the Indian Gaming Regulatory Act, which is federal law. Tribes immediately signalled intent to appeal, and the matter is still yet to be fully determined.

“I may be wrong,” Damrell said during the hearing, per Casino Reports. “And I expect there will be an appeal. And so, I welcome the guidance from the Court of Appeal on this as well and we’ll see where it goes.”

The dismissal was a notable setback for tribes, who so far have successfully defended every challenge to their exclusivity post-Prop 1A.

In 2022, Indian Country defeated Proposition 27, a mobile sports betting initiative backed by commercial bookmakers that became the most expensive ballot fight in US history. This year, the state legislature unanimously approved a ban on sweepstakes sites, a prohibition sought by tribes. And Bonta’s office in July published a long-awaited legal opinion declaring essentially all forms of daily fantasy sports illegal in the state. DFS has long been in tribes’ sights as well.

Regulations promulgated by Bonta, regulators

As lawmakers were debating SB 549, Bonta and the state’s Bureau of Gambling Control (BGC) also initiated the rulemaking process that ultimately led to the proposed regulations on the games and player-dealers. The BGC is the state’s gambling law enforcement and investigative arm, separate from the California Gambling Control Commission.

Public comments from both tribes and card rooms were collected in October 2023, and official notices of proposed rulemaking for both sets of rules were published 11 April 2025.

The proposed changes to player-dealer regulations include:

• The player-dealer must be seated at the table at all times and the position must be offered to all players before every hand. This offer shall be “visible to surveillance cameras”.
• Each table must post the following notice: “Any player can assume the player-dealer position when it is offered. The player that assumes the player-dealer position cannot win or lose more than the amount they wager.”
• The role of player-dealer must rotate to “at least two players other than the TPPP every 40 minutes or the game shall end”.
• If the TPPP is serving as the player-dealer, the next rotation must be to another player.
• Additionally, TPPPs would only be allowed to accept and settle wagers when they are serving as player-dealer.
• Only one TPPP would be permitted per table.

Huge changes to blackjack-style rules

The proposed changes to blackjack-style games would render them virtually unrecognisable from a gameplay standpoint.

They include:

• Games would no longer be able to have a “bust” feature, where a player or dealer automatically loses if their total exceeds 21. Rather, wins and losses “shall be determined solely by whether the total points of a player’s hand is closer to the target point count when compared with the total points of the player-dealer’s hand”.
• The target point cannot be 21.
• With the absence of a 21 target, players or dealers would no longer automatically win a hand with that combination.
• In the event of a tie or “push”, players would win, instead of the usual non-action.
• No games shall feature the words “21” or “blackjack” moving forward.

While the player-dealer changes would be significant, the blackjack rules drew the most scrutiny from demonstrators at the protest.

“Why should [tribes] have the exclusive right to blackjack, when cities across LA County depend on this revenue to survive?” Compton Mayor Emma Sharif said. “For families across LA, this isn’t just about a game. It’s about our jobs and our people.”

Tribes accused of pushing for new regulations

The protestors and speakers accused tribes of being the motivating force behind the new rules. Most of the changes appear to align with tribes’ longstanding objections. In its published notices, the BGC indicated that the rules were being introduced to help clarify and enforce existing regulations.

“The regulations will benefit the public’s health, safety and welfare and the regulated industries because they will ensure that the public does not engage in, and the regulated industry does not offer, any form of gambling prohibited by Penal Code section 330 and the State Constitution,” the BGC’s notice said in part.

Bonta’s office told iGB it is unable to comment during rulemaking processes, other than to confirm the review is ongoing. The office said the process must be completed “within one year from the date of notice publication”. That would mean 11 April 2026.

Political spending from tribes, card rooms

Both card rooms and tribes are heavily involved in state politics and lobbying, though the latter have more spending power. According to CalMatters, tribes donated $23.5 million to candidates for state offices from 2014-24.

Card rooms, by comparison, donated $3.8 million in that timeframe. Notably, card rooms ramped up lobbying after the passage of SB 549 and managed to unseat three officials who had voted in favour of the bill.

Bonta accepted donations from both sides during his 2022 AG campaign, per state records. Tribes were the bigger contributors, however, including out-of-state tribes from Montana and Oklahoma. His 2022 campaign grossed $7.1 million in total donations, while his 2026 reelection campaign is currently at $6.7 million.

Opposing sides share reliance on gambling

Perhaps the most striking aspect of the debate is that the warring sides share many similarities and desires. Both groups rely on gaming revenue and casinos as their communities’ main sources of funds and employment.

For many tribes, gaming has transformed life for members in just a few generations. In 1990, when tribal gaming was in its infancy, the poverty rate among California Native Americans was 34%, per UCLA. A University of California study from this year pegged that rate at 18%.

Tribal casinos have grown to become some of the state’s largest employers and community partners. Their facilities are consistently recognised with top hospitality and gaming honors. USA Today listed three California tribal properties in the top five of its 10 best casinos outside of Las Vegas.

“We are very much focused on being good community partners and having that positive view of our industry,” CNIGA Chairman James Siva told GGB in 2024. “As we look forward to the expansion of gaming, at the end of the day, it will be about defending our sovereignty, and tribes will be willing and are willing, and in the future we’ll continue to fight in any way we need to defend that.”

‘Without our card room, I don’t think I would be here’

Card rooms, by comparison, are also mostly located in minority communities. The cities of Commerce and Bell Gardens, for example, are both more than 90% Hispanic, per census data. Compton’s population is 70% Hispanic and 25% African-American.

Nary Chin is a dealer at Gardens Casino, having worked there since immigrating to the US 27 years ago. She told iGB at Monday’s protest that the casino provided her with everything she hoped for when she first arrived in the country. It has come to represent her version of the American dream.

“There was a time where I only wanted to commit suicide – I had no way out,” Chin said. “This is the first time I’ve got a job, made good money, and I told my children, ‘We don’t have to go through hard times anymore. We’re gonna be OK.’… The card room provided me all of that.

“Every time they want to shut down the place, they want to take blackjack-style games away, for me, I cannot handle that…They tell you, ‘Oh, it’s just a job, you go there to make money.’ But it’s a job that cares. Without our card room, I don’t think I would be here today, honestly.”

September’s handle beat the prior record of $788.3 million, set in January this year, by 1.5%. It was also 46.8% ahead of August and surpassed September last year by 17.9%.

Data from the Massachusetts Gaming Commission showed consumers spent $789.4 million betting online, with this alone enough to beat the previous record. A further $10.9 million was wagered with retail sportsbooks.

As for taxable gaming revenue, this amounted to $52.3 million, well short of January’s record $96.4 million. This was also 6.3% short of August’s total and 28.8% behind last September.

Online betting drew $52 million in revenue, while retail contributed $386,917 to the total. In terms of hold, this reached 6.54% for the month.

DraftKings Massachusetts handle exceeds $400 million

Turning to operators, DraftKings remains the runaway online leader in Massachusetts. It took $26.1 million in revenue off a $409.6 million handle for a hold of 6.37%.

Flutter-owned FanDuel was again second with $15.9 million from $192.6 million, resulting in an 8.26% hold. BetMGM took third with $4.1 million off $51.4 million for a 7.98% hold.

Fanatics followed in revenue despite having a substantially higher handle than BetMGM. In September, it posted $3.1 million in revenue from $83.2 million in bets, meaning a hold of 3.73%. Next came ESPN with $1.4 million off $24 million, leaving a 5.83% hold.

Caesars posted $1.1 million in revenue from $24.6 million in bets for a 4.47% hold. Bally Bet again rounded out the market, posting $261,101 off a handle of $4.1 million for a monthly hold of 6.38%.

As for the retail sector, Encore Boston Harbor led the way with $221,492 off $5.1 million for a 4.34% hold. Plainridge Park Casino followed with $165,425 from $4.8 million, leaving hold of 3.43%. MGM Springfield did not post any revenue despite taking $986,967 in wagers.

Casino revenue tops $95.7 million in September

The state’s regulator also published figures on casino gaming across the three properties in the state. In total, monthly revenue hit $95.7 million, down 8.9% from August but 3.9% ahead of September 2024.

Slots accounted for $67.6 million of all casino gross gaming revenue for the month, while table games generated $28.2 million.

Encore Boston Harbor also claimed top spot within this sector with $59.1 million in revenue. MGM followed with $22.3 million, then Plainridge Park with $14.3 million.

As for tax, the total collected by the state from all gambling during September was $37.8 million. Of this, $10.4 million came from sports betting and $27.4 million casino gaming.

Gross revenue for the month reached $302.7 million, the Michigan Gaming Control Board reported. This was 16% more than September 2024 and only 3.1% behind the state’s record haul in August this year.

Gross receipts from iGaming, covering online casino activity, were 27.9% higher than last year. However, gross sports betting receipts dipped 25.3% to $43.6 million for the month.

Total adjusted gross receipts, which accounts for promotional spend, was also higher year-on-year. The $256.6 million reported surpassed last year by 22.3%, with iGaming rising 33.5% to $243.4 million but sports betting falling 52% to $13.2 million.

In terms of spending, monthly handle for sports betting was $524.3 million, an increase of 4.5% from last year. As such, this resulted in a hold of 12.87% based on gross revenue and 3.89% for adjusted revenue.

FanDuel and MotorCity retain iGaming top spot in Michigan

Looking to operators, FanDuel and MotorCity again led the state’s iGaming market. The duo posted $69.8 million in gross revenue and $65.6 million in adjusted revenue.

MGM and BetMGM were not far off with $65.6 million and $61.9 million in gross and adjusted revenue, respectively. DraftKings and the Bay Mills Indian Community remained third with $40.4 million and $38 million.

As for sports betting, FanDuel and MotorCity also retained a healthy lead in this market. The partnership generated $18.3 million in gross revenue and $6.4 million adjusted revenue from $180.5 million in bets. Based on gross receipts, hold for the month was 10.14%.

DraftKings ranked second in terms of gross revenue at $10.6 million, though adjusted revenue was much lower at $462,507. Hold based on gross receipts and a $165.6 million handle was 6.40%.

BetMGM took third, posting $6.8 million in gross revenue and $3.5 million in adjusted revenue off a $66.7 million handle, resulting in a hold of 10.19%.

Monthly state tax hit $51.6 million, with $50.8 million from iGaming and $768,038 sports betting. City of Detroit tax totalled $13.4 million, including $13 million from iGaming and $375,738 sports betting. Tribal operators paid $6.1 million to governing bodies.

Detroit casino revenue falls again

The MGCB also published figures for the three commercial casinos in Detroit. Revenue for September reached $98.9 million, down 3% from last year and 7.5% behind August this year.

Table games and slots revenue fell 3% to $98.2 million during the month, while qualified adjusted gross receipts from sports betting revenue were also down, dipping 1.1% to $775,903.

MGM Grand Detroit remained the city leader with a 47% market share. MotorCity Casino followed at 30%, then Hollywood Casino at Greektown with 23%.

For September, gross gambling revenue in Pennsylvania hit $535.8 million. This beat the $505.9 million in the same month of 2024 but was 8% short of $582.3 million in August this year.

Figures from the Pennsylvania Gaming Control Board revealed double-digit growth within the iGaming market. However, sports betting revenue slumped 44.5% while land-based slots revenue was also lower year-on-year.

iGaming revenue hits $233.4 million

Breaking down the monthly performance and starting with iGaming, revenue here topped $233.4 million. This was 32.1% more than in September 2024.

Online slots accounted for $181.9 million of all iGaming revenue, up 37.1%. Internet table games drew $50 million, an increase of 17.8%, with the remaining $2.3 million coming from online poker, up 4.5%.

Hollywood Casino at Penn National Race Course and its online gaming partners again took top spot. Total iGaming revenue for the month reached $87.7 million, some 31% more than last year.

Valley Forge Casino Resort remained in second with $66.4 million, up 40.8%. Rivers Casino Philadelphia placed third at $35.4 million, ahead of last year by 12.5%.

Sports betting revenue dips to six-month low

Turning to sports betting, the situation was much different. Revenue was down 44.5% to $29.7 million, which was the lowest monthly total since March.

Online betting generated $24.4 million of the total, while retail sportsbooks contributed $5.4 million.

As for player spending, monthly handle topped $850.5 million, up 4.8% from September last year. Customers spent $810.1 million betting on sports online and a further $40.4 million at land-based locations.

In terms of operators, FanDuel and Valley Forge Casino Resort retained top spot. They retained $15.9 million in revenue off $297.6 million in handle, for a monthly hold of 5.34%.

DraftKings and Hollywood Casino at the Meadows remained second with $4.1 million from $253.6 million for a 1.62% hold. BetMGM and Hollywood Casino Morgantown followed with $2.1 million off a $58.1 million handle for a hold of 3.61%.

Land-based slots revenue dips in Pennsylvania

Looking to the land-based market, slot machine revenue dipped 1.5% to $194 million. Retail table games revenue, however, held steady at $73.4 million.

Elsewhere, video gaming terminal revenue at truck stop locations fell 0.6% to $29.7 million in September. The PGCB also noted a 5.4% increase in sports fantasy contest revenue to $2 million.

As for tax collected by the state, the monthly total was $227.9 million. This included $106.1 million from iGaming, $10.7 million sports betting, $96.6 million land-based slots and $12.3 million table games.

At present, the only Dutch licence for gaming machines applies to terminals in arcades and hospitality venues, as well as skill machines.

Now, a limited number of new licences will be made available to allow holders to exclusively run skill machines. KSA said this will make it easier for operators that only offer machines to apply for a licence.

KSA defines a skill machine as a terminal that offers games where progression depends on the player’s skill. Such machines should not pay out prizes that are anything other than additional or longer games. Examples of a skill machine include pinball machines where players can win extra balls by scoring more points.

The regulator explained further that any slot machine that is not a skill machine is automatically classed as a gambling machine.

Shorter review for skill machines licence

KSA said on Monday it would publish more information about the application procedure in the coming weeks. However, any companies interested in applying can make a submission immediately.

The new licences will likely have a shorter review process than others, making it easier for operators to begin running machines.

“With this limited operating licence, we’re meeting a need from the gaming machine market,” KSA said.

“Operators that only operate skill machines have indicated that they would like a separate licence, separate from the provision of gaming machines.

“This limited operating licence can have a shorter substantive review process and therefore be issued more quickly.”

Slot machines set for reform

Confirmation of the new licence comes amid possible changes to slot machine rules in the Netherlands. Earlier in October, Arno Rutte, secretary of state for legal protection, said that he will use recommendations from new research to shape new policies on land-based slots.

Rutte referenced five research reports on gambling, including the KSA’s recent piece on the impact of tax increases. The last of these, published in late September, set out a series of proposed changes to regulation on slots.

The report focused on player protection issues facing slots. It pointed out that many regulations related to land-based slots have not been updated since 2000. Areas of focus included user preferences for utilising cash to play and mixed feedback on new ID measures.

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In comments to The Morning, de Silva said the framework will specify licensing procedures, conditions of operation and penalties for non-compliance. “We need to safeguard the government’s tax revenue while also protecting consumers from the risks of unregulated gambling.”

Law firm Tiruchelvam Associates called the GRA “a one-stop shop” that will govern all gambling, excluding lotteries and social games. The government will seek “international expertise” on gaming regulations, de Silva noted, and look to Singapore as a model.

Online gambling a ‘major grey area’

Online gambling is illegal in Sri Lanka but currently gets most of the action. According to Lanka News, from 60% to 70% of local punters patronise unregulated offshore betting platforms.

“Online gambling has become a major grey area,” de Silva said. “We have been discussing the need to regulate this sector for years, but there has been little progress. This legal vacuum poses both financial and social risks.” 

He said the global Financial Action Task Force will review Sri Lanka’s anti-money laundering and counter-terrorism financing safeguards when they are in place.

Currently, seven land-based casinos are licensed to operate in Sri Lanka: six smaller gaming halls and one integrated resort (IR). The latter, City of Dreams Sri Lanka, opened Phase 1 last October in Colombo Port City. Phase 2, including the casino, opened in August.

New era of tourism in Sri Lanka

City of Dreams is a joint venture of John Keells Holdings and Melco Resorts & Entertainment. It offers two hotels, a 16,700-square-metre gaming floor, meeting and convention facilities and other non-gaming attractions. The $1.2 billion complex represents the largest private investment in Sri Lankan history.

The IR is expected to draw patrons from India, China, Southeast Asia and the Middle East, all within four hours’ travel by air.

“This is not just a property, it is a symbol of possibility and a celebration of Sri Lanka’s potential as a world-class destination,” said Melco Chairman and CEO Lawrence Ho at the casino ribbon-cutting. “Sri Lanka can be to India what Macau is to China,” Ho added. “Colombo is the closest destination to India, and an integrated resort like this gives the city a lot of potential.”

Higher gaming tax, locals levy

In September, Sri Lanka voted to increase its gaming tax from 15% to 18% and double the entry fee for locals from $50 to $100.

According to the Sri Lanka Financial Times, the new levies will help fill government coffers drained during the 2022 economic collapse. That year, the government declared bankruptcy and defaulted on its debt for the first time. Shortages of essentials like fuel and food caused mass protests and forced the resignation of former president Gotabaya Rajapaksa.

In a 7 October analysis, the World Bank reported that the nation’s ongoing recovery remains “uneven and incomplete”.

“To build a stronger, fairer economy that benefits all households, Sri Lanka needs the private sector to invest and create jobs and ensure that every rupee of public money is well-spent,” said David Sislen, World Bank division director for Sri Lanka.

The bank estimates that growth will slow to 4.6% in 2025 and 3.5% in 2026, down from 5% in 2024.

Revenue for the month amounted to $563.7 million, according to the New Jersey Division of Gaming Enforcement. This was marginally ahead of September 2024 but 12.2% behind August this year.

Both the online casino and land-based gambling markets reported some level of increase in September. However, further growth was prevented by a double-digit drop in sports betting revenue.

Sports betting revenue down 24.9%

Taking a closer look at sports wagering, revenue fell 24.9% year-on-year to $89.8 million. Online betting revenue dropped 19.4% to $89.8 million, while retail wagering generated a $13,173 loss for September.

Players spent 3.7% more to put statewide handle at $1.13 billion, including $1.07 billion online and $60.1 million at retail sportsbooks. This resulted in a monthly hold of 8.72% in New Jersey.

In terms of operators, FanDuel and Meadowlands remained the runaway leaders with $37.7 million in online revenue. DraftKings and Resorts World followed with $22.6 million, then BetMGM and Borgata at $7.1 million.

As for retail, Meadowlands led the way with $4.2 million for the month. Monmouth Park was the only other operator to exceed $1 million in revenue, posting $1.2 million in September.

New Jersey nears iGaming record

Turning to iGaming, online casino revenue for the month reached $243.1 million. This beat last year by 16.8% and was only just short of the $248.4 million record set in August this year.

Slots and table games drew $240.7 million of all online revenue, a rise of 16.9%. The other $2.5 million came from online poker, up 10.7% year-on-year.

FanDuel and partner Golden Nugget again took top spot with $56.6 million in total iGaming revenue. DraftKings and Resorts World were second at $48.4 million, with BetMGM and the Borgata completing the top three by earning $30.3 million.

Land-based gambling edges up despite slots dip

As for the land-based sector, total revenue was 0.1% higher in September at $230.7 million.

This came despite a 1.8% drop in slot machine revenue to $170.1 million. On the other hand, table games revenue increased 5.7% year-on-year to $60.6 million.

Looking at New Jersey’s year-to-date, total gambling revenue at the end of September stood at $5.13 billion. This was 8.7% more than at the same point in 2024.

Revenue from iGaming was 22.7% higher at $2.12 billion, though sports betting revenue was 4.4% lower at $798.5 million. Land-based gambling revenue increased 2.5% to $2.21 billion.

The company’s $2.3 billion plan to renovate and expand its Empire City racino in Yonkers was long considered to be a favourite for one of the three available licences. But the perceived economic return from the project, MGM said, declined over the course of the process to the extent that it warranted withdrawal.

Now, only three applicants remain in contention, all of whom submitted revised bids to the state this week:

• Bally’s Bronx
• Metropolitan Park
• Resorts World NYC

Bally’s projected construction cost is $4 billion, followed by $5.5 billion for Resorts World and $8 billion for Metropolitan Park. Resorts World, like MGM, is an existing racino and proposes an initial casino launch in July 2026. The other two are greenfield projects that would take multiple years to build and longer to reach profitability.

There is no timeline in Bally’s submission and Metropolitan Park only notes that construction would begin in January.

The state’s Gaming Facility Location Board (GFLB) is tasked with reviewing the remaining bids under various financial, environmental and workforce criteria. Its deadline to submit licensure recommendations to the state is 1 December. State regulators may then choose to award up to three licences by year’s end.

MGM bid underwhelming from the start?

With a July 2027 opening date, MGM’s bid was the second-fastest in terms of speed to market but featured few other standout details when compared to the field. The proposal did not include a resort hotel, public park spaces, housing commitments or similar benefits featured in other projects.

The New York casino consideration process once included 11 downstate proposals, and MGM sat lowest of all in terms of confirmed capital investment. A casino atop the Saks Fifth Avenue retail store in Manhattan might have been lower in terms of cost, but those stakeholders never announced concrete details and didn’t submit an official bid.

The pool was whittled down to eight after a first-round deadline in late June. Of those eight, MGM was the only bidder that did not make a presentation to its appointed community advisory committee (CAC) during its initial meeting.

Despite this, the project had solid backing and was squarely in contention at the time of withdrawal. The CAC approved the bid unanimously and both MGM and local officials adopted the messaging that the property needed a commercial licence for survival.

MGM said so in its own application materials and sent dozens of employees to testify in support of the project to the CAC. James Cavanaugh, the chair of the committee, said that the “aging slot parlour” would “wither and die” without a full licence. Yonkers Mayor Mike Spano lobbied for the project for years. But instead of revising its application and proposing a custom tax rate, MGM pulled out altogether.

The company said the “newly defined competitive landscape – with four proposals clustered in a small geographic area” – was cause for concern investment-wise. Its bid was also “predicated on the receipt of a 30-year commercial casino licence” rather than 15 years, which is what it qualified for based on capital expenditures.

Northfield Park sale announced days after New York exit

Two days after the New York announcement, MGM made more racino news by selling the operations of MGM Northfield Park in Ohio for $546 million to private equity firm Clairvest Group. MGM originally acquired the racino’s operations for approximately $275 million in 2019, the same year it purchased Empire City.

CEO Bill Hornbuckle said in a statement that Northfield Park is “a great property with great opportunity ahead”. Yet he also asserted that his company is “focused on growing our digital business, developing our international expansion opportunities and continuing to invest in our leading integrated resorts domestically”.

This seems to be further indication that MGM could also sell Empire City in the near future, but its statement announcing the New York casino exit denied such intentions.

“We know our decision will impact many individuals; we remain committed to operating the property in its current format and believe it will continue to enjoy success serving customers in Yonkers and the surrounding communities,” the company said.

On condition of anonymity, multiple industry sources indicated to iGB that MGM still has time to make a decision. It would be a few years before the downstate licensees really start to compete, sources said, and the property should still perform well in the meantime.

Empire City generated $607.4 million in net win, or hold, in fiscal year 2025 (April-March). The property is slightly ahead of that pace in FY26, generating $311.7 million in the first six months of this fiscal year.

Withdrawals highlight ongoing issues in NYC casino process

MGM was the third major casino operator to voluntarily withdraw from consideration in 2025, joining Wynn Resorts and Las Vegas Sands. The withdrawals all cited different reasons for their exits and each of those reasons would still ostensibly impact any bids that reach fruition.

Sands was the first to exit the race in April. Its primary concern was “the impact of the potential legalisation of iGaming on the overall market opportunity and project returns”. New York legislators have rejected multiple attempts to legalise iGaming but it could gain traction in future years, especially after the downstate licensing process is complete. The state faces a $34 billion cumulative budget gap over the next three fiscal years and could turn to iGaming to help drive tax revenue.

Wynn was next to drop out, in May, citing bad politics related to the rezoning process. It ultimately saw downstate New York to be “an area in which we, or any casino operator, will face years of persistent opposition despite our willingness to employ 5,000 New Yorkers”.

Not alone in political controversy

Both Bally’s and Metropolitan Park have also seen political controversy.

New York City Mayor Eric Adams assisted the Bally’s bid twice in city council, vetoing one vote and lowering the threshold for another. Metropolitan Park owner Steve Cohen sidestepped local Senator Jessica Ramos in favour of Senator John Liu after Ramos refused to endorse its zoning legislation.

MGM’s competition concerns would also still apply to the remaining applicants. All three are within 30 miles of each other.

In a statement following the Tuesday bid deadline, Bally’s told iGB it was “ready and willing to bet on the Bronx”. Resorts World in a release said its proposal was “a promise kept to the people of New York”. Metropolitan Park’s casino partner, Hard Rock International, declined to comment on its bid.

Casino bidders prepare balance sheets, lenders weigh risks

The remaining applicants face uncertainty related to building costs and timelines. From a macroeconomic perspective, rising tariffs, sticky inflation and slow job growth could significantly affect new construction. Bidders must also have the ability to fund or finance such projects, which is no small task for three companies with multiple projects ongoing.

Bally’s, above all, has faced skepticism over its leveraged business model, although the company said its recent reverse-merger with Intralot provided it with “more than $1 billion of cash and available credit facilities ready to commit to the project”. In addition to its interest in New York, Bally’s is building large-scale projects in Chicago and Las Vegas.

Its lenders for the Chicago project are pushing back on Bally’s attempts to modify certain aspects of its $1.9 billion loan term, which could be a sign that its constant debt manoeuvring is running out of room. To this point, the company facilitated much of its growth through financing from Gaming and Leisure Properties (GLPI). Bally’s revised New York casino application said it had a “$2.5 billion investment commitment” from GLPI.

GLPI’s senior vice president of corporate strategy, Carlo Santarelli, clarified to iGB that “there are rarely formal negotiations between the parties nor is anything agreed upon” when including such statements in applications. The company will await the final licensing outcome before making any commitments, he said.

Santarelli added that GLPI “would be willing to work with other bidders and was in fact working with other bidders, whose projects did not advance to this stage of the process”.

Costs, timelines likely to rise amid economic turmoil

Resorts World parent company Genting Berhad has also been aggressive in rejigging its balance sheet this year. It sold its Resorts World Catskills property to Sullivan County in a complex transaction and is in the middle of a $6.8 billion expansion of its flagship Resorts World Sentosa resort in Singapore. The broader Genting is pushing to buy out its Genting Malaysia subsidiary for $1.6 billion, in efforts to better facilitate these growth plans.

Metropolitan Park is perhaps the safest economically despite the high price, as owner Steve Cohen is listed by Forbes as the 100th-richest person in the world, with a net worth of $23 billion.

Duane Bouligny, managing director for Wells Fargo Securities, said that current downstate New York casino projections are “aggressive”. But every lending opportunity is itself a gamble, he said, and banks must have faith in operators’ ability to execute.

‘What we’ve found is that the properties actually get there, it just takes longer to get to those cash flow numbers in their projections.’

“So it’s not year one, might not be year two, it might be year four, year five … it takes time to get there,” Bouligny said. “So we have to have faith from a balance sheet perspective that they’re going to get there at some point.”

His belief is that costs will “go up, not down” based on the current economic landscape.

Battle of New York casino tax rates, licence fees

Another major component for the remaining applicants will be tax rates. The state allowed bidders to pitch their own, with a minimum of 25% for slot revenue and 10% for other gaming.

According to materials posted to the GFLB website, the three bidders proposed the following rates:

• Bally’s Bronx: 30% for slots, 10% for tables
• Metropolitan Park: 25% for slots, 10% for tables
• Resorts World NYC: 56% for slots, 30% for tables

The downstate licence fee was set at a minimum of $500 million but bidders were free to offer more. Metropolitan Park offered $500 million, Resorts World offered $600 million and Bally’s did not indicate a fee preference. As MGM noted, bidders learned in August – after official submissions were due – that licence lengths also would depend on capital investments.

The structure is:

• Total investments under $1.5 billion get a 10-year initial licence
• Investments between $1.5 billion and $5 billion get a 15-year initial licence
• Investments between $5 billion and $10 billion get a 20-year initial licence
• Investments above $10 billion get a 30-year initial licence

Based on cost projections for the finalists, Bally’s would qualify for a 15-year licence, whereas Metropolitan Park and Resorts World would qualify for 20-year terms. Only two downstate proposals – Wynn’s Hudson Yards bid and Soloviev Group’s Freedom Plaza – would have eclipsed the $10 billion threshold to unlock a 30-year licence, but neither is a finalist.

New York gaming regulators now in spotlight

The five-member GFLB now becomes the centre of the New York gaming universe. None of the five appointees are familiar with or have experience in gaming, although that was by design to ensure neutrality. Board Chair Vicki Been took it a step further, telling Bloomberg this summer that casinos are “nowhere I want to spend my time”.

Four of the five members were appointed to the board this year. The most recent was Cindy Estrada, who was appointed on 30 September, the same day as the CAC deadline. Only Been has served for more than one year, having been appointed in 2022.

There have been two GFLB meetings this month – the first on 8 October and then again on 15 October. The 8 October meeting ran for just 15 minutes and was largely organisational. There is no available archived audio or video from the 15 October meeting, which was scheduled for three hours.

The next meeting is set for 22 October at 2pm EDT.

Revenue for the month reached DKK714 million ($112 million), national gambling regulator Spillemyndigheden said. This was comfortably clear of the DKK571 million posted in August 2024 and 12.6% above DKK634 million in July this year.

Breaking this down, the regulator highlighted sports betting as the main area of growth. During the month, revenue in this segment jumped 53.4% year-on-year to DEKK225 million. This was also the highest monthly total of the year so far.

Mobile sports betting accounted for DKK160 million, or 71.3%, of all revenue. Revenue from computer betting topped DKK37 million, while retail stores generated DKK27 million.

Double-digit growth was also reported within the iGaming sector, where revenue climbed 20.7% to DKK361 million. As has been the case for some time, this segment also remained the primary source of gambling revenue in Denmark.

Online slots drew the most revenue at DKK284 million, or 78.6% of the segment total. Next was online blackjack with DKK22.5 million in revenue, ahead of roulette on DKK16.9 million, poker at DKK8.6 million and bingo DKK8.2 million. The remaining DKK21.1 million was split between other games.

Mixed news for land-based gambling in Denmark

Turning towards the land-based gambling market, revenue from slot machines dipped 0.7% year-on-year to DKK95 million. Of this, DKK76.8 million came from physical machines placed in gaming halls and DKK18.7 million terminals in restaurants.

However, land-based casino revenue edged up 4.9% to DKK31 million in August. It was the fifth consecutive month that revenue in the sector surpassed DKK30 million.

The remaining DKK2 million was drawn from land-based bingo activities, in line with the past few months.

Spillemyndigheden also published figures on self-exclusion during the month. By the end of August, a total of 63,488 had registered with the ROFUS scheme. This included 41,362 who had permanently excluded from gambling and 22,126 who opted for temporary exclusion.

Of all registrants since the scheme launched in 2012, some 65.2% permanently blocked themselves from gambling. The next highest option was six months, with 16.2% of users selecting this period.

Land-based gambling was banned in Ecuador in 2011 through a referendum under then-President Rafael Correa.

But the possible return of casinos within five-star resorts has been included in the upcoming referendum, which is a typical method for enforcing new laws and economic and political measures in the South American country.

The plans come under new proposals from current Ecuador President Daniel Noboa.

On 5 August, Noboa set out seven questions to be included in the upcoming referendum, including whether to allow casinos in five-star hotels and whether the sector should be taxed at a rate of 25% of sales.

This tax revenue would go towards the financing of programmes to combat chronic child malnutrition and school feeding.

The question was at first rejected by Ecuador’s Constitutional Court because it was considered unclear for the public and included three topics in one question.

However, the question was then reformulated to focus on just the legalisation of gambling in five-star hotels. This was subsequently approved by the Constitutional Court.

Casino infrastructure is already in place, says local expert

The referendum is set to take place on 16 November and, should the re-legalisation of casinos receive the required support, Juan Carlos Loza Mendoza, head of LatAm gambling sales at ProntoPaga, predicts it won’t be long before land-based gambling makes a return to Ecuador.

“I think it will just be a couple months,” Mendoza tells iGB. “The infrastructure is ready. The culture is ready. Sports betting sites and online casinos are now working on it.

“The financial ecosystem and the payment ecosystem is ready to receive [land-based gambling]. There is a lot of protection [for] a big amount of money that will be processed. They’re ready.

“I believe it will be just a matter of couple of months, maybe three months.”

Land-based casino return in Ecuador would be ‘sensational’

Mendoza says the return of legal land-based casinos to Ecuador would be “sensational”.

Ramiro Atucha, who was CEO of platform provider Vibra Gaming between 2020 and 2025 and is an expert on LatAm gambling, believes the phrasing of the question centring gambling in five-star hotels is important.

“What’s happening now is they are working on authorisation and regulation for land-based casinos, but tied to five-star hotels which, in my opinion, is a very good start because it’s going to bring investment to Ecuador,” Atucha says.

“Ecuador is a very interesting market because their currency is the US dollar, so that simplifies things a lot. It has about 20 million inhabitants. It’s not that big, but it’s a dollar economy.”

However, Atucha notes Ecuador is currently facing social issues and political unrest, including a spate of violent protests after Noboa’s government decided to cancel fuel subsidies.

The Ecuador government claimed Noboa was the target of an alleged assassination attempt earlier this month.

Atucha says if the situation calms down, Ecuador could benefit hugely from the economic investment that comes with legal land-based gambling.

“They’re struggling with electricity, they’re struggling with social protest, et cetera,” Atucha declares. “If they manage to improve that situation and they manage to get some five-star hotels, it’s going to be very good for the economy, especially if it’s well taxed.

“Imagine if all the money that is currently being gambled with no taxes at all had some tax. The difference would be huge.”

Ecuador online reform shows progress

Notably, the 2011 referendum only strictly banned physical gambling, with online betting not forbidden.

Last year, Ecuador introduced reforms for its online betting grey market, with a 15% gross revenue tax for sports betting coming into effect on 1 July 2024.

Executive Decree No 313 also implemented a 15% withholding tax on player winnings.

The Ecuador government then lifted a ban on sports betting advertising, another signal of growing acceptance of gambling in the country.

Santiago Albán, managing partner of Ecuadorian law firm Heka, believes the online reform observed last year is an indicator the government is willing to implement a regulated land-based sector.

“The online betting reform demonstrated the government’s capacity and willingness to integrate gaming activities into the formal economy, establishing clear taxation, reporting and compliance obligations,” Albán comments.

“This development not only reflects a shift towards a controlled and transparent model of supervision but also serves as a regulatory precedent for the potential relegalisation of land-based casinos.”

In a notice issued on Wednesday afternoon, the board said that offering contracts on sports, elections or pop culture events constitutes “wagering activity” under state law. This is regardless of whether the contracts are listed on an exchange under the Commodity Futures Trading Commission or not, the board said. The CFTC is the federal financial regulator that oversees prediction markets.

Licensees that offer these contracts or strike similar partnerships in Nevada, another state or on tribal lands could now face suitability evaluations or further discipline.

“Examples of event contracts that the board specifically considers to be wagering subject to its jurisdiction include event contracts based on the outcome or partial outcome of any sporting or athletic event, or other selected events such as the World Series of Poker, the Oscars, esports and political elections,” the release stated.

“Offerings for sports and other events contracts may be conducted in Nevada only if the offering entity possesses a nonrestricted gaming license with sports pool approval in Nevada and meets the other requirements for sports wagering including, without limitation, wagering accounts and sports book systems.”

Warning echoes comments at latest Nevada hearing

The notice piggybacks on comments made by NGCB member George Assad at the board’s most recent hearing 8 October. Assad railed against prediction markets, calling them “nothing more than a word salad”. He celebrated recent court rulings against platforms Kalshi and Crypto.com in Maryland and Nevada, respectively.

“A derivative contract or whatever you want to call it is nothing more than a sports wager,” Assad said. “A sports wager is a sports wager. Every bet made in this town is a contract.

“You can call it a derivative contract or a credit default swap like they did during the housing bubble. Whatever you call it, it’s still a sports bet.

“Therefore, it’s under the jurisdiction of the Nevada Gaming Commission and Nevada Gaming Control Board.”

Nevada has fought a multi-front legal battle with prediction markets in 2025. The state was the first to send a cease-and-desist letter to Kalshi in March. Kalshi sued in response and won a preliminary injunction in April to continue operating for the time being. That case is currently under appeal.

Cease-and-desists were also sent to Crypto.com and Robinhood, and both sued in response as Kalshi did. Crytpo.com filed suit in June and Robinhood filed in August.

Notably, as Assad alluded to, Crypto.com saw its injunction request denied this month by Judge Andrew Gordon, the same judge who previously ruled in favour of Kalshi. The two suits were largely the same in terms of context but the specific legal arguments varied slightly.

Gordon found Kalshi likely to succeed on its claim that federal commodities law preempted state wagering law, but was unconvinced in the Crypto.com case about its definitions of “swaps” and whether they apply to sports event contracts. The Robinhood case has yet to see a ruling.

Fostering innovation while ensuring compliance

Prediction markets were top-of-mind last week at the Global Gaming Expo in Las Vegas. NGCB Chair Mike Dreitzer appeared on a regulatory panel to discuss several pressing issues, including anti-money laundering concerns in state casinos and prediction markets. Dreitzer took his post in June and is the fifth NGCB chair in the last six years.

While he noted that “Nevada’s stance on prediction markets is well known”, his stance seemed more open than Assad’s regarding the burgeoning technology. The NGCB’s cease-and-desist letter against Kalshi was issued by his predecessor, Kirk Hendrick.

“We want to foster innovation, we want to find a way to bring it to Nevada as early as possible, but it has to be done in conjunction with the legal requirements,” Dreitzer said. “That’s just one example of many where we’re happy to have ’em here, but let’s figure out a way to get it in under our roof.”

Dreitzer said he wants to instil the message that Nevada is “open for business” when it comes to innovation and new technology. His tone was more nuanced than other senior regulators who have spoken about prediction markets. That includes Mike Leara, executive director of the Missouri Gaming Commission, who sat next to Dreitzer and decried the platforms in the same conversation.

But for Dreitzer specifically, the message is consistent with his career in gaming. Prior to joining the NGCB, he held senior roles at tech-focused companies like BMM Testlabs, Gaming Arts and Ainsworth Game Technology.

Which companies inquired about prediction markets?

The NGCB said in its release that it had received “direct inquiries” from licensees about its prediction market stance. Notably, FanDuel and DraftKings, the two largest commercial bookmakers in the US, do not operate in Nevada largely because of its in-person account registration requirement.

Some sports betting and DFS companies expressed interest in the sector or inked partnerships. Examples include FanDuel’s CME Group deal and Underdog’s partnership with Crypto.com.

Others, like Caesars Sportsbook and BetMGM, have refrained from substantial investments. The two platforms are the largest sports betting operators live in the state. Neither company responded to a request for comment, although neither has publicly endorsed or signalled interest in prediction markets.

The state’s biggest retail casino operators are vocal opponents of prediction markets, led by casino trade group Nevada Resort Association, which was approved as an intervenor in the state’s appeal against Kalshi. NRA President Virginia Valentine told iGB at the Global Gaming Expo that the platforms are simply “gambling with no regulation” or consumer protections.

“There are no requirements for responsible gambling, they don’t pay any state income tax. So it looks a lot like gambling, and we’ll see,” Valentine said. “Is it the future of gambling or is it the end of sportsbooks? I don’t know, but we’re going to be watching that very closely. I imagine that this will be in the courts for a while, so we’re just keeping a close eye on it.”

For the three months to 30 September, net gaming revenue at Rank topped £210.2 million ($280.9 million). This, the group said, surpassed the £197.5 million reported in the same period in the previous year.

While Rank reported growth across all four of its core business segments, the highest rise came in digital. Here, like-for-like revenue climbed 13% year-on-year to reach £61.6 million in Q1.

Rank noted a 31% spike in Grosvenor digital revenue as well as a 9% rise within its Mecca online segment. In Spain, however, net gaming revenue fell 1% due to previously reported platform capacity issues. Rank said such issues are being addressed, with the launch of a new bingo platform set to see the segment return to growth in Q2.

Rank sees Grosvenor venues revenue exceed £100 million

Turning to land-based operations, net gaming revenue from the Grosvenor venues business was up 8% to £102.7 million. Again, this segment drew the most revenue for the group.

Growth here was helped by a 5% increase in customer visits and a 3% increase in spend per visit. Outside London, Rank said Grosvenor’s performance grew 10%, whereas in the British capital growth was noted at 4%.

The group said a relatively quieter summer in London was offset by an improved performance of Victoria Casino. This followed a major refurbishment that was completed in July.

Breaking down this segment further, electronic table gaming revenues grew 11%, which the group said represented “return on investment” from recent upgrades to terminals. Table games revenue edged up 3% and gaming machine revenue climbed 12% following the rollout of additional B1 gaming machines across the estate.

This latter point followed a pledge from Rank to take advantage of new land-based rules in the UK implemented in August. These included allowing casinos to instal more gaming machines and potentially offer in-house sports betting. Rank said in August it was exploring plans to launch sports betting at its UK casinos.

Elsewhere, revenue from Mecca venues grew 5% despite a 1% decline in overall customer visits. Spend per customer, however, was 6% higher year-on-year. Finally, Enracha venues in Spain reported a 5% increase in revenue for the quarter.

Rank paying ‘fair share’ of tax

Chief Executive John O’Reilly spoke positively about the Q1 performance. He said the figures place the group on track to hit its full-year targets.

“We have started the year strongly,” O’Reilly said. “We’re confident of delivering group like-for-like operating profit in line with expectations, notwithstanding the significant cost increases we have incurred in employer national insurance contributions, the national living wage and the new statutory levy.

“We are pleased to be rolling out additional gaming machines in our Grosvenor venues. We’re on track with our installation programme and now expect a total of 850 incremental machines to be added to our estate before the end of H1 2025-26.”

O’Reilly also addressed ongoing speculation regarding tax changes in the upcoming budget in November. Reports suggest the government is likely to increase gambling tax in the UK. The main change could be a switch to a single rate for all remote gambling.

Speaking in August after Rank published its full-year results, O’Reilly urged the government to tread carefully in terms of implementing changes to tax. Now, he said the group is paying its fair share of tax already, given its strong UK focus.

“Speculation regarding tax changes in the upcoming budget is, inevitably, hanging over the business,” O’Reilly said. “We are engaged with the treasury on the implications of tax changes on the viability of our venues, employment levels, future investment and the customer.

“Last year the group generated £44.6 million in profit after tax, having paid HMRC and local authorities £188.0 million in taxes. Rank Group, with its strong UK focus, is certainly paying its fair share.”

The company announced the withdrawal on Tuesday afternoon, the same day its revised application was to be submitted to New York’s Gaming Facility Location Board (GFLB). MGM turned in its original application in late June as one of eight total vying for a coveted New York casino licence. The bid was one of four that cleared the local committee phase in September.

Its next step was to revise its economic projections to reflect the updated competitive landscape. Instead, the company pulled out entirely.

‘The newly defined competitive landscape – with four proposals clustered in a small geographic area – challenges the returns we initially anticipated from this project’

“Also, our proposal to renovate and expand Empire City Casino was predicated on the receipt of a 30-year commercial casino licence but based on newly issued guidance from the State of New York we now expect to qualify for only a 15-year licence. Taken together, these events result in a proposition that no longer aligns with our commitment to capital stewardship, nor to that of our real estate partner in Yonkers, VICI.”

A pattern for New York casino bidders?

MGM represents the third major casino operator to voluntarily exit the New York race. In April, Las Vegas Sands was the first, citing concerns about future iGaming legalisation in the state. Wynn Resorts then followed suit in May, issuing a fiery statement about New York politics on the way out.

MGM stayed the course and advanced through the first two rounds of consideration. Its proposed speed to market of a June 2027 opening and its existing tax contributions made the application a frontrunner. The project’s community advisory committee (CAC) approved the application by a 6-0 vote.

Yet MGM CEO Bill Hornbuckle first raised eyebrows about a possible exit at a banking conference in early September. Hornbuckle balked at the idea of tying capital investments to licence terms and lamented how that was not approved until August, after bids were submitted. The MGM boss also said his property had to match its current 55% tax rate for the new licence.

When asked about that latter point, the New York State Gaming Commission declined to comment.

Lowest bidder cost concerns could be ominous sign

MGM citing concern about returns on investment is notable. The company has ongoing projects in Japan and Dubai, and is remodelling its MGM Grand property in Las Vegas.

Its New York bid had by far the lowest construction cost projections of the four finalists:

• MGM: $2.3 billion
• Bally’s Bronx: $4 billion
• Resorts World NYC: $5.5 billion
• Metropolitan Park: $8 billion

Resorts World is an existing racino like MGM and is proposing a casino launch in July 2026. But the other two are greenfield projects that would take multiple years to build, let alone reach profitability. Both Bally’s and Hard Rock have ongoing development projects elsewhere, and both could come to similar conclusions.

Hard Rock did not respond to a request for comment, but Bally’s sent the following to iGB:

“We have submitted our supplemental and feel confident that we have put a compelling proposal for the state to consider. Post the closing last week of our transformative Bally Intralot transaction, we have a fantastic balance sheet with more than a $1 billion of cash and available credit facilities ready to commit to the project. When combined with readily available project financing and our community investment programme, Bally’s is ready and willing to bet on the Bronx.”

MGM’s withdrawal leaves three applicants fighting for three total licences. The GFLB will be reviewing the revised applications through 1 December, its deadline to make licensure recommendations.

Future of MGM Empire City in New York uncertain

The future viability of MGM Empire City is now in question without a full commercial licence. MGM said repeatedly throughout the process that the racino could not compete with three other commercial licensees nearby.

Dozens of Empire City employees went to public hearings to testify in support of licensure. The project’s CAC chair, James Cavanaugh, called the racino “an aging slot parlour” that needed a licence to compete prior to casting his vote in support. Yonkers Mayor Mike Spano advocated for a commercial licence for years.

Empire City has contributed roughly $5 billion in state taxes since obtaining a video lottery terminal licence in 2006. MGM purchased the property in 2019, a few years before the downstate licensing process began.

“We know our decision will impact many individuals; we remain committed to operating the property in its current format and believe it will continue to enjoy success serving customers in Yonkers and the surrounding communities,” the company said in its statement.

Particularly on the brick-and-mortar side, stakeholders have long racked their brains to answer the central question: How do we facilitate synergy between digital and retail gaming?

While a range of different strategies have been deployed, the pressure to get creative is starting to mount as the rate of online revenue growth has soared far above its retail counterpart for many months.

In August, for example, four of the seven US states with legal iGaming – Michigan, New Jersey, West Virginia and Delaware – reported all-time monthly digital revenue records. All seven markets reported growth of at least 25% year-over-year for the period. Comparatively, retail casino revenue across the entire US grew 2.5% YoY through the first seven months of 2025, per the American Gaming Association.

By now, many retail companies have made their omnichannel stances known. Casino-centric operators such as Wynn Resorts, Churchill Downs, Monarch Casino and, most recently, Las Vegas Sands, have curtailed, avoided or abandoned online growth efforts. The National Association Against iGaming, an organisation opposed to digital expansion composed mainly of smaller casinos and labor unions, debuted in February and has grown in membership.

Meanwhile, other legacy operators like MGM Resorts are embracing the challenge and trying new splashy investments. All the while, the supplier sector is working to facilitate the technology needed for omnichannel gaming growth, in whatever form that might take.

Asked where his company stands on a scale of 1-10 in terms of investing in omnichannel gaming, Aristocrat chief product officer Matt Primmer said, “It’s probably not that myopic.”

“But we’re definitely towards the end of investing in it,” Primmer said. “Alignment of tools, alignment of structures, alignment of portfolio planning and strategy, is all shifting in that direction.”

Bringing the studio to the casino floor

One such effort is taking place on the casino floor of the MGM Grand, which at roughly 171,000 square feet is among the largest on the Las Vegas Strip. Dropped into the centre of the floor is MGM’s “Live from Vegas” production studio, a high-tech glass box from which dealers broadcast live table game play to iGaming customers in 10 international, regulated markets.

During broadcasts, patrons and passersby stop and watch from outside to take in the spectacle while being unable to partake directly. Inside, the studio is like a Hollywood control room, tightly packed with broadcast equipment, switches and, of course, dealers and tables.

The outfit is a partnership involving MGM, game supplier Playtech and Fremantle, which owns the IP rights to “Family Feud”. A gambling version of the popular TV show is among the games broadcast from the studio. Others include standard table games like roulette, blackjack and baccarat.

MGM operates mobile sports betting and iGaming in the US and internationally through BetMGM, but that company is not involved in the project.

Launched in late August, the physical studio is a massive expansion of the “Live from Vegas” series, which rolled out in June 2024. That first phase saw streaming cameras placed at designated tables on the floors of MGM Grand and Bellagio, and those games are still broadcast as well. According to Vik Shrestha, vice president of online gaming at MGM, the studio is the next step in fostering that omnichannel synergy.

“We launched the studio with, let’s say, Version 1.0,” Shrestha told iGB. “So the next idea is, ‘How do we start capturing Vegas some more?’ We have these games that Playtech is known for, so we’re taking these same games into the same markets, so we have to start differentiating by tying in Vegas.”

How MGM is trying to attract guests through live studio

The Las Vegas connection and interaction with the real MGM casino floor is a focal point of the project. Most live dealer iGaming content is filmed in warehouses and nondescript office buildings, which makes it difficult to cross-market to would-be retail casino players. But Shrestha said that the live external shots and human elements are “the little engagement opportunities that are going to work for us”. 

Streaming to international players in hopes of drawing them to Las Vegas is now a critical mission, with overseas traffic down significantly in 2025. Ontario and the United Kingdom are the two biggest markets for “Live from Vegas” content, Shrestha said. The former is especially encouraging for stakeholders, as Canadian approval rating of the US and President Donald Trump is in the doldrums.

Studio workers and employees stationed nearby are equipped with talking points to help educate interested guests and start conversations.

“We’ve seen that quite a bit actually, where it’s like, ‘Oh I’m from … the UK, can I play?’ And we’re like, ‘Yes! Yes you can,'”  Shrestha said.

The same is true for domestic patrons, especially as iGaming expansion has ground to a halt in recent years. No new markets have come online since Rhode Island in mid-2023. While iGaming legalisation is unlikely in Nevada, it still allows MGM to introduce the topic in a somewhat natural way.

“I love it when you have people who can’t even play the games, because Nevada doesn’t have iGaming, of course,” Shrestha said. “But they’re checking it out, they’re watching it. Can we tap into that from an MGM Rewards perspective? There’s a lot there that we can use in terms of activations, so those are all things that we’re exploring.” 

From Sands Digital to sans digital

MGM’s bullishness contrasts with the likes of Sands, which pulled the plug last week on its short-lived Sands Digital Services (SDS) arm.

The company was among the biggest historical opponents of iGaming in the industry, largely stemming from late founder Sheldon Adelson’s disdain for the sector. SDS was not formed until 2022, a year after Adelson’s death at 87 years old.

In the relatively short time since, the company deemed that the venture was not worth the additional resources. According to the Las Vegas Review-Journal, Sands President and COO Patrick Dumont told employees in an internal letter that “further pursuit of this business was no longer aligned with the company’s core long-term objectives”.

Its core focus will remain on its land-based resorts in Macau and Singapore. Real-money iGaming is not legal in either jurisdiction.

The move came six months after the company pulled out of the New York casino race over concerns “about the impact of the potential legalisation of iGaming on the overall market opportunity and project returns”. Its proposal at the site of the Nassau Coliseum on Long Island had a projected cost of $7.6 billion, on the higher end of the field of bids.

Supplying omnichannel picks and shovels

While operators pursue various plans, suppliers are working in tandem to support those efforts. Aristocrat Gaming, the top land-based game supplier in the US by machine count, is investing heavily in its distribution capabilities to stay in lockstep with customers.

“We know that omnichannel launch is important for many of our customers, so our job is to ensure that when it’s important to them, it’s important to us, and we’re really focused on driving that capability more and more through our portfolio and ensuring that we’re the best partner we can be,” Primmer told iGB.

Last Wednesday, the company announced the acquisition of Awager, an Israel-based “provider in the fast-emerging and regulated Live Slot Streaming segment”, per a release. While Aristocrat has not commented on the deal yet, Awager’s website says its technology allows users to “experience the authentic sights, sounds and excitement of casino gaming from anywhere”.

In considering the needs of operators with varying omnichannel goals, Primmer noted that his team has to “walk that tightrope” in making their own calculations, but constant collaboration is key.

“For us, it’s about a true partnership, it’s not about us imposing our will,” Primmer said. “We think our job is to create the option to deliver across channels, whenever that right time is.”

According to a Sunday Times report, several sources at Evoke have confirmed closures could take place if taxes rise. The government is expected to set out new gambling tax plans during the upcoming budget on 26 November.

The report said the number of shop closures has not yet been decided. One source suggested 120 shops could shut, while another said as many as 200 could close. This could lead to up to 1,500 job losses across the William Hill network.

Evoke currently operates approximately 1,300 William Hill shops across the UK. Should the closures reach the upper end of estimations, this could see 15% of its total retail network shut.

“As part of our ongoing planning, we are assessing the potential impact of different overall tax scenarios on our UK operations,” an Evoke spokesperson said. “This includes the difficult but necessary consideration for shop closures.

“We are mindful of potential tax increases in the forthcoming budget which would impact investment in the UK and drive more customers to the black market.”

Incidentally, Evoke is not the first major operator to warn of possible shop closures amid the planned tax rise. In recent weeks, Stella David, CEO of Entain, which counts Ladbrokes among its brands, also said retail locations could close to help save on costs.

Tax rises almost nailed on

Talk of an increase in gambling tax has been rife for most of 2025. In April, the government initially proposed a single rate for remote gambling. This would replace the current, three-banded tax rate system.

The proposal has drawn strong criticism from the gambling industry. Concerns included how it would impact harmonisation on wider issues such as risk and harm and the potential demise of the horse racing sector, which relies heavily on the betting sector.

There has been no government confirmation on what a gambling tax restructuring might look like, but in September, a group of more than 100 MPs from the governing Labour Party called for an increase in the rate of gambling tax to tackle child poverty.

The MPs said gambling in the UK is “lightly taxed” at 21% of gross gaming yield (GGY).

The letter referenced an earlier suggestion by the Social Market Foundation (SMF). In July, the SMF proposed raising Remote Gaming Duty from 21% to 50%. This, it said, would bring the UK more in line with other jurisdictions in Europe and the US, where online gambling tax rates reach 50% or more.

Increases in tax would be in addition to the new statutory levy, which came into effect on 6 April this year.

UK retail struggles for Evoke

Evoke addressed the potential tax increases in its H1 results announcement, published in mid-August. At the time, Evoke CFO Sean Wilkins told the government to tread carefully in terms of how it approaches a potential tax rise.

“If you increase tax beyond a certain point, this leads to black market growth,” Wilkins said. “This would then lead to lower tax take and zero player protection, which is against the objective of government. This has been evidenced in the Netherlands

“Our expectation is to see a balanced approach between the requirement to get more cash and protecting the regulated market.”

In the same announcement, Evoke reported a 2.4% drop in revenue from its UK and Ireland retail business.

This was partly due to tough year-on-year comps due to last year’s Euro 2024 football tournament, while Evoke also made reference to “challenging conditions on the high street”. The total number of William Hill shops fell 2.2% to 1,302 by the end of the half.

However, the group did make improvements to its retail estate in the UK&I. This included the completion of the rollout of 5,000 gaming machines in March.

Speaking at the time, Evoke CEO Per Widerström said gross win per machine was 15% more than in Q3 last year, with the new rollout drawing in more customers. He added that further machine enhancements are planned, with additional legacy machines to be replaced.

“We are confident that our retail stores can continue to survive tough high street conditions in the UK and Ireland,” he said. “We will monitor profitability closely across our network.”

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Drafted in March, the legislation could become law by the end of 2025.

In addition to creating a regulator for online games, the act would ensure that features like lucky draws and points-based rewards don’t rise to the level of online gambling. The act would also empower law enforcement to block unregistered games and monitor others for compliance and safety. And, of course, it would establish a formal tax structure for the industry.

“The law is not a barrier, but rather a mechanism to regulate the gaming market to ensure fairness and facilitate free and responsible market competition,” said Nuttapon Nimmanphatcharin, head of Thailand’s Digital Economy Promotion Agency. DEPA developed the legislation in collaboration with the Digital Economy and Society Ministry and the Ministry of Culture.

According to the Bangkok Post, Nuttapon says the measure will make the Thailand gaming sector, which includes esports, more competitive globally.

Games industry valued at up to 40 billion baht

Thailand’s gaming sector is currently estimated to be worth up to 40 billion baht (US$1.23 billion). It could reach 100 billion baht within the next 10 years, Nuttapon told the Post in an April interview.

“This industry has a lot of opportunities,” he said. “Games are interconnected with many sectors, from education to entertainment and sports. In addition, games are a cultural activity in a region that has many similar elements.”

But social gaming revenue pales in comparison to that generated by a land-based casino industry. According to analysts, integrated casino resorts would make Thailand a major player in the global gaming industry, with estimated gross gaming revenue of up to 308 trillion baht per year. At that level, Thailand would be the world’s third-largest gaming market after Macau and Las Vegas.

But Thailand recently shelved a controversial measure that would have legalised casinos, following a political scandal involving former prime minister Paetongtarn Shinawatra.

Will Thailand reintroduce casino legislation?

In January, the Thai cabinet approved a draft of the Entertainment Complex Bill, which would have permitted five IRs with gaming in locations around the country. Proponents of the measure included Paetongtarn and her father, Thaksin, a former prime minister, who also supported a legal iGaming industry.

Despite pronounced public opposition, the bill seemed on its way to passage. But in July, lawmakers shelved it after Paetongtarn’s mishandling of a border conflict with Cambodia. In August, after a Thai court found her guilty of ethical misconduct, she was impeached. Her successor, Anutin Charnvirakul, has said casino legislation will not return while he holds office.

Meanwhile, passage of the Game Industry Act would make Thailand the first ASEAN nation with dedicated game legislation and the fourth in Asia, after China, Japan and South Korea.

In related news, a major games industry convention is coming to Bangkok for the first time. Gamescom Asia 2025 bills itself as “the biggest B2B2C platform for the games industry in Southeast Asia and one of the biggest in the world”. For the past decade, the convention has been held in Singapore.

On a local level, Las Vegas tourism has been down for a calendar year, while gaming revenue has in recent months started to increase. This discrepancy has caused some to question the long-term sustainability of the city’s hospitality-driven economy.

The broader picture for the industry is also far from clear. Legal and regulatory scrutiny surrounding prediction markets and sweepstakes casinos continues to heighten, as do macroeconomic headwinds related to sticky inflation, rising tariffs and now a government shutdown.

Overseeing the conference is the American Gaming Association, which views G2E as the sounding board for these industry debates.

“We use the conference as a way to talk through some of the tough topics,” Maureen Beddis, SVP of membership and events for the AGA, said on iGB’s World Series of Politics podcast.

“Those are usually the sessions where you can’t really even squeeze into the room, which would make most show organisers nervous. I see that, and I’m like, ‘Alright, we’re talking about the right things.'”

Last year’s attendance eclipsed 25,000, per organisers RX, and featured 115 international exhibitors, the most ever for the event. With a number of factors currently casting uncertainty over both Las Vegas and the industry overall, stakeholders hope those figures continue to grow.

Tourism, regulation top of mind at G2E

Concern about Las Vegas has been a national media topic for several months. The divergence of visitation and gaming revenue figures is hard to ignore, but also makes for difficult forecasting. Business has been good in the short term for the Strip and great in the medium term for locals-focused operators.

But declining traffic can lower all boats, meaning stakeholders must get creative to stay competitive. The city is investing heavily in new entertainment, namely sports, and casinos are perfecting their craft, as evidenced by the revenue uptick.

At G2E, some panels addressing these topics include:

• Trends in non-gaming amenities for casino growth (Monday)
• Profit per square foot on the casino floor (Tuesday)
• Enhancing the casino experience with digital (Wednesday)

From a regulatory perspective, Las Vegas’ reputation is also in flux. There have been three multimillion-dollar, anti-money laundering fines issued this year alone, with allusions to a fourth. Regulation has become an increasingly expansive topic at the show, from AML to cybersecurity.

This year, the International Association of Gaming Advisors is sponsoring a host of regulatory-focused panels, including one on Monday featuring Nevada Gaming Control Board Chair Mike Dreitzer. Immediately following that discussion is another on recent AML enforcement featuring representatives from Wynn and MGM, both of which were fined this year.

Rise and fall of sweepstakes in 2025

In some instances, there is one theme that dominates discussion and permeates throughout the entire conference. Last year it was undoubtedly sweepstakes casino sites.

Their presence had been climbing for years, but last year’s G2E is where the discussion spilled over. It seemed as though most panels, show exhibitors and sideline discussions were either an embrace of or an attack on the sector.

The months since the show have brought challenging times for the sweepstakes industry. Several states, including New Jersey, Connecticut and Montana, have enacted outright bans. California, the most significant sweepstakes market, unanimously passed a ban through its legislature that currently sits on Governor Gavin Newsom’s desk.

The same is true for New York and Governor Kathy Hochul. Numerous other markets have taken other actions including cease-and-desist orders and lawsuits.

This unravelling is perhaps further evidenced by the lack of representation this time around. Only one panel on Tuesday addresses the topic directly, and all five participants are prominent sweepstakes opponents. In the description, even the term “sweepstakes” is mentioned in quotes.

Prediction markets likely to be central G2E topic

With sweepstakes largely swept aside, prediction markets appear poised to dominate this year’s G2E discussions. The rise of platforms like Kalshi, Crypto.com and Robinhood and their foray into sports event contracts has rankled the industry, especially commercial bookmakers.

As federally licensed entities under the Commodity Futures Trading Commission, prediction markets are not subject to state sports betting laws. Instead, they argue that their sole authority is the CFTC. The commission is currently down several members and is searching for a new chair after Brian Quintenz’s nomination was stymied.

With that said, the topic is only directly mentioned in one panel on Wednesday morning. Two of its participants come from the AGA and Arizona Department of Gaming, both outspoken opponents of prediction markets.

Another panel on Monday regarding “innovation barriers” features Alex Kane of Sporttrade, a central figure in the debate. But the description does not mention prediction markets, only “challenges faced by startups”.

Government shutdown another tough topic

Adding to this year’s intrigue is the ongoing shutdown of the US federal government, which took effect at 12:01 am on Wednesday. There have been 10 shutdowns since 1976, with the longest spanning 35 days in late 2018 to early 2019.

The actual economic effect of shutdowns historically is minimal. There is no guarantee, however, that this holdout will not stretch into uncharted territory, which adds another layer of uncertainty for a consumer-discretionary industry.

The US Travel Association, for example, estimates the shutdown will cost the US travel industry $1 billion per week. A survey from Ipsos quoted in the announcement said 60% of respondents “would cancel or avoid trips by air in the event of a shutdown”. Some 81% agreed shutdowns hurt the economy overall, the survey said.

More than two million federal employees are affected by a shutdown, including airport and TSA workers. Some will continue to work without pay, while others will be furloughed or laid off permanently. Toward the end of the 2018-19 shutdown, many workers had begun calling out or getting other jobs entirely.

US Senator Jacky Rosen and Representative Dina Titus, both staunch gaming supporters from Nevada who are working to reinstate tax deductions for gamblers, have come out against the shutdown. Rosen told the Las Vegas Sun she’ll “keep pushing to end this reckless Republican shutdown”, while Titus cautioned that “numbers will just kind of go down” until the shutdown is resolved.

The facility opened on Thursday evening, with players having access to a range of facilities. These include more than 80 screens showing live coverage of sports events from around the world.

Customers can place in-person wagers at dedicated betting windows within the venue. In addition, they can access a number of diverse casino table games and physical slot machines located inside the sportsbook.

Other amenities include a large bar area, multiple dining options and seating areas for viewing live sports.

Paddy Power noted that only bets placed inside the venue can be redeemed. Winning bets from UK Paddy Power high street shops will not be paid out at the new location.

The operator also said the sportsbook will not accept its Play Card, which allows players to carry funds over from their online account to play at retail sites in the UK and Ireland. Other retail vouchers will not be valid for use inside the new sportsbook venue.

“That’s right, the big man’s really gone for it this time,” Paddy Power said when announcing the new venue. “He’s curated the ultimate sport lover’s haven that is also the perfect spot for a night out, a bite to eat, to watch the game and to have a flutter if you fancy.

“It’s like the Olympics met a pub and had a beautiful, chaotic baby. And, as Paddy’s getting involved, there’s space to place a flutter. Whether you’re backing a winner or just in it for the drama, placing a bet here feels better than a last-minute equaliser.”

Reforms open doors for expanded land-based gambling

The sportsbook has been made possible by recent reforms within the land-based gambling sector in the UK.

In May, the government published long-awaited draft proposals for land-based casino reforms. These outlined opportunities for operators to increase their gaming machine count and limitations on gambling floor space for casinos.

Licensed casino premises can install up to 80 gaming machines. However, this is only possible provided that the gambling area is larger than 280 sqm and the number of machines does not exceed five times the number of gaming tables used in the casino.

The new reforms also opened the door to physical sports betting inside casinos. Previously, bettors could place a bet on their mobile phone while in a casino, but not via a self-service betting terminal (SSBT).

Not long after the draft reforms were announced, Rank Group said it would take advantage of the new rules. The operator said it would add 882 gaming machines to its UK Grosvenor estate before the end of the year. It was already operating 1,367 machines across its 51-strong venue network.

However, Rank later stated its suite could be increased to 3,112 machines in the next two to three years. It indicated it would engage with government officials in Scotland to further increase its machine offering there.

In a letter to the Dutch House of Representatives on Tuesday, Rutte highlighted five recent research reports on gambling, including the KSA’s recent piece on the impact of tax increases. The latter of these, published in late September, set out a series of proposed changes to regulation on Dutch slots.

Commissioned by the Dutch Scientific Research and Data Centre, the report looks at certain player protection issues facing slots. It points out that many regulations related to land-based slots have not been updated since the year 2000.

Cash remains king on slot machines

Among its key findings was that cash remains the preferred method of payment for physical slots players. This was more apparent among older players, with younger players leaning more towards contactless and card-based play.

The report noted the risks associated with cash gambling — primarily money laundering and robberies. However, it also highlighted barriers to cashless gaming, including how health experts said this could actually negatively impact users.

“Health experts indicated seeing and feeling cash, especially during the exchange process, can provide a moment of realisation for the player,” the report said.

“Introducing [personalised] player cards in the hospitality industry is also seen as difficult and expensive. From an addiction prevention perspective, cashless play only offers benefits if the player card is personalised so the player’s playing behaviour can be monitored and options such as personal playing limits are possible.”

Mixed response to ID checks for slots

The report also considered issues surrounding player identification. At present, only casinos and gaming halls require a full ID check, with hospitality venues only checking age. With this, researchers said industry stakeholders had identified a gap in current policy.

However, there was a somewhat mixed response to how this issue could be addressed in the long term. Those from a harm prevention background backed full player identification at all locations. Other respondents raised concerns over the cost of implementing such a system, as well as noting that this could drive players towards illegal gambling.

“Based on the results of the choice experiment it has become clear that the possible, the introduction of player accounts on physical slot machines could pose a barrier to entry for players,” the report said.

Spending limits still up for debate

Another primary focus area for researchers was playing limits, which the report said were already “strict” in the Netherlands. Stake limits are pre-set at each location and are not adjusted in line with inflation.

Researchers questioned whether this approach should be adjusted, given that limits have been the same since 2022, when the Netherlands first adopted the euro. At present, users can only wager a €0.20 stake and incur a maximum hourly loss of €40, with some calling for this to rise to €0.50 and €100, respectively.

There was a high level of support among respondents for a system that allowed players to set their own limits. However, again, some raised concerns about the costs associated with making such changes.

Finally, respondents were asked for their opinion on expanding the content available to slots players. At present, each machine is limited to only running a certain number of games, but there have been some calls to extend this.

However, for operators of casinos and gaming arcades, there was only limited demand for a wider range of slots. Again, respondents said the high level of investment would deter them from adding more content.

“Modernisation is simply not urgent for them because they can easily handle the existing technical regulations,” the report said.

Rutte set to oversee Dutch gambling reform

Rutte is new to the role of secretary of state for legal protection in the Netherlands. He recently took over from Teun Struycken, who stepped down over the decision to block sanctions against Israel due to the ongoing conflict in Palestine. Struycken was one of several ministers to exit over the matter.

Struycken’s departure came at a time of change for the Dutch gambling market. In February, he said a new gambling bill was expected by the end of the year. At the time, he said this could include measures such as increasing the age limit for higher-risk products like online slots.

With Struycken’s resignation, the status of the new bill is still very much up in the air. However, Rutte’s letter to the government suggests that work on potential changes to regulations remains ongoing.

That said, Dutch politics faces a decisive month, with a snap election having been called for 29 October. This follows the collapse of the government in June when Geert Wilders, leader of the far-right Party for Freedom, withdrew from a four-party coalition.

One change that is almost certain to happen is a further increase in gambling tax. This will rise to 37.8% of gross gaming revenue from 1 January 2026, subject to any late changes. It follows a rise from 30.5% to 34.2%, which came into effect on 1 January 2025.

The day started with the approval of Metropolitan Park by its community advisory committee (CAC), the last CAC vote to be held out of eight total. Thus, it joined Bally’s Bronx, MGM Empire City and Resorts World NYC as the final contenders for three available downstate licences. Four other applicants were rejected by their local committees.

The four that received approval will now go before the state’s Gaming Facility Location Board (GFLB), which also saw activity on Tuesday. That afternoon, the New York State Gaming Commission voted unanimously to appoint Cindy Estrada as a fifth and final member of the board.

Estrada was present during discussion of the appointment, which lasted only a few minutes. Prior to holding the vote, commission Chairman Brian O’Dwyer didn’t exactly make the new appointee’s job sound easy.

“She’s indicated her desire to accept this task,” he said, referencing Estrada. “I have told her that it is truly a Herculean task to be doing that. After I got through with her, there were no false illusions about the amount of work there will be.”

O’Dwyer didn’t add much to that in a commission press release, saying that the board’s work “has far-reaching implications for the entire state and I am grateful for their service”. The board itself did not announce Estrada’s appointment, but confirmed the four casino applicants it will consider.

Who is the latest appointee to the GFLB?

According to the biography listed for Estrada, she is from Harlem but was raised in Bayamon, Puerto Rico. She has served as executive director of the New York City Hispanic Chamber of Commerce since 2015. In the years prior, she was an entrepreneur in the fashion industry and an executive in the travel sector.

Estrada’s bio also lists her as a “longtime resident of the Bronx”, the only such reference for any of the GFLB members. Bally’s Bronx is the lone contender from that borough, with Resorts World and Metropolitan Park lying in Queens and MGM in Yonkers. She is not quoted in the announcement, but said at the hearing she “really appreciate[s] the opportunity”.

With the latest appointment, the full board is as follows:

• Vicki Been, Chair: NYU law professor
• Terryl Brown: VP and general counsel, St. John’s University
• Cindy Estrada: Executive director, NYC Hispanic Chamber of Commerce
• Marion Phillips III: SVP, community development and DEI, US News and World Report
• Greg Reimers: Retired real estate finance executive

According to the board’s website, members must have at least 10 years’ experience “in specific fiscal matters”, as well as “significant expertise” in accounting, real estate and economics. Conversely, they are barred from having any relationships with bidders or financial interests “in any gaming activities”.

There are no forthcoming board meetings scheduled as of writing.

More work to do in the months ahead

The casino licence review process will now essentially start anew for the four candidates. With the landscape further established than it was previously, much of the financial projections and other project details will need to be updated. A source involved in the process indicated to iGB, on condition of anonymity, that projections are currently being revised.

These supplemental materials, which include proposed tax rates, are due by 15 October. Bidders are free to pitch their own rates, as long as they start at 25% for slots and 10% for other gaming.

However, the two racinos – MGM and Resorts World – currently face a tax rate of about 55%. MGM CEO Bill Hornbuckle said at a recent banking conference his understanding was that his property would be expected to at least match that rate, in addition to continuing its horse racing commitments. The New York State Gaming Commission did not immediately respond to a request for clarification on this point.

In addition to the updated projections, the GFLB will consider four weighted aspects of each bid:

• Economic activity (70%)
• Local impact siting (10%)
• Workforce enhancement (10%)
• Diversity (10%)

The GFLB’s recommendations for licensure will be presented to the Gaming Commission by 1 December. The commission will then issue up to three licences by 31 December. This timeline “ensures that New York State will collect the already-booked casino licence fee(s) ahead of schedule”, per the GFLB site.

Those fees are $500 million each, meaning the state could cash in on up to $1.5 billion in immediate income. New York state currently faces a cumulative budget deficit of $34.3 billion through fiscal year 2029.

On Tuesday, via notice, the commission announced the adoption of the changes, which had been sought by the industry.

Salon regulations were implemented in 2001 and were modified in 2008 before the latest round of consultations began last December. At every instance, the conversation was inspired by the same purpose – to better accommodate high-level customers in the hopes of keeping their play in-state.

In 2001, this was in response to uncertainty following the 9/11 attacks. The 2008 changes came at the height of the Great Recession. But the last few years, by contrast, have been very good for the state’s industry. Coming out of Covid shutdowns in mid-2020, the state set three consecutive fiscal year revenue records before slipping back slightly in FY25.

Still, operators are looking for ways to keep the state, especially Las Vegas, competitive. Those efforts have kicked into overdrive this year, as the city’s decline in tourism has become a national storyline. And from a regulatory perspective, Las Vegas’ reputation has also been impacted by multimillion-dollar anti-money laundering fines against Wynn, MGM and Resorts World this year alone.

Loosening salon regulations, as the board agreed to do, could generate more traffic while ensuring more scrutiny of high-level play. Still, it remains to be seen whether the changes will meaningfully move the needle.

The biggest updates yet to Nevada gaming salon rules

Original salon regulations were quite restrictive. They were subsequently eased to assist operators, and the newest changes further that effort.

The original credit and/or deposit threshold to enter a Nevada gaming salon was $500,000. Slot machines in salons had to be set with minimums of at least $500, and any guests of salon patrons could only remain in the salon for six hours without the main patron being present, among other rules. In 2008, the credit/deposit threshold was lowered to $300,000.

Wynn, MGM and Hard Rock, in conjunction with the Nevada Resort Association (NRA), lobbied for several changes this time around. In the end, not all were adopted, but some of the final draft amendments included:

• Lowering the baseline deposit/credit threshold to $20,000;
• Allowing operators to apply for the right to set their own minimums based on proven salon experience;
• Establishing poker as a game eligible for salon play;
• Establishing a $20,000 buy-in minimum to commence a poker game, including a $10,000 minimum buy-in per player;
• Lengthening the period that a salon patron’s guest may play in a salon without the patron present from six to 24 hours.

The NRA and its members advocated for no baseline minimums, but this was essentially granted by allowing licensees to apply to set their own. Including poker as a salon game was another key concession, although regulators kept a per-player minimum instead of allowing one player to bankroll the table.

After the previous salon hearing in August before the Nevada Gaming Control Board, NRA CEO Virginia Valentine applauded the draft changes that were ultimately confirmed. She told iGB the new rules “reflect a balance of needs for the industry and for regulators. That’s key to creating any effective public policy”.

Concerns not enough to prevent approval

Given that salon changes potentially create more anti-money laundering stressors while addressing tourism challenges, commissioners took a cautious approach and gave lengthy discussion to the matter before approval. Some, like Commissioner Rosa Solis-Rainey and Chair Jennifer Tagliotti, sought clarity on guest classifications.

The requirements differentiate between main patrons and their guests. The rules are more stringent for the patrons, but guests may also wager, which caused some confusion for commission members.

One concession the industry received was lengthening the time a guest may stay in a salon without the main patron to 24 hours. But commissioners questioned why this was necessary and worried about nefarious practices while debating exact language.

“A lot can happen in 24 hours,” Tagliotti cautioned. “The girlfriend leaves and comes back and she’s no longer the girlfriend. Or there’s certain financial arrangements between them that violate Nevada law, or other things.”

Commissioner George Markantonis, for his part, questioned whether operators were distorting the true purpose of salons. He noted that they are intended only for gaming, “not a VIP concierge lounge”. And despite approving the changes, Markantonis also made sure to address the AML elephant in the room.

“With all of the AML problems that we’ve encountered over the last six months … there’s obviously been difficulty for the casinos to control their customers and their hosts on top of it,” he lamented. While not mentioned directly, both Wynn and MGM were among those fined this year.

Operators granted concessions but future use uncertain

The requests from operators, and their responses to regulators’ questions, essentially amounted to a simple mantra: we can make use of this resource, if you trust us. These companies have already operated Nevada gaming salons, despite their existing limitations, for years. Lower thresholds allow for more patrons to be accommodated and therefore tracked and rated in casino systems.

Along with Valentine, Wynn Las Vegas casino chief Charlie Stone was a constant figure in salon discourse. MGM’s legal counsel, Chandler Pohl, and Hard Rock Las Vegas President Joe Lupo also appeared previously, but did not last week.

Stone explained many times that salon play is more closely scrutinised than any other play, with a higher ratio of employees to players. It is an “extension” of public high-limit areas, he said last week.

“The games that are in salons are the exact same games with the same rules, the same payouts and, as I mentioned, better surveillance coverage,” he told the commission.

Wynn did not respond to a request for comment, but said previously it would await a final ruling from the commission before making operational changes. MGM declined comment, deferring instead to the NRA. Hard Rock is still under construction and is not slated to open until late 2027.

Metropolitan Park, the $8 billion mixed-use casino complex adjacent to Citi Field in Queens, was approved 6-0 by its appointed community advisory committee (CAC) on Tuesday morning. The bid is a joint venture between New York Mets owner Steve Cohen and Hard Rock Entertainment.

This concludes the CAC phase of the process, with Metropolitan Park the fourth bid to be approved locally, joining Resorts World NYC, MGM Empire City and Bally’s Bronx. They are competing for three available downstate licences, which the New York State Gaming Commission is to award by year’s end.

The four bids will now be considered by the state’s Gaming Facility Location Board (GFLB), which will make its recommendations to the commission. Board members will consult with applicants on a range of topics, including revenue projections and custom tax rates. Bidders are free to pitch their own rates, as long as they start at 25% for slot revenue and 10% for all other gaming.

Four other weighted categories will be considered:

• Economic activity (70%)
• Local impact siting (10%)
• Workforce enhancement (10%)
• Diversity (10%)

Licensure recommendations will be forwarded to the Gaming Commission by 1 December. The commission will then make the final decisions on the three available licences by 31 December. If all three are awarded, the state would reap $1.5 billion in licence fees immediately. But New York regulators can throw curveballs, as evidenced by the upstate licensing process a decade ago.

A lobbying force to be reckoned with

In some ways, the strong approval for Metropolitan Park was unsurprising. The bid was considered a frontrunner from the start, largely due to Cohen’s massive political clout and spending power.

Forbes lists the hedge fund guru with a net worth of $23 billion, which the outlet ranks as the 101st largest sum in the world. He and his fund, Point72 Asset Management, have been significant donors to Governor Kathy Hochul and the Democratic Party.

The project previously faced stiff opposition from Senator Jessica Ramos, whose district includes much of the site. Ramos refused to sponsor necessary rezoning legislation, stalling progress. But Cohen and company sidestepped Ramos in favour of Senator John Liu, who did carry the legislation.

Prior to Liu coming on board, Assemblymember Larinda Hooks also helped facilitate legislation in her chamber. Hooks appointed herself to the CAC for Metropolitan Park and was its chair. She represented the sixth and final aye vote on Tuesday.

Hooks oversaw the public hearings held for the bid and was airtight in doing so. She was quick to dispel commotion and she abruptly ended the second hearing after presenters started shouting at the committee.

“We have a process, it’s always the person on the losing end is going to say we weren’t heard, but it’s the same process for everyone,” she told the Queens Eagle afterward. “It was fair on both parts. It’s a process and the process was fine.”

Metropolitan Park up, Mets team down

Metropolitan Park is modelled after the “walkable villages” now commonly seen at ballparks around the US, like the Battery neighbourhood in Atlanta and the Arlington Entertainment District in Texas. Cohen, who has spent big on players since acquiring the Mets in 2020, has said the mixed-use development represents his path to elevating the Citi Field experience.

Plans call for a Hard Rock hotel, casino and entertainment venue, in addition to 25 acres of park space and other amenities. Currently, the 50 acres of land surrounding the stadium are asphalt parking lots.

But while the project is moving forward, the Mets’ season will not. The team started the season fifth in World Series odds and at one point in June held the best record in baseball. Things spiralled from there, however, and the team ultimately missed the playoffs entirely. This result, Cohen posted on X, was “unacceptable”.

Assessing licence outcomes and impacts

The four bids to advance are made up of two existing facilities and two greenfield projects. Resorts World and MGM, formerly Aqueduct and Yonkers Raceway, have operated as video lottery terminal facilities for decades and have long been considered the strongest candidates.

Both projects offer significant speed-to-market advantages, with Resorts World pitching a July 2026 casino launch and MGM targeting July 2027. By comparison, Metropolitan Park is eyeing a June 2030 opening. All of the information in Bally’s construction timeline is redacted.

The VLTs also face existing tax rates of about 55% and therefore already contribute hundreds of millions to state coffers each year. Their longstanding presence in their communities has given them a substantial leg up on local relations. As such, the process could boil down to a race for the third licence between Cohen and Bally’s.

For Cohen, perhaps the last remaining hurdle relates purely to location. Resorts World is also in Queens, just 10 miles from Citi Field. Given that Manhattan and Brooklyn were eliminated, placing two of three licences so close together could have negative impacts for the performance of both.

Bally’s, meanwhile, faces serious financial questions as the company continues to extend itself. It has had trouble staying on track with its $1.7 billion Chicago casino, which it needs to complete by next September. That is less than half the cost of Bally’s Bronx, which is projected at $4 billion. Meanwhile, the company also just released renderings for a splashy Las Vegas casino-resort, with no costs or timelines provided.

Its community advisory committee (CAC) rejected the bid on Monday afternoon with a vote of 2-4 against Thor Equities’ $3.4 billion casino complex in Coney Island. It was expected, as it became clear last week that at least three members intended to deny the project. Stakeholders would have needed four affirmative votes from the CAC in order to advance to state consideration, as three other bidders have done thus far.

It became apparent however, after two raucous public hearings, that The Coney had perhaps the lowest level of local support among the eight bidders for three potential downstate New York casino licences. The level of strife showcased in the hearings made CAC approval all but impossible based on that metric.

Prior to the down vote, the committee considered a flurry of amendment proposals from the bidder. A total of 10 categories of amendments spanning virtually every aspect of the proposal were offered on 19 September. The changes were extensive, totalling nearly 150 pages. Interestingly, the amendments were accepted by a 5-1 vote, minutes before the project overall was denied.

Some trends have begun to emerge from the CAC votes that have been held thus far, with one still remaining. For example, six of the seven bidders to host votes have lodged last-second changes. However, this has not meaningfully impacted outcomes, as all four of the rejected projects submitted amendments. Conversely, Resorts World NYC was approved with no amendments.

Additionally, the mayor’s and governor’s appointees to all CACs have voted in favour of every project. And for all four of the rejections – Caesars, Avenir, Freedom Plaza and The Coney – their appointees offered the only positive votes.

‘Disruption and uncomfortable moments’ for The Coney

As it came time to vote, the statements given by CAC members were starkly different from those given earlier in the day by the Bally’s Bronx committee, which approved its bid 5-1. In that case, members pledged the need to invest in underprivileged communities like the Bronx and applauded Bally’s for its collaboration.

Similar arguments could have been made for Coney Island. Yet Thor and The Coney received no such praise.

“There was a lot of disruption and uncomfortable moments throughout this process that I wish would’ve never happened,” said Brooklyn Borough President Antonio Reynoso. “I hope we didn’t make irreparable harm to each other in our community. Because we’re always going to be here.”

Alex Sommer, appointed by Mayor Eric Adams, gave the only positive statement, but it referred to the process rather than the project specifically.

“As the mayor’s office has emphasised throughout this process, we believe casinos can serve as major economic development initiatives, creating good-paying jobs and delivering benefits to the city, region and local communities,” Sommer asserted.

Moving forward, Metropolitan Park is the last project still needing a CAC vote, which is scheduled for 11am on Tuesday. After that, all projects still alive will go before the state’s Gaming Facility Location Board. The board will begin a fresh round of consideration with a 1 December deadline to make recommendations to the New York State Gaming Commission. From there the commission will have until 31 December to issue up to three licences.

Prior to the Metropolitan Park vote, the projects approved so far are Bally’s Bronx, Resorts World and MGM Empire City.

In New York, the Bally’s local community advisory committee (CAC) voted 5-1 on Monday to advance its project to state consideration for one of three potential downstate casino licences. This approval came after the CAC requested several changes to the proposal earlier in the month. Bally’s responded to the requests, which appeared to satisfy the committee as the changes were also approved on a 5-1 vote.

CAC member Danielle Volpe was the lone detractor in both votes. Volpe was appointed to the CAC by city council member Kristy Marmorato, one of the biggest opponents of Bally’s Bronx.

The bid will now go before the state’s Gaming Facility Location Board (GFLB). The GFLB has until 1 December to issue a recommendation to the New York State Gaming Commission. From there, the commission will have until 31 December to issue up to three licences.

Along with revenue projections, there are four weighted criteria the board will consider:

• Economic activity (70%)
• Local impact siting (10%)
• Workforce enhancement (10%)
• Diversity framework (10%)
  

Bally’s Bronx is the third New York bid to advance past the CAC phase, out of eight that began the process. The two racinos – MGM Empire City and Resorts World NYC – were unanimously approved last week. The Coney in Brooklyn is to be voted on later on Monday, while Metropolitan Park in Queens awaits its fate on Tuesday. Manhattan’s trio of Caesars Times Square, Avenir and Freedom Plaza were all rejected.

The New York casino bid that defied odds

It has been a bumpy ride for Bally’s Bronx, but the train kept moving despite various hiccups. The project is steeped in political intrigue, namely in connection to New York City Mayor Eric Adams and US President Donald Trump.

Bally’s bought the project site from the Trump Organization, which would receive a $115 million bonus if Bally’s is granted a casino licence.

Adams, who had federal corruption charges dismissed by Trump, has also boosted the project twice. In the first instance, he lowered the threshold of support needed for a city council vote and he later vetoed another council vote altogether. This allowed the project to reach the CAC phase.

Once it reached the CAC, there were more hurdles. The Bally’s CAC was the only one to request changes by its bidder, and it did so after its two public hearings. The 14 pages of requests touched on essentially every aspect of the proposal. Statements given by committee members explaining their votes seemed to indicate that these last-second concessions helped sway the approval.

“Based on Bally’s engagement to date, I believe they understand the scale of this responsibility they are asking this community to shoulder,” CAC Chairwoman Lisa Sorin said. “We have discussed the following items and expect these to be non-negotiable elements to this project.”

In a statement, Bally’s called the vote “a win for the Bronx” with “lasting benefits” and thousands of jobs.

“We are grateful to the Community Advisory Committee, our local elected officials, small business leaders, unions and the many Bronx residents who shared their feedback throughout this process,” the company said. “The affirmative vote is a clear signal that we’ve been able to address key community concerns and build real momentum together.”

Bally’s looks ahead to Las Vegas

Meanwhile, Bally’s also laid out plans for its long-dormant plot across the country on the Las Vegas Strip, adjacent to the MLB ballpark being built for the Athletics franchise. Details for Bally’s Las Vegas were first publicised on Sunday before the company’s official release Monday.

The sprawling mixed-use complex being proposed would essentially surround the A’s stadium, which is scheduled to open in spring 2028 for that MLB season. Plans call for two hotel towers encompassing 3,000 rooms, a casino, a 2,500-seat entertainment venue and “more than 500,000 square feet of retail, dining and entertainment offerings”. Marnell Architecture is the architect of record and JLL will source dining and retail options.

In a statement, Bally’s Chairman Soo Kim called the project a “once-in-a-generation opportunity to redefine the heart of the Strip”.

Of the 35 acres on the plot, the stadium takes up nine acres, allowing up to 26 acres of future development. The land is owned by Gaming and Leisure Properties (GLPI) and is leased to Bally’s for $10.5 million a year. It was the site of the Tropicana Las Vegas before the property was imploded last October. The stadium is a focal point of the new design and the company said the resort will offer “a VIP experience with direct access to the ballpark”.

Notably, Bally’s offered no cost projections, only saying it is “expected to commence development in the first half of 2026”. In an interview with the Nevada Independent, Kim said his company will take things slowly and see how the market reacts.

“I know we have a lot going on, and we want to move forward,” Kim said. “If demand is slow, then we’ll go slower. We’re not going to build speculatively.”

Walking the purse-string tightrope

Both developments are the latest additions to an already loaded plate for the company. Bally’s has three significant developments in various stages of progress in Chicago, New York City and Las Vegas.

Its $1.7 billion Chicago casino has been beset with delays and is on a tight deadline to open by September 2026. Bally’s Bronx, if approved, would cost another $4 billion. No costs were given for Bally’s Las Vegas. The last two casinos to open on the Strip were Fontainebleau ($3.7 billion) and Resorts World ($4.3 billion).

In addition to its domestic dealings, the operator is also heavily invested in Australia-based Star Entertainment. That company is facing massive anti-money laundering fines from Australian authorities, and its flagship Star Sydney casino has had its licence suspended for multiple years. That suspension was just extended for a further six months.

Bally’s has been on a financial tightrope for quite some time, but it has found relief by leveraging assets. In July, the company sold its international digital business to Intralot in a reverse-merger that netted €1.53 billion ($1.79 billion) in cash to pay down debt. Two weeks ago, Bally’s sold and leased back its Twin River Lincoln casino to GLPI for $735 million, also used to help with liquidity.

In Q2, Bally’s reported $174 million in cash versus total debt of $3.5 billion, although that was several transactions ago.

IGA conference chair Victor Rocha confirmed the news on X. No other details were immediately available.

Stevens, 66, was in his 13th term as IGA chairman, having been reelected at the association’s Indian Gaming Tradeshow in April. He was first appointed to the role in 2000. During his tenure, the US tribal gaming industry grew exponentially, with revenue ballooning from $11 billion in 2000 to over $49 billion in 2024.

IGA recently hosted its mid-year conference from 8-10 September at Mystic Lake Casino Hotel in Prior Lake, Minnesota. Stevens reportedly attended the conference as usual.

Prior to his tenure with the IGA, Stevens was a councilman for the Oneida Nation in Wisconsin, of which he was an enrolled member. He is survived by his wife, Cheryl, their five children and 15 grandchildren.

Stevens Jr a staunch advocate for Indian Country

For decades, Stevens served as one of the biggest advocates for tribal gaming and issues impacting Indian Country.

He represented Native American interests in Washington DC and was a proud advocate for tribal gaming around the world. At the inaugural ICE Barcelona conference in February, Stevens gave an impassioned presentation about how US tribes are “open for business” and have grown to rival any commercial competitors.

Stevens’ devotion to tribal causes was influenced in part by his father’s legacy. Ernest Stevens Sr was a Marine Corps veteran in the Korean War who went on to become a prominent Native rights activist in the 1960s and 1970s.

“My father, Ernie Stevens Sr, embodied more than just a paternal figure to me,” the younger Stevens said upon the elder’s passing in 2024. “He stood as a hero, a guiding light and a symbol of resilience for many individuals. His profound wisdom provided solace and direction, while his deeds ignited motivation among those in his circles.”  

A former athlete, Stevens was a confident speaker with a booming voice that was unmistakable among industry crowds.

Replacing longtime chair at a crucial time

IGA is now tasked with replacing its longest-serving chair as it looks to navigate a critical period for tribal gaming.

Stevens was at the forefront of tribal issues and often took a measured stance that stressed the importance of ensuring tribal sovereignty while remaining prudent and calm when making decisions.

“If you start throwing haymakers, that’s how you get knocked out,” he said on a February IGA webinar. “But you gotta throw something.”

Clarion Gaming pays tribute to Chairman Stevens

Clarion Gaming managing director Stuart Hunter described Stevens as “a great friend of Clarion Events and ICE”, who ensured the show reflected the needs of the gaming universe.

“He will be remembered not only as one of the most powerful voices for tribal sovereignty, but also as a person of kindness, warmth, with an unshakable commitment to his people,” Hunter said.

“On a personal level I will remember with great affection his drive, his generosity, his vision and his optimism. He will be greatly missed.”

The Nevada Gaming Control Board announced on Friday that the state reaped $1.22 billion in gross gaming revenue, a 5.5% increase over last August. After a slow FY25 snapped a streak of three straight fiscal year records, Nevada is about 5% ahead of last year’s pace.

Clark County, which includes Las Vegas and surrounding areas, was up 5% YoY as a whole. However, the performance of individual sectors is indicating that the Las Vegas Strip is reclaiming its dominance over the locals market, which enjoyed massive success over the last 18 months as a value proposition to the increasingly costly Strip experience.

On the Strip, America’s gaming capital was also in the 5% growth club, jumping to GGR of $679.3 million. Its year-to-date performance is coincidentally also up 5%. Conversely, the locals market fell 1% to $142.3 million, and is down 2% for the fiscal year, the worst of the state’s major markets. For much of 2024 and early 2025, those roles had been reversed.

Baccarat performance on the Strip has become the key driver for the region and, subsequently, the state. In August, the Strip won $114.4 million on the game, a 51% upswing YoY. That is more than any state sector generated as a whole, except for the Las Vegas locals market. It has become common to see massive month-to-month swings in baccarat; for the previous three months, the Strip is up 29% on the game, but for the previous 12 it is down 3%.

Visitation numbers continue to slide in 2025

While the increasing gaming revenue is a positive sign for the industry, the continued lag in Las Vegas tourism is what has captured national headlines for months.

According to the Las Vegas Convention and Visitors Authority, the city’s visitor volume was down 6.7% to 3.1 million in August. Every month in 2025 has seen a YoY visitor decrease of at least 1%, with most ranging from 5%-10% or more. The last increase of more than 1% came in September 2024.

Convention attendance, which had been the lone bright spot for the region this year, was also down 8% because of rotating show schedules. However, big upcoming shows like the Global Gaming Expo in October, the Consumer Electronics Show in January and the industrial Con/Agg show in March will boost future totals.

Harry Reid International Airport announced on Wednesday that domestic and international air traffic through Las Vegas declined 6% and 3.7% in August, respectively. The latter has been the biggest point of concern for stakeholders, especially as US President Donald Trump continues to ruffle feathers with aggressive tariff hikes and foreign policy.

Historically a top feeder market, Canada has been especially affected, seemingly in part from Trump’s “51st state” comments earlier this year. Traffic from WestJet and Air Canada plummeted 33% and 40% in August, respectively. Mexican airlines like Volaris and VivaAerobus performed better by comparison, but this was offset by huge struggles domestically from bankrupt budget carrier Spirit Airlines (down 46%).

Sin City’s glass half-full or half-empty?

The confluence of business and travel factors make it increasingly difficult to analyse Las Vegas.

On one hand, gaming revenue is up and businesses are doing well, while most operators posted solid Q2 results with optimistic future outlooks. The AGEM Index, an index of stocks from 10 leading gaming suppliers, was up 5% month-over-month in August and 32% YoY.

Additionally, numerous ongoing projects are expected to contribute to future success. The former Mirage will reopen as the Hard Rock Las Vegas in 2027 and add more than 3,500 rooms back to the Strip.

Work has begun for the Las Vegas A’s new Major League Baseball stadium on the Strip, with another resort primed for the same lot. The third annual Las Vegas Grand Prix, a catalyst international Formula 1 racing event, returns in November. Off the Strip, locals-focused operators are enjoying their best stretch of performance in several years.

On the flip side, the factors that fuelled the Las Vegas tourism slide do not appear to be fading. The Federal Reserve cut interest rates one time in 2025 and cautioned against future cuts. On Friday, the personal consumption expenditures price index reported a 2.7% YoY increase in August, the highest monthly increase since February.

Operationally, casinos are paying markedly higher labour costs as new Culinary Union contracts take effect this year. Overall, union wages have gone up 10% and will increase by 32% over the life of the contracts. Most are also now leasing their real estate from REITs and are subject to annually increasing rents.

LVCVA looks to reinvigorate Las Vegas tourism

While CEOs and local officials largely downplayed these concerns earlier this year, most now acknowledge at least some uncertainty for Las Vegas. However, MGM CEO Bill Hornbuckle said at a recent Bank of America conference that it is on the industry to change the narrative.

“To the idea that Las Vegas is dead, I would say this: We are putting a push on, because we let the narrative get away from us, in the context of value,” Hornbuckle said. “So we are out pushing that Las Vegas is a huge [value] and remains a huge value for consumers at all levels.”

The LVCVA launched a multimillion-dollar ad campaign to mixed reviews and is rolling out new deals. This week was the agency’s first-ever city-wide promotional discount, the “Fabulous 5-Day Sale”. Under the programme, operators and businesses from around the city pledged more than 100 deals.

In recent weeks, agency reps also travelled to Canada in the hope of coaxing would-be guests to come back to Sin City. LVCVA CEO Steve Hill said at the time that a lot of Canadians “are not happy with us right now” and that “we understand they may not be ready” to return. Overall, though, Hill is leading the optimism for the region.

“I’m betting on Vegas,” Hill said in August, per CDC Gaming. “Las Vegas is still the Entertainment Capital of the World. We’re all confident in the future of this city. We’ve met over the last couple of weeks with virtually every property and we’re excited about what we’re hearing. The city is taking steps to address (the downturn).”

Revenue was comfortably higher than the DKK562 million reported in July last year. Figures from regulator Spillemyndigheden showed this return also surpassed June this year by 8.4%.

Breaking down the monthly performance, online casino drew the most revenue in July at DKK349 million. This was 20.5% more than in the same month last year.

Online slots were by far the biggest draw for users, generating DKK291.7 million in revenue. Blackjack followed with DKK22.2 million, then roulette with DKK16.8 million, with other revenue split across bingo, poker and other games.

Meanwhile, sports betting bounced back from two consecutive months of decline to post DKK159 million in revenue, beating last year by 6.0%. Some DKK114.5 million came from mobile betting, DKK28.1 million from desktop computers and DK16.8 million from retail locations.

Steady month for land-based gambling in Denmark

On the subject of land-based activity, physical slot machine revenue amounted to DKK90 million. This was only marginally lower than last year’s DKK92 million haul.

Spillemyndigheden said 80.1% of all slot machine revenue came from terminals located in gambling halls. The remaining 19.9% came from machines placed inside restaurants.

Elsewhere, land-based casino revenue increased 18.8% year-on-year to DK33 million. The remaining DKK2 million came from land-based bingo activities.

Self-exclusion rates edge up during August

In terms of self-exclusion, the regulator said that, by the end of August, 62,577 people had signed up with the country’s ROFUS scheme. This would suggest that around 170 players opted to self-exclude during the month.

Of those who have registered with ROFUS, 65.0% have opted for permanent exclusion from gambling. Men account for 78.2% of all sign-ups, compared to women at 21.3%.

A fresh round of review by the GFLB will now run through 1 December, the board’s deadline. The state-appointed panel will evaluate all remaining proposals and make licensure recommendations to the New York State Gaming Commission. At that point, the commission will have until 31 December to issue up to three downstate commercial licences.

Eight proposals made it through to the CAC phase, and Resorts World was considered a frontrunner from the beginning. As an existing facility, Resorts World boasts a July 2026 casino launch timeline, by far the quickest in the field. The video lottery terminal facility has also operated since 2011 and has contributed billions in taxes during that span.

Fellow racino MGM Empire City enjoyed similar advantages and was also unanimously approved earlier in the day. Three casino projects proposed in Manhattan have been rejected by their CACs, leaving three more bidders to be considered after Thursday’s votes for the two racinos.

With regard to public support, Resorts World’s first and second hearings were by far the most positive of all New York casino applicants. That public endorsement coupled with the existing strengths of the bid made approval all but certain. Queens now appears well positioned to secure at least one casino licence. Metropolitan Park, also in Queens, will have its CAC vote on Tuesday at 11am.

“Sorry Jay-Z, we win again,” Queens Borough President Donovan Richards said during the Resorts World vote, referencing the rapper’s failed endorsement of Caesars Times Square. “I just had to rub that in. You can let the Brooklyn borough president know that I send my regards to him. With that being said, I vote aye.”

Resorts World now heads to GFLB phase

With the approval, Resorts World must pay a $1 million application fee before the GFLB phase can begin. The board is an independent body of members who, like the CACs, are not connected to the industry and were appointed specifically for this process. Current board members are:

• Vicki Been, chair: Appointed 2022, professor at NYU School of Law
• Terryl Brown: Appointed 2025, vice president/general counsel at Pace University
• Marion Phillips III: Appointed 2025, SVP of community development, DEI at US News and World Report
• Greg Reimers: Appointed 2025, retired finance executive

Revenue projections and potential impact on existing facilities and other prospective licensees will be significant considerations for the board. Each applicant has provided estimates based on various licensing scenarios. Beyond that, each project that advances before the board will be judged on four weighted criteria:

• Economic Activity & Business Development (70%)

• Local Impact Siting (10%)

• Workforce Enhancement (10%)

• Diversity Framework (10%)

Additionally, Resorts World will be free to pitch and negotiate its own tax rate. This rate can be anything above a minimum of 25% for slot revenue and 10% for other gaming. However, MGM CEO Bill Hornbuckle said recently his company was told it must match the property’s current rates – VLTs face a tax rate of about 55%. Horse racing purse commitments must also be kept.

This would not seem to be an issue for Resorts World, which was notable last year for pledging annual tax payments of $1 billion or more.

Who will be left to battle the racinos?

While committee approval of the two racinos was unsurprising, the biggest question now is what another bidder or other bidders will move past the CAC phase for state consideration.

Given that the CAC votes were not final decisions, there was a sense that committees might seek to keep the pool of applicants as wide as possible, for as long as possible. This could be evidenced by the fact that all of the CAC appointees of Governor Kathy Hochul and NYC Mayor Eric Adams have voted yes in every vote held thus far.

But things have not played out that way, as all three Manhattan proposals were quickly shot down. Meanwhile, three members of The Coney’s CAC, scheduled to vote Monday at 3pm, have already announced their intention to deny the project. Four positive votes on the six-member committees are required for projects to advance.

Rejection of The Coney would leave Bally’s Bronx and Metropolitan Park as the only other remaining applicants. Bally’s has been responsive to its CAC’s requests, but it faces operational and financial challenges. Metropolitan Park has billionaire New York Mets owner Steve Cohen’s lobbying power, but it is also in Queens, raising the question of whether two of three licences would go to one borough.

These scenarios illustrate the point that while there are three available licences, regulators might not award all three, or at least not at the same time.

All three previous bids to be voted upon by local committees were rejected, but Empire City went through on a unanimous 5-0 vote.

It will now move on to the next round under the state’s Gaming Facility Location Board (GFLB). That board will start a fresh round of consideration, with a deadline of 1 December to make recommendations on awarding up to three casino licences. The commercial licences will be awarded by 31 December by the state gaming commission.

There has been consensus opinion that the bids from two racinos, MGM and Resorts World NYC, were particularly strong candidates. This was due to their existing facilities, history of tax contributions and longstanding community ties. MGM is the former Yonkers Raceway and has operated as a video lottery terminal facility since 2006.

Despite these strengths, competitive concerns also played a factor for MGM. Of the eight proposals that made it to the CAC process, MGM is the only one outside New York City. The company said in its application that a full licence was necessary for survival, as it could not compete if three other commercial casinos opened nearby in the future. This argument appeared to hold a lot of sway with the committee.

“If Yonkers does not get one of the three full casino licences, Empire Casino will wither and die,” said CAC Chairman James Cavanaugh, before voting yes. He added that no one would choose to visit “an aging slot parlour” over a full-service casino. Cavanaugh was appointed to the CAC by Yonkers Mayor Mike Spano, the project’s biggest supporter.

What’s ahead for the GFLB process?

Now that MGM has cleared the CAC phase, it must pay a $1 million application fee to the state. Then the GFLB, made up of four appointed members, will evaluate the project under a range of criteria. Board members are as follows:

• Vicki Been, chair: Appointed 2022, professor at NYU School of Law
• Terryl Brown: Appointed 2025, vice president/general counsel at Pace University
• Marion Phillips III: Appointed 2025, SVP of community development, DEI at US News and World Report
• Greg Reimers: Appointed 2025, retired finance executive

The first consideration will be each project’s revenue impact. This involves analysis of “the revenue impact of each applicant’s proposed gaming facility on existing facilities and potential new facilities”, per the board’s website. As part of the request for applications, bidders had to provide projections based on how many licences are awarded and where.

Additionally, each project will be evaluated based on four weighted categories:

• Economic Activity & Business Development (70%)
• Local Impact Siting (10%)
• Workforce Enhancement (10%)
• Diversity Framework (10%)
  

Another “quirk” of the process, as MGM CEO Bill Hornbuckle joked at a recent conference, concerns taxes. Bidders are asked to pitch their own tax rates, so long as they start at 25% for slot revenue and 10% for all other gaming revenue. However, existing VLT tax rates are about 55% and Hornbuckle said MGM is expected to at least match that level while also maintaining its existing horse racing purse commitments.

MGM first to have amendments accepted

Unlike the first three CACs that voted, the MGM committee was the first to accept amendments submitted by the bidder. Backers of all three rejected proposals made submissions within days before their votes, while MGM’s was filed on 17 September. A week’s worth of deliberation appeared to bear fruit, as the amendments were accepted unanimously.

The only CAC that has requested changes from its bidder was the committee reviewing Bally’s Bronx. In that case, Bally’s did submit a response to the litany of requests, and it now faces a vote at 10am on Monday. The Coney, meanwhile, has filed a flurry of amendments despite at least three members making public their plans to oppose it. Resorts World and Metropolitan Park have not filed any amendments.

MGM’s approved amendments include additional safety and infrastructure commitments, a minimum city revenue requirement that starts at the rate of existing contributions, reimbursing the city for construction costs and other concessions.

Unfortunately for stakeholders, Brooklyn appears to be next on the chopping block.

Two members of the CAC evaluating The Coney – the Coney Island bid from Thor Equities and other partners – announced on Monday that they both intend to vote against the project. No official vote has been scheduled as of writing, although the deadline is 30 September.

Brooklyn Borough President Antonio Reynoso and state Senator Jessica Scarcella-Spanton, both of whom appointed themselves to The Coney CAC, told the Brooklyn Eagle they will be voting against the project once the vote is held. They join opposition previously stated by a third member.

“The Coney has failed to prove itself as a public good,” Reynoso told the outlet. “The proposal is deeply unimpressive and unresponsive to the needs, desires and rich history of the Coney Island community. Quite simply, it will not improve conditions for the Brooklynites who call Coney Island home.”

Scarcella-Spanton added that the project “would not be suitable for the proposed location”. The bid is one of five that remains for the three available downstate casino licences that will be awarded by year’s end. The Coney and the four others can advance for state consideration, however, only if their local CACs approve them.

Passage seemed unlikely after rowdy hearings

Thor and the Chickasaw Nation, Saratoga Casino Holdings and Legends Hospitality have pitched The Coney as a $3.4 billion transformative development that would revive Coney Island into a year-round destination instead of a seasonal specialty.

Plans call for a theme park-esque mixed-use complex with a casino, hotel, entertainment venue and more. Yet even before the officials’ rejections, The Coney faced long odds of approval.

Each CAC is tasked with holding a vote based on its project’s level of public support. This was to be evaluated through two public hearings and an online comment submission portal. Of the eight proposals to reach the CAC stage, The Coney easily had the worst public reception.

Both its first and second hearings were extremely rowdy and the vitriol from residents was obvious. The shouting matches, police interventions and overall objections would have made even the most supportive committee hesitant to approve the bid. A fully independent board would have found it all but impossible.

Three ‘no’ votes count more than $3 billion

Unfortunately for The Coney, its CAC seemed far from neutral. While Reynoso and Scarcella-Spanton’s votes might have swung only recently, another committee member’s opposition was clear from the outset.

Marissa Solomon, a Coney Island local who had long advocated against the proposal, was appointed to the CAC by Assemblymember Alec Brook-Krasny, another huge opponent. Solomon was sharply critical of The Coney in its first presentation and local residents pleaded with the rest of the CAC to join her opposition.

In a statement posted to X Monday, after the reports surfaced of the two additional members opposed, Brook-Krasny alluded to the negative outcome expected, since four votes in favour from the six members would be required for The Coney to advance.

“Today’s news indicates three ‘NO’ determinations on the proposed Coney Island casino development,” he said. “From the outset, my office maintained that this project was not a fit for our neighborhood.”

Racinos head to vote amid rapid denials

With The Coney now presumed out, Thursday will become a huge day in the CAC process. Both of the “racino” proposals, MGM Empire City and Resorts World NYC, are slated for votes, with MGM first at 10am followed by Resorts World at 3pm.

The two projects have been considered the biggest frontrunners from the start. This is due to their immense speed-to-market advantages over greenfield projects, their extensive tax contributions and their established community relationships. The projects’ stakeholders will now learn their fates within hours of each other.

Despite the string of rejections thus far, Resorts World still has reason to feel confident. Its two hearings were unanimously supportive, and its plans call for a July 2026 casino launch, a full year before MGM’s own projection.

MGM also has cause for optimism, although its hearings did feature some opposition from Yonkers locals. As the only bid outside of New York City, MGM’s CAC is just five members but passage still requires four in support, meaning it cannot have two votes in opposition. Notably, the company has warned that the property could be forced to close if it is denied a full casino licence. It could not compete, MGM has said, with three other commercial licensees nearby.

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