Category: Casino

The Las Vegas Strip is still king in the U.S. gaming market, even as revenue slipped 4.4% last year. That’s the key takeaway from the American Gaming Association’s (AGA) latest Commercial Gaming Revenue Tracker. While the industry remains strong, the report highlights a shift—regional gaming hubs are seeing more action, and sports betting is raking in billions.

Mixed Results Across U.S. Casino Markets

The AGA report makes one thing clear: not all gaming markets are thriving. Among the top 20 casino markets in the country, only six saw revenue growth last year. More gamblers are choosing to stay local rather than travel to major casino hubs.

Even with its revenue decline, the Las Vegas Strip remains the top gaming market in the U.S. Nearby, however, downtown Las Vegas and Reno/Sparks saw revenue climb. Atlantic City, the nation’s second-largest gaming market, also took a hit with a 1.7% drop.

Some markets fared better. Chicago’s casino scene got a boost from new properties, keeping it the third-largest market. The Baltimore-Washington, D.C. region held onto fourth place. Detroit, which struggled with labor disputes in 2023, bounced back, recording its best revenue since 2019.

Top-Performing Casinos and Growing Markets

At the individual casino level, there were some notable winners.

• Resorts World New York City kept its title as the highest-grossing casino outside of Nevada.
• MGM National Harbor in Maryland and Encore Boston Harbor in Massachusetts rounded out the top three.
• Rivers Casino Portsmouth in Virginia became one of the highest-earning casinos in the country in just its second year of operation.

More broadly, 28 out of 36 commercial gaming jurisdictions set new revenue records, thanks to the combined strength of land-based gaming, sports betting, and online casinos.

Some states saw double-digit growth in traditional casino gaming, thanks to new openings. Nebraska led the way with a staggering 60.1% jump in revenue. Virginia followed at 32%, while Illinois saw an 11% boost.

Not every state had a good year. Several states that rely on sports betting saw revenue decline, including Montana (-16%), Ohio (-0.9%), and Mississippi (-2%). In total, eight states saw sports betting revenue fall in 2024.

Sports Betting Revenue Nears $14 Billion

If there’s one sector of the gaming industry that’s still in full-on growth mode, it’s sports betting. The numbers are eye-popping.

• Americans legally bet $147.91 billion on sports in 2024, up 23.6% from 2023.
• Nationwide sports betting revenue surged 25.4%, hitting $13.71 billion.
• A slightly higher hold percentage (9.3% vs. 9.1% in 2023) helped boost operator revenue.

New York remains the undisputed leader in the sports betting market, raking in $2.1 billion in revenue last year—a 23% increase. Illinois leapfrogged New Jersey to take the No. 2 spot, with a 21.1% jump to $1.2 billion.

Massachusetts made a big move, climbing to seventh place as sports betting revenue jumped 38.8% year-over-year. Meanwhile, Ohio—the fourth-largest sports betting market—was the only top-10 state to see a revenue decline, slipping 3.9%.

By the end of 2024, sports betting was legal in 38 states and Washington, D.C., with Missouri set to join soon. Texas, Mississippi, and Oklahoma could be next to legalize, setting the stage for even bigger numbers in the coming years.

What’s Next for the Gaming Industry?

The AGA’s report signals a shift in how Americans gamble. While Las Vegas remains the top destination, regional casinos are seeing more play. Sports betting, meanwhile, continues to grow at a breakneck pace.

With new markets opening and major states like Texas considering legalization, the gaming industry isn’t slowing down anytime soon. But the question remains: how long can this winning streak last?

Iowa lawmakers are moving to block cities from incorporating state-licensed gaming projects into urban renewal plans. New bills introduced in both chambers of the legislature on Wednesday aim to prevent casino developments from benefiting from local tax incentives—although the impact on existing projects remains uncertain.

Proposed Legislation Targets Future Casino Projects

The proposed legislation would prohibit cities from including casinos in urban renewal plans if their licenses are issued on or after January 1, 2025. This measure comes just weeks after the Iowa Racing and Gaming Commission approved a license for Cedar Crossing Casino, a $275 million project planned in Cedar Rapids.

City officials confirmed that the casino site falls within an urban renewal district, a designation typically used for economic development, affordable housing, and revitalizing blighted areas. However, developers of the Cedar Rapids casino have stated they are not seeking tax incentives, potentially shielding the project from any direct impact if the bill becomes law.

State Sen. Scott Webster (R-Bettendorf) emphasized that the legislation would not apply retroactively, meaning the Cedar Crossing Casino likely won’t be affected. “If they’re not asking for TIF (tax increment financing) incentives, this wouldn’t change anything for them,” Webster told The Gazette.

Cedar Rapids Casino Sparks Tension in Legislature

The push for this new restriction comes on the heels of a previous effort to freeze casino expansion in Iowa. Lawmakers previously attempted to impose a five-year moratorium on new casino licenses, a measure that cleared the House but ultimately failed in the Senate.

Webster, who managed that moratorium bill, represents a district that includes two competing casinos: Rhythm City Casino Resort in Davenport and Isle Casino Hotel Bettendorf. Market studies have suggested that a new casino in Cedar Rapids could siphon revenue from these establishments, a concern for legislators representing those regions.

The timing of this new proposal raises questions. Cedar Rapids Mayor Tiffany O’Donnell expressed frustration, stating that recent legislative efforts appear specifically aimed at derailing the Cedar Crossing Casino project.

“In light of a series of bills that appear to target Cedar Crossing, we will do as we have from the beginning: Follow the process, adhere to the law, and act in the best interest of the thousands of Linn County voters who twice approved gaming in our community,” O’Donnell said in a statement.

What’s at Stake for Cities and Casinos?

Urban renewal areas in Iowa allow local governments to direct resources toward economic revitalization. These areas often rely on tax increment financing (TIF), which enables cities to reinvest tax revenues from new developments into infrastructure and public services.

While casinos can be lucrative for local economies, lawmakers backing the bill argue that gambling projects should not be eligible for urban renewal incentives, even if they contribute to job creation and tax revenue.

A few key points stand out:

• Casinos that receive licenses before 2025 would not be affected by the proposed law.
• Cities could still designate urban renewal areas, but gaming projects wouldn’t qualify for certain financial incentives.
• Cedar Rapids’ casino, though located in an urban renewal district, has not applied for TIF funding, potentially rendering this bill irrelevant to its development.

Next Steps for the Legislation

Senate Study Bill 1159 and House Study Bill 208 are now set to move through the legislative process, with a public hearing scheduled for 11 a.m. Thursday at the Iowa Capitol.

Whether the bills gain traction remains to be seen. Previous attempts to curb casino expansion in Iowa have faced resistance, particularly from communities that rely on gaming revenue to fund public projects. However, with some lawmakers pushing to limit casino growth, the debate over gambling’s role in economic development is far from over.

Mohegan Tribal Gaming Authority is pushing back against Bain Capital’s takeover of its South Korean integrated resort, arguing that the move is not in the best interests of the property, employees, customers, or other lenders. The dispute underscores the financial and operational complexities surrounding the multi-billion-dollar development, which was envisioned as a premier gaming and entertainment destination in Asia.

Bain Capital Takes Control Amid Financial Tensions

Bain Capital, the main lender to MGE Korea Limited, seized control of Inspire after accelerating its mezzanine loan. This move effectively handed the U.S.-based private equity firm operational control of the resort, which opened its non-gaming facilities in November 2023 and launched a foreigner-only casino in February 2024.

Mohegan, however, is pushing back. The company maintains that while the resort has faced “near-term hurdles” typical of large-scale projects, the essential elements for long-term success are in place. It argues that Inspire simply needs more time to reach its full potential.

Financial Covenant Dispute Heats Up

Mohegan acknowledged it had fallen short on certain financial covenant tests but was quick to clarify that it has not missed any principal or interest payments. The loan from Bain Capital isn’t due until May 2027, with no required principal payments before then.

In a statement, Mohegan revealed it had made multiple “good faith proposals” to modify the loan terms in line with industry norms. However, Bain Capital reportedly rejected these offers and instead sought conditions that would prioritize “large payments ahead of other Inspire lenders.”

The casino operator sees this as an aggressive move, suggesting that Bain Capital is leveraging the situation for financial gain rather than acting in the best interests of the resort’s long-term growth.

Mohegan’s Broader Commitment to South Korea

Beyond the immediate dispute, Mohegan is highlighting its broader contributions to South Korea. Since securing its casino license in 2016, the company says it has played a role in job creation, economic development, and regulatory compliance.

Mohegan emphasized that its approach is based on family ownership values, which prioritize regulatory integrity, public safety, and community engagement. The company insists that these principles were key reasons why South Korean authorities awarded it the license in the first place.

Negotiations Remain Open, But Uncertainty Looms

Despite the ongoing dispute, Mohegan says it remains open to dialogue with Bain Capital. The company reiterated its willingness to negotiate in good faith, hoping to reach a resolution that benefits all parties involved.

“We have been and will continue to attempt to negotiate in good faith with Bain Capital to find a mutually agreeable solution,” Mohegan said.

At the heart of the conflict is a significant financial burden. As of December 31, 2024, Mohegan’s Korea Term Loan had a face value of $460.7 million, with a book value of $436.9 million. Additionally, a separate Korea Credit Facility, set to mature in 2025, held a face value of $685.9 million and a book value of $669.5 million.

While Mohegan has acknowledged difficulties in meeting some financial performance targets, it maintains these issues are not related to any failure to meet payment obligations at Inspire.

The coming months will likely determine the fate of Mohegan’s South Korean ambitions, as negotiations with Bain Capital and interactions with local regulators shape the future of the multi-billion-dollar resort.

The World Series of Poker Circuit (WSOPC) is making a grand return to Graton Resort & Casino in Northern California this February. Poker enthusiasts will have their shot at 18 WSOPC gold rings from Feb. 13-24, with over $1.2 million in guaranteed prize money on the table. The biggest draw? A $500,000 guaranteed WSOPC Graton main event with a $1,700 buy-in, running from Feb. 21-24.

A Look Back: Sasha Sabbaghian’s Victory in August

If history is any indication, this tournament promises intense action. The same event last August drew 580 entries, far surpassing its $500,000 guarantee to create an $877,185 prize pool. In the end, Granite Bay’s Sasha Sabbaghian claimed the top spot, taking home his first WSOPC ring along with a $168,015 payday.

This February, another wave of poker talent will battle for the coveted gold rings, and the question remains: will a new champion emerge, or will familiar faces reclaim the throne?

High-Stakes Events With Massive Guarantees

Graton’s WSOPC series isn’t just about the main event. A diverse schedule offers multiple six-figure guarantees, drawing both seasoned pros and newcomers alike.

• $250,000 Guaranteed Mystery Bounty ($400 buy-in) – Feb. 13-16
• $150,000 Guaranteed Monster Stack ($600 buy-in) – Feb. 18-20
• $150,000 Guaranteed No-Limit Hold’em ($1,250 buy-in) – Feb. 19-20
• $500,000 Guaranteed Main Event ($1,700 buy-in) – Feb. 21-24

These tournaments alone make up a major chunk of the $1.2 million prize pool. Expect massive turnouts and dramatic showdowns at the tables.

More Than Just No-Limit Hold’em

While No-Limit Hold’em remains the star attraction, Graton’s WSOPC stop has something for every type of player. Specialty tournaments include:

• Omaha 8/OB ($400 buy-in) – Feb. 18
• H.O.R.S.E. ($400 buy-in) – Feb. 19
• Pot-Limit Big O ($400 buy-in) – Feb. 20

There’s also a Ladies Event ($400 buy-in) on Feb. 20 and two Seniors Events on Feb. 17 and Feb. 24, catering to different demographics of the poker community.

Full WSOPC Graton Schedule

For those mapping out their play, here’s the complete event lineup:

The Graton Poker Experience

Graton Resort & Casino, less than an hour north of San Francisco, is no stranger to big-time poker. Owned by the Federated Indians of Graton Rancheria, the casino is a prime poker destination in Northern California’s wine country.

Its poker room, according to Graton’s official website, is designed for both casual and professional players. Since its inception, players have raked in over $18 million in jackpots and prizes. With 20 tables, lucrative Bad Beat Jackpots, and Daily Bonus Payouts, the Graton poker scene keeps the action going beyond just tournament season.

The WSOP Circuit stop is just another feather in its cap, drawing national attention and top-tier competition.