Podcast Weekly Gambling News Roundup August 3, 2019 - Video Slots
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Watch ONLINE CASINO NEWS Video: Podcast Weekly Gambling News Roundup August 3, 2019.
Hi, this is Charles Jay, with The Weekly Gambling News Roundup. https://playslots4realmoney.com/2019/08/02/mgm-could-get-litigious-about-new-tribal-winds-casino-partnership-in-connecticut/
A legislator in Connecticut recently put a deal on the table that she hoped would end a stalemate in the battle over expanded gambling.
Cathy Osten, a state senator with many of the tribal casino's employees in her district, crafted legislation to give the go-ahead for a joint venture between the Pequots and Mohegans, where they would build a $300 million complex that would include a casino in Bridgeport. That's on top of the casino they plan to partner on in East Windsor. This bill would also give them an exclusive on sports betting in the state.
Sportech, which operates off-track betting facilities in the state, was left without any consideration in the bill. And THEY want in on the sports betting action too.
Governor Ned Lamont needed to approve this measure, but he finally struck it down because he fears a lot of delays would be caused by litigation from MGM Resorts, which has its own plans for Bridgeport and also has a casino in nearby Springfield, MA. Their complaint is that giving a commercial casino license without a bidding process isn't constitutional. Lamont would like to appease ALL the interested parties.
So lawmakers are expected to take the bill up in special session.
It's important that Connecticut bring in some additional gaming dollars. Slot revenues have been declining, and they're facing more and more competition from neighboring states. The proposed casino in Bridgeport is expected to bring in at least $15 million a year to the state. So it's critical that they come to some sort of agreeable arrangement.
Another state that is being hurt by competition from their neighbors is Louisiana, and tourist development officials recently turned to the Spectrum Gaming Group for its evaluation.
This is a very tough situation for operators, because they seem to be battling with lawmakers who don't seem too interested in helping them. They are paying twice as much in gaming taxes as the casinos in Mississippi, which is to the East, and there still has been no movement in the area of sports betting, which they lose more and more business to the Gulf Coast every day.
During June, only one casino in the state had taken in more revenue than they had at the same time a year ago. And some of the establishments are down more than 10% from a year ago. Some of the casinos who are having tough luck would like to move to a better location, but the legislature won't let them.
With higher taxes, no sports betting, no internet betting, indoor smoking and no change in any of that on the horizon, Louisiana is not seeing new investment from its operators, who are diverting those funds to their holdings in other states.
It's all a curious situation for a state that is so dependent on gaming dollars, but continues to act as if it doesn't need them.
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