Net losses increased for Full House Resorts in Q2 due to costs associated with opening new casinos hit its bottom line.
Revenue for the three months to 30 June at Full House hit $73.5m (£57.8m/€67.3m). This is 23.7% more than Q2 last year at Full House, with casino driving the increase.
Welcome to the Weekend Report, where iGB covers the news you may have missed over Friday, Saturday and Sunday. This week we’ve got news of DraftKings cashing out of its big media bet, Bermuda’s casinos struggling for acceptance in the banking sector and more.
DraftKings turns off VSiN?
DraftKings could be preparing to sell off its sports betting media specialist Vegas Sports Information Network (VSiN), according to Eilers & Krejcik Gaming.
Original owner Brent Musburger is allegedly set to take back control of the TV and radio network, which was acquired by DraftKings for $70m back in 2021. Active since 2017, VSiN broadcasts 18 hours of content a day, across multiple markets and streaming platforms, at one time showing Betting Across America, a BetMGM-backed sports betting programme.
While the sale is not confirmed it would take a significant media asset out of DraftKings’ stable, although it still maintains a distribution deal with Meadowlark Media, as well as its own streaming..
MGM Resorts’ home town of Las Vegas evolved beyond all recognition during Bill Hornbuckle’s time in gaming, but it’s not the only show in town. He’s eyeing up expansion across a range of global markets and expanding into new channels.
Things are booming in MGM Resorts’ home town, but it’s much more than a Vegas-based business. Hornbuckle leads global development efforts and having taken MGM into Macau he’s still looking east.
MGM Resorts looks east
Japan’s ministry of land, infrastructure, transport and tourism certified plans for a $10bn integrated resort in Osaka in April. After finalising agreements with Osaka Prefecture and City, construction can begin on the property.
Marginally closer, opportunities are emerging in the United Arab Emirates. First Wynn sealed an agreement for a resort in Ras al-Khaimah. Then a federal regulator, the General Commercial Gambling Regulatory Authority (GCGRA) emerged paving the way for resorts in other Emirates.
MGM is focused on Dubai, Hornbu..
Downtown Las Vegas was once associated with Sin City’s Rat Pack era, but the Fremont Street experience is – quite literally – very different today. Enter Circa Sports’ Derek Stevens, an industry outsider who is playing a huge role revitalising the area by bringing a brand new casino and sports betting experience.
Derek Stevens of Circa Sports is a gambling industry outsider. He built up a successful auto parts business in his native Michigan before moving into the casino business, purchasing the Golden Gate in 2008. He’s honest about what attracted him to the city.
“The key thing that brought me to Vegas was the fact there’s no income tax in the state of Nevada,” he says, bluntly. “I run an investment portfolio, so that was helpful.”
Derek Stevens poses next to Vegas Vickie, an iconic symbol of ‘Old Vegas’
“But,” he adds, “I’m more of an operator.” He’s also someone who likes a challenge, acquiring a casino on the cusp of the Great Recession. Stevens “really fell in love with downt..