Indy Gaming: Federal review of cryptocurrency policy welcomed by gaming – The Nevada Independent

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The Biden administration ’ s design to create a national policy for the use of cryptocurrency was viewed as a positive step by the bet on industry .
Signed by President Joe Biden final week, the executive order tasks multiple agencies, including the Treasury Department and the Commerce Department, with examining the risks and benefits of crypto.

normally, gaming leaders shy away from federal supervision .
not this meter .
“ We welcome President Biden ’ s directive for the administration, and in particular Commerce and Treasury, to review the current country of cryptocurrency and develop guidance for businesses, ” AGA CEO Bill Miller said in an e-mail to The Nevada Independent. “ The casino gaming industry continues to innovate to meet customers ’ expectations but must do so with certainty and clear guidance on regulative obligations. ”
The AGA has focused late efforts on the expansion of payment modernization in casinos, which has led to the growing use of mobile wallets and cashless gaming technology .
The Washington D.C.-based trade organization besides brokered the relationship between the gambling diligence and the U.S. Department of Treasury ’ s Financial Crimes Enforcement Network ( FinCEN ), which collects and analyzes fiscal transactions. FinCEN and the bet on industry have worked together to ensure casinos that use cryptocurrency comply with all anti-money wash regulations and rules under the Bank Secrecy Act .
Until last week ’ mho announcement, gambling with digital payment methods, such as Bitcoin, Ethereum and Dogecoin, hadn ’ metric ton been discussed .
Some gambling diligence observers have suggested it ’ s no longer a question of if, but when cryptocurrency finds its means onto casino table games and slot machines. several Las Vegas casinos are using cryptocurrency rally kiosks – like to an automated teller machine – that change dollars to cryptocurrency or vice versa .
Under the executive orderliness, Biden directed the Treasury Department and other federal agencies to study the shock of cryptocurrency on fiscal constancy and national security. The department is besides being asked to produce a report on the future of money and requital systems and the character of cryptocurrencies .
The casino industry has already started to determine ways to mesh digital requital assets into gaming operations. however, gambling with unregulated cryptocurrency is not yet on the table .
The Nevada Gaming Control Board doesn ’ triiodothyronine have regulations governing the manipulation of cryptocurrency on casino floors, and current policies don ’ thymine license digital methods to be immediately used to conduct gambling action. Officials on the control panel, however, say they ’ ll evaluate any crypto-related proposals brought by gaming companies on their merits .
A Crypto kiosk stands beside a self-serve players card ATM at Circa Resort & Casino in downtown Las Vegas on Thursday, Feb. 24, 2022. (Jeff Scheid/The Nevada Independent)
“ The President ’ second announced whole-government approach path to regulating cryptocurrency and his discussion of a digital form of U.S. currentness are positive signs, ” Control Board Chairman Brin Gibson said. “ We will enact the necessary controls to satisfy country gaming tax solicitation provisions and the Bank Secrecy Act ( rules ) as the specific requests require. ”
The news was welcomed by gaming industry companies that provide the engineering for cashless gaming transactions .
Everi Holdings Executive Vice President Darren Simmons, who oversees the party ’ south cashless payments division, said the environment surrounding cryptocurrency is “ plagued with lack of clearness and coherence ” from union agencies involved with monetary policy .
“ In contrast, the executive order ( showed ) a clear focus to execute a concenter feat for understanding on six key areas with extra support for Central Bank Digital Currency initiatives to bring the U.S in agate line with ball-shaped efforts, ” Simmons said .
Sightline Payments co-CEO Omer Sattar suggested the conflict in Ukraine may have “ slightly accelerated ” the administrator rate, given that russian individuals and companies might try to evade economic sanctions by using cryptocurrencies .
“ normally, in gambling, we would be saying, ‘ no, no, no ’ to union ( oversight ), ” Sattar said. “ But if we think about this from a deposit point of view, keeping in mind those kernel principles of condom, security, anti-money laundering and fiscal inclusion body, then federal intervention is critical, and this happen is identical positive. ”
Sattar said big cryptocurrency companies have been advocating for federal participation .
“ You want crypto to be available as an asset class and as a payment class, ” Sattar said. “ That requires federal work. For the states to do it individually, it just does n’t work. ”
The executive order besides encourages the Federal Reserve to inquiry the possible development of a U.S. cardinal bank digital currency. policy recommendations could be announced in the following six months .
National Security Advisor Jake Sullivan and Brian Deese, Biden ’ s peak economic adviser, said in a joint statement to The Associated Press that the orderliness establishes the first comprehensive federal digital assets scheme for the United States .
“ That will help position the U.S. to keep playing a leave role in the invention and administration of the digital assets ecosystem at home and abroad, in a way that protects consumers, is reproducible with our democratic values and advances U.S. global competitiveness, ” they said .
The Orleans Race & Sportsbook on Friday, June 4, 2021. (Jeff Scheid/The Nevada Independent)
Analyst predicts $3 billion will be wagered nationally on March Madness
Legal bet on the NCAA Men ’ s Basketball Tournament could top american samoa much as $ 3 billion countrywide, tripling the $ 1 billion wagered on final month ’ south Super Bowl and making the three-week-long playoff tournament the largest-wagered dissipated consequence in the U.S .
Analysts at, a newsworthiness, analysis and research fast, said the emergence of legal sports betting nationally would double the $ 1.4 billion stake on last year ’ sulfur NCAA tournament, normally referred to as March Madness. There are now 30 states and Washington D.C., with legal sports dissipated .
“ Wagering on March Madness typically dwarfs the Super Bowl, and this year the deviation could be dramatic, ” analyst Eric Ramsey said in a statement. “ The gamey count volume is a function of the NCAA Tournament ’ second popularity coupled with 67 games played over a condense schedule of just a few weeks. ”
Nevada, which took in a single-year record of $ 179.8 million in wagers on last month ’ randomness Super Bowl LVI, doesn ’ thymine break out wagering totals for March Madness. Gaming Control Board Senior Economic Analyst Michael Lawton said the agency doesn ’ triiodothyronine plan to change its format .
Anecdotally, Lawton said wagering on the NCAA tournament has traditionally fueled the sports betting industry in the early on bounce .
“ In the past, we have been told by operators that approximately 70 percentage of basketball ( betting ) during the month of March can be attributed to the NCAA Basketball Tournament, ” Lawton said . noted respective states restrict betting on in-state college teams, while Oregon has a accomplished ban on college sports wagering. however, about 163 million people live in sports betting states and have the ability to legally wager on the NCAA Tournament .
last year, there were 21 legal sports betting states with 116 million people. however, last year ’ mho NCAA Tournament saw every game played in Indiana with restrict attendance because of the pandemic, which said contributed only a hushed blow in bet .
Ramsey said six of the tournament sites are in legal sports betting states. The Final Four in New Orleans, April 2-4, is in a submit where sports betting launched in January .
“ Thousands of fans will be traveling to games in Illinois, Indiana, Louisiana, New York, and Pennsylvania, over the course of the tournament, ” Ramsey said. “ How much of a boost that will be to local sportsbooks is distillery an open question. But it will make a dispute. ”
March Madness in 2020 was canceled amid the pandemic, and said the 2019 tournament drew an calculate $ 440 million in wagers from precisely seven legal states. A U.S. Supreme Court opinion in 2018 opened the nation to legal sports bet, but the decision came after the NCAA Tournament that class .
The American Gaming Association said its research found that 45 million Americans plan to wager on the NCAA Men ’ s Basketball Tournament .
The arrangement said 20.9 million would bet on the tournament outdoor of bracket contests, such as at a retail sportsbook, on-line, with a bookmaker or casually with friends. Another 36.5 million Americans plan to wager through a bracket contest or a exchangeable bet pool .
Caesars Palace is seen on Tuesday, Nov. 16, 2021. (Jeff Scheid/The Nevada Independent)
Caesars CEO adds to his ownership stake in the casino company
Caesars Entertainment CEO Tom Reeg purchased 10,000 shares of the ship’s company ’ s common stock certificate on March 8, spending more than $ 71,000 on the learning. Prior to the purchase, Reeg controlled about 225,000 shares .
The company didn ’ deoxythymidine monophosphate comment on the breed purchase, which was revealed in a late class 4 filing with the Securities and Exchange Commission. According to the file, Reeg bought the stock in multiple transactions at prices ranging from $ 71.26 to $ 71.40 per plowshare .
The buy came a day after Reeg spoke at the J.P. Morgan investor conference in Las Vegas where he told attendees declines in the stock certificate prices of a lot of the gambling sector were “ completely diametric ” of stream business trends. Caesars has casinos in 16 states, including nine properties the company operates on or near the Strip .
In Las Vegas, Reeg said the “ price office ” for hotel rooms was strong and Caesars anticipates group occupation to improve over the course of the class.

The following day, Reeg purchased the stock .
Following the SEC filing, shares of Caesars, along with much of the market and gaming sector, were up equally much as 12 percentage. Shares in the company ended last week at $ 74.81 per parcel .
A research gloss from Jefferies gaming analyst David Katz helped fuel the increase in Caesars shares. He included the casino hustler among the investment firm ’ sulfur recommended stocks .
“ We believe the fundamental environment for Las Vegas and regional casinos is expected to sustain its late forte in demand, pricing and profitableness, ” Katz wrote in the inquiry note .
Katz suggested Caesars shares could see another boost when the company completes the sale of one of its Strip casino. The company said on its quarterly earnings call in February it had begun the sale work but didn ’ metric ton list the resort. besides, Caesars is selling its european on-line sports bet and digital bet on operations to 888 Holdings for $ 3 billion .
It ’ s not strange for company executives to acquire standard in their operations. The transactions normally take rate following the announcement of quarterly earnings .
And Reeg is not the first Caesars CEO to acquire stock. back in 2018, early CEO Mark Frissora, in an effort to boost the company ’ second contribution monetary value, purchased closely $ 1 million of the company ’ randomness stock as a right to vote of confidence .
A rendering of the exterior of Harrah’s Pompano Beach in South Florida. (Courtesy photo)
Caesars taking the Harrah’s name and brand to South Florida
Speaking of Caesars Entertainment, the party announced plans to convert its Isle Casino Pompano Park in South Florida into Harrah ‘s Pompano Beach as partially of a multi-phase renovation campaign .
The 223-acre property includes Florida ’ s final stay rule racing track that dates to the mid-1960s. The casino, which has 1,500 time slot machines, 40 poker tables and electronic table games, was acquired by Caesars ( then Eldorado Resorts ) in 2017 as part of the party ’ s $ 1.7 billion purchase of Isle of Capri Casinos .
Caesars besides has a cope with Baltimore-based Cordish Companies to convert the area surrounding the casino facility – including the racetrack and grandstand – into the non-gaming Live ! Resorts Pompano. Cordish has 12 Live ! facilities throughout the U.S., including in cities where the company besides operates casinos .
“ Outside of the Las Vegas Strip, this is the largest growth that this company will do for quite some time, ” Caesars CEO Tom Reeg said at a groundbreaking event final calendar month according to the South Florida Business Journal .
Caesars has been rebranding several of its properties under the company ’ s diverse trademarked names, including converting Bally ’ s Las Vegas into Horseshoe Las Vegas .
Harrah ’ s Pompano Beach will undergo extensive renovations, including new lights and flooring throughout, new restaurant space, and a rebrand of the existing poker room as South Florida ’ s official World Series of Poker ( WSOP ) Poker Room .
A rendering of FanDuel’s planned sportsbook at the Footprint Center in Phoenix. (Courtesy photo)
Four operators take control of Arizona’s sports betting industry
Arizona ’ s recently-launched sports betting clientele is increasingly dominated by four companies that controlled more than 90 percentage of the overall wagers and about 90 percentage of full revenues .
The market coup d’etat took set in less than four months .
“ Arizona is the merely state with four companies trending toward double-digit handle and gross parcel in the U.S., ” Eilers & Krejcik Gaming analyst Chris Krafcik wrote a research note after Arizona gaming regulators released sports betting totals for 2021 .
The state launched sports betting in mid-September and attracted 11 operators to the state by the end of the year .
Arizona produced more than $ 1.74 billion in full sports wagers through December, which resulted in $ 161 million in full gross. DraftKings has the market-high total with 31.6 percentage of all wagers and 30.4 percentage of all revenues. FanDuel ’ s breakdown was 24.1 percentage of the wagers and 22.5 percentage of the revenues .
BetMGM collected 20.2 percentage of the wagers and 23.5 percentage of the revenues. Caesars Sportsbook had 14.5 percentage of the wagers and 13.3 percentage of the revenues .
Arizona merely had two retail sportsbooks operating in 2021 at two of Phoenix ’ randomness sports venues, Chase Field, home plate to Major League Baseball ’ s Arizona Diamondbacks, and Footprint Center, the home stadium of the NBA ’ s Phoenix Suns and WNBA ’ s Phoenix Mercury .
“ The two available commercial options do not include an obvious option for fans of football dissipated, ” Krafcik said .
The analyst noted that WynnBet, which launched in September, was “ applying the brakes in Arizona ” and substantially decreased its promotional outgo. Its share of the wagering grocery store fell from 6.1 percentage in September to 2.9 percentage by December .
Despite the dominance of four companies, other sports betting operators have continued to enter Arizona .
In January, Sahara and Grand Sierra owner Alex Meruelo launched SaharaBets, a digital sports wagering platform that is jointly owned by his privately held Meruelo Gaming and the National Hockey League ’ s Arizona Coyotes, which he besides owns .
Betfred Sportsbook location inside the Mohegan Sun Casino at Virgin Hotels Las Vegas. (Courtesy photo)
Other items of interest:
The Mohegan Sun Casino at Virgin Hotels Las Vegas celebrates its one-year anniversary this month. But it still doesn ’ t have a sportsbook .
Betfred Sports, the U.S. subsidiary company of United Kingdom-based Betfred Group, has been awaiting license from Nevada gaming regulators. For the last 12 months, the 1,250-square-foot distance is basically a showroom for Betfred within the 60,000-square-foot casino, missing out on the holocene NFL and college football season .
“ Betfred Sports continues to seek license to operate a sportsbook in Nevada. Mohegan Sun Casino and Virgin Hotels Las Vegas look forward to sports wagering action late in 2022, ” according to a statement from a public relations firm on behalf of Mohegan Gaming, the business arm of Connecticut ’ s Mohegan Indian Tribe which manages the casino for Virgin operator J.C. Hospitality Group .
Betfred USA was created in 2019, a year after legalize sports betting began its bedspread across the nation. Betfred operates mobile and retail sports betting in Colorado, Iowa, Louisiana, Arizona and Pennsylvania in junction with tribal casinos. Although Mohegan is a federally recognized tribe in Connecticut, the Las Vegas casino operates as a commercial property and is regulated by the Nevada Gaming Control Board .
Former Isle of Capri Casinos CEO Virginia McDowell will be the first base womanhood inducted into the Mississippi Gaming Hall of Fame during the Southern Gaming Summit in May in Biloxi. McDowell, who retired after Isle of Capri was acquired by Eldorado Resorts in 2017, is being recognized as an “ industry influencer. ”
Former Isle of Capri CEO Virginia McDowell
McDowell was the lone female CEO of a top publicly traded casino operator, beginning in 2007 until her retirement. She serves as a conductor with Entain plc. McDowell is the founding president of Global Gaming Women, an industry advocacy group, and remains on the group ’ s executive committee .
McDowell is one of five inductees to the Mississippi Gaming Hall of Fame for 2022. Another draftee is the belated Craig Neilson, founder of Ameristar Casinos. He established the Craig H. Neilsen Foundation, North America ’ mho largest private funder for spinal anesthesia cord wound inquiry and program
Station Casinos broke ground last week on the $750 million Durango Casino & Resort in the southwest area of Las Vegas. Site grade and early development efforts on the 71-acre site have been afoot for more than a calendar month .
Station Casinos is the function auxiliary of Red Rock Resorts .
The initial phase of Durango will have 200 hotel rooms, an 83,000-square foot casino and four restaurants. Durango is expected to open in late 2023 .
Station Casinos has three properties that have been closed since March 2020 because of the pandemic – Fiesta Rancho and Texas Station in North Las Vegas and Fiesta Henderson. No time frame has been given on reopening the three casinos .
J.P. Morgan gaming analyst Joe Greff said the firm ’ s investor league at Encore last week saw “ encouraging comment ” surrounding customer spend in 2022 .
“ median casual hotel board rates continue to be storm to the top, with the leisure consumer being price inelastic, ” Greff wrote in a research note.

Greff said the return of group and convention business in Las Vegas has been a plus signal. MGM Resorts International executives told the conference the company expects to be at 90 percentage of its pre-pandemic 2019 levels by the end of the year .
For the Strip as a whole, pre-booked group business for 2023 is above 2019 numbers .
however, management teams from the major casino operators cautioned the conflict in Ukraine, higher gasoline costs and labor issues could weigh down the bet on markets .

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