In recent news, Macau gaming scholar Zeng Zhonglu has released a report showing estimates that Macau’s gross gaming revenue could jump up to 70% from pre-pandemic levels in 2023 as they begin to recover from their three year downtime due to Covid restrictions. Zhonglu went on broadcast to say that “the most difficult time has now passed” pointing towards recession bottoming out. This news comes after the recent reinstatement of Macau’s casino licenses as well as rising demand for bettors to play again. Macau officials are looking to push the territory’s economic recovery as they have already changed their gaming law and completed the gaming concession tending, moving towards a positive 2023. If these estimates are correct it should look to impact gaming stocks tied […]

The Virginia Lottery has just unveiled their monthly revenue report for November and the numbers are consistent with over $518.8 million in sportsbook wagers. This is a 1.7% drop from the previous month of $528 million but the consistency shows bettors are here to stay. The numbers show a 29% year-on-year increase as four new sportsbooks have joined the roster since 2021. Virginia sports bettors won $461.28 million giving the operators an 11.09% win and bringing the total winnings to over $6.4 billion. Of the thirteen sports betting operators, eight reported positive AGR in November, bringing in $7.8 million in state taxes.

Just last week over the holidays, Joe Biden signed the Pascua Tribal Act which is a big step in right direction for Tuscon to launch a casino. The new legislation will designate the Tribe’s “Old Pascua Land” to become Native American territory which means there would be land for a new casino. In anticipation of this deal, the Pascua Yaqui Tribe has made agreements with the Tucson City Council to make “payments in lieu of tax”. These payments will give 2.6% of all casino retail sales to the city, offering a 2% tax on all food purchases, including alcohol, as well as a $4 day charge for each hotel room occupied. This new project will take a few years to complete and no construction plans […]