CASINO

Nevada revenues largest since 2007; December third month in row to post rise; Kraft has Caesars shares

TAGs: caesars entertainment corp., Nevada, Robert Kraft

VegasNevada will be celebrating after gaming revenues posted their biggest yearly rise since 2007. At the year end gaming revenue for the Silver State stood at $10.7billion – up 2.8% compared with 2010. Last year’s increase was a miniscule 0.1% meaning the casino business population of Nevada must be doing something right. In terms of the strip itself casinos took just over $6bn in revenue representing an increase of 5.1%.

The state’s Gaming Control Board released December’s figures on the same day with revenue hitting $855.6m. It made a 2% increase and became the third straight month that gaming industry revenues have showed an augmentation. It certainly softens the blow of finding out the Philippines will be the next place that surpasses the state in terms of gaming industry revenue to reaffirm Asia’ place atop the gaming industry.

Over in Massachusetts things are heating up as it was revealed Patriots owner Robert Kraft has his finger in more pies than first thought. Sunday’s silver medalist, who is openly courting Steve Wynn, has pre-IPO shares in Caesars Entertainment to the sum of $1.3million. Some have pointed to it being like him owning both the Giants and Pats in Sunday’s game, Vegas analyst David Schwartz going as far as to say “It’s like putting your money on red and black (at the roulette table). Unless ‘0’ or ‘00’ come up, you’re going to win.”

Caesars went ahead with its IPO and it beat all estimates by closing at $15.39 after starting the day ay $9. This didn’t stop the vultures forming and one describing it as “the dumbest thing I’ve ever seen.” It’s thought, to prevent any ructions, Kraft will be among those investors aiming to get rid of their shares when Caesars lets them do so. In terms of the Foxboro casino business there’s been no news for a while now and it looks like Wynn will be Kraft’s basket. He’ll just have to hope they fare better than the Pats.

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