In this week’s State of the Union, powered by Segev LLP, we see massive revenue for Bally’s Corporation, Las Vegas Sands completing property sales, and record sports betting numbers in New Hampshire.
Bally’s revenue up to $1.32bn in 2021 as board mulls Standard General offer
Bally’s Corporation has reported revenue figures of $1.32bn (£999.0m/€1.18bn) for 2021, representing a massive 256.8% increase from the previous year thanks in part to acquisitions, but the business slipped to a loss.
Bally’s financial results will be of interest to Standard General, which made a $2bn acquisition proposal to acquire the operator at the start of the year.
Sands completes $6.25bn sale of Las Vegas properties and operations
Land-based gaming giant Las Vegas Sands has completed the sale of its Las Vegas properties and operations, including the Venetian Resort, to VICI Properties and funds controlled by Apollo Global Management for $6.25bn (£4.63bn/€5.56bn).
The deal, agreed in March 2021, includes the sale of the entire Venetian Resort, comprising The Venetian, Palazzo and Venetian Expo properties.
New Hampshire smashes revenue and handle records in January
New Hampshire set a new monthly sports betting handle record of $99.5m in January, while the state’s revenue also reached an all-time high of $8.0m.
Player spending on sports wagering in January was 66.4% higher than $59.8m in the same month last year, as well as 15.2% more than $86.4m in the final month of 2021.
Caesars to “dramatically curtail” media presence following ad-heavy 2021
Caesars has confirmed that it will “dramatically” cut back its marketing spend throughout the US in its full year 2021 and fourth quarter results investors call.
Caesars reported growth in each of its sectors for the full year, with revenue rising 168.7% to $9.57bn (£7.02bn/€8.43bn). Fourth quarter revenue totaled at $2.59bn.
Mississippi sports betting handle reaches $66.5m in January
Players in Mississippi wagered a total of $66.5m on sports in January, down slightly year-on-year, while monthly revenue also declined.
The state’s handle was down 0.9% from $67.1m in January of 2021, though the January total was up 17.1% month-on-month from $56.8m recorded in December of last year.
Virginia college sports betting bill reaches state House
A bill that would allow betting on college sports teams based in Virginia has been referred to the House Committee on General Laws after passing the state’s Senate last week.
The bill, titled Senate Bill 576, was read in the Virginia House of Representatives today (February 22) and referred to the Committee on General Laws.
Delaware sports betting handle down 28.2% year-on-year in January
Player spending on sports betting in Delaware fell 28.2% year-on-year to $8.4m in January, while the state also reported a 55.6% drop in revenue for the month.
Delaware’s handle was down from $11.7m in January last year, the second highest monthly total for all of 2021, behind the $12.2m spent in October.
West Virginia seeks to legalize esports betting
West Virginia’s House of Representatives is to consider a new amendment that would legalize esports betting in the US state.
Introduced last week, House Bill 4826 would expand West Virginia’s legal sports wagering market and allow consumers to bet on esports events.
Connecticut House approves bill to ban greyhound racing
A bill that would prohibit greyhound racing in Connecticut has passed its first reading in the state’s House of Representatives.
The bill, titled HB 5174, was introduced on February 17 2022. It was then referred to the Joint Committee on Public Safety and Security, and is now due for a public committee hearing tomorrow (February 22).
Louisiana retail betting handle reaches $49.3m in January
Consumers in Louisiana wagered a total of $49.3m at retail sportsbooks during January, a month in which the state also opened its legal online sports betting market.
The figure was the highest monthly total since Louisiana launched legal retail wagering on October 31 last year, with the January amount 24.8% higher than $39.5m in December and 78.6% more than $27.6m in November.