Page 9 - Mississippi/Louisiana Gaming News - Spring, 2023

was the fifth largest gaming market.
The Las Vegas Strip and Atlantic City retained their top commercial market positions. The Baltimore-Washington, D.C. market reclaimed its position as the nation’s third largest gaming market, and Chicagoland was fourth.
The industry continues to diversify offerings, with retail gaming accounting for 80.5 percent of total revenue and online gaming making up the remaining 19.5 percent — marking a new high. Looking at each sector:
Traditional Gaming: 84 million American adults, or 34 percent of the adult population, visited a casino in
the past year—including new markets
in Nebraska and Virginia. Table game revenue experienced a strong boost in demand, up 13.9 percent year-over-year, while slot machines showed steady 5.1 percent annual growth.
Legal Sports Betting: In 2022, the continued growth of the legal market drove new records for handle ($93.2B) and sportsbook revenue ($7.5B). This growth was fueled in part by Kansas, which operationalized both retail and mobile sports wagering, and the launch of mobile sports betting in Louisiana, Maryland and New York.
iGaming: Online casino revenue grew 35.2 percent year-over-year to $5.0 billion in the limited number of legal iGaming states.
Although the 2022 numbers were impressive across the board and hit an all-time high nationwide, Miller said there are still obstacles to growth, including illegal gaming, which Miller called “the single biggest threat our industry faces.”
He explained, “Americans bet more than half-a-trillion dollars with illegal offshore sportsbooks, casinos, bookies and unregulated machines. This comes at a cost of $24 billion to the legal, regulated businesses and it deprives communities of more than $13 billion in tax revenue.”
“We’re not going to stand for it,” Miller promised. “And the AGA is chipping
away at their (illegal) market share by working with Congress to ensure law enforcement prioritizes investigations and prosecutions by engaging state attorney generals and U.S. attorneys on how these bad actors flout the law.”
The importance of reigning in illegal betting is magnified by the success of legal sports betting, and Miller said the AGA will continue to focus on building a responsible (sports betting) market.
Cherokee Nation Entertainment enters MS gaming market with acquisition
TUNICA RESORTS — CNE Gaming Holdings LLC, an indirect subsidiary of Cherokee Nation Businesses, officially assumed operations of Gold Strike Casino Resort after receiving approval from the Mississippi Gaming Commission.
“This is a historic
day of growth for our
hospitality portfolio
as we enter the
commercial gaming industry, and we welcome the wonderful team at Gold Strike to the family,” said Mark Fulton, president and chief operating officer
of Cherokee Nation Entertainment. “For years, we’ve set the standard of excellence in gaming. We are excited to invest in this beautiful property and bring our three decades of industry experience to guests in the Mid-South market.”
CNE Gaming Holdings purchased the operating company from Mandalay Resort Group LLC, a subsidiary of MGM Resorts International, for approximately $450 million in cash. The Mississippi Gaming Commission issued its determination of suitability and approval of the acquisition
in January. Concurrent with the purchase, the operating entity entered into a long-term lease agreement with GSCR Propco LLC, a subsidiary of VICI Properties Inc., which owns the real property associated with Gold Strike Casino Resort.
Operations at Gold Strike continue as usual, and the more than 1,100 team members dedicated to the property were retained.
“This acquisition is a natural evolution for our company. Building
our business outside of Oklahoma is a huge step that strengthens our ability to boost the Cherokee Nation economy while also building on our reputation
of being a strong community partner and industry leader,” said Chuck Garrett, president and chief executive officer of Cherokee Nation Businesses.
Gold Strike Casino Resort
“We’re looking forward to sharing that commitment with the people of Mississippi by also investing in their communities and contributing to the local economy.”
Gold Strike will continue to offer longtime dining staples, including Chicago Steakhouse, Buffet Americana and Sweet Tea, as well as more than 1,100 guest rooms, a theater, high-limit gaming and a sportsbook.
The property has also implemented the One Star Rewards loyalty program that enables casino patrons to earn rewards and enjoy the benefits of the company’s 10 gaming destinations. Current and future guest reservations at the Gold Strike property are being honored.
“Patrons of Gold Strike have become accustomed to the excitement and southern hospitality they receive when they walk through our doors. Our plan is to build on that and exceed those high expectations every day,” said Max Fisher, general manager. “We are looking forward to the new opportunities for providing
a world-class experience to all of our patrons and continue leading the industry in our region.”
Cherokee Nation Entertainment is the gaming and hospitality company of the Cherokee Nation. The company owns and operates Hard Rock Hotel & Casino Tulsa and nine Cherokee Casinos in Oklahoma, including a racino, three resort hotels, three golf courses and other retail operations.
SPRING 2023 MISSISSIPPI GAMING NEWS 9