Last year, North Carolina’s Republican leaders failed to progress a commercial casino legalization measure amid internal disagreements. As it turns out, the same struggles could prevent the party from making any meaningful advancement this year as well.

To make matters worse, the clock is ticking and approximately a third of the legislative session has already passed. This year’s session is set to run through the end of July, providing casino supporters with two more months to push for the legalization of commercial casino gaming.

As mentioned, the expansion of the state’s gambling industry could prove to be an uphill battle because of disagreements between GOP leaders. House Speaker Tim Moore, who used to support Senate President Pro Tempore Phil Berger’s casino efforts, pointed out that the recent discussions were marred in controversy and could prove to be a tricky challenge.

According to Moore, the heated casino talks alienated some supporters and could prevent any meaningful advancement this session. During a recent discussion of a video lottery terminal bill, Moore emphasized that hard feelings about the conclusion of the last session still persist and could overshadow the actual VLT discussions.

Berger’s Deal with the Cordish Companies Alienated GOP Members

For context, Berger alienated many House Republicans by striking what many believed to be a backroom deal with the Cordish Companies during the legalization process. Under the agreement, Berger would have given the Maryland-based casino powerhouse each of the three casino opportunities in North Carolina.

While many customers in the state expressed their support for the legalization of commercial casino gaming, Berger’s actions convinced some Republicans, Moore included, to drop their support for the legalization.

Berger eventually acknowledged his legislative defeat and promised to never try to push for casino gaming in North Carolina, instead allowing the House to initiate the process when it’s ready.

In other news North Carolina recently launched legal sports betting, joining a list of more than three dozen states. A month ago, Gov. Roy Cooper commented on a tax change proposal, expressing his support for the measure.

Cooper also weighed in on the potential unexpected tax burden for bettors in the state, explaining that it is not fair for local gamblers to pay taxes on winnings without the possibility of deducting losses.

The post NC’s Casino Legalization Prospects Are Bleak amid Waning Support appeared first on Keno Wizard.

In a recent interview with CNBC’s Brian Sullivan, Tilman Fertitta argued that Golden Nugget is not the only equity that is most likely going to benefit from the momentum in the gaming industry in 2024. He also sees Wynn Resorts and DraftKings as sector companies in a very strong position, not least because of his own affiliation and investments in the entities.

Strong Year for Wynn and DraftKings Ahead, Shareholder Says

He noted that for as long as there was interest in gaming in Las Vegas, Wynn Resorts would always come on top. Of course, Fertitta is not only paying lip service to a direct competitor. He owns a 6.1% stake in Wynn Resorts which is understandably making him at least inclined to comment on the company.

His participation in Wynn is not just a way to hedge his portfolio against sudden shocks, but also a prelude to his grander ambitions to seek expansion with a casino resort in Las Vegas. Fertitta told Sullivan that he had not yet thought about acquiring Wynn Resorts, though, which has been speculated about extensively.

Fertitta’s bullishness on Wynn is somewhat justified by his purchasing the shares back in October for $87.21, which are now trading at $90.42 on the last trading day on December 22. This is a small but sustained gain and perhaps one of the reasons why Fertitta continues to exhibit outward confidence in the future of Wynn.

However, Wynn Resorts is not the only company he sees as a big winner moving forward. According to Fertitta, DraftKings is also in a very good position to enter the year on a high note.

The Industry to Be Concentrated in Four or Five Companies

Once again, Fertitta is speaking about a company he is familiar with as DraftKings bought Golden Nugget Online Gaming in a record-setting $1.56-billion all-stock deal which was finalized early last year.

Thanks to the alliance between the two, DraftKings and Golden Nugget Online Gaming can maintain a strong presence in both iGaming and sports betting. Fertitta is also confident that there will be only four or five companies that will end up dominating the entire industry – not just a state or two, but the entire United States and beyond.

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Deutsche Bank analyst Carlo Santarelli has defied expectations for the casino resorts sector, posting an upbeat outlook for Wynn Resorts. According to Santarelli, Wynn’s shares will soar.

Wynn Resorts Is Gathering Financial Momentum

He bases this outlook on several main factors that are going to drive an upsurge in the company’s stock over the next months. One of those is the return of travelers in Macau, which will help Wynn’s overseas operations.

At the same time, footfall has been picking up on the Las Vegas Strip, and the company is already building its Al-Marjan Island in the United Arab Emirates (UAE), the very first casino resort in the country, which should yield fantastic dividends in the long run.

With Al-Marjan Island’s construction getting underway last week, investors are still hesitant about the share value of the company, which means that the stock is presently underappreciated and bound to pick up in the next months.

Santarelli argues that Al-Marjan Island will be driving strong returns for the company. About 90% of the UAE’s population of 10 million people are expatriates and can therefore gamble. Of course, the project is leaning in heavily on tourism as well and will be a global destination for not just gambling, but also meetings in the Middle East.

Another reason for optimism in the long term is that the tax structure of the UAE is very generous – only 13%. In the meantime, Wynn is also working with a real estate developer in New York City, Related Cos. This investment, though, may not pay off immediately.

The newly-planed venue at the Hudson Yards is probably going to take a long while before it sees a payoff, but this doesn’t mean it would fail to. Wynn is expected to get a 15% return on investment if the project is finally approved – and if the project is approved. The three downstate permits for new casinos have not yet been issued in the Empire State.

WynnBET Still Meaningful Driver of Value

Meanwhile, WynnBET, the most omnipresent asset of the company is not going to be one of the company’s strongest. The interactive division is indeed a bit slower, but it’s not out of the picture at all. Just the opposite, Santarelli has called the asset a “meaningful driver of value.”

WynnBET has been very fast to cut its losses, and even though it posted a loss of $99 million in 2022, it’s doing way better than competitors who posted triple-digit losses.

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