Enduring Tales of Broad Interest
In 2018, the gaming industry witnessed a wave of transformative changes that continue to shape its landscape today. The year marked the beginning of a new era, with significant developments in various aspects of the industry.
One of the most notable events of 2018 was the Supreme Court's decision to overturn the Professional and Amateur Sports Protection Act of 1992, paving the way for legal sports betting in several states. This move opened up a new avenue for revenue and sparked a surge in sports betting activity across the country. By the end of the year, five states were operating legal sports betting, generating $4.5 billion in wagers. By 2019, this number had grown to 33 states, with a total of $150 billion in handle, $14 billion in gross gaming revenue, and $2.9 billion in taxes.
The year also saw a rise in the popularity of Real Estate Investment Trusts (REITs) in gaming transactions. Major players such as Boyd, MGM, Eldorado, and Caesars all partnered with REITs, making REITs a significant part of the gaming industry.
New casinos also sprung up on the East Coast, with openings in Maryland, Massachusetts, New York, and New Jersey. The three casinos that opened in Massachusetts, Encore Boston Harbor, MGM Springfield, and Plainridge Park Casino, have since become major attractions. Encore Boston Harbor opened its doors in 2019, MGM Springfield also in 2018-2019, and Plainridge Park Casino earlier as a slots-only casino in 2015 before expanding.
The gaming industry also faced challenges in 2018. Ten years prior, four casinos closed in Atlantic City due to declining revenue and competition from Pennsylvania. However, in 2018, two casinos, Hard Rock and Ocean City, reopened with new identities in Atlantic City.
The year was also marked by the departure of Steve Wynn from the gaming industry due to the "me too" scandal. His departure led to the appointment of Phil Satre to help rescue the company's reputation. Meanwhile, Caesars was on the verge of declaring bankruptcy, a situation that eventually led to Carl Ichan taking over the company and selling it to Eldorado Resorts.
Looking forward, Deutsche Bank analyst Carlo Santarelli predicts that 2025 will be another year of REIT activity in the gaming industry. As the industry continues to evolve, it remains a dynamic and exciting sector to watch.
The author's website, which has been using the click system for several years to measure the popularity of stories, no longer asks the author to compile a list of top stories. However, in 2018, the author did compile a list of top gaming stories, including sports betting, new East Coast casinos, the "me too" scandal, and the demise of Steve Wynn.
In other parts of the world, the gaming industry also experienced significant changes. In 2014, Las Vegas had a banner year for casino revenue. However, in 2013, Macau's gaming revenue was $45 billion, but it fell to $28 billion by 2024 due to a Chinese government crackdown.
Finally, it's worth noting that the Great Recession had a lasting impact on the casino industry, although specific details about this impact were not provided in the context of this article.
In conclusion, 2018 was a pivotal year for the gaming industry, with numerous transformative changes and developments. As we look to the future, it's clear that the industry will continue to evolve and adapt to the changing landscape.
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