A patent held by International Game Technology, a London company that makes slot machines, would enable the direct transfer of Bitcoin from a gamer's casino account to an external cryptocurrency account. This type of payment option is expected to appeal in particular to younger players such as millennials, who are increasingly investing in cryptocurrency.
New York Gov. Andrew Cuomo plans to propose the legalization of online sports betting in today's State of the State address in an effort to increase tax revenue. "At a time when New York faces a historic budget deficit due to the Covid-19 pandemic, the current online sports wagering structure incentivizes a large segment of New York residents to travel out of state to make online sports wagers or continue to patronize black markets," Cuomo said.
In 2020, Foxwoods Resort Casino in Mashantucket, Conn., saw a 31.6% decrease in net revenue, bringing in $539.2 million as compared to $787.8 million in 2019. Mohegan Sun in Uncasville, Conn., also experienced a significant revenue drop for the year, with revenue of $715.67 million in 2020 versus $992 million in 2019 -- a roughly 28% decline.
Annual gross gaming revenue in Macao casinos declined 79% in 2020, despite the fact that the area has had no coronavirus cases in the past six months. A major obstacle in bringing back players is the difficulty to enter the city, as border restrictions have become even more stringent since a new COVID-19 strain was identified in the UK.
Online casinos are increasingly using blockchain technology as a way of assuring the safety of gamers' personal data and decreasing the possibility of fraudulent transactions. The technology also facilitates faster and more efficient transactions, as it eliminates the need for third parties.
Online gaming in Michigan should commence by the middle of January, with 15 casinos and their vendors having already received approval. Industry experts project revenue in the first year to be upwards of $90 million.
Sports betting in Tennessee is off to a strong start, with $131 million wagered in November -- the first month of legalized gaming in the state. Tina Hodges of sportsbook Action 247 says the numbers are "exceeding our expectations," noting that operations "have been growing every single day, sometimes doubling registrations from the day before."
As a result of extended closures during the pandemic, Navajo Nation Gaming Enterprise will temporarily lay off more than 1,100 employees who work in Navajo Nation's four casinos in New Mexico and Arizona. The tribe has said that unless additional funding is received to keep them afloat or they are able to resume operations in the near future, it is possible that the casinos may close their doors permanently.
Visitation levels in Las Vegas are lower than they have been since 1993, and gaming experts say a turnaround in hotel-casinos won't happen until there is full distribution of a COVID-19 vaccine, international travel returns to normal levels and people feel a sense of certainty that the pandemic is under control. The financial fallout is far worse than what was seen during the Great Recession, according to CDC Gaming Reports' Howard Stutz, who says, "The switch is not going to be flipped right away."
Casinos in London have been required to close again, as the pandemic continues to rage on and a mutated strain of COVID-19 has been identified. Casinos had only reopened to a limited extent for about two weeks after a month-long lockdown, before the city returned to tier 3 status -- the highest level of coronavirus restrictions.
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