All GLG News Analyses Filed Under: Gaming & Casinos

I. Nelson RoseDistinguished Senior ProfessorWHITTIER COLLEGE

Tribe gives up 5,000 slot machines, opts for more Class II

December 8, 2008

Analysis of:Sycuan walks away from gambling compact | www.signonsandiego.com

In a startling development, a California tribe gave up the right to put in 5,000 more slot machines, after winning a $100 million political fight.  This is obviously bad news for slot manufacturers, like International Game Technology (IGT).  But it could be good news for manufacturers of Class II machines, like Multimedia Games (MGAM), because tribes do not have to share revenue with the state on these devices.

Graham WoodDirectoriGaming Consultancy Ltd

Will Europe's Casinos Survive The Economic Downturn?

December 8, 2008

Analysis of:Las Vegas Sands COO Expects to Survive `Rough' 18 Months Ahead | www.bloomberg.com

Whilst the impact of the recession in the US is already being felt amongst casino businesses in Las Vegas and elsewhere, it appears that Europe's operators are so far largely unaffected. For the moment the jury is out on whether the worst is yet to come, or if the sector will react differently on the other side of the Atlantic. Thanks to the markedly different client demographics and gaming behaviour in Europe will the industry weather the storm? Or will the sector's weakened state following the introduction of smoking bans in many countries leave it susceptible to the effects of the downturn in customer spending when it begins in earnest?

William SherlockFormer President and CEOMASHANTUCKET PEQUOT TRIBAL NATION

Several other factors come inot play

December 8, 2008

Analysis of:Travel Numbers see steep decline [in Las Vegas] | www.klas-tv.com

The gaming/nongaming revenue mix has changed dramatically since the gulf war recession of the early 90's

Chicke FitzgeraldChief Executive OfficerSolutionz Group International, Inc.

What will happen to the gaming industry as travel to Las Vegas declines?

December 5, 2008

Analysis of:Travel Numbers see steep decline [in Las Vegas] | www.klas-tv.com

Las Vegas has always enjoyed occupancy rates higher than the national average, but in the last few months, the economic situation plaguing the country has hit them hard.  Occupancy is down to 84%, which rivals post September 11th levels.  In the month of October, Las Vegas had a drop of 13% year over year, or nearly a half a million visitors.  Historically there has been a direct correlation between occupancy and gaming revenues.  That correlation weakened somewhat in the 90s when Las Vegas attempted to become a family destination.  Now that the city is squarely back in the "Sin City" role, the tie between hotel occupancy and gaming is very strong again. Factors to watch: - Air capacity and frequency declines - Visitor statistics - Occupancy rates - Proportional gaming revenue declines

Las Vegas versus the Economic Turndown

December 5, 2008

Analysis by: GLG Expert Contributor

Analysis of:Travel Numbers see steep decline [in Las Vegas] | www.klas-tv.com

We all agree that, on the average bet, "the House " usually wins. So, as we look at Las Vegas, and see all those large gaming casinos, nothing could be more evident of financial gains than the most beautiful hotels, condos, and shopping arenas. However, "the House" is in trouble. With the credit crisis just beginning to be felt by main street, the shine of Las Vegas is losing it's lustre. Construction, which was booming for last several years is slowing or stopped, building plans are on hold, airlines have reduced their flights, and a general feeling of "funk" has taken hold. The "House usually wins".but for now...Economy 1---Las Vegas 0

I. Nelson RoseDistinguished Senior ProfessorWHITTIER COLLEGE

Singapore May Sink Las Vegas Sands

December 1, 2008

Analysis of:Las Vegas Sands COO Expects to Survive `Rough' 18 Months Ahead | www.bloomberg.com

The Las Vegas Sands (LVS) has staved off bankruptcy, but is betting its future on the Singapore casino being a great success.  That may be unduly optimistic, given legal restrictions and increased competition.

Tribal Sovereign Immunity can Significantly Impact Business Relationships

November 24, 2008

Analysis by: GLG Expert Contributor

Analysis of:Appeals court upholds tribal immunity | www.azcentral.com

The immunity granted Federally recognized Indian Tribes can play a significant role in business relationships between a Tribe and any other entity. In general Tribes cannot be sued for any reason within or outside the borders of their reservation. If not addressed through a waiver of immunity at the outset, business relationships could be significantly impacted.

I. Nelson RoseDistinguished Senior ProfessorWHITTIER COLLEGE

Tribes cannot be sued, unless Congress acts

November 24, 2008

Analysis of:Appeals court upholds tribal immunity | www.azcentral.com

The Ninth Circuit just joined other courts, including the U.S. Supreme Court, in holding that a tribe cannot be sued unless the tribe waives its sovereign immunity or it is taken away by Congress.  There is growing pressure on Congress to change the law.  Meanwhile, any company that does business with a tribe has to be careful, both because it cannot sue the tribe, but it can be sued by patrons.

I. Nelson RoseDistinguished Senior ProfessorWHITTIER COLLEGE

No big deal after all

November 14, 2008

Analysis of:Feds issue rule aimed at Internet gambling ban | ap.google.com

The proposed regulations for the Unlawful Internet Gambling Act would have required banks to become policemen.  The final regs only require financial institutions to due minimal due diligence on new commercial clients and to send out notices telling people not to break the law.  There also will be new credit card merchant codes, which should make it easier for parimutuel outlets and other legal gambling operations to do business.

I. Nelson RoseDistinguished Senior ProfessorWHITTIER COLLEGE

Macau and Singapore Want Casinos to Succeed, but...

November 12, 2008

Analysis of:Singapore could take over Marina Bay Sands: LVS declines to comment | www.casinocompendium.com

Las Vegas Sands (LVS) and MGM Mirage (MGM) are being squeezed for cash.  The governments of Macau and Singapore want their casinos to succeed.  But they have little loyalty to any American company.  They will approve the sale of assets, but won't change the rules to make it easier for these casinos to increase their cash flow.

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