yonkers casino table games(Image: Shutterstock)Deutsche Bank gaming specialist Carlo Santarelli is troubled that while some states are reporting better than pre-pandemic brick-and-mortar casino revenues, Pennsylvania is not. Connecticut, pending federal approval, is set to become the sixth iGaming state by way of its two tribes. “We continue to question just premier theater at foxwoods resort casino mashantucket cthow different the customer is.”Those customers, Santarelli reports, might be smart to stay home to gamble on their computer or smartphone. harrah s cherokee casino hotel roomsAs such, Wynn Resorts (NASDAQ:WYNN) recently commenced a 5 million room renovation in response to strong 2022 bookings. “As such, we think the rollout of iCasino is likely to be a lot more challenging than most expect, and far more challenging than sports betting. So, where’s the money coming from? Online.iGaming TrendDuring COVID-19, iGaming reasonably flourished, as the state’s land-based casinos were forced to shutter. sam s town casino las vegas reviews

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choctaw casino jackpotsBut as Pennsylvania emerges from the coronavirus, the trend among many gamblers seems to be staying online, rather than returning to a physical casino.“We think it is worth considering the notion that the presence of iCasino in Pennsylvania could be stunting the casino recovery,” Santarelli wrote. Currently, along with Pennsylvania, only New Jersey, Delaware, West Virginia, and Michigan have iGaming with interactive slot machines and table games. “MGM Resorts, for example, reported a 20 percent EBITDAR margin in first-quarter 2021, which compares with a high-20 percent EBITDAR margin pre-pandemic, and continued margin growth likely throughout the year,” according to Fitch.The research firm has a “negative” outlook on MGM’s “BB-” credit rating, noting it and Las Vegas Sands (NYSE:LVS) need to see more recovery in international markets before positive alterations to credit ratings and outlooks can be considered.pechanga casino resort temecula“As per our findings here, we also think there is some merit to cannibalization of traditional casino operations, which would thereby lessen the desire of certain casino operators that haven’t had success in iCasino, or aren’t well-positioned to succeed in the vertical, to push for legalization“We continue to question just premier theater at foxwoods resort casino mashantucket cthow different the customer is.”Those customers, Santarelli reports, might be smart to stay home to gamble on their computer or smartphone. “Said differently, the entertainment dollar lasts twice as long in the iCasino environment.”Deutsche Bank research concluded that land-based casinos in Pennsylvania are spending nine percent less on promos than they did during the same time period in 2019.iGaming Expansion OddsThe potential cannibalization of brick-and-mortar casino gambling caused by online platforms, Santarelli believes, will caution other states in moving to legalize internet gambling. owner of the bellagio casino

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admiral casino 50 free spinsSo, where’s the money coming from? Online.iGaming TrendDuring COVID-19, iGaming reasonably flourished, as the state’s land-based casinos were forced to shutter. “As such, we think the rollout of iCasino is likely to be a lot more challenging than most expect, and far more challenging than sports betting. “MGM Resorts, for example, reported a 20 percent EBITDAR margin in first-quarter 2021, which compares with a high-20 percent EBITDAR margin pre-pandemic, and continued margin growth likely throughout the year,” according to Fitch.The research firm has a “negative” outlook on MGM’s “BB-” credit rating, noting it and Las Vegas Sands (NYSE:LVS) need to see more recovery in international markets before positive alterations to credit ratings and outlooks can be considered.“As per our findings here, we also think there is some merit to cannibalization of traditional casino operations, which would thereby lessen the desire of certain casino operators that haven’t had success in iCasino, or aren’t well-positioned to succeed in the vertical, to push for legalizationThe Deutsche Bank note says Pennsylvania casinos are spending many more marketing and promotional dollars on their iGaming products than at their brick-and-mortar properties.Though the convenience of a pocket casino is surely a strategic advantage, if you’re a slot customer, it appears the iCasino is actually the value play for your entertainment dollar as well,” Santarelli detailed. “Said differently, the entertainment dollar lasts twice as long in the iCasino environment.”Deutsche Bank research concluded that land-based casinos in Pennsylvania are spending nine percent less on promos than they did during the same time period in 2019.iGaming Expansion OddsThe potential cannibalization of brick-and-mortar casino gambling caused by online platforms, Santarelli believes, will caution other states in moving to legalize internet gambling. riversweeps casino slots