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11 states could regulate daily fantasy sports by year's end

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Morgan Stanley changes opinion on Sands China

August 11, 2014 7:05 PM by Ray Poirier

Morgan Stanley: Sands China 'no longer best idea' Analysts look to two different gambling segments when considering the impact of a slowdown in Macau. The first is the obvious VIP market that involves the high-rollers who are guided to Macau from mainland China by licensed tour groups. The second has been dubbed the “mass market” crowd.

Obviously, low numbers in June, said analysts, were caused by fewer VIP groups because so many high-stakes gamblers preferred to stay in China during the World Soccer Cup.

But, also affected, was the mass market, which also felt the impact of fewer numbers.

Because of this, Morgan Stanley analysts, who have for months touted Las Vegas Sands Corp. (LVS) as a Macau investment, have changed their opinions. They now say Sands China, a subsidiary of Las Vegas Sands that operate the most casinos and hotels in Macau, is “no longer a best idea.”

“The recent slowdown in mass segment,” they said in a recent note, “rise in staff costs due to labor shortage that will continue for some time, stalled construction of Parisian (next Cotai project) and general investor sentiment may keep stock price in a tight range or lower in the very near term.”

Shares in LVS plummeted in value last week.

Ray Poirier is the longtime executive editor at GamingToday.

Contact Ray at RayPoirier@GamingToday.com.

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Las Vegas-based Full House Resorts hopes Indiana lawmakers will let the state’s gaming operators bring some of its already approved capacity to the state’s more populous areas. Full House is the owner of the Rising Star casino resort in Rising Sun.

New York is expected to “retaliate violently” if New Jersey voters approve plans to allow two casinos across the river from Manhattan. New Jersey voters will decide in November whether to authorize casinos in the northern part of the state.

State officials say Nevada gambling revenue was down more than 2 percent in April compared with last year. The Nevada Gaming Control Board said Thursday that the state’s casinos won $876 million in April.

Gov. Chris Christie said a deal to rescue Atlantic City that advanced in the Legislature this week contains the authority he would need to help the struggling resort town, but he stopped short of saying he would sign it.

As many as 11 states may adopt regulations permitting and regulating daily fantasy sports by the end of the year. Six states have passed bills to regulate daily fantasy sports so far, and five more may do so soon.

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