A number of important headlines emerged in the casino world this past week, including a breakthrough in the cryptocurrency space. That’s where we’ll start our look at the key news of the week:
EOSBet Becomes First On-Chain Gambling Casino
Although there has been a major downturn in the crypto space, a number of the projects that raised money early on are still pursuing their goals. One of those is EOSBet, a decentralized gambling app, which announced Friday that it has now been given a gaming license by Curacao, one of the world’s long-standing online gambling regulators. That makes EOSBet one of the first crypto casinos to have been given licenses to operate.
Operating on the blockchain, EOSBet is hoping to address issues related to transparency, costly fees and high-house advantages on centralized online gaming platforms. They will also provide instant transaction times and significantly reduced fees. The platform has volume exceeding $5 million, making it a top-five-rated app on the larger EOS Network, according to the company’s own reports.
Nevada Gaming Win Exceeds $1 Billion In October
The Nevada Gaming Control Board reported a gaming win of $1.063 billion last week, making it the most successful month in gaming in nearly five years. Within that report was the specific detail that Clark County, in which the city of Las Vegas exists, contributed $926.5 million of that larger total.
This is an extremely positive development as it’s been a little bit of a nervous time in Las Vegas since the tragic incident at Mandalay Bay last year. The report showed that The Strip win in Vegas was up 12.2 percent to $593.4 million over October of 2017, the month when tourism was hampered as a result of the worst mass shooting in modern history at the Mandalay Bay on Oct. 1.
This increase in Nevada gaming win was the 40th time the state has recorded more than $1 billion in monthly win, which was initially reached in March of 2005. The highest monthly win ever came in October of 2007, when the state hauled in $1.165 billion.
Mohegan Sun Ready To Acquire Wynn Project
The drama with the Wynn Boston Casino project has many plot twists and it took another turn last week.
On Friday, the continuing story of the troubled Encore Boston Harbor project involved the operators of Mohegan Sun Casino introducing themselves to the show. Mohegan Sun released a statement saying the company was ready to negotiate to acquire Encore Boston Harbor if Massachusetts regulators deemed Wynn Casinos unfit to run gaming operations in the state. As you might recall, the Massachusetts Gaming Commission is looking into whether Wynn executives failed to alert the state of multiple sexual harassment allegations pertaining to company founder and former CEO Steve Wynn. Wynn has stepped down from his company and the project has been renamed the Encore, but it seems like the Massachusetts Gaming Commission is still giving this project a hard time. The team at Mohegan Sun are mostly being opportunists here and are looking to take advantage. They would love to step into this market and take advantage of a lot of the legwork that Wynn Resorts has already put into it.
It's unlikely that the gaming commission will want to go this route but the fact that it can’t come to a final conclusion with Wynn Resorts and move forward has opened the door for other options.