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Jonas projected on Friday (Sept. 18) in his Las Vegas room survey a soft third quarter. Jonas said Q3 rates for Las Vegas Strip casino rooms are “mostly lower,” with MGM Resorts rooms down 9% and Caesars Entertainment down 11%.
August rates trended lower, with Strip Proxy down -14%, MGM -17%, Caesars -18%, and Wynn Resorts flat. September is also lower with Strip Proxy down -10%, MGM -11%, Caesars -15% and Wynn +2%, as weekend rates were a bit higher but weighed down by the still soft weekday rates,” Jonas wrote.
Jonas said October is showing some signs of life, but November is mixed at this point.
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“We saw that they had entered football and advertising, and they have political and economic weight. Understanding that Congress would not prohibit the activity, we decided to put the brakes on and establish the rules.
“It’s not that I want to collect taxes because I need the money. I want to collect taxes for the sake of fairness: if a company sells cars, it pays taxes; if it sells drinks, it pays taxes. If it’s authorised to operate, it has to pay.”
In the interview, the minister mentioned the tax changes proposed by the Ministry of Finance, and more recently, the ban on beneficiaries of social welfare programmes from gambling.
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Additionally, a new remote betting duty is set to come in from April 2027, which will raise the effective tax rate on all sports betting products except horse racing from 15% to 25%.
Several other operators have responded to the UK tax hikes by announcing shop closures.
In March, William Hill told staff it plans to permanently close approximately 200 of its retail shops in the UK, around 15% of Evoke’s retail estate.
