The Historic Atlantic City Boardwalk has been allocated $20 million for repairs and preservation. The money will help to preserve the iconic waterfront promenade which dates back to 1870. New Jersey Gov. Phil Murphy on Friday announced $100 million in funding for 18 municipalities. The money will assist the local governments in addressing capital needs to restore their boardwalks. The casino capital of the east coast received the most money. The $20 million grant will go a long way in repairing and maintaining the wooden streets. The $100 million comes from leftover money the state received through the American Rescue Plan.

Atlantic City’s boardwalk is said to be the oldest in the nation. It spans 5.5 miles and is about 60 feet wide. That makes it one of the world’s largest boardwalk structures. It was originally designed to keep sand out of the hotels. The boardwalk was about 7 miles long until 1944 when The Great Atlantic Hurricane did its damage. The category 5 storm destroyed the southern end of the famous boardwalk.

The boardwalk is critical for six of Atlantic City’s nine casinos. Many guests walk the pathway during the warmer months to access adjacent resorts. The boardwalk provides a safe walkway between casinos. The six casinos that benefit from the boardwalk are Ocean Casino, Hard Rock, Resorts, Bally’s, Caesars, and Tropicana. Walking from Ocean’s which is at the northern end, to Tropicana at the southern end is about 1.75 miles. Atlantic City’s Marina District is home to the other 3 casinos. Those casinos are Borgata, Harrah’s, and Golden Nugget. Atlantic City casinos generated revenue of $2.84 billion in 2023.

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Nevada came out on top after the Super Bowl, but only by a slim margin. The Nevada Gaming Control Board (NGCB) reported that $185.6 million was wagered on the Super Bowl. The big game featured the Kansas City Chiefs and the San Francisco 49ers. The handle set a new record. It beat the old record by almost $6 million. The old record was set in 2022 and was $179.8 million. That year the Los Angeles Rams played the Cincinnati Bengals. Nevada oddsmakers kept just $6.8 million of the $185.6 million. That translates to a win (hold) rate of just 3.7%. For comparison, sportsbooks reported a hold rate of nearly 6% on all sports for the 12 months ending December 2023.

Along with record betting in Nevada, Super Bowl LVIII led to record TV ratings. Nielson reported that Sunday’s game was the most watched program in television history. The game averaged 123.4 million viewers. The previous high was 115.1 million viewers. That record was set last year when the Kansas City Chiefs played the Philadelphia Eagles. CBS broadcast the Super Bowl. Nickelodeon and Univision offered alternative broadcasts. The big game was streamed on Paramount+ and the NFL’s digital platforms.

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More than 40 million people visited Sin City in 2023. The 2023 visitation number represents a 5.2% year over year increase and the city’s best mark since pre pandemic 2019. That year the city drew 42.5 million visitors. Convention attendance grew 20% to about six million visitors. The all time high for annual visitors came in 2016 when 42.9 million people visited Las Vegas. The return of major conventions along with the inaugural Formula One Las Vegas Gran Prix helped the numbers in 2023.

The uptick in attendance will help Las Vegas set another annual gaming revenue record. The Nevada Gaming Control Board is set to reveal the numbers this week. These include the December and full year 2023 numbers. Through 11 months, statewide gross gaming revenue was more than $14 billion. That is just shy of the $14.84 billion state casinos won in 2022. Clark County, home to Las Vegas and the strip, won about $12.8 billion in 2022.

Hotel room rates increased in 2023 as well, setting a new record. The city’s 154,662 guest rooms went for an average nightly rate of $191.29. That represents nearly a 12% increase from 2022 and set a new record. Strip rooms averaged more than $204 a night setting a new record as well. Revenue per available room, a measure of room profitability, jumped almost 19% on the strip to $176. City wide revenue per available room climbed 18% to $160.

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The National Football League is reportedly in advanced talks to acquire an ownership position in ESPN. ESPN is the largest sports media conglomerate in the United States. The New York Post reported last week that the NFL has been talking with Disney owned ESPN. They are considering an equity stake in the sports media organization. However, neither side has commented publicly on the rumors. Sources close to the negotiations say the possible deal would result in ESPN assuming control of NFL media.

NFL media is the primary marketing and communications division of the professional football league. The NFL has apparently been shopping its media division for years. The league has secured over $110 billion in media deals in recent years with ESPN, Amazon, CBS, Fox, NBC, and YouTube. ESPN currently pays the NFL about $2.6 billion a year for approximately 25 games, most of which air on the cable network’s Monday Night Football prime time slot.

The NFL is currently in the playoff stage of its season. The wild card weekend just ended yesterday and there are 8 teams remaining, all playing for a spot in the Super Bowl. The Super Bowl will be played in Las Vegas on February 11, 2024. This upcoming weekend features 4 games in the divisional round of the playoffs. On Saturday, the Baltimore Ravens will host the Houston Texans while the San Francisco 49ers will host the Green Bay Packers. On Sunday, the Detroit Lions will host Tampa Bay while Kansas City will travel to play the Buffalo Bills.

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US sports bettors may have had a strong November according to Benchmark analyst Mike Hickey. Hickey said favorable results for bettors in November may have sapped DraftKings’ hold percentage by 1.5%. If accurate, that reduced hold percentage could weigh on the operator’s fourth quarter revenue by $50 million. It would also weigh on adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) by $35 million. December data is not available yet, but Hickey indicated that DraftKings hold percentage likely normalized in December which means November was likely an anomaly.

DraftKings 2024 outlook, however, remains strong. The gaming company is scheduled to deliver results for the October through December period on February 15th. That will be done after the close of US markets. DraftKings has a knack for lifting top and bottom line forecasts when it delivers quarterly results. That is something analysts and investors will be keeping an eye on over the next month. The Boston based company forecasts a positive 2024 EBITDA of $350 to $450 million on sales of $4.5 to $4.8 billion.

For 2025, the online sportsbook operator said it expects revenue in the mid $5 billion range on adjusted EBITDA of $900 million. They expect those figures to grow to $6.2 billion and $1.4 billion respectively in 2026 and $7.1 billion and $2.1 billion respectively in 2027. Then there’s the stock market in general. After tripling in 2023, it shed 7.5% this week as investors booked profits. This may put some burden on DraftKings to deliver the goods in terms of upper guidance.

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Charles Barkley is one of the most interesting American athletes in the last 50 years. Barkley has made a lasting impact both on and off the court, specifically in the world of basketball. Barkley was an 11 time all star and league MVP in 1993. He was raised by his mother, and grandmother, in Leeds, Alabama. There he struggled in his early years to fit in until he found a sense of community and purpose in basketball. In a biography by Timothy Bella, Barkley disclosed that his family ran and underground casino and bootlegging operation when he was a child in Alabama.

Born in 1963 in Leeds, Alabama, Barkley reveals in his new authorized biography that his family participated in illicit activities to make ends meet. Barkley claims that his family, in the 1960’s and early 70’s, ran card games and sold bootlegged liquor out of their house. He revealed that “the house was like a casino on the weekend. Guys would come on Friday and drink and gamble until Sunday”. Barkley’s mother, despite she and Barkley’s stepdad both working, said they just couldn’t make ends meet. They struggled to pay the bills.

Like may other athletes, Barkley has admitted to liking casinos during his career. In 2007 he admitted to losing at least $20 million. At the time he said he likes to gamble and that he can afford to gamble. He also said therefore he is not going to stop. In 2015 he told CBS Sports that it was always his goal to win $1 million in Las Vegas. He said he did that about 10 times, but lost more than $1 million about 3 times for every time he won $1 million. Through all of his gambling ventures he has never been accused of betting on his own team.

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The San Diego Padres have traded all star Juan Soto to the New York Yankees. The Yankees saw a nice boost in their odds to win the World Series. The Yankees are now +850 to win the World Series. Only two teams have shorter odds than New York. Those 2 teams are the Dodgers and the Braves who are both at +700. Last years World Series champions, the Texas Rangers, are currently at +1000.

Soto hit 35 home runs and had 109 RBI. During his first six seasons in MLB he has hit 160 home runs with 483 RBI. He is also a career .283 hitter. Soto, 25, has one more year on his contract. The Yankees sent 4 pitchers and their backup catcher to San Diego.

The big news from baseball’s winter meetings is of course free agency. The biggest free agent out there is Shohei Ohtani. Currently the Los Angeles Dodgers and the Toronto Blue Jays are favorites to add Ohtani. Of course that could change at anytime. The Dodgers are -175 to add Ohtani while the Blue Jays are +160. Whichever team lands Ohtani will see a huge boost in their World Series Futures. Ohtani spent 6 seasons with the Los Angeles Angels and won the AL MVP twice. The Angels are +700 and the third highest odds to sign Ohtani.

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Its Official! Miriam Adelson is taking control of the NBA’s Dallas Mavericks. Adelson announced today that she has entered into a binding pact to acquire a majority share of the NBA’s Dallas Mavericks. Rumors started yesterday when Las Vegas Sands, the gaming company founded by Miriam’s late husband Sheldon Adelson, announced she and her family trust were selling $2 billion worth of the casino’s operators stock. They are expected to take control of the Maverick’s from current owner Mark Cuban before the end of the year. The “Shark Tank” star will remain with the team, overseeing basketball operations.

Adelson, 78, is the 5th richest woman in the world according to Forbes. She will be taking control of the Mavericks who are one of the most recognizable sports franchises in America. They won an NBA Championship in 2011 led by NBA superstar, and hall of famer, Dirk Nowitzki. Nowitzki, who was born in Germany, came to the Mavericks in 1999 and played his entire 21 year career for Dallas. The Mavericks beat the Miami Heat to win the championship that year in 6 games. The Heat were led by LeBron James, Dwyane Wade, and Chris Bosh.

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