The Mystic Gambler

The site of the proposed Harlem Nights resort project located on the Historic Westside of Las Vegas was impacted by fire recently. The venue, which used to be the home of Tokyo Casino and the New Town Tavern before that, caught fire on Sunday, as announced by the Las Vegas Review-Journal, citing details from the Las Vegas Fire Department. Although the site wasn’t registered as a historic location, it has seen recent interest from a developer called Harlem Nights.

Reportedly, the former Tokyo Casino caught fire after 6 PM on Sunday. Firefighters were quickly dispatched to the location that is on the corner of Jackson Avenue and F Street. The firefighters were able to extinguish the fire by 8 PM. Sadly, the venue had already suffered extensive damage. According to the Las Vegas Fire Department, the building was a “total loss.” This otherwise means that redevelopment won’t be possible and the burnt down building would likely need to be demolished.

Discussions on the Proposed Project Continue

Lisa Mayo-DeRiso, Harlem Nights’ project consultant, revealed that the company intended to remove the existing building in light of its proposed project. The aforementioned project initially featured a 60-story tower, something that was changed to a 34-level structure after the company was notified by the Federal Aviation Administration that anything taller may impact aviation in the region.

Yet, while Harlem Nights considered removing the building, it planned to execute this plan with more decency, considering its historic heritage. Speaking about the recent fire, Mayo-DeRiso said that the company is disappointed with the irreversible damage it caused. Moreover, she said that Harlem Nights asked for a full investigation into the matter.

So far, the city’s Fire Department hasn’t identified what caused the fire at the former Tokyo Casino nor confirmed when additional details on the matter can be released. It is currently unclear whether the fire started by accident, or it was intentional.

Reportedly, community discussions about the Harlem Nights project are planned for next week. According to Mayo-DeRiso, the project will also undergo debate on November 14, 2023, with the Las Vegas City Planning Commission.

Elsewhere in Las Vegas, tensions between casino operators and employees remain high with picket lines set up recently. The protest of the workers comes amid an increase in the cost of living and inflation along with “no real movement” in the negotiations between the workers’ unions and the operators of casino resorts.

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Jeffrey Stantial, an expert from the American multinational independent investment bank and financial services company Stifel commented on the state of slot manufacturers stock. As reported by casino.org, he noted that the sector’s stock isn’t in great shape but M&A activity could potentially change that.

Most slot managers Stantial contacted cited stable NTM purchasing intentions, barring a material pullback. However, the expert also noted that deferred capex from the pandemic period is likely diminishing.

Stantial added that his team presumes an ~MSD% pullback in the replacement cycle in 2024. He added that this still feels reasonable based on the supplier and customer tone throughout G2E.

IGT and PlayAGS are Stantial’s Stocks of Choice

During the recent industry convention, several manufacturers presented impressive products that caught Stantial’s attention. He cited International Game Technology, Aristocrat Leisure and Light & Wonder as consistent performers, which is to be expected from the three largest suppliers in North America.

Speaking about his personal preference, Stantial said that his preferred slot manufacturer stock ideas include IGT, as well as the emerging brand PlayAGS. Many, including the Stifel expert, agreed that PlayAGS is one of the most-improved firms in the slot manufacturing sector. According to Stantial, PlayAGS has a lot of potential because of its room for growth.

IGT, on the other hand, has stock-specific sparks, which are also promising, the expert added.

Stantial added that it is difficult to forecast how the NTM market will develop and said that there is “no clear share donor.” Because of that, his team prefers to favor promising smaller suppliers such as PlayAGS or companies with “idiosyncratic catalysts” such as IGT.

Stantial concluded that while the market remains suboptimal, M&A activities could potentially lead to stock spikes. He cited certain companies’ merger intentions as a point of interest, saying that such deals can cause the slot manufacturer stock market to perk up.

Stantial also commented on the recent hints that MGM Resorts and Entain’s partnership may not last in the long term. The two companies, which jointly operate the famous BetMGM brand, have certain disagreements that may potentially lead to a new MGM/Entain takeover attempt. According to Stantial, such a move could have a beneficial effect on slot manufacturers stock.

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