Border Conflict: New York City Casinos May Endanger New Jersey's Gaming Industry
New York City Casino Licenses Approved: The New York State Gaming Commission has awarded three downstate casino licenses for projects in New York City, including Bally's in the Bronx, Hard Rock near Citi Field, and an expansion of Resorts World in Queens.
Projected Opening Timelines: Resorts World aims to open its full commercial casino by late March 2026, Hard Rock's project may open in phases starting in late 2027, and Bally's Bronx is expected to open in the mid-2030s.
Impact on New Jersey's Casino Industry: The new NYC casinos are anticipated to significantly threaten New Jersey's gaming revenue, with projections suggesting a potential 20% to 30% revenue loss for Atlantic City casinos.
Current Performance of New Jersey Casinos: Despite the looming competition, New Jersey's casino industry has seen a strong performance in 2025, with total gaming revenue increasing by 10.4% year-over-year, reaching $6.38 billion.
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- New Investment Position: Nokomis Capital, L.L.C. disclosed in an SEC filing dated February 17, 2026, that it initiated a new position in Apple Hospitality REIT (APLE) with 479,576 shares valued at $5.68 million, indicating confidence in the company's potential.
- Asset Allocation Insight: This position represents 1.35% of Nokomis Capital's 13F reportable assets as of December 31, 2025, highlighting its significance in the diversified investment portfolio and potentially influencing future investment strategies.
- Market Performance Review: As of February 17, 2026, Apple Hospitality REIT shares were priced at $12.29, reflecting a 13.6% decline over the past year and underperforming the S&P 500 by 24.6 percentage points, showcasing market caution regarding the industry's recovery.
- Industry Dynamics Impact: The hotel sector's revenue volatility means future performance will depend on sustained travel demand, with Apple Hospitality REIT's earnings closely tied to room rates and occupancy levels, making revenue per available room (RevPAR) a critical metric for investors to monitor.
- New Investment Position: Nokomis Capital has acquired 479,576 shares of Apple Hospitality REIT, amounting to approximately $5.68 million, indicating confidence in the REIT despite it representing only 1.35% of the fund's assets under management.
- Quarter-End Position Value: As of December 31, 2025, the reported value of Nokomis Capital's position stood at $5.68 million, reflecting the combined effects of new share purchases and market price changes, highlighting the fund's strategy of diversification.
- Market Performance Analysis: Apple Hospitality REIT's shares are priced at $12.29, down 13.6% over the past year and underperforming the S&P 500 by 24.6 percentage points, indicating a cautious market sentiment that could affect future investor confidence.
- Industry Dynamics Observation: The hotel industry has gradually recovered from the demand collapse in 2020, with future performance relying on the sustainability of travel demand; Nokomis Capital's investment decisions should focus on key metrics like revenue per available room (RevPAR) for Apple Hospitality.
- Gambling vs. Investing: Mulvaney asserts that buying contracts on prediction markets is essentially gambling, emphasizing the need for increased scrutiny in light of betting activities prior to the Iran war, which could undermine investor confidence.
- Regulatory Role: He argues that the CFTC is not suited to regulate prediction markets as its primary focus is market oversight rather than consumer protection, potentially exposing consumers to risks in these markets.
- National Security Risks: Mulvaney warns that trading in prediction markets could leak classified information, posing a threat to U.S. national security if adversaries glean intelligence that could be used against the nation, necessitating investigation.
- Funding Transparency Issues: When asked about the funding sources for his newly formed coalition,
- Gaming Win Decline: The Las Vegas Strip's gaming win fell 11.0% year-over-year in January to $747.7 million, indicating that pricing concerns and a sharp decline in international tourism are negatively impacting the gaming sector.
- Statewide Performance: Nevada's overall gaming win decreased by 6.6% year-over-year in January to $1.35 billion, highlighting ongoing challenges in the state's gaming market, particularly with the reduction in international visitors.
- Downtown Casino Trends: Downtown Las Vegas casinos experienced a 5.2% decline in gaming win to $79.4 million, reflecting weakness in the downtown market, although some areas like Reno reported growth in gaming revenue.
- Long-Term Outlook: For the fiscal year-to-date through January 2025, Nevada's gaming win has only increased by 0.7%, despite a favorable event calendar for conventions and tourism, suggesting a slow recovery and uncertain industry outlook.
- Investment in Responsible Gaming Research: MGM and BetMGM have jointly committed $1 million, with $450,000 allocated to the International Center for Responsible Gaming for groundbreaking research that examines the impact of sports wagering on player behavior, thereby providing essential data for industry sustainability.
- Community Support Initiatives: In 2026, MGM and BetMGM will contribute over $850,000 to state and national organizations focused on problem gambling prevention and treatment, reinforcing their leadership in responsible gaming initiatives.
- GameSense Program Promotion: The companies will enhance responsible gaming messaging across casinos, sportsbooks, and digital platforms through their GameSense program, increasing employee awareness and ensuring players make informed decisions while enjoying their entertainment.
- Launch of New Campaign: MGM will introduce the “Earn More. Play Smart.” campaign this spring, integrating MGM Rewards with responsible gaming messaging to emphasize member responsibility, thereby enhancing customer safety and gaming experience.
- Research Investment: MGM and BetMGM have jointly committed $450,000 to the International Center for Responsible Gaming to fund groundbreaking research examining the impact of sports wagering on player behavior, thereby providing essential data to support long-term industry sustainability.
- Community Support: In 2026, MGM and BetMGM will contribute over $850,000 to state and national organizations focused on problem gambling prevention and treatment, further solidifying their leadership in responsible gaming initiatives.
- Employee Training: Through the GameSense program, MGM and BetMGM will train over 2,000 employees to enhance their ability to engage guests in responsible gaming conversations, thereby increasing customer safety and trust.
- New Campaign Launch: MGM will introduce a new campaign, “Earn More. Play Smart.” this spring, integrating MGM Rewards with responsible play messaging to emphasize member responsibility and enhance customer awareness and engagement in responsible gaming practices.









