About this app
What is Frog Grog?
The barge functioned as an intimate stage graced by legendary performers, including Dionne Warwick, Blues Traveler, Matt Goss, and CeeLo Green. Its final performer was another Vegas icon rumored to be powered by hydraulics: Wayne Newton. His “Up Close & Personal” residency in 2019 was the lounge’s final act before the pandemic shut down the Strip for 90 days and closed Cleopatra’s Barge for good in March 2020.
The lounge enjoyed one last moment in the spotlight in 2022, however, when Adele—on the eve of the debut of her long-delayed residency at the Colosseum—tweeted a photo of herself goofing around nervously on its abandoned deck.
The Cleopatra statue itself was removed to storage in late 2023, as the space was transformed into today’s Caspian’s Caviar and Cocktails.
About Frog Grog
Some factions within the government, especially the Ministry of Finance, are resisting more drastic measures. The Ministry of Finance, responsible for regulating sports betting and online gaming, understands the sector’s importance to the economy. Finance Minister Dario Durigan’s difficulty lies in convincing Lula that a well-regulated activity is important for public finances. Lula has said, in line with critics of the sector, that if it were up to him, he would end betting in Brazil.
The president’s critical view of betting is on par with other candidates. Studies by the Workers’ Party (PT) indicate that three out of four Brazilians are against betting establishments. This is the president’s justification against the sector.
What the president didn’t address is the tax revenue from betting.
About Frog Grog
“Publicly traded valuations are a reflection of the current interest rate environment,” Chad Beynon, lead gaming analyst for Macquarie, told iGB. “Whether it’s a long-term financial model on a growth company, you’re going to discount that back at a higher rate, or if it’s just a standard four-wall business, the cash flows in a higher interest rate environment are worth less.”
According to data from Yahoo Finance, the resort and casino sector is -41% over the last five years, and the overall gambling sector, which includes major sportsbooks and online operators, is +7%; the benchmark S&P 500 index, by comparison, is +71% during that span.
Two blockbuster developments in the casino space earlier this year seemed to indicate an increasingly bullish bet on the sector, including Fertitta Entertainment’s acquisition of Caesars Entertainment in May. The other is a subsequent takeover offer of MGM Resorts from its largest shareholder, Barry Diller’s People Inc. But a negative shift in market conditions could affect both deals.
