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The recent second-quarter earnings results for regional U.S. casino operators have been quite interesting. While larger operators like Boyd, Red Rock Resorts, PENN Entertainment, and Churchill Downs saw mostly stable stock prices, smaller regional operators experienced significant gains.

Monarch Casino reported results that were as expected, leading to a 11.25 percent increase in their stock price. Full House Resorts and Golden Entertainment also saw jumps of 5.4 percent and 4.3 percent, respectively. These smaller operators have seen their stocks rise despite being well off their previous highs.

The standout performer was Bally’s Corp, which surged 25.1 percent after agreeing to a sale to principal owner Standard General. This deal would combine Bally’s with Queen Casino & Entertainment to form a new public company. The offer from Standard General values Bally’s at 8.5 times its expected 2024 EBITDA, significantly lower than previous offers the company had rejected.

In addition to valuation, these smaller regional operators have unique qualities that make them attractive investment opportunities. Monarch, Golden, and Full House all own their real estate, have strong growth prospects, and are positioned for profitability. While they may lack clear growth strategies, their potential for acquisition by larger competitors or private capital is worth considering.

As a former political reporter in Delaware, the news of Joe Biden’s departure from the political scene holds personal significance. Biden’s charismatic presence and storytelling abilities were well-known in Delaware, where he was a prominent figure for many years. Despite some controversies and concerns about his age, Biden was regarded as a kind and decent man by those who knew him.

In the gaming industry, Biden had connections with figures like Joe Asher, a longtime friend and fellow Delawarean. Asher, currently serving as the sports betting chief at IGT, praised Biden as one of the greatest public servants and the greatest Delawarean in the nation’s history. Despite differing opinions on his policies and performance, Biden was recognized for his unwavering commitment to public service and his genuine character.

The personal connections and relationships in Delaware’s political and public life create a unique environment where individuals are more likely to know and respect each other. This sense of familiarity and camaraderie contributes to a less hostile political landscape compared to larger states. Biden’s legacy in Delaware and beyond is a testament to his enduring impact as a leader and public figure.

In conclusion, the recent developments in the regional casino industry and the political landscape in Delaware offer valuable insights into the dynamics of these sectors. Investors and observers can learn from the performance of smaller operators and the legacy of influential figures like Joe Biden in shaping the future of their respective industries.