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Prosecutors alleged that Pietras was stealing the funeral money to fund his gambling addiction. Law enforcement found that Pietras made more than 800 casino trips over a 14-year period.
Casino records for his player’s card suggested he lost over $1.2 million at Mohegan Sun. He’s also reported to have gambled extensively at Foxwoods Resort Casino and MGM Springfield in Massachusetts.
Pietras was charged with dozens of unfair trade practices, larceny, and embezzlement counts. Prosecutors also accused him of violating health and zoning laws by living at his funeral home in Coventry.
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Jonas projected on Friday (Sept. 18) in his Las Vegas room survey a soft third quarter. Jonas said Q3 rates for Las Vegas Strip casino rooms are “mostly lower,” with MGM Resorts rooms down 9% and Caesars Entertainment down 11%.
August rates trended lower, with Strip Proxy down -14%, MGM -17%, Caesars -18%, and Wynn Resorts flat. September is also lower with Strip Proxy down -10%, MGM -11%, Caesars -15% and Wynn +2%, as weekend rates were a bit higher but weighed down by the still soft weekday rates,” Jonas wrote.
Jonas said October is showing some signs of life, but November is mixed at this point.
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Angelozzi observed particular opportunity in Spain, where he estimated Cirsa holds 6% of the online market, suggesting it’s more fragmented and less developed than in Italy.
“These two markets have been growing and will continue to grow very nicely [for] online, Spain even more than Italy,” he commented.
“Cirsa has incredible knowledge of the market, the consumers in general, also of the business. You will see a company with a huge understanding of the market, of the consumers, with an incredible retail platform, which can be leveraged for online.
