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While Station has remained steadfast in its opposition to Culinary, the union has made gains elsewhere in recent years. The entire Las Vegas Strip is now unionised, and Culinary used city-wide strikes as leverage in late 2023 and early 2024 to gain new multi-year labour agreements with the city’s major operators, including Wynn, Caesars and MGM.

Other than Station, Las Vegas Sands had been the other largest non-union holdout in Las Vegas for many years. But when the Venetian-Palazzo was sold to Apollo Global Management in 2021, the firm had no issues with Culinary and ratified the property’s first-ever deal with the union in 2024.

The animosity between the sides has become political over the years. Station is owned and operated by the Fertitta family, who have been prominent Republican donors for many years. Culinary is a largely Democratic organisation that typically supports and endorses left-leaning candidates.

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The transformation has not eliminated all of Cubeia’s concerns. And inevitably some coders are missing their original role.

“We still have people who loved the coding part – solving problems with code and writing beautiful code. They’re struggling with the change. For some people an important part of their work that they genuinely loved is now gone.”

There are also strategic questions around dependence on AI providers.

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But what has changed is what shareholders want those companies to prove – and the price they are willing to pay for that proof.

Fantini points to land-based examples like Red Rock Resorts and Monarch Casino as companies that can still attract capital because they offer sensible growth and strong management. That is a telling comparison with the industry’s recent past.

London’s problems are real. Entain’s removal from the FTSE 100 and Flutter’s move away from its London primary listing are evidence of that. But Flutter’s experience in New York shows that changing the listing does not remove the pressure.