Author: David Mckee

Earlier this week, Caesars Entertainment CEO Tom Reeg pissed on your head and told you it was raining. “There’s really no crisis happening in Vegas,” Reeg sniffed.  “This is normal economic-cycle activity. The city’s and all of our properties are doing quite well.” In case you’re wondering, “normal” activity looks like 4.5% less revenue for all of 2025. If visitation was to Las Vegas down again in January (the numbers aren’t out yet), it will mark a full year of decline. We’d call that a crisis. And, with international visitation to the United States off by 11 million people, it might be time for Reeg’s overpaid sphincter to start puckering.

Continue reading Caesars: And if you believe that …

In spite of construction disruption that should have dampened revenues, Station Casinos beat Wall Street expectations for 4Q25. Cash flow of $213 million came in 4% above Wall Street’s consensus projection. Not to be outdone, revenues of $512 million were also ahead of forecasts. Investors were further pleased with $48 million in share repurchases and a $1/share special dividend. For one, Barry Jonas of Truist Securities was moved to boost his price target from $75/share to $80.

Continue reading Station: Better than Ever?

Despite bad weather, the fourth quarter for Boyd Gaming was steady as she goes. Wall Street expected $334 million in cash flow and Boyd delivered $337 million, along with $1 billion in revenue. That was achieved even with soft business in the Midwest and South, as well as in the drive-in business in Las Vegas. Locals play in Sin City remains solid, which was a saving grace. Destination customers just weren’t coming, which hurt business at The Orleans, for one. To console investors, $185 million in stock was bought back, and projects in Virginia, Illinois and suburban Vegas remain in train through 2028.

Continue reading Boyd: Weathering the Storm

Let’s make one thing clear: Ohio Gov. Mike DeWine (R) isn’t a bad guy. During the Covid-19 pandemic, for instance, he stood firm for science at a time when quackery and superstition dominated the public discourse. However, when it comes to sports betting, he’s got some odd policy ideas. Right now, DeWine is taking his final bows before leaving office and the farewell tour has one recurring theme. Namely, that where OSB is concerned, DeWine is in serious danger of becoming DeWhine.

Continue reading Days of Whine and Grosses

Despite having neither financing nor a coherent design, Bally’s Corp. insists that its eponymous Las Vegas resort is a “go.” Shuffling paperwork to create the illusion of progress, Bally’s submitted budgetary documents to Clark County. Evidently the papers projected a start date of December 2025, so we can go ahead and throw out the estimated December 2030 completion out the window. Already Bally’s has welshed on its promise to be open when the adjacent baseball stadium (theoretically to be home of the Sacramento Athletics) debuts in 2028. Nor is that all.

Continue reading Rearranging the Deck Chairs