Author: David Mckee

We apologize for the dearth of hard news lately. Compounding a two-week vacation with the Fourth of July holiday hasn’t been good for keeping you, dear reader, in the loop. This week in particular has been so slow it’s practically comatose. For news headlines we have been forced to read the tea leaves on a fairly routine changing of the guard at Light & Wonder, for instance.

Today’s lead story hails from Trenton, where New Jersey Gov. Phil Murphy (D, above) inked a bill shortening the leash on the i-casino industry. While some lawmakers wanted licenses to sunset after two years (rather than the previous 10), that radical idea was headed off in committee. A compromise term of five years was settled upon. Given that the i-casino industry could change beyond recognition in another 10 years (ditto online sports betting) and that decade-long licenses but gaming companies in the driver’s set, we understand why the Lege and Murphy did what they did.

Continue reading Big Gaming gets its chain yanked, not always unfairly

It had to happen sometime. But it’s strange that Las Vegas Strip gambling revenues would lose momentum in a month (May) in which visitation to Sin City rose 1.5% from last year. 3.5 million people hit town, sending hotel occupancies to 84.5%, diluted somewhat by a 2% increase in hotel rooms since 2019. May was also good for conventions, which shot up 16%, bringing Las Vegas 453,900 conventioneers. 8% more people arrived or departed via plane while 2.5% more visited by car. And yet there was less gambling lucre for The Man when it was all said and done. Curious.

Continue reading Strip softens, locals don’t; Culinary coup; Fanatic-al frenzy

Our vacation has taken us to the wilds of Michigan, so today’s report will start there. Detroit‘s three casinos raked in $105 million last month, a 1.5% decline from May of last year. But it was a terrific month for Hollywood Detroit, which captured business from its competitors, up 7.5% to $23 million. MGM Grand Detroit ceded 1.5% but made $49 million, while MotorCity‘s $32 million represented a 7% shortfall. While Penn Entertainment‘s Greektown gain was not as spectacular as those of January and February (16% and 12% respectively) the comparisons have been strongly positive all year, signaling that Penn has turned the place around.

Continue reading Michigan, Pennsylvania strong online; Mega-Jottings

Now that the fix is in for the Oakland Athletics to get a vanity stadium in Las Vegas, the bosses of the Tropicana Las Vegas are losing no time in getting what’s really important: Imploding the old girl. Of course, they could be jumping the gun. Not a word has been breathed about how the A’s, who have consistently pled poverty to excuse their craptastic product, intend to come up with their share of the stadium money, which totals $1.1 billion. We expect some tin-cup rattling to occur once the state, Clark County and Vici Properties are too fully committed to back out. If Nevada gets off with a $380 million subsidy, it will be lucky.

Continue reading Trop’s fate sealed; Massachusetts up, Louisiana down

Indiana has joined the growing litany of states with disappointing May casino receipts. The statewide gross of $196.5 million represented a 7% drop-off from last year at this time. Only two casinos defied the trend. French Lick Resort leapt 14.5% to $7.5 million and tribal Caesars Southern Indiana rose 7% to $22 million. Not even Hard Rock Northern Indiana was immune to the blahs. It slipped 7% to a still-impressive $34 million. Horseshoe Hammond couldn’t take advantage, plummeting 15% to $24.5 million, while nearby Ameristar East Chicago plunged 15% to $15 million. Blue Chip got slammed -16% to $10 million. Down south, Bally’s Evansville (above) slid -7% to $13.5 million.

Continue reading Indiana, Missouri down; Mega-Jottings