Author: David Mckee

That sowing sound you hear is casino executives from Las Vegas to Hong Kong heaving a gargantuan sigh of relief that all the incumbent gaming concessions in Macao were renewed last weekend, leaving Genting Group still on the outside looking in. Some Wall Street analysts made fools of themselves by rushing out on a limb and predicting Genting would make the cut. Considering that it had no presence on the ground in Macao, Genting’s bid was pretty rash and we’re not at all surprised that Chinese authorities ultimately backhanded it. But it was useful for putting a scare into the senior concessionaires and getting them to pony up billions upon billions of dollars for non-gambling attractions that are probably not going to be very remunerative, barring a drastic transformation in the makeup of the Macao-bound traveler. (Maybe that Hello Kitty theme park mooted by SJM Holdings will be making a comeback.) As The Associated Press put it, “the requirement to spend on theme parks, music and sports adds to financial pressure at a time when revenue has plunged under anti-virus restrictions.”

If you have a bridge in Brooklyn or perhaps some swamp land in Florida, then Oak Street Real Estate Capital would like to hear from you. It just paid $200 million for the site of Bally’s Chicago and $300 million for a share of an imaginary casino yet to break ground. Oak Street, understandably “declined to comment” on the deal when the Chicago Tribune came calling. You have to hand it to Bally’s Corp. It literally got something for nothing, even though it’s still at least $1.2 billion shy of the finishing line. And selling off its empire to pay for tomorrow has its limits, as Bally’s is fast running out of things it can peddle. At least Gaming & Leisure Properties got tangible value when it paid Bally’s $1 billion (insert Dr. Evil inflection here) for Bally’s Rhode Island assets. Oak Street just got played.

A family of deer feeds in a Pennsylvania yard. This charming vignette was shared by a generous reader, for which we say ‘Thank you.’

Casinos in Massachusetts mostly did well last month, especially by pre-pandemic standards (+24%). Unfortunately, none of that lift came from Encore Boston Harbor, which had a disappointing October, down 1% and grossing $62 million. By contrast, MGM Springfield (above) impressed with a 7% increase to $23 million. Also not doing badly, not least by its own standards, was Plainridge Park, which hopped 5% to $12.5 million. As a consequence of the Wynn Resorts underperformance, gross gaming revenues ($97 million) were up just 1.5% from last year.

Something different today from the Boardwalk: A first glimpse of new-look Caesars Atlantic City. That $400 million in capex reinvestment didn’t go to waste. There’s now a Nobu (above) and a Hell’s Kitchen (below), “both high-quality work and high prices,” says our East Coast photojournalist. Wild Wild West is all but completely gutted, its next iteration as yet unknown—something less rinky-dink, we hope.