Category: Casino News

How the wheel of fortune has turned for MGM Resorts International. Where Macao was once the grand prize among its casino trophies, it is now an albatross around the company’s neck, provoking a guarded outlook from Fitch Ratings. But MGM’s Las Vegas and regional casinos made up for that and more. Fitch was not only impressed by MGM’s liquidity both in terms of cash in hand and credit lines, it also said U.S. casinos had “essentially fully recovered” and were helping MGM retire debt. “The strong performance in Las Vegas, both slots and table games, is offsetting lingering weakness from the international and convention segments, although the latter will come back more in earnest in 2022,” Fitch boffins wrote.

MGM’s regional properties will outdo 2019 both this year and the next, Fitch predicted, and Las Vegas should be fully recovered by 2023 (visitation still lags 2019 levels), a forecast “which may prove conservative, given current trends domestically.” The crystal ball was cloudier vis-a-vis Macao, both due to Covid-19 policies and the uncertainty of the concession-review process. Of the former, Fitch’s rating “reflects the potential for negative rating actions should there be signs that the recovery in visitation to Macau, particularly from Mainland China, and resultant gaming revenues are not materializing.”

Continue reading MGM enjoys reversal of fate; From the police blotter; Raiders sunk

There’s a battle royal in Indiana between Hard Rock Gary and Horseshoe Hammond. But before we get to that, let it be noted that—despite one less weekend than 2019—casino revenues were up 9.5% to $195 million. The two main combatants were just incrementally apart, with Hard Rock making $31 million versus Horseshoe Hammond’s $30.5 million (-4%). Third-place Ameristar East Chicago was well behind at $18 million, down 2%. The smallness of the declines supports the viewpoint of those who argued that the arrival of Hard Rock would grow business in the northern tier, not dilute it. Only Blue Chip (above) suffered, down 15% to $11 million. Indiana Grand racino continued to thrive with $24 million, up 3%, while Harrah’s Hoosier Downs galloped 11.5% faster to $20 million.

In the southern tier, Bally’s Evansville was flat at $12.5 million despite the new branding, while Caesars Southern Indiana remained a player favorite, grossing $18 million for a 6.5% gain. Belterra Resort slipped 7% to $7.5 million and little Rising Star booked $3 million, a 4% dip. French Lick Resort took a drubbing, off 23% to $6 million but Hollywood Lawrenceburg slipped only 2% to $14 million.

Continue reading Hard Rock, Caesars grapple; Trouble at Topgolf LV

Busy on other fronts, we’re taking a break from regular programming today. However, kudos to Harrah’s Philadelphia for including this somewhat avant-garde menorah among its holiday observances. Don’t eat there, however, unless you fancy having some 12-day-old salad:

Continue reading Meanwhile at Harrah’s Philadelphia …

Update: The Seminole Tribe has finally, grudgingly stopped taking sports bets, effective yesterday.

At the risk of using the Seminole Tribe as a punching bag, we have to observe that it clearly doesn’t understanding the meaning of the word “no,” especially when it comes to online sports betting. Judge Dabney Friedrich (pictured) ruled that the Seminoles couldn’t have OSB. But they kept taking bets. Then Judge Friedrich nixed their request for a stay. And they kept taking wagers. Now a three-judge panel of the D.C. Circuit Court of Appeals said no, you have to shut it down. And, as far as we know, the Seminoles are still accepting bets. The only commitment Seminole mealy-mouthpiece Gary Bitner would make is “The Seminole Tribe is aware of today’s Appeals Court decision and is carefully considering the steps it will take as a result,” which probably include continued defiance. Which raises the question, if the Seminoles won’t abide by the Indian Gaming Regulatory Act (at least when it’s not to their convenience) why in the bloody blue blazes should anyone else?

Continue reading Special Edition: Rumblings from around Big Gaming

Hollywood Morgantown will open Dec. 22, just in time to capture a share of end-of-year business. The $111 million Penn National Gaming facility will feature 750 slots, 30 table games and cashless betting … The Seminole Tribe continues to offer sports betting, in defiance of a federal court order. Clearly the Seminoles think there’s one set of rules for them and another for everybody else. Wrote the plaintiffs’ attorneys, “the compact creates a gambling scheme that violates state and federal laws and makes unwitting bettors into accomplices in the violations of those laws.” Incidentally, aforesaid compact included a severability clause for OSB, a clear indication that the tribe and Florida Gov. Ron DeSantis (R) knew it probably wouldn’t pass muster … Speaking of legal troubles, junket operator Suncity has closed its VIP rooms in Macao (wiping out half the VIP market in town) following the arrest of CEO Alvin Chau for money laundering and other offenses. Casino stocks have been sliding on the Hong Kong bourse, with Wynn Macau down 18% …

Continue reading Mega-Jottings