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Bally’s bombs twice over; Buffets (bad ones) return

What passes for entertainment at Bally’s Atlantic City continues to go over like a lead balloon with our man on the Boardwalk. Underwhelmed by the big second-quarter, tentpole event—a former Billy Joel backup singer—he notes acidly that nothing else is planned until October, five months distant. At that time, Bally’s will present two dates on the Gigi D’Alessio world tour. “You can’t imagine how long I have (not) been waiting for Gigi to take the boat from Italy to the U.S.A.,” he writes. “When Bally’s opens their casino in Chicago, perhaps they can offer tours of the Mob-related places led by Gianni Russo.” In between now and Gigi, the major events at Bally’s A.C. are last weekend’s host party and Wednesday-night dinners at Guy Fieri‘s restaurant.

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Portnoy torches Penn; Station “outstanding”; DraftKings improves; Alabama betting brouhaha; Derby gone to the dogs

Penn Entertainment stock collapsed 13% Wednesday afternoon after Barstool Sports founder Dave Portnoy took to Twitter to rant and rave about the firing of Ben Mintz, a ‘Stool fool who dropped the N-word on air for all the world to hear. A panicky Portnoy simultaneously trashed Penn’s decision whilst pretending to rationalize it by saying the company could lose all its gaming licenses over the Mintz matter. Not bloody likely, although it would certainly imperil Penn’s provisional OSB license in Massachusetts, where it just squeaked by the last time—possibly in Ohio, as well, where it had been running a scofflaw operation.

So stupid is Portnoy that he scored an own-goal on his personal stock holdings, being heavily invested in Penn. He quickly tried to spin his gaffe, tweeting that it’s “Great time to buy. It’ll bounce back in my humble non financial advise [sic] opinion.” What an idiot. As Credit Suisse analyst Ben Chaiken diplomatically put it, “well publicized Barstool personnel changes likely drove the stock reaction.”

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Bobby Vegas: Over the Rainbow for Rainbow in Downtown Henderson

An LVA Member Rewards Book coupon run is always an adventure.

With the MRB, I’ve discovered such gems as Fat Choi at the Eureka, $1 oysters at Palace Station, the Downtown Grand prime rib, El Cortez’ half-off for seniors on Wednesdays at Siegel’s 1941, the buffet at South Point, and of course Ellis Island’s steak dinner. And that’s just the food. Video poker is the gold.

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Caesars satisfies; Knee-Jerlecki response; Press-ed out

Wall Street analysts rolled over and lit a cigarette after hearing Caesars Entertainment‘s first-quarter earnings call. J.P. Morgan analyst Joseph Greff said the results were pretty much as expected “with Las Vegas Strip upside more (way more) than offsetting a (modest) Northern Nevada adverse winter weather-related shortfall in its Regional segment (absent this impact, the segment would have been ahead) and a steady reduction/rationalization in Digital, with a near breakeven result.” Breakeven in digital? That is big—and good—news. Greff was moved to utter a “wow” when reporting that Caesars is gaining traction in Strip midweek bookings (good) and convention traffic (even better), with the latter accounting for 21% of room nights, up 50% (with help from triennial CONAG) from a pre-Covid 14%. We’d be orgasmic too if we had skin in the CZR game.

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Macao propels MGM; Ohio sports betting scandal (again)

“Mac-Holy-Cau!” So exclaimed Truist Securities analyst Barry Jonas about MGM Resorts International‘s 1Q23 earnings statement. Fueled by better than expected grosses in Macao, MGM beat the Wall Street consensus for first-quarter cash flow by 8%. Cash flow was $1.25 billion on net revenues of $3.9 billion, while cash flow in Las Vegas alone was a best-ever $836 million. Table games on the Las Vegas Strip were up 6% while slot winnings vaulted 19%. Hotel revenue shot up 43% on 92% occupancy, as daily room rates hovered at a stratospheric $258 per night. As for new arrival The Cosmopolitan of Las Vegas, Jonas observed, “MGM remains pleased with trends at the recently acquired Cosmo … and is in the process of converting the property to the MGM Rewards platform.”

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Some Thoughts from a Cruise

As I type this, Bonnie and I are aboard the Norwegian Cruise Line Encore on a 15-day Miami-Panama Canal-Los Angeles cruise. We get highly discounted 7-day NCL cruises from Caesars because we have achieved Seven Stars status. But a Panama Canal cruise has been on our bucket list for a while, and here it is. Seven Stars players get “significant” discounts on all NCL cruises — even if those discounts are not as big as we get from 7-day cruises.

The Encore is a relatively new NCL ship — one of those with most of the restaurants and entertainment venues on levels six, seven, and eight. It is huge, holding up to 4,000 passengers. But passenger amenities are much less than we’ve experienced on other NCL cruises. Perhaps this is a major change in NCL policy. Perhaps it is unique to the Encore.

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Wynn’s Arabian nights; White Paper no whitewash

Rendering of Wynn Al Marjan Island – Interior view

Resisting the temptation to call it Aladdin 2.0, executives at Wynn Resorts unveiled designs of their United Arab Emirates casino resort, Wynn Al Marjan Island. Noting that its’ the company’s first oceanfront resort, Wynn is quick to assure us that the casino is 1,000 feet above sea level, presumably safe from the depredations of global warming. The company is specific about the budget ($3.9 billion) but vague regarding what the finished product will offer. “The project will pave the way for the accelerated growth of allied business sectors,” we are promised. What the company is prepared to say is that there will be 1,500 guest rooms and suites, 24 unspecified eateries, and oh yes, “a gaming area.”

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Boyd praised; Graft at Wynn?; NFL hypocrisy

Wall Street analysts loved up on Boyd Gaming following its 1Q23 earnings call. Boyd, Deutsche Bank analyst Carlo Santarelli wrote, “delivers another strong performance … the merits of the story remain compelling on a relative basis.” He pushed his price target to $78/share from $76, rating the stock a “Buy.” He added that “while a beat was expected,” investors had to be liking the Las Vegas locals upside, as well as the company’s digital performance and its handling of Sky River Casino in California. “As we previously noted, we did not expect the 1Q23 upside to come as a surprise, nor did we expect the quarter to serve as a meaningful near term catalyst for shares and we remain of this view.” Still he praised Boyd for its Downtown exposure and new amenities there, for its online and managed-casino revenue growth, its healthy balance sheet and for “Capital returns via dividends and buybacks.”

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Hanging on to Points

At most casinos, you accumulate slot club points. Sometimes these are good for comps only. Sometimes you can redeem them for cash and/or free play. 

When you redeem slot club points for cash or free play, this is taxable income. I know that many players “forget” to report this, but it’s taxable nonetheless.

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