Whilst vigorously pretending that Everything Is Better Than Ever in Sin City, Las Vegas Convention & Visitors Authority CEO Steve Hill has been busy behind the scenes. He gone back to the LVCVA’s favorite well, R&R Partners, to spool up a new TV onslaught to rebrand Las Vegas. But wait, it’s not a campaign, fellow yokels, it’s “a recommitment to the extraordinary spirit of Las Vegas.” Somebody ought to be committed, all right …
Continue reading Jumping the Shark
What doth it profit a tribe to gain a casino but forfeit its birthright? The Dry Creek Rancheria of Pomo Indians just made a Faustian pact with Wall Street, for the sake of underwriting a Caesars Republic-branded casino near Healdsburg, California. In return for $225 million in construction financing, the tribe agreed to lease the casino until 2070 to “an affiliate” of financier Gaming & Leisure Properties Inc., which will magnanimously sublease it back to the band. Any guesses to who the friend of GLPI might be? Corporate PR simpering aside, it’s obviously going to be Caesars Entertainment at the helm for 45 years.
Continue reading Indian Givers
There’s been a serious outbreak of complacency in C-suites along the Las Vegas Strip and July’s numbers will undoubtedly reinforce it. With $749 million, the Strip hopped 5.5%, helping to spur a 4% uptick in Nevada gambling revenue last month. North Las Vegas, a market that Station Casinos rightly concluded was maxed out, jumped 8%, raking in $24.5 million. Downtown was up 3.5% to $74.5 million and the Boulder Strip ceded a point, reaching $85 million. Miscellaneous Clark County was down 3% ($166 million), strongly suggesting that the Durango Resort boom has run its course and the market is stabilizing. However, customers avoided Laughin, which tumbled 7% to $41 million.
Continue reading Strip Up, Tourism Way Down
See that guy? He’s the single most overpaid CEO in Big Gaming. We’re talking about Jay Snowden, helmsman of Penn Entertainment. As revealed by the Nevada Current, the Institute for Policy Studies and Inequality.org, Snowden makes 734X the median wage of a Penn employee, who must eke out a living on $36,322 a year. Snowden’s obscene pay packet? $26.6 million. Nor is he alone in robbing shareholders blind. Read on.
Continue reading Grinning Bandits
As Las Vegas struggles, customers have been flocking to Atlantic City. It’s not a binary equation, obviously, but it does underscore the appeal of drive-in casinos in times of economic uncertainty. Day-tripping is on the ascent, long-haul travel not so much. Casino revenue hopped 4% on the Boardwalk in July, reaching $284 million. Those seeking to beat the heat stayed home and made iGaming a winner, shooting up 26.5% to $247 million. Sports betting was in a summer lull, with handle down 2% and revenue dipping 6.5%.
Continue reading Boardwalk Bliss; Dr. Doom
DeNile is the only river that runs through the Las Vegas Strip and casino bosses having been boating on it big-time of late. But when it comes to blowing sunshine up one’s own ass, there’s nobody better at it than Pollyanna-in-Chief Steve Hill, CEO of the Las Vegas Convention & Visitors Authority. He dumped an extra-large serving of bullshit on the plate of CDC Gaming‘s Buck Wargo last week and demanded that the public swallow it whole.
Continue reading Hill the Shill Returns
See that fella? It’s certified Bad Guy Sen. Mike Crapo (R) and he’s grinning because he stuck it to you big time and looks to get away with it. To steal from Vital Vegas author Scott Roeben, Crapo has the perfect last name for someone who gleefully took a big, steaming dump on the gambling public. He’s the evil genius behind the OBBBA tax hike on gamblers, which got passed because most of Crapo’s colleagues were too clueless to study the bill … and because they were under heavy White House pressure to move the damn thing.
Continue reading Good Guys & Bad Guys
It’s been two days since Hollywood Joliet opened and the reviews are in. Suffice it to say that Wall Street is raving about what Penn Entertainment accomplished on a mere $185 million. (One analyst even likened the finished product to Durango Resort in terms of quality.) It will be October before we know how much of a sparkplug it will prove to be, but solid business should (thanks to superior access) solidify into something quite a bit more. After all, Joliet hasn’t seen a new casino in 30 years.
Continue reading Monitoring the Midwest
Penn Entertainment opens its new, $185 million Hollywood Joliet tomorrow. It could use the boost. Land-based casinos continue to perform for Penn, despite CEO Jay Snowden‘s dubious competence. Its much-vaunted digital strategy is another matter. Online return on investment just got reduced 25%, meaning that Penn will lose $200 million on sports betting and iGaming this year, not a mere $160 million.
Continue reading No Hope for ESPN Bet?
While bigger rivals Caesars Entertainment and MGM Resorts International were spinning less-than-stellar results, Wynn Resorts actually had something to crow about in 2Q25. For thing, it hit record levels of cash flow at Wynncore. True, the company came in under where Wall Street had forecast it. But The Street was duly impressed with what Wynn delivered.
Continue reading Wynn Wins