Posted on by — 1 Comment

Casinos boffo everywhere: Unite-Here dumbassery

Beating Wall Street expectations comfortably, Las Vegas Sands reported cash flow of $973 million yesterday. Wall Street had expected $939 million from the second quarter while a more optimistic Joseph Greff of J.P. Morgan had projected $964 million. Macao-derived revenues continue to climb, hitting $530 million for 2Q23 (Greff had anticipated $548 million). Mass-market play continues to be Sands’s savior, with premium mass at 93% of pre-pandemic levels while bread-and-butter gamblers have achieved 77% of their prior volume. June was particularly strong for Macao, with a boffo $200 million in EBITDA achieved in the final month of the quarter. However, the Street expects far more from the third and fourth quarters: $617 million and $701 million respectively. Interestingly, while Chinese provinces are still below 2019 visitation numbers, Hong Kong players are all the way back and then some—102% of where they were before a little ditty called Covid-19.

Continue reading Casinos boffo everywhere: Unite-Here dumbassery
Posted on by — Leave a comment

A Look at SF3+1, SF3+0, SF3-1, and SF3-2 — Part II of II

This is a continuation of last week’s discussion. You might want to check that blog out for context.

Consider the values of these combinations, playing 9/6 Jacks or Better for dollars, five coins at a time. Note that the value of these combinations can vary depending on the other two cards in the hands. In the examples so far, I’m considering the fourth and fifth card to be an unsuited 2 and 3.

Continue reading A Look at SF3+1, SF3+0, SF3-1, and SF3-2 — Part II of II
Posted on by — Leave a comment

Atlantic City, Massachusetts up, Illinois down; Crime fails to pay

Atlantic City rebounded nicely in June, up 5.5% to $241.5 million. Table game winnings were flat, despite 3.5% larger wagering than last year (so the players made out well) and slot win jumped 7% on a commensurately higher amount of coin-in. That extra weekend day this year sure didn’t hurt. Borgata approached its 20th anniversary (100 in dog years) stronger than ever, leaping 11.5% to $60.5 million. Ocean Casino Resort made a game stab at second place, vaulting 17.5% to $35 million, but even in a down month (-3%), Hard Rock Atlantic City staved it off with $43 million.

Continue reading Atlantic City, Massachusetts up, Illinois down; Crime fails to pay
Posted on by — Leave a comment

Podcast – Wonderhussy – Episode 3

Sarah Jane Woodall has been known for the last dozen years as Wonderhussy.  She is a writer, actress, model, and all-around creative.  I talk to her about what I consider a huge gamble, and she shrugs it off  as no big deal.  What was her job I thought was so risky? Driving out to the middle of nowhere in the desert with a complete stranger, and working as a nude model.

You can reach me at [email protected], or find me on Twitter @RWM21. If you like the show please tell a friend you think might like it, or if you are really ambitious leave a review wherever you listen.

Continue reading Podcast – Wonderhussy – Episode 3

Posted on by — 4 Comments

F-blue, Rio approved; Indiana down again; Biden smoked

Fontainebleau owner Jeffrey Soffer and top exec Brett Mufson are certain to be approved after their audition for the Nevada Gaming Control Board. And why not? Aside from an ancient tax issue involving the Town Square mall, there’s nothing untoward about Soffer’s application. (Trivia question: Upon what casino’s gravesite was Town Square built?) The only beef we have is the NGCB’s habit of waiting until the last possible minute to approve such applications. If something truly noisome turned up it would be too late to address it properly. The Control Board essentially takes itself hostage to the unstoppable momentum generated by large casino projects. As for the total budget for 16-year construction folie de grandeur that is F-blue, nobody’s talking. We have to defer to Citizen Kane‘s stentorian newsreel description of Charles Foster Kane‘s Xanadu: “Cost? NO MAN CAN SAY!” However, we strongly suspect that F-blue will outstrip Resorts World Las Vegas as the costliest megaresort in Las Vegas history, were the tab to be honestly accounted.

Continue reading F-blue, Rio approved; Indiana down again; Biden smoked
Posted on by — Leave a comment

Missouri buoyant; Caesars sees no evil; Saudis denied

Gambling revenues lifted Missouri‘s riverboats 2% last month, reaching $155 million. Actual visitor spend was flat but 2% more people visited casinos, which is a more-than-acceptable tradeoff. Despite a 1% dip, Ameristar St. Charles (above) was the state leader, grossing $24 million. Hollywood St. Louis picked up business lost by Ameristar and then some, leaping 12.5% to $20.5 million. It sister property, River City, was flat at $20 million, while Horseshoe St. Louis vaulted 16% to $13 million. In Kansas City, there was a major setback at Argosy Riverside, down 10% to $13.5 million. Bally’s Kansas City continues to capture market share, jumping 16% to $11 million, the only casino in town to improve on last year’s numbers. Ameristar Kansas City slipped 1.5% to $16.5 million and Harrah’s North Kansas City slid 5.5% to $13.5 million. Outstate, Century Casinos was flat in Caruthersville ($3.5 million) and 2% down in Cape Girardeau ($6 million), while Isle of Capri Boonville climbed 5% to $7 million.

Continue reading Missouri buoyant; Caesars sees no evil; Saudis denied
Posted on by — 18 Comments

A Look at SF3+1, SF3+0, SF3-1, and SF3-2 — Part I of II

When Liam W. Daily and I began looking at publishing strategy cards and later Winner’s Guides for a number of video poker games, we devised a terminology for discussing the various forms of 3-card straight flush combinations. We decided to start from zero, add one for every high card in the combination, and subtract one for every inside (which is usually, but not always, a gap).

Although the idea was original to us, in the sense that we didn’t read or hear about it from anybody, we later found out that other strong players were using very similar terminology among their teams. These notations weren’t published or otherwise publicized, so we hadn’t heard about them.

Continue reading A Look at SF3+1, SF3+0, SF3-1, and SF3-2 — Part I of II
Posted on by — Leave a comment

Bellagio bargain?; Shame on Maine; Trump seen slumming

Yup, it’s true. Blackstone Group is shopping the real estate assets of Bellagio as it draws down its Las Vegas Strip exposure. At least one Wall Street analyst thinks this would send a signal to the REIT industry that Strip real estate is “undervalued.” MGM Resorts International still holds 5% of the $4.3 billion megaresort and there’s no word whether that sliver is in play, though apparently not. At any rate, CB Richard Ellis analyst John DeCree decreed that a “Bellagio sale could be positive for valuation signal. Given the iconic nature of Bellagio, we suspect any real estate investor with the financial means would likely be at the table, even for a minority stake in the asset.” He added that “a partial sale could appeal to a broader set of interested buyers, considering the potential price tag,” which he did not specify. DeCree strongly implied that Blackstone would get its 2019 purchase price back, which hardly seems like a strong incentive to sell.

Continue reading Bellagio bargain?; Shame on Maine; Trump seen slumming
Posted on by — 1 Comment

Life is a Gamble episode #2 AP White

AP White dropped out of college 3 times before finally graduating, and getting that 6-figure per year job.  But once he started working he found he hated the job. He decided to quit, and go on the road as a professional advantage player.

You can reach me at [email protected], or find me on Twitter @RWM21 or @lifeisagamblepod on Threads. If you like the show please tell a friend you think might like it, or if you are really ambitious leave a review wherever you listen.

Continue reading Life is a Gamble episode #2 AP White