Consolidation’s march has reached the doorstep of Isle of Capri Casinos. Or maybe it’s the other way around. Isle is reported as having peddled itself to several potential buyers over the last several months. Now it’s “weeks away” from a sale to Penn National Gaming parent Gaming & Leisure Properties and talks are in a precarious state. “A transaction, if finalized, would require the REIT to locate an operating partner for each of Isle of Capri Casino’s gaming operations.” I’m thinking that operating partner would be spelled P-E-N-N … barring any antitrust concerns.
The Live!-branded Penn/Cordish Gaming collaboration in Orange County clearly hopes to score points with a so-called angel incubator: “a nonprofit organization designed to attract manufacturing, computer science and research businesses from out of state.” Like Genting Group and Rush Street Gaming, Cordish is heading its bets with multiple projects in different parts of the state.
Vegas-based Full House Resorts is a late-emerging partner in the Greenetrack proposal. But that wasn’t nearly as newsworthy than the $250 million ante up that Empire Resorts made for its Concord Hotel hotel project. That means the Genting Group affiliate is willing to take a $1 billion fiddle on the Catskills region. Ironically, just yesterday it was predicted that casinos in Orange County would drive the budgets on Catskills ones down. Not so, yet. “That billion-dollar bid seems a little high for what I would have thought, particularly for that location,” reflected Macquarie Securities analyst Chad Beynon.
Caesars Entertainment upped $750 million cost on its Orange County 
project to an even $800 million. The move seems to have been to outbid Penn and Cordish, whose investment level was $750 million, too. Among the lowball contenders is Hard Rock International, which is only prepared to put $300 million into Rensselaer (pictured).
Perpetual also-ran Empire City Casino at Yonkers Raceway is adding its voice to the chorus asking the New York State Gaming Commission to just say “no” to Orange County. It’s protesting the 
expected impact on its own operations if orange is the favorite color of casino regulators. “Like many others, we believe a casino in Orange County would negate the intent of the gaming legislation to bring targeted economic development to areas in need,” said casino spokeswoman Taryn Duffy. “If the sole intent of expanding gaming was to create jobs and revenue regardless of location, the state could have easily done that by issuing full gaming licenses to Empire City and other existing casinos.”
* Delaware racinos got the bailout they sought, in the wee hours of this morning and the waning moments of the Legislature. Were the vote not so lopsided you could call it a photo finish.
