For a company that entered Macao with zero casino experience, Galaxy Entertainment is taking the veterans to school. In 2Q17, its 
cash flow grew 45%, to $420 million, a figure not seen since 2012. Galaxy is also leading the pack in terms of market share. According to JP Morgan analyst Joseph Greff, Galaxy has 24%, followed by Wynn Resorts (22%), Melco Resorts & Entertainment and Sociedade de Jogos de Macau (17% each), Las Vegas Sands way back at 13% and MGM Resorts International‘s lone casino bringing up the rear with 7% — not so bad perhaps when you consider how heavily MGM is outnumbered in terms of physical properties.
Galaxy’s surge has been driven largely by VIP play (up 5%), even as the company tries to pivot toward the mass market (up 15%). And its older properties are pulling their weight, according to Union Gaming Group analyst Grant Govertsen: “their StarWorld property on the peninsula continues to show strong growth, making it a significant outperform in that geography.” Despite the disruption caused Typhoon Hato, Macanese casinos are expected to post 16% revenue growth for last month. We’ll know shortly, as the government is always quick to report gaming revenues, God bless them.
* Buried near the tail end of an interminable feature story in Global Gaming Business is a casual remark that Diana Bennett and business partner Scott Menke sold the Sahara to SLS for $1 billion. Yes, billion with a “B.” If Sam Nazarian paid that much for the old rattletrap he’s an even bigger dunce than anyone ever suspected.
* Say goodbye to the old Rhythm City casino barge. It’s about to set sail from Davenport, destination Keokuk. It’s the (partial) end of an anachronistic era in Iowa gambling.
* Deadwood is becoming just that. Not only is gaming revenue down for the year but the decline has claimed another casualty: Kevin Costner‘s Midnight Star casino (which seems to have done as well as most of his recent movies). Deadwood has gone from $107 million five years ago to $99 million last year in gaming receipts. City fathers are pinning their hopes on “empty nesters” flooding the city this month.
