Clarkson takes Vegas; Penn exudes confidence

It’s about time: Kelly Clarkson is coming to Las Vegas for a residency at Planet Hollywood, running from April 1 of next year through the following September. Having been on the scene for nearly 20 years (already?), Clarkson will have a sizable catalogue of hits from which to draw. “I’ve always loved performing in Las Vegas and the high energy of the crowds there,” said, Clarkson, who’s played at the Palms, MGM Grand and Cosmopolitan of Las Vegas. “So many of my musical idols have had, and still have, incredible residencies on The Strip, and I’m so excited to create my own!”

Considering some of the other musical luminaries who have pitched their tents along the Las Vegas Strip, a Clarkson residency was both overdue and inevitable. The woman certainly must know how to multi-task, considering that she’s currently juggling parenthood, The Voice and a new talk show. Clarkson puts on a good show already, so it will be interesting to learn what sort of bells and whistles a residency enables her to add. Too bad I won’t be around to see it.

* Penn National Gaming having spilt various beans during Global Gaming Expo, there weren’t a lot of surprises in its 3Q19 earnings report, which was pretty much in line with Wall Street‘s expectations. “How does PENN’s equity move up from here? We think a continuation of the mostly stable regional gaming environment helps for sure, but we view PENN’s monetizing assets/businesses like the Tropicana Las Vegas and its Prairie State Gaming slot business as major balance sheet catalysts that should help move the multiple higher,” wrote J.P. Morgan analyst Joseph Greff. The impact of Encore Boston Harbor was described as “greater than expected,” but counterbalanced by strength in Penn’s South and Midwest properties.

Greff added that “with the exception of the recently opened Encore Boston, PENN described the promotional environment as rational … The regional gaming consumer remains healthy, supported by a strong macro environment (wage growth, employment, consumer confidence all pointing in the right direction).” As for the effect of sports betting, it “is still in its early stages, but management highlighted a 15% lift in table games GGR at various properties and also a lift in F&B sales.” So, with the exception of some construction in Lake Charles that is adversely affecting business, it’s almost all good at Penn.

* Vici Properties had a strange line item right at the top of its 3Q19 earnings tab: “Golf expenses.” Vici execs must be playing at some pretty elite courses, as they rang up $5.5 million in greens fees. Nice work if you can get it.

* Sign of the Apocalypse: The ongoing political protests in Hong Kong have been made into a video game, Liberate Hong Kong. Said one of the anonymous game developers, “There is no winning in the game, just like the current situation.”