Draft Day is coming; Station rebounds

As you know, the next NFL draft will be continued on the Las Vegas Strip. The official plan has been released and we don’t know whether to be impressed or to laugh. In what has to be the most fey NFL event ever, the announcements will be made from a stage in the middle of the Bellagio lagoon (yes, a floating stage), with chosen players being ferried to the podium—any chance Sheldon Adelson will loan them some gondolas?—to receive their ceremonial jersey. The Clark County Commission has yet to approve this hilarious and campy concept although we’re sure they’ll play ball, so to speak.

Even if it was held in a broom closet, the NFL draft promises to be a tourism boon to Sin City. Said NFL Vice President for Life Events John Barker, “I can accurately report to you that 600,000 people took to the streets over three days in Nashville, Tennessee. I can tell you that 50 percent of those fans came from out of town. I can tell you that there was $224 million in economic impact and $130 million in direct spending.” As  many as 750.000 football-related tourists are expected this year. But while the construction of a new stadium would seem to make Las Vegas a cinch to host a Super Bowl, NFL Despot, er, Commissioner Roger Goodell would only say it was ‘well-positioned’ to host one ‘in the future.’ Don’t rush out on any limbs now, Rog. In the meantime, with a ceremonial processional of draftees planned for Flamingo Road, plus the crowd anticipated around Bellagio, just forget about driving anywhere near the Four Corners of the Strip on draft day.

* Station Casinos hasn’t been getting a lot of love from Wall Street lately (mostly on account of the Palms mishap) but JP Morgan analyst Joseph Greff raised his price target from $27/share to $30 today on the strength of Station’s pre-announcement of earnings. He called it “encouraging,” including a 4% revenue increase at the Palms. Locals-derived cash flow was even better, 10% higher. “Palms EBITDA was worse, but magnitude is tiny and not enough to offset a net beat, with an EBITDA loss of ~$4m, versus our slightly positive (+$2m) forecast,” Greff wrote, adding that he continues to like Station’s position in the locals market “which should experience solid top-line growth (2 to 3%) and the ability to harvest margin growth.” Greff somewhat buried the lead—his prediction that Station would take the gaming entitlements off its land bank and put it on the market. That would be a radical move for Station but, with Las Vegas real estate values trending upward, would seem like a well-timed move.

* Don’t trust the traffic signs to Atlantic City? Well, don’t use Waze GPS either. If you’re going to Borgata, it will direct you into a swamp. Literally: the Colliers Mills Wildlife Management Area. Guaranteed you’ll see some strange critters but not the type you were expecting.

* Indiana has become the second state to take bets on the Oscars, joining New Jersey. Handle in the Garden State last year was $1 million for casinos, so Oscar-driven revenue is lagniappe but entertaining all the same. Said PlayUSA‘s resident film historian, Jessica Welman, “critics can point to a lack of diversity in nominations and some films, such as Joker, have received polarizing audience reactions. [I’ll say!] But instead of fighting with friends about a movie’s merits, New Jersey movie buffs can quietly put their money where their mouth is.” Once Upon a Time … in Hollywood‘s Best Picture chances are fading, as both DraftKings and Fox Bet have it behind 1917 and upset special Parasite. The Academy could do a lot worse than go with the latter, which is also a metaphysical certainty for Best International Film,.

* Comedian and film director Terry Jones has gone to the big Ministry of Silly Walks in the sky. Some will remember him best as the Virgin Mandy in Life of Brian or the impossibly obese Mr. Creosote in Monty Python’s The Meaning of Life. He will be sadly missed. Rage on, Pythons.

Jottings: Genting is asking its shareholders to set aside $10 billion for a casino in Japan. Given Genting’s history of cost overruns on gaming resorts, maybe $10 billion isn’t enough … Coronavirus has reached Macao. The enclave just reported its first casualty, as the death toll in China rises to 17.