Author Archives: David McKee

About David McKee

Bio

Mirage sold?; Cosmo post-mortem; Ivey counterattacks

Posted on July 28, 2015 by David McKee

Our crackerjack research department at LVA is hot on the trail of a report that MGM Resorts International is going to shuck one of its signature properties, The Mirage, lock, stock and volcano. A sale of the megaresort that changed … Continue reading →

Posted in Atlantic City, Boyd Gaming, Cosmopolitan, Idaho, International, MGM Mirage, North Las Vegas, Riviera, Steve Wynn, Tamares Group, Technology, The Strip, Tribal | 1 Comment

Baccarat blowout on Strip; Ader strikes again

Posted on July 28, 2015 by David McKee

Strip casinos had the impossible task of keeping up with last June’s baccarat tally (when revenues shot up 155%) and, as might be expected, fell off the pace. The volume of play plunged 43% and revenue tumbled 57%. As for … Continue reading →

Posted in Boulder Strip, Entertainment, Internet gambling, Lake Tahoe, Laughlin, Mesquite, Planet Hollywood, Reno, The Strip, Wall Street | Comments Off on Baccarat blowout on Strip; Ader strikes again

Shocker in Massachusetts; Successes and setbacks for Penn

Posted on July 27, 2015 by David McKee

In a stunning reversal of fortune, KG Urban Enterprises has ditched its $650 million New Bedford casino project, citing financial difficulties. This ends seven years of grinding effort to gain civic acceptance, which culminated in a landslide electoral victory earlier … Continue reading →

Posted in Election, Environment, Florida, Foxwoods, GLPI, Illinois, Internet gambling, Maine, Massachusetts, Neil Bluhm, Ohio, Penn National, Pennsylvania, Racinos, Regulation, Scientific Games, Steve Wynn, Taxes, Tribal, Wall Street | Comments Off on Shocker in Massachusetts; Successes and setbacks for Penn

Up in smoke

Posted on July 27, 2015 by David McKee

We know that Cosmopolitan of Las Vegas owner Blackstone Group wanted to change perceptions of the property but I don’t this is what they had in mind. One measly cigarette seems to have been all it took to send the … Continue reading →

Posted in Cosmopolitan, history, Horseracing, International, Macau, Monte Carlo fire, Pinnacle Entertainment, The Strip | Comments Off on Up in smoke

Quote of the Day

Posted on July 27, 2015 by David McKee

“[U]nderworld figures were reportedly told to avoid Echo’s Gold Coast property, the Jupiters Hotel & Casino, because their presence might hurt Echo’s chances to win the second Brisbane license.” — from a Global Gaming Business expose of Australian casino operator … Continue reading →

Posted in Australia, The Mob | Comments Off on Quote of the Day

MGM’s march to the sea; REITmania explained

Posted on July 24, 2015 by David McKee

Where MGM Resorts International goes, other casino companies are quick to follow — to Atlanta, in this case. Mayor Kasim Reed (pictured) is being coy about who the new suitors are, other than two are domestically based (would Las Vegas Sands … Continue reading →

Posted in Baseball, Boulder Strip, Genting, Georgia, GLPI, Massachusetts, MGM Mirage, Ohio, Penn National, Pinnacle Entertainment, Politics, Regulation, Sheldon Adelson, Sports, The Strip, Wall Street | Comments Off on MGM’s march to the sea; REITmania explained

Quote of the Day

Posted on July 24, 2015 by David McKee

“What you have put together is a template on how this should be done. “There are good synergies between these two companies.” — Nevada Gaming Commissioner Randolph Townsend, on Golden Gaming‘s takeover of Lakes Entertainment, which was consummated yesterday.

Posted in Golden Gaming, Lyle Berman, Regulation | Comments Off on Quote of the Day

Boyd gets Wall Street love; Louisiana expansion slows

Posted on July 24, 2015 by David McKee

Boyd Gaming doesn’t make Wall Street‘s hit parade very often, so this morning’s dispatch from Deutsche Bank‘s Carlo Santarelli the more remarkable. “The improving regional [gross gaming revenue] climate and intense cost disciplines take our forecasts, and subsequently, our Price Target … Continue reading →

Posted in Atlantic City, Downtown, Economy, Eldorado Resorts, Harrah's, Isle of Capri, Louisiana, MGM Mirage, Penn National, Pinnacle Entertainment, Racinos, The Strip, Tilman Fertitta, Wall Street | 1 Comment

Quote of the Day

Posted on July 23, 2015 by David McKee

“Bigger projects’ best hope for success depends on Vietnam’s government changing course, and that’s not a smart money bet.” — Forbes correspondent Muhammad Cohen on the difficulty of large-scale casino development in Vietnam.

Posted in International, Regulation | Comments Off on Quote of the Day

Trump (the casino) loses again; New look for Bluhm

Posted on July 23, 2015 by David McKee

Business is in a tailspin at Trump Taj Mahal, in part due to Unite-Here‘s call for a boycott of the austerity-minded property. Trump Entertainment Resorts wanted the union muzzled, plus financial compensation. But a federal judge handed CEO Bob Griffin … Continue reading →

Posted in Architecture, Atlantic City, Carl Icahn, Cordish Co., Idaho, Maryland, Neil Bluhm, New York, Trump Entertainment Resorts, Unite-Here | 1 Comment

Vetting the candidates

Posted on July 23, 2015 by David McKee

Although Paddy Power has lengthened his odds for gaining the White House to 12/1, New Jersey Gov. Chris Christie (R) would be one of the most supportive — if not the most supportive — candidates toward the gaming industry. He’s … Continue reading →

Posted in Arkansas, Election, Florida, International, New York, Politics, Regulation, Tribal | Comments Off on Vetting the candidates

Panning for gold in Macao

Posted on July 23, 2015 by David McKee

Wall Street analysts succeeded in setting their expectation for Las Vegas Sands performance in Macao so low that the company was able to exceed them despite deep, double-digit declines in revenue, including 14% less revenue per hotel room. Lower marketing costs … Continue reading →

Posted in Economy, International, Japan, MGM Mirage, Regulation, Sheldon Adelson, Singapore, South Korea, The Strip, Wall Street | Comments Off on Panning for gold in Macao

Sands hit hard; No toilet paper for you!

Posted on July 22, 2015 by David McKee

Macao‘s recession has affected Las Vegas Sands‘ most recent quarterly results and the news isn’t good. You know things are bad when Sands Bethlehem ($137.5 million, +9%) is the lone bright spot. At least LVS had only mildly adverse news … Continue reading →

Posted in Florida, Harrah's, Indiana, Macau, Pennsylvania, Regulation, Sheldon Adelson, Singapore, The Strip, Wall Street | Comments Off on Sands hit hard; No toilet paper for you!

Sheldon Adelson, spymaster?

Posted on July 22, 2015 by David McKee

So Sands China did have a “blackmail strategy” after all … in the eyes of the Chinese government, that is. According to a report commissioned by Sands and marked eyes-only for Sands China CEO Steven Jacobs, “Many of the officials we … Continue reading →

Posted in Internet gambling, Macau, Politics, Sheldon Adelson | Comments Off on Sheldon Adelson, spymaster?

Trump, Trump, pants on fire; Tensions in California

Posted on July 22, 2015 by David McKee

Did Donald Trump lie to casino regulators when he put his net worth at $3.6 million? He told one of his biographers that “I try” to be honest but added that his value “goes up and down with markets, and … Continue reading →

Posted in Atlantic City, California, Donald Trump, Economy, Regulation, Sheldon Adelson, Tribal, Trump Entertainment Resorts | 2 Comments

Quote of the Day

Posted on July 22, 2015 by David McKee

“As Macau also is painfully aware, what Beijing gives it can readily take away, and it’s difficult to believe the Communist Party has gone to the trouble it has to cut off illicit money flows through the South China Sea … Continue reading →

Posted in International, Macau, Regulation, South Korea | Comments Off on Quote of the Day

Doubts pervade Massachusetts; California casino resurrected

Posted on July 21, 2015 by David McKee

A recent article in the Las Vegas Review-Journal poked fun at Massachusetts‘ nascent casino industry and at Penn National Gaming‘s Plainridge Park in particular. All that schadenfreude may not have been gratuitous after all, in view of the gloom presently … Continue reading →

Posted in California, Environment, Foxwoods, Massachusetts, MGM Mirage, Mohegan Sun, Penn National, Regulation, Rhode Island, Steve Wynn, Taxes, Tribal | Comments Off on Doubts pervade Massachusetts; California casino resurrected

Caesars ups the ante; Packer: Fear and loathing

Posted on July 21, 2015 by David McKee

Caesars Entertainment stock rallied today on news that the company had palliated its junior creditors by offering them a $200 million forbearance fee along with 10% ownership of the REIT, which it characterized as “a substantial improvement in recoveries.” Caesars … Continue reading →

Posted in Australia, Harrah's, James Packer, Laughlin, Lawrence Ho, Louisiana, Macau, The Strip, Wall Street | Comments Off on Caesars ups the ante; Packer: Fear and loathing

Pinnacle deal done; Christie’s tribal blind spot

Posted on July 21, 2015 by David McKee

After playing hard to get, Pinnacle Entertainment management finally succumbed to the embrace of Gaming & Leisure Properties. It’s a great deal on Pinnacle’s part: It sells its real estate to GLPI for 12.5 times cash flow, an unheard-of multiple … Continue reading →

Posted in Entertainment, GLPI, Japan, MGM Mirage, Pinnacle Entertainment, The Strip, Tribal, Wall Street | Comments Off on Pinnacle deal done; Christie’s tribal blind spot

MGM challenged in Connecticut, praised in Maryland

Posted on July 20, 2015 by David McKee

Connecticut‘s gaming tribes are confident they can beat MGM Springfield to the punch by a wide margin. How wide depends on whether they’re able to use a repurposed building (in which case we could be talking about the end of … Continue reading →

Posted in Economy, Foxwoods, Maryland, Massachusetts, MGM Mirage, Mohegan Sun, Wall Street | Comments Off on MGM challenged in Connecticut, praised in Maryland