Author Archives: David McKee

About David McKee

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More trouble for Caesars; Slot routes corrode casino revenues

Posted on May 12, 2015 by David McKee

Caesars Entertainment will soon have a new unsecured creditor — Uncle Sam. The company is trying to negotiate a settlement with the Financial Crimes Enforcement Network. The tab for making things right with The Man could run to $20 million and … Continue reading →

Posted in Dan Gilbert, Environment, Harrah's, Illinois, Missouri, Ohio, Pennsylvania, Racinos, Regulation, Slot routes, The Strip, West Virginia | 1 Comment

Pence ultimately gets it right

Posted on May 11, 2015 by David McKee

WDRB 41 Louisville News After months of Hamlet-worthy public agonizing, Indiana Gov. Mike Pence (R) did the right thing by doing nothing. Satisfied that it was not his never-defined “expansion” of gambling, he decided to let a casino-reform bill that … Continue reading →

Posted in Economy, Indiana, Kentucky, Macau, Politics, Racinos, Regulation, Sheldon Adelson | Comments Off on Pence ultimately gets it right

Hooters sold (again); Fat lady sings for Opera House

Posted on May 11, 2015 by David McKee

If someone with deep pockets wants to gamble on a big recovery on the Las Vegas Strip, then Spectrum Group Management would like to have a chat with them. Spectrum holds title to optimistically slugged “Project Jackpot,” just north of … Continue reading →

Posted in Ameristar, Dotty's, Genting, Harrah's, Hooters, Isle of Capri, MGM Mirage, Missouri, North Las Vegas, Penn National, Pinnacle Entertainment, Steve Wynn, The Strip, Tropicana Entertainment, Wall Street | 2 Comments

Quote of the Day

Posted on May 11, 2015 by David McKee

“What will the second quarter look like in Las Vegas? Weak. Did you hear me? Weak. This notion of a big recovery is a complete dream.” — Steve Wynn, waxing pessimistic on Las Vegas’ near-term prospects.

Posted in Economy, Steve Wynn, The Strip, Tourism | 1 Comment

Ohio: Racinos get a leg up; Pro b-ball for Vegas?

Posted on May 11, 2015 by David McKee

Business is booming for Penn National Gaming in the Buckeye State. Not only are its two casinos up 5.5% from last year — 4% at Hollywood Toledo and 7% at former underachiever Hollywood Columbus — but it continues to get … Continue reading →

Posted in Dan Gilbert, Hard Rock International, Harrah's, International, Internet gambling, Maryland, Ohio, Penn National, Pinnacle Entertainment, Racinos, Sports | Comments Off on Ohio: Racinos get a leg up; Pro b-ball for Vegas?

For sale (?): One casino, heavily used

Posted on May 8, 2015 by David McKee

We have information that we trust, but have not been able to confirm. It concerns the immediate future of Hooters Casino Hotel. Never has there been such an inverse proportional ratio between the quality of a casino and speculation about its next … Continue reading →

Posted in Hooters, The Strip, Wall Street | 1 Comment

Carey: raptures and wreckage; Vegas’ affordability tested

Posted on May 8, 2015 by David McKee

Our most giddy local gossip merchant experienced multiple verbal orgasms when describing Mariah Carey‘s Caesars Palace residency show. Even the Second Coming of Jesus Christ would have a hard time living up to this nonstop gush. (Helpful hint: If Carey … Continue reading →

Posted in Entertainment, Florida, Harrah's, Massachusetts, MGM Mirage, Politics, Sports, The Strip, Tourism, Transportation, Tribal | 1 Comment

Why is this man smiling?; Adelson’s latest antics

Posted on May 8, 2015 by David McKee

Bankruptcy’s been good to Caesars Entertainment. For CEO Gary Loveman‘s final earnings call prior to yielding his title to Mark Frissora, the company gift-wrapped him a $7.6 billion profit on net revenue of $1 billion. If that sounds surrealistic, it’s due to … Continue reading →

Posted in Atlantic City, Harrah's, Internet gambling, Maryland, Penn National, Pennsylvania, Politics, Regulation, Scientific Games, Sheldon Adelson, Steve Wynn, The Strip, Wall Street, West Virginia | Comments Off on Why is this man smiling?; Adelson’s latest antics

Illinois’ news bad even when it’s good

Posted on May 8, 2015 by David McKee

Illinois‘ casino lobby hopes to stave off (potentially disastrous) expansion, currently working its way through the state house. Unfortunately, last month’s results didn’t give it much ammunition. Revenues were down only 1%, which in any other context would be relatively … Continue reading →

Posted in Boyd Gaming, Derek Stevens, Downtown, GLPI, Harrah's, Illinois, Kansas, Neil Bluhm, Oscar Goodman, Penn National, Riviera, Slot routes, Sports, Wall Street | Comments Off on Illinois’ news bad even when it’s good

Steve Wynn talks, we listen

Posted on May 5, 2015 by David McKee

Elaine Wynn finds herself underwriting a Steve Wynn colloquy with Jon Ralston. (We may have “the Adelson primary” but we also have “the Ralston primary.”) Bet she didn’t see that coming. As for Steve, he can be combative, God knows, … Continue reading →

Posted in Economy, Election, Harry Reid, Macau, Steve Wynn, Taxes, TV | Comments Off on Steve Wynn talks, we listen

Well done, Horseshoe; Hard Rock gets hacked

Posted on May 5, 2015 by David McKee

Last week, Horseshoe Baltimore found itself a sitting duck during the civil disturbances that followed the death of Freddy Gray. With police imposing a 10 p.m.-5 a.m. curfew, Horseshoe had no choice but to curtail its operating hours, closing at 9 … Continue reading →

Posted in Cordish Co., Dan Gilbert, Georgia, Hard Rock International, Harrah's, Maryland, MGM Mirage, South Carolina, Warner Gaming | Comments Off on Well done, Horseshoe; Hard Rock gets hacked

Crystals for sale again; Hit-and-run Sheldon

Posted on May 5, 2015 by David McKee

MGM Resorts International isn’t hurting for cash, having just posted a $170 million profit for 1Q15, far outstripping analysts’ projections (and despite an 11% falloff due to Macao). However, its Crystals shopping mall is back on the market, carrying a $1 … Continue reading →

Posted in Economy, history, Macau, MGM Mirage, Riviera, Sheldon Adelson, SLS Las Vegas, Sports, The Strip, Westgate LV | Comments Off on Crystals for sale again; Hit-and-run Sheldon

Quote of the Day

Posted on May 5, 2015 by David McKee

“The amazing thing about Las Vegas is how soon it forgets itself because it keeps reinventing itself.” — Splash choreographer Jeff Kutash on the closing of the Riviera, which took place at noon yesterday.

Posted in history, Riviera, The Strip | Comments Off on Quote of the Day

Chicago casino push gathers steam

Posted on May 4, 2015 by David McKee

It’s been a while since we’ve heard about a casino in Chicago but that doesn’t mean Mayor Rahm Emanuel (D, below) has given up. Far from it. He’s looking at a $839 million pension obligation and a $300 million budget … Continue reading →

Posted in Cirque du Soleil, Economy, Entertainment, Illinois, MGM Mirage, Politics, Racinos, Slot routes, The Strip | Comments Off on Chicago casino push gathers steam

Ohio casinos: Half a loaf better than none; Brighter days for Macao?

Posted on May 4, 2015 by David McKee

Ohio cities are trying to use casino revenues to keep pace with Gov. John Kasich‘s austerity regime — and partly succeeding. “It is an important part of the budget, particularly when you look at the fact the state has eliminated almost … Continue reading →

Posted in Economy, Environment, history, Macau, Melco Crown Entertainment, MGM Mirage, Ohio, Penn National, Philippines, Racinos, Sheldon Adelson, Steve Wynn, Taxes, Wall Street | Comments Off on Ohio casinos: Half a loaf better than none; Brighter days for Macao?

MGM: The lion meows; GLPI: Still hungry

Posted on May 4, 2015 by David McKee

MGM Resorts International needed to increase net revenue this past quarter by 2% to meet Wall Street forecasts and offset inflation. Instead, revenue stayed flat and the Leo the Lion came in $33 million on cash-flow forecasts and down $12 … Continue reading →

Posted in CityCenter, Economy, GLPI, Louisiana, Macau, Maryland, MGM Mirage, Penn National, Pinnacle Entertainment, The Strip, Wall Street | Comments Off on MGM: The lion meows; GLPI: Still hungry

The world according to Wynn

Posted on May 1, 2015 by David McKee

Nobody likes a sore winner and Steve Wynn has nothing but unkind words for Elaine Wynn, a week after she was voted off the Wynn Resorts board. His dismissive attitude toward her criticisms of the board’s composition makes me skeptical … Continue reading →

Posted in Economy, Election, Macau, MGM Mirage, Sheldon Adelson, Sports, Steve Wynn, The Strip | 1 Comment

Boyd shatters expectations; Dover Downs flounders

Posted on May 1, 2015 by David McKee

Compared to Steve Wynn‘s gloom — and sapped stock price — about Las Vegas’ immediate economic prospects earlier this week, Boyd Gaming CEO Keith Smith was bullish on Sin City. And why not? Boyd reported profits of 31 cents a … Continue reading →

Posted in Architecture, Boyd Gaming, Delaware, Downtown, Economy, Iowa, Kansas, Louisiana, Planet Hollywood, Racinos, Sports, Taxes, The Strip, Tourism, Wall Street | 1 Comment

Quote of the Day

Posted on May 1, 2015 by David McKee

“If you were planning to see the Duck Dynasty inspiration, Duck Commander Musical at the Rio, you best get the lead out. I’m hearing it’s operating on a wing and a prayer. It opened two weeks ago.” — Las Vegas … Continue reading →

Posted in Cretins, Entertainment, Harrah's, TV | 1 Comment

Wynn frustrated with Macao; Adelson vs. Adelson

Posted on April 30, 2015 by David McKee

“Macau giveth and Macau taketh away for Wynn Resorts.” With that sentence the Las Vegas Review-Journal‘s Richard Velotta pithily summarized the precipitous reliance that Wynn and other Macanese operators have on that unpredictable market. “Our hopes for a turnaround during Chinese … Continue reading →

Posted in Economy, history, Macau, Regulation, Sheldon Adelson, Steve Wynn, The Strip, Wall Street | 1 Comment