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- David McKee on You can’t fix stupid; Good-bad news on the bayou
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- David McKee on Sibella scandal spreads; Supremes forestall Seminoles
- Ray Lebowski on Sibella scandal spreads; Supremes forestall Seminoles
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Author Archives: David McKee
Paradox at Revel; Further delay in Massachusetts
Florida developer Glenn Straub remains thwarted in his attempts to purchase Revel. His primary obstacle is Judge Gloria Burns, who seems bent upon charting a course for Chapter 7 liquidation. Although, out of 20 bids, Straub’s is the only one … Continue reading
Posted in Foxwoods, Glenn Straub, Hard Rock International, Harrah's, Macau, Massachusetts, Ohio, Regulation, Revel, Station Casinos, Westgate LV
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Is MGM the next REIT?; Bad news for PokerStars
Shares of MGM Resorts International could trade at $55. So thinks hedge-fund boss Jonathan Litt, who has proposed converting MGM into a REIT, a move he says could halve the company’s massive debt. (Asset sales are part of Litt’s plan.) The … Continue reading
Posted in Atlantic City, California, Harrah's, International, Internet gambling, Macau, MGM Mirage, PokerStars, Regulation, Sheldon Adelson, Tribal, Wall Street
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Roundball is Borgata’s newest draw; Board disses Elaine Wynn
Borgata is ahead of the curve again in Atlantic City. At least it’s thinking progressively, incepting a March Madness-themed free-throw competition as a first step toward skill-based gambling. Four hundred people have already plunked $20 each down to play on ad … Continue reading
Posted in Atlantic City, Boyd Gaming, Internet gambling, Marketing, Regulation, Sports, Steve Wynn, Technology, Tilman Fertitta
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Adelson lackey denounces gambling; Scientific’s stumble
In a surprising display of petulance, Rep. Jason Chaffetz (R) hung up the phone on members of the National Governors Association when they had the temerity to object to his Restoration of America’s Wire Act bill, which would criminalize state … Continue reading
Posted in Florida, Marketing, New York, Politics, Regulation, Scientific Games, Sheldon Adelson, The Strip
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The torments of Glenn Straub; Icahn wins another round
“I keep waiting for the elevator doors to open and somebody to walk out carrying bags of money. We keep hearing about people with money wanting to make bids. I haven’t seen them yet.” So said Glenn Straub, who continues to … Continue reading
Caesars pensioners find sympathetic ear
Caesars Entertainment‘s cutoff of payments to several dozen pensioners drew the attention of the Nevada Gaming Control Board, taking up the bulk of Wednesday’s hearing. NGCB Terry Johnson member told Caesars attorneys, “The pensioners are an important matter that should not … Continue reading
Posted in Boyd Gaming, Harrah's, Louisiana, Marketing, Massachusetts, New York, Racinos, Regulation, Revel, Tribal, Tropicana Entertainment
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Honeymoon over in Atlantic City; Resistance in Connecticut
All the gains Atlantic City casinos had been making from the downsizing of the market came to an abrupt end last month. Gambling revenues dove 16% and same-store revenues fell 2% (yes, even the Borgata‘s). Luck simply was not on … Continue reading
The clock is running in Japan, Florida, Connecticut
Major casino companies are beginning to lose patience with Japan‘s impotent government and are casting their eyes toward South Korea. “This will take leadership. At some point someone is going to have to say ‘this is important to us, let’s push this … Continue reading
Posted in Florida, Foxwoods, Hard Rock International, International, Japan, Marketing, Massachusetts, MGM Mirage, Mohegan Sun, New York, Politics, Sheldon Adelson, The Strip
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Elaine Wynn prepares for battle; Sunny days in Detroit
“The company’s success has been one of my life’s main passions, and I bring that attitude to my role as a director each and every day.” So wrote Elaine Wynn, as she gears up for a proxy fight to remain … Continue reading
Posted in Dan Gilbert, Detroit, Economy, MGM Mirage, Ohio, Steve Wynn, The Strip, Wall Street
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Adelson vs. lottery; Big weekend at SLS
Proving that gaming is the only taxable udder on which the Nevada Legislature dares tug, Assemblyman Harvey Munford has proposed a state lottery. The purported use of lottery proceeds would be to help senior citizens and support public education. “The … Continue reading
Trump’s hollow victory; Seminoles make new friends
In a display of either weakness or stupidity, Carl Icahn has caved in to Donald Trump and reached an agreement to keep the TV star’s name on Trump Taj Mahal. As anyone who’s followed the dwindling of the Trump empire from … Continue reading
Caesars’ pension woes
Caesars Entertainment got the boot in a big way from the National Retirement Fund, which bounced the company’s three Atlantic City casinos from membership. It also demanded $462 million from the company for “alleged withdrawal liability.” Although the NRF voted … Continue reading
Posted in Atlantic City, Economy, Harrah's
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Big Gaming speaks
Last week, the great and powerful of the casino industry attended a show-and-tell at the J.P. Morgan Gaming, Lodging, Restaurant & Leisure Management Access Forum. Here’s what they had to say … Wynn Resorts: The company is looking to make … Continue reading
Posted in Atlantic City, Boyd Gaming, Economy, Genting, James Packer, Japan, Louisiana, Macau, Massachusetts, MGM Mirage, Ohio, Penn National, Politics, Problem gambling, Rhode Island, Singapore, Steve Wynn, The Strip, Wall Street
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Belt-tightening in Macao; Adelson gets his wrist slapped
Given the steep plunge in casino revenues over the past eight months, Macao casino operators are talking about taking cost-saving measures. Although its mass-market focus shelters it from the worst of the downturn, Sands China is mulling cuts in its … Continue reading
Posted in Election, Florida, Georgia, Horseracing, Macau, Politics, Sheldon Adelson, Steve Wynn
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GLPI makes play for Pinnacle; Caesars aims to dismantle casino
Gaming & Leisure Properties‘ track record to date has been unimpressive, its big acquisition play being underperforming Casino Queen in East St. Louis. Contrast that with GLPI’s boastful talk that the phone would be ringing off the hook with purchase … Continue reading
Posted in Entertainment, GLPI, Harrah's, Illinois, Mississippi, Penn National, Pinnacle Entertainment, Wall Street
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Foxwoods returns to Massachusetts … maybe
In the slow-simmering competition for a southeastern Massachusetts casino license, Foxwoods Resort Casino has just turned up the heat. It will wed spinster KG Urban, which brings a waterfront New Bedford site to the nuptials, while Foxwoods will provide the … Continue reading
Posted in Architecture, Foxwoods, Horseracing, Illinois, Massachusetts, Neil Bluhm, Pennsylvania, Regulation, Tribal
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Caesars wins some, loses some; Dotty’s drives Station batty
“I don’t have any authority to disband a committee that the U.S. trustee has appointed,” said Judge A. Benjamin Goldgar, handing a victory to the second-tier debtors in the Caesars Entertainment bankruptcy. Caesars had sought to have the creditors’ watchdog committee … Continue reading
Posted in Dotty's, Harrah's, Politics, Regulation, Station Casinos, Wall Street
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Straub spurned again; Union vs. Icahn, Round Two
Revel has been snatched from Glenn Straub‘s grasp, at least for another week, even though Revel AC has switched its position from contentious opposition to Straub to support. Or, as Revel attorney John Cunningham said, they have “82 million reasons” … Continue reading
IRS money grab; Nastiness at Wynn
Gaming is a “soft target” for politicians and the Obama administration is looking into a backdoor method of engorging more gaming taxes. It is “considering” (but not yet imposing) lower thresholds for the “IRS lockdown” on winnings at keno, bingo and slots. … Continue reading
Posted in Columbia Sussex, Missouri, Regulation, Steve Wynn, Taxes
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Fear and loathing in Washington; New goodies at Borgata
Sheldon Adelson sock puppet Rep. Jason Chaffetz (R) would be holding his much-ballyhooed hearing on Internet gambling today, had Mother Nature not intervened and forced a postponement. When it happens, it’ll be pretty much the kangaroo court you’d expect. His star witness is rabid and … Continue reading