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- Ray Lebowski on Sibella scandal spreads; Supremes forestall Seminoles
- David McKee on Sibella scandal spreads; Supremes forestall Seminoles
- Ray Lebowski on Sibella scandal spreads; Supremes forestall Seminoles
- David McKee on MGM crippled; Illinois & Indiana report; Bally’s shaky in Chi
- Paul Shanahan on MGM crippled; Illinois & Indiana report; Bally’s shaky in Chi
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Author Archives: David McKee
Cosmo: Unwin out
Whatever Blackstone Group plans for The Cosmopolitan of Las Vegas, it doesn’t include CEO John Unwin, who will leave at year’s end. Don’t cry for him just yet: He’ll temporarily be on a consulting contract, which conveniently keeps him for … Continue reading
Posted in CityCenter, Cosmopolitan, Harrah's, MGM Mirage, The Strip, Wall Street
1 Comment
Big month for Isle; Sentence handed down on Caesars gang
Whether it’s that one less weekend day than last year or holiday shopping or whatever, Missouri was down again in November after tantalizing us with a revenue-positive October. The statewide decrease was 4%, with table revenues holding steady but slot revenues pulling … Continue reading
Posted in Harrah's, Harry Reid, International, Internet gambling, Isle of Capri, Kansas, Missouri, Penn National, Pinnacle Entertainment, The Strip, Tropicana Entertainment
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Indiana giveth, Ohio taketh away; Atlantic City fix finds wide support
Depending on whether or not you count free play as taxable revenue, Indiana was down 6% or 7% last month, with customers spending 3% more but visiting 9.5% less. Penn National Gaming‘s Hollywood Lawrenceburg took cross-border competition particularly hard, falling … Continue reading
Quote of the Day
“That is going to be a pretty difficult pivot. Just because you have good amenities doesn’t mean people are going to be willing to drive two to three hours to get there.” — Fitch Ratings analyst Alex Bumazhny on Foxwoods … Continue reading
Posted in Foxwoods, Tribal, Wall Street
1 Comment
The war over Caesars
That Caesars Entertainment plan to subdivide itself into a REIT may be a one-week wonder: Creditors are reported to be balking at the structure. “The creditors want to make sure the REIT is structured in a way that protects them … Continue reading
Illinois disappoints, Ohio surprises and Golden Nugget opens early
Except for a mild, 2% increase at Harrah’s Joliet, it was a very schizoid November for Illinois, whose casinos came in 4% below last year. There was one less weekend day, which some will cite as an alibi … but then … Continue reading
The war on Dotty’s; Ultimatum in Macao
In the wake of the Dotty’s brouhaha, I find myself wondering how this got to be such a big issue. After all, Nevada Restaurant Services had been buying up defunct bars and store fronts by the score and converting them … Continue reading
Posted in California, Dotty's, Economy, Internet gambling, Macau, PokerStars, Regulation, Station Casinos, Tribal
1 Comment
Trump Taj Mahal buys time
In the latest of many deadlines, Trump Taj Mahal has pushed its closing date back by another week, from Dec. 12 to Dec. 20. (Given that it has closed one of its hotel towers, we should not be surprised that … Continue reading
Posted in Atlantic City, Harrah's, Internet gambling, Sports, Station Casinos, Taxes, The Strip, Trump Entertainment Resorts
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Player, manage thyself (sorta)
After much back-and-forth, the Massachusetts Gaming Commission imposed its highly touted “managed play” regime, the first in the nation. One’s first reaction is that it doesn’t live up to the advance hype. What was originally a carrot-and-stick plan is now … Continue reading
Posted in Colorado, Economy, Massachusetts, Penn National, Problem gambling, Regulation, Steve Wynn, Taxes
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Quote of the Day
“For Caesars [Entertainment], the problem creating so many subsidiaries is that debt holders who financed the company were intentionally cut out from the valuable assets as they were transferred to new companies. This would be like getting a mortgage to … Continue reading
Posted in Harrah's, Wall Street
1 Comment
Dotty’s loses, Genting hesitates, Penn adapts
Look at that picture. Seriously, keep looking. Does that seem like a tavern to you? A casino? Some curious hybrid? For years the Clark County Commission has been grappling with the vexing questions posed by the rapidly growing Dotty’s chain of … Continue reading
Posted in Architecture, Cordish Co., Dotty's, Downtown, Genting, Golden Gaming, Harrah's, Maryland, New York, Pennsylvania, Regulation, Station Casinos, The Strip
2 Comments
Cokehead gets Nevada casino license; Cosmo sale near
Goodwill generated by the opening of SLS Las Vegas just went up Sam Nazarian‘s nose. The Los Angeles nightclub operator admitted to doing cocaine last April while living it up in Mexico. This is the kind of revelation casino pundits … Continue reading
Posted in Cosmopolitan, Harrah's, history, Macau, Regulation, Sam Nazarian, Sheldon Adelson, Steve Wynn, The Strip
1 Comment
Saving Atlantic City; Smokeless in Iowa
In an effort to solve the problem otherwise known as Atlantic City, policymakers are floating a variety of remedies. One would see the city’s casinos make a lump sum payment of $150 million for two years, in lieu of property … Continue reading
Posted in Atlantic City, Boyd Gaming, Environment, Harrah's, Iowa, Isle of Capri, Pinnacle Entertainment, Regulation, Taxes
1 Comment
Chronicle of a bankruptcy, foretold
Dipping into Shakespeare, Howard Stutz endeavors to do justice to the Elizabethan complexity of the Caesars Entertainment bankruptcy. The fault is not in the stars but in Gary Loveman, architect of the disaster. When it was rolled out, back in … Continue reading
Walk softly, carry a Talking Stick
There’s a new symbolic benchmark for the economic importance of tribal gaming in the U.S. What was the US Airways Center, in Phoenix, home of the Phoenix Suns, is becoming Talking Stick Resort Arena. It’s a testimony to the financial … Continue reading
Posted in Arizona, Dotty's, Entertainment, Golden Gaming, Politics, Regulation, Station Casinos, Tribal
1 Comment
Death throes at Trump Taj; Casino clash in Maine
Even with a $5 million cash infusion from rich uncle Carl Icahn, that didn’t stop Trump Taj Mahal from going into Death Spiral Mode. Its greatest asset, its new(ish) hotel tower, has been closed and the casino will no longer … Continue reading
Posted in Atlantic City, GTECH, Horseracing, IGT, International, Lawrence Ho, Maine, Melco Crown Entertainment, Penn National, Politics, Tribal, Trump Entertainment Resorts
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Dotty’s on the spot again; Ralston unplugged
When Station Casinos and Golden Gaming say “jump,” Clark County Commissioner Steve Sisolak asks, “How high?” At least that’s the case when it comes to Dotty’s, a 102-outlet chain of slot parlors that exist within a gray area of state … Continue reading
Posted in Dotty's, Golden Gaming, Mississippi, Politics, Regulation, Station Casinos, TV, Wall Street
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Quote of the Day
“PASPA is a strange and even frightening federal law, for anyone who knows American history. The federal government had never before tried to regulate or prohibit gambling which took place entirely within a single state. In fact, it has always … Continue reading
Posted in Regulation, Sports
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Palace coup at Full House
When you strike at the king, you must kill him — and dissident investor Dan Lee (left) was successful in deposing Andre Hilliou from his throne at Full House Resorts. “I would also like to thank Andre and Mark for their … Continue reading
Loveman’s credit capers; Green shoots in flyover country
Reorganization of Caesars Entertainment promises to continue to provide drama. UMB Bank threw red meat on the barbeque with a lawsuit that charged Apollo Management and Texas Pacific Group with having “thoroughly ransacked CEOC in a sweeping and now transparent plan … Continue reading