Author Archives: David McKee

About David McKee

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Pacifism in Alabama; Flop in Florida

Posted on August 18, 2014 by David McKee

There’s nothing that trumps ideology like the need for tax dollars. Such is the case in Alabama, where budget shortfalls are bringing state government around to the idea of a gaming compact with Poarch Band of Creek Indians. No negotiations … Continue reading →

Posted in Alabama, Boyd Gaming, CityCenter, Dubai, Florida, MGM Mirage, Politics, The Strip, Tribal | 1 Comment

Quote of the Day

Posted on August 18, 2014 by David McKee

“MGM [Resorts International] remains the most compelling way for investors to play a Vegas recovery paired with growth in Macao. With Las Vegas back in vogue, investors should turn to MGM as the best way to play this theme.” — Credit … Continue reading →

Posted in Macau, The Strip, Wall Street | Comments Off on Quote of the Day

Exit Revel, eight days early

Posted on August 18, 2014 by David McKee

Labor Day has taken on a cruel, new meaning in Atlantic City, where it will mark the closure of Revel‘s hotel. (The casino will stay open until dawn on Sept. 2.) This takes away eight days of employment that soon-to-be-jobless … Continue reading →

Posted in Atlantic City, Cordish Co., Delaware, Economy, Harrah's, Maryland, Racinos, Revel, Steve Wynn, The Strip | 1 Comment

Tightening the screws in China; Comeback at Cosmo

Posted on August 15, 2014 by David McKee

  In view of the outflux of currency from China, the country’s symbol seems not so much a Great Wall as a giant sieve. This was symbolized recently by the attempt to control UnionPay cash transfers masquerading as purchases in … Continue reading →

Posted in Cosmopolitan, Dining, Economy, Entertainment, Macau, MGM Mirage, Regulation, The Strip, Wall Street | Comments Off on Tightening the screws in China; Comeback at Cosmo

Atlantic City: Worse to come

Posted on August 15, 2014 by David McKee

If you thought this year’s shrinkage of the Atlantic City casino market from 12 casinos to eight was bad, brace yourself. A Deutsche Bank report predicts more contraction to come. Resorts Atlantic City and Trump Taj Mahal have been marked … Continue reading →

Posted in Atlantic City, Boyd Gaming, Dining, Harrah's, Marketing, Maryland, Mohegan Sun, New York, Regulation, Revel, Tilman Fertitta, Tropicana Entertainment, Trump Entertainment Resorts | 2 Comments

Revel reprieved, sort of

Posted on August 14, 2014 by David McKee

Ownership of Revel may have given up on the casino itself, scheduled to close Sept. 10. However,  they’re still trying to sell the property, indefinitely adjourning yet another bankruptcy auction in order to entertain “ongoing negotiations [with] certain potential bidders … Continue reading →

Posted in Atlantic City, Economy, Politics, Revel, Taxes | Comments Off on Revel reprieved, sort of

Quote of the Day

Posted on August 14, 2014 by David McKee

“But a lot of people say when I left, that’s when it went bad.” — Donald Trump, in full self-delusion mode about Atlantic City. 

Posted in Atlantic City, Donald Trump, Economy | 2 Comments

“You lost the war”

Posted on August 13, 2014 by David McKee

It took a contentious, fist-pounding meeting, but the Tohono O’odham Nation has a done deal with Glendale, Arizona. The $400 million casino project will pay the city $26 million over 20 years. “What we are being presented with tonight is peanuts … Continue reading →

Posted in Arizona, International, Taxes, Tribal, TV | Comments Off on “You lost the war”

Dispatch from the Boardwalk

Posted on August 13, 2014 by David McKee

As Revel informs the bankruptcy court that it’s dickering with “potential” bidders, a new set of gaming numbers rolls in with the tide. Subtracting the Atlantic Club Hotel from the comparisons, Atlantic City is down 7% year/year. Online gaming revenue, … Continue reading →

Posted in Atlantic City, Boyd Gaming, Harrah's, Internet gambling, Mohegan Sun, Revel, Tilman Fertitta, Tropicana Entertainment, Trump Entertainment Resorts | 2 Comments

Las Vegas: From China, with money

Posted on August 13, 2014 by David McKee

As China pays closer scrutiny to VIP play — and where the money is coming from — it’s driven down the high-end action in Macao … and redirected it toward Las Vegas. Said Telsey Advisory Group analyst Chris Jones, “One thing … Continue reading →

Posted in Economy, International, Macau, Melco Crown Entertainment, MGM Mirage, Regulation, Sheldon Adelson, Steve Wynn, The Strip | Comments Off on Las Vegas: From China, with money

Station’s big quarter; Smoke gets in your slots

Posted on August 13, 2014 by David McKee

Although customers are holding their purse strings tighter, Station Casinos registered noteworthy growth in earnings last quarter. Powered by Graton Resort & Casino in California, Station reported revenue of $55 million, up from $7 million a year earlier. In the … Continue reading →

Posted in California, Dining, Environment, Harrah's, Neil Bluhm, Ohio, Penn National, Pennsylvania, Pinnacle Entertainment, Racinos, Station Casinos, Tribal | Comments Off on Station’s big quarter; Smoke gets in your slots

The majesty of the law

Posted on August 12, 2014 by David McKee

For years New Jersey casino regulators have had to endure legislative backchat that they’re overstepping their authority. This week, lawmakers learned that such regulatory authority doesn’t extend as far as they thought. Even in its most dire straits, the Tropicana … Continue reading →

Posted in Atlantic City, Harrah's, Internet gambling, Massachusetts, Regulation, Sheldon Adelson, Steve Wynn, Trump Entertainment Resorts | 1 Comment

MGM’s comeback; Packer’s presumption

Posted on August 12, 2014 by David McKee

MGM Resorts International is feeling optimistic about getting back into Atlantic City (at a time when so many are getting out), to the point of talking about it publicly. “Borgata continues to be the market leader. We’re pretty excited to be able … Continue reading →

Posted in Architecture, Atlantic City, Boyd Gaming, Genting, Harrah's, International, Internet gambling, James Packer, Macau, MGM Mirage, New York, Pansy Ho, Regulation, Singapore, Stanley Ho, The Strip | 3 Comments

SLS: The power behind the throne

Posted on August 12, 2014 by David McKee

Last week, while I was out with an abcessed tooth, SLS Las Vegas had its turn before the Nevada Gaming Control Board. The management structure and financing were so complex that it took SLS nearly four hours to walk regulators … Continue reading →

Posted in Foxwoods, Maryland, Regulation, Sam Nazarian, Taxes | 1 Comment

Revel calls it quits

Posted on August 12, 2014 by David McKee

Enough bids were received for Revel to postpone a bankruptcy auction until Thursday. But yesterday the resort’s board met and decided to cease operations. Whoever wins the auction will inherit Revel’s carcass — not its 3,187 employees, who find themselves … Continue reading →

Posted in Atlantic City, Harrah's, Regulation, Revel | 3 Comments

Caesars’ unmagical empire

Posted on August 11, 2014 by David McKee

Caesars Entertainment ” hasn’t posted a profit since late 2009″ and it kept that perfect streak alive today, more than doubling its 2Q13 loss of $212 million. The company lost $466 million — and I don’t think we can blame it … Continue reading →

Posted in Atlantic City, Harrah's, Internet gambling, Iowa, Maryland, Pennsylvania, Regulation, Reno, Revel, The Strip, Tribal, Wall Street | Comments Off on Caesars’ unmagical empire

Hard Rock rocks Sioux City; Chris Christie’s mighty pen

Posted on August 11, 2014 by David McKee

Lost in the loud death rattle of Argosy Belle Sioux City was the opening of its successor — some would say usurper — Hard Rock Hotel & Casino. And, contrary to what naysayers would have you believe, it’s bringing a … Continue reading →

Posted in Atlantic City, Economy, history, Iowa, Oscar Goodman, Penn National, Politics, Sports, The Mob, Tourism, Warner Gaming | Comments Off on Hard Rock rocks Sioux City; Chris Christie’s mighty pen

Reality in Illinois, Indiana; Optimism in New York

Posted on August 11, 2014 by David McKee

Illinois has had far worse months than July, which was down only 5%. Admissions were off 9%, implying a 4% higher spend/visitor. Rivers Casino was flat but still managed to gross double what Harrah’s Joliet managed. The latter, however, was … Continue reading →

Posted in Boyd Gaming, Delaware, Economy, Genting, Harrah's, Illinois, Indiana, Massachusetts, MGM Mirage, Neil Bluhm, New York, Penn National, Pinnacle Entertainment, Racinos, Tropicana Entertainment | Comments Off on Reality in Illinois, Indiana; Optimism in New York

No gold rush in California

Posted on August 11, 2014 by David McKee

In a huge setback for Internet gambling, California‘s legislature is calling it a day. State Sen. Lou Correa (D) is not only withdrawing his i-gaming bill from consideration, he’s being termed out at the end of the session, so the cause … Continue reading →

Posted in California, Harrah's, International, Internet gambling, Isle of Capri, James Packer, Melco Crown Entertainment, Missouri, Ohio, Penn National, Pinnacle Entertainment, Politics, Regulation, Sheldon Adelson, Tropicana Entertainment | Comments Off on No gold rush in California

Success story in the Free State; Stalking horses in Nebraska

Posted on August 6, 2014 by David McKee

Correction: According to Caesars Entertainment — and contrary to the Washington Post — Horseshoe Baltimore is not being renamed “The Legend.” That is a misconstrual of an ad slogan: “The Legend is coming!” There’s no need to worry about saturation … Continue reading →

Posted in Cordish Co., Election, Harrah's, Maryland, Nebraska, Penn National, Racinos | 3 Comments