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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
Good Caesars and Bad Caesars
That’s how a bondholder lawsuit distinguishes between Caesars Entertainment Operating Co. and Caesars Growth Partners. It castigates the toga-clad companies for — for instance — transferring Caesars Interactive (worth: $779 million) “for little or no consideration.” Similarly, Octavius Tower and … Continue reading
Posted in Atlantic City, Harrah's, Internet gambling, Louisiana, The Strip, Tilman Fertitta, Wall Street
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Slump in Macao; Trump’s latest tantrum
July was unkind to casino operators in Macao, with revenues down 4%. Mass market table win was healthily up, 17%, and slot revenue increased, albeit by 4%. However, VIP revenues were 14% on 13.% less volume of play. This pulled … Continue reading
The Macanese squeeze
“Everyone has got dealers and waitresses and cooks and housekeeping and we all got them from the same place … what do you think is going to happen 18 months from now? Exactly the same thing.” That’s the sound of … Continue reading
Posted in Architecture, Current, Macau, Regulation, Sheldon Adelson, Steve Wynn, Tribal, Wisconsin
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Quote of the Day
“This is turning out to be who can generate the most revenue for the state.” — disgruntled Liberty, N.Y., town supervisor Charlie Barbuti on casino expansion. Like, duh!
Packer’s second chance
“You can’t be in the gaming industry and not have a special reverence for Las Vegas — that’s where it all began. While we fell short in past attempts to enter that market, we now have the ideal opportunity.” So said … Continue reading
MGM beats the Street; The wrath of Loveman
Not only did MGM Resorts International swing from a loss to a profit in 2Q14, its revenues exceeded Wall Street’s expectations. Analyst consensus foresaw $0.10/share in earnings and MGM delivered more than twice that. Revenues at every MGM property were … Continue reading
Posted in Architecture, CityCenter, Current, Detroit, Harrah's, Illinois, Macau, Maryland, Mississippi, Neil Bluhm, The Strip, Wall Street
1 Comment
A Grand weekend
Thanks to the missus’ connections, we were able to swing a brief stay at the Downtown Grand last weekend. The liveliness of the atmosphere was at just the right level, not Fremont Street-manic. There are certain inherent design flaws that … Continue reading
Posted in Architecture, Dining, Downtown, Entertainment, history
1 Comment
MGM’s urban renewal; Ruffin rides again
Despite an atmosphere of uncertainty in Massachusetts, executives at MGM Resorts International are putting their faith in a November victory at the ballot box. They’ve closed on the purchase of two tornado-damaged buildings, the Springfield State Armory (shown) and the … Continue reading
Posted in Architecture, Boyd Gaming, Economy, Election, Kansas, Massachusetts, MGM Mirage, Penn National, Phil Ruffin, Racinos, Taxes, Tribal
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Packer returns
James Packer is back. Undoubtedly encouraged by the recent groundswell of development on the Las Vegas Strip, he’s bought the New Frontier site for a casino development that will be underwritten by the Oaktree Capital Management hedge fund. Construction is to … Continue reading
Posted in Atlantic City, Australia, Cosmopolitan, Fontainebleau, Harrah's, International, James Packer, Japan, Macau, Revel, Steve Wynn, Taxes, The Strip, Trump Entertainment Resorts, Wall Street
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When titans wed; Cupidity at Revel
Just when you thought the manufacturing sector had engaged in enough consolidation that it would take a pause to pay down debt (or at least burp) comes a mega-consolidation. International Game Technology‘s two biggest rivals will become one. Ronald Perelman‘s … Continue reading
Posted in Atlantic City, Bally Technologies, Cretins, GTECH, IGT, Regulation, Revel, Shuffle Master, Wall Street, WMS Industries
1 Comment
Shakeup at Downtown Grand
I’ll be staying at the Downtown Grand this weekend and it looks like I won’t be the only novitiate. Ownership has installed a new management team, too, casting a wide net. CFO Marie Ramsey comes over from the Tropicana Las … Continue reading
Posted in Boyd Gaming, Cordish Co., Current, Delaware, Downtown, Harrah's, history, MGM Mirage, New York, Racinos, Riviera, Sheldon Adelson, Station Casinos, The Strip
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Illiterate and accused; Revel: Rewarding failure
People who state their career goal as “trynna get rich” should probably be arrested for crimes against the English language. In the case of Izyiah Plummer (right), though, the charges are much more grave: the July 21 armed robbery of Caesars … Continue reading
Posted in Atlantic City, Harrah's, Herbst Gaming, Internet gambling, Louisiana, Maryland, Planet Hollywood, Revel, The Strip, Tropicana Entertainment, Wall Street
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Clouds over Macao
Forbes‘ Muhammad Cohen has been reading the latest tea leaves from the world’s gambling capital and doesn’t like what he sees: a 1H14 revenue increase of 13% (“heady for anywhere but Macau“) but a sequential decline from 1Q to 2Q14 … Continue reading
Posted in Delaware, Economy, Macau, Melco Crown Entertainment, Racinos, Singapore, Taxes, Wall Street
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Quote of the Day
“The initial proposal from the developers was that this is going to be a world-class destination resort. Now we all know no one is flying into East Greenbush or Rensselaer County to go gambling. This is not a resort area.” … Continue reading
Posted in New York
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Argosy Sioux City: 2003-2014
Better get to Argosy Sioux City by 4:59 p.m. if you want to lay down one final bet. The casino will be closing permanently at 5 p.m., in compliance with an Iowa Supreme Court order. The Supremes declined to hear … Continue reading
Posted in Charity, Horseracing, Iowa, Penn National, Pennsylvania, Regulation, Texas, Warner Gaming
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Wynn: Most happy fella
We’ve gotten to inured to headlines that say such-and-such a quarter was “rescued by Macao” that I did a double-take today. The lead item on a newsletter was “Wynn Resorts Q2 results boosted by Las Vegas.” It’s nice that the … Continue reading
Posted in Bally Technologies, IGT, International, Internet gambling, Macau, Scientific Games, Sheldon Adelson, Sports, Steve Wynn, The Strip, Wall Street
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Wall Street: Viva Las Vegas
“Results could be lackluster, even if more states allow casinos, as is the case in Ohio, which we estimate cannibalized roughly one-third of its revenues from surrounding states.” So wrote Fitch Ratings Service analyst Michael Paladino, assessing the gaming industry’s national … Continue reading
Posted in Economy, Harrah's, history, Mississippi, New York, Ohio, Racinos, The Strip, Wall Street, Westgate LV
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Flake-ing out over tribal gambling
It must be nice to have two U.S. senators at your beck and call. That’s the case for tribal opponents of the Tohono O’odham Nation casino proposal. Sens. John McCain and Jeff Flake (R-AZ) are introducing a bill that would make … Continue reading
Posted in Arizona, Politics, Regulation, Tribal
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Hawkeye State showdown
That Iowa Racing & Gaming Commission keeps going from the frying pan to the fire. Former Linn County attorney Gene Kopecky is suing the regulatory body for an unfair restraint of trade. His action is prompted by the denial of … Continue reading
Posted in Iowa, Penn National, Regulation, Warner Gaming
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