Author Archives: David McKee

About David McKee

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Nazarian’s secret weapon?; Vegas still equals value

Posted on June 17, 2013 by David McKee

It’s Monday, so it must be time for another worshipful Sam Nazarian profile in the Los Angeles Times. Sure enough. If you can endure the usual LAT fawning, one will glean some useful facts and inferences — plus a reminder … Continue reading →

Posted in Colony Capital, Current, Entertainment, Genting, MGM Mirage, New York, Politics, Racinos, Sam Nazarian, The Strip, Tourism | 1 Comment

Macao: Light and darkness

Posted on June 17, 2013 by David McKee

If you read Bloomberg News last week, Macao is tantamount to Disneyland, at least if you visit Venetian Macao, which is “home to a fake grand canal, crooning gondoliers and brands from McDonald’s to Dior.” The amenity-laden style of Sheldon … Continue reading →

Posted in Macau, Marketing, MGM Mirage, Regulation, Sheldon Adelson, Stanley Ho, Steve Wynn, The Mob, Tourism | 1 Comment

Pinnacle folds; Kansas City rebounds

Posted on June 17, 2013 by David McKee

Wow. I am stunned. Despite defiant proclamations that he would fight the Federal Trade Commission in court, Pinnacle Entertainment CEO Anthony Sanfilippo capitulated in swift order. This morning, J.P. Morgan reported that Pinnacle had reached an agreement in principle to … Continue reading →

Posted in Ameristar, Current, Harrah's, Isle of Capri, Louisiana, Missouri, Penn National, Pinnacle Entertainment, Regulation | 2 Comments

Tilman Fertitta, stiff; PokerStars’ desperation; Parrotheads in Shreveport;

Posted on June 14, 2013 by David McKee

I can visit the Fremont Street Experience anytime I want, for free. So can guests at any Downtown hotel … except the Golden Nugget. In a vile new variation on the “resort fee” phenomenon, owner Tilman Fertitta is now tacking … Continue reading →

Posted in Atlantic City, Carl Icahn, Colony Capital, Current, Downtown, Indiana, Internet gambling, Louisiana, Tilman Fertitta, Tourism, Tropicana Entertainment | 2 Comments

Wynn gets serious in Massachusetts; Little racino bests Caesars

Posted on June 14, 2013 by David McKee

Steve Wynn is engaging a multi-pronged effort to clinch the favor of voters in Everett. Of course, if the Massachusetts Gaming Commission takes time off from generating paperwork to stop and be impressed by Wynn’s campaign, so much the better. Wynn’s … Continue reading →

Posted in Architecture, Current, Dan Gilbert, Harrah's, Massachusetts, Ohio, Pennsylvania, Racinos, Regulation, Steve Wynn, Taxes, Tribal | 1 Comment

Pinnacle: First the good news …; Cuomo strikes again

Posted on June 13, 2013 by David McKee

Pinnacle Entertainment has lined up $2.9 billion in financing for its takeover of Ameristar Casinos. (Wouldn’t it have been awkward if Wall Street had said, “No thanks”?) In case you’re wondering, the deal values Ameristar at 8X cash flow, a … Continue reading →

Posted in Ameristar, Current, Harrah's, Louisiana, MGM Mirage, Mississippi, New York, Pinnacle Entertainment, Regulation, Taxes, Tribal, Wall Street | 1 Comment

For sale: One mall, slightly used; Sheldon’s big buyback

Posted on June 6, 2013 by David McKee

Buried at the bottom of a J.P. Morgan analyst rep0rt on meetings with MGM Resorts International executives was a real corker: “[W]we would not be surprised to see MGM look to monetize some of CityCenter’s asset base, for example Crystals, … Continue reading →

Posted in CityCenter, Current, Economy, Entertainment, International, Macau, MGM Mirage, Sheldon Adelson, The Strip, Tourism, Wall Street | Comments Off on For sale: One mall, slightly used; Sheldon’s big buyback

Adelson’s troubles mount; Rage at Wynncore

Posted on June 5, 2013 by David McKee

Las Vegas Sands has been losing one court case after another, whether in Macao or at home in Las Vegas. But the sands really hit the fan today with the revelation that Sheldon Adelson‘s company is under the scrutiny by … Continue reading →

Posted in Cretins, Current, International, LVCVA, Macau, Regulation, Sheldon Adelson, Steve Wynn, The Strip | 1 Comment

Penn: Start making sense!; Casinos clean up in Lege

Posted on June 4, 2013 by David McKee

Casinos in Ohio have not been living up to revenue expectations. Given such a fallow market, what has Penn National Gaming decided to do? Break ground on two racinos, of course! One is in the Dayton area, the other — … Continue reading →

Posted in Boyd Gaming, Current, Dan Gilbert, Economy, Harrah's, Internet gambling, Macau, MGM Mirage, MTR Gaming, Neil Bluhm, Ohio, Penn National, Politics, Racinos, Sheldon Adelson, Slot routes, Stanley Ho, Station Casinos, World Series of Poker | 1 Comment

Don’t tell Sheldon!; East Coast misadventures

Posted on June 4, 2013 by David McKee

As EuroVegas appears on the verge of collapse, recent bulletins pile another indignity upon Sheldon Adelson. When Barcelona‘s BCN World wanted to add a casino, it reached 3/4 of the way around the globe to recruit … Melco Crown Entertainment … Continue reading →

Posted in Atlantic City, Harrah's, International, Internet gambling, Marketing, Massachusetts, Melco Crown Entertainment, New Hampshire, Ohio, Pennsylvania, Politics, Sheldon Adelson, Slot routes, Taxes, Transportation, Tribal | 2 Comments

The rest of the story: Boyd, IGT & Bally

Posted on June 3, 2013 by David McKee

While in Vegas, Deutsche Bank’s Carlo Santarelli dropped in on Boyd Gaming and … well, the news wasn’t as good there as on the Strip. He predicts a “tempered recovery,” adding that “expectations for an inflection in the LV locals … Continue reading →

Posted in Boyd Gaming, Current, IGT, Illinois, Internet gambling, Louisiana, Mississippi, Slot routes, The Strip, Tribal, Wall Street | Comments Off on The rest of the story: Boyd, IGT & Bally

Wall Street visits Vegas: Wynn, Sands & MGM

Posted on June 3, 2013 by David McKee

Like the pig in a ham-and-egg breakfast, Deutsche Bank is committed to Las Vegas, while many of its brethren (like the chicken) merely hold an interest. However, DB’s $4 billion grubstake fortunately does not preclude analyst Carlo Santarelli from dropping … Continue reading →

Posted in Cosmopolitan, Current, Economy, Entertainment, International, Macau, Marketing, Maryland, Massachusetts, Pennsylvania, Regulation, Sheldon Adelson, Steve Wynn, Wall Street | Comments Off on Wall Street visits Vegas: Wynn, Sands & MGM

Bad day for Okada; Good month for Macao

Posted on May 30, 2013 by David McKee

It’s back to the starting point for Kazuo Okada, controversial former business partner of Steve Wynn and CEO of Universal Entertainment Corp. The latter’s attempt to enter the Philippines casino market (left) fell apart along with a deal with Robinsons … Continue reading →

Posted in Current, Economy, International, Macau, Melco Crown Entertainment, MGM Mirage, Regulation, Stanley Ho, Steve Wynn | Comments Off on Bad day for Okada; Good month for Macao

Illinois: Not so fast!; Adelson pursues world domination

Posted on May 30, 2013 by David McKee

It really looked like the fix was in, the deal was done and existing casino operators in Illinois were about to thrown to the slaughter by legislators hungry for licensing fees. But the wheels of the grand plan are coming … Continue reading →

Posted in Current, Election, Illinois, International, Macau, Neil Bluhm, Penn National, Politics, Regulation, Sheldon Adelson, Slot routes, Taxes, The Strip, Tourism, Wall Street | 1 Comment

Pinnacle: The cost of the deal

Posted on May 30, 2013 by David McKee

Pinnacle Entertainment finds itself in an interesting pickle today: It’s awfully far into its Federal Trade Commission-blocked purchase of Ameristar Casinos to blow it up by, say, selling three or more Ameristar properties or otherwise triggering a fallout. And if … Continue reading →

Posted in Ameristar, CityCenter, Current, Harrah's, Internet gambling, Louisiana, Macau, Melco Crown Entertainment, MGM Mirage, Missouri, Penn National, Regulation, Sheldon Adelson, Vdara Death Ray, Wall Street, World Series of Poker | Comments Off on Pinnacle: The cost of the deal

Feds balk at Pinnacle/Ameristar deal

Posted on May 29, 2013 by David McKee

Given the supine attitude toward mergers and acquisitions that has prevailed in Washington, D.C., for the past 15 years and the routine, state-by-state approval of Pinnacle Entertainment‘s takeover of Ameristar Casinos, I had erroneously thought it a done deal. Not … Continue reading →

Posted in Cosmopolitan, Current, Economy, Harrah's, Illinois, Isle of Capri, Louisiana, MGM Mirage, Missouri, Penn National, Pinnacle Entertainment, Regulation, The Strip, Tourism, Wall Street | 2 Comments

Adelson: He’s taking it with him; Nevada casinos win one, in principle

Posted on May 29, 2013 by David McKee

Las Vegas Sands CEO Sheldon Adelson continues to burn through company at what would — for most ordinary firms — be a frightful clip. Clark County District Judge Rob Bare tacked $31.6 million onto a $70 million jury award to … Continue reading →

Posted in Current, Harry Reid, Macau, Marketing, Melco Crown Entertainment, Midnight Jim Gibbons, Politics, Regulation, Sheldon Adelson, Taxes | Comments Off on Adelson: He’s taking it with him; Nevada casinos win one, in principle

New Maryland casino a hit; Casino lobbying a flop; Next: Sands Markham?

Posted on May 29, 2013 by David McKee

A thousand people waiting to get into a casino on opening day would be nothing at all in Las Vegas. But at Maryland‘s penultimate casino, Rocky Gap Resort, it’s a positive omen, especially since the mini-sino has but 10 tables … Continue reading →

Posted in Atlantic City, Current, International, Internet gambling, Lyle Berman, Marketing, Maryland, Politics, Regulation, Sheldon Adelson, Singapore, Sports, Tribal | Comments Off on New Maryland casino a hit; Casino lobbying a flop; Next: Sands Markham?

The Caesars squeeze

Posted on May 28, 2013 by David McKee

While the emperor (CEO Gary Loveman) may have escaped the Ides of March this year, knots of discontented tribunes are gathering on the Forum steps, muttering darkly.  A cabal of hedge funds led by Silver Point Capital is looking at … Continue reading →

Posted in Current, Dan Gilbert, Economy, Internet gambling, Isle of Capri, Macau, Massachusetts, Ohio, Regulation, Station Casinos, Wall Street | 1 Comment

Massachusetts: Awkward timing

Posted on May 28, 2013 by David McKee

On July 16, MGM Resorts International will go before the voters of Springfield, Massachusetts, for approval as the city’s designated casino applicant. There’s no reason not to expect the company to win the election. However, the voters’ choice might get … Continue reading →

Posted in Current | Comments Off on Massachusetts: Awkward timing