Author Archives: David McKee

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Echelon no more: Boyd humiliated yet again; Caesars pulls another plug

Posted on March 4, 2013 by David McKee

If you’ll pardon my vulgarity, shit got real while I was tied up with other projects. Last week’s sale of excess baggage Dania Jai-Alai in Florida was just a tiny prelude to this morning’s blockbuster: Echelon is kaput. Instead, Boyd Gaming … Continue reading →

Posted in Architecture, Atlantic City, Boyd Gaming, Carl Icahn, CityCenter, Current, Downtown, Economy, Environment, Florida, Fontainebleau, Genting, Harrah's, history, International, Kansas, Mississippi, New York, Plaza, Politics, Racinos, Regulation, Sahara, Singapore, Station Casinos, The Strip, Wall Street | 7 Comments

Pinnacle expands, Boyd loses face

Posted on February 28, 2013 by David McKee

Jeez, I go on sabbatical to attend to other writing commitments and hella history breaks loose: Internet gambling is now the law of Nevada and New Jersey (so much for federal legalization being “just around the corner,” huh?), Caesars Entertainment … Continue reading →

Posted in Boyd Gaming, Current, Florida, Harrah's, Internet gambling, Louisiana, Pinnacle Entertainment, Politics, The Strip | 4 Comments

Revel goes bust

Posted on February 19, 2013 by David McKee

In the most inevitable headline of 2013, Revel has — brace yourselves — filed for bankruptcy. It will become the latest in a long string of casinos that are owned and run by banks: Two-thirds of outstanding debt will be … Continue reading →

Posted in Atlantic City, Cosmopolitan, Current, Dining, Economy, Entertainment, Marketing, Revel, Wall Street | 6 Comments

Caudill: Binion’s open for business

Posted on February 19, 2013 by David McKee

Ixnay those Binion’s Gambling Hall-closure rumors. Owner Terry Caudill rang up Anthony Curtis to say that it’s (mostly) business as usual at the Downtown fixture. “Neither the casino nor the steakhouse is closing,” he told Curtis. “We have minor projects … Continue reading →

Posted in Current, Dining, Downtown, Entertainment, Terry Caudill | 2 Comments

Your move, Steve Wynn

Posted on February 18, 2013 by David McKee

Philadelphia casino-applicant frontrunner Bart Blatstein has a new sidekick. He’s ditched Hard Rock International in favor of … Isle of Capri Casinos. It’s a big win for Isle and a very embarrassing public setback for the Seminole Tribe, which Blatstein … Continue reading →

Posted in Current, Iowa, Isle of Capri, Penn National, Pennsylvania, Steve Wynn, Tribal | 2 Comments

Case Bets: Binion’s redux; Dr. Doom; Everybody goes to Caesars

Posted on February 15, 2013 by David McKee

Today’s top story is the rumor, first aired on LasVegasAdvisor.com that Binion’s Gambling Hall & Hotel will close in July, lock, stock and million-dollar display. This dovetails with an earlier report that a detailed makeover is in the works. So … Continue reading →

Posted in Architecture, Atlantic City, California, Dan Gilbert, Derek Stevens, Dining, Downtown, Economy, Harrah's, Illinois, Indiana, Internet gambling, Marketing, Massachusetts, Ohio, Oscar Goodman, Palms, Penn National, Pennsylvania, Problem gambling, Racinos, Slot routes, Taxes, Technology, Terry Caudill, The Strip, Tilman Fertitta, Tribal | 3 Comments

Crunch time

Posted on February 15, 2013 by David McKee

Photo by Susannah Smitherman As though S&G correspondence hasn’t been spotty enough of late, thanks to “Maloof Flu,” a number of other external factors will be impinging on your weekly flow of ephemera and arcana. Deadlines for USA Today, Las … Continue reading →

Posted in Current, Entertainment | 1 Comment

Trump: And then there was one

Posted on February 14, 2013 by David McKee

What’s an Atlantic City casino worth? Not too bloody much, especially if the name of Donald Trump is emblazoned across the façade. Trump Entertainment Resorts has parted with unloved, unremunerative Trump Plaza and truly for a pittance — $20 million. … Continue reading →

Posted in Atlantic City, Colony Capital, Current, Donald Trump, Economy, Entertainment, Reno, Revel, Tropicana Entertainment | 11 Comments

SLS/Sahara: Nazarian gets his green (cards); Caesars green-lit for Cincy

Posted on February 14, 2013 by David McKee

Just when Sam Nazarian‘s mooted reinvention of the defunct Sahara as SLS Las Vegas looked dead and gone, The Naz slipped in under the wire with all the offshore money he required and a bit more: Sahara Sam needs $115 … Continue reading →

Posted in Current, Dan Gilbert, Downtown, Economy, Harrah's, International, Maryland, Ohio, Racinos, Regulation, Sahara, The Strip, Tourism | Comments Off on SLS/Sahara: Nazarian gets his green (cards); Caesars green-lit for Cincy

An indispensable man; MGM’s two-front campaign

Posted on February 14, 2013 by David McKee

French statesman Georges Clemenceau once dryly remarked that the cemeteries are full of indispensable men. Clemenceau’s quip obtained fresh sting this week when the gaming world lost Dr. William Eadington. The industry scholar has been struggling with cancer for a … Continue reading →

Posted in Atlantic City, Boyd Gaming, Current, history, Internet gambling, Macau, Massachusetts, MGM Mirage, Pansy Ho, Penn National, Problem gambling, Regulation, Revel, Stanley Ho, Technology | Comments Off on An indispensable man; MGM’s two-front campaign

Palms 1, McKee 0

Posted on February 13, 2013 by David McKee

A one-night “staycation” the Palms was my undoing, as I contracted a severe cold and have been bedridden ever since. Coincidence? You make the call. Incidentally, at an event for local journos, I couldn’t help notice that many of the … Continue reading →

Posted in Palms, The Strip, Wall Street | 1 Comment

MGM back into Atlantic City?

Posted on February 8, 2013 by David McKee

MGM Resorts International has a 50% stake in Borgata that nobody wants … except MGM. In bolstering move that Atlantic City sorely needs, MGM may get to reclaim its half of the resort (with the support of partner Boyd Gaming), … Continue reading →

Posted in Atlantic City, Boyd Gaming, Current, Economy, Election, Horseracing, Internet gambling, Macau, Maryland, Massachusetts, MGM Mirage, Penn National, Regulation, Stanley Ho, The Mob | 1 Comment

December in Vegas: The house won; Sheldon of La Mancha

Posted on February 8, 2013 by David McKee

There are gambling markets … and then there’s Las Vegas. Players opened their wallets — oh, did they ever — and lost big. Casino winnings on the Las Vegas Strip were up 13.5% and Nevada casinos overall did 10% better … Continue reading →

Posted in Boulder Strip, Boyd Gaming, Current, International, Lake Tahoe, Laughlin, Marketing, Mesquite, North Las Vegas, Reno, Sheldon Adelson, The Strip, Tourism, Wall Street | 2 Comments

Indiana: The good, the bad, the ‘meh’; Vegas: What’s that smell?

Posted on February 8, 2013 by David McKee

January casino revenues from Indiana present a conundrum. Although the state is still the most lucrative casino jurisdiction in the Midwest ($192 million last month), it’s hard to tell whether the half-full glass is filling or emptying. Foot traffic was … Continue reading →

Posted in Ameristar, Cordish Co., Current, Don Barden, Economy, Environment, Harrah's, Illinois, Indiana, Internet gambling, Kentucky, Laughlin, Mesquite, Minnesota, Penn National, Politics, Racinos, Tourism, Wall Street | 1 Comment

Quote of the Day

Posted on February 7, 2013 by David McKee

“IGT’s valuation is near its all-time low on the basis of net income and cash flow. We believe this reflects the investment community’s lack of faith in the operating strategy and capital allocation decisions of IGT management and the board.” … Continue reading →

Posted in Current, IGT, Wall Street | Comments Off on Quote of the Day

Christie: Oops, he did it again; Maryland: Take my casino, please

Posted on February 7, 2013 by David McKee

New Jersey Gov. Chris Christie (R) loves to veto Internet gambling bills so much that he’s just done it for a second time. There was incremental progress: In punting the ball to the Legislature’s one-yard line, Christie endorsed the idea … Continue reading →

Posted in Atlantic City, Current, Economy, Goldman Sachs, Harrah's, Internet gambling, Marketing, Maryland, Massachusetts, Penn National, Politics, Regulation, Steve Wynn, Taxes, The Strip, Tribal | Comments Off on Christie: Oops, he did it again; Maryland: Take my casino, please

Ameristar: No surprises; Illinois, Iowa and Ohio all soft

Posted on February 7, 2013 by David McKee

A preview of Ameristar Casinos‘ 4Q12 report draws an about-what-we-expected reaction from Joseph Greff of J.P. Morgan. Ameristar narrowly missed most of Wall Street‘s expectations, a result Greff partially attributes to “sluggish … regional gaming spend.” Hardest-hit by the competition … Continue reading →

Posted in Boyd Gaming, Colorado, Current, Detroit, Economy, Harrah's, Illinois, Iowa, Isle of Capri, Kansas, MGM Mirage, Mississippi, Missouri, MTR Gaming, Neil Bluhm, Ohio, Penn National, Pinnacle Entertainment | Comments Off on Ameristar: No surprises; Illinois, Iowa and Ohio all soft

All roads lead to Springfield

Posted on February 6, 2013 by David McKee

That idyllic scene above is not Massachusetts but Vermont. However, the Green Mountain State is not only shaped like a funnel, it is one, an untapped market just waiting to be drained by whichever casino lands the coveted western Massachusetts … Continue reading →

Posted in Ameristar, Architecture, Economy, Election, Harrah's, Massachusetts, MGM Mirage, Penn National, Pennsylvania, Pinnacle Entertainment, Politics, Regulation, Sheldon Adelson, Steve Wynn, Tribal, Wall Street | Comments Off on All roads lead to Springfield

Caesars: Cui bono?; Loveman woos Britney

Posted on February 6, 2013 by David McKee

Our question for the day is, “Who benefits?” Taking the long view of Caesars Entertainment to bundle a mixed bag of Planet Hollywood, its-casino-to-be in Baltimore and Caesars Interactive, in whose interest is it to purchase minority stakes, since CEO … Continue reading →

Posted in Boyd Gaming, Cirque du Soleil, CityCenter, Cosmopolitan, Current, Dan Gilbert, Entertainment, Harrah's, International, Internet gambling, Kansas, Louisiana, Maryland, MGM Mirage, Missouri, Ohio, Penn National, Planet Hollywood, Steve Wynn, Taxes, The Strip, Wall Street | 1 Comment

Santarelli bails on SGMS; Blasts from the recent past

Posted on February 5, 2013 by David McKee

Scientific Games has lost the faith of Deutsche Bank‘s Carlo Santarelli. The analyst put out a “sell” recommendation this morning on SGMS stock, issuing a new target price of $6/share, down from $7. (Scientific was trading at $9.49 at the … Continue reading →

Posted in Columbia Sussex, Current, Economy, Harrah's, Marketing, Scientific Games, The Strip, Wall Street, WMS Industries | 1 Comment