Author Archives: David McKee

About David McKee

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Gone baby, gone

Posted on August 5, 2010 by David McKee

“[T]he confidence that ­property prices and stock markets would permanently defy gravity” is a phrase that perfectly encapsulates how the casino industry got itself into its present pickle. In what other mindset could an industry convince itself that it could … Continue reading →

Posted in Archon Corp., Atlantic City, Boyd Gaming, Cannery Casino Resorts, CityCenter, Colony Capital, Cosmopolitan, Current, Dining, Economy, Encore, Entertainment, Environment, Fontainebleau, Harrah's, history, Marketing, MGM Mirage, Regulation, Station Casinos, Steve Wynn, Taxes, The Strip, Tourism, Wall Street | 4 Comments

Quote of the Day

Posted on August 5, 2010 by David McKee

“Think of the American economy as a large apartment block. A century ago – even 30 years ago – it was the object of envy. But in the last generation its character has changed. The penthouses at the top keep … Continue reading →

Posted in Current, Economy | 1 Comment

Ruffin: No bull

Posted on August 4, 2010 by David McKee

Treasure Island owner Phil Ruffin and his beloved mechanical bull made a guest appearance on CNBC and, characteristically, pulled no punches. (Ruffin, that is. The bull had no comment.) Even as MGM Resorts International, Harrah’s Entertainment and Las Vegas Sands … Continue reading →

Posted in Carl Icahn, Current, Donald Trump, Economy, Fontainebleau, Harrah's, MGM Mirage, Phil Ruffin, Sheldon Adelson, The Strip, Tourism, Tropicana Entertainment, TV | 6 Comments

Quote of the Day

Posted on August 4, 2010 by David McKee

“It’s a risky story. We weren’t overly impressed with the results.” — Stern, Agee & Leach‘s David Bain on MGM Resorts International‘s 2Q10 revenues. CityCenter (left) lost $128 million in the quarter.

Posted in CityCenter, Current, Economy, MGM Mirage, Wall Street | Comments Off on Quote of the Day

The Tamares shuffle

Posted on August 4, 2010 by David McKee

Musical chairs continue at Tamares Group‘s downtown Las Vegas collection of crumbling casinos. Bobby Ray Harris is out as casino manager and Anthony F. Santo is in. Otherwise, it was the same old song and dance. $20 million worth of … Continue reading →

Posted in Atlantic City, Carl Icahn, Current, Downtown, Harrah's, history, International, Regulation, Station Casinos, Tamares Group, Transportation, Tropicana Entertainment | 2 Comments

East Coast winners, losers; Angle’s strange bedfellows

Posted on August 4, 2010 by David McKee

I’ve become well and truly tired of writing about Massachusetts and its political establishment’s inability to get its act together on casino legalization. Suffice it to say that with Gov. Deval Patrick and House Speaker Robert DeLeo (left) firmly entrenched … Continue reading →

Posted in Atlantic City, Current, Economy, Election, Entertainment, Harrah's, Horseracing, Massachusetts, Pennsylvania, Politics, Racinos, Sheldon Adelson | 5 Comments

Quote of the Day

Posted on August 3, 2010 by David McKee

“You know that if I walked on water, my opponents would complain that I can’ t swim.” — Gov. Deval Patrick (D-MA), who rejected a two-racino/three-casino legislative compromise, taking a hard-line stance. By letting the perfect be the enemy of … Continue reading →

Posted in Current, Massachusetts, Politics, Racinos | Comments Off on Quote of the Day

Bad quarters for MGM, Boyd

Posted on August 3, 2010 by David McKee

Undershooting Wall Street‘s expectations for 2Q10, MGM Resorts International missed analyst projections and also took a big-ass writedown on CityCenter (above) consigning $1.2 billion to the dustbin. Hotel occupancy was up from 85% to 93% overall (although RevPAR slipped a … Continue reading →

Posted in Atlantic City, Boulder Strip, Boyd Gaming, CityCenter, Current, Downtown, Economy, Marketing, MGM Mirage, Sheldon Adelson, Station Casinos, Steve Wynn, The Strip, Tourism, Wall Street | 5 Comments

Business is booming … overseas

Posted on August 3, 2010 by David McKee

At some point, Peking may decide that Macao is overheated but for the moment it’s simply red-hot. Revenues vaulted 70% last month, to the tune of $2 billion U.S. dollars (or $25,435,856,924 Zimbabwean), the second-best number in Macanese history. Wynn … Continue reading →

Posted in Architecture, Current, Economy, Genting, International, James Packer, Lawrence Ho, Macau, Marketing, Melco Crown Entertainment, MGM Mirage, Movies, Pansy Ho, Regulation, Sheldon Adelson, Singapore, Stanley Ho, Steve Wynn, Technology, Tourism, Transportation, Wall Street | 1 Comment

CityCenter: Can’t stop the bashing

Posted on August 3, 2010 by David McKee

Won’t someone please give Sharron Angle a hammer so she can go over to Aria and start smashing windows or something? (If it lets more light into that damnably dank casino floor, she’s got my vote.) The woman’s carrying a … Continue reading →

Posted in Atlantic City, CityCenter, Current, Economy, Election, Harrah's, Harry Reid, MGM Mirage, Movies, Reno, Steve Wynn, Wall Street | 1 Comment

Quote of the Day

Posted on August 1, 2010 by David McKee

“Living in Nevada is like sitting at a restaurant table where everyone’s kind of a cheapskate. Nobody here wants to pay taxes but you need that to have a competent government.” — Green Party gubernatorial candidate David Curtis.

Posted in Current, Economy, Election, Taxes | 3 Comments

Fertittas win: Boyd calls it quits

Posted on July 30, 2010 by David McKee

Boyd Gaming threw in the towel today, ending its pursuit of two-thirds of Station Casinos‘ assets. This makes it virtually a shoo-in that sock-puppet bidder Fertitta Gaming will prevail at the upcoming bankruptcy auction. The latter, a front for Station … Continue reading →

Posted in Atlantic City, Boyd Gaming, Colony Capital, Current, Economy, Herbst Gaming, MGM Mirage, Regulation, Station Casinos, Wall Street | 6 Comments

Must-see TV

Posted on July 30, 2010 by David McKee

Now that The Greatest TV Show of All Time (sorry, Star Trek) is back for Season Four, here’s Christina Hendricks, who portrays my favorite Mad Men character, Joan Holloway. In this interview, she has a Joan Holloway-like effect on the … Continue reading →

Posted in Cirque du Soleil, CityCenter, Cretins, Current, Entertainment, MGM Mirage, The Strip, TV | 1 Comment

Concord in Massachusetts; Mixed bag at Melco

Posted on July 30, 2010 by David McKee

It’s been leaked to the Boston Globe that a deal is at hand that would resolve the impasse currently holding casino-enabling legislation at bay. While still probably not to Gov. Deval Patrick‘s liking (he wants one racino, the compromise bill … Continue reading →

Posted in Arizona, Bally Technologies, Current, Detroit, Economy, Election, IGT, James Packer, Lawrence Ho, Macau, Melco Crown Entertainment, Politics, Racinos, Sheldon Adelson, Slot routes, Steve Wynn, The Strip, Tourism, WMS Industries | Comments Off on Concord in Massachusetts; Mixed bag at Melco

Quote of the Day

Posted on July 30, 2010 by David McKee

“The WWW charges a resort fee? Ha ha ha ha ha.” — LVA reader “The Ump,” on Station Casinos‘ Days Inn at Wild Wild West Gambling Hall, which imposes a $4.95/night “local casino amenity fee.”

Posted in Harrah's, Station Casinos, Tourism | 4 Comments

From the mailbag

Posted on July 30, 2010 by David McKee

A mystery illness has debilitated me off and on (more “on” than “off,” sadly) for the past seven days. Fortunately, lively reader debate in the “Comments” threads have kept things ticking over nicely in my absence. Also, I sometimes get … Continue reading →

Posted in Carl Icahn, Colony Capital, Current, Dining, Economy, Fontainebleau, Harrah's, IGT, Laughlin, MGM Mirage, Planet Hollywood, Riviera, Technology, The Strip, Tourism | 4 Comments

Quote of the Day

Posted on July 27, 2010 by David McKee

“The gaming industry in particular viewed itself as nearly invulnerable, and Las Vegas … viewed itself as a place that could continually transform and develop a new destination that would be successful. This time around, it just didn’t work.” — … Continue reading →

Posted in Economy, history, The Strip | 1 Comment

Like I’ve been saying …

Posted on July 27, 2010 by David McKee

… strength in hotel rates is a top-down proposition, with such “recovery” as we’re seeing being driven by high-end product. The renewed strength in the business-travel sector also jibes with reports we’ve been getting from Las Vegas Sands and MGM … Continue reading →

Posted in Atlantic City, Economy, Harrah's, MGM Mirage, Sheldon Adelson, The Strip, Wall Street | 1 Comment

Barbour’s futile tilt?

Posted on July 27, 2010 by David McKee

It’s not just Mississippi Gov. Haley Barbour who opposes a planned Choctaw Indian casino in upstate Laurel (birthplace of soprano Leontyne Price). Several other Bayou State bigwigs have expressed displeasure. Now the governor’s taking the Choctaws to court, although it’s … Continue reading →

Posted in Current, Election, Florida, history, Mississippi, Regulation, Tribal | 7 Comments

Quote of the Day

Posted on July 26, 2010 by David McKee

“I found a business that has a good story. Despite all the attacks on the business, this is a business that’s never held its hand out, never asked for subsidies.” — former Penn National Gaming executive and would-be Gettysburg casino … Continue reading →

Posted in Economy, history, Penn National, Pennsylvania | 1 Comment