Author Archives: David McKee

About David McKee

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Case Bets: MGM Mirage, Harrah's, Wynn, Shuffle Master, Taxes

Posted on March 17, 2009 by David McKee

As we wait for the MGM Mirage earnings report, signs of desperation mount. If the company is willing to cast away a pearl like new, costly and high-yielding MGM Grand Detroit, what isn’t sacred? Not even the corporate jet, provided … Continue reading →

Posted in Columbia Sussex, Current, Detroit, Economy, Goldman Sachs, Harrah's, Labor, Lake Tahoe, Louisiana, MGM Mirage, Mississippi, Pinnacle Entertainment, Shuffle Master, Steve Wynn, Taxes, Technology, Wall Street | Comments Off on Case Bets: MGM Mirage, Harrah's, Wynn, Shuffle Master, Taxes

A twist of Fator

Posted on March 17, 2009 by David McKee

We took in Saturday night’s opening of Terry Fator and his Cast of Thousands, as did quite a few C- and D-list celebrities, plus several MGM Mirage executives — no doubt enjoying 90 minutes’ respite from worrying about their company’s … Continue reading →

Posted in Cirque du Soleil, Current, Entertainment, Harrah's, MGM Mirage, The Strip, TV | Comments Off on A twist of Fator

Packer gets a discount; solving the I-15 problem

Posted on March 16, 2009 by David McKee

Though it can't seem to settle on a dollar figure for James Packer's renegotiated Cannery Casino Resorts purchase, this story makes one salient point: A $1.7 billion-plus acquisition could be converted into a 25% stake for $370 million-$390 million. That … Continue reading →

Posted in Australia, California, Cannery Casino Resorts, James Packer, Technology | Comments Off on Packer gets a discount; solving the I-15 problem

Station vs. Boyd IV: This time it's spite

Posted on March 16, 2009 by David McKee

Inside the wacky world that is Station Casinos' executive suite, business judgment is evidently trumped by getting even with your main adversary. How else to explain Station's eight-month push to get zoning approval for Losee Casino Station? The company is … Continue reading →

Posted in Architecture, Boyd Gaming, Politics, Station Casinos | 1 Comment

'M' is for 'mobbed'

Posted on March 16, 2009 by David McKee

Local naysayers have been gleefully predicting the swift demise of M Resort for weeks now. And I’ll admit I even entertained a few doubts as we drove out there yesterday morning. I mean, unless you live well south of Vegas … Continue reading →

Posted in Boyd Gaming, Dining, Donald Trump, Gary Goett, Harrah's, M Resort, Station Casinos | Comments Off on 'M' is for 'mobbed'

Nationalize the casinos?

Posted on March 12, 2009 by David McKee

Some news stories are too far-out crazy to ignore. This week, it’s XinhauNet‘s prognostication that Uncle Sam will go into the casino business any day now. Or, as the over-imaginative reporter puts it, “some people are talking about the possibility … Continue reading →

Posted in Architecture, Economy, MGM Mirage, Sheldon Adelson, The Strip | Comments Off on Nationalize the casinos?

Case Bets: Fasolt, etc.

Posted on March 12, 2009 by David McKee

A reader has asked how Fasolt got his name. I'm to blame for that, because he was called "Marble" when I met him. He was living in a foster home in Minneapolis, after a woman had thrown out her boyfriend … Continue reading →

Posted in Cirque du Soleil, Entertainment, Pets, Planet Hollywood, Regulation, The Strip | Comments Off on Case Bets: Fasolt, etc.

More M Resort pix

Posted on March 11, 2009 by David McKee

Armed with my first digital camera (which the Significant Other won during the brief run of "The Real Deal" at the Venetian), we scoped out M Resort on opening night. If Encore marked the return of "the red casino," M … Continue reading →

Posted in Architecture, Encore, M Resort, Technology, TV | Comments Off on More M Resort pix

Quote of the Day

Posted on March 11, 2009 by David McKee

"If only Boyd had thought of this! They could have had tourists PAYING to help them complete Echelon. The only thing I don't get is the air-conditioned cabs. That hardly seems like a realistic adventure." — Steve Friess on the … Continue reading →

Posted in Boyd Gaming, Entertainment | Comments Off on Quote of the Day

Nevada Lege sticks it to you

Posted on March 10, 2009 by David McKee

Although a few Democrats in the state Senate toyed with the idea of growing a spine and opposing raising the hotel-room tax, all of them — plus several Republicans — did the easy thing and opted for Plan A: Soak … Continue reading →

Posted in Cannery Casino Resorts, Economy, M Resort, Politics, Station Casinos, Taxes | Comments Off on Nevada Lege sticks it to you

Boyd cuts through the crap

Posted on March 10, 2009 by David McKee

There’s no longer any pretense whatsoever that Boyd Gaming‘s takeover offer for Station Casinos is being pitched to Station management. In its reply to Station CEO Frank Fertitta III‘s trash-talking refusal of Boyd’s offer, the latter posits that “the proposal … Continue reading →

Posted in Boyd Gaming, Station Casinos | Comments Off on Boyd cuts through the crap

Big bounce in Pennsylvania

Posted on March 5, 2009 by David McKee

Casino revenues in the Keystone State leapt 14% from February of Leap Year to this year, at least at six of the state's seven casinos. (Hollywood Casino at Penn National Race Course is excluded; it wasn't open a year ago.) … Continue reading →

Posted in Cannery Casino Resorts, Harrah's, James Packer, Neil Bluhm, Penn National, Pennsylvania, Sheldon Adelson, Taxes, Tribal | Comments Off on Big bounce in Pennsylvania

Scant love for Boyd, big love for M

Posted on March 5, 2009 by David McKee

I guess Fitch Ratings doesn’t have the stomach for Boyd Gaming‘s attempt to take over Station Casinos either. It’s downgraded Boyd, whose bonds sank “further into junk status.” Locals love M Resort, it would appear. The Anthony Marnell III property … Continue reading →

Posted in Boyd Gaming, M Resort, MGM Mirage, Station Casinos | Comments Off on Scant love for Boyd, big love for M

Wall Street swoons for Sands

Posted on March 4, 2009 by David McKee

That must have been some mighty tasty Kool-Aid that Las Vegas Sands CEO Sheldon Adelson was ladling out at the Reuters Travel & Leisure Summit yesterday. Had we not been hearing it from other news sources, one wouldn't put much … Continue reading →

Posted in Don Barden, Macau, Neil Bluhm, Pennsylvania, Sheldon Adelson, Singapore, Wall Street | Comments Off on Wall Street swoons for Sands

Casino commercial of the year

Posted on March 4, 2009 by David McKee

Although Sheldon Adelson‘s taunting of the president may have seemed very clever at the time, the joke might be on the mogul. Check out this inspired TV spot, dreamt up for the grand opening of the permanent racino at Indiana … Continue reading →

Posted in Atlantic City, Columbia Sussex, Economy, Indiana, Marketing, Sheldon Adelson | Comments Off on Casino commercial of the year

Case Bets: Bank shot, Sin City Express

Posted on March 4, 2009 by David McKee

In today's Movable Buffet, Richard Abowitz speculates on the possible evolution (devolution?) of Las Vegas from a boomtown built on junk bonds to critical-care patient who's a ward of the banks. To Abowitz's mention of the bank-owned Cosmopolitan, I would … Continue reading →

Posted in Colony Capital, Goldman Sachs, Morgans Hotel Group, Politics, Technology, Wall Street | Comments Off on Case Bets: Bank shot, Sin City Express

Harrah's new Atlantic City pitch

Posted on March 4, 2009 by David McKee

Two minutes of Asian American-oriented marketing messages, all of which boil down to, “Atlantic City: It’s not just for gambling anymore.” Lots of Total Rewards pluggery, as you’d expect, but oddly no mention of the new ACES train, of which … Continue reading →

Posted in Atlantic City, Boyd Gaming, Harrah's, Marketing | Comments Off on Harrah's new Atlantic City pitch

Station vs. Boyd III: This time it's personal

Posted on March 4, 2009 by David McKee

You really have to hand it to Station Casinos CEO Frank Fertitta III. This dude has more lives than a cat. Every time you think his luck has run out, he slips the noose yet again. So it was Tuesday. … Continue reading →

Posted in Boulder Strip, Boyd Gaming, Colony Capital, Current, Economy, Station Casinos, The Strip, Wall Street | Comments Off on Station vs. Boyd III: This time it's personal

This is your industry on crack

Posted on March 3, 2009 by David McKee

Finally, someone (in this case, Liz Benston) has written the definitive user-friendly analysis of how the casino industry crashed and burned. To try and quote the salient points would require little short of reprinting the entire article (to say nothing … Continue reading →

Posted in Boyd Gaming, Colony Capital, Downtown, Economy, Harrah's, Herbst Gaming, Isle of Capri, Louisiana, MGM Mirage, Missouri, Station Casinos, The Strip, Wall Street | Comments Off on This is your industry on crack

Harrah's enjoys bailout

Posted on March 3, 2009 by David McKee

“Critics argue that the tax-law change rewards companies that took on too much leverage during the credit bubble, such as those that were bought by private-equity firms.” Sound like anybody we know? How about Harrah’s Entertainment, which played Russian roulette … Continue reading →

Posted in Colony Capital, Economy, Harrah's, James Packer, Macau, Melco Crown Entertainment, MGM Mirage, Politics, Sheldon Adelson, Station Casinos, Taxes, Wall Street | Comments Off on Harrah's enjoys bailout