Author Archives: David McKee

About David McKee

Bio

Quote of the Day

Posted on January 26, 2009 by David McKee

"This was one of the smartest decisions Boyd ever made. They lost $500 million by stopping the project. If they had gone forward, they might have lost $5 billion and the company." — Macquarie Capital analyst Joel Simkins on Boyd … Continue reading →

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

Colorado casinos: Four votes, four wins

Posted on January 21, 2009 by David McKee

After a statewide vote approved 'round-the-clock operation at Colorado's non-tribal casinos (along with a 20X increase in betting limits and a wider repertory of games), the measure wasn't home and dry. It had to be voted through in Cripple Creek, … Continue reading →

Posted in Ameristar, Colorado, Election, Isle of Capri, Penn National, Regulation, Riviera | Comments Off on Colorado casinos: Four votes, four wins

The prodigal son

Posted on January 19, 2009 by David McKee

Poor Kerry Packer; the late Australian mogul and famous high roller must be doing all his rolling in the grave now. Reputed for being daring at baccarat and cautious in business, the media baron is at least spared the indignity … Continue reading →

Posted in Aristocrat, Boulder Strip, Cannery Casino Resorts, Cosmopolitan, Economy, Fontainebleau, International, James Packer, Macau, Melco Crown Entertainment, Pennsylvania, Singapore, Station Casinos, Steve Wynn, The Strip | Comments Off on The prodigal son

Sign of the times

Posted on January 19, 2009 by David McKee

Today we honor Dr. Martin Luther King Jr. and his ennobling vision, which finally appears to be within reach. Of course, some have a different way of celebrating this … I think I missed the part of the "I have … Continue reading →

Posted in Boyd Gaming, Economy | Comments Off on Sign of the times

Case Bets: CityCenter, Detroit, Boyd in Indiana

Posted on January 19, 2009 by David McKee

CityCenter: Cash cow or calf of gold? It’s received wisdom that, in its worship of the Golden Calf known as CityCenter, half-owner MGM Mirage is prepared to sacrifice some of its high-value properties, including MGM Grand Detroit, even in the … Continue reading →

Posted in Boyd Gaming, Economy, G2E, Indiana, Kansas, Macau, Marketing, MGM Mirage, Station Casinos, The Strip, Tribal, Wall Street | Comments Off on Case Bets: CityCenter, Detroit, Boyd in Indiana

Buyers' remorse

Posted on January 16, 2009 by David McKee

Even if hotelier and Westin Casuarina (above) owner Columbia Sussex succeeds in extricating itself from Tropicana Entertainment, it’s not out of the woods by a long chalk. It may have as little as nine months (or as many as 21) … Continue reading →

Posted in Columbia Sussex, Economy, International, MGM Mirage, Tropicana Entertainment, Wall Street | Comments Off on Buyers' remorse

Case Bets: Chicago, Wyndham, Harrah's

Posted on January 16, 2009 by David McKee

Anybody who still frets about "criminal elements" in Las Vegas casinos ought to turn their gaze toward Chicago instead, where such issues continue to dog the state's 10th casino license. The citizens of Waukegan lost their shot at a casino … Continue reading →

Posted in Alex Yemenidjian, Economy, Harrah's, Illinois, Indiana, International, Neil Bluhm, Plaza, The Strip, Tropicana Entertainment | Comments Off on Case Bets: Chicago, Wyndham, Harrah's

'Gang' at Encore

Posted on January 15, 2009 by David McKee

Yesterday saw an unusual — but altogether pleasant — change in the Vegas Gang routine, as we taped “on location” from a seventh-floor room in Encore, overlooking Echelon and the increasingly ominous Fontainebleau (so disproportionately massive it looms over its … Continue reading →

Posted in Architecture, Cloverfield monster, Current, Detroit, Fontainebleau, Harrah's, Illinois, Macau, MGM Mirage, Mississippi, Phil Ruffin, Stanley Ho, Steve Wynn, The Strip | Comments Off on 'Gang' at Encore

Quote of the Day

Posted on January 15, 2009 by David McKee

"For a casino worker, every day breathing second-hand smoke in the workplace is one too many. Everyone has the right to breathe smoke-free air — regardless of the color of their collar." — Americans for Nonsmokers Rights Executive Director Cynthia … Continue reading →

Posted in Colorado, Illinois, Labor, Regulation | Comments Off on Quote of the Day

$376 million for the Trop?

Posted on January 15, 2009 by David McKee

Secured creditors of Tropicana Entertainment are being asked to take haircuts of 14-27%, as details continue to emerge of the company's reorganization proposal. The bigger shave would go to debtors of the company's 10 non-Vegas properties, the value of whose … Continue reading →

Posted in Columbia Sussex, Economy, MGM Mirage, Tropicana Entertainment, Wall Street | Comments Off on $376 million for the Trop?

Rogues' gallery

Posted on January 15, 2009 by David McKee

After a fitful start, blogorrhea is sweeping the business desk of the Las Vegas Review-Journal, resulting a veritable flood of news nuggets today … Planet Hollywood prexy Michael Mecca has resigned to pursue the proverbial "other opportunities" at a time … Continue reading →

Posted in California, Cannery Casino Resorts, Columbia Sussex, Current, Dining, Economy, Entertainment, Harrah's, James Packer, Marketing, Mesquite, MGM Mirage, Planet Hollywood, Politics, Regulation, Reno, The Strip, Tropicana Entertainment | Comments Off on Rogues' gallery

'Gang' at Encore

Posted on January 15, 2009 by David McKee

Yesterday saw an unusual — but altogether pleasant — change in the Vegas Gang routine, as we taped "on location" from a seventh-floor room in Encore, overlooking Echelon and the increasingly ominous Fontainebleau (so disproportionately massive it looms over its … Continue reading →

Posted in Architecture, Cloverfield monster, Current, Detroit, Fontainebleau, Harrah's, Illinois, Macau, MGM Mirage, Mississippi, Phil Ruffin, Stanley Ho, Steve Wynn, The Strip | Comments Off on 'Gang' at Encore

Quote of the Day

Posted on January 15, 2009 by David McKee

"For a casino worker, every day breathing second-hand smoke in the workplace is one too many. Everyone has the right to breathe smoke-free air — regardless of the color of their collar." — Americans for Nonsmokers Rights Executive Director Cynthia … Continue reading →

Posted in Colorado, Illinois, Labor, Regulation | Comments Off on Quote of the Day

Buyback at Isle

Posted on January 14, 2009 by David McKee

As reader Bill Jones pointed out, Isle of Capri is making a first-come, first-served offer to retire 28% of senior debt at 55 cents on the dollar. (Official version here.) Wall Street wasn't impressed, with Isle stock -16% as of … Continue reading →

Posted in Ameristar, Isle of Capri, Riviera | Comments Off on Buyback at Isle

Penn Nat'l: Smoke everywhere, fire less evident

Posted on January 14, 2009 by David McKee

Despite story upon story, Penn National Gaming refuses to oblige the Las Vegas Review-Journal and purchase The Mirage. (This was the paper that pooh-poohed the Phil Ruffin/El Ad deal when it began to break.) While — for all we know … Continue reading →

Posted in Colony Capital, Entertainment, Harrah's, MGM Mirage, Penn National, Phil Ruffin, Steve Wynn, The Strip | Comments Off on Penn Nat'l: Smoke everywhere, fire less evident

From A(ztar) to Z(ilch)

Posted on January 13, 2009 by David McKee

If Tropicana Entertainment management's bankruptcy plan is accepted by the courts (one bond analyst thinks otherwise), former CEO/sole owner William J. Yung III will be left with — what's the technical term? — diddly squat. (So will his unsecured creditors, … Continue reading →

Posted in Atlantic City, Columbia Sussex, Economy, Indiana, Lake Tahoe, Laughlin, Louisiana, Marketing, Mississippi, Penn National, Pinnacle Entertainment, Regulation, The Strip, Tropicana Entertainment, Wall Street | Comments Off on From A(ztar) to Z(ilch)

Lanni: The official story

Posted on January 12, 2009 by David McKee

My favorite exchange in one of my favorite current TV series, Mad Men, takes place when weasel-like junior exec Pete Campbell (Vincent Kartheiser) goes to rat out his boss, Donald Draper (Jon Hamm), to company owner Bertram Cooper (the cunningly … Continue reading →

Posted in Columbia Sussex, Current, Detroit, Harrah's, International, MGM Mirage, Phil Ruffin, Regulation, Station Casinos, The Strip, TV | Comments Off on Lanni: The official story

Harrah's Chapter 11 Watch

Posted on January 12, 2009 by David McKee

Wait 'til the sun shines, Caesar. Every so often there's a news story to which the only appropriate response is, "Holy shit!" Then again, it wasn't so long ago on the Vegas Gang that Jeff Simpson was reporting finding whole … Continue reading →

Posted in Boyd Gaming, Current, Economy, Harrah's, MGM Mirage, Sheldon Adelson, The Strip | Comments Off on Harrah's Chapter 11 Watch

Good thing they don't gamble … do they?

Posted on January 9, 2009 by David McKee

(Well, only with their shareholders' money, perhaps.) Huffington Post, with the considerable assistance of VegasTripping.com, has sifted through the contributions of casino industry moguls during the last election cycle and all I can say is I'm sure glad these folks' … Continue reading →

Posted in Boyd Gaming, Columbia Sussex, Election, Fontainebleau, George Maloof, Harrah's, Kentucky, MGM Mirage, Phil Ruffin, Politics, Sheldon Adelson, Station Casinos, Steve Wynn, Tilman Fertitta | Comments Off on Good thing they don't gamble … do they?

Something new for Downtown

Posted on January 8, 2009 by David McKee

Roughly two months hence, the El Cortez will open its extension, the Cabana Suites at the El Cortez (yes, that's the full name). It's to be a 64-unit mix of rooms, mini-suites and suites. According to the PR folks … … Continue reading →

Posted in Downtown | Comments Off on Something new for Downtown