What do you do when your slot revenues are declining? Build more casinos, of course! That’s the idea Mohegan Sun is pushing in Connecticut, with the help of a few well-placed lawmakers. It’s a no-brainer … as in, you’d have to have no brain to think it’ll work. Foxwoods Resort Casino is staying on the sidelines for now, but Mohegan Sun’s concept appears to be build satellite casinos to capture Connecticut gamblers who might try to escape over the border to Massachusetts (or New York).
One interesting thing that has come of this is Mohegan Sun’s commitment that “We did not win the competition for a [Boston] license and so now we are ready to compete for the business of Connecticut gaming casino gaming enthusiasts.” If Beantown Mayor Martin “McCheese” Walsh gets the urge to sue Wynn Resorts in favor of Suffolk Downs, it could be a great deal more difficult now that he no longer has Mohegan Sun for a stalking horse.
* Rather than rushing to an expedient, day-after-the-election decision, Wisconsin Gov. Scott Walker (R) is going to take the matter of a Menominee Indian Tribe casino right down to the last day available. “We’ll use the full legal process available to us,” Walker said somewhat cryptically. Since it would increase gambling capacity in Wisconsin and lacks the support of the Forest County Potowatomi, the Hard Rock-branded project would appear to have two strikes against it in his book. If Potowatomi revenue-sharing dollars with the state are imperiled by a Menominee project, so much the worse for the latter. “It could be about $100 million or more,” Walker said, “and that’s a real concern for us.”
* The Cosmopolitan of Las Vegas proceeds to eke its way, slowly, toward breaking even, helped along by an 11% revenue increase. Long the trailblazer, food and beverage revenues maxed out at 3% up but casino revenue was up 25%, hitting the $55.5 million mark. Entertainment and retail also continued to grow impressively as cash spigots, gushing out a 38% increase, while hotel rooms generated 20% more than 3Q13. Cosmo management issued a “victory is ours” press release, even though they continue to lose money by the bushel.
* “We continue to note an apparent lag between improving economic conditions and 
gaming growth,” sayeth Union Gaming analyst Robert Shore, summarizing the mystery that is the Las Vegas locals market. We keep being told that the economy is improving, jobless numbers are down but locals-casino numbers just aren’t rebounding as they ought. Amidst this context, small operators are playing an Alphonse-and-Gaston act with Resorts World Las Vegas. We’re into November and yet there’s no sign of Genting Group‘s promised autumn groundbreaking. Yet Boyd Gaming and Station Casinos must dance attendance on Genting, and the thousands of construction and (eventually) casino workers it will bring … they hope.
In the meantime, MGM Resorts International‘s 600 construction workers aren’t going to cut it, even if the breed traditionally works and plays hard. In the meantime, around here if you hear of a new business opening, likely as not it’s a thrift store. Disconnects abound in our local economy (and SLS Las Vegas is temporarily closing its buffet).
