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Category Archives: Atlantic City
Most happy fella; Grumbling on the Boardwalk
Although Sheldon Adelson was laying covetous eyes upon the Meadowlands last week — and reiterating his risible drivel about the mystical power of brick-and-mortar casinos to deter problem gambling — for the time being Las Vegas Sands is upping its bet … Continue reading
Posted in Atlantic City, Carl Icahn, Dining, Glenn Straub, Hard Rock Hotel, Marketing, Pennsylvania, Problem gambling, Revel, Sam Nazarian, Sheldon Adelson, Singapore, The Strip, Trump Entertainment Resorts
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Let the games begin
After New Jersey‘s attorney generally unilaterally declared sports betting to be legal in the Garden State, the U.S. Department of Justice and four major sports leagues expressed their displeasure by going to court, seeking a reversal of the edict. In … Continue reading
Posted in Atlantic City, Environment, Genting, International, MGM Mirage, Reno, Sports
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Atlantic City: Dim hopes and massive debts
Brookfield Property Partners, new owners of Revel is planning to get back into the casino wars in Atlantic City. “Revel is a brand-new trophy asset on the beachfront, which we are acquiring at a substantial discount to replacement cost. We are excited about … Continue reading
Wynn: Think big; Genting: Spend big
When Steve Wynn opened The Mirage in 1989, it was the beginning of the end of the era when the casino was the dominant revenue source in Las Vegas resorts. Restaurants, shows and hotel rooms all became profit centers. But … Continue reading
Posted in Atlantic City, Entertainment, Florida, G2E, Genting, Harrah's, history, Macau, Massachusetts, MGM Mirage, New Hampshire, New York, Steve Wynn, The Strip
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Boyd, Pinnacle speak
Both Boyd Gaming and Pinnacle Entertainment met with Wall Street analysts this week, everybody being in town for Global Gaming Expo. Boyd CEO Keith Smith and CFO John Hirsberg said they saw an abatement in negative business trends, now confined … Continue reading
Posted in Ameristar, Arizona, Atlantic City, Boyd Gaming, Downtown, Louisiana, Ohio, Penn National, Pinnacle Entertainment, Racinos, Tilman Fertitta, Tribal, Wall Street
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Quote of the Day
“It just gives you a dirty feeling, like you want to take a shower.” — Glenn Straub, on the interminable bankruptcy auction for Revel, now adjourned until Sept. 30.
Posted in Atlantic City, Glenn Straub, Revel
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Icahn to rescue Taj?
Always unpredictable, Carl Icahn has thrown Trump Entertainment Resorts a lifeline. He’s talking about making a $100 million purchase of the failing property, rolling his $286 million marker into equity … but he’s demanding what are described as “sizeable concessions” from … Continue reading
Posted in Atlantic City, Carl Icahn, Colorado, Election, Harrah's, Isle of Capri, Louisiana, Maryland, Massachusetts, MGM Mirage, Mississippi, Pinnacle Entertainment, Tropicana Entertainment, Trump Entertainment Resorts
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Wynn: What, me worry?; Clouds over Wisconsin
Steve Wynn is taking the softness of the Macao market in stride. “When you see that kind of adjustment, you adjust your business. You take tables away from VIP and put them into mass or premium mass,” he told Chinese reporters. … Continue reading
Posted in Atlantic City, Economy, Florida, Hard Rock International, Illinois, Japan, Macau, Politics, Sheldon Adelson, Steve Wynn, Tribal, Trump Entertainment Resorts, Wisconsin
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Bad news in New York and Macao
In a setback for all regions of New York State that are eligible for a casino (or two), the casino-siting board has made it clear it’s taking a serious look at the “up to four” clause in the licensing process. … Continue reading
Posted in Atlantic City, California, Economy, Illinois, Internet gambling, Macau, New York, Ohio, Pennsylvania, Regulation, Wall Street, West Virginia
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Ultimate pulls the plug on A.C.
Ultimate Gaming is exiting Atlantic City but don’t take that as a slight on the New Jersey market for Internet gambling. Ultimate lost patience with dubiously solvent Trump Taj Mahal, which it accuses of being two months in arrears and owing … Continue reading
Atlantic City: The good, the bad and the very ugly
Taking a glass-half-full view of Atlantic City, CEO of MGM Resorts International Jim Murren wanted back in. Why not, when it means having half of by far the dominant joint in town, Borgata? Now that MGM has been vetted and … Continue reading
Posted in Atlantic City, Boyd Gaming, Carl Icahn, Donald Trump, Glenn Straub, Harrah's, Internet gambling, Japan, Massachusetts, Mohegan Sun, Revel, Trump Entertainment Resorts
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Why is this man smiling?; The daffy world of Glenn Straub
“Restructure! Restructure! Restructure! That’s all he ever does because that’s all he can do!” That was a friend of mine, speaking in exasperation of Donald Trump. However, today the remark could be updated to refer to Gary Loveman. The CEO … Continue reading
Posted in Architecture, Atlantic City, Donald Trump, Glenn Straub, Harrah's, IGT, Maryland, Massachusetts, MGM Mirage, Revel, Transportation, Wall Street
1 Comment
Caesars inspires legislation; Decision time for Wynn
As New Jersey forces the issue of sports betting, two lawmakers are offering the major leagues the one thing they can’t resist: money. State Sen. James Whelan (D) and Asm. Vincent Mazzeo (D) are propounding a quarter-of-a-percent tax on all wagers. … Continue reading
Posted in Atlantic City, Election, Glenn Straub, Harrah's, Massachusetts, MGM Mirage, Mohegan Sun, Penn National, Politics, Revel, Sports, Steve Wynn
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Oh no, not him again!
Donald Trump is posturing as the potential rescuer of Trump Plaza and Trump Taj Mahal, provided he can get them dirt cheap. (Principal creditor Carl Icahn will have a thing or two to say about that.) In true Trump fashion, he … Continue reading
Revel draws more interest; Risky business
Glenn Straub having put $130 million in escrow just in case his $90 million, all-cash bid on Revel doesn’t do the trick, other bidders are tipping their hands. Money doesn’t mean much to California developer Richard Meruelo, who forfeited a … Continue reading
Posted in Atlantic City, Glenn Straub, Neil Bluhm, Ohio, Penn National, Pennsylvania, Regulation, Revel, Technology, Tilman Fertitta
1 Comment
Quote of the Day
“This is the first time in this case there seems to be a buzz going on.” — Bankruptcy Court Judge Gloria Burns, on an acrimonious hearing for Revel, marked by “threats of litigation if the auction was postponed, complaints that [buyer Glenn … Continue reading
Posted in Atlantic City, Glenn Straub, Revel
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Cycle of futility; Hard luck in Indian Country
As the casino industry braces itself for Global Gaming Expo, this could hardly be a worse moment to be hawking slot machines. Not only is it undergoing a painful contraction but new markets (like Boston and Washington, D.C.) are a … Continue reading
Posted in Atlantic City, Bally Technologies, California, Economy, G2E, Harrah's, IGT, Maryland, Massachusetts, Mississippi, Revel, Scientific Games, Station Casinos, Tribal, Trump Entertainment Resorts
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When a loss is a gain
Come this time next month, we could easily be reporting year/year gains in Atlantic City. Last month, as Revel and Showboat were winding down operations, the Boardwalk was only 1% off last year’s pace. Internet gambling played a role in … Continue reading
He came to buy Atlantic City
Just when you thought Atlantic City had shed several casinos, they’re coming right back. Would-be Revel buyer Glenn Straub would include casino gambling in his larger strategy for the property but make it incidental to other “hobbies.” “Who in the hell … Continue reading
Boston: Another agonizing delay; Loveman: Don’t worry, be happy
Just when it looked like the suspense would be ended over who’d get the Boston-area casino, the slow-moving Massachusetts Gaming Commission imposed another week’s delay on the process. Basically, commissioners want Wynn Resorts to do better than it has in … Continue reading
Posted in Alabama, Architecture, Atlantic City, Cordish Co., Genting, Harrah's, history, Marketing, Massachusetts, Mohegan Sun, New York, Penn National, Pennsylvania, Regulation, Steve Wynn, Transportation
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