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Category Archives: Caesars Entertainment
Boston buoys Wynn, Penn leans on Barstool
Wynn Resorts was one of three biggies to report 1Q20 results late last week and the Las Vegas Strip was the least of its problems. Wynn Las Vegas and Encore had net revenue of $324 million, down 19% from last … Continue reading
Posted in Atlantic City, Caesars Entertainment, CityCenter, DraftKings, Economy, FanDuel, Florida, Golden Gaming, history, Illinois, Indiana, Internet gambling, Las Vegas Sands, Macau, Maine, Marketing, Maryland, Massachusetts, MGM Resorts International, Penn National, Pennsylvania, Slot routes, Sports, Sports betting, Taxes, The Strip, Tourism, Wall Street, Wynn Resorts
3 Comments
Nevada begins reopening sooner than expected
What do brothels and casinos have in common? (Some would say you get screwed in both.) Neither can reopen during Phase One of Gov. Steve Sisolak‘s multi-stage resumption of business as usual in Nevada, starting tomorrow. Most of the continuing closures … Continue reading
Posted in Caesars Entertainment, Conventions, Cretins, Dining, Economy, Entertainment, G2E, Health, Massachusetts, Nevada, Technology, The Strip, Wynn Resorts
3 Comments
Creative responses to a crisis
Leave it to Derek Stevens to find a way to literally drive sports-betting business in Downtown. Starting this morning, Circa Sports began taking curbside sports bets at the Golden Gate. You pull up, flash your cash (or plastic) and a … Continue reading
Goodman batshit crazy; Detroit puts casinos on ‘hold’
Could we be seeing the last of Las Vegas Mayor Carolyn Goodman (I), and her ‘every man for himself and devil take the hindmost’ approach to Coronavirus? Poker pro Doug Polk has begun a recall petition drive to try and … Continue reading
Posted in Caesars Entertainment, Detroit, Dining, Downtown, Eldorado Resorts, Health, Michigan, Politics, Sports, Tilman Fertitta, Tribal, Wall Street
3 Comments
Churchill Downs curbs plans; Murren’s big payday
In its 1Q20 earnings call Churchill Downs announced some significant retrenchments. Although the company is comfortably liquid ($701 million in the kitty) it’s put four expansions on hold: Rivers Casino Des Plaines, an enlargement of Miami Valley Gaming, a $300 … Continue reading
Maddox gets ants in his pants; Sports start to stir
As part of the Business Roundtable at the White House, CEO Matt Maddox got to stump for Wynn Resorts‘ mid-pandemic reopening protocol. Maddox said that (amazingly) University Medical Center facilities “don’t have enough people to test. So I’ve signed a deal … Continue reading
Posted in Alex Meruelo, Caesars Entertainment, Culinary Union, Economy, GLPI, Health, Reno, South Korea, Sports, Stanley Ho, The Strip, Wynn Resorts
2 Comments
Sacrificial rites in Las Vegas
Without pointing any fingers of blame, the Coronavirus pandemic has laid bare a feeble testing response and an inability to get a vaccine before the public until year’s end at earliest (which we should have been expecting all along). It’s also … Continue reading
Twin River advances, Maverick retreats; Sands optimistic
Twin River Holdings is now a player in Atlantic City. It must have driven a hard bargain, too, picking up lowly Bally’s for $25 million, mere pocket change. It had Caesars Entertainment and Eldorado Resorts over a barrel, as keeping … Continue reading
New opening for ‘Net bets; Goodman still under fire
With gaming reeling—and tax revenues along with it—Internet gambling may start looking more attractive to states that have previously scorned it. Sports betting has taken the lead, with Colorado poised to enter that fray. However, Morgan Stanley analyst Thomas Allen … Continue reading
Posted in Atlantic City, Caesars Entertainment, Colorado, Culinary Union, Economy, Eldorado Resorts, GLPI, Health, Internet gambling, Morris Bailey, Nevada, New Jersey, Oregon, Penn National, Real Estate, Sports betting, Taxes, The Strip, Tilman Fertitta, Tribal, TV, Unite-Here, Wall Street, Wisconsin
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Carnage in Louisiana; Documentary slams MGM
Louisiana casinos grossed $97 million last month, having been closed on March 17. April appears to be a dead loss. Surprisingly, the Baton Rouge market was the least hard-hit although at -58% everything is relative. The 61% statewide plunge compares … Continue reading
Posted in Boyd Gaming, Caesars Entertainment, Charity, Churchill Downs, Dining, Eldorado Resorts, GLPI, Law enforcement, Louisiana, Mandalay Bay Massacre, MGM Resorts International, Movies, Penn National, Sahara, The Strip, Tilman Fertitta
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Sisolak vs. Goodman, Round Two; Wynn’s recovery plan
Nevada Gov. Steve Sisolak (D), while acknowledging that his state’s unemployment-aid infrastructure is swamped (although initial jobless claims declined to 58,641 last week), is taking a steady-as-she-goes approach to reopening the Silver State, relying heavily on medical advice. “This is not … Continue reading
Internet saves Atlantic City; Hope for sports bettors
On March 16, both Atlantic City and Detroit closed their casinos, but the Boardwalk had it somewhat worse, down 62% in the truncated month. (The numbers suggest that visitation may have been tailing off prior to the shutdown.) Atlantic City … Continue reading
Posted in AGA, Atlantic City, Caesars Entertainment, Detroit, DraftKings, Eldorado Resorts, FanDuel, Hard Rock International, Health, Internet gambling, Massachusetts, MGM Resorts International, Mohegan Sun, New Jersey, Ocean Resort, Penn National, Sports, Sports betting, Tilman Fertitta, Tribal, Wynn Resorts
1 Comment
Small casinos still screwed; Hedge funds on the prowl
Evidently someone got American Gaming Association President Bill Miller’s letter to Donald Trump before POTUS’ eyes. We say “evidently” because somebody (probably the White House), in an effort to be Solomonic, persuaded the Small Business Administration to effect a compromise. It … Continue reading
Midwest: Casinos, interrupted
For some arcane reason, Illinois has not reported casino revenue for March. But we have a couple of neighboring states’ data and can conclude with reasonable certainty that it tracks with the Land of Lincoln. After a March 17 closure … Continue reading
Union: Where there’s a will, there’s a way
Discontent with casino management is spreading from Las Vegas to the Gulf Coast and beyond. In a Unite-Here teleconference, local union President Marlene Patrick Cooper expressed the general sentiment, saying, “This is a disaster that’s 10 times worse than Katrina. They chose … Continue reading
“Scary” times for casinos; Hotel rates swoon
Donald Trump wants to reopen America for business May 1, come hell or high water. Former Atlantic City casino executive Robert Ambrose acknowledges that “going past 30 days [quarantine] is scary for the entire industry.” According to Ambrose, it ought … Continue reading
What can I see in Las Vegas?
As of this writing, Las Vegas is closed for business. But it could reopen as soon as May 1 and some are optimistic for its future. Among them is James Smith, this week’s guest contributor. His thoughts are as follows … Continue reading
Boyd sacks workforce; Political wagering in West Virginia
Job cuts continue at Las Vegas casinos. Boyd Gaming employees are out of jobs starting tomorrow, although health benefits will continue through June 30. For a company that’s sitting on as much cash as Boyd, that’s a strange move. Boyd’s … Continue reading
Posted in AGA, Boyd Gaming, Caesars Entertainment, Canada, Charity, Cirque du Soleil, Cosmopolitan, DraftKings, Election, FanDuel, Health, MGM Resorts International, Michigan, Sports, Sports betting, Technology, The Rio, Tourism, Tribal, TV, Wall Street, West Virginia, World Series of Poker
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Ohio, Indiana slammed; Station is ‘george’
Loss of half a month in Ohio meant a 61% plunge in casino/racino revenues, to $72 million. Although there were two fewer weekend days in the month that was as nothing compared to Coronavirus. (The calendar is neutral this month, … Continue reading
Macao bad, worse to come; No casinos for Brazil
“With the government keeping limitations on individual and group visas into the market and transportation options remaining impaired we believe the Macau market could take five to seven months to start stabilizing and showing improvement,” Stifel Financial analyst Steven Wieczynski … Continue reading
Posted in Atlantic City, Caesars Entertainment, China, Connecticut, Dining, Economy, Foxwoods, Galaxy Entertainment, Hard Rock International, Health, history, International, Internet gambling, Japan, Las Vegas Sands, Macau, Maryland, Melco Resorts & Entertainment, MGM Resorts International, Mohegan Sun, Ocean Resort, Politics, Scientific Games, Station Casinos, Taxes, Wall Street, Wynn Resorts
1 Comment