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Category Archives: Churchill Downs
Park MGM re-closes; Gaming’s 2020 mandate
No, it’s got nothing to do with the smoking ban. Well, maybe. MGM Resorts International, as we mentioned yesterday, has decided it has too much hotel-room inventory going to waste on the Las Vegas Strip. As part of an austerity … Continue reading
Posted in Caesars Entertainment, Churchill Downs, Colorado, Dining, Economy, Election, Golden Gaming, Hard Rock International, Iowa, Louisiana, Maryland, MGM Resorts International, Nebraska, North Carolina, Penn National, Racinos, Regulation, Rush Street Gaming, Taxes, The Strip, Tourism, Tribal, Virginia, Wall Street
1 Comment
MGM “unsurprising”; Penn outperforms
Analysts at JP Morgan were blasé about MGM Resorts International‘s 3Q20 report, setting their price target at $22/share. Wrote Joseph Greff, “We remain Neutral rated as we continue to see a slow recovery on the LV Strip, a market that … Continue reading
Optimism for MGM, Churchill Downs; Cheap rooms = riff-raff
Although they remain relatively pessimistic on Macao, analysts at JP Morgan like MGM Resorts International sufficiently to raise their price target on its stock to $24/share. The primary reason was “better than expected trends” at MGM’s regional U.S. casinos, followed … Continue reading
What ails Illinois?; Trump Plaza comes down
In a month that saw Ohio casino revenues grow 6% and Iowa almost 1% (to $119.5 million), Illinois casinos plummeted 27% to a measly $82 million. Even a sub-50% capacity restriction doesn’t begin to explain away the problem. Predictably, Rivers … Continue reading
Posted in Arizona, Atlantic City, Boyd Gaming, Caesars Entertainment, Carl Icahn, Churchill Downs, Dining, DraftKings, FanDuel, Full House Resorts, Illinois, Indiana, Internet gambling, Iowa, MGM Resorts International, Michigan, Penn National, Politics, Rush Street Gaming, Spectacle Entertainment, Sports betting, Twin River
1 Comment
Ohio still strong; Internet saps brick-and-mortar casinos
Buckeye State casino revenues continue to trend upward, gaining 6% to finish at $164.5 million in win. Now that casinos are open in Detroit, it took some of the sheen off Hollywood Toledo, but not much. It was up 13.5% … Continue reading
Sports betting lifts Illinois; Packer in a pickle
It was sagacious of Illinois Gov. J.B. Pritzker (whose family used to co-own the Grand Victoria casino in Elgin) to temporarily suspend his state’s rule requiring in person registration for sports betting. Last month, the Land of Lincoln saw $140 … Continue reading
Maryland returns to normal; Caesars offloads assets
Pandemic? What pandemic? Maryland casino revenues were 1% above last September’s, indicating a resumption of normality, at least where gambling is concerned. The statewide gross was $149.5 million. That’s despite restrictions that include keeping the casino floor at 50% of … Continue reading
Posted in Caesars Entertainment, Churchill Downs, Conventions, Cordish Co., Cretins, Delaware, Diversity, Economy, Election, FanDuel, Golden Gaming, Health, International, Internet gambling, Maryland, MGM Resorts International, Nebraska, Penn National, Pennsylvania, Racinos, Reno, Sports betting, Tribal, Virginia, West Virginia, William Hill
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Barstool buy buoys Penn Nat’l; MGM’s ad blitzkrieg
JP Morgan analysts upped their near- and long-term cash flow estimates for Penn National Gaming, based on regional trends and sports betting. “While we recognize PENN’s impressive share price outperformance, and many sell-side firms have thrown in the towel with … Continue reading
Posted in Arizona, Boyd Gaming, Caesars Entertainment, Churchill Downs, Dining, Donald Trump, Downtown Grand, DraftKings, FanDuel, Hard Rock International, Health, Illinois, Internet gambling, Iowa, Marketing, MGM Resorts International, Michigan, Nevada, New Jersey, Penn National, Pennsylvania, Problem gambling, Sports, Sports betting, Station Casinos, Wall Street
1 Comment
Derek Stevens, man of the year?; ‘Historical racing’ kneecapped
While we wait for own interview with Circa owner Derek Stevens to appear in Casino Life magazine (soon, we promise), we’ll shamelessly piggyback off David Ross‘ excellent Stevens profile in Global Gaming Business. Ross digs up some interesting architectural details … Continue reading
Posted in Caesars Entertainment, Canada, Charity, Churchill Downs, CityCenter, Colony Capital, Conventions, Cosmopolitan, Derek Stevens, Diversity, Downtown, Election, Environment, Health, IGT, Kentucky, Scientific Games, Sports betting, Technology, Tourism, Wall Street
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Louisiana hard hit; Mohegan Sun, Foxwoods tops in U.S.
Slammed by a double-whammy of hurricanes, Louisiana was accordingly unfortunate in gambling revenue, which plunged 32% to $148.5 million. The only market spared was Baton Rouge (-12%). Lake Charles bore the brunt of Hurricane Laura and the numbers reflected it. … Continue reading
Posted in Arizona, Atlantic City, Boyd Gaming, Caesars Entertainment, Churchill Downs, Cosmopolitan, Derek Stevens, Dining, Donald Trump, Downtown Grand, Election, Foxwoods, Golden Nugget, Hard Rock International, Health, Illinois, Indiana, Las Vegas Raiders, Las Vegas Sands, Louisiana, Marketing, Massachusetts, MGM Resorts International, Mississippi, Mohegan Sun, Ocean Resort, Oklahoma, Penn National, Reno, Sahara, Sheldon Adelson, Slot routes, Sports betting, Station Casinos, Tamares Group, The Strip, Tourism, Transportation, Tribal, Twin River, Wynn Resorts
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Ohio strong, Maryland stable, Illinois stinks
Buckeye State casinos continued their impressive run last month, up 5% to gross $172 million. This is Ohio‘s best-ever August, even with an unfavorable calendar (one less weekend day). Star performer was Hollywood Toledo, up 33% to $23 million. MGM … Continue reading
Posted in AGA, Baseball, Boyd Gaming, Caesars Entertainment, Churchill Downs, Colorado, Cordish Co., Dan Gilbert, Derek Stevens, DraftKings, GLPI, Golden Gaming, Hard Rock International, Illinois, Maryland, MGM Resorts International, Ohio, Pennsylvania, Politics, Regulation, Sports, Sports betting, Uncategorized
2 Comments
Derby Day a dud; Bank cools on Resorts World LV
Seems that Churchill Downs was blowing smoke up Wall Street‘s keister about how well a delayed, spectator-less Kentucky Derby would perform. Last weekend’s Run for the Roses saw betting handle of $79.5 million, down 49% from last year. All races … Continue reading
Posted in Churchill Downs, Dining, Donald Trump, DraftKings, Economy, Election, FanDuel, G2E, Genting, Hard Rock International, Health, Horseracing, Kentucky, Las Vegas Raiders, LVCVA, Macau, MGM Resorts International, Nevada, New York, Penn National, Rush Street Gaming, Security, Sheldon Adelson, Singapore, Sports, Sports betting, The Rio, The Strip, Tourism, TV, Wall Street
1 Comment
Mega-Jottings for a Monday
Churchill Downs got its second-worst-case scenario for the Kentucky Derby: The September 5 race will have to be held without spectators, a major economic blow to the Louisville area. At least the race will be run and undoubtedly garner much … Continue reading
Posted in Arizona, Atlantic City, Churchill Downs, Derek Stevens, Downtown, Economy, Entertainment, Environment, GLPI, Health, Horseracing, Internet gambling, Kentucky, Louisiana, Macau, MGM Resorts International, New Mexico, Penn National, Reno, Sigma Derby, Sports betting, The Strip, Tribal, Virgin Hotels
1 Comment
Dispatch from Louisiana; Generosity at Wynncore
Gaming revenue was down 11% last month, not bad considering. The gross was $177.5 million. Lake Charles was easily the most popular market, with $72 million overall. Golden Nugget snared $27.5 million of that (-1%), followed by L’Auberge Lake Charles‘ … Continue reading
Indiana, Missouri, Ohio rebound, Illinois not so much
It was back to business as almost normal in Indiana last month. The Hoosier State was only 5.5% 0ff its July 2019 pace, grossing $171 million. (They’ve been open since June 15.) The relative novelty of table games—$5 million—at Indiana … Continue reading
Maryland rebounds; Penn wows Wall Street; Trump to play Lucky Dragon
In a near-miraculous development, Maryland gambling revenues were only 6% off the pace last month. Between cabin fever and the belated delivery of those $1,200 stimulus checks, we’re not entirely surprised that Free State punters had both the desire and … Continue reading
Posted in Alabama, Arizona, Boyd Gaming, Caesars Entertainment, Churchill Downs, Cordish Co., Donald Trump, Election, Florida, Georgia, Golden Gaming, Health, Internet gambling, Lotteries, Lucky Dragon, Maryland, MGM Resorts International, Mississippi, Nevada, New Mexico, New York, North Carolina, Penn National, Pennsylvania, Racinos, Sports, Sports betting, Texas, The Strip, Tilman Fertitta, Tribal, TV, Wall Street, West Virginia
2 Comments
Cuomo stiff-arms casinos; MGM’s blame game
Tioga Downs owner Jeff Gural was able to get some face time with Global Gaming Business … which is more than he’s been able to do with New York State Gov. Andrew Cuomo (D), much to Gural’s chagrin. He’s chafing … Continue reading
Posted in Caesars Entertainment, Churchill Downs, Economy, Full House Resorts, Genting, Health, Illinois, Indiana, International, Kentucky, Las Vegas Sands, Massachusetts, MGM Resorts International, New York, Politics, Rush Street Gaming, Sports betting, The Strip, Tribal, Wynn Resorts
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MGM: The lion mews; AGA: Betrayal by Miller
Second-quarter results for MGM Resorts International are in and the company got hammered pretty badly. Las Vegas Strip revenues fell 90% to $151 million, regional operations dropped 90% to $89 million and Macao grossed a feeble $33 million, down 95%. … Continue reading
Posted in AGA, Boyd Gaming, Caesars Entertainment, Churchill Downs, CityCenter, Conventions, Cordish Co., Culinary Union, Downtown, Economy, Golden Nugget, Health, Horseracing, Illinois, Macau, Massachusetts, MGM Resorts International, Nevada, Ohio, Penn National, Pennsylvania, Racinos, Real Estate, Sahara, Sports betting, The Strip, Tribal, Wall Street
1 Comment
Churchill Downs, Boyd impress analysts
Churchill Downs‘ second quarter was “solid” (Daniel Politzer) to say the least. Revenue shot past Wall Street‘s consensus expectation of $132 million to ring the bell at $185 million. Credit goes to a 27% increase in Internet-gaming revenue, including $100 … Continue reading
Posted in Boyd Gaming, Churchill Downs, Downtown, Economy, FanDuel, Horseracing, Illinois, Internet gambling, Kentucky, Slot routes, Sports betting
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