Category Archives: Colony Capital

Comp cutbacks in Atlantic City

Posted on March 3, 2009 by David McKee

Last week, the Press of Atlantic City reported a 5% drop in comping along the Boardwalk and Marina District. However, the story played it as merely a reflection of decreased business in Atlantic City. Yesterday, however, The Associated Press weighed … Continue reading →

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Earth to Colony Capital

Posted on February 23, 2009 by David McKee

"If I had a crystal ball two years ago, I would never have taken on that debt. Never, ever. But looking back, we saw growth. That's why we put up that beautiful new tower, with a plan to do extensive … Continue reading →

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Gibbons retreats, sorta

Posted on February 23, 2009 by David McKee

Gov. Jim Gibbons has scuttled away from one of his several proposals to jack up taxes on the only segment of Nevada that's carrying its own weight — the casino bidness. He's retreating from a demand that casinos pay taxes … Continue reading →

Posted in Atlantic City, Boulder Strip, Boyd Gaming, Colony Capital, Columbia Sussex, Donald Trump, Downtown, Economy, M Resort, Marketing, Mesquite, Movies, Politics, Station Casinos, Taxes, TV, Wall Street | Comments Off on Gibbons retreats, sorta

How desperate is Scott Butera?

Posted on February 19, 2009 by David McKee

Perhaps sensing that the Tropicana Atlantic City is slipping irretrievably from his grasp, Tropicana Entertainment CEO Scott Butera has taken his case to the media — seeking an audience with the editorial board of The Press of Atlantic City, no … Continue reading →

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Boardwalk bummer

Posted on February 10, 2009 by David McKee

In short, January's Atlantic City revenue numbers are -9% at the tables and -10% in slots. The glass-half-empty spin is that this is the third straight year of decline. The glass-half-full perspective would be, yes, but it's -9% the fifth-highest … Continue reading →

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Mixed message from Penn

Posted on February 6, 2009 by David McKee

Having pulled the plug on his latest Atlantic City venture, Penn National CEO Peter Carlino served the city a heaping plate of gloom with a side dish of pessimism. In fact, he pretty much slammed the door on the besieged … Continue reading →

Posted in Atlantic City, Colony Capital, Donald Trump, Economy, Harrah's, MGM Mirage, Penn National, Pennsylvania, Pinnacle Entertainment, Tropicana Entertainment | Comments Off on Mixed message from Penn

Black Tuesday: Station Casinos

Posted on February 4, 2009 by David McKee

Yesterday’s Chapter 11 proposal by Station Casinos was paradoxically both inevitable and premature. From the day Station drew on its revolving line of credit to fund operational expenses, the handwriting was on the wall. However, Station chose to precipitate a … Continue reading →

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Atlantic City Death Watch V

Posted on January 26, 2009 by David McKee

Joys, Shakespeare famously wrote, come as solitary spies while griefs arrive by the battalion. So it is with Atlantic City, where the bad news washes up along the Boardwalk in bunches. If you picked Resorts Atlantic City as the Casino … Continue reading →

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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

21

Posted on December 31, 2008 by David McKee

That's the number of predictions for 2009 issued by Spectrum Gaming Group, an Atlantic City-based outfit. They are, in no particular order: • Advancements in technology that impact revenues and cut costs will continue to be attractive to operators even … Continue reading →

Posted in Boyd Gaming, Colony Capital, Columbia Sussex, Cosmopolitan, Current, Don Barden, Economy, Harrah's, Herbst Gaming, IGT, International, Internet gambling, Isle of Capri, Macau, Marketing, MGM Mirage, Morgans Hotel Group, Pinnacle Entertainment, Politics, Regulation, Sheldon Adelson, Station Casinos, Steve Wynn, Technology, Tribal, Wall Street | Comments Off on 21

Atlantic City Death Watch III

Posted on December 30, 2008 by David McKee

It's business as usual at the Atlantic City Hilton tomorrow night. Only "private parties" to mark the New Year. "It's indicative of a very dire situation," says one industry veteran.

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Case Bets: Stanley Ho in Vegas?, HRH grows but Morgans shrinks

Posted on December 11, 2008 by David McKee

A local columnist raises the spectre of Stanley Ho getting back-door access into Las Vegas via James Packer‘s acquisition of Cannery Resorts. This isn’t the first time I’ve heard this question raised and, call me complacent, but I believe it … Continue reading →

Posted in Boyd Gaming, Cannery Casino Resorts, Colony Capital, Columbia Sussex, Cosmopolitan, Economy, Harrah's, Herbst Gaming, Isle of Capri, James Packer, Macau, MGM Mirage, Morgans Hotel Group, Stanley Ho, Station Casinos, The Strip, Tropicana Entertainment, Wall Street | Comments Off on Case Bets: Stanley Ho in Vegas?, HRH grows but Morgans shrinks

Quote of the Day

Posted on December 10, 2008 by David McKee

"They’re taking a real gamble. It’s like playing poker with the capital markets." — KDP Investment Advisors bond analyst Barbara Cappaert, regarding a rejected Station Casinos debt swap that would have covered the butts of Station insiders and Colony Capital … Continue reading →

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Atlantic City Death Watch II; Banquo's Ghost

Posted on November 22, 2008 by David McKee

Wow, I never thought we’d have our second installment so hard upon the first. But no sooner had S&G ticketed Resorts Atlantic City for a visit to Intensive Care comes word that it’s going to miss a $10 million loan … Continue reading →

Posted in Atlantic City, Colony Capital, Columbia Sussex, MGM Mirage, Regulation, Steve Wynn, The Strip, Tropicana Entertainment | Comments Off on Atlantic City Death Watch II; Banquo's Ghost

Atlantic City Death Watch

Posted on November 21, 2008 by David McKee

New Jersey's Casino Control Commission has come out with a grim set of numbers regarding gross operating profitability in Atlantic City's casinos during 3Q08. And, as bad as these numbers sound, once the cost of operation is subtracted, a $121 … Continue reading →

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