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Category Archives: Colony Capital
Cosmo plunges again; Nevada signals surrender
Would somebody please sack the so-called casino management and marketing staff at The Cosmopolitan of Las Vegas. Everything at the Cosmo is improving except the gambling floor, which took a 20% nosedive in 2Q13, to $31 million. Losses were 25% … Continue reading
Seller’s market in A.C.?; Adelson’s new opportunity
According to a certain Pinky Kravitz, two new suitors are afoot on the Boardwalk. One of them is Neil Bluhm‘s SugarHouse Casino, which evidently covets the Atlantic Club (a surprisingly downmarket move for Bluhm). It may have to go up … Continue reading
Posted in Atlantic City, Boyd Gaming, Colony Capital, Current, Donald Trump, Economy, Environment, Foxwoods, Harrah's, International, Internet gambling, Kansas, Maine, Massachusetts, Neil Bluhm, New Hampshire, New York, Pennsylvania, Regulation, Sheldon Adelson, Taxes, Wall Street
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Buyer for Trump Plaza found?
That was my first thought upon seeing that online casino 2UP Gaming, based in London and backed by Asian money men, wants into the Boardwalk. Bravo to that and to the $330 million 2UP says it would invest. It shouldn’t … Continue reading
Missouri misery; Revel inches upward
Sometimes I feel Gary Loveman‘s pain — and that of Anthony Sanfilippo, Virginia McDowell, Peter Carlino … When they look at the kind of numbers states like Missouri are generating, they must want to shake a fist and say, “Gamble, … Continue reading
Massachusetts: It’s where the action might be; Where there’s smoke, there’s Sheldon
Update/Correction: I’m reliably informed that dog racing (see below) is illegal in Massachusetts and will remain so, praise be. Also, Neil Bluhm is now wooing Millbury for a slot-parlor site. Except for Raynham Park, all slot-parlor applicants are under the … Continue reading
Accord in Kentucky; Atlantic City on the move; James Packer’s comeback
But there are still some stirrings of activity on the casino front. For starters, Bwin.Party has agreed to fork over $15 million to Kentucky. According to the company the payment “resolves the only remaining litigation … that stems from our … Continue reading
Posted in Atlantic City, Boyd Gaming, California, Cirque du Soleil, Colony Capital, Current, Entertainment, International, Internet gambling, James Packer, Kentucky, MGM Mirage, Regulation, Station Casinos, Taxes, The Strip, Tribal
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Buyer’s market on the Boardwalk
An East Coast spy for S&G has had his ear to the ground and reports that a veritable horde of prospective purchaser are descending upon Atlantic City. Casino prices having fallen about as low as they can go, “buy” appears … Continue reading
Deal or no deal?; Two-face Trump; Good news for Adelson
This just in: Poker Stars has announced an agreement to offer Internet gambling in New Jersey via Mohegan Sun-run Resorts Atlantic City. This enables Rational Group to get a U.S. foothold without the inconvenience of buying a physical casino. Colony Capital … Continue reading
Posted in Atlantic City, Colony Capital, Current, Donald Trump, Economy, Internet gambling, Macau, Pennsylvania, Sheldon Adelson, Tourism, Tribal
1 Comment
Nazarian’s secret weapon?; Vegas still equals value
It’s Monday, so it must be time for another worshipful Sam Nazarian profile in the Los Angeles Times. Sure enough. If you can endure the usual LAT fawning, one will glean some useful facts and inferences — plus a reminder … Continue reading
Posted in Colony Capital, Current, Entertainment, Genting, MGM Mirage, New York, Politics, Racinos, Sam Nazarian, The Strip, Tourism
1 Comment
Tilman Fertitta, stiff; PokerStars’ desperation; Parrotheads in Shreveport;
I can visit the Fremont Street Experience anytime I want, for free. So can guests at any Downtown hotel … except the Golden Nugget. In a vile new variation on the “resort fee” phenomenon, owner Tilman Fertitta is now tacking … Continue reading
PokerStars blows it; Wynn woos Philadelphia
Score one for Colony Capital: It took Rational Group to the cleaners to the tune of $11 million and there’s nothing Rational can do about it. A New Jersey court ruled that the PokerStars parent company had no one to … Continue reading
Nevada: The recovery continues; Elsewhere: Not so much
After a boffo February, the Silver State also posted extraordinary numbers in March. As Deutsche Bank headlined its report, “Different Month, Same Tune.” Analyst Carlo Santarelli cautioned, “we believe the underlying trends are not as strong as the headline would … Continue reading
Posted in Ameristar, Atlantic City, Boulder Strip, Boyd Gaming, Colony Capital, Current, Dan Lee, Donald Trump, Downtown, Economy, Harrah's, Illinois, Iowa, Isle of Capri, Kansas, Lake Tahoe, Laughlin, Marketing, Missouri, North Las Vegas, Penn National, Pinnacle Entertainment, Reno, Revel, The Strip, Tourism, Wall Street
2 Comments
PokerStars: Sell … or else!
What do you do if you’ve got a purchase agreement with Colony Capital and the latter allegedly reneges on you? If you’re Rational Group, which thought it had a $15 million deal in place to purchase the Atlantic Club Hotel, … Continue reading
The wrath of PokerStars; Hart’s win; NV Internet poker: Too soon to tell?
That “thud” you just heard was the price of an Atlantic City casino hitting its lowest level ever. In litigation filed against Colony Capital, spurned buyer Rational Group said it was to have paid only $15 million for the Atlantic … Continue reading
I-cahnned! River Palms sold; PokerStars out of A.C., Langford out to lunch
Subtract one casino from the Tropicana Entertainment portfolio: The River Palms Resort & Casino, in Laughlin, just went for $7 million today. TropEnt CEO Anthony Rodio isn’t pulling out of the Colorado River market altogether. He says the company will … Continue reading
Icahn nixes Trump deal; Steve Wynn’s fugitive friend
If Carl Icahn holds the note on your life, you are in a world of hurt, my friend. Just ask Trump Entertainment Resorts, whose $20 million sale of wretchedly performing Trump Plaza Hotel & Casino suddenly looks very shaky. What’s … Continue reading
A chilly wind in Atlantic City; They gave a casino and nobody came
One doesn’t really think of going to shore in March, so it’s no surprise that Atlantic City casino revenues were — excluding Revel — down 14% last month. The latter grossed $10 million, pulling it almost dead even with the … Continue reading
Posted in Architecture, Boulder Strip, Boyd Gaming, Colony Capital, Current, Donald Trump, Downtown, Economy, Harrah's, Oklahoma, Revel, Slot routes, Station Casinos, Texas, Tilman Fertitta, Tourism, Transportation, Tribal
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Trump: No longer WARN’d
So it was Trump Plaza, denials to the contrary, that issued last week’s inflammatory layoff notice to 1,434 workers. Trump Entertainment Resorts had posted a WARN Act notice, informing all workers at the Plaza that, as of May 10, they … Continue reading
Posted in Atlantic City, Colony Capital, Current, Donald Trump, Economy
4 Comments
Revel: Don’t cry for him, Argentina; Are Twinkies the new Caesars?
Revel Atlantic City‘s day of deliverance is at hand: CEO Kevin DeSanctis has been ousted, along with Chief Investment Officer Michael Garrity. But there’s no need to shed tears over their fate. They will continue “developing amenity projects” for Revel … Continue reading
Trump: And then there was one
What’s an Atlantic City casino worth? Not too bloody much, especially if the name of Donald Trump is emblazoned across the façade. Trump Entertainment Resorts has parted with unloved, unremunerative Trump Plaza and truly for a pittance — $20 million. … Continue reading