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Category Archives: Cosmopolitan
Sheldon hits paydirt; Culinary Union talks trash
It’s good to be Sheldon Adelson, especially when your company is notching one record-setting month after another. Revenue for 3Q13 rose 32% and net profit shot 79% upwards. Next year, shareholders can look forward to a 60 cent bump in … Continue reading
Posted in Cosmopolitan, Cretins, Culinary Union, Dan Gilbert, Detroit, Harrah's, Macau, Ohio, Pennsylvania, Sheldon Adelson, Singapore, Station Casinos, Wall Street
3 Comments
Bad day for Tomato King and Wynn
While the City of Philadelphia is officially neutral on who should get the last gambling license for the area, it’s not above giving the Pennsylvania Gaming Control Board a not-so-gentle-nudge. At a hearing led by Deputy Mayor Alan Greenberger, two … Continue reading
Posted in Architecture, Cordish Co., Cosmopolitan, International, Macau, Penn National, Pennsylvania, Regulation, Sheldon Adelson, Singapore, Steve Wynn, Tomato King Procacci, Tourism
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Foxwoods: Mo’ money; Hard Rock brings it on; Wishful thinking at Cosmo
Caved, shaken down, outfoxed: Take your choice of term as Foxwoods Massachusetts has seemingly capitulated to Milford selectmen and raised its downpayment from $18 million to $34 million. All it took was a few grumblings from the aforementioned selectmen and … Continue reading
Posted in Cosmopolitan, Dining, Economy, Entertainment, Foxwoods, Hard Rock International, Massachusetts, MGM Mirage, Sheldon Adelson, Steve Wynn
Comments Off on Foxwoods: Mo’ money; Hard Rock brings it on; Wishful thinking at Cosmo
Case Bets: Walker’s wager; “e” on the QT; Blue no more
One of the nation’s largest tribal casinos, Potowatomi Bingo, in Milwaukee, has been caught by the economic malaise that is dogging so many of the nation’s casinos. Although Potowatomi defied the Great Recession, peaking in 2009 and rebounding after a … Continue reading
Posted in Boulder Strip, Cosmopolitan, Dining, Downtown, Economy, North Las Vegas, Politics, The Strip, Tribal
2 Comments
St. Louis: Pinnacle out, Icahn in; Cosmo’s death wish
After fielding several offers, Pinnacle Entertainment has liquidated Lumiere Place Casino and its affiliated Four Seasons hotel to … Carl Icahn. Uncle Carl spent $260 million to close the deal. Considering that the book value of Lumiere Place is $401.5 … Continue reading
July in A.C.: Borgata, Revel triumphant; Cosmo: The right amount of ‘Why?’
Last month was good for Atlantic City in the sense that revenue was only 4% off last year’s pace. The upper-tier properties fared exceptionally, with Borgata ascending 19%, driven by a two-third increase in table win, and Revel, fueled by … Continue reading
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
Wall Street visits Vegas: Wynn, Sands & MGM
Like the pig in a ham-and-egg breakfast, Deutsche Bank is committed to Las Vegas, while many of its brethren (like the chicken) merely hold an interest. However, DB’s $4 billion grubstake fortunately does not preclude analyst Carlo Santarelli from dropping … Continue reading
Posted in Cosmopolitan, Current, Economy, Entertainment, International, Macau, Marketing, Maryland, Massachusetts, Pennsylvania, Regulation, Sheldon Adelson, Steve Wynn, Wall Street
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Feds balk at Pinnacle/Ameristar deal
Given the supine attitude toward mergers and acquisitions that has prevailed in Washington, D.C., for the past 15 years and the routine, state-by-state approval of Pinnacle Entertainment‘s takeover of Ameristar Casinos, I had erroneously thought it a done deal. Not … Continue reading
Profit vs. investment on the Strip
Even if you’re making money on a daily basis, sometimes a casino-resort can be a bad investment. Take Cosmopolitan of Las Vegas, which finally posted a profitable quarter. However, at $3.9 billion in construction costs (now at or very near … Continue reading
Posted in CityCenter, Cosmopolitan, Detroit, Dubai, Economy, Entertainment, Fontainebleau, Genting, Harrah's, MGM Mirage
1 Comment
Cosmo finally learns; Parx’s Maryland play
We don’t know how it managed it but congratulations to The Cosmopolitan of Las Vegas. It finally realized how to market to those hitherto-elusive creatures known as “gamblers.” Casino revenue shot up 33%, winning $41 million from players, partly due … Continue reading
Posted in Cosmopolitan, Current, Maryland, MGM Mirage, Penn National, Pennsylvania, Politics, The Strip, Wall Street, West Virginia
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Before the fall …
Eight years later, Steve Wynn is still firmly ensconced at the top. Gary Loveman is hanging on for dear life and George Maloof is a sad-faced figurehead. And $2.7 billion for a casino resort (Wynn Las Vegas) looks like frugality … Continue reading
Posted in Boyd Gaming, CityCenter, Cosmopolitan, Economy, Fontainebleau, George Maloof, history, Steve Wynn, The Strip, Wall Street
4 Comments
North Strip: SLS yes, F-blew no, Riviera maybe
S&G contributor JeffInOKC returns from a too-long absence with some thoughts on one of our favorite topics, the North Strip … It is common for us to hear the term “Too Big to Fail,” but I think the true story … Continue reading
Posted in Architecture, Boyd Gaming, CityCenter, Cosmopolitan, Current, Fontainebleau, Marketing, MGM Mirage, Riviera, Sahara, Sam Nazarian, Steve Wynn, The Strip, Tourism
4 Comments
Revel goes bust
In the most inevitable headline of 2013, Revel has — brace yourselves — filed for bankruptcy. It will become the latest in a long string of casinos that are owned and run by banks: Two-thirds of outstanding debt will be … Continue reading
Posted in Atlantic City, Cosmopolitan, Current, Dining, Economy, Entertainment, Marketing, Revel, Wall Street
6 Comments
Caesars: Cui bono?; Loveman woos Britney
Our question for the day is, “Who benefits?” Taking the long view of Caesars Entertainment to bundle a mixed bag of Planet Hollywood, its-casino-to-be in Baltimore and Caesars Interactive, in whose interest is it to purchase minority stakes, since CEO … Continue reading
Merger of the Nerds; Cosmo picketed
With 2013 shaping up as a good year for slot sales, Scientific Games has chosen this moment to pounce upon WMS Industries, one of the oldest, biggest and most-respected firms in the industry. SGMS shares promptly leapfrogged from $8.93 to … Continue reading
Five weeks for Sahara Sam
That’s how much time Sam Nazarian has to scare up $115 million from overseas sources. If the deal isn’t done by Feb. 28, $300 million that’s currently in escrow quietly goes away. In exchange for offshore capital, Nazarian has to … Continue reading
Posted in Cosmopolitan, Current, Entertainment, George Maloof, Goldman Sachs, International, Regulation, Sahara, Sports, The Strip, Tourism, Wall Street
4 Comments
If you’re staying at a Hilton …
Here’s a handy guide to using the online Las Vegas guidebooks written by yours truly — sort of a tourist’s extension of S&G, available through all Hilton-branded hotels and timeshares. Since these only concentrate on carefully selected highlights of Sin … Continue reading
Posted in CityCenter, Cosmopolitan, Dining, Downtown, Entertainment, Harrah's, MGM Mirage, Steve Wynn, Technology, The Strip, Tourism
2 Comments
Lou Lang up to old tricks; Dog-and-pony show at Sahara
For months, state Rep. Lou Lang (D-Skokie), has been threatening to push an enormous gambling expansion through the Illinois Legislature during its lame-duck session. He says he’s “getting very close” but we’ve heard that kind of braying from Lang previously. … Continue reading