Category Archives: Delaware

Massachusetts enters the fray; Delaware racinos press their case

Posted on June 19, 2015 by David McKee

It’s hard to believe but we’re only a few days from the opening of Plainridge Park Casino, bringing gambling to one of the last major, untapped markets in the U.S.: Massachusetts. While the Penn National Gaming property hasn’t been entirely … Continue reading →

Posted in Atlantic City, Delaware, Economy, Florida, Genting, Macau, Massachusetts, MGM Mirage, Penn National, Racinos, Regulation, Rhode Island, Sheldon Adelson, Stanley Ho, Steve Wynn, Taxes, The Strip, Tribal | Comments Off

Et tu, Harry?; It’s a new era in Manila

Posted on May 12, 2015 by David McKee

Now that Sen. Harry Reid (D) has one foot out the door on Capitol Hill, he’s turning on the casino companies — particularly Caesars Entertainment — that helped him stay in power five years ago. Just when Sen. Lindsey Graham‘s … Continue reading →

Posted in Atlantic City, Delaware, Genting, Harrah's, Harry Reid, Internet gambling, Kazuo Okada, Melco Crown Entertainment, MGM Mirage, Philippines, Politics, Regulation, Sheldon Adelson, Singapore | Comments Off

Boyd shatters expectations; Dover Downs flounders

Posted on May 1, 2015 by David McKee

Compared to Steve Wynn‘s gloom — and sapped stock price — about Las Vegas’ immediate economic prospects earlier this week, Boyd Gaming CEO Keith Smith was bullish on Sin City. And why not? Boyd reported profits of 31 cents a … Continue reading →

Posted in Architecture, Boyd Gaming, Delaware, Downtown, Economy, Iowa, Kansas, Louisiana, Planet Hollywood, Racinos, Sports, Taxes, The Strip, Tourism, Wall Street | 1 Comment

Caesars and Gilbert, separate but together

Posted on April 24, 2015 by David McKee

Dan Gilbert‘s ThistleDown Racino has been losing business to Hard Rock Rocksino, so Gilbert is pushing back with $70 million in upgrades. “Our initial investment in ThistleDown has been a tremendous success and now we’re ready to introduce a new level … Continue reading →

Posted in Dan Gilbert, Delaware, Hard Rock International, Harrah's, Horseracing, Internet gambling, Maryland, Ohio, Regulation | Comments Off

Whither McCartney?; Distress at Caesars

Posted on March 19, 2015 by David McKee

Earlier this week, Vegas Tripping reported the departure of Thomas McCartney from The Cosmopolitan of Las Vegas. In its press release, the Cosmo went beyond the neutral sort of verbiage reserved for such pronouncements, saying that “Mr. McCartney did not … Continue reading →

Posted in Atlantic City, Carl Icahn, Cosmopolitan, Delaware, Genting, Harrah's, Illinois, James Packer, New York, Riviera, SLS Las Vegas, Station Casinos, The Strip, Trump Entertainment Resorts | 1 Comment

Pence’s and Markell’s tunnel vision

Posted on February 13, 2015 by David McKee

Indiana Gov. Mike Pence (R) may be swimming against the tide when he opposes casino reforms that he slimes as gambling expansions. For instance, for safety reasons alone, moving riverboat casinos ashore is an idea that was overdue 10 years … Continue reading →

Posted in Dan Lee, Delaware, Indiana, Marketing, Ohio, Racinos, Taxes | Comments Off

Caesars wins big

Posted on January 28, 2015 by David McKee

Ruling earlier than expected, U.S. Bankruptcy Court Judge Kevin Gross handed Caesars Entertainment a massive, possibly decisive victory in its bankruptcy fight, transferring the case from Wilmington to Chicago. Gross ruled that Caesars, despite some behavior that “on its face … Continue reading →

Posted in Current, Delaware, Harrah's, Illinois, Wall Street | 1 Comment

Caesars on the defensive

Posted on January 27, 2015 by David McKee

It’s Chicken Little time at Caesars Entertainment, where the company is sketching gloom-and-doom scenarios unless the court system goes along with its preferred timeline for a prepackaged bankruptcy. “If you go to the earlier filing day, you likely jettison the [restructuring support agreement],” … Continue reading →

Posted in Carl Icahn, Delaware, Environment, Fontainebleau, Harrah's, Illinois, Louisiana, Wall Street | Comments Off

Where will the Caesars fight be fought?

Posted on January 26, 2015 by David McKee

In the battle between Caesars Entertainment and its dissident creditors, the opening route — the choice of venue — may be the decisive one. As noted previously, Caesars wants the case heard in Chicago and not in Wilmington, even though … Continue reading →

Posted in Delaware, Economy, Harrah's, Illinois, Macau, Massachusetts, MGM Mirage, Sports, The Strip, Wall Street | Comments Off

Possible rescue for Delaware tracks; New boss in Atlantic City

Posted on January 23, 2015 by David McKee

Going against Gov. Jack Markell (D), Delaware lawmakers are wrapping up a relief package for the state’s beleaguered racino industry. The tax rate on table games would be cut from 29% to 15% and the $3 million licensing fee would … Continue reading →

Posted in Atlantic City, Cordish Co., Delaware, Harrah's, Maryland, Politics, Racinos, Taxes | Comments Off

Straub wins again; Delaware, racinos at an impasse

Posted on January 22, 2015 by David McKee

Revel is Glenn Straub‘s — if he wants it. HQ nightclub, ACR Energy Partners and other Revel tenants saw their objections swept aside at a bankruptcy hearing yesterday. Judge Jerome Simandle wrote that “the court notes that, the palpable risk … Continue reading →

Posted in Atlantic City, Delaware, Glenn Straub, Politics, Racinos, Revel, Taxes | 1 Comment

Loveman succeeds: Caesars bankrupt

Posted on January 15, 2015 by David McKee

Not wasting any time, CEO Gary Loveman put Caesars Entertainment Operating Co. into Chapter 11 today, filing the motion in Chicago to circumvent a Delaware lawsuit. (The reason for the Windy City filing may go a lot deeper than proximity … Continue reading →

Posted in Boyd Gaming, Delaware, Economy, GLPI, Harrah's, Illinois, Lake Tahoe, Louisiana, Mississippi, New York, Penn National, Pinnacle Entertainment, Racinos, The Strip, Tilman Fertitta, Wall Street | Comments Off

Rendering unto Caesars’ debtors; Missouri bounces back

Posted on January 12, 2015 by David McKee

Before Caesars Entertainment could file for bankruptcy, second-tier bondholders struck first. They have filed with a U.S. bankruptcy court in Delaware, seeking to supersede Caesars’ prepackaged bankruptcy. At issue are the controversial transfer of highly valuable Caesars assets into subsidiary … Continue reading →

Posted in Ameristar, Delaware, Foxwoods, Harrah's, Isle of Capri, Massachusetts, Missouri, Penn National, Pinnacle Entertainment, Tropicana Entertainment | Comments Off

New Yorkers want a do-over; Another EuroVegas folds

Posted on December 29, 2014 by David McKee

Magnanimously, Traditions at the Glen partner — and losing casino bidder — Peter Walsh is throwing his support to racino mogul Jeff Gural. The latter is trying to pry New York‘s fourth and last new-casino license loose from New York State’s … Continue reading →

Posted in California, Delaware, Economy, Genting, Hard Rock International, Harrah's, International, Internet gambling, Lawrence Ho, Macau, Melco Crown Entertainment, MGM Mirage, New York, Pennsylvania, Philippines, Politics, Racinos, Tribal, Wall Street | Comments Off

The war over Caesars

Posted on December 8, 2014 by David McKee

That Caesars Entertainment plan to subdivide itself into a REIT may be a one-week wonder: Creditors are reported to be balking at the structure. “The creditors want to make sure the REIT is structured in a way that protects them … Continue reading →

Posted in Atlantic City, Delaware, Harrah's, Internet gambling, New York, South Korea, Station Casinos, Trump Entertainment Resorts, Wall Street | 1 Comment

Slots drive Vegas; Big change at Foxwoods

Posted on November 26, 2014 by David McKee

Las Vegas Strip casino revenues fell 6% last month, largely thanks to soft table play. Deutsche Bank analyst Carlo Santarelli characterized slot play as “encouraging and driven primarily by volume,” as the Strip recorded its sixth consecutive month of increased … Continue reading →

Posted in Boulder Strip, Delaware, Downtown, Entertainment, Foxwoods, Lake Tahoe, Laughlin, Mohegan Sun, North Las Vegas, Racinos, Slot routes, Taxes, The Strip, Wall Street | Comments Off

Feeling squeezed in Delaware, Indiana

Posted on October 31, 2014 by David McKee

No two ways about it, Delaware‘s racinos are failing. However, they have an ambitious plan to reverse that … providing the state is cooperative. One of the reasons the tracks are struggling is an onerous 40% tax rate on table … Continue reading →

Posted in Bally Technologies, Delaware, Economy, Maryland, Ohio, Politics, Racinos, Scientific Games, Technology, Tribal | Comments Off

Freeman strikes again

Posted on October 28, 2014 by David McKee

Here’s the latest chapter in American Gaming Association President Geoff Freeman‘s charm offensive: an election-season ad push targeting a few key markets. One can certainly understand why these spots are running in Boston, even Dover (where the horseracing industry wants … Continue reading →

Posted in Delaware, Geoff Freeman, Indiana, Marketing, Massachusetts, TV | Comments Off

No sports betting for New Jersey; Christie’s quest

Posted on October 27, 2014 by David McKee

Much as might be expected, a federal judge handed down an injunction preventing Monmouth Park from taking sports wagers last weekend. Track advisor Dennis Drazin tried to shrug off the setback, calling it “only a step in the road.” State … Continue reading →

Posted in Atlantic City, Delaware, Economy, Harrah's, Regulation, Sports, Taxes | Comments Off

All’s well at Penn; Casinos wary of Uncle Sam

Posted on October 24, 2014 by David McKee

Helped by better-than-expected performances at M Resort and Hollywood Casino at Charles Town Races, beating its own estimates, Penn National Gaming exceeded Wall Street’s consensus for 3Q14. Cannibalization of Charles Town has not been as great as was feared and … Continue reading →

Posted in Ameristar, Atlantic City, Boyd Gaming, Delaware, Election, Harrah's, M Resort, Massachusetts, MGM Mirage, Missouri, Mohegan Sun, Penn National, Pennsylvania, Pinnacle Entertainment, Racinos, Regulation, Sports, Tilman Fertitta, West Virginia | Comments Off