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Category Archives: Derek Stevens
Caesars slashes costs; Circa to open early
News out of Eldorado Resorts and Caesars Entertainment, where Tom Reeg is showing the whip hand, are good for investors, maybe not so much for customers. In a period in which revenue fell 21%, cash flow rose 16%, thanks in … Continue reading
Death wish in Las Vegas
First, the good news. “Low and friendly.” Those are how room prices on the Las Vegas Strip are described. Resorts in Las Vegas opened to (restricted) capacity bookings and attendance. Since this is Vegas Lite, one in which fewer rooms … Continue reading
Posted in Architecture, Conventions, Cosmopolitan, Derek Stevens, Economy, Eldorado Resorts, Health, MGM Resorts International, Real Estate, The Strip, Tourism, Transportation, Wall Street
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Quote of the Day
“Stayed at the D on the 6th of June, was a little taken back by the lack of social distancing and crowded conditions. The D was doing temperature checks of everyone coming through the doors but unlike the other casinos … Continue reading
Posted in Boyd Gaming, Caesars Entertainment, Derek Stevens, Dining, Downtown, Downtown Grand, El Cortez, Golden Nugget, MGM Resorts International, Terry Caudill, The Strip, Tourism
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MGM changes mind on Aria; No appetite for deals?
Having told its entire Aria staff to look for new jobs, MGM Resorts International finds itself in the position of saying, “Never mind.” In an interview last weekend, CEO Bill Hornbuckle floated the possibility of reopening Aria by July 4, followed … Continue reading
Posted in Boyd Gaming, Caesars Entertainment, California, CityCenter, Conventions, Current, Derek Stevens, Dining, Downtown, Economy, Election, Entertainment, Hawaii, Health, Las Vegas Sands, Law enforcement, LVCVA, Marketing, Massachusetts, MGM Resorts International, Money laundering, Resort fees, Sahara, Singapore, Sports, Sports betting, Station Casinos, Terry Caudill, The Rio, The Strip, Tourism, Tribal, TV, Virginia, Wall Street
1 Comment
Very green shoots; Miller takes the lead; “Crisis fees”
It’s an open question whether we’ve tamped down Coronavirus (keep wearing those masks!) but we seem to have turned a corner in the economy, a development that bodes well for the gaming industry. According to the Boston Globe, unemployment “unexpectedly” … Continue reading
Posted in AGA, Derek Stevens, Dining, Diversity, Downtown, Economy, Health, Massachusetts, MGM Resorts International, Resort fees, The Strip, Wynn Resorts
1 Comment
Station reopens bullishly; Who was that masked man, anyway?
On the eve of today’s reopening, Station Casinos hosted a conference call with JP Morgan analysts and was pretty darn confident that its base of Baby Boomers and retirees would flock back. So confident is that Station “has not been … Continue reading
Posted in Australia, Caesars Entertainment, Cirque du Soleil, Crown Resorts, Derek Stevens, Downtown, Entertainment, Health, Las Vegas Sands, Marketing, MGM Resorts International, Palms, Planet Hollywood, Real Estate, Resort fees, Station Casinos, Steven Witkoff, Tamares Group, Terry Caudill, The Rio, The Strip, Tourism, Wall Street
3 Comments
The Drew is through; Stevens’ green shoots
Would somebody please implode Fontainebleau already? It’s an eyesore, a civic embarrassment and a product for which demand does not exist. We perhaps should be saying “The Drew” but—per Scott Roeben‘s all-but-infallible VitalVegas, The Drew is in default, meaning that … Continue reading
Atlantic City gets good news; Stanley Ho canonized
July 4 could spell independence for Atlantic City casinos, judging by recent statements from New Jersey Gov. Phil Murphy (D). In a radio interview he said, “It’s probably still too early to give you a very specific answer but there’s a … Continue reading
Stevens doubles down; Bullish LV reopenings
Derek Stevens‘ 1,000-free-flights promotional gambit was such a wild success that the mogul has offered 700 airlifts more. But hurry: Stevens has extended his mega-comp to 12 additional cities, from Atlanta to Tampa. We only quibble about Stevens adding Boston … Continue reading
AGA tackles IRS; Stevens picks up the tab
Perhaps emboldened by its success with the Small Business Administration, the American Gaming Association is tackling an even bigger, more formidable foe: the Internal Revenue Service. Specifically, the AGA is taking aim at the $1,200 “IRS lockdown,” the threshold at which … Continue reading
July resumption for Mass casinos; Room rates rebound
Casinos in Massachusetts now know when they can reopen … more or less. Gov. Charlie Baker (R) has laid out of one of the toughest reopening regimens in the U.S. It will proceed in four phases, each phase—beginning today—lasting three weeks. … Continue reading
Posted in Caesars Entertainment, California, Derek Stevens, Downtown, Economy, Entertainment, Health, Las Vegas Sands, Massachusetts, MGM Resorts International, Oscar Goodman, Penn National, Politics, Real Estate, Regulation, Station Casinos, The Strip, Tribal, Wall Street, Wynn Resorts
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Creative responses to a crisis
Leave it to Derek Stevens to find a way to literally drive sports-betting business in Downtown. Starting this morning, Circa Sports began taking curbside sports bets at the Golden Gate. You pull up, flash your cash (or plastic) and a … Continue reading
Boyd doing well; What price Vegas?
Boyd Gaming posted net revenues of that were down 18% for 1Q20, reflective of mid-March casino closures. JP Morgan analyst Joseph Greff termed the results ones “that reflected relatively strong trends in the first two months of the quarter.” Since … Continue reading
Posted in Boyd Gaming, California, Churchill Downs, Cosmopolitan, Derek Stevens, Downtown, Economy, Hard Rock International, Health, Horseracing, Las Vegas Sands, LVCVA, Macau, Massachusetts, MGM Resorts International, Pennsylvania, Regulation, Resort fees, The Strip, Wall Street, Wynn Resorts
1 Comment
MGM: Survey says …; Odds favor Harris for VP
MGM Resorts International wants your opinion … well, some of you anyway. In a survey obtained by Scott Roeben of VitalVegas, Leo the Lion poses an array of questions to Platinum- and Noir-tier customers. As Roeben says, it reveals more than … Continue reading
Sisolak vs. Goodman, Round Two; Wynn’s recovery plan
Nevada Gov. Steve Sisolak (D), while acknowledging that his state’s unemployment-aid infrastructure is swamped (although initial jobless claims declined to 58,641 last week), is taking a steady-as-she-goes approach to reopening the Silver State, relying heavily on medical advice. “This is not … Continue reading
Tribes reel under pandemic; Lawyers: It’s OK to cheat
Although as many as 17% of tribal casinos may still be open, according to the American Gaming Association, that doesn’t mean there’s not a lot of pain in Indian Country. Meister Economic Consulting, the go-to source on tribal gaming, estimates … Continue reading
Union: Where there’s a will, there’s a way
Discontent with casino management is spreading from Las Vegas to the Gulf Coast and beyond. In a Unite-Here teleconference, local union President Marlene Patrick Cooper expressed the general sentiment, saying, “This is a disaster that’s 10 times worse than Katrina. They chose … Continue reading
Casino closures sweep the country
We’re all going through what are called “adjustment reactions,” including casino executives across the country. They’d like to stay open for business—many are—but others are being forced to close or making the difficult choice to go dark on their own. … Continue reading
Posted in Boyd Gaming, Caesars Entertainment, Conventions, Cordish Co., Derek Stevens, Downtown, e-sports, Economy, Eldorado Resorts, Health, IGT, Illinois, Indiana, Las Vegas Sands, Maryland, Massachusetts, Melco Resorts & Entertainment, MGM Resorts International, New York, Ohio, Pennsylvania, Scientific Games, Sports, Station Casinos, The Strip, Wall Street, Wynn Resorts
1 Comment
Ghost in the (slot) machine; The “evil genius” of resort fees
Electrical troubles are bedeviling Downtown casinos. All the slot machines at the Four Queens and Binion’s Gambling Hall were idled by a mechanical snafu last week. Table games remained operational, as did selected video-poker machines. Terry Caudill clammed up when … Continue reading
Penn looking good; From the police blotter
Penn National Gaming reported 4Q19 revenues that aligned with Wall Street projections, with cash flow modestly higher than expected “on a combination of better operations and lower than forecast corporate expenses.” JP Morgan analyst Joseph Greff said that Penn was … Continue reading
Posted in Century Casinos, Colorado, Cretins, Derek Stevens, Florida, Horseracing, Iowa, Law enforcement, Money laundering, Penn National, Pennsylvania, Politics, Regulation, Slot routes, Sports betting, Technology, The Strip, Virginia, Wall Street
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