Category Archives: Economy

Tex Adelson rides again

Posted on December 11, 2020 by David McKee

Fresh from trying to afflict the country with another four years of Donald Trump, mega-mogul Sheldon Adelson is turning his eyes upon Texas. He’s readying a crack team of lobbyists, including Karen Rove, to descend upon the Lege when it … Continue reading →

Posted in AGA, Atlantic City, Boulder Strip, Cosmopolitan, Economy, Election, Florida, Hard Rock International, Health, Horseracing, International, Japan, Las Vegas Raiders, Las Vegas Sands, Law enforcement, Lotteries, Marijuana, New York, Politics, Sheldon Adelson, Taxes, Texas, Tilman Fertitta, Tribal | 2 Comments

Quote of the Day

Posted on December 11, 2020 by David McKee

“If we can’t get together another stimulus package, the economy is going to hit an air pocket at the end of this year and early next year.”—Kennedy School of Government economist Megan Greene.

Posted in Current, Economy | 1 Comment

State of Misery

Posted on December 10, 2020 by David McKee

Missouri was indeed the State of Misery last month, as casino win plummeted 18.5% to $118 million. Penn National Gaming casinos bore the brunt, plunging 27%. Overall, slot revenues of $102 million were down 17.5% while table win of $16 … Continue reading →

Posted in AGA, Boyd Gaming, Caesars Entertainment, Economy, Full House Resorts, Health, Indiana, Missouri, Penn National, Politics, Sports, Sports betting, Tony Hsieh, Twin River, Wall Street | 1 Comment

Palazzo closes; iGaming here to stay

Posted on December 9, 2020 by David McKee

There’s no room at the inn at Palazzo. Not permanently. But it’s not a good sign for a Las Vegas Strip whose room rates are bumping along the bottom, even during New Year’s Eve weekend. As Las Vegas Sands said, … Continue reading →

Posted in AGA, Atlantic City, Barstool Sports, Boyd Gaming, Caesars Entertainment, Colorado, DraftKings, Economy, FanDuel, Hard Rock International, Health, Iowa, Las Vegas Raiders, Las Vegas Sands, Louisiana, Mohegan Sun, Nevada, New Jersey, New Mexico, Ohio, Oregon, Penn National, Pennsylvania, Politics, Sheldon Adelson, South Dakota, Sports, Sports betting, The Rio, The Strip, Tourism | 1 Comment

End of the honeymoon; Virgin Hotel clings to virginity

Posted on December 8, 2020 by David McKee

Gaming revenue dropped last month in Maryland and precipitously so in Ohio, where the good times had really been rolling. Maryland’s $130.5 million gross represented a 7.5% dip, motivating JP Morgan analyst Joseph Greff to write that “We note the … Continue reading →

Posted in AGA, Boyd Gaming, Caesars Entertainment, Churchill Downs, Cordish Co., Dan Gilbert, Detroit, Economy, Golden Gaming, Hard Rock International, Health, Las Vegas Raiders, Maryland, MGM Resorts International, Ohio, Penn National, Pennsylvania, Sports, Sports betting, Virgin Hotels, Wall Street, West Virginia | 1 Comment

The empty city and other sad news

Posted on December 3, 2020 by David McKee

Politico took a trip to Atlantic City and found a “city without a pulse,” its Boardwalk “empty,” its casinos “limping.” One out of every three Atlantic citizens remains without a job, not surprising when casinos can only operate at reduced … Continue reading →

Posted in Atlantic City, Dining, Economy, Health, International, Internet gambling, Mohegan Sun, Politics, South Korea, Sports betting, Tourism, TV, Wall Street | 3 Comments

Wynn zapped again; Canada boosts DraftKings

Posted on November 30, 2020 by David McKee

“Most of the time we can’t even be honest with ourselves.”—The Commoner in Akira Kurosawa‘s Rashomon. If at first they don’t give you a casino in Massachusetts, litigate. And when that doesn’t work, re-litigate. That’s what pouting Suffolk Downs owner … Continue reading →

Posted in Atlantic City, Canada, DraftKings, Economy, Election, Las Vegas Raiders, Massachusetts, MGM Resorts International, Mohegan Sun, Pets, Politics, Regulation, Sexual misconduct, Sheldon Adelson, Sports, Sports betting, Steve Wynn, Texas, Wall Street, Wynn Resorts | Comments Off on Wynn zapped again; Canada boosts DraftKings

Las Vegas: First, the bad news …

Posted on November 27, 2020 by David McKee

It’s no wonder October was a bad month for the Las Vegas Strip and Downtown. Visitation to Sin City fell 49.5% and room revenue tumbled 61%. Caesars Entertainment CEO Tom Reeg could, for the sake of argument, be right that … Continue reading →

Posted in Boyd Gaming, Caesars Entertainment, California, Cirque du Soleil, Conventions, Derek Stevens, Donald Trump, Downtown, Economy, Entertainment, Internet gambling, Jim Murren, Las Vegas Raiders, Las Vegas Sands, Movies, Real Estate, Sports, Sports betting, Station Casinos, The Strip, Tourism, Transportation | 1 Comment

A tale of two Nevadas

Posted on November 24, 2020 by David McKee

October was a tale of two Nevadas, one of which (the north) did quite well whilst the other did not. Gaming revenue statewide was down 19.5%, with the Las Vegas Strip acting as a drag anchor, minus 30% at $375 … Continue reading →

Posted in Atlantic City, Australia, Boulder Strip, Caesars Entertainment, Crown Resorts, Downtown, Economy, Elaine Wynn, Entertainment, Golden Gaming, Health, Lake Tahoe, Las Vegas Raiders, Laughlin, Mesquite, Nevada, North Las Vegas, Palms, Real Estate, Reno, Resorts World LV, Sports, Sports betting, Station Casinos, Technology, The Strip, Wendover, Westgate LV, Wynn Resorts | 4 Comments

Biden, vaccine give tourism hope; Cirque du Soleil in crisis

Posted on November 23, 2020 by David McKee

With as many as three Covid-19 vaccines on the way (Pfizer‘s seems to be the favorite horse in the race) and a new presidency two months away, things are looking up, according to people in the tourism industry. “I honestly … Continue reading →

Posted in Cirque du Soleil, Donald Trump, Economy, Elaine Wynn, Election, Entertainment, Health, MGM Resorts International, Problem gambling, Regulation, Steve Wynn, Technology, The Strip, Tourism, Wynn Resorts | 3 Comments

Vegas recovery a Mirage; Illinois closes … again

Posted on November 21, 2020 by David McKee

More from the Too Much, Too Soon? file: MGM Resorts International, despite its long pause in reopening The Mirage has evidently decided it jumped the gun. Hotel rooms there and at Mandalay Bay will be closed Mondays-Thursdays through December at … Continue reading →

Posted in Caesars Entertainment, Cretins, Culinary Union, Dining, Economy, Environment, Health, history, Illinois, Las Vegas Sands, MGM Resorts International, Nevada, New Mexico, New York, Sahara, Sam Nazarian, Sheldon Adelson, Tamares Group, Technology, The Rio, The Strip, Tourism, Transportation, Tribal | 1 Comment

Cirque sacrifies “Zumanity”; Gaming recovery vs. Covid

Posted on November 17, 2020 by David McKee

Covid-19 has claimed its first Cirque du Soleil casualty. Zumanity has gone permanently dark at New York-New York. We’ll miss the sexually charged show, which logged 7,700 performances in 17 (!) years. “We’re grateful to the cast, crew and team … Continue reading →

Posted in AGA, Arkansas, California, Cirque du Soleil, Derek Stevens, Economy, Entertainment, Health, Internet gambling, MGM Resorts International, Mississippi, Ohio, Pennsylvania, South Dakota, Sports, Sports betting, The Strip, Tourism, Transportation | 1 Comment

Horseplay in Massachusetts and Monday mega-jottings

Posted on November 16, 2020 by David McKee

At age 86, horse owner Armand Janjigian is as alive and kicking as the thoroughbreds he wants to race in Massachusetts. No, he doesn’t have a track but he’s busily snapping up land for one. He’s also going to need … Continue reading →

Posted in California, Card rooms, Churchill Downs, Crown Resorts, Detroit, DFS, DraftKings, Economy, Election, FanDuel, Galaxy Entertainment, Golden Nugget, Health, Horseracing, Illinois, International, Japan, Las Vegas Raiders, Las Vegas Sands, Lotteries, Macau, Massachusetts, MGM Resorts International, Nebraska, New York, Penn National, Politics, Racinos, Regulation, Scientific Games, Sports, Sports betting, Taxes, The Strip, Tourism, Wall Street, Wynn Resorts | 2 Comments

Quote of the Day

Posted on November 14, 2020 by David McKee

“This will further cripple the industry and may have a very negative long term impact if a casino does not survive this. Since the [Covid-19] virus tends to grow during the colder weather, allowing conventions anytime soon will probably not … Continue reading →

Posted in Atlantic City, Conventions, Economy, Health | Comments Off on Quote of the Day

Atlantic City looking good but casinos gripe

Posted on November 14, 2020 by David McKee

An extra weekend in October was just what the doctors ordered for Atlantic City, where casino revenues were down just 8% last month, while sports betting surged 26%. Casinos took in $186 million and sports books $58.5 million. Internet gambling … Continue reading →

Posted in Atlantic City, Caesars Entertainment, Detroit, DraftKings, Economy, FanDuel, Golden Nugget, Hard Rock International, Health, Internet gambling, MGM Resorts International, Mohegan Sun, Ocean Resort, Penn National, Regulation, Sports betting, Twin River, Wall Street | 1 Comment

Busted!; Sisolak gets sick

Posted on November 14, 2020 by David McKee

If you held out any hope that Project First Light in Taunton would every see day, you can forget about it. The disenrolled Mashpee Wampanoags got slammed with some bad news yesterday as tribal Chairman Cedric Cromwell and Rhode Island … Continue reading →

Posted in Donald Trump, Economy, Election, Genting, Health, Internet gambling, Law enforcement, Massachusetts, Nevada, Tribal | 2 Comments

Gaming slows across Midwest … except in Ohio

Posted on November 13, 2020 by David McKee

Caesars Entertainment CEO Tom Reeg must have dropped some extra-potent LSD before his last investor call. His comments were summarized by one auditor as, “When we get into a Post-COVID world Pent-Up demand you’re going to see for Gaming And … Continue reading →

Posted in Boyd Gaming, Caesars Entertainment, Churchill Downs, Cordish Co., Dan Gilbert, Detroit, DraftKings, Economy, FanDuel, Full House Resorts, Golden Gaming, Hard Rock International, Indiana, Las Vegas Raiders, Maryland, MGM Resorts International, Ohio, Penn National, Spectacle Entertainment, Sports, Sports betting, Twin River, West Virginia, William Hill | Comments Off on Gaming slows across Midwest … except in Ohio

Station, DraftKings, Macao all looking up

Posted on November 13, 2020 by David McKee

So much news … where to begin? Station Casinos got a thumbs-up from analysts at JP Morgan who met with the Fertitta Brothers and CFO Stephen Cootey. “We come away impressed with [Station’s] resolve in maximizing free cash flow at … Continue reading →

Posted in Canada, China, Dining, DraftKings, Economy, Health, history, Internet gambling, Macau, Marketing, Palms, Phil Ruffin, Sports, Sports betting, Station Casinos, Wall Street | 2 Comments

The trajectory of recovery

Posted on November 10, 2020 by David McKee

… and BetMGM doubles down on the sweet science. Happy Veterans Day tomorrow.

Posted in Economy, Entertainment, MGM Resorts International, Mississippi, Sports, Sports betting, The Strip | Comments Off on The trajectory of recovery

Wynn winning; Flyover Country keeps Caesars aloft

Posted on November 6, 2020 by David McKee

Wynn Resorts reported 3Q20 results yesterday and the headline item was Macao, where operating results were “soft” but “encouraging,” despite “negative to apathetic investor sentiment,” according to JP Morgan analyst Joseph Greff. Mass-market wagering was up 40% and credit issued … Continue reading →

Posted in Atlantic City, Caesars Entertainment, Colorado, Conventions, Culinary Union, Dining, Diversity, Donald Trump, Economy, Election, Golden Gaming, Hard Rock International, Indiana, Internet gambling, Louisiana, Macau, Majestic Star, Maryland, Massachusetts, Michigan, Nevada, New Jersey, Planet Hollywood, Politics, Reno, Slot routes, Sports betting, The Rio, The Strip, Tourism, Wall Street, William Hill, Wynn Resorts | 2 Comments