Category Archives: Economy

Sheldon the Barbarian & other news

Posted on January 11, 2010 by David McKee

Amid reports of vastly improved attendance at this year’s Consumer Electronics Show comes news of a typical overreaction by Las Vegas Sands. I know of one company that was doing off-site demos and fortunately wasn’t among the vendors turfed out … Continue reading →

Posted in Atlantic City, California, Carl Icahn, Colorado, Columbia Sussex, Current, Economy, Election, Harrah's, Indiana, Politics, Regulation, Sheldon Adelson, Singapore, Taxes, The Strip, Tourism, Transportation, Tribal, Tropicana Entertainment | 5 Comments

Quote of the Day

Posted on January 11, 2010 by David McKee

“However, weekend room rates at Aria are equal to or great than those at Bellagio in only 6/13 periods (46% of the time).” — from a J.P. Morgan room-rate survey. You just can’t beat a classic.

Posted in CityCenter, Current, Economy, MGM Mirage, The Strip, Tourism | 1 Comment

It’s a miracle!

Posted on January 8, 2010 by David McKee

You’re looking at a photo that was imbedded in a new Riviera press release and — praise be! — Fontainebleau has disappeared. Yes, vanished, gone as though it were never there: like it was all a bad dream. Yes, yes, … Continue reading →

Posted in Economy, Fontainebleau, MGM Mirage, Riviera, Sahara | 5 Comments

It could be worse … couldn’t it?

Posted on January 8, 2010 by David McKee

That’s what passes for optimism these days when confronted by ledgers like those posted by casinos in Illinois and Indiana for December. While the former’s 5% decline hardly looks like cause for celebration, it at least suggests the Land of … Continue reading →

Posted in Boyd Gaming, Current, Don Barden, Economy, Harrah's, Illinois, Indiana, MGM Mirage, Neil Bluhm, Penn National, Politics, Racinos, Regulation, Taxes, Tribal, Tropicana Entertainment | 1 Comment

Damsel in distress

Posted on January 4, 2010 by David McKee

Until 2005, when Harrah’s Entertainment devoured Park Place Entertainment, its flagship property in Las Vegas was The Rio. Since then the lady has fallen upon hard times. During the period 2007-09, while Harrah’s CEO Gary Loveman blew hundreds of millions … Continue reading →

Posted in Current, Economy, Entertainment, Harrah's, Penn National, Regulation, Wall Street, World Series of Poker | 4 Comments

Case Bets: Mohegan Sun, Alabama, Weidner, Dubai & a big bet on MGM Mirage

Posted on January 4, 2010 by David McKee

Could default or bankruptcy be in the offing for Mohegan Sun? The tribal supercasino’s attempts to get out from under an onerous fee arrangement with Sol Kerzner and Len Wolman are not only facing heavy weather, Mohegan Sun is also … Continue reading →

Posted in Alabama, Carl Icahn, Charity, CityCenter, Current, Dubai, Economy, Election, Entertainment, Fontainebleau, Harrah's, MGM Mirage, Pinnacle Entertainment, Politics, Riviera, Sahara, Sheldon Adelson, Station Casinos, Taxes, Technology, The Strip, Tribal, Wall Street | 1 Comment

Mutiny!

Posted on December 31, 2009 by David McKee

One of the dirty little secrets of the “cruise to nowhere” business is that these vessels are crewed with seamen imported from foreign countries. (Americans, despite being citizens of one of the preeminent seafaring nations, apparently aren’t good enough.) So … Continue reading →

Posted in Architecture, Boyd Gaming, CityCenter, Current, Economy, Florida, Harrah's, International, MGM Mirage, Ohio, Penn National, Planet Hollywood, Regulation, Riviera, Sahara, Station Casinos, The Strip | Comments Off on Mutiny!

Going … going … Gaughan

Posted on December 30, 2009 by David McKee

Having been handed a virtual monopoly on the Mesquite casino market by Nevada regulators, blowhard Randy Black proceeded to run it and his company into the ground. So he entered prepackaged bankruptcy this week and proclaimed victory. And why not? … Continue reading →

Posted in Animals, Economy, Mesquite, Michael Gaughan, Pets | Comments Off on Going … going … Gaughan

Case Bets: Casino Jack, Harrah’s, Trump, Recovery?

Posted on December 30, 2009 by David McKee

It’s another sad chapter, in the tattered and disgraceful saga of Sun Cruz Casinos. As you recall, this now-idled cruises-to-nowhere fleet was briefly owned by Jack Abramoff, by dint of a tiny bit of fraud. That’s one of the many … Continue reading →

Posted in Current, Donald Trump, Economy, Florida, Harrah's, Laughlin, MGM Mirage, Neil Bluhm, Pennsylvania, Planet Hollywood, Station Casinos, The Mob, The Strip, Tribal | Comments Off on Case Bets: Casino Jack, Harrah’s, Trump, Recovery?

Quote of the Day

Posted on December 30, 2009 by David McKee

“After cutting salaries and curtailing benefits for employees across the board, Mohegan Sun proceeded with a $44.9 million renovation of its Winter Entrance and an adjacent parking garage …” — from a year-end wrapup of Connecticut‘s casino-revenue woes.

Posted in Economy, Tribal | Comments Off on Quote of the Day

Good news, bad news

Posted on December 30, 2009 by David McKee

Analysts at J.P. Morgan report that rates for mid-January (1/17-23) are +7% from the same period last year, mostly on the strength of better midweek ADRs. Unfortunately, this increase comes against a prior-year period when rates tumbled 38% … but … Continue reading →

Posted in Current, Economy, Harrah's, Sheldon Adelson, Wall Street | Comments Off on Good news, bad news

Quote of the Day

Posted on December 24, 2009 by David McKee

“This irresponsible legislation will bankrupt the state of Nevada and leave every working Nevada family out in the cold in the New Year.” — Gov. Jim Gibbons, in familiar Chicken Little mode. The context is irrelevant … this is Midnight … Continue reading →

Posted in Current, Economy, Harry Reid, Politics | Comments Off on Quote of the Day

‘Tis the season

Posted on December 23, 2009 by David McKee

Kansas Gov. Mark Parkinson cuts the ribbon on Boot Hill Casino. The gentleman at the rear in the red tie is the Kansas Lottery’s Ed Van Petten, taking time out from carrying water for Mike Ensign. Having been on the … Continue reading →

Posted in Alex Yemenidjian, Archon Corp., Boyd Gaming, Cannery Casino Resorts, Carl Icahn, CityCenter, Colony Capital, Columbia Sussex, Don Barden, Donald Trump, Economy, Election, Entertainment, Environment, Fontainebleau, Harrah's, Harry Reid, Internet gambling, Isle of Capri, Jack Binion, James Packer, Kansas, M Resort, Macau, MGM Mirage, Neil Bluhm, Oscar Goodman, Penn National, Pets, Phil Ruffin, Politics, Sheldon Adelson, Stanley Ho, Station Casinos, Steve Wynn, Technology, The Strip, Tourism, Tribal | 8 Comments

Quote of the Day

Posted on December 23, 2009 by David McKee

“Anyone who tells you they are expanding or improving on their existing property is lying. No one has any money right now to do that. We’re all just grinding it out, operating, trying to stay smart and ahead of it … Continue reading →

Posted in Current, Economy, George Maloof, The Strip | 9 Comments

“You can’t escape CityCenter.”

Posted on December 22, 2009 by David McKee

No, but I really wish I could when I read yet another story posing the boneheaded question, “Can CityCenter save Las Vegas?” The query is as dumb as the answer is obvious: No, it can’t. No one megaresort property can. … Continue reading →

Posted in CityCenter, Economy, MGM Mirage, Movies, The Strip | 5 Comments

Earth to Adelson, Earth to Adelson …

Posted on December 21, 2009 by David McKee

Las Vegas Sands CEO Sheldon Adelson claims he can finish his two resuscitated Cotai Strip™ casinos (below) and build three more in the next five years. Let the record show that Adelson currently also has casinos in various states of … Continue reading →

Posted in CityCenter, Cordish Co., Current, Economy, Florida, International, Macau, Maryland, MGM Mirage, Movies, New York, Pennsylvania, Politics, Racinos, Regulation, Sheldon Adelson, Singapore, The Strip, Tribal | 2 Comments

They took away the Reading Room …

Posted on December 17, 2009 by David McKee

… only to give us Assouline, a store that specializes in big books with lots of pictures and can found in Crystals. However, you needn’t bother shopping there unless you have money out the assouline. Or as a company exec … Continue reading →

Posted in Arizona, California, CityCenter, Colorado, Economy, MGM Mirage, Mississippi, The Strip, Tribal | 3 Comments

CityCenter giblets

Posted on December 17, 2009 by David McKee

While I’m gathering my thoughts — and notes — from yesterday’s Orgy o’CityCenter (and trying to maintain a Cone of Deafness, as far as other commentators), here are a few stray tidbits: Even MGM Mirage CEO Jim Murren can’t hide … Continue reading →

Posted in Cirque du Soleil, CityCenter, Colony Capital, Cosmopolitan, Current, Donald Trump, Dubai, Economy, Entertainment, Fontainebleau, Station Casinos, Steve Wynn, Technology, The Strip, Tourism, Transportation, TV | 3 Comments

Live from CityCenter

Posted on December 16, 2009 by David McKee

I’m filing in haste from CityCenter, where I have Aria, Vdara and Mandarin Oriental tours scheduled. Hopefully, I’ll be back at the keyboard later this afternoon. I poked my head into Crystals long enough to see very, very light pedestrian … Continue reading →

Posted in Architecture, CityCenter, Current, Dubai, Economy, MGM Mirage, The Strip, TV | 2 Comments

Big casino opening today

Posted on December 15, 2009 by David McKee

No, not Aria. That’s tomorrow. Today’s the first day of business for $48 million Boot Hill Casino & Resort, in Dodge City. Avionics firm (!) and relatively novice casino developer Butler National did what brand names Penn National Gaming, MGM … Continue reading →

Posted in Current, Economy, Harrah's, Kansas, MGM Mirage, Penn National, Regulation, Sheldon Adelson, Tribal | Comments Off on Big casino opening today