Category Archives: Economy

Quote of the Day

Posted on October 30, 2009 by David McKee

“What we’ve learned as a nation is that these casino monopoly licenses are incredibly lucrative. This is a cartel wanting to do business in Ohio for an unbelievably low price.” — TruthPAC spokeswoman Sandy Theis, making the usual baleful noises … Continue reading →

Posted in Economy, Election, Ohio | 1 Comment

Case Bets: Pinnacle, Pennsylvania, Harrah’s & Sands

Posted on October 30, 2009 by David McKee

Third quarter at PNK: 3Q09 numbers are out for Pinnacle Entertainment and the comparisons cover the spectrum from very good (Lumiere Place up 19%), good (+5% at L’Auberge du Lac) and lousy (-13% aboard Boomtown New Orleans). Once a free-spending … Continue reading →

Posted in Ameristar, Atlantic City, Current, Detroit, Economy, Harrah's, Louisiana, Macau, Marketing, Missouri, Pennsylvania, Pinnacle Entertainment, Problem gambling, Sheldon Adelson, Taxes, Tribal, Wall Street | 2 Comments

Signs of the Times

Posted on October 29, 2009 by David McKee

Oh, how I wish I’d had the presence of mind to snap a photo of the Tropicana Las Vegas marquee last night. It reads, in part: WAYNE NEWTON Once Before I Go NOW The concluding imperative makes the sign look … Continue reading →

Posted in Alex Yemenidjian, Current, Economy, Entertainment, Harrah's, International, The Strip, TV | 6 Comments

Quote of the Day

Posted on October 28, 2009 by David McKee

“It’s not legal, and anyone who thinks this is legal is wrong. They are guilty of a misdemeanor if they do this.” — Steve Wynn, who’s not a lawyer but plays one in the newspapers. If he’d read a little, … Continue reading →

Posted in Current, Economy, Entertainment, Regulation, Sheldon Adelson, Steve Wynn, The Strip | 3 Comments

Boyd: A waiting game

Posted on October 27, 2009 by David McKee

That’s the economic forecast of J.P. Morgan analysts after Boyd Gaming came in slightly under its cash-flow projections for the third quarter. Borgata remained a bright spot, reaching record levels of market share in Atlantic City (a staggering 19%) in … Continue reading →

Posted in Atlantic City, Boulder Strip, Boyd Gaming, Current, Downtown, Economy, Illinois, Indiana, Louisiana, Morgans Hotel Group, Neil Bluhm, New York, Pennsylvania, Racinos, The Strip, Tourism, Wall Street | 6 Comments

Loveman’s Folly

Posted on October 27, 2009 by David McKee

Back when Harrah’s Entertainment was surrendering to the cold, clammy embrace of Texas Pacific Group and Apollo Management, the bean counters assured CEO Gary Loveman that Harrah’s could carry almost $30 billion in debt and sustain a 20% revenue decrease. … Continue reading →

Posted in Current, Economy, Harrah's, Wall Street | Comments Off on Loveman’s Folly

Adieu F-bleau, hello Hollywood?

Posted on October 26, 2009 by David McKee

Look what just fell into the S&G mailbag: Beginning January 1, 2010 Penn National Gaming will partner with RPM Advertising to develop and execute a brand identity for Hollywood Casinos.  The full service assignment will incorporate research, brand development, media … Continue reading →

Posted in Alex Yemenidjian, Boyd Gaming, CityCenter, Current, Donald Trump, Economy, Entertainment, Fontainebleau, Harrah's, Marketing, MGM Mirage, Penn National, Sheldon Adelson, Station Casinos, Steve Wynn, The Strip, TV | 1 Comment

Quote of the Day

Posted on October 23, 2009 by David McKee

“Steve Wynn was the worst offender on that score. Last year, he used his aircraft for a $1 million of personal travel, which Wynn [Resorts] shareholders paid for. To do $1 million worth of travel, I worked it out that … Continue reading →

Posted in Current, Economy, Steve Wynn, Transportation, Wall Street | Comments Off on Quote of the Day

Quote of the Day

Posted on October 21, 2009 by David McKee

Penn National Gaming "has not lost its senses and, [contends] that at the right price and through the right vehicle (and only with a sizable strategic partner who would bring something special to the project, presumably some hotel experience), its … Continue reading →

Posted in Current, Economy, Fontainebleau, Penn National, The Strip, Wall Street | Comments Off on Quote of the Day

MGM: CityCenter worth $4.88 billion

Posted on October 20, 2009 by David McKee

MGM Mirage has announced that it's writing off approximately $1.3 billion (i.e., taking an "impairment charge") against CityCenter, with $348 million of that chalked up to falling real estate values. (Some $174 million of that will apparently be fobbed off … Continue reading →

Posted in CityCenter, Columbia Sussex, Current, Economy, Kansas, MGM Mirage, Missouri, Neil Bluhm, Penn National, Pennsylvania, Pinnacle Entertainment, Politics, Regulation, Taxes, Tourism, Transportation, Wall Street | Comments Off on MGM: CityCenter worth $4.88 billion

A deal @ Vdara

Posted on October 19, 2009 by David McKee

Just as I said, CityCenter is becoming the mid-market epicenter of Las Vegas. Today's mailbag yielded a $129/night offer for Vdara, plus $50 in amenity credits — more evidence of the downward pressure CityCenter is exerting on the Strip. But … Continue reading →

Posted in CityCenter, Current, Economy, Marketing, MGM Mirage, The Strip | Comments Off on A deal @ Vdara

Quote of the Day

Posted on October 16, 2009 by David McKee

"I predict a rough winter for Vegas. Swine flu may not be a pandemic, but it may really mess with the casino business. It could make the economic downturn look mild." — a locally based casino-industry expert, in an e-mail … Continue reading →

Posted in Boulder Strip, Current, Downtown, Economy, The Strip, Tourism | Comments Off on Quote of the Day

Aria drives prices … down

Posted on October 16, 2009 by David McKee

Contrary to repeated assertions by J.P. Morgan, it would appear that MGM Mirage is putting out promotional specials for Bellagio … and very aggressively so. Note however, that Steve Wynn's masterpiece is maintaining its price point and Aria is the … Continue reading →

Posted in Alex Yemenidjian, CityCenter, Current, Downtown, Economy, Harrah's, Marketing, MGM Mirage, Riviera, Sahara, Station Casinos, Steve Wynn, The Strip, Tourism | Comments Off on Aria drives prices … down

F'bleau: Wait 'til 2012; Satre returns

Posted on October 16, 2009 by David McKee

That’s basically the message coming out of bankruptcy court, where Fontainebleau ownership requested permission to scrap all conventions and meetings through October 2011. Among many other disclosures in the fast-moving Chapter 11 was the sacking of seven top executives. (A … Continue reading →

Posted in Atlantic City, Colony Capital, Cosmopolitan, Economy, Fontainebleau, Harrah's, IGT, Macau, MGM Mirage, Pansy Ho | 2 Comments

Great O'Day in the morning

Posted on October 16, 2009 by David McKee

Peepshow star/trainwreck-in-progress Aubrey O'Day likes to speak her mind, for whatever it's worth. Evidently the recklessly candid utterances of Ms. O'Day were worth not one, not two but, yes, three dispatches by Richard Abowitz. The fascination is understandable, given an … Continue reading →

Posted in Current, Economy, Entertainment, Macau, Regulation, Sheldon Adelson, Stanley Ho, Steve Wynn, The Strip | Comments Off on Great O'Day in the morning

Night of the living dead

Posted on October 15, 2009 by David McKee

Will the last person leaving the Riviera please take down the Charo in Concert, Abra-ca-Sexy! and Tom Stevens posters? Everything about last night's visit to the casino suggested a business that's died but doesn't realize it. Not that it helps … Continue reading →

Posted in Alex Yemenidjian, Boyd Gaming, CityCenter, Economy, Entertainment, Fontainebleau, Illinois, MGM Mirage, Regulation, Riviera, The Strip | Comments Off on Night of the living dead

Quote of the Day

Posted on October 15, 2009 by David McKee

"In a lot of places along the coast it looks like the hurricane hit yesterday." — NBC reporter Charles Hadlock, reporting today on the condition of New Orleans and the Gulf Coast, four and a half years after Hurricane Katrina.

Posted in Current, Economy, Louisiana, Mississippi | Comments Off on Quote of the Day

Macao giveth, Macao taketh away

Posted on October 13, 2009 by David McKee

Casino operators in Macao better make the most of the recent relaxation of visa quotas into the enclave. What the government gives with one hand, it partly reclaims with the other. Casino expansion remains out of the question and the … Continue reading →

Posted in Current, Detroit, Economy, Lawrence Ho, Macau, Melco Crown Entertainment, MGM Mirage, Regulation, Sheldon Adelson, Stanley Ho, Steve Wynn, Tourism, Wall Street | Comments Off on Macao giveth, Macao taketh away

Hope for Boardwalk?

Posted on October 13, 2009 by David McKee

As you know, S&G puts more stock in year/year comparisons than sequential ones, but the most recent set from Atlantic City affords a slender reed of hope. With the help of tighter slots, A.C. held its September decline to 6%, … Continue reading →

Posted in Atlantic City, Boyd Gaming, Carl Icahn, Colony Capital, Current, Economy, Harrah's, Marketing, Maryland, Neil Bluhm, New York, Pennsylvania, Regulation, Sheldon Adelson, Tourism, Tropicana Entertainment | Comments Off on Hope for Boardwalk?

Why does Steve Wynn hate America?

Posted on October 13, 2009 by David McKee

Or maybe the question should be, What was Steve Wynn smoking before he told CNBC "Money Honey" Maria Bartiromo that Wynn Macau was making more than all other 30 Macao casinos combined? Perhaps he meant his joint is the single-highest-grossing … Continue reading →

Posted in CityCenter, Economy, Encore, Entertainment, Harrah's, International, Macau, MGM Mirage, Planet Hollywood, Sheldon Adelson, Steve Wynn, Taxes, The Strip, TV | Comments Off on Why does Steve Wynn hate America?