Category Archives: Economy

McKee vs. Lerner

Posted on August 3, 2009 by David McKee

Actually, the headline misstates what was a very collegial — if occasionally dissenting — exchange of views between Union Gaming Group's Bill Lerner and Yr. Humble Blogger on Jon Ralston's Face to Face show. It was only my second-ever gig … Continue reading →

Posted in Atlantic City, Boulder Strip, Boyd Gaming, Colony Capital, Current, Economy, International, Kansas, Labor, M Resort, Macau, MGM Mirage, Sheldon Adelson, Singapore, Station Casinos, The Strip, TV, Wall Street | Comments Off on McKee vs. Lerner

Bare-knuckle Boardwalk brawl

Posted on July 31, 2009 by David McKee

“Leaky windows. Broken air-conditioning. Missing kitchen equipment. A weather-beaten building … It also has missing kitchen equipment and broken air-conditioning units that have left guest rooms hot and unrentable. Further, it is plagued by a leaky roof, windows and skylights … Continue reading →

Posted in Atlantic City, Donald Trump, Economy, Harrah's, MGM Mirage, Silverton, The Strip, Tropicana Entertainment | Comments Off on Bare-knuckle Boardwalk brawl

Quote of the Day

Posted on July 30, 2009 by David McKee

"Privé. Gibbons. Ensign. Rampant foreclosure. Half-built, hubristic casinos. Record unemployment. UFC. Mob Museum. Maybe Las Vegas 2009 is just Tom Wolfe's next novel." — Las Vegas Weekly Editor Scott Dickensheets, from Facebook.

Posted in Current, Downtown, Economy, Labor, Politics, Sports, Station Casinos, The Mob, The Strip | Comments Off on Quote of the Day

Case Bets: Hard Rock, Puck, Station, Greek Isles

Posted on July 29, 2009 by David McKee

Morgans Hotel Group has never seemed able to make up its mind about what to do with the Hard Rock Hotel & Casino (one of the stranger acquisitions of recent years). Then-CEO Ed Scheetz came in talking big about classing … Continue reading →

Posted in Architecture, Colony Capital, Current, Dining, Economy, Entertainment, Harrah's, Marketing, Morgans Hotel Group, Station Casinos, The Strip, Tourism, Wall Street | Comments Off on Case Bets: Hard Rock, Puck, Station, Greek Isles

Strange happenings at Penn Nat'l, Harrah's

Posted on July 29, 2009 by David McKee

While everybody's been focusing on the implosion of Station Casinos, the analysts at J.P. Morgan snuck out one of the more unusual (and entertaining) reports I've ever come across. They pored over Penn's 2Q09 filing and had some tales to … Continue reading →

Posted in Ameristar, Boyd Gaming, Current, Economy, Harrah's, Illinois, Indiana, Kansas, Louisiana, Marketing, MGM Mirage, Ohio, Penn National, Station Casinos, Wall Street | Comments Off on Strange happenings at Penn Nat'l, Harrah's

Aztar deal the worst ever: it's quantifiable

Posted on July 28, 2009 by David McKee

When he acquired Aztar Corp., back in 2006, Columbia Sussex CEO William J. Yung III also became one of the company’s debtors. So what’s his $36 million worth today? According to the Wall Street Journal, 100 grand or less. If … Continue reading →

Posted in Atlantic City, Carl Icahn, Columbia Sussex, Cosmopolitan, Current, Economy, Genting, Harrah's, International, Macau, Sheldon Adelson, Singapore, Stanley Ho, The Strip, Tropicana Entertainment | Comments Off on Aztar deal the worst ever: it's quantifiable

A Trop by any other name

Posted on July 27, 2009 by David McKee

Icahn Capital, which purchased the Tropicana Atlantic City for $54 million, effectively, is projecting a conservative course for the property. Any sort of expansion is being ruled out for now, due to skepticism about “green shoots” of economic recovery. Speaking … Continue reading →

Posted in Alex Yemenidjian, Atlantic City, Carl Icahn, Columbia Sussex, Current, Economy, Harrah's, Illinois, Problem gambling, The Strip, Tropicana Entertainment | Comments Off on A Trop by any other name

Packer steps in it again

Posted on July 24, 2009 by David McKee

After frequent demurrals, the Victoria government has ‘fessed up that it was on the receiving end of ham-fisted lobbying by Crown Casino owner James Packer. A delicate quid pro quo (higher taxes in return for more table games) was being … Continue reading →

Posted in Australia, Economy, James Packer, Lawrence Ho, Macau, Melco Crown Entertainment, Problem gambling, Regulation, Sheldon Adelson | Comments Off on Packer steps in it again

Double-whammy for Planet Ho

Posted on July 23, 2009 by David McKee

True, Planet Hollywood is feeling some pain in the wallet after the Nevada Gaming Commission approved a $500,000 fine. But it's Clark County Department of Business License which fired the shot across the bow that will really get the casino … Continue reading →

Posted in Columbia Sussex, Current, Downtown, Economy, Labor, MGM Mirage, Regulation, Station Casinos, The Strip, Tilman Fertitta | Comments Off on Double-whammy for Planet Ho

Tamares' crown jewels

Posted on July 23, 2009 by David McKee

Ian Sutton posted this today at GamingFloor.com and I couldn't resist snurching it. Sandwiched between footage of the Lady Luck and other Downtown detritus is a long, loving look at those two fine Tamares Group dereli … er, acquisitions: the … Continue reading →

Posted in Architecture, Downtown, Economy, Oscar Goodman, Tamares Group, TV | Comments Off on Tamares' crown jewels

Signs of the Times

Posted on July 22, 2009 by David McKee

Caesars Palace's jumbotron was hawking a poker "tournement [sic]" as of last night. Having an ex-Harvard boffin at the helm evidently doesn't raise a company's I.Q. level. You half-expect that sort of spelling gaffe on the marquee at Terrible's; at … Continue reading →

Posted in Current, Downtown, Economy, Entertainment, Harrah's, Herbst Gaming, Riviera, The Strip, Tilman Fertitta | Comments Off on Signs of the Times

The dream is dying

Posted on July 20, 2009 by David McKee

Just last week, UNLV‘s historical sage, Dr. Eugene Moehring, was taking a dim view of the fate of Las Vegas’ working class. Now comes the Wall Street Journal to back him up with some sobering reportage. Even at union salaries, Culinary … Continue reading →

Posted in Boyd Gaming, Colony Capital, Cosmopolitan, Economy, Encore, Fontainebleau, Harrah's, LVCVA, M Resort, MGM Mirage, Morgans Hotel Group, Plaza, Station Casinos, Steve Wynn, The Strip, Tourism, Wall Street | Comments Off on The dream is dying

Case Bets: M Resort, bad debt, Wall Street's bomb

Posted on July 20, 2009 by David McKee

After fairly flying out of the gate, M Resort has hit the wall. Unfortunately, CEO Anthony Marnell III's response to economic adversity has been to sweat the value propositions. Not only is M fretting about card counters (hands down, the … Continue reading →

Posted in Architecture, Cannery Casino Resorts, Current, Economy, Harrah's, Lake Tahoe, M Resort, Marketing, Regulation, Sahara, Station Casinos, Steve Wynn, Wall Street | Comments Off on Case Bets: M Resort, bad debt, Wall Street's bomb

More Midwest notes

Posted on July 14, 2009 by David McKee

Continuing a trend of lower-than-projected returns across the Midwest, Iowa's riverboats were flat last month and racinos saw a 5% decline. All major operators lost ground but something is very wrong at Ameristar Casinos, whose Council Bluffs boat was way … Continue reading →

Posted in Ameristar, Bally Technologies, Detroit, Economy, IGT, Illinois, Iowa, MGM Mirage, WMS Industries | Comments Off on More Midwest notes

Competition forces sanity

Posted on July 13, 2009 by David McKee

While the Bible Belt may hold out until the bitter end, we may finally be seeing the demise of the "boats in moats" arrangement, a fig leaf that enabled Midwestern states to blushingly accept casino money. Illinois has started phasing … Continue reading →

Posted in Ameristar, Don Barden, Economy, Harrah's, Horseracing, Indiana, Isle of Capri, Missouri, Ohio, Penn National, Pinnacle Entertainment, Taxes | Comments Off on Competition forces sanity

Rough trade

Posted on July 13, 2009 by David McKee

May wasn't great for Las Vegas, to say the least, with hotel occupancy -6%, a figure somewhat amplified by the presence of 3% more hotel rooms. The local ADR of $96.96 would have been regarded as real money back in … Continue reading →

Posted in Ameristar, Boulder Strip, Boyd Gaming, Downtown, Economy, Harrah's, Illinois, Indiana, MGM Mirage, Missouri, Neil Bluhm, Penn National, Regulation, Slot routes, The Strip | Comments Off on Rough trade

Quote of the Day

Posted on July 8, 2009 by David McKee

"Forget the Cirque du Soleil show Zaia, which was quite good but played in a theater that was approximately 30 percent full on a Thursday night. And forget those poor saps trying to sell one high-end watch per day. As … Continue reading →

Posted in Cirque du Soleil, Economy, Macau, Sheldon Adelson | Comments Off on Quote of the Day

Case Bets: CityCenter, W, Bernie Goldstein, Roger Thomas

Posted on July 7, 2009 by David McKee

Some rueful condo buyers are probably calling MGM Mirage‘s ultra-mega-super-duper resort “ShittyCenter,” judging by their ire. It’s difficult to know with whom to sympathize in this ongoing dispute. Condo depositors want to renegotiate prices (which range all the way up … Continue reading →

Posted in Architecture, California, Current, Economy, Encore, Fontainebleau, G2E, Harrah's, Isle of Capri, MGM Mirage, Steve Wynn, The Strip | Comments Off on Case Bets: CityCenter, W, Bernie Goldstein, Roger Thomas

Stormy weather

Posted on July 1, 2009 by David McKee

It may be monsoon season in Las Vegas but there’s a typhoon blowing through Macao‘s casino economy. A series of bulletins from J.P. Morgan outline a worrisome trajectory for China‘s gambling enclave. City of Dreams: a flop June 23: The … Continue reading →

Posted in Australia, Economy, James Packer, Lawrence Ho, Macau, Melco Crown Entertainment, Regulation, Sheldon Adelson, Stanley Ho, Steve Wynn, The Strip, Tourism, Transportation | Comments Off on Stormy weather

Michael Jackson, casino baron?

Posted on June 26, 2009 by David McKee

As the media rages down Memory Lane, here’s one from the Strange But True file: Michael Jackson partnered with Detroit entrepreneur Don Barden in a scheme to gerrymander a Motown casino into Barden’s hands. I covered the story for Casino … Continue reading →

Posted in Detroit, Don Barden, Economy, Genting, International, Neil Bluhm, Pennsylvania, Sheldon Adelson, Singapore | Comments Off on Michael Jackson, casino baron?