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Category Archives: Economy
Not all that is Golden glitters; Scientific’s cause for concern
Golden Gaming reported earnings today and there was sufficient good news to be upbeat about the stock—except in Nevada. Casino revenue fell 15% in 3Q20 to $115 million. Slot routes, which ought to be trending upwards, tumbled 31% to $48 … Continue reading
Posted in Economy, Golden Gaming, Health, Internet gambling, Lotteries, Maryland, Nevada, Scientific Games, Slot routes, Sports betting, Wall Street
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Park MGM re-closes; Gaming’s 2020 mandate
No, it’s got nothing to do with the smoking ban. Well, maybe. MGM Resorts International, as we mentioned yesterday, has decided it has too much hotel-room inventory going to waste on the Las Vegas Strip. As part of an austerity … Continue reading
Posted in Caesars Entertainment, Churchill Downs, Colorado, Dining, Economy, Election, Golden Gaming, Hard Rock International, Iowa, Louisiana, Maryland, MGM Resorts International, Nebraska, North Carolina, Penn National, Racinos, Regulation, Rush Street Gaming, Taxes, The Strip, Tourism, Tribal, Virginia, Wall Street
1 Comment
Baker’s casino crackdown; NFL playoffs diluted
No more all-night gambling for you, Massachusetts! Seeing a rise in Covid-19 cases, Gov. Charlie Baker (R) has curtailed casino hours. They have to close by 9:30 p.m. until further notice. If you’re buying booze (essential for Election Night) or … Continue reading
Posted in DraftKings, Economy, FanDuel, Health, International, Massachusetts, MGM Resorts International, Regulation, Rush Street Gaming, Sports, Sports betting, Wynn Resorts
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VOTE!
It’s the most important thing you’ll do all year. ‘Nuff said. Another item from the Too Much, Too Soon file: MGM Resorts International is mulling partially re-closing hotels at some of its Las Vegas Strip properties. The company is heavily … Continue reading
Macao gets a boost; Sisolak’s October surprise
“Encouraging” isn’t what you usually say about a 75% plunge in revenue. But in Macao, where casino win has been virtually nonexistent this year it’s cause for dancing in the streets. To be pedantic, revenues were down 72.5% but an … Continue reading
Posted in Architecture, Caesars Entertainment, China, Economy, G2E, Hard Rock International, Health, International, Japan, Las Vegas Sands, Macau, Melco Resorts & Entertainment, Nevada, New York, Oklahoma, Real Estate, Regulation, Sheldon Adelson, Taxes, The Strip, Tribal, Wall Street, Wynn Resorts
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Quote of the Day
“He has three areas he makes money, Las Vegas, Singapore and Macao. If I have to sell an asset to pay for supporting the other two, if I have three horses and I need to kill one to feed the … Continue reading
Posted in Economy, Las Vegas Sands, Macau, Sheldon Adelson, The Strip
1 Comment
MGM “unsurprising”; Penn outperforms
Analysts at JP Morgan were blasé about MGM Resorts International‘s 3Q20 report, setting their price target at $22/share. Wrote Joseph Greff, “We remain Neutral rated as we continue to see a slow recovery on the LV Strip, a market that … Continue reading
At long last, Circa; Las Vegas Strip, empty city
Yesterday was Circa Day, the opening of the most-anticipated Las Vegas casino in a long time (yes, even before Aria). Much of that buzz was due to owner Derek Stevens‘ canny mastery of PR but a spiffy new Downtown casino … Continue reading
Posted in Architecture, Boyd Gaming, Derek Stevens, Donald Trump, Downtown, Downtown Grand, DraftKings, Economy, Entertainment, FanDuel, Golden Nugget, Health, Illinois, Las Vegas Sands, Law enforcement, MGM Resorts International, Penn National, Pennsylvania, Sports betting, Terry Caudill, The Strip, Tourism, Vdara Death Ray, Wall Street
1 Comment
Strip drags down Nevada; Station, MGM upgraded
Gambling revenue in September on the Las Vegas Strip plunged 39% to $355 million, driving the worst of a 22% decline in Nevada win. By contrast, Reno and Lake Tahoe were beacons of hope, up 3.5% and 36% respectively. Downtown … Continue reading
Posted in Boulder Strip, Colorado, Cretins, Downtown, DraftKings, Economy, Indiana, Lake Tahoe, Laughlin, Law enforcement, Mesquite, MGM Resorts International, Nevada, New Jersey, North Las Vegas, Reno, Sports betting, The Strip, Wall Street, Wendover
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Vegas: Too much, too soon?
Did Las Vegas reopen too swiftly and too soon? Has it, in fact—as we asked and Las Vegas Sands President Rob Goldstein heavily implies—jumped the shark? It has for 1,200 Las Vegas Strip workers. In addition to 828 already-reported sackings … Continue reading
Sands: “Awful and apathetic”; Sheldon’s deep pockets
Despite ” taking into account a slower than anticipated rebound during the Golden Week period earlier this month and a generally slow visitation boost and revenue recovery from the (still early) resumption of the” Individual Visa Scheme in Macao, analysts at … Continue reading
Massachusetts’ mixed message; Much ado about Circa
Even if Congress beats the odds and passes another megabuck stimulus bill before the election, it won’t provide more than a short-term shot in the arm for gaming, which saw a bubble of increased discretionary spending but is now backsliding. … Continue reading
Trop in trouble; Sands has a plan; Super Bowl to Vegas?
We know that the Tropicana Las Vegas is being positioned for a sale (potentially to Twin River Holdings) but does that alone explain the pink-slipping of 828 employees, a drastic move? Placed in the context of other cutbacks, like the … Continue reading
Missouri wilts; Encore closes (sorta); Station upgraded
Pent-up demand and stimulus checks appear to be sputtering across the Midwest. Missouri casinos were down 7.5% last month, grossing $129.5 million. Slots ($112 million) were off 6% and table games tumbled 17%. Top grosser in the state was Ameristar … Continue reading
Posted in Australia, Boyd Gaming, Caesars Entertainment, Century Casinos, Downtown, Economy, Hard Rock International, International, James Packer, Marketing, MGM Resorts International, Missouri, Mohegan Sun, Palms, Penn National, Regulation, Sports, Sports betting, Station Casinos, The Strip, Transportation, Twin River, Wynn Resorts
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Kings for a day; Covid’s casino kingpin
As you know, DraftKings is the current darling of Wall Street, its stock hovering around $50/share. Today Credit Suisse analyst Ben Chaiken initiated coverage with an “outperform” rating, putting a $76/share price target on the stock. He even went to … Continue reading
Posted in Atlantic City, Australia, Brazil, Caesars Entertainment, California, China, Crown Resorts, DraftKings, Economy, FanDuel, Golden Nugget, Health, IGT, Illinois, Internet gambling, Japan, Lake Tahoe, Las Vegas Raiders, Las Vegas Sands, Law enforcement, Lotteries, Louisiana, Macau, Maverick Gaming, MGM Resorts International, Nebraska, Rush Street Gaming, Sports, Sports betting, Technology, The Strip, Tilman Fertitta, TV, Twin River, Wall Street, Wynn Resorts
1 Comment
Caesars pleads poverty; FBI descends on Vegas
News sources are reporting “mass layoffs” at Caesars Southern Indiana, one of the company’s more successful properties. As many as 200 staff have been given their walking papers, not just in the poker room but vital departments like servers, bartenders, … Continue reading
Posted in Caesars Entertainment, Canada, Cosmopolitan, Derek Stevens, Donald Trump, DraftKings, Economy, Entertainment, Health, Indiana, Las Vegas Sands, Law enforcement, Marketing, MGM Resorts International, Missouri, Nevada, Penn National, Planet Hollywood, Resorts World LV, Security, Sports betting, Stanley Ho, Tourism, Transportation, Wall Street, Wynn Resorts
6 Comments
Ohio still strong; Internet saps brick-and-mortar casinos
Buckeye State casino revenues continue to trend upward, gaining 6% to finish at $164.5 million in win. Now that casinos are open in Detroit, it took some of the sheen off Hollywood Toledo, but not much. It was up 13.5% … Continue reading
Maryland returns to normal; Caesars offloads assets
Pandemic? What pandemic? Maryland casino revenues were 1% above last September’s, indicating a resumption of normality, at least where gambling is concerned. The statewide gross was $149.5 million. That’s despite restrictions that include keeping the casino floor at 50% of … Continue reading
Posted in Caesars Entertainment, Churchill Downs, Conventions, Cordish Co., Cretins, Delaware, Diversity, Economy, Election, FanDuel, Golden Gaming, Health, International, Internet gambling, Maryland, MGM Resorts International, Nebraska, Penn National, Pennsylvania, Racinos, Reno, Sports betting, Tribal, Virginia, West Virginia, William Hill
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Covid-19 rattles oddsmakers; No joy in Vegas
Before the ink was dry on a deal for BetMGM to become the official wagering partner of the Tennessee Titans, inescapable Covid-19 rippled through the Titans’ ranks, forcing indefinite postponement of a tilt against the Pittsburgh Steelers. Incidences like this … Continue reading
Massacre anniversary brings accord; Stevens wants you
Let the healing begin. An $800 million settlement between MGM Resorts International and victims of the Mandalay Bay Massacre has been blessed by a Clark County judge. Said co-plaintiff Stephanie Fraser, “By the grace of God, myself and my family … Continue reading