Category Archives: Economy

Atlantic City impresses in July

Posted on August 13, 2020 by David McKee

It reopened in somewhat raggle-taggle fashion but Atlantic City is back and did rather better in July than Las Vegas in June (the last month for which we have data, see video below). Borgata made a very delayed re-entry into … Continue reading →

Posted in Caesars Entertainment, Charity, Economy, Entertainment, Golden Nugget, Hard Rock International, Internet gambling, MGM Resorts International, Mohegan Sun, New Jersey, Ocean Resort, Sports, Sports betting, The Strip, Tourism, Transportation, Virginia | 2 Comments

Pinching pennies at Caesars; Glitters at Golden

Posted on August 7, 2020 by David McKee

Anthony Rodio‘s multi-million-dollar revamp of Bacchanal Buffet may well have been for naught. On yesterday’s earnings call the Tom Reeg administration floated the idea of closing all buffets at Caesars Entertainment properties. Expect comps to be sweated until they bleed … Continue reading →

Posted in Arizona, Caesars Entertainment, Colorado, Dining, Donald Trump, Economy, Election, Florida, Golden Gaming, Hard Rock International, Health, International, Internet gambling, Louisiana, Marketing, Mississippi, Nevada, Penn National, Pennsylvania, Problem gambling, Seminole Tribe, The Strip, Tourism, Tribal, Wall Street, Wynn Resorts | 1 Comment

Sahara misbehavior; Tilman Time; Culinary caves to Big Gaming

Posted on August 6, 2020 by David McKee

Alex Meruelo has new troubles. He’s in deep fertilizer with the Nevada Gaming Control Board over safety violations at the Sahara. Meruelo’s facing a two-part disciplinary complaint. In one instance, the Sahara hosted a 153-person convention when state rules explicitly … Continue reading →

Posted in Alex Meruelo, Caesars Entertainment, Cretins, Culinary Union, Donald Trump, Economy, Health, MGM Resorts International, Ohio, Politics, Real Estate, Regulation, Reno, Sahara, Sports, Station Casinos, Tilman Fertitta | Comments Off on Sahara misbehavior; Tilman Time; Culinary caves to Big Gaming

Quote of the Day

Posted on August 6, 2020 by David McKee

“In general, our core customers have not been deterred by the social distancing measures, limited amenities or masking requirements … We intend to keep this philosophy in place after the crisis is over. We think largely that many of the … Continue reading →

Posted in Boyd Gaming, Economy | 5 Comments

New hope for Station; Raider Nation exiled

Posted on August 5, 2020 by David McKee

Station Casinos reported second-quarter results yesterday and JP Morgan analyst Joseph Greff came away “encouraged” and “impressed.” He wrote of “less bad results in April and May and much better positive [cash flow] generation in June.” How so? In its … Continue reading →

Posted in China, Economy, FanDuel, Golden Gaming, Health, IGT, Las Vegas Sands, Macau, Massachusetts, MGM Resorts International, Penn National, Politics, Sports, Sports betting, Station Casinos, Terry Caudill, The Strip, Tourism, Wall Street, Wynn Resorts | 1 Comment

Cuomo stiff-arms casinos; MGM’s blame game

Posted on August 4, 2020 by David McKee

Tioga Downs owner Jeff Gural was able to get some face time with Global Gaming Business … which is more than he’s been able to do with New York State Gov. Andrew Cuomo (D), much to Gural’s chagrin. He’s chafing … Continue reading →

Posted in Caesars Entertainment, Churchill Downs, Economy, Full House Resorts, Genting, Health, Illinois, Indiana, International, Kentucky, Las Vegas Sands, Massachusetts, MGM Resorts International, New York, Politics, Rush Street Gaming, Sports betting, The Strip, Tribal, Wynn Resorts | Comments Off on Cuomo stiff-arms casinos; MGM’s blame game

Devil in the details

Posted on August 3, 2020 by David McKee

Gaming & Leisure Properties Inc. held a conference call with stock analysts and it revealed more about Caesars Entertainment and, to a lesser extent, Penn National Gaming than the companies themselves were saying. Rents and income were described as “better … Continue reading →

Posted in Caesars Entertainment, Conventions, Dining, DraftKings, Economy, GLPI, Japan, Massachusetts, MGM Resorts International, Oklahoma, Penn National, Politics, Problem gambling, Real Estate, Sheldon Adelson, Sports betting, The Strip, Tribal | 1 Comment

Quote of the Day

Posted on August 3, 2020 by David McKee

“As the technology improves and convention and trade show attendants get younger, meaning they’re very comfortable doing business remotely, we expect the industry to fundamentally change. Anyone who thinks Las Vegas will return to a pre-Covid convention and trade industry … Continue reading →

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

Quote of the Day

Posted on August 2, 2020 by David McKee

“And if the virus comes back, I don’t see us shutting down our economy anymore. We’ve got to figure out how to live with the virus.”—Gov. Brian Kemp (R) of Georgia, where death tolls are rising.

Posted in Economy, Georgia, Health | 1 Comment

MGM: The lion mews; AGA: Betrayal by Miller

Posted on July 31, 2020 by David McKee

Second-quarter results for MGM Resorts International are in and the company got hammered pretty badly. Las Vegas Strip revenues fell 90% to $151 million, regional operations dropped 90% to $89 million and Macao grossed a feeble $33 million, down 95%. … Continue reading →

Posted in AGA, Boyd Gaming, Caesars Entertainment, Churchill Downs, CityCenter, Conventions, Cordish Co., Culinary Union, Downtown, Economy, Golden Nugget, Health, Horseracing, Illinois, Macau, Massachusetts, MGM Resorts International, Nevada, Ohio, Penn National, Pennsylvania, Racinos, Real Estate, Sahara, Sports betting, The Strip, Tribal, Wall Street | 1 Comment

Chilly June in Las Vegas

Posted on July 30, 2020 by David McKee

June revenue on the Las Vegas Strip plunged 61% to $238 million. Locals revenue was down 28% (those stimulus checks only go so far). Statewide, it wasn’t quite so bad, off 46% to $567 million. Casinos reopened June 4, which … Continue reading →

Posted in Boulder Strip, Boyd Gaming, Downtown, Economy, International, Lake Tahoe, Laughlin, Mesquite, North Las Vegas, Reno, Station Casinos, The Strip, Tourism, Transportation, Wendover | 4 Comments

Churchill Downs, Boyd impress analysts

Posted on July 30, 2020 by David McKee

Churchill Downs‘ second quarter was “solid” (Daniel Politzer) to say the least. Revenue shot past Wall Street‘s consensus expectation of $132 million to ring the bell at $185 million. Credit goes to a 27% increase in Internet-gaming revenue, including $100 … Continue reading →

Posted in Boyd Gaming, Churchill Downs, Downtown, Economy, FanDuel, Horseracing, Illinois, Internet gambling, Kentucky, Slot routes, Sports betting | Comments Off on Churchill Downs, Boyd impress analysts

MGM: Meet the new boss, same as the interim boss

Posted on July 30, 2020 by David McKee

After suffering the indignity of a “thorough national search” to find a possible replacement, interim MGM Resorts International CEO Bill Hornbuckle has been named to the position on a permanent basis. This should have been a no-brainer for MGM, especially … Continue reading →

Posted in Caesars Entertainment, Carl Icahn, Downtown, Economy, Jim Murren, Las Vegas Sands, MGM Resorts International, Palms, Sheldon Adelson, The Strip, Wall Street | 1 Comment

Paying the price: Sports after Covid-19

Posted on July 29, 2020 by David McKee

Guest opinion by Jeff Goldberg Of all of the industries affected by America’s COVID-19 pandemic, the sports sector was among the hardest hit. With the U.S. forced into lockdown, almost all sporting competitions were suspended and it’s only now that … Continue reading →

Posted in Economy, Health, Sports, Sports betting, TV | 3 Comments

MGM: No shows for you!; Cromwell aims for the gutter

Posted on July 28, 2020 by David McKee

Yesterday the axe fell on MGM Resorts International‘s sports and entertainment division with the announcement that all shows and events scheduled between now and August 31 were canceled. Worse still, any support personnel for shows canceled after August 31 would … Continue reading →

Posted in Caesars Entertainment, California, Cirque du Soleil, Conventions, Economy, Entertainment, Florida, Health, Las Vegas Sands, Marketing, MGM Resorts International, Real Estate, Seminole Tribe, The Strip, Tribal, TV | Comments Off on MGM: No shows for you!; Cromwell aims for the gutter

It’s Coronavirus’ world, we just live in it

Posted on July 28, 2020 by David McKee

Some days it just doesn’t pay to be Oklahoma Gov. Kevin Stitt (R). He’s lost authority over the eastern half of the Sooner State. How? The U.S. Supreme Court—hardly a hotbed of bleeding-heart liberals—ruled that historical claims by the Muscogee … Continue reading →

Posted in Arizona, Baseball, Caesars Entertainment, Economy, Election, Health, Internet gambling, Iowa, Marketing, Nebraska, Nevada, North Carolina, Oklahoma, Politics, Racinos, South Carolina, Sports betting, Taxes, Tribal | Comments Off on It’s Coronavirus’ world, we just live in it

Giant dildo at large in Sin City; Scientific pleases, disappoints

Posted on July 24, 2020 by David McKee

Who was that masked man anyway? A daring thief casually strolled into Deja Vu Love Boutique, made his way over to “Moby,” a giant dildo (approximately three feet long) and walked right out the door with it. The whale-sized self-pleasuring … Continue reading →

Posted in Architecture, Baseball, Derek Stevens, Downtown, Economy, Internet gambling, Law enforcement, Lotteries, Mohegan Sun, Pennsylvania, Phil Ruffin, Scientific Games, Sports betting, Terry Caudill, The Strip, Wall Street, Wynn Resorts | 1 Comment

“Extreme” pessimism in Las Vegas; The D pisses for safety

Posted on July 23, 2020 by David McKee

Writing off the 2Q20 results as “less than relevant,” JP Morgan analyst Joseph Greff was guardedly optimistic about Las Vegas Sands, even though management’s conference call “shed little light on the path of recovery in Macau SAR, Singapore or Las … Continue reading →

Posted in China, Churchill Downs, Derek Stevens, Donald Trump, Downtown, Economy, Health, Las Vegas Sands, Macau, Maine, MGM Resorts International, Penn National, Sheldon Adelson, Singapore, The Strip, Tourism, Wall Street, Wynn Resorts | 1 Comment

History repeats itself, this time as farce

Posted on July 22, 2020 by David McKee

Caesars Entertainment is now Eldorado Resorts‘ bitch and, as Scott Roeben reports, there’s already reason to be concerned, starting with layoffs at Caesars Palace. New CEO Tom Reeg is apparently wasting no time sending employees to the firing squad. He … Continue reading →

Posted in Atlantic City, Boyd Gaming, Caesars Entertainment, Economy, Eldorado Resorts, GLPI, Hard Rock International, Health, Internet gambling, Las Vegas Sands, Louisiana, Marketing, MGM Resorts International, Ocean Resort, Planet Hollywood, Politics, Sheldon Adelson, Wynn Resorts | 3 Comments

Casinos unleash Culinary’s wrath

Posted on July 20, 2020 by David McKee

Las Vegas‘ casino industry seems to be behaving counterintuitively, reopening casinos and hotels (Vdara is the latest) at a time when visitor demand is softening. JP Morgan analyst Joseph Greff reports today that, for the July 11-18 period, Clark County … Continue reading →

Posted in Arizona, Caesars Entertainment, CityCenter, Cosmopolitan, Culinary Union, Economy, Eldorado Resorts, Florida, Health, Hooters, International, Iowa, Lake Tahoe, Las Vegas Sands, Louisiana, Macau, Mississippi, Missouri, Nevada, Paragon Gaming, Politics, Sports, Station Casinos, Wall Street, Westgate LV | 2 Comments