Category Archives: Economy

“Scary” times for casinos; Hotel rates swoon

Posted on April 13, 2020 by David McKee

Donald Trump wants to reopen America for business May 1, come hell or high water. Former Atlantic City casino executive Robert Ambrose acknowledges that “going past 30 days [quarantine] is scary for the entire industry.” According to Ambrose, it ought … Continue reading →

Posted in Atlantic City, Caesars Entertainment, California, Crown Resorts, Economy, Greenwood Racing, Hard Rock International, Health, Las Vegas Sands, MGM Resorts International, Pennsylvania, Rush Street Gaming, Sports, The Strip, Tourism, Wall Street, Wynn Resorts | 2 Comments

Quote of the Day

Posted on April 13, 2020 by David McKee

“What we’ve done is disproportionately prop up poor-performing CEOs and boards, and you have to wash these people out … Now we have a whole bunch of companies who, you know, frittered away tens and hundreds of billions of dollars on buybacks when they … Continue reading →

Posted in Economy, Wall Street | 1 Comment

Las Vegas: What next and when?

Posted on April 10, 2020 by David McKee

While everyone from Las Vegas Mayor Carolyn Goodman up to the highest ranks of the federal government trying to rush people back to work, we’re forced to consider what Sin City will look like after the Coronavirus pandemic … and when … Continue reading →

Posted in Atlantic City, Boyd Gaming, Dining, Economy, Health, Lotteries, Macau, Marketing, MGM Resorts International, Resort fees, Sports, Station Casinos, Steven Witkoff, Technology, The Strip | 3 Comments

Ohio, Indiana slammed; Station is ‘george’

Posted on April 9, 2020 by David McKee

Loss of half a month in Ohio meant a 61% plunge in casino/racino revenues, to $72 million. Although there were two fewer weekend days in the month that was as nothing compared to Coronavirus. (The calendar is neutral this month, … Continue reading →

Posted in Boyd Gaming, Caesars Entertainment, Churchill Downs, Dan Gilbert, DraftKings, Economy, Eldorado Resorts, Full House Resorts, Hard Rock International, Indiana, MGM Resorts International, Ohio, Penn National, Spectacle Entertainment, Sports betting, Station Casinos | 3 Comments

Asking the Big Guy; Coronavirus: Where does it end?

Posted on April 8, 2020 by David McKee

Trading on his longstanding Republican Party connections, American Gaming Association President Bill Miller is leapfrogging the Small Business Administration and Secretary of the Treasury Steve Mnuchin, to take his case straight to Donald Trump. The problem, as we outlined yesterday, is … Continue reading →

Posted in AGA, Arizona, Baseball, California, Donald Trump, Economy, Florida, Health, Japan, Macau, Massachusetts, Nevada, New Jersey, New York, Politics, Singapore | 2 Comments

MGM: The Lion purrs; Tilman in trouble

Posted on April 8, 2020 by David McKee

JP Morgan analysts parlayed with MGM Resorts International CEO Bill Hornbuckle and CFO Corey Sanders yesterday. Reports Joseph Greff, “We come away with a favorable view and a strong appreciation for Mr. Hornbuckle’s background in casino operations (former MGM COO … Continue reading →

Posted in Cirque du Soleil, CityCenter, Economy, Foxwoods, Hooters, International, Iowa, Lotteries, Macau, Massachusetts, MGM Resorts International, Real Estate, Regulation, Scientific Games, Sports betting, Tilman Fertitta, Wall Street | 1 Comment

Macao bad, worse to come; No casinos for Brazil

Posted on April 7, 2020 by David McKee

“With the government keeping limitations on individual and group visas into the market and transportation options remaining impaired we believe the Macau market could take five to seven months to start stabilizing and showing improvement,” Stifel Financial analyst Steven Wieczynski … Continue reading →

Posted in Atlantic City, Caesars Entertainment, China, Connecticut, Dining, Economy, Foxwoods, Galaxy Entertainment, Hard Rock International, Health, history, International, Internet gambling, Japan, Las Vegas Sands, Macau, Maryland, Melco Resorts & Entertainment, MGM Resorts International, Mohegan Sun, Ocean Resort, Politics, Scientific Games, Station Casinos, Taxes, Wall Street, Wynn Resorts | 1 Comment

Feds screw small casinos; Coronavirus detritus

Posted on April 7, 2020 by David McKee

Unless there’s a change in the rules in Washington, D.C., the current pandemic could cut like an economic scythe through small gaming operators and slot routes. The Small Business Administration has fallen back on a pettifogging old rule that businesses … Continue reading →

Posted in AGA, Dining, Economy, George Maloof, Georgia, Health, Las Vegas Sands, LVCVA, Mississippi, Movies, Oscar Goodman, Slot routes, Sports betting, Transportation, TV | Comments Off on Feds screw small casinos; Coronavirus detritus

Quote of the Day

Posted on April 6, 2020 by David McKee

“To my fellow corporate executives who are looking at spreadsheets and trying to determine the impact this crisis will have on sales and share prices, let me say our job as business leaders is now as simple as it is … Continue reading →

Posted in Economy, Health, Sheldon Adelson, Wall Street | 2 Comments

No recovery in Macao

Posted on April 3, 2020 by David McKee

Despite the lifting of a government quarantine, casino revenues in Macao did not bounce back last month, down 80% to $664 million. That’s worse than forecast (70%). Tourism restrictions prompted by a second boomlet of Covid-19 in Macao didn’t help. … Continue reading →

Posted in China, Economy, Health, International, Internet gambling, Macau, Marketing, PokerStars, Politics, Problem gambling, Regulation, Technology, Tourism | Comments Off on No recovery in Macao

Maryland craters; Penn takes Trop loss

Posted on April 3, 2020 by David McKee

Free State Gov. Larry Hogan (R) having closed casinos on March 16, revenue results were predictably dire, down 58%. That’s a measly $69 million gross. MGM National Harbor booked $26 million, a 58.5% slide, with slots down 62% and tables … Continue reading →

Posted in Caesars Entertainment, Churchill Downs, Cordish Co., Detroit, Donald Trump, Economy, Eldorado Resorts, GLPI, Golden Gaming, Health, Las Vegas Sands, Law enforcement, Maryland, Massachusetts, MGM Resorts International, Penn National, Politics, Real Estate, Sheldon Adelson, Sports betting, The Strip, Wall Street, West Virginia, Wynn Resorts | 3 Comments

MGM: Just say no; NBA to Vegas?

Posted on April 2, 2020 by David McKee

Setting an admirable example, MGM Resorts International will be abstaining from any CARES Act bailout money. It will avail itself of the loan guarantees being extended by the federal government. As the company itself says, it needn’t play poor, not … Continue reading →

Posted in Cordish Co., Economy, Internet gambling, Las Vegas Sands, MGM Resorts International, Pennsylvania, Regulation, Sports, Sports betting, Technology, The Strip | 2 Comments

Sanders enters casino fray; MGM execs play the market

Posted on April 2, 2020 by David McKee

Sen. Bernie Sanders (I), perhaps in a move to reinvigorate his comatose presidential campaign, has waded into the dispute between the Trump administration and the Mashpee Wampanoag. The origin of the tribe’s newly dissolved, 321-acre reservation is clouded by tribal recognition during … Continue reading →

Posted in Donald Trump, Economy, Election, Genting, Health, history, Horseracing, Illinois, Indiana, International, Jim Murren, Massachusetts, MGM Resorts International, Michigan, Ohio, Penn National, Politics, Sports, Sports betting, Tribal, Twin River, Wall Street | 1 Comment

Pandemic … of black-market slots; Jobs market reels

Posted on April 2, 2020 by David McKee

Why didn’t social distancing in casinos work? Reports Frank Legato, “the Centers for Disease Control revealed that the Covid-19 virus can survive up to two or three days on stainless steel, plastic and other nonporous surfaces—like gaming machines. An industry … Continue reading →

Posted in Caesars Entertainment, Economy, Health, Illinois, International, Law enforcement, Missouri, Pennsylvania, Problem gambling, Regulation, Slot routes, Transportation, Wall Street | Comments Off on Pandemic … of black-market slots; Jobs market reels

Boyd opens its wallet, stringency at Scientific, improvidence at MGM

Posted on March 31, 2020 by David McKee

Boyd Gaming, which had previously been reported to be giving two weeks pay (misreported as one week by the Las Vegas Review-Journal) to employees idled in Las Vegas by the one-month casino shutdown, has gotten “george” and extended the hardship pay … Continue reading →

Posted in Arizona, Boyd Gaming, Caesars Entertainment, China, Churchill Downs, Economy, Health, Illinois, Japan, Jim Murren, Kentucky, Las Vegas Sands, Macau, MGM Resorts International, Neil Bluhm, Nevada, New York, Oklahoma, Scientific Games, Sheldon Adelson, Tribal, Wall Street, Wynn Resorts | 2 Comments

Hard times for Atlantic City; Murren’s big payday

Posted on March 30, 2020 by David McKee

Atlantic City casinos have pink-slipped 6,000 workers as a gaming shutdown goes on indefinitely. Said Ocean Casino Resort CEO Terry Glebocki, “This is truly an unprecedented time not only for Ocean, but for everyone.” Unemployment claims in the Garden State … Continue reading →

Posted in Atlantic City, Boyd Gaming, Caesars Entertainment, Economy, Eldorado Resorts, Hard Rock International, Health, Illinois, Indiana, Louisiana, Macau, MGM Resorts International, Morris Bailey, Ocean Resort, Penn National, Pennsylvania, Real Estate, Regulation, Sports betting, Tribal, Wall Street, Washington State | 1 Comment

Case Bets & Mega-Jottings

Posted on March 30, 2020 by David McKee

Former casino operator and regulator Richard Schuetz has some very stern words for his former colleagues and their (slow) response to Coronavirus. Sample: “The point is, in many of our gaming states, there was little concern about the employees of … Continue reading →

Posted in California, Charity, Donald Trump, e-sports, Economy, Health, International, Internet gambling, Las Vegas Sands, Macau, Massachusetts, Nevada, Penn National, Real Estate, Regulation, Tribal, Wynn Resorts | Comments Off on Case Bets & Mega-Jottings

Vegas in the time of Coronavirus; Trump squelches tribe

Posted on March 30, 2020 by David McKee

Las Vegas on lockdown is pretty spooky. It’s like a neutron bomb fell on the Strip, wiping out all the people and leaving the casinos intact. However, there may be a glimmer at the end of the April 17 tunnel. … Continue reading →

Posted in AGA, Donald Trump, Economy, GLPI, Health, history, Massachusetts, Penn National, Politics, Tribal, Trump Entertainment Resorts, Twin River, Wall Street, Wynn Resorts | 1 Comment

Casinos in survival mode; Sports betting in Cali in peril

Posted on March 27, 2020 by David McKee

After this week’s stimulus vote in the U.S. Congress, the casino industry would seem to have ducked a bullet. But, depending on how much financial aid it can draw down, the question lingers over whether any operators will have to file … Continue reading →

Posted in Boyd Gaming, Caesars Entertainment, California, Charity, Colorado, Economy, Election, Foxwoods, Full House Resorts, Golden Gaming, Health, Horseracing, Indiana, International, Internet gambling, Las Vegas Sands, Louisiana, MGM Resorts International, Mohegan Sun, Nevada, Oklahoma, Penn National, Problem gambling, Regulation, Sports betting, Station Casinos, Tourism, Transportation, Tribal, Wall Street, Wynn Resorts | 1 Comment

Hiccup at Resorts World LV; Coping with a crisis

Posted on March 27, 2020 by David McKee

In case you’ve been wondering, yes, construction is continuing at Resorts World Las Vegas. There will be a partial abatement after a worker tested positive for Coronavirus. As a consequence, work on an unspecified part of the metaresort will be … Continue reading →

Posted in Economy, Health, International, Resorts World LV, Sports betting, Technology, The Strip, Vermont | Comments Off on Hiccup at Resorts World LV; Coping with a crisis