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Category Archives: Economy
Eldorado strong, Penn stronger; Caesars screws you
Were it not for inclement weather, Eldorado Resorts would have exceeded Wall Street’s consensus $172 million cash-flow prediction by $8 million for 1Q19, not come up $5 million short. For instance, Reno (pictured) had snow in 24 of February’s 28 days … Continue reading
Posted in Arizona, Atlantic City, Caesars Entertainment, Colorado, Cordish Co., Cretins, Culinary Union, Detroit, Dining, Economy, Eldorado Resorts, Florida, Hard Rock International, Illinois, Internet gambling, Iowa, Macau, Massachusetts, MGM Resorts International, Mississippi, Penn National, Pennsylvania, Pinnacle Entertainment, Racinos, Regulation, Reno, Sports betting, Station Casinos, Tribal, Wall Street, West Virginia, Wynn Resorts
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Seminoles to the rescue; Rosenstein’s mess
Florida could move from the “no” into the “yes” column on sports betting. Maybe. A new compact with the Seminole Tribe would incorporate sports betting into the mix of games permitted in the Sunshine State. Gov. Ron DeSantis (R) is keeping … Continue reading
Posted in Delaware, Economy, Florida, Genting, Horseracing, Law enforcement, Lotteries, New York, Politics, Rush Street Gaming, Seminole Tribe, Sheldon Adelson, Sports betting, Technology
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Up and down the Strip; Land of the not-so-rising Sun
As a determination on its suitability in Massachusetts comes down to the wire (and opening date of Encore Boston Harbor is set for June 23), Wynn Resorts is trying to reap some positive karma. It has abandoned its pay-for-parking policy. … Continue reading
Posted in Caesars Entertainment, Derek Stevens, Downtown, Economy, Entertainment, Japan, Macau, Massachusetts, MGM Resorts International, New Jersey, Resort fees, Sports, Sports betting, The Strip, Wall Street, Wynn Resorts
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Tunica: Another one bites the dust
Even before Arkansas casinos could clear their holsters, a third Tunica property has bitten the dust. Penn National Gaming took the hit, as Resorts Casino Tunica was announced to close on June 30, leaving six casinos in the rural Mississippi … Continue reading
Puerto Rico grabs sport-betting lifeline; Hotel economy at peak power
If you’re Puerto Rico, still—still!—digging out from Hurricane Maria, to expect help from the U.S. government is like waiting for Godot. Except I’ll give odds that Mister Godot shows up first. Making necessity the mother of dire invention, Gov. Ricardo Rosselló … Continue reading
Posted in Caesars Entertainment, DFS, Economy, Genting, International, Las Vegas Sands, MGM Mirage, Singapore, Sports betting, Tourism, Wall Street
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Quote of the Day
“I’m not a socialist. I like capitalism. I think markets need to be regulated. I think when people face a combination of avarice and conscience, avarice tends to win, and so we need to regulate our markets.” — Stacy Abrams, … Continue reading
Posted in Economy, Regulation
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West Virginia joins ‘Net-bet pack; Conventioneers flood the Strip
And then there were five. Internet gambling was legalized in West Virginia this week, as was i-poker. Gov. Jim Justice (R) appears to have been opposed to the law—or to giving political opponents a stick to beat him with—so he … Continue reading
Baccarat undercuts the Strip; Japan shows its hand
Is our trade war with China inflicting collateral damage on the Las Vegas Strip? That’s one theory for anemic Chinese New Year visitation that led to a 2% downturn in gaming receipts last month. By contrast, last year saw an … Continue reading
Posted in Boulder Strip, Downtown, Economy, Internet gambling, Japan, Lake Tahoe, Laughlin, Mesquite, MGM Resorts International, Nevada, North Las Vegas, Philippines, Problem gambling, Regulation, Reno, Taxes, The Strip, Wendover
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Blackout at Boyd; Virginia ponies propped up
Boyd Gaming appears to have stepped in it, big time, according to former Ameristar St. Charles sales director Kim Carpenter. She’s suing the casino over her dismissal, which she alleges followed her complaints about sexual discrimination and retaliation. After booking a … Continue reading
Gaming speaks: Penn, Boyd, Eldorado, Churchill Downs
One of the few CEOs to grace JP Morgan‘s hotel-and-leisure forum was Penn National Gaming‘s Tim Wilmot. He reported that the “regional consumer remains solid and trends are largely consistent with that seen 2018.” Furthermore, Penn is “seeing good growth … Continue reading
Posted in Boyd Gaming, Caesars Entertainment, Churchill Downs, Economy, Eldorado Resorts, Horseracing, Illinois, Japan, Kentucky, Marketing, Nevada, Penn National, Pennsylvania, Pinnacle Entertainment, Racinos, Reno, Sports betting, The Strip, Tropicana Entertainment, Wall Street
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Macao: Waiting to exhale; Trump gets favorable odds
Macao‘s government has announced—in what is not exactly a surprise—that it will extend the MGM China and Sociedade de Jogos de Macau concessions until June 26, 2022. This not only creates a level playing field for all concessionaires, it gives … Continue reading
Posted in Donald Trump, Economy, Election, International, Macau, MGM Resorts International, Penn National, Pennsylvania, Service, Sociedade de Jogos de Macau
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MGM covets Caesars; Rio up for grabs … again
As Carl Icahn continues to up his stake in Caesars Entertainment, the already-tortuous saga has developed some new complexities. For one, outgoing CEO Mark Frissora has revealed he wasn’t jumped, he was pushed. “The board has stated that they would like … Continue reading
MGM: No robots here; Resort fees fester
Our post yesterday about “robot” bartenders coming to MGM Resorts International properties on the Las Vegas Strip struck a nerve in the lion’s den. Understandably concerned with the mental image of customers expecting to get their drinks from a Cylon, … Continue reading
Stevens’ acumen questioned; Deejay era on downturn
A report has surfaced questioning the financial viability of $800 million Circa (written back when it was still 18 Fremont). In what seems like a preliminary shot fired across Derek Stevens‘ bow by Unite-Here, it asserts ” the project is … Continue reading
MGM hires robots; Pariplay saves rhinos
VitalVegas beat the mainstream medium to the news that MGM Resorts International is bringing to the Las Vegas Strip something it’s been test-driving at MGM National Harbor and MGM Springfield: automated bartenders. As you might guess this is part of … Continue reading
Bowing to Wynn; Mixed views on Las Vegas
Today the Massachusetts Gaming Commission meets to finalize its disgraceful prostration, er, litigation settlement with Steve Wynn and presumably to lay the groundwork for levying some manner of fine on Wynn Resorts now that Nevada has set a $20 million … Continue reading
Posted in Boulder Strip, Caesars Entertainment, California, Carl Icahn, Donald Trump, Economy, Environment, Lake Tahoe, Las Vegas Raiders, Laughlin, Massachusetts, Mesquite, Nevada, North Las Vegas, Phil Ruffin, Regulation, Reno, Sexual misconduct, Sports, Steve Wynn, The Strip, Wendover, Wynn Resorts
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Quote of the Day
“People want to work for what they get. So, I think that this idea of a guaranteed minimum is not something most people want.” — Ivanka Trump.
Iowa weighs sports betting; Miller time
Iowa casinos and DFS would be the winners if a new bill, which just passed out of a Senate State Government Committee, becomes law. Casinos would be given the right to operate terrestrial, mobile and online sports betting, and DFS would … Continue reading
Posted in AGA, DFS, Downtown, Economy, Horseracing, Iowa, Massachusetts, MGM Resorts International, Oklahoma, Politics, Racinos, Regulation, Sexual misconduct, Sports, Sports betting, Taxes, The Mob, The Strip, Tribal, TV, William Hill, Wynn Resorts
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Clouds over Macao; What Sheldon wants, Sheldon gets
Cameron McKnight of Credit Suisse is projecting gambling-revenue flatness in Macao (despite higher tax returns) through 2019 and into 2020, despite a record amount of available credit in China. “Stronger credit data may partially assuage China macro concerns, as it … Continue reading
A tale of two Fertittas
Golden Nugget owner Tilman Fertitta is facing trouble close to home. $30.5 million in liens have been levied for unpaid work done at $400 million The Post Oak hotel in Houston. Like Sheldon Adelson, Fertitta blames the primary contractor and … Continue reading
Posted in AGA, Derek Stevens, Downtown, Economy, GLPI, Louisiana, MGM Resorts International, Palms, Problem gambling, Reno, Sports, Station Casinos, Texas, Tilman Fertitta, Wall Street
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