Category Archives: Economy

Tribal gaming bigger than ever; Sessions out in D.C.

Posted on November 8, 2018 by David McKee

There’s been a round-robin at Seminole Gaming. The chair left vacant by Joe Lupo at Seminole Hard Rock Hotel & Casino Tampa will be filled by Seminole Casino Coconut Creek President Steve Bonner, a 16-year veteran of Coconut Creek. General Manager Larry Buck … Continue reading →

Posted in Atlantic City, Caesars Entertainment, California, Colorado, Economy, Florida, Las Vegas Sands, Marijuana, Marketing, Massachusetts, MGM Resorts International, Mohegan Sun, Nevada, Oklahoma, Regulation, Scientific Games, Seminole Tribe, Steve Wynn, The Strip, Tribal, Vermont, Wynn Resorts | Comments Off

Promising horizon for Penn; Frissora exiting Caesars

Posted on November 2, 2018 by David McKee

Penn National Gaming came in from 3Q18 below Wall Street‘s expectations but JP Morgan analyst Joseph Greff defends the company, citing high expectations of free cash flow in 2019 (12%) and 2020 (20%), even after capex reinvestments. The addition of … Continue reading →

Posted in Atlantic City, Caesars Entertainment, Centaur Gaming, Dan Gilbert, Economy, Illinois, Lucky Dragon, Macau, Marketing, Massachusetts, Mississippi, Ohio, Pennsylvania, Sports betting, Tilman Fertitta, Wall Street, West Virginia | Comments Off

Churchill Downs: Next stop, Des Plaines

Posted on November 1, 2018 by David McKee

Late last night the news broke that Churchill Downs has purchased 50.1% of Rivers Casino in Des Plaines from a consortium headed by Rush Street Gaming. The company is paying $326 million for a slight majority in an asset valued … Continue reading →

Posted in Churchill Downs, Dining, Economy, Illinois, Las Vegas Sands, Louisiana, Macau, MGM Resorts International, Penn National, Pennsylvania, Pinnacle Entertainment, Rush Street Gaming, Wall Street | Comments Off

MGM: The lion meows; Nevada sets sports-betting record

Posted on October 31, 2018 by David McKee

“Good quarter against low expectations” pretty well summarizes Wall Street‘s reaction to MGM Resorts International‘s 3Q18. (And we have to say that MGM leadership did a masterly job of minimizing anticipation well ahead of time.) JP Morgan analyst Joseph Greff admitted … Continue reading →

Posted in Economy, IGT, International, Macau, Mandalay Bay Massacre, Maryland, Massachusetts, MGM Resorts International, Nevada, Sports betting, The Strip, Wall Street | Comments Off

Strip tanks in September; Adelson vs. Buffett

Posted on October 30, 2018 by David McKee

If you want to know what it’s hard to get financing to develop on the Las Vegas Strip you could either A) ask Steven Witkoff or B) look at the latest, very blah numbers from September — $546 million. That 4% … Continue reading →

Posted in Boulder Strip, Downtown, Economy, Election, Environment, Lake Tahoe, Laughlin, Reno, Sheldon Adelson, The Strip, Tourism | Comments Off

Adelson eats Wynn’s lunch; Thumbs up for Boyd

Posted on October 26, 2018 by David McKee

Credit Suisse analyst Cameron McKnight reports that Sands China is stealing Macao market share from Wynn Resorts. Renovated VIP rooms at Sands properties are credited with the shift in business. Also, Sands “stated that while its very confident of [concession] … Continue reading →

Posted in Atlantic City, Boyd Gaming, Caesars Entertainment, Downtown, Economy, Eldorado Resorts, Hard Rock International, Hawaii, Las Vegas Sands, Macau, Pennsylvania, Pinnacle Entertainment, Sports, Sports betting, Tamares Group, Tourism, Transportation, Wall Street, William Hill, Wynn Resorts | 1 Comment

Adelson nixes Greek casino; ‘George’ promo at Plaza

Posted on October 25, 2018 by David McKee

It’s all Greek to Sheldon Adelson. The mogul has dropped out of the running for a casino in Greece. That leaves Caesars Entertainment, Hard Rock International (which recently pulled out of contention for a casino in Cyprus) and Mohegan Sun … Continue reading →

Posted in Caesars Entertainment, Downtown, Economy, Hard Rock International, International, Las Vegas Sands, Marketing, Mohegan Sun, Tamares Group, Tourism | Comments Off

Illinois tries, tries again; I, robot

Posted on October 18, 2018 by David McKee

Here we go again. Illinois solons will once more take up the question of casino expansion in the Land of Lincoln. However, other and more pressing gambling concerns may take priority. In addition to Internet gambling there is the quick … Continue reading →

Posted in AGA, Caesars Entertainment, Culinary Union, DFS, Economy, GLPI, Illinois, International, Internet gambling, Lawrence Ho, MGM Resorts International, Politics, Racinos, Regulation, Sports betting, Taxes, Technology, Wynn Resorts | Comments Off

Tilman covets Roman empire; Bellagio turns 20

Posted on October 18, 2018 by David McKee

Tilman Fertitta is the maverick among mavericks in the casino industry, beating veteran operators at their own game and doing it as some one who entered the industry as a novice and immediately began to strike gold. More recently, he’s … Continue reading →

Posted in Caesars Entertainment, Dan Gilbert, Dining, Economy, history, Internet gambling, MGM Resorts International, New Jersey, Sheldon Adelson, Texas, The Strip, Tilman Fertitta | 3 Comments

Wisdom from G2E; Sisolak lights up

Posted on October 10, 2018 by David McKee

This week’s Global Gaming Expo gives Wall Street analysts plenty of time to sniff around the big gaming operators and manufacturers, trying to suss out trends. Credit Suisse analyst Cameron McKnight, the new kid on the block, says that 3Q18 … Continue reading →

Posted in Atlantic City, Boyd Gaming, Caesars Entertainment, Economy, Eldorado Resorts, Election, G2E, GLPI, Golden Gaming, Illinois, Indiana, Isle of Capri, Las Vegas Sands, Macau, Mandalay Bay Massacre, Marijuana, Marketing, MGM Resorts International, Mississippi, Nevada, Palms, Penn National, Sports, Station Casinos, Tilman Fertitta, Tourism, Tribal, Tropicana Entertainment, Wall Street | Comments Off

Illinois stumbles; Kimmel returns to Vegas roots

Posted on October 5, 2018 by David McKee

It would take more than an extra weekend day to account for a 7% slippage in Illinois gaming revenues, which were positive year/year in 2017. Nobody had a revenue-positive month, not even Rivers Casino, down 5% despite a state-leading $34 … Continue reading →

Posted in Boyd Gaming, Caesars Entertainment, Delaware, Economy, Eldorado Resorts, Entertainment, Galaxy Entertainment, GLPI, Greenwood Racing, International, Internet gambling, Macau, Melco Resorts & Entertainment, Movies, Penn National, Pennsylvania, Rush Street Gaming, Sheldon Adelson, The Strip, Tourism, Tribal, TV, Wall Street, Wynn Resorts | Comments Off

Las Vegas: The good, the bad, the resort fees

Posted on October 4, 2018 by David McKee

Mark it on your calendar. According to Credit Suisse analyst Cameron McKnight, long-awaited, tantalizingly delayed Resorts World Las Vegas will debut in late 2020, a date “recently … affirmed” by Genting Group. In other good news for Sin City, convention and … Continue reading →

Posted in Arizona, Donald Trump, Economy, G2E, Genting, International, Internet gambling, Law enforcement, Macau, New York, Resort fees, Taxes, Technology, The Strip, Tribal, TV, Wall Street | 1 Comment

About-face in Florida; Fear and litigation in Las Vegas

Posted on October 3, 2018 by David McKee

While it’s a little early for S&G to be making political endorsements in 2018, we’ve had a change of heart regarding Voters in Charge, a constitutional amendment that would strip the Florida Legislature of its power to control gambling expansion … Continue reading →

Posted in Atlantic City, Donald Trump, Economy, Election, Law enforcement, Nevada, Sexual misconduct, Taxes, The Strip, Wynn Resorts | 1 Comment

Follow that puck!; Connecticut casino nixed

Posted on October 2, 2018 by David McKee

$216 million. That’s how much sports betting will be worth to the NHL, according to the American Gaming Association‘s Sara Slane. The new revenue will be achieved “as a result of spending from betting operators on advertising, data and sponsorship … Continue reading →

Posted in AGA, Economy, Foxwoods, Full House Resorts, Greenwood Racing, Indiana, International, Internet gambling, Kentucky, Macau, Massachusetts, Melco Resorts & Entertainment, MGM Resorts International, Oregon, Pennsylvania, Regulation, Reno, Rush Street Gaming, Sports, Sports betting, Transportation | Comments Off

Congress: Listen to the ladies (it’s not what you think)

Posted on October 1, 2018 by David McKee

We predicted a kangaroo court for sports betting on Capitol Hill last week and our fears were confirmed when influential Rep. James Sensenbrenner opined that “We’re going to be in for huge amounts of trouble in the future.” Nothing like stacking … Continue reading →

Posted in AGA, Economy, G2E, Internet gambling, Law enforcement, Macau, Marketing, Massachusetts, MGM Resorts International, Movies, Politics, Regulation, Sheldon Adelson, Sports, Sports betting, Steve Wynn, Technology, The Strip, Wynn Resorts | Comments Off

Mohegan Sun shines

Posted on October 1, 2018 by David McKee

Congratulations to Mohegan Sun on being named ‘Best Hotel’ by readers of USA Today. I’ve never stayed there but would reckon this is quite a coup and shows yet again that tribal casinos don’t yield the palm to private-sector ones … Continue reading →

Posted in Alex Meruelo, Atlantic City, Boyd Gaming, Caesars Entertainment, California, CityCenter, Derek Stevens, Dining, Downtown, Economy, Foxwoods, Las Vegas Sands, Louisiana, Marketing, MGM Resorts International, Mohegan Sun, New York, Penn National, Pinnacle Entertainment, Reno, Resort fees, Sheldon Adelson, Station Casinos, Tamares Group, The Strip, Tilman Fertitta, Tribal, Wynn Resorts | 2 Comments

Federal sports-betting regulation bombs

Posted on September 28, 2018 by David McKee

At least one woman was treated with respect yesterday on Capitol Hill and that was the American Gaming Association‘s Sara Slane. We reviewed her prepared testimony yesterday. “Because of the active, robust state and regulatory tribal gaming oversight, gaming is one … Continue reading →

Posted in AGA, Current, Economy, Law enforcement, Mandalay Bay Massacre, MGM Resorts International, Nevada, Politics, Regulation, Sports betting, The Strip | Comments Off

Dog days on the Strip

Posted on September 27, 2018 by David McKee

August numbers are in and casinos on the Las Vegas Strip tanked, down 12.5%. Credit Suisse analyst Cameron McKnight called this result “not as bad as feared,” which prompts one to wonder what a worst-case scenario would look like. The … Continue reading →

Posted in Boulder Strip, Boyd Gaming, California, Downtown, Economy, Entertainment, Florida, Lake Tahoe, Laughlin, Mesquite, MGM Resorts International, North Las Vegas, Oklahoma, Reno, Tamares Group, The Strip, Transportation, Tribal, Wall Street | 3 Comments

Atlantic City: Recovery is real

Posted on September 25, 2018 by David McKee

This week The Press of Atlantic City reported that “the number of visitors to the resort increased by more than 260,000, the casino industry employed nearly 6,700 more people and gaming revenue was up by $54.8 million.” Sounds good to … Continue reading →

Posted in Atlantic City, Bruce Deifik, Dining, Economy, Environment, Hard Rock International, Macau, Melco Resorts & Entertainment, Sociedade de Jogos de Macau | 1 Comment

Atlantic City booms

Posted on September 13, 2018 by David McKee

Casino revenues in Atlantic City were up an astounding 21% in August, with only a 2% decrease in revenue at the incumbent gambling houses. Sports betting was also a hit, grossing $95 million. (Some predict it could surpass Las Vegas … Continue reading →

Posted in Atlantic City, Bruce Deifik, Caesars Entertainment, Dan Gilbert, Detroit, Economy, Eldorado Resorts, Greenwood Racing, Hard Rock International, Internet gambling, Las Vegas Sands, MGM Resorts International, Mohegan Sun, Penn National, Pinnacle Entertainment, Resort fees, Rush Street Gaming, Tilman Fertitta, Tropicana Entertainment, Wall Street | 2 Comments