Category Archives: Economy

Happy birthday, Ellis Island; SLS in, Sahara out for now

Posted on April 4, 2018 by David McKee

Congratulations are in order to Ellis Island Hotel Casino & Brewery (not in that order of priority) on 50 years in business. What started as two menu items has grown into a beloved locals hangout whose karaoke nights are the … Continue reading →

Posted in Alex Meruelo, Architecture, Atlantic City, Dining, Economy, Ellis Island, Greenwood Racing, Pennsylvania, Revel, Sam Nazarian, Sheldon Adelson, SLS Las Vegas, Taxes, Tribal | Comments Off on Happy birthday, Ellis Island; SLS in, Sahara out for now

Florida dithers; MGM catches a wave

Posted on April 4, 2018 by David McKee

Having once more proven itself constitutionally incapable (pun intended) of passing gaming legislation during the normal course of doing business, the Florida Lege is now talking ‘special session,’ which seems like what it would take to get anything done, if … Continue reading →

Posted in Atlantic City, DFS, Economy, Florida, Internet gambling, Japan, Macau, Massachusetts, MGM Mirage, Mississippi, Politics, Racinos, Regulation, Seminole Tribe, Sexual misconduct, Sports, Steve Wynn | Comments Off on Florida dithers; MGM catches a wave

Las Vegas: Whales to the rescue

Posted on March 30, 2018 by David McKee

Las Vegas Strip gaming revenues far overshot projections for last month, finishing 11.5% higher, grossing $603.5 million. This is in large part due to baccarat revenues, a cosmic 82.5% higher on a staggering 59% increase in wagering, “likely reflecting some … Continue reading →

Posted in Boulder Strip, Boyd Gaming, California, Culinary Union, Downtown, Economy, Genting, Lake Las Vegas, Lake Tahoe, Mesquite, New York, North Las Vegas, Reno, Station Casinos, The Strip, Tribal, Wall Street | Comments Off on Las Vegas: Whales to the rescue

Indiana suffers, Ohio not so much; Station’s surprise

Posted on March 8, 2018 by David McKee

While its $170 million gross looked a lot better than Illinois‘ $104 million, Indiana saw its gamblers stay home in droves — 24% less foot traffic, although those who showed up seemed to have spent 21%. In any event, gambling … Continue reading →

Posted in Boyd Gaming, Churchill Downs, Economy, Eldorado Resorts, George Maloof, GLPI, Hard Rock International, Harrah's, Illinois, Indiana, Kentucky, Marketing, Ohio, Palms, Penn National, Pennsylvania, Pinnacle Entertainment, Racinos, Reno, Sports, Station Casinos, The Strip, Tribal | Comments Off on Indiana suffers, Ohio not so much; Station’s surprise

Slots rule in Maryland, retreat in Pennsylvania

Posted on March 6, 2018 by David McKee

MGM National Harbor continued its domination of Maryland last month, with a 39% market share and $53 million gross. Less reassuring for MGM execs, high-tax slots are starting to pull away from low-tax table games, two categories which used to … Continue reading →

Posted in Churchill Downs, Cordish Co., Economy, Genting, Golden Gaming, Harrah's, Maryland, MGM Mirage, Neil Bluhm, New York, Penn National, Pennsylvania, Racinos, Wall Street, West Virginia | Comments Off on Slots rule in Maryland, retreat in Pennsylvania

Penn out of Jamul; Fuzzy math on the Strip

Posted on March 2, 2018 by David McKee

Casino companies rarely admit defeat but Penn National Gaming is bagging it where Hollywood Casino Jamul, near San Diego, is concerned. Hollywood Jamul’s debut was disastrous and Penn’s “essentially exiting” its management contract (as Deutsche Bank analyst Carlo Santarelli put … Continue reading →

Posted in California, Economy, Genting, New York, Penn National, Pennsylvania, Sheldon Adelson, The Strip, Tourism, Tribal, Wall Street | Comments Off on Penn out of Jamul; Fuzzy math on the Strip

Eldorado sells down; Vegas tourists stay home

Posted on March 1, 2018 by David McKee

Churchill Downs continues to grow as a casino operator, cutting a deal with Eldorado Resorts to buy Presque Isle Downs in Erie, Pennsylvania, and Lady Luck Vicksburg Casino in Mississippi for $229.5 million. That’s an above-average valuation for gaming assets … Continue reading →

Posted in California, Churchill Downs, Economy, Eldorado Resorts, Mississippi, Pennsylvania, The Strip, Tourism, Wall Street | Comments Off on Eldorado sells down; Vegas tourists stay home

Strip weak, locals strong, Reno supercharged; Stanley Ho’s empire crumbles

Posted on February 28, 2018 by David McKee

January got the Las Vegas Strip off to a less-than auspicious start, with revenues dropping 9% from 2017. Locals casinos, meanwhile, were living it up, as revenue rose 8%, thanks in part to New Year’s Eve weekend slot drop being … Continue reading →

Posted in Arkansas, Boulder Strip, Colony Capital, Columbia Sussex, Downtown, Economy, Election, Foxwoods, Galaxy Entertainment, Harrah's, Lake Tahoe, Laughlin, Lucky Dragon, Macau, Melco Resorts & Entertainment, Mesquite, MGM Mirage, Nevada, North Las Vegas, Pennsylvania, Politics, Racinos, Sheldon Adelson, Sociedade de Jogos de Macau, Steve Wynn, The Strip, Wall Street, Wynn Resorts | 2 Comments

Sands Parisian a hit; The price is right for DFS in Massachusetts

Posted on February 19, 2018 by David McKee

We never thought of Sheldon Adelson as a big online guy but the Las Vegas Sands CEO felt it imperative to let the Hong Kong Stock Exchange know that Parisian Macao had racked up over five billion social-media impressions to date. … Continue reading →

Posted in DFS, Economy, Internet gambling, Macau, Massachusetts, Penn National, Politics, Sheldon Adelson, Texas, Tribal | Comments Off on Sands Parisian a hit; The price is right for DFS in Massachusetts

Quote of the Day

Posted on February 16, 2018 by David McKee

“What a difference a blizzard makes. When people are stuck in their homes by more than a foot of snow, and temperatures are dipping into single digits, they don’t come to Atlantic City.” — New Jersey Casino Control Commission Chairman … Continue reading →

Posted in Atlantic City, Economy | Comments Off on Quote of the Day

Louisiana stutters; MLB rigs the odds

Posted on February 16, 2018 by David McKee

Gambling in Louisiana was a bit off the pace last month, down 4% ($187 million). Most of that was due to a terrible Baton Rouge market, tumbling 21%, while Lake Charles (+2%) remained immune. New Orleans (-2%) and Shreveport/Bossier City … Continue reading →

Posted in Boyd Gaming, Churchill Downs, Economy, Eldorado Resorts, GLPI, Harrah's, Internet gambling, Isle of Capri, Kazuo Okada, Louisiana, Missouri, Pinnacle Entertainment, Politics, Sports, Steve Wynn, Tilman Fertitta, Tropicana Entertainment, TV, Wall Street, Wynn Resorts | 1 Comment

Cold January in Atlantic City, Pennsylvania; Bull runs rampant in Vegas

Posted on February 15, 2018 by David McKee

Just when everything seemed settled into a comfortable groove in Atlantic City, January revenues fell off the table, down 12.5%. The silver lining, if it qualifies as that, was that online revenues ($22 million) climbed 17%. Golden Nugget, with 33% … Continue reading →

Posted in Animals, Atlantic City, Boyd Gaming, Culinary Union, Current, Dan Gilbert, Detroit, Economy, Eldorado Resorts, Greenwood Racing, Harrah's, Internet gambling, Isle of Capri, MGM Mirage, Mohegan Sun, Neil Bluhm, North Las Vegas, Penn National, Pennsylvania, Pinnacle Entertainment, Sheldon Adelson, Station Casinos, Tilman Fertitta, Tropicana Entertainment | 1 Comment

MGM wins race in Macao; Wynn complaints proliferate

Posted on February 14, 2018 by David McKee

Whew! For a while it was looking as though MGM Grand Cotai wouldn’t make it out of the starting blocks in time for Chinese New Year. However, the megaresort opened yesterday, with room to spare before the all-important holiday. Architecturally … Continue reading →

Posted in Economy, history, Illinois, Indiana, Kentucky, Macau, Massachusetts, MGM Mirage, Missouri, Ohio, Politics, Regulation, Sexual misconduct, Steve Wynn, West Virginia, Wynn Resorts | Comments Off on MGM wins race in Macao; Wynn complaints proliferate

Quote of the Day

Posted on February 12, 2018 by David McKee

“[I]n practice, the United States is alone among developed countries in insisting that while human rights are of fundamental importance, they do not include rights that guard against dying of hunger, dying from a lack of access to affordable healthcare, … Continue reading →

Posted in Economy | 1 Comment

GLPI picks at Wynn; Indiana players stay home

Posted on February 9, 2018 by David McKee

Gaming & Leisure Properties met with Wall Street analysts this week and it had the future of Wynncore on its mind. “While GLPI remains open to doing Las Vegas asset transactions, they view the risk profile as considerably higher given … Continue reading →

Posted in Ameristar, Boyd Gaming, Centaur Gaming, Charity, Economy, Eldorado Resorts, Full House Resorts, GLPI, Harrah's, Indiana, Majestic Star, Mandalay Bay Massacre, Massachusetts, MGM Mirage, Penn National, Pennsylvania, Pinnacle Entertainment, Racinos, The Strip, Tribal, Tropicana Entertainment, Wall Street, Wynn Resorts | Comments Off on GLPI picks at Wynn; Indiana players stay home

Tribal betrayal in Connecticut; Disappointing year in Schenectady

Posted on February 8, 2018 by David McKee

If the Mashantucket Pequots and the Mohicans feel they’ve been screwed they’re right to do so. Connecticut legislators, in a classic white-man-speaks-with-forked-tongue move, are proposing to tear up the bill that gave Mohegan Sun and Foxwoods Resort Casino a satellite … Continue reading →

Posted in Economy, Foxwoods, Internet gambling, MGM Mirage, Mohegan Sun, Neil Bluhm, New York, Pennsylvania, Politics, Taxes, Tribal | Comments Off on Tribal betrayal in Connecticut; Disappointing year in Schenectady

Illinois anemic; MGM flexes pecs in Maryland, Washington, D.C.

Posted on February 6, 2018 by David McKee

Thank God. There is nothing new about Steve Wynn in this morning’s headlines, so we can talk about some good, old-fashioned gambling. Illinois last month saw a 5.5% drop-off for a somewhat anemic gross of $105 million. Foot traffic was … Continue reading →

Posted in Atlantic City, Boyd Gaming, Cordish Co., Donald Trump, Economy, Foxwoods, GLPI, Golden Gaming, Harrah's, Illinois, Marketing, Maryland, MGM Mirage, Mohegan Sun, Neil Bluhm, Penn National, Pennsylvania, Politics, West Virginia | Comments Off on Illinois anemic; MGM flexes pecs in Maryland, Washington, D.C.

Wynn’s disgrace continues; Robots overthrow Las Vegas

Posted on February 1, 2018 by David McKee

It’s getting to the point that one wishes Steve Wynn would just go away quietly and take the saga of his sagging, septuagenarian genitals with him. But the news is rarely convenient like that. Fox News is reporting that the … Continue reading →

Posted in Colony Capital, Economy, GLPI, history, Illinois, Iowa, Massachusetts, Regulation, Steve Wynn, Technology, Unite-Here | 3 Comments

Baccarat slays the Strip

Posted on January 31, 2018 by David McKee

Gaming revenues on the Las Vegas Strip continued to dip in December, down 3% ($571.5 million). Baccarat tore a hole through gaming receipts, with the house plunging 30% on 9% less wagering. Non-baccarat table games fared much better, up 7.5%. … Continue reading →

Posted in Boulder Strip, Economy, Eldorado Resorts, Environment, Illinois, Indiana, Lake Tahoe, Laughlin, Missouri, North Las Vegas, Pennsylvania, Reno, Taxes, The Strip | 1 Comment

Wynn springs a surprise; MGM feeds the needy

Posted on January 23, 2018 by David McKee

Steve Wynn‘s conference calls tend to be dramatic and yesterday’s was no exception. El Steve announced a 2,500-room hotel for the old New Frontier/Plaza/Alon site. Breaking precedent, he would join it with Wynncore by virtue of the Las Vegas Strip‘s … Continue reading →

Posted in Boyd Gaming, Charity, Dan Gilbert, Economy, Illinois, Indiana, Law enforcement, Macau, Marketing, MGM Mirage, Ohio, Plaza, Politics, Steve Wynn, Taxes, Technology, The Strip, Tribal, Wall Street | Comments Off on Wynn springs a surprise; MGM feeds the needy