Category Archives: Economy

DFS dealt twin setbacks; Stalemate over Atlantic City

Posted on April 11, 2016 by David McKee

“As attorney general, it is my duty to uphold Alabama law, including the laws against illegal gambling. Daily fantasy sports operators claim that they operate legally under Alabama law. However, paid daily fantasy sports contests are in fact illegal gambling … Continue reading →

Posted in Alabama, Atlantic City, Boyd Gaming, Downtown, Economy, Internet gambling, Massachusetts, Politics, Sports, Steve Wynn, Taxes | Comments Off on DFS dealt twin setbacks; Stalemate over Atlantic City

Strong month for the Strip; Tohono O’odham win big-time

Posted on April 1, 2016 by David McKee

February gaming revenues were 8% higher in Nevada (to $990 million), with a 7% increase on the Las Vegas Strip. Locals-casino revenue rose 11%, driven in part by 4% more coin-in and 8% greater table play. Slot revenue on the … Continue reading →

Posted in Arizona, Boulder Strip, California, Downtown, Economy, Lake Tahoe, Laughlin, Macau, North Las Vegas, Politics, Reno, Steve Wynn, The Strip, Tourism, Transportation, Tribal | 1 Comment

Perversity in Macao; MGM Springfield gets underway

Posted on March 29, 2016 by David McKee

In a seemingly perverse move, Macao Chief Executive Fernando Chui rejected a lifeline that the Beijing government was trying to throw to his city. The former had announced its intention to “optimize and adjust” the Individual Visit Scheme that brings … Continue reading →

Posted in Architecture, Economy, Florida, Foxwoods, Macau, Massachusetts, MGM Mirage, Mohegan Sun, Taxes, Tourism, Tribal | 1 Comment

Penn accentuates the positive

Posted on March 29, 2016 by David McKee

“Wait ’til next year” seems to be Penn National Gaming‘s mantra for the Tropicana Las Vegas. At present, the company is still installing Marquee Rewards, replacing older slot machines and getting out of any leased-game arrangements. It doesn’t expect any … Continue reading →

Posted in California, Cordish Co., Dan Gilbert, Economy, Harrah's, Illinois, Internet gambling, Marketing, Maryland, Massachusetts, MGM Mirage, Penn National, PokerStars, Slot routes, The Strip, Tribal, Wall Street, West Virginia | Comments Off on Penn accentuates the positive

Ohio leads the Midwest; Boyd a good neighbor in Iowa

Posted on March 28, 2016 by David McKee

With gaming expansion off the table in all Midwestern states (other than a potential tribal casino in Indiana), Ohio has been making out like a bandit, its gaming revenues up 13% from last year, as the state’s industry is now … Continue reading →

Posted in Boyd Gaming, California, Charity, Economy, Florida, Foxwoods, Idaho, Iowa, Mohegan Sun, Neil Bluhm, New York, Ohio, Oklahoma, South Dakota, Tribal | 1 Comment

Quote of the Day

Posted on March 28, 2016 by David McKee

“New casinos in northern New Jersey would present a significant threat to New York’s gaming industry, risking hundreds of millions of dollars in critical education revenue and jeopardizing thousands of family-sustaining jobs. New York must ensure that its successful casinos can … Continue reading →

Posted in Economy, Election, New York | Comments Off on Quote of the Day

Sands, MGM butt heads over taxes; Adelson ships dealers to Singapore

Posted on March 25, 2016 by David McKee

Even before the ink was dry on yesterday’s poll numbers, Las Vegas Sands President Rob Goldstein was in front of the Southern Nevada Tourism Infrastructure Committee, stumping for a $1.3 billion, taxpayer-funded, NFL-ready stadium. The 65,000-seat facility would be built on the … Continue reading →

Posted in Economy, Macau, MGM Mirage, New York, Sheldon Adelson, Singapore, Sports, Taxes, The Strip, Tribal | Comments Off on Sands, MGM butt heads over taxes; Adelson ships dealers to Singapore

Adelson’s $10 billion bet; PokerStars comes to Atlantic City

Posted on March 22, 2016 by David McKee

Sheldon Adelson is desperate to get into South Korea. He doesn’t need to articulate it: Las Vegas Sands‘ actions say as much. The company has vowed to do “whatever it takes” to penetrate the market. “Anything” includes raising the prospective … Continue reading →

Posted in Atlantic City, Economy, Genting, Internet gambling, Japan, Macau, Mohegan Sun, PokerStars, Regulation, Sheldon Adelson, Singapore, South Korea, Tourism | Comments Off on Adelson’s $10 billion bet; PokerStars comes to Atlantic City

Quote of the Day

Posted on March 21, 2016 by David McKee

“In 1976, casinos were approved for Atlantic City. It was a monopoly that existed for many, many years; many people benefited. But conditions change, and when conditions change and you don’t adapt, you become a dinosaur and you become extinct.” — … Continue reading →

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

Trouble at the Trop; Liberace resurgence in Vegas

Posted on March 18, 2016 by David McKee

After a methodical — or at least slow-moving — investigation, FBI agents dropped the hammer on Tropicana Las Vegas‘ resident illusionist, Jan Rouven. The latter is accused of felony child pornography, having allegedly had myriad violent child-porn images and videos … Continue reading →

Posted in ABBA, Alex Yemenidjian, Economy, Entertainment, history, Law enforcement, Penn National, Riviera, Steve Wynn, The Strip, Wayne F. Newton | Comments Off on Trouble at the Trop; Liberace resurgence in Vegas

High-stakes headbutting in Hartford; Pennsylvania grapples with slot routes

Posted on March 11, 2016 by David McKee

All the key players in Connecticut finally butted heads in a showdown in Hartford yesterday. In one corner, you had the casino-ineligible Schaghticoke Tribal Nation. Behind it was its patron, MGM Resorts International, which has a $950 million investment in Springfield, … Continue reading →

Posted in Economy, Florida, Foxwoods, Massachusetts, MGM Mirage, Mohegan Sun, Pennsylvania, Politics, Problem gambling, Seminole Tribe, Slot routes, Taxes, Tribal | Comments Off on High-stakes headbutting in Hartford; Pennsylvania grapples with slot routes

Wynn, Sands, Penn meet the Street

Posted on March 11, 2016 by David McKee

JP Morgan analyst Joseph Greff has had a busy week, meeting with most of the top companies in gaming. First up was Penn National Gaming, which had little new to report on the Tropicana Las Vegas other than it was … Continue reading →

Posted in Economy, GLPI, Illinois, M Resort, Macau, Marketing, Massachusetts, Mississippi, Penn National, Sheldon Adelson, Singapore, Slot routes, Steve Wynn, The Strip, Wall Street | Comments Off on Wynn, Sands, Penn meet the Street

Trump: The art of failure; Tribal gaming flexes its muscle

Posted on March 4, 2016 by David McKee

During a period (1995-2005) in which the Dow Jones Average Casino Index posted a 160% return on investment, Trump Hotels & Casinos ate dirt to the tune of a negative 89% ROI. By contrast, Boyd Gaming — unloved on Wall … Continue reading →

Posted in Boyd Gaming, Dan Gilbert, Donald Trump, Economy, Marketing, Massachusetts, Neil Bluhm, New York, Ohio, Regulation, Scientific Games, Tribal, Trump Entertainment Resorts, Wall Street | Comments Off on Trump: The art of failure; Tribal gaming flexes its muscle

Caesars: Frissora gets the nod; Rocky Mountain high point

Posted on March 3, 2016 by David McKee

Caesars Entertainment CEO Michael Frissora is one step away from a Nevada gaming license, having been unanimously approved by the Nevada Gaming Control Board. Frissora left the meeting grinning from ear to ear, as well he might. Since he comes … Continue reading →

Posted in Carl Icahn, Colorado, Economy, Harrah's, Kansas, Oklahoma, Regulation, Tribal | 1 Comment

End of an Atlantic City era; Has Macao bottomed out?

Posted on March 1, 2016 by David McKee

Last weekend saw Trump Taj Mahal pass into the hands of Carl Icahn, becoming a wholly owned subsidiary of Tropicana Entertainment. That is cause for optimism at the Taj, which has gone from being one of Atlantic City‘s three top … Continue reading →

Posted in Atlantic City, Carl Icahn, Donald Trump, Economy, Harrah's, Macau, Melco Crown Entertainment, MTR Gaming, Technology, Tropicana Entertainment, Trump Entertainment Resorts, Unite-Here, Wall Street | Comments Off on End of an Atlantic City era; Has Macao bottomed out?

Scientific’s surprising results; Gaming advancing in Georgia

Posted on February 26, 2016 by David McKee

An upturn in the replacement cycle (8,990 slots shipped) helped Scientific Games post a 10% revenue increase last quarter. A mix of impairment charges, writedowns and consolidation costs led the mega-supplier to a $128 million loss for the quarter, but … Continue reading →

Posted in Atlantic City, Economy, Georgia, Illinois, International, Internet gambling, Macau, Massachusetts, Mohegan Sun, PokerStars, Problem gambling, Scientific Games, Sheldon Adelson, Steve Wynn, Technology, Transportation, Wall Street | 1 Comment

Big change for Tropicana; MGM wins in Springfield

Posted on February 24, 2016 by David McKee

Tri-State News, Weather Indiana will have a second land-based casino (three, if Majestic Star gets its way) after the Indiana Gaming Commission looked with favor on the pleas of Tropicana Entertainment and the Evansville city fathers. “That money allows us to buy … Continue reading →

Posted in Architecture, Atlantic City, Boyd Gaming, Culinary Union, Don Barden, Economy, Indiana, Majestic Star, Massachusetts, MGM Mirage, Mississippi, Regulation, Station Casinos, Steve Wynn, The Strip, Tilman Fertitta, Tropicana Entertainment, Unite-Here | Comments Off on Big change for Tropicana; MGM wins in Springfield

Scarlet Pearl a hit; Adelson plays for time

Posted on February 22, 2016 by David McKee

Gulf Coast casino revenues grew 15% last month, topping the $100 million mark for the first time in eight years. Newbie Scarlet Pearl Casino is getting the credit for growing the market in such a dramatic fashion. Despite a decline … Continue reading →

Posted in Economy, Macau, Mississippi, New York, Sheldon Adelson, Taxes, Tribal | Comments Off on Scarlet Pearl a hit; Adelson plays for time

Gaming companies seek to hide financial results; Murren bullish on MGM

Posted on February 22, 2016 by David McKee

When the gaming industry speaks, Frank Schreck‘s lips move. His latest move is to propose a removal of the transparency that applies to casinos owned by investment banks and funds, such as the Hard Rock Hotel & Casino and SLS … Continue reading →

Posted in CityCenter, Economy, Florida, Hard Rock Hotel, Internet gambling, MGM Mirage, Regulation, SLS Las Vegas, The Strip | Comments Off on Gaming companies seek to hide financial results; Murren bullish on MGM

Quote of the Day

Posted on February 19, 2016 by David McKee

“The market is simply oversaturated. All we’re doing by opening a new casino is shuffling the deck and moving people who are already gambling to a new spot.” — New Jersey Assemblyman Chris Brown (R), on casino expansion away from Atlantic … Continue reading →

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