Category Archives: Economy

Winning quarter for Wynn

Posted on February 15, 2016 by David McKee

In the current era of managed expectations of all things related to Macao, the 4Q15 report from Wynn Resorts fell into the “better than anticipated” category, with earnings down ‘only’ 17% (superior to Wall Street consensus) and profits just over … Continue reading →

Posted in Economy, Florida, Georgia, Law enforcement, Macau, Melco Crown Entertainment, Nevada, Penn National, Pennsylvania, Regulation, Reno, Seminole Tribe, Sheldon Adelson, Steve Wynn, Texas, The Strip, Wall Street | Comments Off

Atlantic City omnibus

Posted on February 2, 2016 by David McKee

If Carl Icahn has his way, executives at Trump Taj Mahal may have to start updating their resumes. Tropicana Atlantic City President Anthony Rodio is expected to add the Taj to his portfolio as well. It’s well past time that inept … Continue reading →

Posted in Atlantic City, Boyd Gaming, Carl Icahn, Economy, Macau, MGM Mirage, Politics, The Strip, Tropicana Entertainment, Trump Entertainment Resorts, Wall Street | Comments Off

Big government wins in Atlantic City; Sheldon’s money grab

Posted on February 1, 2016 by David McKee

“From the looks on your faces, you don’t like ‘Kumbaya’ moments. I’m sorry for that. It’s time for some tough decisions and some pain as we move forward.” So said Atlantic City Mayor Don Guardian (R) as he acceded to a … Continue reading →

Posted in Atlantic City, Economy, Glenn Straub, Harrah's, LVCVA, Macau, Politics, Revel, Sheldon Adelson | Comments Off

Strip’s illusory Christmas present; A.C. Trop antes up

Posted on January 29, 2016 by David McKee

Las Vegas Strip gaming revenues were up 8% last month but Deutsche Bank analyst Carlo Santarelli is calling that headline “misleading,” the increase “purely optical.” Volume of table play was down 11% and slot coin-in was 2% less. But increased … Continue reading →

Posted in Atlantic City, Boulder Strip, Boyd Gaming, Downtown, Economy, Greenwood Racing, Harrah's, Internet gambling, Lake Tahoe, Laughlin, Macau, MGM Mirage, Mohegan Sun, Neil Bluhm, Nevada, North Las Vegas, Penn National, Pennsylvania, Reno, Sheldon Adelson, Technology, The Strip, Tropicana Entertainment, Wall Street | Comments Off

Meet the candidates; Even when Adelson loses, he wins

Posted on January 28, 2016 by David McKee

One of the many first-ever things that Geoff Freeman has done to remake the American Gaming Association in his image is compile a voting guide for industry workers, walking them through the primary and caucus processes in their states, and … Continue reading →

Posted in Economy, Election, Geoff Freeman, Macau, Maryland, Pennsylvania, Politics, Regulation, Sheldon Adelson, Sports, The Strip, Tribal, Wall Street | Comments Off

Christie’s bum rap; New partner for Packer?; Casino chicanery in Maine

Posted on January 26, 2016 by David McKee

“The people involved in this, if you took a thimble and put their knowledge of Atlantic City in it, it wouldn’t fill it,” says Thomas Carver, former policy czar for the resort town, who lost his job when he displeased … Continue reading →

Posted in Atlantic City, Australia, Cosmopolitan, Economy, Election, Internet gambling, James Packer, Maine, Melco Crown Entertainment, New Hampshire, Penn National, Politics, Racinos, Revel, Taxes, The Strip | Comments Off

Case Bets

Posted on January 25, 2016 by David McKee

Casinos: They’re not just for French resorts anymore. Marseille Mayor Jean-Claude Gaudin is plumping for a casino in his city, which is badly afflicted by poverty. He seems to be right on the curve, as far as a casino injection … Continue reading →

Posted in Economy, International, Internet gambling, Isle of Capri, Mississippi, New York, Taxes, Tilman Fertitta, TV | Comments Off

To park or not to park, that is the question

Posted on January 25, 2016 by David McKee

Jim Murren wants more than our money with MGM Resorts International‘s controversial new parking fees. He wants our gratitude. “I ask them to honestly reflect what it means to be a local and how the tourist economy has improved their … Continue reading →

Posted in CityCenter, Culinary Union, Economy, Harrah's, International, MGM Mirage, Sports, The Strip, Transportation | Comments Off

Another card room busted; Station becomes Red Rock

Posted on January 22, 2016 by David McKee

Scarcely was the ink dry on the American Gaming Association‘s proclamation of improved anti-money-laundering compliance than a plea-bargaining agreement was revealed involving the Normandie Casino, a venerable Gardena, California, card room. According to the Los Angeles Times, the Normandie “failed … Continue reading →

Posted in California, Economy, Geoff Freeman, Internet gambling, Law enforcement, Macau, Massachusetts, MGM Mirage, Neil Bluhm, Pennsylvania, Sheldon Adelson, Station Casinos, Tribal, Wall Street | Comments Off

Lean Christmas in Louisiana; Greater vigilance in industry

Posted on January 22, 2016 by David McKee

Louisiana gaming revenues came in for a hard landing (-7.5%) as the Golden Nugget Lake Charles marked its first anniversary. The New Orleans market (-13.5%) took it worst, although Lake Charles was down 12%. The latter continues to be the … Continue reading →

Posted in Boyd Gaming, Churchill Downs, Economy, GLPI, Harrah's, Isle of Capri, Louisiana, Pinnacle Entertainment, Racinos, Regulation, Tilman Fertitta, Tropicana Entertainment | Comments Off

Stick ’em up!

Posted on January 15, 2016 by David McKee

Addressing concerns about the quantity and proximity of parking to the T-Mobile Arena, executives at MGM Resorts International are busting out plans for a $54 million parking garage, to be built on the northwest corner of the Excalibur “campus,” cannibalizing … Continue reading →

Posted in Current, Economy, Marketing, MGM Mirage, Technology, The Strip, Transportation, Wall Street | 3 Comments

Wynn Resorts opens its wallet; Further woes for Macao

Posted on January 14, 2016 by David McKee

The most “george” figure in the casino industry last year would have to be Steve Wynn. Rank-and-file employees at Wynn Macau received a month’s salary as an end-of-year bonus. Senior management is ineligible for bonuses. Now, this is part of … Continue reading →

Posted in Economy, International, Law enforcement, Macau, Marketing, Regulation, Stanley Ho, Steve Wynn, Tribal, Wall Street | Comments Off

Atlantic City under siege; Detroit casinos deliver

Posted on January 14, 2016 by David McKee

New Jersey state Senate President Stephen Sweeney (D) hasn’t been elected governor yet but he’s behaving as though he were the Garden State’s chief executive. He’s the driving force behind a suddenly urgent move to exert state control over Atlantic City. … Continue reading →

Posted in Atlantic City, Dan Gilbert, Detroit, Economy, Entertainment, Georgia, Hard Rock Hotel, MGM Mirage, Politics, Revel, Taxes | Comments Off

Gaming forecast: Moderately sunny; Adelson + R-J = bad news

Posted on January 12, 2016 by David McKee

Deutsche Bank analyst Carlo Santarelli hung out along the Las Vegas Strip last week and “found few signs of caution as forward indicators remain favorable in most key areas.” Both New Year’s Eve business and convention calendars for the first … Continue reading →

Posted in Economy, Harrah's, Law enforcement, Louisiana, Macau, MGM Mirage, Sheldon Adelson, Technology, The Strip, Transportation | Comments Off

Tribal headache for Connecticut; Wynn, Adelson eye New Jersey

Posted on January 8, 2016 by David McKee

Proposed new rules that would make it easier for tribes to gain federal recognition could have a seismic effect on the casino business in Connecticut. Three potentially recognized tribes could vie for as many as four new casinos. One says “four” … Continue reading →

Posted in Atlantic City, Donald Trump, Economy, Foxwoods, Mohegan Sun, Pennsylvania, Politics, Sheldon Adelson, Steve Wynn, The Strip, Tribal | Comments Off

Rage against DFS; Iowa stays stable

Posted on January 8, 2016 by David McKee

“FanDuel and DraftKings are optimized for power players to rape and pillage regular players over and over again.” So says daily fantasy sports podcaster Gabriel Harber, in the course of a lengthy New York Times expose of the DFS industry. … Continue reading →

Posted in Ameristar, Boyd Gaming, Economy, Harrah's, Internet gambling, Iowa, Isle of Capri, Massachusetts, Nevada, Pinnacle Entertainment, Regulation | Comments Off

Quote of the Day

Posted on January 6, 2016 by David McKee

Memo to Ted Cruz: Journalism salaries are already in the crapper. It’s called “outsourcing.”

Posted in Economy | Comments Off

Adelson’s endurance; Doom for Dotty’s?

Posted on January 6, 2016 by David McKee

Outwardly, Sheldon Adelson maintains an air of placidity regarding business affairs in Macao, where gaming revenue dropped 34% in 2015. However, it can’t much please him to pick up his morning newspaper and read that Wall Street is expecting more of the … Continue reading →

Posted in Cosmopolitan, Dotty's, Economy, Macau, Regulation, Sam Nazarian, Sheldon Adelson, Wall Street | 1 Comment

Macao ends 2015 quietly; Record visitation not good enough for Vegas

Posted on January 4, 2016 by David McKee

That “squish” you heard from across the sea was Macao‘s gaming market reporting a decrease of 21% last month, practically good news when measured against November’s 32% plunge. Mind you, Macanese casinos were averaging $74 million in win per day, … Continue reading →

Posted in Economy, Eldorado Resorts, Environment, Horseracing, LVCVA, Macau, Melco Crown Entertainment, MGM Mirage, Sheldon Adelson, Steve Wynn, The Strip, Tourism, Wall Street, West Virginia | Comments Off

What’s Sheldon’s game?; Penn struggles at Plainridge

Posted on December 30, 2015 by David McKee

Sheldon Adelson‘s apparent use of Las Vegas Review-Journal reporters to get back at Judge Elizabeth Gonzalez is putting him and his purchase of the newspaper under the microscope of the Nevada Gaming Control Board. Casino owners aren’t barred from owning … Continue reading →

Posted in Atlantic City, Economy, Horseracing, Kansas, Massachusetts, Penn National, Politics, Racinos, Regulation, Rhode Island, Sheldon Adelson, Tribal | Comments Off