Category Archives: Economy

Trump: The art of disaster; Good November for Las Vegas

Posted on December 30, 2015 by David McKee

If Donald Trump proposes to run America the way he ran his casinos, God help us all. He built a Boardwalk empire in Atlantic City with a lot of hocus-pocus, debt financing and sky-high interest rates (14% for Trump Taj … Continue reading →

Posted in Atlantic City, Boulder Strip, Donald Trump, Downtown, Economy, Harrah's, Laughlin, Mesquite, North Las Vegas, Reno, The Strip, Trump Entertainment Resorts, Uncategorized, Wall Street | 2 Comments

MGM’s sudden Connecticut ardor; Labor peace in Detroit

Posted on December 8, 2015 by David McKee

Connecticut‘s government is trying to have an MGM Resorts International lawsuit dismissed, but MGM isn’t going away quietly. It’s targeted the no-bid process whereby a Mohegan Sun–Foxwoods Resort Casino joint venture was juiced into a third, off-reservation casino, location still … Continue reading →

Posted in Culinary Union, Detroit, Donald Trump, Economy, Election, Foxwoods, Genting, International, Massachusetts, MGM Mirage, Mohegan Sun, Phil Ruffin, Sheldon Adelson, Singapore, Tourism, Tribal, Wall Street | Comments Off on MGM’s sudden Connecticut ardor; Labor peace in Detroit

Ohio: Caesars effects a turnaround; Heightened scrutiny for MGM Springfield

Posted on December 7, 2015 by David McKee

Although it’s got one foot out the door in Ohio, the management half of Rock Gaming Caesars, i.e.,  Caesars Entertainment, is starting to shore up the recent decline of its casinos in the Buckeye State. Horseshoe Cincinnati and Horseshoe Cleveland … Continue reading →

Posted in Architecture, Dan Gilbert, Economy, Eldorado Resorts, Hard Rock International, Harrah's, Massachusetts, MGM Mirage, Mohegan Sun, Penn National, Pinnacle Entertainment, Racinos, Regulation, Rhode Island | Comments Off on Ohio: Caesars effects a turnaround; Heightened scrutiny for MGM Springfield

Continued erosion in Illinois

Posted on December 7, 2015 by David McKee

Illinois gamblers visited measurably less (-8%) and spent slightly more (+3%), as casino business in the Land of Lincoln took a 5% dip in November. The calendar had one less weekend day than last year, which surely didn’t help. Even … Continue reading →

Posted in Boyd Gaming, Economy, GLPI, Harrah's, Illinois, MGM Mirage, Movies, Neil Bluhm, Penn National | 1 Comment

Straub’s plans evolve; Martin Walsh, loser

Posted on December 4, 2015 by David McKee

Remember, you read it here first. Glenn Straub intends to sublicense the casino portion of Revel to an outside operator. It will have to be a company with a high tolerance for risk, as Straub is insisting on a 30-year … Continue reading →

Posted in Atlantic City, Economy, Glenn Straub, Macau, Marketing, Massachusetts, Melco Crown Entertainment, Politics, Regulation, Revel, Steve Wynn | Comments Off on Straub’s plans evolve; Martin Walsh, loser

Penn charms Wall Street

Posted on December 3, 2015 by David McKee

JP Morgan analyst Joseph Greff recently sat down with Penn National Gaming COO Jay Snowden and, of course, the big topic of conversation was Plainridge Park. Penn doesn’t see Wynn Everett — when it opens in 2018 — as a … Continue reading →

Posted in California, Economy, Illinois, M Resort, Marketing, Maryland, Massachusetts, MGM Mirage, Missouri, Penn National, Pennsylvania, Racinos, Rhode Island, Slot routes, Sports, Steve Wynn, Taxes, The Strip, Tribal, West Virginia | 1 Comment

The ubiquitous Packer; The 27% solution

Posted on December 2, 2015 by David McKee

James Packer has already missed his 2015 deadline for breaking ground on Alon and once again he is taking his eye off the Las Vegas ball. He and his Nobu co-investor, Robert DeNiro, have cut a deal with Antigua and … Continue reading →

Posted in Colorado, Dan Gilbert, Economy, Full House Resorts, International, James Packer, Kentucky, MGM Mirage, Politics, Racinos, Riviera, The Strip | Comments Off on The ubiquitous Packer; The 27% solution

Bad news for Atlantic City; Finally, a ‘Carcieri fix’

Posted on December 1, 2015 by David McKee

Just when you thought the Atlantic City market had rightsized and the Boardwalk was out of the woods, here comes Moody’s Investors Service with a baleful report. Pointing to in-progress casino expansion in several neighboring East Coast states, Moody’s predicts … Continue reading →

Posted in Atlantic City, Economy, Glenn Straub, Harrah's, Internet gambling, Regulation, Revel, Technology, Tourism, Tribal, Trump Entertainment Resorts, TV, Wall Street | Comments Off on Bad news for Atlantic City; Finally, a ‘Carcieri fix’

No Great Pumpkin for Las Vegas; Further woe for Macao

Posted on December 1, 2015 by David McKee

It was Las Vegas Strip casinos’ bad luck to have Oct. 31 fall on a Saturday, meaning that revenues (particularly from slots) from that weekend won’t be reported until the end of November. Consequently, Strip revenues fell 5% in October, … Continue reading →

Posted in Boulder Strip, Dan Gilbert, Detroit, Dining, Downtown, Economy, Galaxy Entertainment, Lake Tahoe, Laughlin, Law enforcement, Macau, Maryland, Melco Crown Entertainment, MGM Mirage, North Las Vegas, Reno, Sheldon Adelson, Stanley Ho, Steve Wynn, Wall Street | 1 Comment

Atlantic City casinos make less, profit more

Posted on November 24, 2015 by David McKee

In a paradoxical development, Atlantic City casinos reported a 61% increase in profitability in Q315. That largesse came even as gross gaming revenues only rose 5%. Cost-containment is credited with being the source of the bounty. Caesars Interactive swung from … Continue reading →

Posted in Atlantic City, Boyd Gaming, Carl Icahn, Dan Gilbert, Economy, Election, Glenn Straub, Harrah's, Indiana, International, Internet gambling, Massachusetts, MGM Mirage, Mohegan Sun, Ohio, Politics, Revel, Sheldon Adelson, Tilman Fertitta, Tropicana Entertainment, Trump Entertainment Resorts | Comments Off on Atlantic City casinos make less, profit more

The dark side of DFS; Wynn delay provokes caution

Posted on November 23, 2015 by David McKee

Daily fantasy sports backlash has claimed its first casualty. Relatively minor site TradeSports.com has gone out of business. “Recent negative events in the industry have already increased our costs of operating (and will most likely continue to do so); or perhaps … Continue reading →

Posted in Economy, Internet gambling, Macau, Massachusetts, Problem gambling, Regulation, Steve Wynn, Wall Street | Comments Off on The dark side of DFS; Wynn delay provokes caution

Boyd ‘upbeat’ on Wall Street; Wynn Palace on hold

Posted on November 18, 2015 by David McKee

Boyd Gaming CEO Keith Smith and CFO Josh Hirsberg lunched with Deutsche Bank‘s Carlo Santarelli, who found their mood bright and shiny. “Management remains confident that if current [Las Vegas] locals and regional gaming revenue trends hold firm, it can continue to … Continue reading →

Posted in Boyd Gaming, Economy, Macau, Melco Crown Entertainment, Steve Wynn, Uncategorized, Wall Street | Comments Off on Boyd ‘upbeat’ on Wall Street; Wynn Palace on hold

Up and down the Strip

Posted on November 17, 2015 by David McKee

SLS Las Vegas is finally doing better, if by “doing better” you mean losing only $39 million in a full 3Q15 as opposed to the $46 million lost in the truncated (five-week) 3Q14. Stockbridge Capital Partners continues to have to … Continue reading →

Posted in Architecture, Cosmopolitan, Derek Stevens, Downtown, Economy, Fontainebleau, Genting, Harrah's, James Packer, Lucky Dragon, LVCVA, Marketing, MGM Mirage, Riviera, Sam Nazarian, Sheldon Adelson, SLS Las Vegas, Tamares Group, Taxes, The Strip, Wall Street | 2 Comments

The benefits of casino gambling make themselves felt

Posted on November 16, 2015 by David McKee

Minimum wages are a contentious issue on the campaign trail but a settled one at $450 million Stadium Casino. The in-progress Philadelphia gambling hall has committed to a $12/hour minimum wage for its construction and permanent personnel alike. That’s one … Continue reading →

Posted in Atlantic City, Charity, Cordish Co., Economy, Greenwood Racing, Internet gambling, Pennsylvania, Rhode Island, Taxes, Technology, Trump Entertainment Resorts | Comments Off on The benefits of casino gambling make themselves felt

Same old same-old at Trump; F-blew finally up for sale

Posted on November 12, 2015 by David McKee

Perhaps the biggest question surrounding Trump Taj Mahal is whether, when Carl Icahn takes over, the management team he has publicly upbraided will get to keep their jobs, especially since Uncle Carl has perfectly competent people taking care of business … Continue reading →

Posted in Atlantic City, Carl Icahn, Economy, Eldorado Resorts, Fontainebleau, Genting, Massachusetts, Penn National, The Strip, Trump Entertainment Resorts | 2 Comments

Quote of the Day

Posted on November 2, 2015 by David McKee

“With hotel occupancies continuing to decline … we don’t think there are many left who subscribe to the if you build it they will come mantra as it pertains to Macau these days.” — Deutsche Bank analyst Carlo Santarelli‘s comment on … Continue reading →

Posted in Economy, Macau, Wall Street | Comments Off on Quote of the Day

Murren: Mission to Massachusetts

Posted on November 2, 2015 by David McKee

Hot on the heels of announcing a REIT conversion of MGM Resorts International and a boffo 3Q15, CEO Jim Murren sped out to Massachusetts to calm the waters in Springfield, where MGM’s serial reductions of its casino plan have stirred … Continue reading →

Posted in Architecture, Economy, Foxwoods, Internet gambling, Lake Tahoe, Massachusetts, MGM Mirage, Mohegan Sun, Regulation, Reno, Wall Street | Comments Off on Murren: Mission to Massachusetts

Baccarat buoys the Strip; Last call for Vegas Club

Posted on October 29, 2015 by David McKee

Not only were Nevada gaming revenues up 2% last month, so were Strip revs, propelled by heavy baccarat play. In addition to 17% more being wagered, the house played lucky, winning 24% than last year. That more than made up … Continue reading →

Posted in Boulder Strip, Churchill Downs, Downtown, Economy, Horseracing, Illinois, Internet gambling, Lake Tahoe, Laughlin, Marketing, North Las Vegas, Reno, Tamares Group, The Strip | 2 Comments

Quote of the Day

Posted on October 28, 2015 by David McKee

“Nothing is a straight line up and weeding out corruption is an admirable thing for a government to do. Yes, in the short term it’s painful for us. But I believe the rise of the Chinese middle class is equal to … Continue reading →

Posted in Economy, James Packer, Macau, Regulation | Comments Off on Quote of the Day

Caesars: (Almost) everything must go; More angst in Macao

Posted on October 27, 2015 by David McKee

Well, it had to happen eventually. In order to escape bankruptcy, Caesars Entertainment is putting Caesars Entertainment Operating Co. on the market. There are some who are calling this a bluff and others who can’t afford to get in on … Continue reading →

Posted in Atlantic City, Boyd Gaming, California, Economy, GLPI, Harrah's, Illinois, Indiana, International, Iowa, Lake Tahoe, Lawrence Ho, Louisiana, Marketing, Melco Crown Entertainment, MGM Mirage, Mississippi, Missouri, Ohio, Penn National, Philippines, Regulation, Reno, Sheldon Adelson, Stanley Ho, Steve Wynn, The Strip, Tribal, Wall Street | 1 Comment