Category Archives: Economy

Mohegans, Foxwoods get go-ahead; More trouble for Caesars

Posted on June 1, 2015 by David McKee

Driven by apocalyptic job-loss projections by Foxwoods Casino Resort and Mohegan Sun, the House of Representatives of Connecticut passed a casino bill to Gov. Dannel Malloy (D) for his signature. The bill doesn’t authorize a casino per se but rather … Continue reading →

Posted in Atlantic City, Economy, Foxwoods, Glenn Straub, Harrah's, International, Internet gambling, Lake Tahoe, Massachusetts, MGM Mirage, Mohegan Sun, Penn National, Steve Wynn, Technology, The Strip, Trump Entertainment Resorts, Warner Gaming | Comments Off on Mohegans, Foxwoods get go-ahead; More trouble for Caesars

Gaming on the boil in Pennsylvania, less so in Illinois, Alabama

Posted on May 29, 2015 by David McKee

Gaming expansion is being introduced in the Illinois Legislature again and it has a pretty familiar look: a city-owned casino (the only one) in Chicago, four casinos scattered around the state, including one in Rockford, plus a pair of smaller (600-slot) … Continue reading →

Posted in Alabama, Economy, Illinois, Internet gambling, Pennsylvania, Politics, Taxes, Tribal | Comments Off on Gaming on the boil in Pennsylvania, less so in Illinois, Alabama

Good April for Vegas; Frankie the Fish and Sister Sandra

Posted on May 29, 2015 by David McKee

Baccarat play on the Las Vegas Strip improved by double-digit numbers for the second month in a row, up 14% in April, contributing to an 8% upward surge on the Strip. Baccarat revenues rose 5%, while all other table games … Continue reading →

Posted in Australia, Boyd Gaming, Donald Trump, Downtown, Economy, Lake Tahoe, Laughlin, Macau, Marketing, Mississippi, North Las Vegas, Philippines, Politics, Regulation, Reno, Sheldon Adelson, Station Casinos, The Strip, Vietnam | Comments Off on Good April for Vegas; Frankie the Fish and Sister Sandra

Atlantic City rings the cash register; Adelson loses (again)

Posted on May 26, 2015 by David McKee

Operating profits in Atlantic City don’t tell the whole story: The Showboat was notoriously in the black when Caesars Entertainment closed it but the company said it was running at a loss … thanks to interest payments with which CEO … Continue reading →

Posted in Atlantic City, Boyd Gaming, Dennis Gomes, Economy, Genting, Harrah's, Macau, Melco Crown Entertainment, Mississippi, Mohegan Sun, Sheldon Adelson, Stanley Ho, Steve Wynn, Trump Entertainment Resorts | Comments Off on Atlantic City rings the cash register; Adelson loses (again)

Behind the Showboat sale; Cosmo comeback

Posted on May 14, 2015 by David McKee

During its crusade to drive Stockton University out of the Showboat, the CEO of Trump Entertainment Resorts, Robert Griffin airily informed Stockton representatives that they should buy Trump Plaza instead — puncturing TER’s public posture that college kids should be kept … Continue reading →

Posted in Atlantic City, Cosmopolitan, Economy, Glenn Straub, Harrah's, Politics, Steve Wynn, The Strip, Trump Entertainment Resorts | Comments Off on Behind the Showboat sale; Cosmo comeback

Long road back for Macao; Phua case becomes a federal obsession

Posted on May 13, 2015 by David McKee

Macao‘s status as shorthand for “corruption” got another bump this week when it was announced that former bureaucrat Li Huabo had gambled away $4 million in the casino enclave, then absconded with $16 million in stolen. As deleterious as that … Continue reading →

Posted in Australia, Downtown, Economy, Harrah's, Macau, Philippines, Sheldon Adelson, SLS Las Vegas, Sports, The Strip, Tourism, Vietnam, Wall Street | Comments Off on Long road back for Macao; Phua case becomes a federal obsession

Pence ultimately gets it right

Posted on May 11, 2015 by David McKee

WDRB 41 Louisville News After months of Hamlet-worthy public agonizing, Indiana Gov. Mike Pence (R) did the right thing by doing nothing. Satisfied that it was not his never-defined “expansion” of gambling, he decided to let a casino-reform bill that … Continue reading →

Posted in Economy, Indiana, Kentucky, Macau, Politics, Racinos, Regulation, Sheldon Adelson | Comments Off on Pence ultimately gets it right

Quote of the Day

Posted on May 11, 2015 by David McKee

“What will the second quarter look like in Las Vegas? Weak. Did you hear me? Weak. This notion of a big recovery is a complete dream.” — Steve Wynn, waxing pessimistic on Las Vegas’ near-term prospects.

Posted in Economy, Steve Wynn, The Strip, Tourism | 1 Comment

Steve Wynn talks, we listen

Posted on May 5, 2015 by David McKee

Elaine Wynn finds herself underwriting a Steve Wynn colloquy with Jon Ralston. (We may have “the Adelson primary” but we also have “the Ralston primary.”) Bet she didn’t see that coming. As for Steve, he can be combative, God knows, … Continue reading →

Posted in Economy, Election, Harry Reid, Macau, Steve Wynn, Taxes, TV | Comments Off on Steve Wynn talks, we listen

Crystals for sale again; Hit-and-run Sheldon

Posted on May 5, 2015 by David McKee

MGM Resorts International isn’t hurting for cash, having just posted a $170 million profit for 1Q15, far outstripping analysts’ projections (and despite an 11% falloff due to Macao). However, its Crystals shopping mall is back on the market, carrying a $1 … Continue reading →

Posted in Economy, history, Macau, MGM Mirage, Riviera, Sheldon Adelson, SLS Las Vegas, Sports, The Strip, Westgate LV | Comments Off on Crystals for sale again; Hit-and-run Sheldon

Chicago casino push gathers steam

Posted on May 4, 2015 by David McKee

It’s been a while since we’ve heard about a casino in Chicago but that doesn’t mean Mayor Rahm Emanuel (D, below) has given up. Far from it. He’s looking at a $839 million pension obligation and a $300 million budget … Continue reading →

Posted in Cirque du Soleil, Economy, Entertainment, Illinois, MGM Mirage, Politics, Racinos, Slot routes, The Strip | Comments Off on Chicago casino push gathers steam

Ohio casinos: Half a loaf better than none; Brighter days for Macao?

Posted on May 4, 2015 by David McKee

Ohio cities are trying to use casino revenues to keep pace with Gov. John Kasich‘s austerity regime — and partly succeeding. “It is an important part of the budget, particularly when you look at the fact the state has eliminated almost … Continue reading →

Posted in Economy, Environment, history, Macau, Melco Crown Entertainment, MGM Mirage, Ohio, Penn National, Philippines, Racinos, Sheldon Adelson, Steve Wynn, Taxes, Wall Street | Comments Off on Ohio casinos: Half a loaf better than none; Brighter days for Macao?

MGM: The lion meows; GLPI: Still hungry

Posted on May 4, 2015 by David McKee

MGM Resorts International needed to increase net revenue this past quarter by 2% to meet Wall Street forecasts and offset inflation. Instead, revenue stayed flat and the Leo the Lion came in $33 million on cash-flow forecasts and down $12 … Continue reading →

Posted in CityCenter, Economy, GLPI, Louisiana, Macau, Maryland, MGM Mirage, Penn National, Pinnacle Entertainment, The Strip, Wall Street | Comments Off on MGM: The lion meows; GLPI: Still hungry

The world according to Wynn

Posted on May 1, 2015 by David McKee

Nobody likes a sore winner and Steve Wynn has nothing but unkind words for Elaine Wynn, a week after she was voted off the Wynn Resorts board. His dismissive attitude toward her criticisms of the board’s composition makes me skeptical … Continue reading →

Posted in Economy, Election, Macau, MGM Mirage, Sheldon Adelson, Sports, Steve Wynn, The Strip | 1 Comment

Boyd shatters expectations; Dover Downs flounders

Posted on May 1, 2015 by David McKee

Compared to Steve Wynn‘s gloom — and sapped stock price — about Las Vegas’ immediate economic prospects earlier this week, Boyd Gaming CEO Keith Smith was bullish on Sin City. And why not? Boyd reported profits of 31 cents a … Continue reading →

Posted in Architecture, Boyd Gaming, Delaware, Downtown, Economy, Iowa, Kansas, Louisiana, Planet Hollywood, Racinos, Sports, Taxes, The Strip, Tourism, Wall Street | 1 Comment

Wynn frustrated with Macao; Adelson vs. Adelson

Posted on April 30, 2015 by David McKee

“Macau giveth and Macau taketh away for Wynn Resorts.” With that sentence the Las Vegas Review-Journal‘s Richard Velotta pithily summarized the precipitous reliance that Wynn and other Macanese operators have on that unpredictable market. “Our hopes for a turnaround during Chinese … Continue reading →

Posted in Economy, history, Macau, Regulation, Sheldon Adelson, Steve Wynn, The Strip, Wall Street | 1 Comment

MayPac: Winners and losers; Adelson, Wynn take big hits

Posted on April 30, 2015 by David McKee

Not a punch has been thrown yet but already we know some things about the outcome of the hype-driven Floyd “Money” Mayweather and Manny “Pac-Man” Pacquiao fight, including the fact that with guaranteed purses for both fighters, they win just … Continue reading →

Posted in Economy, Macau, Massachusetts, MGM Mirage, New Hampshire, Politics, Sheldon Adelson, Sports, Steve Wynn, The Strip, Tourism | Comments Off on MayPac: Winners and losers; Adelson, Wynn take big hits

Macao casinos feel the heat; $41 million jackpot voided

Posted on April 27, 2015 by David McKee

When the government of Macao makes a suggestion, it’s more like an order. For instance, last week, Secretary for Economy & Finance Lionel Leong summoned representatives of all six casino concessionaires to a meeting in which he ‘requested’ increased hiring and … Continue reading →

Posted in Aristocrat, Economy, Iowa, Isle of Capri, Macau, Marketing, Maryland, Melco Crown Entertainment, MGM Mirage, Regulation, Sheldon Adelson | Comments Off on Macao casinos feel the heat; $41 million jackpot voided

Tribal tensions in Indiana; Mississippi tapped out?

Posted on April 23, 2015 by David McKee

Indiana legislators are making it more difficult for the Pokagon Band of Potawatomi Indians to reach a compact with Gov. Mike Pence (R), according to the tribe, which charges lawmakers with meddling in the compacting process. The Pokagon Band, which owns … Continue reading →

Posted in Economy, Harrah's, Indiana, Maine, Mississippi, New Hampshire, Politics, Racinos, Regulation, Tribal | 1 Comment

Caesars’ ordeal drags on; Adelson wants more

Posted on April 20, 2015 by David McKee

Our long national nightmare — otherwise known as the Caesars Entertainment bankruptcy — will be with us a lot longer: six months, to be precise. Caesars has requested, and is expected to get, an extension until Nov. 15 to file … Continue reading →

Posted in Atlantic City, Economy, Harrah's, Internet gambling, Macau, Massachusetts, Mohegan Sun, Penn National, Racinos, Regulation, Sheldon Adelson, Wall Street | Comments Off on Caesars’ ordeal drags on; Adelson wants more