Category Archives: Economy

New Yorkers want a do-over; Another EuroVegas folds

Posted on December 29, 2014 by David McKee

Magnanimously, Traditions at the Glen partner — and losing casino bidder — Peter Walsh is throwing his support to racino mogul Jeff Gural. The latter is trying to pry New York‘s fourth and last new-casino license loose from New York State’s … Continue reading →

Posted in California, Delaware, Economy, Genting, Hard Rock International, Harrah's, International, Internet gambling, Lawrence Ho, Macau, Melco Crown Entertainment, MGM Mirage, New York, Pennsylvania, Philippines, Politics, Racinos, Tribal, Wall Street | Comments Off on New Yorkers want a do-over; Another EuroVegas folds

Atlantic City faces uncertain 2015; Wynn remakes Boston look

Posted on December 29, 2014 by David McKee

It can’t get any worse. That’s the cautious mantra emerging from the Boardwalk, where Atlantic City shed four casinos last year. Trump Taj Mahal is on life support provided by Carl Icahn and Caesars Entertainment CEO Gary Loveman has cast … Continue reading →

Posted in Architecture, Atlantic City, Carl Icahn, Economy, Glenn Straub, Harrah's, Massachusetts, Regulation, Revel, Steve Wynn, Technology, Tribal, Trump Entertainment Resorts | Comments Off on Atlantic City faces uncertain 2015; Wynn remakes Boston look

Quote of the Day

Posted on December 29, 2014 by David McKee

“We have hit the tipping point. The industry has embarked upon the unsound strategy of raising the price of the product. I don’t think they want to admit they priced it too high. They keep adding bonusing rounds and top-box … Continue reading →

Posted in Economy, Marketing, Technology | Comments Off on Quote of the Day

Icahn saves Taj, kinda sorta

Posted on December 18, 2014 by David McKee

Trump Taj Mahal‘s fate seesaws by the day, if not the hour. According to the New York Post, Unite-Here Local 54 “got pretty much what it wanted” from Carl Icahn and “all work rules” will be reinstated. Icahn did persuade Local … Continue reading →

Posted in Atlantic City, Carl Icahn, Donald Trump, Economy, Politics, Regulation, Sam Nazarian, Tropicana Entertainment, Trump Entertainment Resorts | 3 Comments

Many called, few chosen for New York casinos

Posted on December 18, 2014 by David McKee

Count mega-budget offerings from Genting Group and Caesars Entertainment among the marquee-name dismissals in the New York Gaming Facility Location Board‘s final cut of casino applicants. Also going into the circular file were a second Genting project (Resorts World Hudson Valley), along with … Continue reading →

Posted in Churchill Downs, Cordish Co., Economy, Genting, Hard Rock International, Harrah's, Horseracing, International, Mohegan Sun, Neil Bluhm, New York, Penn National, Racinos, Taxes, Tribal | Comments Off on Many called, few chosen for New York casinos

Atlantic City: Fertitta wins, Taj too close to call

Posted on December 16, 2014 by David McKee

Score one for the Golden Nugget in Atlantic City and its peppery owner, Tilman Fertitta. Its threat to “blow up” a property-tax reform deal was sufficient to bring about a compromise acceptable to all sides. Under the original bill and … Continue reading →

Posted in Atlantic City, Carl Icahn, Economy, Oklahoma, Politics, Regulation, Taxes, Tilman Fertitta, Tribal, Trump Entertainment Resorts | Comments Off on Atlantic City: Fertitta wins, Taj too close to call

Fixing Foxwoods, Perryville

Posted on December 16, 2014 by David McKee

Felix Rappaport continues to unveil a new strategy for Foxwoods Resort & Casino. Operations weren’t predecessor Scott Butera‘s strong suit, by the latter’s own profession. So, the restructuring having been done, enter Rappaport to commence the rebranding. Of oncoming competition … Continue reading →

Posted in California, Economy, Foxwoods, Internet gambling, Marketing, Maryland, Massachusetts, Mohegan Sun, Penn National, Regulation, Tourism, Tribal | 2 Comments

Migratory patterns in Atlantic City

Posted on December 12, 2014 by David McKee

Considerably less casino revenue continues to flow into Atlantic City, down 13% last month, but it’s not all bad. Thanks to the whale-sized “market correction” of multiple casino closings, there continues to be more money for everybody who’s left. October’s … Continue reading →

Posted in Atlantic City, Boyd Gaming, Current, Economy, Harrah's, Mohegan Sun, Tilman Fertitta, Tropicana Entertainment, Trump Entertainment Resorts | 1 Comment

Et tu, Harry?

Posted on December 10, 2014 by David McKee

Internet gambling dodged a bullet when the federal government’s omnibus spending bill was sent to the floor without Restoring America’s Wire Act tacked on like a flea riding a dog. “If we can’t get it into the omnibus, it won’t be … Continue reading →

Posted in Economy, Harrah's, Harry Reid, Internet gambling, Macau, MGM Mirage, Politics, Sheldon Adelson, Shuffle Master, Taxes | Comments Off on Et tu, Harry?

Stale thinking in Atlantic City; Big trouble in little Macao

Posted on December 10, 2014 by David McKee

New Jersey lawmakers, evidently oblivious to the recent spate of casino closings, have decided that what Atlantic City needs is more and smaller casinos, even though the pitfalls of a casino-based economy have been amply demonstrated. They’re dusting off 2011’s dud … Continue reading →

Posted in Atlantic City, Economy, Glenn Straub, Hard Rock International, Macau, Regulation, Revel | 1 Comment

The war on Dotty’s; Ultimatum in Macao

Posted on December 8, 2014 by David McKee

In the wake of the Dotty’s brouhaha, I find myself wondering how this got to be such a big issue. After all, Nevada Restaurant Services had been buying up defunct bars and store fronts by the score and converting them … Continue reading →

Posted in California, Dotty's, Economy, Internet gambling, Macau, PokerStars, Regulation, Station Casinos, Tribal | 1 Comment

Player, manage thyself (sorta)

Posted on December 5, 2014 by David McKee

After much back-and-forth, the Massachusetts Gaming Commission imposed its highly touted “managed play” regime, the first in the nation. One’s first reaction is that it doesn’t live up to the advance hype. What was originally a carrot-and-stick plan is now … Continue reading →

Posted in Colorado, Economy, Massachusetts, Penn National, Problem gambling, Regulation, Steve Wynn, Taxes | Comments Off on Player, manage thyself (sorta)

Loveman’s credit capers; Green shoots in flyover country

Posted on December 1, 2014 by David McKee

Reorganization of Caesars Entertainment promises to continue to provide drama. UMB Bank threw red meat on the barbeque with a lawsuit that charged Apollo Management and Texas Pacific Group with having “thoroughly ransacked CEOC in a sweeping and now transparent plan … Continue reading →

Posted in Atlantic City, Boyd Gaming, Economy, Harrah's, Isle of Capri, Louisiana, Maryland, Ohio, Penn National, Pinnacle Entertainment, Regulation, The Strip, Tilman Fertitta, Wall Street, World Series of Poker | 6 Comments

Case Bets

Posted on November 20, 2014 by David McKee

A California tribe is getting into Internet gambling in a somewhat roundabout way. The Pala Indians are beta-testing PalaCasino.com, which will be run off the online platform of … Borgata. (Casinos in Atlantic City can host as many as five … Continue reading →

Posted in Atlantic City, Boyd Gaming, California, Cosmopolitan, Economy, Entertainment, Harrah's, Internet gambling, New York, Ohio, Penn National, Regulation, The Strip, Tourism, Tribal | Comments Off on Case Bets

Philadelphia: No surprise here

Posted on November 18, 2014 by David McKee

As expected, the Pennsylvania Gaming Control Board gave the last Philadelphia casino license to a partnership of Cordish Gaming and Greenwood Gaming. The flashy Live! Hotel & Casino will nestle in the stadium area in the south part of town. “We’re … Continue reading →

Posted in Atlantic City, Cordish Co., Economy, Foxwoods, Greenwood Racing, Harrah's, Mohegan Sun, Neil Bluhm, New York, Pennsylvania | Comments Off on Philadelphia: No surprise here

The Philadelphia experiment; Wynn mellows

Posted on November 17, 2014 by David McKee

We’re on the eve of the day the Pennsylvania Gaming Control Board is expected to issue the fifth license for the Philadelphia area. It has to be awarded by a convoluted process called a “qualified majority,” whereby all four legislative … Continue reading →

Posted in Architecture, Cordish Co., Economy, Genting, Harrah's, James Packer, Massachusetts, Neil Bluhm, Pennsylvania, Steve Wynn, The Strip | Comments Off on The Philadelphia experiment; Wynn mellows

Impossible choice at Trump Taj; Ultimate Poker busts

Posted on November 14, 2014 by David McKee

Ownership of Trump Taj Mahal has handed down to workers a choice that might be described as being between bad and worse: accept the loss of their health and pension benefits or, if Unite-Here continues to pursue an appeal in … Continue reading →

Posted in Atlantic City, Carl Icahn, Economy, Harrah's, Internet gambling, Michael Gaughan, Sheldon Adelson, Station Casinos, Taxes, Trump Entertainment Resorts | 2 Comments

Station mixes candor, optimism; Adelson: What’s next?

Posted on November 13, 2014 by David McKee

Station Casinos CFO Marc Falcone wasn’t showing his cards in yesterday’s conference call with analysts. He would only say that, in the wake of Proposition 48‘s defeat in California, Station and the North Fork Rancheria of Mono Indians would explore “other … Continue reading →

Posted in Atlantic City, California, Detroit, Economy, Election, Harry Reid, Internet gambling, MGM Mirage, Politics, Regulation, Sheldon Adelson, Station Casinos, Tribal, Trump Entertainment Resorts | Comments Off on Station mixes candor, optimism; Adelson: What’s next?

Showboat sold

Posted on November 12, 2014 by David McKee

For a long time, there’s been talk of Stockton College opening a satellite campus in Atlantic City. Many thought it would land at the Atlantic Club Hotel but, disposing of a non-core asset in a non-gaming transaction, Caesars Entertainment has … Continue reading →

Posted in Atlantic City, Economy, Harrah's | 1 Comment

Tribal roundabout

Posted on November 12, 2014 by David McKee

Escalating the level of desperation in Connecticut, comes a proposal for the state’s two gaming tribes to gang-tackle Massachusetts by collaborating on a third casino of their own. So far, all of the noise seems to be coming from Mohegan … Continue reading →

Posted in California, Economy, Foxwoods, Internet gambling, Massachusetts, Mohegan Sun, Oklahoma, PokerStars, Taxes, Tribal | Comments Off on Tribal roundabout