Category Archives: Economy

Caesars: How do they do it?

Posted on November 11, 2014 by David McKee

This just in: Working with “key senior creditors,” Caesars Entertainment Operating Co. is reported to be arranging a prepackaged bankruptcy, with a target date of Jan. 14. How does Gary Loveman keep his job? If he were a cat, he’d … Continue reading →

Posted in Atlantic City, Economy, Harrah's, Macau, Ohio, Regulation, The Strip, Wall Street, World Series of Poker | Comments Off on Caesars: How do they do it?

Quote of the Day

Posted on November 11, 2014 by David McKee

“Combined between schools and the municipal government in Atlantic City, it costs $377 million a year. That’s not sustainable.” — New Jersey Senate President Stephen Sweeney (D) proposing an austerity plan to stabilize Atlantic City’s finances, in advance of a a … Continue reading →

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

Philadelphia decision tipped; Insolvency on the high seas

Posted on November 11, 2014 by David McKee

While we’ve been focused on Boston and New York, a major casino decision in Philadelphia has been creeping upon us. The second casino license in Philly city limits is to be awarded on Nov. 18 and early intel has it … Continue reading →

Posted in Atlantic City, Cordish Co., Economy, Election, Florida, Geoff Freeman, Greenwood Racing, Maryland, Massachusetts, MGM Mirage, Minnesota, Neil Bluhm, Penn National, Pennsylvania, Problem gambling, Regulation, Steve Wynn, Technology, Tomato King Procacci, Tribal, Uncategorized | Comments Off on Philadelphia decision tipped; Insolvency on the high seas

Sheldon steps in it again and again

Posted on November 10, 2014 by David McKee

Sheldon Adelson‘s love of authoritarianism has made him another enemy. At the latest Israel American Conference, Adelson rhapsodized, “God talked about all the good things in life. He didn’t talk about Israel remaining as a democratic state, otherwise Israel isn’t going to … Continue reading →

Posted in Atlantic City, Economy, Genting, International, Internet gambling, Japan, Macau, Politics, Sheldon Adelson, Singapore, Tourism | 1 Comment

Election Special

Posted on November 5, 2014 by David McKee

Where gaming-related issues were concerned, there was one big race last night and a bunch of also-rans. The main event, of course, was Massachusetts, where casino repeal went down to defeat 60% to 40%, good news for Penn National Gaming, … Continue reading →

Posted in California, Colorado, Economy, Entertainment, Illinois, Isle of Capri, Kansas, Massachusetts, MGM Mirage, Penn National, Pinnacle Entertainment, Racinos, Rhode Island, South Dakota, Station Casinos, Steve Wynn, Tribal, Wisconsin | 2 Comments

Quote of the Day

Posted on November 5, 2014 by David McKee

“The policy of the central government in being very, very aggressive about what appeared to be a misconduct and corruption of the government has put a lot of the wealthy businessmen in the foxholes.” — Steve Wynn, on the decline … Continue reading →

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Boyd impresses the Street, MGM disappoints

Posted on October 31, 2014 by David McKee

Boyd Gaming pleased Wall Street with its 3Q14 results, of which Joseph Greff of J.P. Morgan said “margin improvement was notable and impressive.” He noted modest growth in the Las Vegas locals and downtown segments and better-than-expected regional numbers, as … Continue reading →

Posted in Atlantic City, Boulder Strip, Boyd Gaming, Current, Downtown, Economy, Environment, Genting, Hawaii, Macau, MGM Mirage, Reno, Sam Nazarian, The Strip, Wall Street | Comments Off on Boyd impresses the Street, MGM disappoints

Feeling squeezed in Delaware, Indiana

Posted on October 31, 2014 by David McKee

No two ways about it, Delaware‘s racinos are failing. However, they have an ambitious plan to reverse that … providing the state is cooperative. One of the reasons the tracks are struggling is an onerous 40% tax rate on table … Continue reading →

Posted in Bally Technologies, Delaware, Economy, Maryland, Ohio, Politics, Racinos, Scientific Games, Technology, Tribal | Comments Off on Feeling squeezed in Delaware, Indiana

Friday Case Bets

Posted on October 31, 2014 by David McKee

America‘s second-largest casino market, Pennsylvania, has truly hit the jackpot, according to a new study by Oxford Economics. It addition to engendering 18,000 direct-employment jobs, casinos have generated economic impact of $6.2 billion and paid $2.4 billion in taxes, not to mention … Continue reading →

Posted in Arizona, Economy, Harrah's, Pennsylvania, Station Casinos, The Strip, TV | Comments Off on Friday Case Bets

Quote of the Day

Posted on October 30, 2014 by David McKee

“Reneging on the promise to Springfield won’t just disappoint the community leadership and those hopeful citizens whose futures might ride on this particular economic development project; going back now will also hurt the efforts of all those who try to … Continue reading →

Posted in Economy, Election, Massachusetts, MGM Mirage | Comments Off on Quote of the Day

Players take Vegas to the cleaners

Posted on October 28, 2014 by David McKee

Baccarat players stayed home or played smaller last month. The Strip’s most important revenue driver dropped 30% on 12.5% less play. So luck and players’ wallets were both working in the casinos’ disfavor. Despite a 2% increase in coin-in, slot … Continue reading →

Posted in Boulder Strip, Cannery Casino Resorts, Downtown, Economy, Laughlin, Macau, North Las Vegas, Penn National, Pennsylvania, Racinos, Technology, The Strip | Comments Off on Players take Vegas to the cleaners

N.Y.: Accentuate the negative; Sheldon’s change of heart

Posted on October 27, 2014 by David McKee

“The economy is so depressed around here, anything is a plus. That’s how bad it is around here.” With that backhanded endorsement, the owner of Pepe’s Bar-B-Q in Binghamton, N.Y., gave his blessing to casinos in the area. In order to … Continue reading →

Posted in CityCenter, Economy, Greenwood Racing, Hard Rock International, Illinois, MGM Mirage, Neil Bluhm, New York, Pennsylvania, Sheldon Adelson, Slot routes, The Strip | Comments Off on N.Y.: Accentuate the negative; Sheldon’s change of heart

No sports betting for New Jersey; Christie’s quest

Posted on October 27, 2014 by David McKee

Much as might be expected, a federal judge handed down an injunction preventing Monmouth Park from taking sports wagers last weekend. Track advisor Dennis Drazin tried to shrug off the setback, calling it “only a step in the road.” State … Continue reading →

Posted in Atlantic City, Delaware, Economy, Harrah's, Regulation, Sports, Taxes | Comments Off on No sports betting for New Jersey; Christie’s quest

Reading Loveman’s tea leaves

Posted on October 23, 2014 by David McKee

Gary Loveman has made a lot of mistakes as Caesars Entertainment CEO but building a convention center in Atlantic City wasn’t one of them. In fact, it’s been one of his better ideas. While he was in town to put … Continue reading →

Posted in Architecture, Atlantic City, Economy, Entertainment, Harrah's, Massachusetts, Regulation, Sheldon Adelson, Sports, Steve Wynn, The Strip, Trump Entertainment Resorts | 2 Comments

Memo from Macao

Posted on October 23, 2014 by David McKee
Posted in Economy, Entertainment, Macau, Marketing, Sheldon Adelson | Comments Off on Memo from Macao

Quote of the Day

Posted on October 22, 2014 by David McKee

“I think this area south of Charleston [Boulevard] and north of Sahara [Avenue] is up and coming though, and some of that attention Fremont East is getting will turn here. If there were more residential development, something in the middle … Continue reading →

Posted in Downtown, Economy, Sam Nazarian, The Strip | Comments Off on Quote of the Day

Working-class hero; Caesars courts Philippines

Posted on October 22, 2014 by David McKee

Having thrown its workforce to the wolves as part of its bankruptcy plan — one that may not ultimately save any jobs — Trump Entertainment Resorts has pissed off the wrong guy: state Senate President Stephen Sweeney (D). Chief creditor Carl … Continue reading →

Posted in Boyd Gaming, Carl Icahn, Economy, Genting, International, Kazuo Okada, Louisiana, Melco Crown Entertainment, Pinnacle Entertainment, Politics, Racinos, Revel, Trump Entertainment Resorts | Comments Off on Working-class hero; Caesars courts Philippines

Gross injustice; Let the sports betting begin!

Posted on October 21, 2014 by David McKee

If you work at Trump Taj Mahal, there’s good news and bad news. The good news is that the casino now stands a better chance of weathering a November financial crisis, preserving your job. The bad news is you just … Continue reading →

Posted in Atlantic City, Carl Icahn, Economy, Glenn Straub, Revel, Sports, Tropicana Entertainment, Trump Entertainment Resorts | Comments Off on Gross injustice; Let the sports betting begin!

A renaissance for Atlantic City?

Posted on October 17, 2014 by David McKee

If Gary Green set out to stir debate with his Casino Journal polemic on Atlantic City, he could hardly have succeeded better. For Green, the glass is considerably more than half-full and the Boardwalk is “healthy, viable and sound.” In … Continue reading →

Posted in Atlantic City, Boyd Gaming, Colony Capital, Current, Economy, Glenn Straub, Harrah's, Maryland, MGM Mirage, Revel, Trump Entertainment Resorts, Wall Street | Comments Off on A renaissance for Atlantic City?

Tying the knot in Vegas and other diversions

Posted on October 16, 2014 by David McKee

Nevada‘s constitutional ban on gay marriage having been deemed unconstitutional, wedding chapels are kicking into high gear to prepare for a wave of same-sex nuptials. How is the casino industry responding to this sudden $50 million (projected) jackpot? Both Caesars … Continue reading →

Posted in Downtown, Economy, Foxwoods, Harrah's, Japan, Massachusetts, MGM Mirage, Mohegan Sun, Politics, Problem gambling, Sheldon Adelson, Singapore, Sports, The Strip, Tourism | Comments Off on Tying the knot in Vegas and other diversions