Category Archives: Economy

Packer’s complaint; Bally bloodbath

Posted on October 16, 2014 by David McKee

James Packer‘s run of bad luck has crossed the Pacific Ocean and infected his Australian casinos. Faced with soft numbers at Crown Resorts, he blamed players, exclaiming, “The punters are killing us!” Packer was also put on the defensive by … Continue reading →

Posted in Architecture, Bally Technologies, Economy, International, James Packer, Sam Nazarian, Scientific Games, The Strip, Wall Street, Westgate LV | Comments Off

Life after Revel; Sheldon’s solid quarter

Posted on October 15, 2014 by David McKee

Faced with fewer and fewer casino choices in Atlantic City, players seem to be choosing to stay home. The seaside city saw gaming revenues plummet 17% last month. That’s also the same percentage by which coin-in and slot revenues slipped. … Continue reading →

Posted in Atlantic City, Boyd Gaming, Economy, Florida, Harrah's, Internet gambling, Macau, MGM Mirage, Mohegan Sun, Pennsylvania, Revel, Sheldon Adelson, Singapore, The Strip, Tropicana Entertainment, Trump Entertainment Resorts, Wall Street | 2 Comments

Show Me some results; Wynn vindicated

Posted on October 10, 2014 by David McKee

Wall Street analysts expressed disappointment with last month’s gaming revenues from Missouri. Even a 5% increase in spending couldn’t offset an 8% decline in foot traffic. A bright spot was that, for the quarter, Pinnacle Entertainment beat J.P. Morgan analyst … Continue reading →

Posted in Economy, Harrah's, Isle of Capri, Japan, Kansas, Massachusetts, Missouri, Mohegan Sun, Penn National, Pinnacle Entertainment, Regulation, Singapore, Steve Wynn, Wall Street | Comments Off

Playing chicken in Atlantic City

Posted on October 9, 2014 by David McKee

We’ve already seen four casinos close in Atlantic City and Carl Icahn is threatening to raise the ante to six. In a highly confrontational move, he’s demanding further concessions at the Tropicana Atlantic City from union Unite-Here, plus tax breaks … Continue reading →

Posted in Atlantic City, Carl Icahn, Donald Trump, Economy, Penn National, Taxes, Tropicana Entertainment, Trump Entertainment Resorts | Comments Off

Study: Casinos bring down crime rate

Posted on October 8, 2014 by David McKee

“La, la, la, I DON’T HEAR YOU!” That’s the sound of casino opponents reacting to a new study that shows a 9% decline in murder, rape, robbery, aggravated assault, burglary, larceny, motor vehicle theft and arson in a 30-mile radius of Foxwoods … Continue reading →

Posted in California, Economy, Foxwoods, Mohegan Sun, Regulation, Tribal | Comments Off

Atlantic City: Dim hopes and massive debts

Posted on October 2, 2014 by David McKee

Brookfield Property Partners, new owners of Revel is planning to get back into the casino wars in Atlantic City. “Revel is a brand-new trophy asset on the beachfront, which we are acquiring at a substantial discount to replacement cost. We are excited about … Continue reading →

Posted in Atlantic City, Carl Icahn, Economy, Glenn Straub, Hard Rock Hotel, International, Revel, Trump Entertainment Resorts, Wall Street | 1 Comment

All Wynn, all the time

Posted on October 1, 2014 by David McKee

Posted in Carl Icahn, Economy, Fontainebleau, G2E, Internet gambling, Macau, Marketing, Maryland, MGM Mirage, Mississippi, Pennsylvania, Politics, Regulation, Sheldon Adelson, Steve Wynn, Tamares Group, Taxes | Comments Off

Rocky Mountain low; Crouching Tiger, hidden ownership

Posted on September 26, 2014 by David McKee

A study by — you guessed — proponents of a racino in Colorado is projecting some hard-to-believe numbers, contingent upon Arapahoe Park being approved for casino gambling in November. They’re predicting $418 million in statewide economic impact, including $114 million … Continue reading →

Posted in California, Colorado, Economy, Election, International, Kazuo Okada, Melco Crown Entertainment, Racinos, Regulation, Taxes, Tribal | Comments Off

USA Today: Those evil casinos!

Posted on September 26, 2014 by David McKee

With the gaming industry temporarily exhausted from over-expansion and saturation, USA Today has chosen this moment to pounce with an anti-gambling editorial. The graybeards on the USA Today editorial board clearly haven’t been paying close attention — racinos in Delaware, … Continue reading →

Posted in Boulder Strip, Boyd Gaming, Cretins, Delaware, Downtown, Economy, Geoff Freeman, Lake Tahoe, Laughlin, Neil Bluhm, North Las Vegas, Pennsylvania, Reno, The Strip, Tourism, Wall Street | Comments Off

Taking it to the streets in Massachusetts, New York

Posted on September 24, 2014 by David McKee

While polls show casino repeal losing by larger and larger margins, MGM Resorts International and Penn National Gaming are taking no chances. (Wynn Resorts, cravenly, is sitting it out.) In the first TV salvo of the fall campaign, MGM Springfield … Continue reading →

Posted in Economy, Election, Genting, Harrah's, Massachusetts, MGM Mirage, New York, Penn National, Regulation, Steve Wynn, TV | Comments Off

Wynn: What, me worry?; Clouds over Wisconsin

Posted on September 23, 2014 by David McKee

Steve Wynn is taking the softness of the Macao market in stride. “When you see that kind of adjustment, you adjust your business. You take tables away from VIP and put them into mass or premium mass,” he told Chinese reporters. … Continue reading →

Posted in Atlantic City, Economy, Florida, Hard Rock International, Illinois, Japan, Macau, Politics, Sheldon Adelson, Steve Wynn, Tribal, Trump Entertainment Resorts, Wisconsin | Comments Off

Bad news in New York and Macao

Posted on September 22, 2014 by David McKee

In a setback for all regions of New York State that are eligible for a casino (or two), the casino-siting board has made it clear it’s taking a serious look at the “up to four” clause in the licensing process. … Continue reading →

Posted in Atlantic City, California, Economy, Illinois, Internet gambling, Macau, New York, Ohio, Pennsylvania, Regulation, Wall Street, West Virginia | Comments Off

VLTs come to Texas; Slots inundate Illinois; Gomes honored

Posted on September 19, 2014 by David McKee

Casino gambling has finally got its foot in the door of Texas (not counting a pair of tribal casinos on the Mexican border). Late last month, the Texas Racing Commission voted overwhelmingly to approve “historical racing” VLTs at Texas tracks, effective … Continue reading →

Posted in Bally Technologies, Charity, Dennis Gomes, Economy, Illinois, Racinos, Regulation, Slot routes, Technology, Texas | 1 Comment

Oh no, not him again!

Posted on September 17, 2014 by David McKee

Donald Trump is posturing as the potential rescuer of Trump Plaza and Trump Taj Mahal, provided he can get them dirt cheap. (Principal creditor Carl Icahn will have a thing or two to say about that.) In true Trump fashion, he … Continue reading →

Posted in Atlantic City, Boyd Gaming, Carl Icahn, Colony Capital, Economy, Glenn Straub, Harrah's, Revel, Trump Entertainment Resorts | 1 Comment

As Iowa goes, so goes America

Posted on September 17, 2014 by David McKee

If you need any evidence of the increasing American acceptance of casino gambling as an everyday activity, just look to Iowa. Two years ago, 69% of Iowans had gambled in the previous year. Now it’s up to 78%. Mind you, … Continue reading →

Posted in Boulder Strip, Downtown, Economy, Herbst Gaming, Iowa, Problem gambling, Regulation, Station Casinos | Comments Off

Cycle of futility; Hard luck in Indian Country

Posted on September 15, 2014 by David McKee

As the casino industry braces itself for Global Gaming Expo, this could hardly be a worse moment to be hawking slot machines. Not only is it undergoing a painful contraction but new markets (like Boston and Washington, D.C.) are a … Continue reading →

Posted in Atlantic City, Bally Technologies, California, Economy, G2E, Harrah's, IGT, Maryland, Massachusetts, Mississippi, Revel, Scientific Games, Station Casinos, Tribal, Trump Entertainment Resorts | Comments Off

‘I’m poorer than you are’

Posted on September 15, 2014 by David McKee

That’s the argument being reiterated in New York State, as impoverished cities and their would-be casino saviors fight for over one or (more likely) two casino licenses. Case in point: Newburgh, where Mayor Judy Kennedy (left) has become a media celebrity of … Continue reading →

Posted in Architecture, Economy, Genting, Massachusetts, Mohegan Sun, New York, Regulation, Steve Wynn | Comments Off

When a loss is a gain

Posted on September 12, 2014 by David McKee

Come this time next month, we could easily be reporting year/year gains in Atlantic City. Last month, as Revel and Showboat were winding down operations, the Boardwalk was only 1% off last year’s pace. Internet gambling played a role in … Continue reading →

Posted in Atlantic City, Carl Icahn, Current, Economy, Harrah's, Internet gambling, Mohegan Sun, New York, Revel, Tilman Fertitta, Trump Entertainment Resorts | 1 Comment

Macao’s loss is Vegas’ gain

Posted on September 12, 2014 by David McKee

There is discernible evidence that the anti-corruption crackdown in China is redounding to Las Vegas‘ benefit. According to a report by Deutsche Bank‘s Carlo Santarelli, “we do see a relatively compelling empirical case that supports the view that anti-corruption crackdowns … Continue reading →

Posted in Detroit, Economy, Macau, MGM Mirage, Ohio, The Strip, Transportation, Tribal | Comments Off

Narrow race in Massachusetts; Boffo biz in Alabama

Posted on September 2, 2014 by David McKee

No state that has ever approved casino gambling has repealed it in over 80 years. That being said, casinos are polling weakly in Massachusetts — with support hovering at 50% — and the opposition is getting cocky. A perversely worded … Continue reading →

Posted in Alabama, Architecture, Economy, Election, Florida, Massachusetts, MGM Mirage, Penn National, Regulation, Rhode Island, The Strip, Tribal | 1 Comment