Category Archives: Economy

Big Apple, smaller bites; Checkmate on the Strip

Posted on September 2, 2014 by David McKee

“There will never be another Mohegan Sun. That’s the way the market has shifted.” So says Mohegan Tribal Gaming Authority CEO Mitchell Grossinger Etess on the smaller, economy-sized casinos he and his fellows will have to build in New York … Continue reading →

Posted in Atlantic City, Economy, Harrah's, Mohegan Sun, New York, Planet Hollywood, The Strip | Comments Off on Big Apple, smaller bites; Checkmate on the Strip

Archon under fire again

Posted on September 2, 2014 by David McKee

Sue Lowden is back in the news, not for her political activities but as secretary and public face of Archon Gaming, whose 27 acres atop the Strip are a hot property again, following the opening of SLS Las Vegas. Dissident investor … Continue reading →

Posted in Archon Corp., Economy, Laughlin, Ohio, Penn National, Sam Nazarian, The Strip, Wall Street | Comments Off on Archon under fire again

Showboat, 1987-2014; Paris, 1999-????

Posted on September 2, 2014 by David McKee

In the end, the Showboat Atlantic City had a good run of it, lasting almost three decades on the Boardwalk. It succumbed, in part, to wounds inflicted by owner Caesars Entertainment, which cut into its customer base by building Harrah’s … Continue reading →

Posted in Architecture, Atlantic City, Boyd Gaming, Economy, Harrah's, New York, Pennsylvania, Revel, Sam Nazarian, The Strip, Tilman Fertitta, Tourism, Trump Entertainment Resorts, Wall Street | 1 Comment

Caesars has a live one, Revel not

Posted on August 27, 2014 by David McKee

Even though it’s still on pace to close Aug. 31, Showboat‘s last chapter may have yet to be written. Caesars Entertainment spokesman Gary Thompson told reporters that multiple expressions of interest in the property have been received. He added that … Continue reading →

Posted in Atlantic City, Dining, Economy, Harrah's, Maryland, Pennsylvania, Revel | Comments Off on Caesars has a live one, Revel not

Quote of the Day

Posted on August 26, 2014 by David McKee

“The false premise is that somehow or other there is this tribe of gamers lost in the Mid-Atlantic states that no one has found and no one has brought in to game [sic] anywhere. There is no lost tribe of gamers … Continue reading →

Posted in Economy, Neil Bluhm | Comments Off on Quote of the Day

Life after Revel?

Posted on August 19, 2014 by David McKee

Once safely closed — and rid of those pesky employees — Revel could find itself a valuable commodity again. Salaries really are at the crux of the issue. Current ownership is losing $2 million a week and that “black hole” … Continue reading →

Posted in Atlantic City, Economy, Macau, Racinos, Regulation, Revel, Sheldon Adelson, Singapore, Sports, Taxes | 1 Comment

Exit Revel, eight days early

Posted on August 18, 2014 by David McKee

Labor Day has taken on a cruel, new meaning in Atlantic City, where it will mark the closure of Revel‘s hotel. (The casino will stay open until dawn on Sept. 2.) This takes away eight days of employment that soon-to-be-jobless … Continue reading →

Posted in Atlantic City, Cordish Co., Delaware, Economy, Harrah's, Maryland, Racinos, Revel, Steve Wynn, The Strip | 1 Comment

Tightening the screws in China; Comeback at Cosmo

Posted on August 15, 2014 by David McKee

  In view of the outflux of currency from China, the country’s symbol seems not so much a Great Wall as a giant sieve. This was symbolized recently by the attempt to control UnionPay cash transfers masquerading as purchases in … Continue reading →

Posted in Cosmopolitan, Dining, Economy, Entertainment, Macau, MGM Mirage, Regulation, The Strip, Wall Street | Comments Off on Tightening the screws in China; Comeback at Cosmo

Revel reprieved, sort of

Posted on August 14, 2014 by David McKee

Ownership of Revel may have given up on the casino itself, scheduled to close Sept. 10. However,  they’re still trying to sell the property, indefinitely adjourning yet another bankruptcy auction in order to entertain “ongoing negotiations [with] certain potential bidders … Continue reading →

Posted in Atlantic City, Economy, Politics, Revel, Taxes | Comments Off on Revel reprieved, sort of

Quote of the Day

Posted on August 14, 2014 by David McKee

“But a lot of people say when I left, that’s when it went bad.” — Donald Trump, in full self-delusion mode about Atlantic City. 

Posted in Atlantic City, Donald Trump, Economy | 2 Comments

Las Vegas: From China, with money

Posted on August 13, 2014 by David McKee

As China pays closer scrutiny to VIP play — and where the money is coming from — it’s driven down the high-end action in Macao … and redirected it toward Las Vegas. Said Telsey Advisory Group analyst Chris Jones, “One thing … Continue reading →

Posted in Economy, International, Macau, Melco Crown Entertainment, MGM Mirage, Regulation, Sheldon Adelson, Steve Wynn, The Strip | Comments Off on Las Vegas: From China, with money

Hard Rock rocks Sioux City; Chris Christie’s mighty pen

Posted on August 11, 2014 by David McKee

Lost in the loud death rattle of Argosy Belle Sioux City was the opening of its successor — some would say usurper — Hard Rock Hotel & Casino. And, contrary to what naysayers would have you believe, it’s bringing a … Continue reading →

Posted in Atlantic City, Economy, history, Iowa, Oscar Goodman, Penn National, Politics, Sports, The Mob, Tourism, Warner Gaming | Comments Off on Hard Rock rocks Sioux City; Chris Christie’s mighty pen

Reality in Illinois, Indiana; Optimism in New York

Posted on August 11, 2014 by David McKee

Illinois has had far worse months than July, which was down only 5%. Admissions were off 9%, implying a 4% higher spend/visitor. Rivers Casino was flat but still managed to gross double what Harrah’s Joliet managed. The latter, however, was … Continue reading →

Posted in Boyd Gaming, Delaware, Economy, Genting, Harrah's, Illinois, Indiana, Massachusetts, MGM Mirage, Neil Bluhm, New York, Penn National, Pinnacle Entertainment, Racinos, Tropicana Entertainment | Comments Off on Reality in Illinois, Indiana; Optimism in New York

Slump in Macao; Trump’s latest tantrum

Posted on August 6, 2014 by David McKee

July was unkind to casino operators in Macao, with revenues down 4%. Mass market table win was healthily up, 17%, and slot revenue increased, albeit by 4%. However, VIP revenues were 14% on 13.% less volume of play. This pulled … Continue reading →

Posted in Atlantic City, Donald Trump, Economy, Entertainment, Environment, Macau, MGM Mirage, Sheldon Adelson, Stanley Ho, Steve Wynn, The Strip, Trump Entertainment Resorts | 4 Comments

Quote of the Day

Posted on August 5, 2014 by David McKee

“This is turning out to be who can generate the most revenue for the state.” — disgruntled Liberty, N.Y., town supervisor Charlie Barbuti on casino expansion. Like, duh!

Posted in Economy, New York, Taxes | Comments Off on Quote of the Day

MGM’s urban renewal; Ruffin rides again

Posted on August 4, 2014 by David McKee

Despite an atmosphere of uncertainty in Massachusetts, executives at MGM Resorts International are putting their faith in a November victory at the ballot box. They’ve closed on the purchase of two tornado-damaged buildings, the Springfield State Armory (shown) and the … Continue reading →

Posted in Architecture, Boyd Gaming, Economy, Election, Kansas, Massachusetts, MGM Mirage, Penn National, Phil Ruffin, Racinos, Taxes, Tribal | Comments Off on MGM’s urban renewal; Ruffin rides again

Clouds over Macao

Posted on July 30, 2014 by David McKee

Forbes‘ Muhammad Cohen has been reading the latest tea leaves from the world’s gambling capital and doesn’t like what he sees: a 1H14 revenue increase of 13% (“heady for anywhere but Macau“) but a sequential decline from 1Q to 2Q14 … Continue reading →

Posted in Delaware, Economy, Macau, Melco Crown Entertainment, Racinos, Singapore, Taxes, Wall Street | Comments Off on Clouds over Macao

Wall Street: Viva Las Vegas

Posted on July 29, 2014 by David McKee

“Results could be lackluster, even if more states allow casinos, as is the case in Ohio, which we estimate cannibalized roughly one-third of its revenues from surrounding states.”  So wrote Fitch Ratings Service analyst Michael Paladino, assessing the gaming industry’s national … Continue reading →

Posted in Economy, Harrah's, history, Mississippi, New York, Ohio, Racinos, The Strip, Wall Street, Westgate LV | Comments Off on Wall Street: Viva Las Vegas

Enormous changes at the last minute

Posted on July 28, 2014 by David McKee

After years of hand-wringing about the future of Atlantic City, there is a sudden imperative to do something about the seaside resort. It’s gone from a leadership vacuum to possibly having too many chefs in the kitchen. State Senate President … Continue reading →

Posted in Atlantic City, Carl Icahn, Churchill Downs, Economy, Hard Rock International, Harrah's, Mississippi, Penn National, Revel, Tilman Fertitta, Trump Entertainment Resorts | Comments Off on Enormous changes at the last minute

Regulators to Walsh: Not so fast, friend

Posted on July 25, 2014 by David McKee

Boston Mayor Martin Walsh isn’t getting off the hook so easily. He tried to fob the negotiation of a mitigation agreement with Wynn Resorts off on the Massachusetts Gaming Commission. The latter said ‘not so fast’ and ordered the city … Continue reading →

Posted in Economy, Genting, Harrah's, Illinois, International, Massachusetts, Mississippi, Mohegan Sun, Regulation, Steve Wynn, Wall Street | Comments Off on Regulators to Walsh: Not so fast, friend