Category Archives: Economy

New York: The rush is on; Baloney in Philly

Posted on May 13, 2014 by David McKee

New York State has come out with its required minimum casino investments, which range from $70 million to $350 million, although the reality is a complicated formula too tortuous to unravel here, laden with ‘ifs,’ ‘ands’ and ‘buts.’ (The $350 … Continue reading →

Posted in Downtown, Economy, Genting, Harrah's, Internet gambling, New York, Pennsylvania, Shuffle Master, Technology, Tribal | Comments Off on New York: The rush is on; Baloney in Philly

Loveman utters heresy; Adelson’s sock-puppet theatre

Posted on May 9, 2014 by David McKee

Buried deep in Caesars Entertainments ‘s 1Q14 earnings call was this bombshell from CEO Gary Loveman: “We are looking at all of our options to reduce the cost of doing business here. All the businesses in [Atlantic City] are under tremendous pressure.” That’s … Continue reading →

Posted in Atlantic City, Cretins, Economy, Florida, Harrah's, Indiana, Louisiana, New Hampshire, Politics, South Carolina, Texas, Wall Street | Comments Off on Loveman utters heresy; Adelson’s sock-puppet theatre

Genting OK’d for Vegas; James Packer packs a punch

Posted on May 7, 2014 by David McKee

So thirsty is the State of Nevada for new casino investment that it may feel pressure not to look too closely at Genting Berhad, as its license application goes before the Nevada Gaming Control Board. Not that we’ve ever heard … Continue reading →

Posted in Animals, CityCenter, Cosmopolitan, Economy, Entertainment, Genting, International, James Packer, New York, Regulation, Singapore, Stanley Ho, The Strip | Comments Off on Genting OK’d for Vegas; James Packer packs a punch

Station vs. Dotty’s: He said, he said; A perfect confluence in Vegas

Posted on May 5, 2014 by David McKee

So, did Station Casinos bid for its gadfly, the Dotty’s chain of slot parlors or didn’t it? Dotty’s owner Craig Estey is alleging a Feb. 5, 2013 meeting at which Station made a play for the dozens of demi-casinos which … Continue reading →

Posted in Affinity Gaming, Economy, Entertainment, Station Casinos, Technology, Tourism | 1 Comment

Wynn speaks … and speaks

Posted on May 2, 2014 by David McKee

With a dustup with George Clooney still making headlines and a quarterly reporting emerging, Steve Wynn could be expected to be in an expansive mood. He did not disappoint. Ironically, Wynn’s comments about people who “live in a very strange … Continue reading →

Posted in Architecture, CityCenter, Dining, Economy, Entertainment, International, Japan, Macau, Steve Wynn, Wall Street | 1 Comment

Vegas: A return to the halcyon years? It looks that way

Posted on April 30, 2014 by David McKee

Las Vegas recorded its highest visitation numbers of all time last March, helping to drive gambling revenue 8% upward. We had 3.7 million tourists, 4% than the previous year. Despite fewer conventions, a 20.5% leap in convention attendance (with the … Continue reading →

Posted in Downtown, Economy, Harrah's, Lake Tahoe, Laughlin, Mesquite, MGM Mirage, North Las Vegas, Ohio, Pennsylvania, Reno, Sam Nazarian, Tourism, Wall Street | 1 Comment

Curtains for Caesars Windsor?; Churchill Downs wants to be a player

Posted on April 25, 2014 by David McKee

Karl Henkel of the Detroit News makes a close analysis of the market situation in Detroit and sees portents of what has been happening in Atlantic City and Tunica. His analysis doesn’t just focus on gross revenues but, for instance, … Continue reading →

Posted in Atlantic City, Boyd Gaming, Churchill Downs, Dan Gilbert, Detroit, Economy, Harrah's, Internet gambling, Isle of Capri, Louisiana, MGM Mirage, Mississippi, Pinnacle Entertainment, Racinos, Regulation, Tropicana Entertainment | Comments Off on Curtains for Caesars Windsor?; Churchill Downs wants to be a player

Quote of the Day

Posted on April 24, 2014 by David McKee

“We’ve done some research out there with regard to these consumers. And clearly, we’ve talked about a new norm. The customers are saying that they’re not fully employed. They don’t have the discretionary budget that they had either because they … Continue reading →

Posted in Economy, Penn National | Comments Off on Quote of the Day

Gambling: It’s not what it used to be

Posted on April 23, 2014 by David McKee

Nevada‘s casino industry is still in the Great Recession, if profits and losses are anything by which to go. Posting their fifth consecutive year of losses, they were $1.35 billion in the red, on $24 billion in revenues. No surprise, … Continue reading →

Posted in Animals, Dining, Downtown, Economy, Entertainment, Lake Tahoe, Laughlin, Planet Hollywood, Reno, Sheldon Adelson | Comments Off on Gambling: It’s not what it used to be

Last-minute scramble in New York

Posted on April 22, 2014 by David McKee

Saratoga Springs Mayor Joanne Yepsen (below) must be the optimistic politician alive. She’s not only OK with Saratoga Raceway & Casino taking its expansion plans elsewhere, she actually gave it her blessing, boasting of her city’s “thriving downtown, successful city center, … Continue reading →

Posted in Economy, International, New York, Racinos | 1 Comment

Quote of the Day

Posted on April 21, 2014 by David McKee

“Iowa and Illinois are two sides of the same coin; both states have had gaming for over 20 years. The casino industry in each is mature and probably saturated; the gaming industry in each state has suffered any time new … Continue reading →

Posted in Economy, Illinois, Iowa, Regulation | 1 Comment

Jilted in Iowa

Posted on April 18, 2014 by David McKee

Cedar Rapids Mayor Ron Corbett is feeling like a swain who got stood up by his best girl. After the Iowa Racing & Gaming Commission voted 4-1 against Cedar Crossing Casino, Corbett made a speedy exit from the room and … Continue reading →

Posted in Atlantic City, Economy, Internet gambling, Iowa, Regulation | Comments Off on Jilted in Iowa

Las Vegas, Wranglers both grounded

Posted on April 16, 2014 by David McKee

Reports of Las Vegas‘ rebirth have been greatly exaggerated … or so the Brookings Institute‘s Mountain Monitor tells us. True, job growth was second only to Phoenix‘s, at almost 1% and double the regional average. Most of that growth, however, … Continue reading →

Posted in Current, Economy, Sports, Tamares Group | Comments Off on Las Vegas, Wranglers both grounded

Wynn Boston: Solution or overreach?

Posted on April 16, 2014 by David McKee

Steve Wynn‘s attempts to buy a former Monsanto chemical plant in Everett have been stymied by the antics of the sleazy characters who own the land. First, there was convicted felon Charles Lightbody, whose hidden ownership had to vacated (saving … Continue reading →

Posted in Economy, Foxwoods, Iowa, Massachusetts, Mohegan Sun, New York, Penn National, Regulation, Steve Wynn | 1 Comment

Big names flock to New York; Reno rebounds

Posted on April 14, 2014 by David McKee

It’s starting to get seriously competitive in upstate New York, where Neil Bluhm‘s Rush Street Gaming has been seen canoodling with a Schenectady casino project. Others who have been circling the upstate market with interest include newcomers Churchill Downs and … Continue reading →

Posted in Churchill Downs, Economy, Hard Rock International, Harrah's, Macau, Neil Bluhm, New York, Ohio, Penn National, Reno, Sheldon Adelson, Station Casinos, Wall Street | Comments Off on Big names flock to New York; Reno rebounds

Progress and caution

Posted on April 11, 2014 by David McKee

International Game Technology made history yesterday when it unrolled its Powerbucks interstate, progressive jackpot. Under this technological umbrella, IGT games at 22 Caesars Entertainment and Boyd Gaming properties in Las Vegas can be connected with those at five casinos in Atlantic … Continue reading →

Posted in Atlantic City, Boyd Gaming, Economy, Harrah's, IGT, Iowa, New York, Penn National, Pinnacle Entertainment, Racinos, Technology, The Strip, Tourism, TV, Wall Street | 1 Comment

The son also rises; Tight squeeze in Macao

Posted on April 7, 2014 by David McKee

Add James Packer to the list of casino moguls with their eyes on Japan. He’s prepared to commit $5 billion to a resort project in the Land of the Rising Sun. Officials in South Korea, unlike their Japanese brethren, aren’t … Continue reading →

Posted in Atlantic City, Economy, Environment, Harrah's, Internet gambling, James Packer, Japan, Macau, Pennsylvania | Comments Off on The son also rises; Tight squeeze in Macao

In defense of Sheldon Adelson

Posted on April 4, 2014 by David McKee

A disclaimer: I tend to agree with Jeffrey Compton that Sheldon Adelson‘s “actions seem nothing but ego-driven overkill.” And by getting into bed with Bible Belt religious conservatives — to whom any form of gambling, not just on the Internet, … Continue reading →

Posted in Economy, history, Internet gambling, Iowa, Isle of Capri, Macau, Politics, Regulation, Sheldon Adelson, The Strip, Wall Street | Comments Off on In defense of Sheldon Adelson

Case Bets

Posted on April 4, 2014 by David McKee

In a risky play, the Missouri Senate voted upon and passed to the General Assembly a bill that would boost Show-Me State casinos’ ability to extend credit. Mind you, all the risk is on the casino. It could lend as … Continue reading →

Posted in Alabama, Economy, Genting, Internet gambling, Mississippi, Missouri, New York, Pinnacle Entertainment, Racinos, Taxes | Comments Off on Case Bets

(Economic) climate change in New Jersey, Nevada and Iowa

Posted on March 31, 2014 by David McKee

Jobs are coming back to Atlantic City … well, at least a trickle. In a month, casino operators will be required to have their Internet-gambling personnel on site in New Jersey. We’re not talking about large numbers of staff — … Continue reading →

Posted in Affinity Gaming, Atlantic City, Colorado, Economy, Harrah's, Internet gambling, Iowa, Isle of Capri | 1 Comment