Category Archives: Economy

The hypocrisy of Steve Wynn

Posted on February 3, 2014 by David McKee

Like a couple of crotchety codgers sitting in their rocking chairs, Steve Wynn has joined Sheldon Adelson in the “You kids get off my lawn” club when it comes to Internet gambling. (Not that he has allowed this to stop … Continue reading →

Posted in Atlantic City, Delaware, Economy, International, Internet gambling, Massachusetts, Pennsylvania, Racinos, Regulation, Revel, Sheldon Adelson, Steve Wynn, Taxes | Comments Off on The hypocrisy of Steve Wynn

Double whammy in Beantown, feeding frenzy in Philly

Posted on January 31, 2014 by David McKee

Should casino opponents succeed in getting a repeal of the state’s gambling law onto the November ballot — and win — Massachusetts will lose out on tax revenue it’s booked for the next fiscal year. It may also have to … Continue reading →

Posted in Economy, Election, Indiana, Massachusetts, Neil Bluhm, Pennsylvania, Politics, Racinos, Regulation, Taxes | Comments Off on Double whammy in Beantown, feeding frenzy in Philly

Buoyancy in Vegas, contentment at Wynn

Posted on January 31, 2014 by David McKee

Despite somewhat less money being dropped on the Las Vegas Strip, revenue was up 13% last December, closing out a strong 4Q13. Statewide, revenue was up 10%, slightly over a billion dollars. Tighter slot hold on the Strip helped fuel … Continue reading →

Posted in Atlantic City, Boulder Strip, Boyd Gaming, Downtown, Economy, Lake Tahoe, Laughlin, Macau, Massachusetts, Mohegan Sun, Racinos, Reno, Steve Wynn, Taxes, The Strip, Tribal, Wall Street | Comments Off on Buoyancy in Vegas, contentment at Wynn

Showdown over Philadelphia

Posted on January 29, 2014 by David McKee

“We need to offer something more than a casino,” said Pennsylvania Gaming Control Board member Gregory Fajt at yesterday’s hearings, at which The Provence and Hollywood Casino made their cases. The Provence promised to be something and Hollywood, almost defiantly, … Continue reading →

Posted in Charity, Current, Economy, Isle of Capri, Kentucky, Penn National, Pennsylvania | Comments Off on Showdown over Philadelphia

Another thousand slot machines

Posted on January 28, 2014 by David McKee

Penn National Gaming — sort of a “favorite son” candidate for a Philadelphia casino — is first up in presentations to the Pennsylvania Gaming Control Board for the fifth Philly-area casino license. Bart Blatstein‘s and Isle of Capri Casinos‘ $700 … Continue reading →

Posted in Cordish Co., Economy, Greenwood Racing, Isle of Capri, Penn National, Pennsylvania, Regulation, Tomato King Procacci | 2 Comments

Quote of the Day

Posted on January 27, 2014 by David McKee

“It is irrelevant to us . . . that other applicants have projected, or that they have used exceedingly aggressive assumptions. Our policy is to tell it like it is, not to embellish numbers.” — Cordish Gaming Managing Partner Joe … Continue reading →

Posted in Cordish Co., Economy, Mohegan Sun, Pennsylvania | Comments Off on Quote of the Day

IGT disappoints, GOP hesitates

Posted on January 24, 2014 by David McKee

International Game Technology reported 1Q14 results that were great, if you read the Las Vegas Review-Journal,  and disappointing if you read Wall Street analysts. Profits were up 21% — but revenue growth slowed to 2%. Social gaming was credited with … Continue reading →

Posted in Economy, IGT, Internet gambling, Politics, The Strip, Tourism, Wall Street | Comments Off on IGT disappoints, GOP hesitates

Quote of the Day

Posted on January 24, 2014 by David McKee

“As we look ahead in 2014, we see limited reasons for near-term optimism for a rebound in regional gaming markets given continued bouts of severe weather and the tepid economic recovery, which has been even more muted in the regional … Continue reading →

Posted in Economy, Wall Street | Comments Off on Quote of the Day

Iowa: Gone to the dogs

Posted on January 21, 2014 by David McKee

It looks like the handwriting is on the wall for dog racing in Iowa. It’s a deplorable sport that brings in negligible revenue: an ancient curiosity kept alive by casino revenue. Dog tracks can’t even get the support of city … Continue reading →

Posted in Animals, Economy, Harrah's, Iowa, Politics | Comments Off on Iowa: Gone to the dogs

A ‘bit’ of progress

Posted on January 21, 2014 by David McKee

You can’t use bitcoin to gamble in Vegas … yet. But Derek Stevens is bitcoin-enabling both the Golden Gate and The D to accept the cyber-currency in selected parts of his properties, starting Jan. 22. Stevens is crediting customer input … Continue reading →

Posted in Derek Stevens, Downtown, Economy, Indiana, Macau, New York, Ohio, Racinos, Technology, Tourism | Comments Off on A ‘bit’ of progress

Winter of discontent

Posted on January 17, 2014 by David McKee

It’s been a grim December for regional casino markets. Even Pennsylvania, once a bastion of strength, ended 2013 with a slight year/year decline. In Connecticut, a 15% revenue decline was reported at Foxwoods Resort Casino, with handle off 21%. Mohegan … Continue reading →

Posted in Boyd Gaming, Economy, Foxwoods, Harrah's, Louisiana, Marketing, Mohegan Sun, Penn National, Pennsylvania, Pinnacle Entertainment, Politics, Sheldon Adelson, Sports, Taxes, The Mob, The Strip, Tourism | Comments Off on Winter of discontent

Quote of the Day

Posted on January 15, 2014 by David McKee

“Hearing over and over and over again that my job was not a quality job, that my job didn’t matter or that I didn’t matter really became very personal.” — Saratoga Springs Casino & Raceway Director of Entertainment Kathleen Anderson, … Continue reading →

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

Online gambling is …

Posted on January 15, 2014 by David McKee

… a success, according to Seeking Alpha. On the other hand, Telsey Advisor Group projects New Jersey to flop, eventually only grossing $90 million, not the half-billion envisioned by some. Bloomberg Businessweek reports “mildly disappointing” numbers and that Internet wagering … Continue reading →

Posted in Atlantic City, Boyd Gaming, Economy, Harrah's, Internet gambling, Pennsylvania, Problem gambling, Revel, Tourism, Trump Entertainment Resorts | Comments Off on Online gambling is …

A tale of two cities

Posted on January 15, 2014 by David McKee

On Jan. 21, at 9 p.m., Bloomberg Television will be airing this documentary. Based on the trailer, I’m not impressed, as it yokes together an Atlantic City betting spree with unrelated — and hardly new — scenes of Las Vegas‘ … Continue reading →

Posted in Atlantic City, Boyd Gaming, Economy, Harrah's, MGM Mirage, Steve Wynn, TV | Comments Off on A tale of two cities

Viva Macao; Battling for dollars in Maine

Posted on January 14, 2014 by David McKee

Hard as it may be to believe, Macao is on track to gross $77 million in 2017. That leaves Las Vegas hopelessly in the dust as a gambling destination, especially with non-gaming amenities taking up a bigger share of the … Continue reading →

Posted in Churchill Downs, Economy, Entertainment, Macau, Maine, Melco Crown Entertainment, MGM Mirage, Penn National, Sheldon Adelson, Steve Wynn, The Strip | Comments Off on Viva Macao; Battling for dollars in Maine

Biloxi comes back

Posted on January 13, 2014 by David McKee

Time was when Biloxi was considered one of the three premier casino resorts in America. That, of course, was before Hurricane Katrina literally swept the city’s casino fleet from its moorings. The city has been trying to right the ship … Continue reading →

Posted in Economy, Hard Rock International, Harrah's, history, Iowa, MGM Mirage, Mississippi, Regulation | Comments Off on Biloxi comes back

Nevada 2013: Less bad than before

Posted on January 13, 2014 by David McKee

For a third straight year, Nevada gaming revenues rose. OK, the amount was microscopic ($99 million) overall, but it was something. However, higher expenses — including all-important capex investments –pushed the Silver State into the red. The casino industry reported … Continue reading →

Posted in Economy, Environment, New York, Racinos, Reno, The Strip, Tourism | Comments Off on Nevada 2013: Less bad than before

Frigid winter for Midwest casinos

Posted on January 10, 2014 by David McKee

Blame it on brutal weather or whatever your like but Midwest casino revenues have been dismal in December and it’s my doleful duty to report them. Missouri dipped 11%. Positive performers, like Pinnacle Entertainment‘s River City (+6%) were few. Of … Continue reading →

Posted in Ameristar, Boyd Gaming, Current, Economy, Harrah's, Indiana, Iowa, Isle of Capri, Missouri, Penn National, Pinnacle Entertainment, Racinos, Tropicana Entertainment, Wall Street | 2 Comments

Florida: Genting gets real; Boom in Maryland, frenzy in Delaware

Posted on January 8, 2014 by David McKee

Genting Group‘s Godzilla-sized proposal for a $3 billion resort on the Miami waterfront has gone into the shredder. Instead, the Malaysian developer hopes to go into partnership with Gulfstream Park. It would piggyback onto Gulfstream’s parimutuel license and Gulfstream’s purses … Continue reading →

Posted in Cordish Co., Economy, Genting, Maryland, New York, Penn National, Racinos | Comments Off on Florida: Genting gets real; Boom in Maryland, frenzy in Delaware

Illinois freezes; Concierges outsourced

Posted on January 8, 2014 by David McKee

“Dec regional gaming revs should be coming out from the states this week and next and it won’t be pretty.” So warns Todd Jordan, aka @HedgeyeSnakeye. Case in point, Illinois, where revenues tumbled 13%. Even market leader Rivers Casino was … Continue reading →

Posted in Boyd Gaming, Current, Economy, Harrah's, Illinois, MGM Mirage, Penn National, The Strip | Comments Off on Illinois freezes; Concierges outsourced