Category Archives: Economy

A Murren moment

Posted on January 6, 2014 by David McKee

“I don’t think people are going to stay home in their bunny slippers and play video instead of coming to Bellagio.” You have to like Jim Murren‘s refreshing lack of pretension. I’m taking a wait-and-see attitude on the project onrush … Continue reading →

Posted in Economy, Internet gambling, Japan, Macau, MGM Mirage, Singapore, The Strip, Tourism | Comments Off

Defining a Vegas recovery; Big push in New Hampshire

Posted on January 6, 2014 by David McKee

Which would you rather have: More visitors three years straight or more spending per capita? That’s the choice Las Vegas has to make as it defines its recovery. On the bright side, ADRs are catching up with supply, with which … Continue reading →

Posted in Cannery Casino Resorts, Charity, Current, Economy, Iowa, New Hampshire, Ohio, Penn National, Singapore, The Strip, Wall Street, Warner Gaming | Comments Off

Playing with trouble

Posted on January 3, 2014 by David McKee

Pennsylvania is already pretty maxed out on casino capacity. Now it’s going to cannibalize its gaming economy even further with small-stakes games in bars and comparable edifices. Slot routes aren’t on the table yet. The legal framework is described as … Continue reading →

Posted in Economy, New Hampshire, Penn National, Slot routes | Comments Off

Caesars turns up heat on Crosby

Posted on January 3, 2014 by David McKee

Perhaps realizing that the previous version of its lawsuit against Massachusetts Gaming Commission Chairman Stephen Crosby was a dog that wouldn’t hunt, Caesars Entertainment has reloaded with an amended complaint. Now it says that Crosby urged Steve Wynn, when the … Continue reading →

Posted in Colony Capital, Cordish Co., Economy, Florida, Harrah's, Massachusetts, Regulation, Steve Wynn | 1 Comment

Macao rules

Posted on January 2, 2014 by David McKee

Today’s big story is pretty obvious: The 19% year-over-year revenue growth of Macao, which posted $45 billion in gross gaming dollars. (2012’s increase was similarly dramatic.) Analysts offer a somewhat cloudy picture for next year. No, there will be no … Continue reading →

Posted in Economy, Macau, Melco Crown Entertainment, MGM Mirage, Sheldon Adelson, Steve Wynn, Wall Street | Comments Off

Nevada finishing year strong; Christie’s choler

Posted on December 31, 2013 by David McKee

With a little help from one extra weekend day, Nevada gross gaming revenues shot upward 12% statewide in November and 23% on the Strip. Baccarat players lost their shirts, with the house winning 94% more than the previous year. Less … Continue reading →

Posted in Atlantic City, Boulder Strip, Cordish Co., Current, Downtown, Economy, Harrah's, Laughlin, Maryland, Massachusetts, MGM Mirage, North Las Vegas, Penn National, Regulation, Reno, Steve Wynn, The Strip, Tilman Fertitta, Trump Entertainment Resorts | 2 Comments

Overexuberance in New Jersey, generosity in Maryland

Posted on December 27, 2013 by David McKee

New Jersey Gov. Chris Christie (R) is setting himself up for a fall with his blue-sky projections of Internet-gambling revenue. Eilers Research has projected that it will take two or three years for gambling revenue to reach $227 million … … Continue reading →

Posted in Atlantic City, Economy, Goldman Sachs, Harrah's, history, Illinois, Internet gambling, Macau, Maryland, Massachusetts, Regulation, Slot routes, Taxes, The Mob, The Strip, Wall Street | Comments Off

Quote of the Day

Posted on December 23, 2013 by David McKee

“This can be the most commercially successful resort outside of Las Vegas, from a profit standpoint.” — MGM Resorts International CEO James Murren, on the company’s winning bid at National Harbor, on the doorstep of Washington, D.C.

Posted in Economy, Maryland, MGM Mirage | Comments Off

Genting, Steve Wynn & so much more

Posted on December 17, 2013 by David McKee

Genting Group has narrowed its price target for finishing Resorts World Vegas. It will spend between $3 billion and $4 billion to complete the project (for which it has already paid $350 million for land). For a post-recession Vegas that’s … Continue reading →

Posted in CityCenter, Colorado, Current, Dubai, Economy, Florida, Fontainebleau, Foxwoods, Genting, Internet gambling, Massachusetts, MGM Mirage, Mohegan Sun, New York, Pinnacle Entertainment, Politics, Racinos, Steve Wynn, The Strip | 2 Comments

Ohio: Half-full or half-empty?; MGM lauded

Posted on December 10, 2013 by David McKee

Whether Ohio‘s casinos are succeeding or disappointing depends on how the question is framed. Are they delivering what the state (and casino companies) promised or are they financial slackers? Penn National Gaming‘s Hollywood Casino Columbus is somewhat of both, down … Continue reading →

Posted in Economy, Harrah's, MGM Mirage, MTR Gaming, Ohio, Penn National, Racinos, Taxes | Comments Off

Adelson’s bogus poll & other fun with numbers

Posted on December 6, 2013 by David McKee

To hear Sheldon Adelson tell it, 70% of Americans share his die-hard opposition to Internet gambling. He even bought a poll from The Tarrance Group to prove its point. Unfortunately for the Sultan of Sands, the monarch has no clothes. … Continue reading →

Posted in Alabama, Atlantic City, Cretins, Economy, Greenwood Racing, Harrah's, Internet gambling, Kentucky, Massachusetts, MGM Mirage, Pennsylvania, Regulation, Sheldon Adelson, Taxes, Technology, Tribal | 1 Comment

Imbalances of power; Vegas to Israel?

Posted on December 6, 2013 by David McKee

It was another bonny month for Maryland, whose casino revenues grew 55% in November, up to $67 million. It’s not an apples/apples comparison, since neither Rocky Gap Casino nor table games were in play a year ago. Tables were responsible … Continue reading →

Posted in Charity, Cordish Co., Economy, Greenwood Racing, Harrah's, Illinois, Macau, Maryland, Melco Crown Entertainment, MGM Mirage, Neil Bluhm, Penn National, Pets, Sheldon Adelson, Stanley Ho, Steve Wynn | Comments Off

Changing of the Guard at Bally; Whence Mecca?

Posted on November 25, 2013 by David McKee

Now that the Bally Technologies takeover of Shuffle Entertainment is a done deal, there’s a bit of musical chairs to be played. Senior Vice President for Law & Government Mark Lerner will be eased out, in favor of Shuffle’s general counsel, … Continue reading →

Posted in Bally Technologies, Downtown, Economy, Macau, Planet Hollywood, Shuffle Master, Tamares Group | Comments Off

Any way out for Caesars?

Posted on November 22, 2013 by David McKee

Woodfield Consulting Group has put a “strong sell” recommendation on Caesars Entertainment stock, deeming it “a poor equity investment choice that offers low expected return to equity investors with high speculative risk.” Noting that Caesars has six years’ and $17 … Continue reading →

Posted in Economy, Harrah's, Japan, Maryland, Ohio, The Strip, Wall Street | 5 Comments

Semi-failure to launch; Crackdown in Illinois

Posted on November 22, 2013 by David McKee

It’s not just Obamacare that’s having Web site glitches in its launch. The same goes for New Jersey‘s ‘Net-betting system. Test player Joseph Brennen attempted logging in from within Atlantic City but kept getting error messages. “It’s frustrating knowing you’re … Continue reading →

Posted in Atlantic City, Bally Technologies, Economy, IGT, Illinois, International, Internet gambling, Regulation, Slot routes, Technology | Comments Off

Life beyond Wynn; Crazy bounce in Atlantic City; Pressure rises in Macao

Posted on November 13, 2013 by David McKee

Applicants for Philadelphia‘s remaining casino license say they’re still keen on their chances even though Steve Wynn has dropped out? And why not? Everybody else’s odds just got better. I’d be doing the happy dance, too, if I was Penn … Continue reading →

Posted in Economy, Macau, Neil Bluhm, New York, Penn National, Pennsylvania, Revel, Steve Wynn, Tropicana Entertainment, Trump Entertainment Resorts, Wall Street | Comments Off

Indiana up and down; Garber agonistes

Posted on November 8, 2013 by David McKee

Casinos in Indiana grossed 3% less last month but still far outperformed ($193 million) neighboring Illinois and Ohio. Patron traffic was 9% down but visitor spend rose 7%. Penn National Gaming‘s Hollywood Lawrenceburg got absolutely hammered by new competition from … Continue reading →

Posted in Boyd Gaming, Charity, Cordish Co., Current, Economy, Harrah's, Indiana, Internet gambling, Japan, Massachusetts, MGM Mirage, Ohio, Penn National, Pinnacle Entertainment, Racinos, Regulation, Station Casinos, Tropicana Entertainment | Comments Off

Penn overboard!; Macao’s zenith

Posted on November 7, 2013 by David McKee

First the good news about Ohio: Gambling revenue was up 47% last month. Now, the bad news. One a same-store basis it was down 2% year/year. Who knew the Buckeye State would get saturated so quickly? The statewide gross was … Continue reading →

Posted in Atlantic City, Boyd Gaming, Current, Dan Gilbert, Delaware, Economy, Harrah's, Illinois, Internet gambling, Macau, Melco Crown Entertainment, MGM Mirage, Missouri, MTR Gaming, Neil Bluhm, Ohio, Penn National, Racinos, Sheldon Adelson, Stanley Ho, Station Casinos, Tourism, Wall Street | 1 Comment

Big score for Station, little one for Caesars

Posted on November 7, 2013 by David McKee

Station Casinos has a big hit on its hands in the form of Graton Resort & Casino. So many customers turned out for opening day that the doors swung wide an hour early. Ninety minutes later, admittance was being rationed … Continue reading →

Posted in California, Cordish Co., Economy, Harrah's, Macau, Maryland, MTR Gaming, Ohio, Penn National, Pennsylvania, Station Casinos, Tourism, Tribal, Wall Street, West Virginia | Comments Off

CityCenter 1.5; Casinos vs. Atlantic City, Round Two

Posted on November 5, 2013 by David McKee

MGM Resorts International and Anschutz Entertainment Group have unfurled the big- and small-picture details of their 12-acre, 20,000-seat arena. For an in-depth description, I direct you to Alan Snel‘s excellent account. The announcement refuels speculation that AEG (operator of the … Continue reading →

Posted in Architecture, Atlantic City, Boyd Gaming, CityCenter, Colony Capital, Current, Economy, Hard Rock International, International, Japan, Macau, MGM Mirage, Politics, Sports, Taxes, The Strip, Tourism, Tribal, Wall Street, Wisconsin | Comments Off