Category Archives: Economy

Election Day!; Mad Max; Deadpan humor in Wisconsin

Posted on November 5, 2013 by David McKee

Today’s a big day for casino-related votes in New York State and Massachusetts. In the former, New York City holds the key to the outcome. The Five Boroughs are expected to represent for 42% of statewide voting. Mind you, NYC wouldn’t … Continue reading →

Posted in Atlantic City, Current, Economy, Election, Foxwoods, Harrah's, history, Horseracing, Marketing, Massachusetts, MGM Mirage, Mohegan Sun, New York, Pennsylvania, Politics, Racinos, The Strip, Tourism, Tribal, Wisconsin | Comments Off on Election Day!; Mad Max; Deadpan humor in Wisconsin

Let us now praise Scott Walker

Posted on October 30, 2013 by David McKee

For someone often regarded as brash and confrontational, Wisconsin Gov. Scott Walker (R) has been mediating an intrastate tribal dispute in a judicious, deliberative fashion. He’s extended the timeline on his yea-or-nay decision, the better to sort through varying figures … Continue reading →

Posted in Dining, Economy, Illinois, The Strip, Tribal, Wisconsin | Comments Off on Let us now praise Scott Walker

Third degree for Cantor; Suffolk moves ahead

Posted on October 29, 2013 by David McKee

Cantor Gaming finds itself in the midst of a giant pincer movement, under investigation by at least five federal agencies and the Nevada Gaming Control Board. When ex-bookie-in-chief Colbert got a slap on the wrist from the feds, I figured … Continue reading →

Posted in Cantor Gaming, Economy, Hard Rock International, Harrah's, Macau, Massachusetts, Neil Bluhm, Regulation, Sheldon Adelson, Steve Wynn | Comments Off on Third degree for Cantor; Suffolk moves ahead

Positive auguries in New York

Posted on October 29, 2013 by David McKee

Supporters of more casinos in New York State have been a little anxious about sentiment in New York City, where the fate of the constitutional amendment is expected to rest. They may be breathing a sigh of relief today after … Continue reading →

Posted in Dining, Downtown, Economy, Election, Foxwoods, Macau, Mohegan Sun, New York, Sheldon Adelson, Tamares Group | Comments Off on Positive auguries in New York

Boyd gets ‘F’ on report; Disney’s double gamble

Posted on October 28, 2013 by David McKee

“Boyd is a highly leveraged casino play that has no exposure to high growth Asian markets.” With those words, Seeking Alpha concludes a severe assessment of Boyd Gaming, an investment upon which it frowns, despite being at a five-year high. … Continue reading →

Posted in Atlantic City, Boyd Gaming, Economy, Florida, New York | Comments Off on Boyd gets ‘F’ on report; Disney’s double gamble

Quote of the Day

Posted on October 28, 2013 by David McKee

“They’ve got a piece of property that they can’t use. Massachusetts has got a piece of property that’s dirty and they can’t use. I’m the damn fool that wants to come and spend a billion and two or three hundred … Continue reading →

Posted in Economy, Massachusetts, Steve Wynn | Comments Off on Quote of the Day

The importance of being Steve Wynn; Sheldon’s fan club

Posted on October 25, 2013 by David McKee

“Even the Red Sox aren’t that popular in Everett,” says Steve Wynn, alluding to recent poll numbers. Heady stuff. So, while he comes down off Cloud Nine, let’s look at a pretty impressive 3Q13 — if not as boffo as … Continue reading →

Posted in Economy, Entertainment, Hard Rock International, Macau, Massachusetts, Pennsylvania, Regulation, Sheldon Adelson, Steve Wynn, The Strip, Wall Street | 2 Comments

War of words in N.Y.; Double standard in Illinois

Posted on October 25, 2013 by David McKee

After keeping a low profile for most of election season, pro-casino forces sprang into gear, rolling out a bevy of TV ads. In an attempt to neutral potential hostility downstate, one commercial points out that New York City‘s two mayor … Continue reading →

Posted in Atlantic City, Current, Detroit, Economy, Election, Illinois, New York, Politics, Problem gambling, Regulation, Slot routes, Taxes | Comments Off on War of words in N.Y.; Double standard in Illinois

The bill that wouldn’t die; Taking a wrecking ball to “Jubilee!”

Posted on October 17, 2013 by David McKee

Illinois legislators continue to butt their heads against Gov. Pat Quinn‘s opposition to casino expansion (and a terrible gambling economy). Impervious to reality, state Rep. Robert Rita (D) is introducing yet another bill for five casinos and airport slot routes. … Continue reading →

Posted in Current, Economy, Entertainment, Harrah's, Illinois, Macau, Mississippi, Ohio, Penn National, Politics, Stanley Ho, The Mob, The Strip | Comments Off on The bill that wouldn’t die; Taking a wrecking ball to “Jubilee!”

Quote of the Day

Posted on October 17, 2013 by David McKee

[W]e find the results to be somewhat indicative of regional gaming operators beginning to see problems cutting expenses to mitigate top line headwinds. As such, we anticipate concerns surrounding top line regional gaming revenue trends to escalate and believe regional … Continue reading →

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

Domino Theory

Posted on October 16, 2013 by David McKee

While sledgehammers were pointlessly falling on a slot machine in Albany (see below), a far more important melodrama was playing out nearby. Bankruptcy lawyer Eric Snyder had sought to block Proposal One, on the grounds that its language is too … Continue reading →

Posted in Current, Economy, Election, New York | Comments Off on Domino Theory

Scott Walker, optimist; Having it both ways in Kentucky

Posted on October 14, 2013 by David McKee

Wisconsin Gov. Scott Walker (R) must have an upbeat disposition. He’s going to try and get representatives of all of the state’s gambling-enabled tribes in a room this week. The subject, of course, is the Menominee Tribe‘s Dairyland proposal, which … Continue reading →

Posted in Delaware, Economy, Kentucky, Racinos, Sports, Taxes, Tribal, Wisconsin | Comments Off on Scott Walker, optimist; Having it both ways in Kentucky

Mississippi’s plight and other Case Bets

Posted on October 14, 2013 by David McKee

At the risk of sounding apocalyptic, the best years of the Mississippi casino industry may be behind it. This year’s revenue is projected to top out at $2.15 million, well below 2007’s all-time peak of $2.9 million. Admissions were 3.7 … Continue reading →

Posted in Detroit, Economy, Mississippi, Regulation, Taxes, The Strip | 1 Comment

End of an era; Boyd needs to do better

Posted on October 11, 2013 by David McKee

Family owned casinos continue to become a thing of the past. Latest casualty: John Ascuaga’s Nugget, an icon of the Reno-Sparks market. The Ascuagas are giving way to out-of-state owner Husky Finance and operator Global Gaming & Hospitality, whose principals include the … Continue reading →

Posted in Boyd Gaming, Cretins, Current, Economy, Reno | Comments Off on End of an era; Boyd needs to do better

Casino explosion in the Far East

Posted on October 10, 2013 by David McKee

Now that they’ve seen what Macao and Singapore can do with casino resorts, practically everyone else in the Pacific Rim wants in. Gaming is already big business in the Philippines, but Lawrence Ho and others like him are convinced they … Continue reading →

Posted in Economy, Genting, Harrah's, International, James Packer, Lawrence Ho, Macau, Melco Crown Entertainment, MGM Mirage, Sheldon Adelson, Singapore | Comments Off on Casino explosion in the Far East

Indiana: Worse than expected?

Posted on October 9, 2013 by David McKee

Despite per-patron spending that was up 7% last month, a 16% falloff in admissions more than negated it. Depending on whether one counts tax-deductible free play or not, Indiana was anywhere from 9.5% to 11% down last month. Tight consumer … Continue reading →

Posted in Boyd Gaming, Economy, Harrah's, Indiana, Ohio, Penn National, Pinnacle Entertainment, Racinos, Wall Street | 1 Comment

Florida: Clear as mud; MGM lands Lakers

Posted on October 9, 2013 by David McKee

So, the Florida Lege commissioned this $400,000 study of casino expansion and nobody can agree on what it means. Spectrum Gaming Group, which performed the survey, is having to explain why it projected so much more revenue when Genting Group … Continue reading →

Posted in Atlantic City, Delaware, Economy, Florida, Genting, MGM Mirage, Politics, Racinos, Sports, The Strip, Tribal | Comments Off on Florida: Clear as mud; MGM lands Lakers

Freeman flunks; Casino insecurity; Between a Hard Rock and a good deed

Posted on October 8, 2013 by David McKee

It’s a good thing that American Gaming Association President Geoff Freeman hightailed it to Barcelona this week to give a speech. During Global Gaming Expo, his signature achievement was to stake the AGA’s credibility on a Justin Timberlake movie. Freeman … Continue reading →

Posted in Alex Yemenidjian, Atlantic City, Charity, Delaware, Economy, Election, G2E, Hard Rock International, Harrah's, Indiana, Internet gambling, Massachusetts, MGM Mirage, Movies, New York, Penn National, Regulation, Taxes, The Strip, Tourism | Comments Off on Freeman flunks; Casino insecurity; Between a Hard Rock and a good deed

Illinois’ blues; G2E revisited; Ohio, one year later

Posted on October 7, 2013 by David McKee

Illinois‘ casinos got kicked in the pants last month, as revenues and foot traffic were down 9% each. The lone bright spot was Caesars Entertainment, which beat expectations, up 1%. True, Harrah’s Metropolis was off 22% but strong numbers at … Continue reading →

Posted in Boyd Gaming, Economy, G2E, Harrah's, Illinois, New York, Ohio, Penn National | Comments Off on Illinois’ blues; G2E revisited; Ohio, one year later

Quote of the Day

Posted on October 3, 2013 by David McKee

“However, with baccarat volumes showing signs of stagnation …  and slots (flat over the LTM period) stable but uninspiring, we continue to struggle with the cadence and sustainability of this Strip recovery in the near to medium term.” — Deutsche … Continue reading →

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