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Category Archives: Economy
Case Bets: Walker’s wager; “e” on the QT; Blue no more
One of the nation’s largest tribal casinos, Potowatomi Bingo, in Milwaukee, has been caught by the economic malaise that is dogging so many of the nation’s casinos. Although Potowatomi defied the Great Recession, peaking in 2009 and rebounding after a … Continue reading
Posted in Boulder Strip, Cosmopolitan, Dining, Downtown, Economy, North Las Vegas, Politics, The Strip, Tribal
2 Comments
Quote of the Day
“You still have a consumer that is very careful about their spending. Many markets are seeing a point of saturation. Some new casinos are not growing the market — they’re just cannibalizing the existing market.” — Fitch Ratings analyst Michael … Continue reading
Posted in Economy
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Quote of the Day
“The U.S. market is getting to the point where it’s robbing Peter to pay Paul. From the bank’s perspective, it’s ‘if you merge, then you’re just taking money from yourself.’” — the University of Nevada-Reno’s Institute for the Study of … Continue reading
Posted in Economy, Wall Street
2 Comments
This land is their land; Tight money in Pennsylvania
Tribal casinos aren’t just for reservations anymore and it’s becoming a coast-to-coast phenomenon. California legislators already approved one off-reservation casino, to be managed by Station Casinos. The Enterprise Rancheria of the Estom Yumeka Maidu would like to be second. They … Continue reading
July in A.C.: Borgata, Revel triumphant; Cosmo: The right amount of ‘Why?’
Last month was good for Atlantic City in the sense that revenue was only 4% off last year’s pace. The upper-tier properties fared exceptionally, with Borgata ascending 19%, driven by a two-third increase in table win, and Revel, fueled by … Continue reading
MGM’s half-full glass
Today it was MGM Resorts International‘s turn to do the “We didn’t lose as much money as last year” thing. The size of the decrease, at least, was impressive and MGM China produced its best numbers ever. The company’s performance … Continue reading
Posted in CityCenter, Current, Detroit, Economy, Harrah's, Macau, Mississippi, The Strip, Wall Street
1 Comment
When you’ve sunk this low …; Mazer returns
When skepticism turns to outright ridicule, the writing is often on the wall for such a folie de grandeur as Howard Bulloch‘s SkyVue wheel … or rather the two, totemic poles that are we are ever likely to see of … Continue reading
Tilman’s Golden touch; Dotty’s gets respectable
Tilman Fertitta forked over $45 million to purchase Isle of Capri Biloxi. He is currently putting another $100 million into expansions and upgrades. From the look of things, he shouldn’t have any trouble making his money back. (Interestingly, parts of … Continue reading
LV in June: The house lost big-time
Despite only a minor dip in visitation, Las Vegas casinos got hammered in June. Players kept their wallets shut and the cards weren’t turning in the house’s favor. The amount of money played on the Las Vegas Strip was off … Continue reading
Posted in Boyd Gaming, Current, Downtown, Economy, Lake Tahoe, Laughlin, North Las Vegas, Reno, The Strip, Tourism, Wall Street
2 Comments
Vegas: Remembrance of revenues past; Making the grade in Massachusetts
“I think we are having a limp-wristed sort of crawl out of a hole, but a recovery is a more robust word,” the one and only Steve Wynn said earlier this week. The numbers bear him out, as tourism continues … Continue reading
Posted in Cordish Co., Current, Dining, Economy, Entertainment, Foxwoods, Harrah's, Massachusetts, MGM Mirage, Mohegan Sun, Racinos, Regulation, Steve Wynn, The Strip, Tourism
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Seller’s market in A.C.?; Adelson’s new opportunity
According to a certain Pinky Kravitz, two new suitors are afoot on the Boardwalk. One of them is Neil Bluhm‘s SugarHouse Casino, which evidently covets the Atlantic Club (a surprisingly downmarket move for Bluhm). It may have to go up … Continue reading
Posted in Atlantic City, Boyd Gaming, Colony Capital, Current, Donald Trump, Economy, Environment, Foxwoods, Harrah's, International, Internet gambling, Kansas, Maine, Massachusetts, Neil Bluhm, New Hampshire, New York, Pennsylvania, Regulation, Sheldon Adelson, Taxes, Wall Street
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Early reckoning in Macao; Big Gaming’s growing pains
One shouldn’t read too much into anything the Macao government says about casino operators. It likes to keep them guessing — especially U.S. ones. Still, it’s worth noting that Secretary for Economy & Finance Francis Tam Pak Yuen has floated … Continue reading
Posted in Atlantic City, Delaware, Economy, Genting, Harrah's, Macau, MGM Mirage, New Hampshire, New York, Ohio, Oklahoma, Pennsylvania, Problem gambling, Racinos, Regulation, Sheldon Adelson, Stanley Ho, Tropicana Entertainment
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A tale of two cities …
… and both of them are Las Vegas. Last week, Sheldon Adelson pitched a fit about how he thought MGM Resorts International and Caesars Entertainment were driving down his room rates (as though it were the job of Jim Murren … Continue reading
Posted in Current, Dining, Economy, Harrah's, MGM Mirage, Sheldon Adelson, Steve Wynn, Taxes, The Strip, Tourism, Wall Street
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One Angry Man; MGM expansion bodes well
Y’know, if I was reporting a 120% profit increase in 2Q13, I might stop and enjoy the moment. I certainly wouldn’t choose that moment to be a dick. Obviously, I am not Sheldon Adelson. Proffering evidence that his second infancy … Continue reading
Posted in Current, Economy, Harrah's, International, Macau, Maryland, Massachusetts, MGM Mirage, Penn National, Sheldon Adelson, Steve Wynn, Tourism, Wall Street
1 Comment
Scramble in Massachusetts; Malaise in Mississippi
Sept. 24 is the day appointed for voters in Leominster to say “aye” or “nay” to a slot parlor proposed by Cordish Gaming. That’s nine days before the deadline for submitting voter-approved HCAs to the Massachusetts Gaming Commission. Which, in … Continue reading
Posted in Cordish Co., Current, Economy, Election, Florida, Foxwoods, Genting, Louisiana, Massachusetts, Mississippi, Mohegan Sun, Neil Bluhm, Sheldon Adelson, The Strip, Transportation, Tribal
1 Comment
Quote of the Day
“I’m looking at it as a huge positive for the city. It shows that we are looking like the resort destination that everyone wants us to be. Although gaming revenue keeps the lights on in these buildings, this shows that … Continue reading
Posted in Atlantic City, Current, Economy
1 Comment
Springfield: MGM wins again; Barton: Congressman or con artist?
As predicted, voter turnout was low but a victory is a victory, and MGM Resorts International went home a winner yesterday. Springfield voters ratified an agreement between MGM and the city, 58% to 42%. Scarcely had the last vote been … Continue reading
Missouri misery; Revel inches upward
Sometimes I feel Gary Loveman‘s pain — and that of Anthony Sanfilippo, Virginia McDowell, Peter Carlino … When they look at the kind of numbers states like Missouri are generating, they must want to shake a fist and say, “Gamble, … Continue reading
Massachusetts: It’s where the action might be; Where there’s smoke, there’s Sheldon
Update/Correction: I’m reliably informed that dog racing (see below) is illegal in Massachusetts and will remain so, praise be. Also, Neil Bluhm is now wooing Millbury for a slot-parlor site. Except for Raynham Park, all slot-parlor applicants are under the … Continue reading
Indiana: Half-full or half-empty?; ‘Priscilla’ faints
That’s the operative question after a contrariwise June in Indiana. The state’s casinos saw 17% less foot traffic, but those fewer players were spending more (up 6%). Even so, the Hoosier State’s racinos, casinos and riverboats were down 12% for … Continue reading