Category Archives: Economy

Klondike, over and out

Posted on April 10, 2013 by David McKee

Although Jon Woodrum has been a minor fixture of the Las Vegas casino scene for decades, he and son Mike Woodrum are trying to cash out of the Klondike Sunset Casino for a tidy little $3.5 million. It appeared last … Continue reading →

Posted in Boulder Strip, Economy, Gary Goett, M Resort | 1 Comment

Illinois: Recovering or grasping a branch?

Posted on April 6, 2013 by David McKee

We’re at a point where we can finally say that Illinois‘ colossal slide in casino revenues has ended … at least until people get into the habit of playing video poker in bars. Reckless legislators like Rep. Lou Lang (D), … Continue reading →

Posted in Boyd Gaming, Current, Economy, Harrah's, Illinois, Isle of Capri, MGM Mirage, Neil Bluhm, Penn National, Slot routes | 1 Comment

Revel: What’s -$2 billion among friends?

Posted on March 22, 2013 by David McKee

Stephen Sweeney (D, right), president of the New Jersey state senate, has the honor of having been the first to call for ex-Revel CEO Kevin DeSanctis‘ head on a platter. Garden State regulators moved quickly to put Mohegan Sun veteran … Continue reading →

Posted in Atlantic City, Current, Donald Trump, Economy, Harrah's, Massachusetts, Neil Bluhm, Revel, Technology, Tropicana Entertainment, Wall Street | 1 Comment

Goodbye Western, hello SLS … ?

Posted on March 22, 2013 by David McKee

Sometimes it’s better to be lucky than right: When Tamares Group made an indiscriminate splurge on downtown Las Vegas real estate in 2004, it was banking on a construction boom that never took place. It also found itself with several … Continue reading →

Posted in CityCenter, Current, Dining, Downtown, Economy, M Resort, Marketing, Maryland, Ohio, Penn National, Sahara, Sam Nazarian, Steve Wynn, Tamares Group, The Strip, Wall Street | 1 Comment

Before the fall …

Posted on March 20, 2013 by David McKee

Eight years later, Steve Wynn is still firmly ensconced at the top. Gary Loveman is hanging on for dear life and George Maloof is a sad-faced figurehead. And $2.7 billion for a casino resort (Wynn Las Vegas) looks like frugality … Continue reading →

Posted in Boyd Gaming, CityCenter, Cosmopolitan, Economy, Fontainebleau, George Maloof, history, Steve Wynn, The Strip, Wall Street | 4 Comments

Somebody Sent Us These II

Posted on March 20, 2013 by David McKee

Continuing a very occasional series, here are some casino-related ephemera that have washed up on the shores of cyberspace. For instance … … only about 25% of the rooms at the newly announced Gansevoort Las Vegas will enjoy this particular … Continue reading →

Posted in Architecture, Australia, Boyd Gaming, Current, Dining, Economy, Genting, Harrah's, International, MGM Mirage, Regulation, Sheldon Adelson, Steve Wynn, The Strip | 1 Comment

Trump: No longer WARN’d

Posted on March 19, 2013 by David McKee

So it was Trump Plaza, denials to the contrary, that issued last week’s inflammatory layoff notice to 1,434 workers. Trump Entertainment Resorts had posted a WARN Act notice, informing all workers at the Plaza that, as of May 10, they … Continue reading →

Posted in Atlantic City, Colony Capital, Current, Donald Trump, Economy | 4 Comments

Revel: Don’t cry for him, Argentina; Are Twinkies the new Caesars?

Posted on March 13, 2013 by David McKee

Revel Atlantic City‘s day of deliverance is at hand: CEO Kevin DeSanctis has been ousted, along with Chief Investment Officer Michael Garrity. But there’s no need to shed tears over their fate. They will continue “developing amenity projects” for Revel … Continue reading →

Posted in Atlantic City, Boyd Gaming, Carl Icahn, Colony Capital, Current, Dennis Gomes, Dining, Donald Trump, Downtown, Economy, Harrah's, Internet gambling, Movies, Station Casinos, Tilman Fertitta, Tribal, Tropicana Entertainment, Wall Street | 2 Comments

Echelon no more: Boyd humiliated yet again; Caesars pulls another plug

Posted on March 4, 2013 by David McKee

If you’ll pardon my vulgarity, shit got real while I was tied up with other projects. Last week’s sale of excess baggage Dania Jai-Alai in Florida was just a tiny prelude to this morning’s blockbuster: Echelon is kaput. Instead, Boyd Gaming … Continue reading →

Posted in Architecture, Atlantic City, Boyd Gaming, Carl Icahn, CityCenter, Current, Downtown, Economy, Environment, Florida, Fontainebleau, Genting, Harrah's, history, International, Kansas, Mississippi, New York, Plaza, Politics, Racinos, Regulation, Sahara, Singapore, Station Casinos, The Strip, Wall Street | 7 Comments

Revel goes bust

Posted on February 19, 2013 by David McKee

In the most inevitable headline of 2013, Revel has — brace yourselves — filed for bankruptcy. It will become the latest in a long string of casinos that are owned and run by banks: Two-thirds of outstanding debt will be … Continue reading →

Posted in Atlantic City, Cosmopolitan, Current, Dining, Economy, Entertainment, Marketing, Revel, Wall Street | 6 Comments

Case Bets: Binion’s redux; Dr. Doom; Everybody goes to Caesars

Posted on February 15, 2013 by David McKee

Today’s top story is the rumor, first aired on LasVegasAdvisor.com that Binion’s Gambling Hall & Hotel will close in July, lock, stock and million-dollar display. This dovetails with an earlier report that a detailed makeover is in the works. So … Continue reading →

Posted in Architecture, Atlantic City, California, Dan Gilbert, Derek Stevens, Dining, Downtown, Economy, Harrah's, Illinois, Indiana, Internet gambling, Marketing, Massachusetts, Ohio, Oscar Goodman, Palms, Penn National, Pennsylvania, Problem gambling, Racinos, Slot routes, Taxes, Technology, Terry Caudill, The Strip, Tilman Fertitta, Tribal | 3 Comments

Trump: And then there was one

Posted on February 14, 2013 by David McKee

What’s an Atlantic City casino worth? Not too bloody much, especially if the name of Donald Trump is emblazoned across the façade. Trump Entertainment Resorts has parted with unloved, unremunerative Trump Plaza and truly for a pittance — $20 million. … Continue reading →

Posted in Atlantic City, Colony Capital, Current, Donald Trump, Economy, Entertainment, Reno, Revel, Tropicana Entertainment | 11 Comments

SLS/Sahara: Nazarian gets his green (cards); Caesars green-lit for Cincy

Posted on February 14, 2013 by David McKee

Just when Sam Nazarian‘s mooted reinvention of the defunct Sahara as SLS Las Vegas looked dead and gone, The Naz slipped in under the wire with all the offshore money he required and a bit more: Sahara Sam needs $115 … Continue reading →

Posted in Current, Dan Gilbert, Downtown, Economy, Harrah's, International, Maryland, Ohio, Racinos, Regulation, Sahara, The Strip, Tourism | Comments Off

MGM back into Atlantic City?

Posted on February 8, 2013 by David McKee

MGM Resorts International has a 50% stake in Borgata that nobody wants … except MGM. In bolstering move that Atlantic City sorely needs, MGM may get to reclaim its half of the resort (with the support of partner Boyd Gaming), … Continue reading →

Posted in Atlantic City, Boyd Gaming, Current, Economy, Election, Horseracing, Internet gambling, Macau, Maryland, Massachusetts, MGM Mirage, Penn National, Regulation, Stanley Ho, The Mob | 1 Comment

Indiana: The good, the bad, the ‘meh’; Vegas: What’s that smell?

Posted on February 8, 2013 by David McKee

January casino revenues from Indiana present a conundrum. Although the state is still the most lucrative casino jurisdiction in the Midwest ($192 million last month), it’s hard to tell whether the half-full glass is filling or emptying. Foot traffic was … Continue reading →

Posted in Ameristar, Cordish Co., Current, Don Barden, Economy, Environment, Harrah's, Illinois, Indiana, Internet gambling, Kentucky, Laughlin, Mesquite, Minnesota, Penn National, Politics, Racinos, Tourism, Wall Street | 1 Comment

Christie: Oops, he did it again; Maryland: Take my casino, please

Posted on February 7, 2013 by David McKee

New Jersey Gov. Chris Christie (R) loves to veto Internet gambling bills so much that he’s just done it for a second time. There was incremental progress: In punting the ball to the Legislature’s one-yard line, Christie endorsed the idea … Continue reading →

Posted in Atlantic City, Current, Economy, Goldman Sachs, Harrah's, Internet gambling, Marketing, Maryland, Massachusetts, Penn National, Politics, Regulation, Steve Wynn, Taxes, The Strip, Tribal | Comments Off

Ameristar: No surprises; Illinois, Iowa and Ohio all soft

Posted on February 7, 2013 by David McKee

A preview of Ameristar Casinos‘ 4Q12 report draws an about-what-we-expected reaction from Joseph Greff of J.P. Morgan. Ameristar narrowly missed most of Wall Street‘s expectations, a result Greff partially attributes to “sluggish … regional gaming spend.” Hardest-hit by the competition … Continue reading →

Posted in Boyd Gaming, Colorado, Current, Detroit, Economy, Harrah's, Illinois, Iowa, Isle of Capri, Kansas, MGM Mirage, Mississippi, Missouri, MTR Gaming, Neil Bluhm, Ohio, Penn National, Pinnacle Entertainment | Comments Off

All roads lead to Springfield

Posted on February 6, 2013 by David McKee

That idyllic scene above is not Massachusetts but Vermont. However, the Green Mountain State is not only shaped like a funnel, it is one, an untapped market just waiting to be drained by whichever casino lands the coveted western Massachusetts … Continue reading →

Posted in Ameristar, Architecture, Economy, Election, Harrah's, Massachusetts, MGM Mirage, Penn National, Pennsylvania, Pinnacle Entertainment, Politics, Regulation, Sheldon Adelson, Steve Wynn, Tribal, Wall Street | Comments Off

Santarelli bails on SGMS; Blasts from the recent past

Posted on February 5, 2013 by David McKee

Scientific Games has lost the faith of Deutsche Bank‘s Carlo Santarelli. The analyst put out a “sell” recommendation this morning on SGMS stock, issuing a new target price of $6/share, down from $7. (Scientific was trading at $9.49 at the … Continue reading →

Posted in Columbia Sussex, Current, Economy, Harrah's, Marketing, Scientific Games, The Strip, Wall Street, WMS Industries | 1 Comment

Panic time at Caesars; Penn’s Ohio strategy a botch; Where in the world is Robert Earl?

Posted on February 5, 2013 by David McKee

It may have taken time for Gary Loveman‘s chickens to come home to roost but they’re doing it by the flockful. To raise cash, pronto, Caesars Entertainment — which hasn’t turned a profit in over three years — has piled … Continue reading →

Posted in Ameristar, Current, Dining, Economy, Harrah's, International, Internet gambling, Marketing, Massachusetts, Ohio, Penn National, Pinnacle Entertainment, Planet Hollywood, Taxes, The Strip | 1 Comment