Category Archives: Economy

Canada to Caesars: “Bonehead!”; What’s (hidden) in a logo?

Posted on May 14, 2012 by David McKee

You can’t ask for a better diagnosis of what might be loosely called Caesars Entertainment‘s business plan than this anonymous comment from a Las Vegas Review-Journal reader: “Right now, their strategy for getting out of the hole appears to be … Continue reading →

Posted in Economy, Harrah's, history, Horseracing, International, Marketing, MGM Mirage, Ohio, Penn National, Racinos, Regulation, Sheldon Adelson, The Strip | 3 Comments

Lovemania comes to Cleveland

Posted on May 11, 2012 by David McKee

Looking like death warmed over, Caesars Entertainment CEO Gary Loveman took time from promoting the opening of Horseshoe Cleveland to try and spin the unloading of Harrah’s Maryland Heights as another brilliant masterstroke, rather than more evidence of the shambles … Continue reading →

Posted in Atlantic City, Colony Capital, Columbia Sussex, Current, Dan Gilbert, Economy, Florida, Harry Reid, Marketing, Maryland, MGM Mirage, Missouri, Neil Bluhm, Ohio, Penn National, Pennsylvania, Racinos, Wall Street | Comments Off on Lovemania comes to Cleveland

Revel: Can’t drive 55?; Another setback in Massachusetts

Posted on May 10, 2012 by David McKee

Revel, the new, $2.4 billion casino on the Boardwalk has been conducting a sort of “stealth opening,” conducting a two-month-plus dry run. Along with the stealth opening come what you might call “stealth revenues”: $13 million-plus in its first full … Continue reading →

Posted in Atlantic City, Boyd Gaming, Colony Capital, Current, Donald Trump, Economy, Florida, Harrah's, Horseracing, Illinois, Massachusetts, Racinos, Regulation, Sheldon Adelson, Singapore, Steve Wynn, Technology, Tilman Fertitta, Tourism, Tropicana Entertainment | 1 Comment

Massachusetts: Now *this* is interesting; Bluhm’s shameless hypocrisy; Casino John

Posted on May 9, 2012 by David McKee

In an attempt to shave a few months off their casino-approval timeline, the Massachusetts Gaming Commission is going to put the horse before the cart. (I guess you’d call it a “Massachusetts Miracle.”) Potential operators’ fiscal and ethical probity will … Continue reading →

Posted in Ameristar, Atlantic City, Current, Don Barden, Donald Trump, Economy, Harrah's, Horseracing, International, Iowa, Kansas, Macau, Massachusetts, MGM Mirage, Neil Bluhm, New York, Ohio, Pansy Ho, Penn National, Pennsylvania, Politics, Racinos, Regulation, Singapore, Taxes, Tribal | 1 Comment

Quote of the Day

Posted on May 7, 2012 by David McKee

“What’s wrong with the prescription of spending cuts as the remedy for Europe’s ills? One answer is that the confidence fairy doesn’t exist — that is, claims that slashing government spending would somehow encourage consumers and businesses to spend more … Continue reading →

Posted in Current, Economy, International | Comments Off on Quote of the Day

Lies, damned lies and Illinois statistics; SJM: Still hanging in there

Posted on May 7, 2012 by David McKee

If state Rep. Lou Lang (D), the economic Rasputin of the upper Midwest, and his allies in the horsey set were actually conspiring to topple Illinois‘ casino industry in favor of quick-and-dirty racinos, they’ve done it cunningly. Frontal attacks on … Continue reading →

Posted in Atlantic City, Boyd Gaming, Current, Economy, Harrah's, Horseracing, Illinois, Indiana, Iowa, Macau, MGM Mirage, Missouri, Neil Bluhm, Penn National, Politics, Racinos, Slot routes, Stanley Ho, Wall Street | Comments Off on Lies, damned lies and Illinois statistics; SJM: Still hanging in there

Quote of the Day

Posted on May 4, 2012 by David McKee

“The delicatessen down the street is going to go out of business. The nightclub around the corner is going to go out of business. Don’t have any illusions about that.” — former New Jersey Casino Control Commission Chairman Steven Perskie, … Continue reading →

Posted in Atlantic City, Economy, Massachusetts, Regulation | Comments Off on Quote of the Day

Sahara: Devils in the details; Does your mother know?

Posted on May 4, 2012 by David McKee

Barbara De Lollis had better re-cork the champagne. Wall Street Journal coverage of Sam Nazarian‘s much-hyped, $300 million Sahara loan raises grave doubts about the viability of the project, budgeted at $415 million. According to Pulitzer Prize-winning reporter Alexandra Berzon, … Continue reading →

Posted in Boyd Gaming, California, CityCenter, Colony Capital, Cordish Co., Current, Economy, Georgia, Harrah's, Harry Reid, International, Maryland, MGM Mirage, Michael Gaughan, Penn National, Phil Ruffin, Planet Hollywood, Sahara, Sheldon Adelson, Station Casinos, Steve Wynn, Tourism, TV, Wall Street | 2 Comments

People’s Republic of Steve; Sahara Sam’s big score

Posted on May 3, 2012 by David McKee

Although I was only joking when I suggested that Steve Wynn‘s long-sought Cotai Strip land grant would come in on May Day, some Communist Party bureaucrat wasn’t. After many false alarms, the 51 acres were finally ‘gazetted’ on May 1. … Continue reading →

Posted in Alex Yemenidjian, Architecture, Boyd Gaming, CityCenter, Current, Dining, Economy, Encore, Fontainebleau, Harry Reid, Macau, Melco Crown Entertainment, MGM Mirage, Regulation, Sahara, Sheldon Adelson, Stanley Ho, Steve Wynn, The Strip, Tourism, Wall Street | 2 Comments

Hindsight is perfect in Maryland; Bluhm’s bust

Posted on April 27, 2012 by David McKee

If you want a vexing test of one’s intellectual consistency, try the Maryland casino industry on for size. It’s not growing fast enough to suit the state Legislature, which is chafing at the constraints imposed upon it — with not … Continue reading →

Posted in Cordish Co., Current, Don Barden, Economy, Harrah's, Maryland, Mississippi, Neil Bluhm, Ohio, Penn National, Pennsylvania, Politics, Racinos, Regulation, Taxes, Wall Street | Comments Off on Hindsight is perfect in Maryland; Bluhm’s bust

Polished Nugget, burnished Wynn

Posted on April 27, 2012 by David McKee

In what might be called The Era of Deferred Maintenance, Landry’s Restaurants CEO Tilman Fertitta still believes in spending money to make money. That’s why he poured $150 million into the former Trump Marina and, consequently, the Golden Nugget Atlantic … Continue reading →

Posted in Architecture, Boyd Gaming, Colony Capital, Current, Donald Trump, Economy, Harrah's, Isle of Capri, Macau, Melco Crown Entertainment, Mississippi, Sheldon Adelson, Steve Wynn, The Strip, Tilman Fertitta, Tourism, Wall Street | 4 Comments

Get over it, Vegas; Fat City

Posted on April 27, 2012 by David McKee

Some local businessmen busted out the crying towels last weekend and threw themselves a pity party in the pages of the Los Angeles Times. Now, the wipeout of the Las Vegas economy is — or should be — old news … Continue reading →

Posted in Architecture, Atlantic City, CityCenter, Cosmopolitan, Dining, Economy, Encore, Environment, MGM Mirage, Politics, Sheldon Adelson, Steve Wynn, Taxes, The Strip, Tourism | 4 Comments

Wall Street to Boyd: “Bleah!”; Blood & Gore

Posted on April 25, 2012 by David McKee

It was a thankless day for Boyd Gaming: It exceeded Wall Street‘s expectations for 1Q12 and stock analysts yawned in the company’s face. Wrote Deutsche Bank‘s Carlo Santarelli, “the fundamental setup … remains tough,” due to a highly competitive locals … Continue reading →

Posted in Atlantic City, Boyd Gaming, Current, Dennis Gomes, Downtown, Economy, Goldman Sachs, Harrah's, Louisiana, Mississippi, Pinnacle Entertainment, Racinos, Regulation, Station Casinos, Wall Street | Comments Off on Wall Street to Boyd: “Bleah!”; Blood & Gore

MGM: Riding the crazy train; Rendering unto Caesars

Posted on April 25, 2012 by David McKee

If somebody loaned you a few hundred million, unsecured, you want to come to Las Vegas and lay some big wagers, right? MGM Resorts International has been there, done that. So it’s looking elsewhere to place its bets. And why … Continue reading →

Posted in Ameristar, Atlantic City, CityCenter, Donald Trump, Economy, Florida, Genting, Harrah's, International, M Resort, Massachusetts, MGM Mirage, New York, Penn National, Singapore, Taxes, The Strip, Tourism, Tribal, TV, Wall Street | 3 Comments

Sauce for the goose; Wall Street hearts LVS, MGM & Melco

Posted on April 23, 2012 by David McKee

Sheldon Adelson must have great and abiding faith in the American legal system … at least some of the time. He’s counting on it to cover his butt over in Macao, where erstwhile partners Asian American Entertainment have filed suit … Continue reading →

Posted in Boyd Gaming, Economy, International, Isle of Capri, James Packer, Lawrence Ho, Macau, Melco Crown Entertainment, MGM Mirage, Penn National, Sheldon Adelson, Steve Wynn, The Strip, Tourism, Wall Street | 2 Comments

Maryland accord totters; Massachusetts cities get testy

Posted on April 23, 2012 by David McKee

Never say “never” but a pet casino project of Maryland Senate President Thomas V. “Mike” Miller Jr. is in critical condition. The sweetheart deal, which would gift-wrap a casino for National Harbor in Miller’s Prince George’s County (in return for … Continue reading →

Posted in Current, Economy, Harrah's, Maryland, Massachusetts, Penn National, Politics, Racinos, Regulation, Reno, Steve Wynn | 1 Comment

Quote of the Day

Posted on April 20, 2012 by David McKee

“We clearly believe that supply growth is outpacing demand.” — Foxwoods Resort Casino CEO Scott “Woody” Butera, explaining a possible move into Internet gambling. Wow. I knew U.S. gaming expansion would hit the wall eventually — but I never thought … Continue reading →

Posted in Economy, Internet gambling, Tribal | Comments Off on Quote of the Day

Penn, Vegas to GSA: Thank you!; What price Victorville?

Posted on April 19, 2012 by David McKee

With so many fine hotels to choose from in Las Vegas, it’s no wonder that it took disgraced General Services Administration Regional Commissioner Jeffrey Neely no fewer than eight ‘fact-finding’ missions at a cost of $130,000 (or $16,250 per vacation … Continue reading →

Posted in Ameristar, Cordish Co., Current, Economy, Entertainment, Hard Rock Hotel, Harrah's, Harry Reid, Illinois, International, Isle of Capri, Kansas, Maryland, Missouri, Ohio, Penn National, Pinnacle Entertainment, Politics, Racinos, Technology, The Strip, Tourism, Transportation, TV, Wall Street, Warner Gaming | 1 Comment

The continuing adventures of Sheldon Adelson, Harry Reid and the GSA

Posted on April 14, 2012 by David McKee

First, the good news. Business is off and running at brand-new Sands Cotai Central, whose Himalaya casino (372 tables, 600 slots) opened last Wednesday. In total square footage, it overtakes Venetian Macao for status as the world’s largest casino (30% … Continue reading →

Posted in Atlantic City, Boyd Gaming, California, Current, Economy, Election, Florida, Genting, Harrah's, Harry Reid, history, International, Macau, Massachusetts, New York, Penn National, Pennsylvania, Sheldon Adelson, Sports, Stanley Ho, Technology, The Strip, Tourism, Transportation, TV, Wall Street | 5 Comments

Boffo February in Nevada

Posted on April 10, 2012 by David McKee

Casinos in the Silver State were up 6% in February, which is pretty damned impressive when you consider that Chinese New Year fell in January this year, giving Month #2 a tough row to hoe. But, with the exception of … Continue reading →

Posted in Current, Economy, Lake Las Vegas | Comments Off on Boffo February in Nevada