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Category Archives: Economy
Packer out, Blackstone in at Crown?
Cosmopolitan of Las Vegas owner Blackstone Group threw a lifeline to troubled Crown Resorts, in the form of a $6.2 billion buyout offer. The rope comes with a substantial string attached—Australian regulators must preserve the (sleazy) Crown casino licenses. Without … Continue reading
Posted in Australia, Caesars Entertainment, Connecticut, Crown Resorts, Dining, Diversity, Economy, Entertainment, Foxwoods, Golden Nugget, Greenwood Racing, Indiana, James Packer, Las Vegas Sands, Louisiana, Melco Resorts & Entertainment, Money laundering, Pennsylvania, Regulation, The Strip, Virginia, Wynn Resorts
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Las Vegas: Are happy days here again?; Sands dibs NYC
As we’ve often said, when the American economy gets the flu (literally, in this case), Las Vegas catches pneumonia. During the depths of the Covid-19 pandemic, unemployment in Vegas levitated to 34%. Today it is a still-unhealthy 10.5%. Nonetheless, the … Continue reading
Posted in Architecture, Australia, Bally, Boulder Strip, Boyd Gaming, Caesars Entertainment, California, Churchill Downs, CQ Holdings, Crown Resorts, Economy, Entertainment, Florida, Golden Nugget, Hard Rock International, Health, Indiana, Internet gambling, Japan, Las Vegas Sands, Louisiana, Massachusetts, New York, North Carolina, Penn National, Spectacle Entertainment, Sports betting, The Strip, Tribal, William Hill, Wynn Resorts
1 Comment
Wall Street meets Las Vegas, Part II
Station Casinos dispatched Executive Vice President Rodney Atamian to meet with JP Morgan analysts last week. According to Joseph Greff, he reported, “solid/improving visitation and spend per visit trends.” A possible increase in Nevada casino-capacity limits to 50% should propel … Continue reading
Posted in Boulder Strip, Boyd Gaming, Caesars Entertainment, Downtown, Economy, FanDuel, Golden Gaming, Hawaii, Health, Internet gambling, Las Vegas Sands, Louisiana, Macau, Marketing, Maryland, Massachusetts, MGM Resorts International, Nevada, New Jersey, Palms, Penn National, Pennsylvania, Slot routes, Sports betting, Station Casinos, The Strip, Tourism, Wall Street, William Hill, Wynn Resorts
3 Comments
Vegas’ Dream is TSA’s nightmare; MGM disses Chicago
Part Two of our survey of analyst reports on Vegas-based casino companies will have to wait a day, given a bevy of breaking news. First up, a major setback for the planned Dream Las Vegas on the south Strip. Airlines … Continue reading
Posted in Architecture, Arizona, Atlantic City, Bally, Boyd Gaming, Caesars Entertainment, California, Cosmopolitan, Cretins, Dining, Diversity, Economy, Entertainment, Failsinos, Full House Resorts, Hard Rock International, Health, Illinois, Indiana, Las Vegas Sands, Mandalay Bay Massacre, Maryland, MGM Resorts International, Michael Gaughan, New York, Penn National, Rush Street Gaming, Security, Spectacle Entertainment, Station Casinos, Texas, The Strip, Tourism, Transportation, Tribal, Wynn Resorts
2 Comments
Sports bets a hit in Virginia; Vegas recovery an iffy prospect
Online sports betting was quick out of the gate in Virginia—$59 million in handle in 11 days—although books spent so much money acquiring customers that they took a loss on the month. “Debuting ahead of the NFL’s conference championship games … Continue reading
Posted in Atlantic City, Bally, Caesars Entertainment, Canada, Conventions, DraftKings, Economy, FanDuel, Health, history, IGT, Internet gambling, Las Vegas Sands, Lotteries, LVCVA, Marketing, Maryland, MGM Resorts International, Michigan, Resort fees, Rhode Island, Rush Street Gaming, Scientific Games, Sports betting, Tennessee, The Strip, Tourism, Transportation, United Kingdom, Virgin Hotels, Virginia, Wall Street, William Hill, Wynn Resorts
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Hope in the Roman Empire; DraftKings rules
Although it tried to flash Wall Street some ankle yesterday, Caesars Entertainment’s 4Q20 numbers failed to surprise analysts. In a reverse image of the rest of the industry, better-than-expected cash flow on the Strip (cost-cutting?) was “more than offset” by … Continue reading
Posted in Caesars Entertainment, California, China, Colorado, Conventions, DraftKings, Economy, Health, Illinois, Internet gambling, Louisiana, Macau, Marketing, Melco Resorts & Entertainment, Movies, Real Estate, Sports, Sports betting, Tamares Group, Taxes, The Strip, Tourism, Wall Street
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Vegas locals strong, Strip stinks; Economic boom foreseen
Even with $600 extra in their pockets, gamblers could not be lured back to the Las Vegas Strip last month. Strip revenues of $321.5 million represented a 44% implosion from 2020. Statewide, the falloff was 26.5% to $762 million. Once … Continue reading
Posted in AGA, Atlantic City, Boulder Strip, Caesars Entertainment, Carl Icahn, Churchill Downs, Cordish Co., Derek Stevens, Dining, Downtown, Economy, Election, Health, history, Horseracing, Illinois, International, Kentucky, Lake Tahoe, Laughlin, Maryland, Mesquite, MGM Resorts International, Nevada, North Las Vegas, Pennsylvania, Reno, Security, Sports, Sports betting, Tennessee, The Strip, Tourism, Transportation, Wall Street, Wendover
3 Comments
Louisiana better than it looks; Covid checkmates brothels
Casinos in the Pelican State were off 10% in January. However, when one adjusts the numbers to account for the permanent closure of Diamond Jacks in Shreveport and the all-but-permanent shutdown of Isle Grand Palais on Lake Charles, gaming revenues … Continue reading
Boyd better than expected; Marching through Georgia
Boyd Gaming leaked January data, what Wall Street calls “offered an encouraging commentary,” to help put an upbeat spin on its 4Q20 numbers. It worked like a charm. JP Morgan analyst Joseph Greff moved his price target up $8 to … Continue reading
Posted in Alabama, Boulder Strip, Boyd Gaming, Cretins, Downtown, Economy, Entertainment, FanDuel, Florida, Foxwoods, Georgia, Hawaii, Health, Illinois, Lotteries, MGM Resorts International, Nevada, Pennsylvania, Politics, Resort fees, South Carolina, Sports, Sports betting, The Strip, Tony Hsieh, Tourism, Virgin Hotels, Wall Street
3 Comments
F-blue returns from the grave; Caesars socks it to you
The Thing That Wouldn’t Die, aka Fontainebleau, is back again. Former owner Steven Witkoff has sold it to Koch Real Estate Investments for an undisclosed price. Considering that Witkoff bought it from Carl Icahn for $600 million and estimated that … Continue reading
Posted in Arizona, Caesars Entertainment, Carl Icahn, Economy, Eldorado Resorts, Entertainment, Fontainebleau, Harry Reid, history, Horseracing, Illinois, Law enforcement, MGM Resorts International, Mohegan Sun, Planet Hollywood, Racinos, Resorts World LV, Steven Witkoff, The Strip, Tourism, Transportation, Tribal, Virgin Hotels, Wall Street
5 Comments
BetMGM saves company’s bacon; Whither the Palms?
Seesawing between the effects of closures and capacity restrictions, Detroit casinos were down 28% last month. They grossed $87 million, led by MGM Grand Detroit with $34 million (-32%). Breathing down MGM’s neck is MotorCity‘s $33 million haul (-21%), while … Continue reading
Posted in California, Card rooms, Colorado, Conventions, Cordish Co., Detroit, Dining, Economy, Health, Internet gambling, Las Vegas Sands, Macau, Marketing, MGM Resorts International, Michigan, Palms, Penn National, Pennsylvania, Sports betting, Station Casinos, Tennessee, The Strip, Tourism, Wall Street
2 Comments
Station sitting pretty; Missouri booms; All bets off at MGM
Despite fourth quarter revenues that were 28% off the pace ($122 million) in Las Vegas, analysts on Wall Street are liking Station Casinos these days. Native American management fees in 4Q20 were up 21% ($25.5 million) for one thing. JP … Continue reading
Normality in Ohio, disaster in Illinois; Planet Ho sale mooted
Maybe the ‘skinny stimulus’ helped Ohio. Gross gaming revenues of $153.5 million were only 8.5% off last year’s pace. The gambling houses are still operating at 50% capacity and under a curfew but the number remains impressive. Hollywood Toledo continues … Continue reading
Posted in Alabama, Bally, Boyd Gaming, Churchill Downs, Colorado, Dan Gilbert, Detroit, Dining, DraftKings, Economy, Georgia, Hard Rock International, history, Illinois, Jack Entertainment, Las Vegas Sands, Louisiana, Macau, Marketing, Maryland, Massachusetts, Mattress Mack, MGM Resorts International, North Carolina, Ohio, Penn National, Planet Hollywood, South Dakota, Sports betting, Texas, The Strip, Transportation, TV, Virginia, Wall Street, Wynn Resorts
1 Comment
Bailout for Tilman; Casinos to the Big Apple; Mega-Jottings
It was a $6.6 billion rescue package that Golden Nugget CEO Tilman Fertitta received, in the form of a merger with FAST Acquisition. Fertitta’s been hard up for cash and forks over a portion of his casino empire in return … Continue reading
Posted in Architecture, Atlantic City, Caesars Entertainment, Colorado, Dining, Economy, Entertainment, Florida, Full House Resorts, Golden Nugget, Hard Rock International, Internet gambling, Las Vegas Sands, Law enforcement, Marketing, Minnesota, Mississippi, Nebraska, New York, North Carolina, Racinos, Real Estate, Regulation, Sports betting, Tamares Group, The Strip, Tilman Fertitta, Tribal, TV, Wall Street
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Case Bets
More than 23 million Americans are expected to bet legally or otherwise on the Super Bowl, according to the American Gaming Association, which predicts $4.3 billion in handle. 7.5 million punters will be doing their wagering online, 63% more than … Continue reading
Posted in AGA, Bally, Caesars Entertainment, Cordish Co., DFS, Diversity, DraftKings, Economy, FanDuel, history, Illinois, International, Las Vegas Sands, Macau, MGM Resorts International, Pennsylvania, PointsBet, Problem gambling, Real Estate, Rush Street Gaming, Sports, Sports betting, Steve Wynn, The Strip
3 Comments
Las Vegas recovery: A definite maybe; Woe at Sands
First, the bad news. Las Vegas emerged from a December that was just plain awful, as discretionary income continues to dry up. Las Vegas Strip win plummeted 51% to $292 million. Statewide, gambling revenue toppled 35.5% for $684 million, an … Continue reading
Posted in AGA, Alex Yemenidjian, Arizona, Boulder Strip, Caesars Entertainment, California, China, Conventions, Derek Stevens, Downtown, Economy, Health, Internet gambling, Japan, Lake Tahoe, Las Vegas Sands, Laughlin, LVCVA, Macau, Melco Resorts & Entertainment, Mesquite, Mohegan Sun, New York, North Las Vegas, Reno, Sheldon Adelson, Singapore, South Korea, Sports betting, Texas, The Strip, Tilman Fertitta, Tourism, Wall Street, Wendover, Wynn Resorts
3 Comments