Category Archives: Economy

Who needs M most?; Station’s glass jaw

Posted on August 17, 2010 by David McKee

In a shocker of a scoop, The Newspaper That Must Not Be Cited revealed yesterday that a $700 million stake in $1 billion M Resort was being shopped around by the resort’s lead banker. While this probably says more about … Continue reading →

Posted in Atlantic City, Boulder Strip, Boyd Gaming, California, Carl Icahn, Colony Capital, Cosmopolitan, Current, Downtown, Economy, Kansas, M Resort, Maryland, MGM Mirage, Michael Gaughan, North Las Vegas, Ohio, Penn National, Pinnacle Entertainment, Riviera, Station Casinos, The Strip, Tourism, Tropicana Entertainment, Wall Street | 8 Comments

Vegas: Frugality is the new liquidity

Posted on August 16, 2010 by David McKee

I’m sure I speak for some of colleagues in the biz when I say that, on certain subjects, we feel like we’re writing the same story over and over again. (Which is provides yet another reason for our collective fascination … Continue reading →

Posted in Boulder Strip, Boyd Gaming, CityCenter, Cosmopolitan, Current, Downtown, Economy, Mesquite, MGM Mirage, Station Casinos, Steve Wynn, The Strip, Tourism, Tribal | 12 Comments

Singapore packs ’em in

Posted on August 16, 2010 by David McKee

Results are in for the first quarter of a fully operational Resorts World Sentosa and they point to a $2.5 billion gross this year, $1.5 billion in cash flow and an ROI of 32% at the $4.74 billion metaresort. J.P. … Continue reading →

Posted in Economy, Genting, history, Pennsylvania, Sheldon Adelson, Singapore, Wall Street | 1 Comment

Rio: The final frontier?

Posted on August 13, 2010 by David McKee

Although I was hoping to keep this under wraps a few more days, reader Jeff_in_OKC connected all the dots this afternoon, so I’ll have to scoop myself. Here goes … At last week’s annual Star Trek Convention, the program contained … Continue reading →

Posted in Colony Capital, Current, Economy, Election, Entertainment, Harrah's, The Strip, World Series of Poker | 8 Comments

The Summer of Love(man)

Posted on August 12, 2010 by David McKee

It may be hard to believe in retrospect, but at the time of Harrah’s Entertainment‘s LBO, some analysts thought it would be partly amortized by selling off the company’s regional properties. That prompted me to write something to the effect … Continue reading →

Posted in Atlantic City, Australia, Current, Detroit, Dining, Economy, Entertainment, Harrah's, history, Horseracing, Kansas, Marketing, Ohio, Racinos, Regulation, Station Casinos, Taxes, Tourism, Tribal, Wall Street | 2 Comments

Sign of the Times

Posted on August 12, 2010 by David McKee

Visit msnbc.com for breaking news, world news, and news about the economy An indescribable scene in Atlanta — must-viewing for casino executives who think recovery is just around the corner.

Posted in Current, Economy | 1 Comment

Massachusetts: On and On and On

Posted on August 12, 2010 by David McKee

Oy vey!

Posted in Current, Economy, Massachusetts, Politics, Taxes | Comments Off on Massachusetts: On and On and On

Underwater at the Westin

Posted on August 11, 2010 by David McKee

If you’re having to go hat in hand to the bank to ask for a renegotiated home loan, take comfort in the thought that you’re hardly alone. Even plutocrats like Columbia Sussex CEO William J. Yung are having to plead … Continue reading →

Posted in Boyd Gaming, Columbia Sussex, Current, Economy, Entertainment, Harrah's, Station Casinos, The Strip, Wall Street | 2 Comments

Atlantic City: It could be worse

Posted on August 10, 2010 by David McKee

Considering that table games were up and running in Delaware and gradually rolling out in Pennsylvania, it comes as a pleasant surprise to see that Atlantic City was only down 5% in July. Frankly, I was expecting much worse, especially … Continue reading →

Posted in Atlantic City, Boyd Gaming, Carl Icahn, Colony Capital, Columbia Sussex, Current, Donald Trump, Economy, Entertainment, Harrah's, Horseracing, Macau, Marketing, MGM Mirage, New York, Pansy Ho, Pennsylvania, Politics, Racinos, Regulation, Technology, Tourism, Tropicana Entertainment, Wall Street | 4 Comments

Wasted … and the 77% solution

Posted on August 10, 2010 by David McKee

Not even the cachet of Carey Hart and occasional appearances by Pink were enough to keep Wasted Space going. The Hard Rock Hotel is calling it quits on the club, bumping it in favor of a race and sports book. … Continue reading →

Posted in Alex Yemenidjian, Architecture, CityCenter, Current, Economy, Entertainment, George Maloof, Harrah's, M Resort, Marketing, MGM Mirage, Midnight Jim Gibbons, Morgans Hotel Group, Pennsylvania, Riviera, Sports, Steve Wynn, Taxes, Technology, The Strip, Tourism, Transportation | 5 Comments

America’s growth market is … Detroit?!?!

Posted on August 10, 2010 by David McKee

Despite being in one of the two hardest-hit regions of America, Detroit has posted casino-revenue gains in five of the last seven months. It’s done this without significant new casino product (unlike Missouri, which is -4% once River City is … Continue reading →

Posted in Current, Detroit, Economy, Macau, MGM Mirage, Missouri, Pennsylvania, Station Casinos | 3 Comments

Quote of the Day

Posted on August 9, 2010 by David McKee

“States talk openly of poaching gamblers from their neighboring states and view keeping their own residents’ money within state borders as something akin to a religious duty.”  — Wayne Parry & Stephen Singer of The Associated Press on casino-market cannibalization … Continue reading →

Posted in Current, Economy | 1 Comment

Case Bets: New Jersey; A lucky guy; Genting’s good fortune

Posted on August 9, 2010 by David McKee

Garden State Gov. Chris Christie (R-N.J.) may have excluded sports betting as a new revenue source for the state’s besieged casino industry. As expected, state Sen. Raymond Lesniak (D, left) tuned the governor out and continues to pursue legalization of … Continue reading →

Posted in Atlantic City, Boyd Gaming, Colony Capital, Cordish Co., Current, Donald Trump, Downtown, Economy, Genting, Harrah's, International, Macau, New York, Politics, Racinos, Regulation, Singapore, Sports, Tamares Group, Tourism | 1 Comment

Chrome Dome

Posted on August 5, 2010 by David McKee

Last weekend, as I ploughed into a pile of analyst reports, court filings, etc., I came across a Clark County Commission planning report on Christopher Milam, Paul & Sue Lowden‘s proposed Silver State Arena. As you can see, it would … Continue reading →

Posted in Archon Corp., Baseball, Current, Economy, LVCVA, MGM Mirage, Riviera, Sahara, Sports, Taxes, The Strip, Transportation, TV | 8 Comments

Gone baby, gone

Posted on August 5, 2010 by David McKee

“[T]he confidence that ­property prices and stock markets would permanently defy gravity” is a phrase that perfectly encapsulates how the casino industry got itself into its present pickle. In what other mindset could an industry convince itself that it could … Continue reading →

Posted in Archon Corp., Atlantic City, Boyd Gaming, Cannery Casino Resorts, CityCenter, Colony Capital, Cosmopolitan, Current, Dining, Economy, Encore, Entertainment, Environment, Fontainebleau, Harrah's, history, Marketing, MGM Mirage, Regulation, Station Casinos, Steve Wynn, Taxes, The Strip, Tourism, Wall Street | 4 Comments

Quote of the Day

Posted on August 5, 2010 by David McKee

“Think of the American economy as a large apartment block. A century ago – even 30 years ago – it was the object of envy. But in the last generation its character has changed. The penthouses at the top keep … Continue reading →

Posted in Current, Economy | 1 Comment

Ruffin: No bull

Posted on August 4, 2010 by David McKee

Treasure Island owner Phil Ruffin and his beloved mechanical bull made a guest appearance on CNBC and, characteristically, pulled no punches. (Ruffin, that is. The bull had no comment.) Even as MGM Resorts International, Harrah’s Entertainment and Las Vegas Sands … Continue reading →

Posted in Carl Icahn, Current, Donald Trump, Economy, Fontainebleau, Harrah's, MGM Mirage, Phil Ruffin, Sheldon Adelson, The Strip, Tourism, Tropicana Entertainment, TV | 6 Comments

Quote of the Day

Posted on August 4, 2010 by David McKee

“It’s a risky story. We weren’t overly impressed with the results.” — Stern, Agee & Leach‘s David Bain on MGM Resorts International‘s 2Q10 revenues. CityCenter (left) lost $128 million in the quarter.

Posted in CityCenter, Current, Economy, MGM Mirage, Wall Street | Comments Off on Quote of the Day

East Coast winners, losers; Angle’s strange bedfellows

Posted on August 4, 2010 by David McKee

I’ve become well and truly tired of writing about Massachusetts and its political establishment’s inability to get its act together on casino legalization. Suffice it to say that with Gov. Deval Patrick and House Speaker Robert DeLeo (left) firmly entrenched … Continue reading →

Posted in Atlantic City, Current, Economy, Election, Entertainment, Harrah's, Horseracing, Massachusetts, Pennsylvania, Politics, Racinos, Sheldon Adelson | 5 Comments

Bad quarters for MGM, Boyd

Posted on August 3, 2010 by David McKee

Undershooting Wall Street‘s expectations for 2Q10, MGM Resorts International missed analyst projections and also took a big-ass writedown on CityCenter (above) consigning $1.2 billion to the dustbin. Hotel occupancy was up from 85% to 93% overall (although RevPAR slipped a … Continue reading →

Posted in Atlantic City, Boulder Strip, Boyd Gaming, CityCenter, Current, Downtown, Economy, Marketing, MGM Mirage, Sheldon Adelson, Station Casinos, Steve Wynn, The Strip, Tourism, Wall Street | 5 Comments