Category Archives: Economy

Business is booming … overseas

Posted on August 3, 2010 by David McKee

At some point, Peking may decide that Macao is overheated but for the moment it’s simply red-hot. Revenues vaulted 70% last month, to the tune of $2 billion U.S. dollars (or $25,435,856,924 Zimbabwean), the second-best number in Macanese history. Wynn … Continue reading →

Posted in Architecture, Current, Economy, Genting, International, James Packer, Lawrence Ho, Macau, Marketing, Melco Crown Entertainment, MGM Mirage, Movies, Pansy Ho, Regulation, Sheldon Adelson, Singapore, Stanley Ho, Steve Wynn, Technology, Tourism, Transportation, Wall Street | 1 Comment

CityCenter: Can’t stop the bashing

Posted on August 3, 2010 by David McKee

Won’t someone please give Sharron Angle a hammer so she can go over to Aria and start smashing windows or something? (If it lets more light into that damnably dank casino floor, she’s got my vote.) The woman’s carrying a … Continue reading →

Posted in Atlantic City, CityCenter, Current, Economy, Election, Harrah's, Harry Reid, MGM Mirage, Movies, Reno, Steve Wynn, Wall Street | 1 Comment

Quote of the Day

Posted on August 1, 2010 by David McKee

“Living in Nevada is like sitting at a restaurant table where everyone’s kind of a cheapskate. Nobody here wants to pay taxes but you need that to have a competent government.” — Green Party gubernatorial candidate David Curtis.

Posted in Current, Economy, Election, Taxes | 3 Comments

Fertittas win: Boyd calls it quits

Posted on July 30, 2010 by David McKee

Boyd Gaming threw in the towel today, ending its pursuit of two-thirds of Station Casinos‘ assets. This makes it virtually a shoo-in that sock-puppet bidder Fertitta Gaming will prevail at the upcoming bankruptcy auction. The latter, a front for Station … Continue reading →

Posted in Atlantic City, Boyd Gaming, Colony Capital, Current, Economy, Herbst Gaming, MGM Mirage, Regulation, Station Casinos, Wall Street | 6 Comments

Concord in Massachusetts; Mixed bag at Melco

Posted on July 30, 2010 by David McKee

It’s been leaked to the Boston Globe that a deal is at hand that would resolve the impasse currently holding casino-enabling legislation at bay. While still probably not to Gov. Deval Patrick‘s liking (he wants one racino, the compromise bill … Continue reading →

Posted in Arizona, Bally Technologies, Current, Detroit, Economy, Election, IGT, James Packer, Lawrence Ho, Macau, Melco Crown Entertainment, Politics, Racinos, Sheldon Adelson, Slot routes, Steve Wynn, The Strip, Tourism, WMS Industries | Comments Off on Concord in Massachusetts; Mixed bag at Melco

From the mailbag

Posted on July 30, 2010 by David McKee

A mystery illness has debilitated me off and on (more “on” than “off,” sadly) for the past seven days. Fortunately, lively reader debate in the “Comments” threads have kept things ticking over nicely in my absence. Also, I sometimes get … Continue reading →

Posted in Carl Icahn, Colony Capital, Current, Dining, Economy, Fontainebleau, Harrah's, IGT, Laughlin, MGM Mirage, Planet Hollywood, Riviera, Technology, The Strip, Tourism | 4 Comments

Quote of the Day

Posted on July 27, 2010 by David McKee

“The gaming industry in particular viewed itself as nearly invulnerable, and Las Vegas … viewed itself as a place that could continually transform and develop a new destination that would be successful. This time around, it just didn’t work.” — … Continue reading →

Posted in Economy, history, The Strip | 1 Comment

Like I’ve been saying …

Posted on July 27, 2010 by David McKee

… strength in hotel rates is a top-down proposition, with such “recovery” as we’re seeing being driven by high-end product. The renewed strength in the business-travel sector also jibes with reports we’ve been getting from Las Vegas Sands and MGM … Continue reading →

Posted in Atlantic City, Economy, Harrah's, MGM Mirage, Sheldon Adelson, The Strip, Wall Street | 1 Comment

Quote of the Day

Posted on July 26, 2010 by David McKee

“I found a business that has a good story. Despite all the attacks on the business, this is a business that’s never held its hand out, never asked for subsidies.” — former Penn National Gaming executive and would-be Gettysburg casino … Continue reading →

Posted in Economy, history, Penn National, Pennsylvania | 1 Comment

Quote of the Day

Posted on July 25, 2010 by David McKee

“Today we are in a disaster because we didn’t do what Kenny Guinn had spent months researching and tried to pass. I remember he’d go into meetings with his clipboard saying ‘We’re going to have huge deficits if we don’t … Continue reading →

Posted in Economy, Harrah's, history, Politics | 1 Comment

Adelson fires Sands China CEO; Kenny Guinn, 1936-2010

Posted on July 23, 2010 by David McKee

It’s getting rather slippery on the tiled floors of Venelazzo and its Macao offshoots, what will the frequent bloodbaths that are becoming a hallmark of Sheldon Adelson‘s reign as creator and CEO of Las Vegas Sands. The victim sent over … Continue reading →

Posted in Current, Economy, Harrah's, history, International, Macau, MGM Mirage, Midnight Jim Gibbons, Monte Carlo fire, Politics, Regulation, Sheldon Adelson, Sports, Station Casinos, Taxes, The Strip, Wall Street | 3 Comments

Chris Christie, rock star

Posted on July 22, 2010 by David McKee

New Jersey‘s outspoken governor lays down some righteous grooves at Meadowlands, including telling the horsey set what it needs to hear: “I don’t have the money to be subsidizing failure.” Gov. Chris Christie on New Jersey horseracing: this industry has … Continue reading →

Posted in Atlantic City, Colony Capital, Columbia Sussex, Current, Economy, Entertainment, Goldman Sachs, Horseracing, Movies, Politics, Racinos, Regulation, Sheldon Adelson, Station Casinos, Taxes, Technology, Tourism, Wall Street | 3 Comments

Quote of the Day

Posted on July 22, 2010 by David McKee

“The commission’s vision for revitalizing Atlantic City is encouraging. One thing we know is we can no longer use Band-Aid approaches in an attempt to heal a city suffering with a gaping wound.” — state Sen. Jeff Van Drew (D), … Continue reading →

Posted in Atlantic City, Current, Economy, Encore, Politics, Steve Wynn, Wall Street | Comments Off on Quote of the Day

Atlantic City: Christie’s coup d’etat

Posted on July 21, 2010 by David McKee

Last week, I tried to work up a piece entitled, “Atlantic City, R.I.P.” After all, the Boardwalk had just come off a catastrophic June, impacted by table games in Delaware. Since table games were in process of sweeping Pennsylvania, from … Continue reading →

Posted in Atlantic City, Colony Capital, Columbia Sussex, Current, Donald Trump, Economy, Entertainment, Harrah's, history, Horseracing, International, Internet gambling, Macau, Marketing, MGM Mirage, Midnight Jim Gibbons, Penn National, Pennsylvania, Pinnacle Entertainment, Politics, Racinos, Regulation, Stanley Ho, Taxes, The Mob, Tourism | 6 Comments

Quote of the Day

Posted on July 20, 2010 by David McKee

“The numbers speak for themselves. We’re down over [25%] over the past two years. And I hear some people in town say, “Well, don’t panic” … well, when do we panic?” — state Sen. James Whelan, former mayor of Atlantic … Continue reading →

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

Louisiana treads (oily) water

Posted on July 20, 2010 by David McKee

It’s a rare day when one can report that a casino market was down year/year but did better than expected. If you were looking for serious Deepwater Horizon spillover into June’s casino numbers, you’d be surprised. Statewide, casinos were -4.5% … Continue reading →

Posted in Ameristar, Boyd Gaming, Current, Dining, Economy, Environment, Harrah's, Harry Reid, Louisiana, M Resort, MGM Mirage, Penn National, Pinnacle Entertainment, Politics, Racinos, Steve Wynn, The Strip, Wall Street | Comments Off on Louisiana treads (oily) water

Galaviz hearts Singapore — with caution

Posted on July 19, 2010 by David McKee

Analysts continue to do a 180 from their cautious outlook on Singapore five years ago. Among those raining plaudits on the early performance of the city-state’s two megaresorts is Jonathan Galaviz of Galaviz & Co. He estimates that Singapore will … Continue reading →

Posted in Current, Economy, Genting, International, Regulation, Sheldon Adelson, Singapore, Tourism, Wall Street | 1 Comment

Recovery? Not in the cards

Posted on July 19, 2010 by David McKee

Month after month of discouraging data from around the country makes it clear that any recovery in the casino industry is a long way off, perhaps years. Heck, just getting back to 2007 levels of prosperity doesn’t take into account … Continue reading →

Posted in CityCenter, Cosmopolitan, Current, Economy, Encore, Entertainment, Harrah's, Massachusetts, MGM Mirage, Morgans Hotel Group, Politics, Problem gambling, Racinos, Regulation, Sheldon Adelson, Steve Wynn, The Strip, Tourism, Tribal | 7 Comments

Next victim: Westin Casuarina?

Posted on July 19, 2010 by David McKee

Here’s a story that seems to have slipped past all of us. On March 31, the Westin Casuarina was placed on “Imminent Default” status by Fitch Ratings. The property was running at 61.5% occupany, with ADRs of $119 and 61.55 … Continue reading →

Posted in Columbia Sussex, Economy, Harrah's, Lake Tahoe, The Strip, Tourism, Tropicana Entertainment, Wall Street | 3 Comments

Veer-ing toward completion

Posted on July 16, 2010 by David McKee

With completion of Harmon Hotels having vanished into the mists of Time, the opening of Veer Towers effectively represents the end of CityCenter‘s rollout. (If and when the Harmon opens as something other than an office tower — one mooted … Continue reading →

Posted in CityCenter, Current, Economy, Entertainment, Genting, MGM Mirage, New York, Penn National, Racinos, Regulation, Station Casinos, The Strip, Tribal | 2 Comments