Entertainment

Viva Macao; Battling for dollars in Maine

Wynn Macau 2Hard as it may be to believe, Macao is on track to gross $77 million in 2017. That leaves Las Vegas hopelessly in the dust as a gambling destination, especially with non-gaming amenities taking up a bigger share of the tourist dollar. If you want to get a piece of the Macanese action, investment advisers offering varying counsel, though they seem to prefer a company that hedges its Asian risks with a U.S. presence (i.e., not Melco Crown Entertainment).

The Motley Fool‘s Jayson Derrick likes MGM Resorts International. He notes that it has consistently outperformed the S&P 500 whenever the U.S. economy has hit a trough. He characterizes Macao as a

Britney F. Spears & other Case Bets

Spears.jogStrip gyp: What does $25,000 buy you? At Planet Hollywood it will get you one-twentieth of a minute with Britney F. Spears. Either the currency of celebrity has become inflated beyond measure or our 15 minutes of fame have shrunk to 00:03. Besides, paying to meet your idol is probably a setup to disappointment.

Small is beautiful. Even supporters of New York State casinos say they don’t want Vegas-style product. That leaves some opponents skeptical, as they think it’s a Trojan horse to

This won’t help A.C. and other case bets

Handle at Meadowlands Racetrack rose 32% (or $55 million) last year. That’s not what Atlantic City casinos need to hear at a time when they’re just trying New Jersey flagto tread water. It’s bad enough that Caesars Entertainment and Tropicana Entertainment are dancing on the grave of the Atlantic Club Hotel.  At least Resorts Atlantic City is being “george” about the whole thing, offering to honor free-play and match-play coupons through the end of next month. Kudos, gentlemen, and also to Cordish Cos., which will scout for potential Maryland Live employees among the newly orphaned Atlantic Club workforce.

There’d be even more jobs at Maryland Live were many of them not

Britney: It sucks, bitch

A ways back, when Gary Loveman was all Q-crazy, I pointed out that the letter ‘X’ also carries a high Scrabble value. Little did I suspect that the Aladdin britney-spearsTheater for the Performing Arts would become “the AXIS.” Programming will be done by Live Nation, giving the vendor simultaneous control of MGM Grand Arena and Mandalay Bay Event Center. Ironically, Caesars Entertainments‘ new Britney Spears headliner show would fare better in those steeply raked venues. Unless you’re planning to spend the whole of the Spears spectacle on your feet, being a dancing fool, you’re unlikely to see the damned thing, which the New York Times termed “listless,” among other endearments.

Ms. Spears’ vocals were so heavily reprocessed that she might as well have

Case Bets: Britney, Bally, Sheldon & O’Shea’s

Tonight’s a big night for Planet Hollywood, as it debuts its new, Britney Spears headliner show. However, judging from public disinterest in Spears’ recent TV special, Caesars Entertainment may be drawing to a weak hand.

“Bally Technologies Inc. received some coal in its Christmas stocking this Bally_logo1year,” writes Chris Sieroty of the Las Vegas Review-Journal. The slot manufacturer is alleged to have taken a cavalier attitude toward registering its employees with the state. Registrations have been anywhere from 2.5 months to 10 years (!) behind the curve. The problem isn’t widespread, comprising 28 registrations, but that’s probably not insignificant enough to keep Bally out of the penalty box. It’s a rerun of a 2008 scenario, in which

Quote of the Day

“I think it’s the only place that’s going to have the Chicago Bears at one end and Beyonce at the other end, and an arena in both places. It’s a unique place — it’s not like Kansas City. It can support more than one event.” — aspiring arena developer Jackie Robinson, on the Las Vegas Strip.

Merry Christmas to all …

And we were there! Miraculously, we were able to score fourth-row tickets to this very special TV taping at the Venetian (which went incognito on the TV telecast, masquerading as a Broadway theater). Kelly Clarkson is the cat’s pajamas.

‘Twas the toga before Christmas

While it was saying “Bah, humbug!” to the Massachusetts Gaming Commission, along with a lump of coal, Caesars Entertainment released this cheerful swatch of Christmas kitch to the public. (Special thanks to those entertainers — like Taylor Hicks — who clearly practiced their parts.) Mac King and I both are alumni of Macalester College, in St. Paul. Obviously, he has put his degree to better use than have I. And finally, congratulations to Veronic, whose Bally’s residency has been extended through 2014. Job well done.

Fizz-le

Caesars imageCaesars Palace has no shortage of excellent dining and drinking venues. A recent walk-through drove that point home. So I suppose it’s entitled to have a turkey amidst the cornucopia and Fizz is it. We visited last week and will probably never cross its threshold. So let’s see what the problems are. One is a claustrophobic space. Paradoxically, the heavy use of mirrors only reinforces the feeling of being squeezed in, rather than

As the Trop turns …

TROPICANA VIEW 1B_LO 042010While I was out of town, Alex Yemenidjian sprang another big-ass remake of the Tropicana Las Vegas upon local media. Now, most of A-Yem’s big, shiny ideas have had tragically short lives. (Anyone remember Bagatelle Beach Club? Wayne Newton: Once Before I Go? The Jamie Gold poker room? Brad Garrett‘s comedy club? Even the Mob Attraction has defected.) The latest reinvention is to impose a two-story shopping mall on the Trop’s facade, wrapping around and extending the Strip-facing facade. This will, among other things, necessitate

MGM’s, Wynn’s odds worsen in Massachusetts

MACAU-HO/

Did anyone envision a scenario whereby all three of Massachusetts‘ casinos could be tribally owned? It could happen. Leaving aside the chance of expanded gambling in Connecticut, the prospect that MGM Resorts International will be weighed in the balance and found wanting now seems very real. I could make the case for why MGM deserves a second chance (and have done so vis-a-vis New Jersey) but Pansy Ho is still a minority shareholder in MGM Grand Paradise and isn’t going anywhere anytime soon. That alone could sink MGM’s chances, never mind how MGM got into the Macanese market. Neither it nor Wynn Resorts is going to give up Macao for Massachusetts, although the metaphorical dossier against either company is slimmer than that against Caesars Entertainment was.

Bay State regulators’ goal is to have scrutiny “more rigorous at every level than any other jurisdiction in the United States,” according to Massachusetts Gaming Commission Chairman Stephen Crosby, challenging the regulatory cojones of Nevada and New Jersey. Now, while it is sadly unrealistic to expect driven-snow purity in the business world, it’s a vexing question at just how much misbehavior one should wink. (Asked Crosby, “What if the laws in Macao permit things the laws in Massachusetts would not permit?“)

Wynn Resorts would seem to have the least — some squabbles with Kazuo Okada excepted — to fear. Yet Steve Wynn has already publicly bridled at the scrutiny and gotten Crosby’s back up: “The law makes it clear the burden is their burden to prove that they are suitable. That’s the world Steve Wynn lives in. He is going to have to comply with our standards and he is entitled to his own opinions about what we are doing.”

By comparison, Mohegan Sun‘s biggest issues are traffic volume and water usage. Neither Crosby nor his fellows on the MGC are supposed to Mohegan Palmer 2have a dog in the fight. However, if MGM is disallowed, the commission could always choose Cordish Gaming‘s Leominster slot parlor — on the grounds that it will yield the greatest tax benefit, as appears will be the case — opening the door for Penn National to resume its courtship of Springfield, then choose between it and the Mohegans in April. The southeast region, meanwhile, has yet to draw a marquee-name developer. There are certain to be jilted suitors in Massachusetts, but I see no reason that state-approved players like Penn, Mohegan, Cordish and Greenwood Racing should be left on the outside looking in.

Although MGM and Foxwoods are not directly competing in Massachusetts, the MGM moniker is coming off Foxwoods Resorts Casino. CEO Scott “Woody” Butera had to go out and spin this as a positive development. Uh huh.

I don’t know if Caesars’ Britney Spears production show will be a success. But it’s certain to drive off Planet Hollywood‘s vast Somali player base.

The importance of being Steve Wynn; Sheldon’s fan club

The importance of being Steve Wynn; Sheldon’s fan club

steve-wynn“Even the Red Sox aren’t that popular in Everett,” says Steve Wynn, alluding to recent poll numbers. Heady stuff. So, while he comes down off Cloud Nine, let’s look at a pretty impressive 3Q13 — if not as boffo as Las Vegas Sands‘ — for Wynn Resorts. Revenue from Macao rose 10%, while the Las Vegas Strip resorts eked out a 1% increase. Wynn had an interesting explanation for the latter phenomenon. Competition for DJ talent is stiff, he said, driving up the price of talent (J.P. Morgan analyst Joe Greff pointed the finger of blame at Hakkasan). I wonder if that’s the first time high-priced DJs have ever factored in a Wall Street conference call.

Wrote Deutsche Bank‘s Carlo Santarelli, ” we think the results were modestly better than expected, though no true surprise,” adding that the door was still open for a year-end dividend. Still, he liked what he saw enough to

Case Bets: Caesars, Ceylon, Cosmo and clubbing

CAESARS-ENTERTAINMENT-LOGOIt’s G-Day plus four and questions continue to mount about Caesars Entertainment‘s partnership with the Gansevoort hotel chain. In particular, what didn’t the company’s compliance not know about Arik Kislin and when did they not know it? Suffolk Downs might be excused for not performing its due diligence but what’s Caesars reason? How couldn’t they have seen this problem coming?

In the meantime, Caesars is making nice with a federal grand jury that is investigating potential improprieties at Caesars Palace. The Financial Crimes Enforcement Network seems to be working its way down the Strip, having exacted a $47 million fine from

What’s Steve Wynn thinking?; Best news of the week

Wynn ForbesIf Steve Wynn is trying to talk himself out of contention in Massachusetts, he’s doing a good job of it. Yesterday, he told the Massachusetts Gaming Commission, “We’re scared to death — not that you won’t pick us, but that you will, and there goes a billion-three or a billion-five.” Well, if he’s that scared, what’s he doing there in the first place? His concern is a seemingly exaggerated fear that he will be licensed and then fined for his dealings in Macao. Wynn wants a free pass on that but it doesn’t look like he’s going to get it. Said one Commission member, “You really have some disdain for investigations and law enforcement. That’s my opinion.” (MGM Resorts International took a considerably more sanguine view of its own probity.)

Hey, Gary Loveman, your Suffolk Downs chances just got a helluva lot better.

It’s ‘All systems go’ for New York State‘s casino referendum. Lawyer Eric Snyder dropped his case against Proposal One yesterday. With three weeks to go before election day, Snyder doesn’t

The bill that wouldn’t die; Taking a wrecking ball to “Jubilee!”

IllinoisIllinois legislators continue to butt their heads against Gov. Pat Quinn‘s opposition to casino expansion (and a terrible gambling economy). Impervious to reality, state Rep. Robert Rita (D) is introducing yet another bill for five casinos and airport slot routes. Democrats in the Lege won’t be satisfied until existing casinos are driven out of business — and maybe not even then. “I want to make sure this thing is done in the right way,” bloviates Rita, when the right thing would be not to do it at all. It’s surreal to see Rita and his colleagues arguing over how they’ll divide theoretical casino revenue at a time when actual gambling winnings continue to decline. Chicago Mayor Rahm Emanuel‘s determination to have his city own a casino outright also continues to put the cat amongst the pigeons.

If it ain’t broke … Some uncredited ‘genius’ at Caesars Entertainment has had the notion of taking Jubilee! and “ushering the show into the contemporary age … putting a modern spin on it” (read:

Quote of the Day

The Act

“[W]hat you and I and most decent people consider vulgar, depraved and perverted” — Las Vegas Sands attorney Charles McCrea Jr.’s description of The Act, the sex show inside Palazzo that closed last weekend. Vulgarity? Depravity? Perversion? Aren’t those the three, key selling points of Las Vegas?

Sammy Boy’s long shot

Work continues apace on the conversion of the Sahara into the SLS Las Vegas.  This CBS This Morning piece raises more questions than it answers. For instance, by putting so much emphasis on restaurant, hotel, pool and nightclub revenue streams — and implicitly pooh-poohing gambling — is Sam Nazarian signaling (again) that he won’t apply for a gaming license? On the south side of the Sahara’s hulk, he has printed, “North is the new South.” Keep dreaming, Sam.

What did Lee Amaitis know and when did he know it?

AmaitisAccording to the Wall Street Journal, the founder of Cantor Gaming — Lee Amaitis (left) — is under federal scrutiny for an alleged role in illegal sports wagering. Already one Cantor exec, Michael Cantor, has copped a plea for facilitated the movement of unlawful wagers from Queens to Las Vegas. As the WSJ explains, ” Prosecutors said wagers from a small number of high-stakes bettors left Cantor exposed to large potential losses. To offset the risk from those big bets, Mr. Colbert allegedly sought other bets that would cancel out the large wagers,” write WSJ reporters.

“Brooklyn Bruiser” Amaitis is just part of a wider federal probe, supposedly, after Cantor investigated itself and

“Mob” exits Trop; Goretorium exiting Vegas?; Adelson keeps losing

Having served its purpose in getting the (rather soporific) Mob Attraction off the ground — including forgiving some lease payments — the Tropicana Las Vegas finds itself kicked to the curb. The Attraction will move to a new site (reputedly a Caesars Entertainment property). “Awesome technology enhancements” mob-attractionare promised … but wasn’t the technology already supposed to be awesome? In any event, the Attraction has become modestly profitable, which seems to have gone to ownership’s head. John Katsilometes reports that the Attraction will “expand the brand worldwide.” “We are currently evaluating domestic and international opportunities with new locations to be announced in the coming months,” says consultant Tom Zaller. I’m not holding my breath.

Eli Roth’s Goretorium, the evisceration-themed tourist attraction won’t even make it to Halloween. It’s closing this week, although

Opening tonight!

Delicate BalanceWhen I’m not pecking out S&G, I’ve usually got some theatrical endeavor going. My latest one debuts tonight: Edward Albee‘s A Delicate Balance, staged in “total theater” fashion at Las Vegas Little Theatre Studio. The action will take place on three sides of the audience, necessity being the mother of invention. If you live here or are visiting, I hope you can make it. If not, let much just say that the cast has been an absolute joy to work with and has made a six-week rehearsal period simply fly past as though we started our exploration only yesterday.

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