Category Archives: GLPI

No boost for Illinois; The wrath of Wynn

Posted on October 7, 2015 by David McKee

So much for the invigorating effect of Labor Day weekend. Even with a holiday, September in Illinois still saw a decline in casino revenue. Casinos in the Land of Lincoln were down 5% for the month. Foot traffic fell 2% … Continue reading →

Posted in Boyd Gaming, GLPI, Harrah's, Illinois, Massachusetts, MGM Mirage, Neil Bluhm, Penn National, Regulation, Slot routes, Sports, Steve Wynn | Comments Off

Big players accentuate the positive

Posted on September 29, 2015 by David McKee

Deutsche Bank analyst Carlo Santarelli has been a busy man these past few days, meeting with the top companies in gaming. In no special order … Boyd Gaming took the usual line on REIT conversion and acquisitions, basically saying, “If … Continue reading →

Posted in Ameristar, Boyd Gaming, Colorado, Downtown, Economy, Florida, GLPI, Illinois, International, Isle of Capri, Louisiana, Macau, Marketing, Massachusetts, MGM Mirage, Penn National, Pinnacle Entertainment, Sports, Steve Wynn, Texas, The Strip, Tilman Fertitta, Wall Street | Comments Off

MGM lashes out; Doldrums in Louisiana

Posted on September 18, 2015 by David McKee

It took a while but MGM Resorts International is pushing back against Connecticut‘s attempts to build a satellite version of its tribal casinos, to interdict gamblers who might otherwise play at MGM Grand Springfield. Although he didn’t hint at litigation … Continue reading →

Posted in Boyd Gaming, Churchill Downs, Columbia Sussex, Foxwoods, GLPI, Harrah's, Isle of Capri, Louisiana, Massachusetts, MGM Mirage, Mississippi, Mohegan Sun, Pinnacle Entertainment, Tilman Fertitta, Tropicana Entertainment | 2 Comments

That wild and crazy Glenn Straub strikes again

Posted on September 10, 2015 by David McKee

Now that wacky Glenn Straub is out of the picture, Stockton University says it is fielding offers for the ex-Showboat. What anybody can do other than run it as a hotel (Caesars Entertainment having removed its gaming entitlement but forgotten … Continue reading →

Posted in Atlantic City, Boyd Gaming, Glenn Straub, GLPI, Harrah's, history, Iowa, Isle of Capri, Missouri, Penn National, Pinnacle Entertainment, Revel, Tilman Fertitta, Tourism, Tropicana Entertainment, Trump Entertainment Resorts, Unite-Here, Warner Gaming | Comments Off

Indiana stumbles; “Green shoots” in Macao

Posted on September 9, 2015 by David McKee

Foot traffic was down 15% in Indiana casinos last month and even though players spent 10%, it wasn’t quite enough to stave off a 7% decline. (The numbers are worse if you don’t count free play as revenue, which Indiana … Continue reading →

Posted in Boyd Gaming, Economy, Full House Resorts, Genting, GLPI, Harrah's, Indiana, Internet gambling, Macau, Ohio, Penn National, Pinnacle Entertainment, Racinos, Singapore | Comments Off

Ohio: Dan Gilbert’s downfall; Icahn meets Randy the Rat

Posted on September 9, 2015 by David McKee

Ohio‘s slot hoppers have been emptied for August and it was a month marked by some dramatic swings of fate. Belterra Park‘s $6 million haul won’t blow anybody away but, at $145/slot/day, it’s doing an acceptable average and improved 41% … Continue reading →

Posted in Atlantic City, Carl Icahn, Dan Gilbert, Eldorado Resorts, Environment, GLPI, Hard Rock International, Harrah's, International, Ohio, Penn National, Pinnacle Entertainment, Trump Entertainment Resorts, Unite-Here | Comments Off

Disappointment in Illinois; Wynn’s new crib

Posted on September 8, 2015 by David McKee

One less weekend day doesn’t wholly explain the tepid results from Illinois in August. Harrah’s Joliet was down a dramatic 14%, while Hollywood Aurora was off 10% and Empress Joliet slipped 3%. Even seemingly invulnerable Rivers Casino in Des Plaines … Continue reading →

Posted in Boyd Gaming, Dining, Economy, GLPI, Harrah's, Illinois, MGM Mirage, Penn National, Pinnacle Entertainment, The Strip, Tropicana Entertainment, Wall Street | Comments Off

Shocker in Massachusetts; Successes and setbacks for Penn

Posted on July 27, 2015 by David McKee

In a stunning reversal of fortune, KG Urban Enterprises has ditched its $650 million New Bedford casino project, citing financial difficulties. This ends seven years of grinding effort to gain civic acceptance, which culminated in a landslide electoral victory earlier … Continue reading →

Posted in Election, Environment, Florida, Foxwoods, GLPI, Illinois, Internet gambling, Maine, Massachusetts, Neil Bluhm, Ohio, Penn National, Pennsylvania, Racinos, Regulation, Scientific Games, Steve Wynn, Taxes, Tribal, Wall Street | Comments Off

MGM’s march to the sea; REITmania explained

Posted on July 24, 2015 by David McKee

Where MGM Resorts International goes, other casino companies are quick to follow — to Atlanta, in this case. Mayor Kasim Reed (pictured) is being coy about who the new suitors are, other than two are domestically based (would Las Vegas Sands … Continue reading →

Posted in Baseball, Boulder Strip, Genting, Georgia, GLPI, Massachusetts, MGM Mirage, Ohio, Penn National, Pinnacle Entertainment, Politics, Regulation, Sheldon Adelson, Sports, The Strip, Wall Street | Comments Off

Pinnacle deal done; Christie’s tribal blind spot

Posted on July 21, 2015 by David McKee

After playing hard to get, Pinnacle Entertainment management finally succumbed to the embrace of Gaming & Leisure Properties. It’s a great deal on Pinnacle’s part: It sells its real estate to GLPI for 12.5 times cash flow, an unheard-of multiple … Continue reading →

Posted in Entertainment, GLPI, Japan, MGM Mirage, Pinnacle Entertainment, The Strip, Tribal, Wall Street | Comments Off

Around the Midwest

Posted on July 8, 2015 by David McKee

Iowa was as flat as much of its landscape last month. Amidst the prevailing revenue stasis (sign of a perfectly sized market) there were a few significant movers. Isle of Capri Casinos‘ three properties were up a collective 2%, while … Continue reading →

Posted in Ameristar, Boyd Gaming, Dan Gilbert, Full House Resorts, GLPI, Hard Rock International, Harrah's, Illinois, Indiana, Iowa, Isle of Capri, Neil Bluhm, Penn National, Pinnacle Entertainment, Warner Gaming | Comments Off

GLPI ups ante for Pinnacle

Posted on July 7, 2015 by David McKee

Wall Street has been consistently saying that Gaming & Leisure Properties‘ previous offer for Pinnacle Entertainment wouldn’t get the deal done. Now GLPI has put $47.50/share on the table, to a cool response from Pinnacle management. J.P. Morgan analyst Joseph … Continue reading →

Posted in GLPI, history, International, MGM Mirage, Penn National, Pinnacle Entertainment, Sports, The Mob, The Strip, Wall Street, Wisconsin | 1 Comment

GLPI treads water

Posted on June 11, 2015 by David McKee

Top honchos from Gaming & Leisure Properties, including CEO Peter Carlino, recently met with J.P. Morgan analyst Joseph Greff. They assessed the current state of regional gaming markets as no better than “okay” and predicted that the industry trend to … Continue reading →

Posted in Economy, GLPI, Illinois, MGM Mirage, Pinnacle Entertainment, The Strip, Wall Street | Comments Off

Smooth sailing in Illinois, Iowa; Bad legislative bet

Posted on June 5, 2015 by David McKee

Just when Illinois casinos are trying to stave off another expansion of gambling, May brought a most inconvenient uptick in gambling revenues, albeit only half a percentage point, which can presumably be accounted for by the fact that this May had … Continue reading →

Posted in Boyd Gaming, GLPI, Harrah's, Illinois, Internet gambling, Isle of Capri, MGM Mirage, Penn National, Pennsylvania, Pinnacle Entertainment, Politics, Sports, Taxes, Wall Street, Warner Gaming | Comments Off

Caesars pays some, denies others; Adelson’s blunderbuss bill

Posted on May 27, 2015 by David McKee

Who knew that Gary Loveman was a creditor of Caesars Entertainment? His compensation package has been identified as among those adversely affected by Caesars Entertainment Operating Co.’s bankruptcy. The Chapter 11 proceeding has impacted five deferred-compensation plans, two of which will … Continue reading →

Posted in Cantor Gaming, GLPI, Harrah's, Illinois, International, Politics, Racinos, Regulation, Sheldon Adelson, Technology | Comments Off

Louisiana’s bonny April; Nevada Gold now with 100% more Nevada

Posted on May 22, 2015 by David McKee

Golden Nugget Lake Charles continues to be the outboard engine that speeds up Louisiana gaming revenues. The Pelican State was up 4% last month — but 13% when Tilman Fertitta‘s casino is added to the tally. It even made inroads … Continue reading →

Posted in Boyd Gaming, Churchill Downs, Genting, GLPI, Harrah's, Isle of Capri, Louisiana, Macau, MGM Mirage, Pinnacle Entertainment, Racinos, Slot routes, South Dakota, South Korea, Stanley Ho, Tilman Fertitta, Tropicana Entertainment | Comments Off

Illinois’ news bad even when it’s good

Posted on May 8, 2015 by David McKee

Illinois‘ casino lobby hopes to stave off (potentially disastrous) expansion, currently working its way through the state house. Unfortunately, last month’s results didn’t give it much ammunition. Revenues were down only 1%, which in any other context would be relatively … Continue reading →

Posted in Boyd Gaming, Derek Stevens, Downtown, GLPI, Harrah's, Illinois, Kansas, Neil Bluhm, Oscar Goodman, Penn National, Riviera, Slot routes, Sports, Wall Street | Comments Off

MGM: The lion meows; GLPI: Still hungry

Posted on May 4, 2015 by David McKee

MGM Resorts International needed to increase net revenue this past quarter by 2% to meet Wall Street forecasts and offset inflation. Instead, revenue stayed flat and the Leo the Lion came in $33 million on cash-flow forecasts and down $12 … Continue reading →

Posted in CityCenter, Economy, GLPI, Louisiana, Macau, Maryland, MGM Mirage, Penn National, Pinnacle Entertainment, The Strip, Wall Street | Comments Off

Penn nabs the Trop; Smog City

Posted on April 29, 2015 by David McKee

After years of hinting, feinting and fanning the flames of speculation, Penn National Gaming went out and bought its long-desired Strip casino: Tropicana Resort & Casino. The old gal has had difficulties keeping up with the times but Union Gaming … Continue reading →

Posted in Alex Yemenidjian, Carl Icahn, Environment, Fontainebleau, GLPI, M Resort, MGM Mirage, Penn National, Wall Street | 2 Comments

Sands, Penn and Pinnacle report

Posted on April 23, 2015 by David McKee

“Tough to find positives … worse than feared” were the attention-grabbing headlines on Deutsche Bank analyst Carlo Santarelli‘s summary of Las Vegas Sands‘ first-quarter report. Of the crisis in Macao, he wrote, “While management remains optimistic with respect to cost … Continue reading →

Posted in California, GLPI, Indiana, Louisiana, Macau, Massachusetts, MGM Mirage, Missouri, Penn National, Pinnacle Entertainment, Racinos, Sheldon Adelson, Singapore, The Strip, Tribal, Wall Street | Comments Off