Category Archives: Harrah's

Misery in Macao; Penn’s good fortune

Posted on April 7, 2015 by David McKee

Macao took such a hard hit last month that distinction lies not in which casino did best but whose business was least bad. And, with the territorial government promising to help Peking further ratchet up its anti-graft campaign, Operation Skynet, … Continue reading →

Posted in Boyd Gaming, Economy, GLPI, Hard Rock International, Harrah's, Illinois, Macau, MGM Mirage, Neil Bluhm, Ohio, Penn National, Regulation, Sheldon Adelson, Steve Wynn | Comments Off on Misery in Macao; Penn’s good fortune

Paradox in Maryland; Otter saves “instant racing”

Posted on April 7, 2015 by David McKee

While its competitors dealt with a variety of revenue declines, despite posting a record amount of revenue, Horseshoe Baltimore was up in March, grossing a best-yet $25 million. On a statewide basis, revenue was 17% higher last month. However, casinos … Continue reading →

Posted in Cordish Co., GTECH, Harrah's, Horseracing, Idaho, IGT, Maryland, Penn National, Racinos, Regulation, Reno, Tribal, World Series of Poker | Comments Off on Paradox in Maryland; Otter saves “instant racing”

Disney dives into gambling; Death at M Resort

Posted on April 6, 2015 by David McKee

Gambling really is the all-American pastime now that Walt Disney Co. is buying a $250 million piece of for-money fantasy league DraftKings. The agreement commits Disney to buy $500 million in advertising time and imagery on a variety of ESPN … Continue reading →

Posted in Florida, Harrah's, M Resort, Penn National, Politics, Sports, Tribal, TV | 1 Comment

Revel: Straub checkmated?; New player in Indiana

Posted on April 1, 2015 by David McKee

By reaching an accord with Revel tenants, East Coast developers Howard Milstein and Carl Goldberg may have aced Glenn Straub for the dubious trophy that is Revel. They’re bidding $88 million for the property, potentially leaving Straub to fall back … Continue reading →

Posted in Atlantic City, Economy, Glenn Straub, Harrah's, Indiana, Revel, Tribal, Wall Street | 1 Comment

Lone Star illegality; Showboat hits shoals

Posted on April 1, 2015 by David McKee

Texas lacks the will to legalize casino gambling, yet it shrugs off a black-market version of it that is estimated to generate $1.9 billion a year. Under Texas law, you can own slot machines so long as their “payout” is … Continue reading →

Posted in Atlantic City, Derek Stevens, Glenn Straub, Harrah's, Regulation, Sports, Texas, Tilman Fertitta, TV, Unite-Here | 1 Comment

Penn National exits major project

Posted on March 31, 2015 by David McKee

There’s one casino license left in Pennsylvania but favorite son Penn National Gaming won’t be the one developing it. “We are disappointed to be withdrawing from this project. However, given the continued softness in the economy and the level of market saturation … Continue reading →

Posted in Cannery Casino Resorts, Foxwoods, GLPI, Harrah's, Isle of Capri, New York, Ohio, Oklahoma, Penn National, Pennsylvania, Racinos, Technology, Tribal | Comments Off on Penn National exits major project

Dr. Loveman’s voodoo; Reid hangs it up

Posted on March 30, 2015 by David McKee

Despite having wrought havoc upon Caesars Entertainment, Chairman Gary Loveman — looking alarmingly puffy and ill — manages to still find himself taken seriously as a talking head. He gave CNBC a dosage of his usual spin-doctoring. This includes one … Continue reading →

Posted in Atlantic City, Cordish Co., Geoff Freeman, Harrah's, Harry Reid, history, Japan, Maryland, Pennsylvania, Politics, TV, World Series of Poker | Comments Off on Dr. Loveman’s voodoo; Reid hangs it up

Elaine Wynn’s credibility problem; Caesars faces tough scrutiny

Posted on March 26, 2015 by David McKee

Elaine Wynn is starting to develop a credibility problem, at least if you read the Bloomberg story that characterizes various instances of Ms. Wynn either passing the buck or being in denial. For instance, she claims not to have known … Continue reading →

Posted in Georgia, Harrah's, Illinois, Politics, Steve Wynn, Wall Street | Comments Off on Elaine Wynn’s credibility problem; Caesars faces tough scrutiny

Saving souls on Capitol Hill

Posted on March 26, 2015 by David McKee

Rep. Jason Chaffetz (R) finally got to hold his dog-and-pony show on the eeeeeeevils of Internet gambling, after a previous date had been snowed out. As expected, the proceedings “broke little new ground” on the issue. Afterward, Chaffetz condescended to … Continue reading →

Posted in Atlantic City, Fontainebleau, Harrah's, Internet gambling, New York, Politics, Regulation, Revel, Sheldon Adelson, Technology, Tribal, Trump Entertainment Resorts | Comments Off on Saving souls on Capitol Hill

Reid’s heavy hand; Staying the course in Macao

Posted on March 26, 2015 by David McKee

Financing of SLS Las Vegas was made a little easier when Sen. Harry Reid (D) intervened on behalf of some of Sam Nazarian‘s all-important EB-5 visa investors. The inspector general of the Department of Homeland Security has identified four SLS … Continue reading →

Posted in Economy, Election, Harrah's, Harry Reid, Macau, Melco Crown Entertainment, MGM Mirage, Movies, Regulation, Sam Nazarian, The Strip | Comments Off on Reid’s heavy hand; Staying the course in Macao

Caesars: Total Rewards value is zilch

Posted on March 20, 2015 by David McKee

You and I might think that Total Rewards is Caesars Entertainment‘s prize asset — so much so that Chairman Gary Loveman built his reputation on it. However, in the current bankruptcy proceeding, Caesars is attributing no equity value to it. That’s one … Continue reading →

Posted in Harrah's, Marketing, South Korea, The Strip, Wall Street | 2 Comments

Nugget drives Louisiana; Sauce for the goose in Pennsylvania

Posted on March 19, 2015 by David McKee

Subtract the Golden Nugget Lake Charles from last month’s Louisiana gambling revenues and they’re absolutely flat with 2014. Two wannabe REITs went in opposite directions. Pinnacle Entertainment‘s aggregate Pelican State casinos were up 9% while Caesars Entertainment got hammered, down … Continue reading →

Posted in Boyd Gaming, Churchill Downs, GLPI, Greenwood Racing, Harrah's, Internet gambling, Isle of Capri, Marketing, Neil Bluhm, Pennsylvania, Pinnacle Entertainment, Politics, Racinos, Regulation, Sheldon Adelson, Taxes, Technology, Tilman Fertitta, Tropicana Entertainment | Comments Off on Nugget drives Louisiana; Sauce for the goose in Pennsylvania

Whither McCartney?; Distress at Caesars

Posted on March 19, 2015 by David McKee

Earlier this week, Vegas Tripping reported the departure of Thomas McCartney from The Cosmopolitan of Las Vegas. In its press release, the Cosmo went beyond the neutral sort of verbiage reserved for such pronouncements, saying that “Mr. McCartney did not … Continue reading →

Posted in Atlantic City, Carl Icahn, Cosmopolitan, Delaware, Genting, Harrah's, Illinois, James Packer, New York, Riviera, SLS Las Vegas, Station Casinos, The Strip, Trump Entertainment Resorts | 1 Comment

Macao’s Great Recession; Caesars shreds contracts

Posted on March 17, 2015 by David McKee

Yes Virginia, there is a recession in Macao. With two consecutive quarters of negative GDP growth, the casino city meets Wall Street‘s definition of a recessionary economy. Eighty percent of Macanese revenue comes from gambling, so when the central government … Continue reading →

Posted in California, Economy, Entertainment, Harrah's, Louisiana, Macau, New York, Philippines, Planet Hollywood, Regulation, Sheldon Adelson, Sports, Steve Wynn, Tourism, Transportation, Wall Street | Comments Off on Macao’s Great Recession; Caesars shreds contracts

Paradox at Revel; Further delay in Massachusetts

Posted on March 17, 2015 by David McKee

Florida developer Glenn Straub remains thwarted in his attempts to purchase Revel. His primary obstacle is Judge Gloria Burns, who seems bent upon charting a course for Chapter 7 liquidation. Although, out of 20 bids, Straub’s is the only one … Continue reading →

Posted in Foxwoods, Glenn Straub, Hard Rock International, Harrah's, Macau, Massachusetts, Ohio, Regulation, Revel, Station Casinos, Westgate LV | Comments Off on Paradox at Revel; Further delay in Massachusetts

Is MGM the next REIT?; Bad news for PokerStars

Posted on March 17, 2015 by David McKee

Shares of MGM Resorts International could trade at $55. So thinks hedge-fund boss Jonathan Litt, who has proposed converting MGM into a REIT, a move he says could halve the company’s massive debt. (Asset sales are part of Litt’s plan.) The … Continue reading →

Posted in Atlantic City, California, Harrah's, International, Internet gambling, Macau, MGM Mirage, PokerStars, Regulation, Sheldon Adelson, Tribal, Wall Street | Comments Off on Is MGM the next REIT?; Bad news for PokerStars

The torments of Glenn Straub; Icahn wins another round

Posted on March 13, 2015 by David McKee

“I keep waiting for the elevator doors to open and somebody to walk out carrying bags of money. We keep hearing about people with money wanting to make bids. I haven’t seen them yet.” So said Glenn Straub, who continues to … Continue reading →

Posted in Atlantic City, Cantor Gaming, Carl Icahn, Glenn Straub, Harrah's, Horseracing, Idaho, Massachusetts, MGM Mirage, New Hampshire, Politics, Revel, Sports, Technology, Trump Entertainment Resorts, Wall Street, Westgate LV | 2 Comments

Caesars pensioners find sympathetic ear

Posted on March 13, 2015 by David McKee

Caesars Entertainment‘s cutoff of payments to several dozen pensioners drew the attention of the Nevada Gaming Control Board, taking up the bulk of Wednesday’s hearing. NGCB Terry Johnson member told Caesars attorneys, “The pensioners are an important matter that should not … Continue reading →

Posted in Boyd Gaming, Harrah's, Louisiana, Marketing, Massachusetts, New York, Racinos, Regulation, Revel, Tribal, Tropicana Entertainment | Comments Off on Caesars pensioners find sympathetic ear

Honeymoon over in Atlantic City; Resistance in Connecticut

Posted on March 13, 2015 by David McKee

All the gains Atlantic City casinos had been making from the downsizing of the market came to an abrupt end last month. Gambling revenues dove 16% and same-store revenues fell 2% (yes, even the Borgata‘s). Luck simply was not on … Continue reading →

Posted in Atlantic City, Bally Technologies, Boyd Gaming, Foxwoods, Harrah's, Mohegan Sun, Politics, Riviera, Scientific Games, Shuffle Master, The Strip, Tilman Fertitta, Tropicana Entertainment, Trump Entertainment Resorts, Wall Street, WMS Industries | 1 Comment

Adelson vs. lottery; Big weekend at SLS

Posted on March 11, 2015 by David McKee

Proving that gaming is the only taxable udder on which the Nevada Legislature dares tug, Assemblyman Harvey Munford has proposed a state lottery. The purported use of lottery proceeds would be to help senior citizens and support public education. “The … Continue reading →

Posted in Ameristar, Entertainment, GLPI, Harrah's, Illinois, MGM Mirage, Missouri, Pinnacle Entertainment, Politics, Regulation, Sam Nazarian, Sheldon Adelson, The Strip | 1 Comment