Category Archives: Harrah's

Big month for Isle; Sentence handed down on Caesars gang

Posted on December 10, 2014 by David McKee

Whether it’s that one less weekend day than last year or holiday shopping or whatever, Missouri was down again in November after tantalizing us with a revenue-positive October. The statewide decrease was 4%, with table revenues holding steady but slot revenues pulling … Continue reading →

Posted in Harrah's, Harry Reid, International, Internet gambling, Isle of Capri, Kansas, Missouri, Penn National, Pinnacle Entertainment, The Strip, Tropicana Entertainment | Comments Off on Big month for Isle; Sentence handed down on Caesars gang

Indiana giveth, Ohio taketh away; Atlantic City fix finds wide support

Posted on December 9, 2014 by David McKee

Depending on whether or not you count free play as taxable revenue, Indiana was down 6% or 7% last month, with customers spending 3% more but visiting 9.5% less. Penn National Gaming‘s Hollywood Lawrenceburg took cross-border competition particularly hard, falling … Continue reading →

Posted in Atlantic City, Boyd Gaming, Current, Harrah's, Indiana, Kentucky, Ohio, Penn National, Pinnacle Entertainment, Politics, Sheldon Adelson, Taxes, Tropicana Entertainment | 1 Comment

The war over Caesars

Posted on December 8, 2014 by David McKee

That Caesars Entertainment plan to subdivide itself into a REIT may be a one-week wonder: Creditors are reported to be balking at the structure. “The creditors want to make sure the REIT is structured in a way that protects them … Continue reading →

Posted in Atlantic City, Delaware, Harrah's, Internet gambling, New York, South Korea, Station Casinos, Trump Entertainment Resorts, Wall Street | 1 Comment

Illinois disappoints, Ohio surprises and Golden Nugget opens early

Posted on December 8, 2014 by David McKee

Except for a mild, 2% increase at Harrah’s Joliet, it was a very schizoid November for Illinois, whose casinos came in 4% below last year. There was one less weekend day, which some will cite as an alibi … but then … Continue reading →

Posted in Boyd Gaming, Genting, GLPI, Hard Rock International, Harrah's, Illinois, Louisiana, MGM Mirage, MTR Gaming, Neil Bluhm, New York, Ohio, Penn National, Pinnacle Entertainment, Racinos, Tilman Fertitta | 1 Comment

Trump Taj Mahal buys time

Posted on December 5, 2014 by David McKee

In the latest of many deadlines, Trump Taj Mahal has pushed its closing date back by another week, from Dec. 12 to Dec. 20. (Given that it has closed one of its hotel towers, we should not be surprised that … Continue reading →

Posted in Atlantic City, Harrah's, Internet gambling, Sports, Station Casinos, Taxes, The Strip, Trump Entertainment Resorts | Comments Off on Trump Taj Mahal buys time

Quote of the Day

Posted on December 4, 2014 by David McKee

“For Caesars [Entertainment], the problem creating so many subsidiaries is that debt holders who financed the company were intentionally cut out from the valuable assets as they were transferred to new companies. This would be like getting a mortgage to … Continue reading →

Posted in Harrah's, Wall Street | 1 Comment

Dotty’s loses, Genting hesitates, Penn adapts

Posted on December 4, 2014 by David McKee

Look at that picture. Seriously, keep looking. Does that seem like a tavern to you? A casino? Some curious hybrid? For years the Clark County Commission has been grappling with the vexing questions posed by the rapidly growing Dotty’s chain of … Continue reading →

Posted in Architecture, Cordish Co., Dotty's, Downtown, Genting, Golden Gaming, Harrah's, Maryland, New York, Pennsylvania, Regulation, Station Casinos, The Strip | 2 Comments

Cokehead gets Nevada casino license; Cosmo sale near

Posted on December 4, 2014 by David McKee

Goodwill generated by the opening of SLS Las Vegas just went up Sam Nazarian‘s nose. The Los Angeles nightclub operator admitted to doing cocaine last April while living it up in Mexico. This is the kind of revelation casino pundits … Continue reading →

Posted in Cosmopolitan, Harrah's, history, Macau, Regulation, Sam Nazarian, Sheldon Adelson, Steve Wynn, The Strip | 1 Comment

Saving Atlantic City; Smokeless in Iowa

Posted on December 4, 2014 by David McKee

In an effort to solve the problem otherwise known as Atlantic City, policymakers are floating a variety of remedies. One would see the city’s casinos make a lump sum payment of $150 million for two years, in lieu of property … Continue reading →

Posted in Atlantic City, Boyd Gaming, Environment, Harrah's, Iowa, Isle of Capri, Pinnacle Entertainment, Regulation, Taxes | 1 Comment

Chronicle of a bankruptcy, foretold

Posted on December 3, 2014 by David McKee

Dipping into Shakespeare, Howard Stutz endeavors to do justice to the Elizabethan complexity of the Caesars Entertainment bankruptcy. The fault is not in the stars but in Gary Loveman, architect of the disaster. When it was rolled out, back in … Continue reading →

Posted in Atlantic City, Fontainebleau, Genting, Hard Rock International, Harrah's, International, Macau, New York, Pennsylvania, Singapore, Station Casinos, The Strip, Tribal, Wall Street, Wisconsin | 2 Comments

Loveman’s credit capers; Green shoots in flyover country

Posted on December 1, 2014 by David McKee

Reorganization of Caesars Entertainment promises to continue to provide drama. UMB Bank threw red meat on the barbeque with a lawsuit that charged Apollo Management and Texas Pacific Group with having “thoroughly ransacked CEOC in a sweeping and now transparent plan … Continue reading →

Posted in Atlantic City, Boyd Gaming, Economy, Harrah's, Isle of Capri, Louisiana, Maryland, Ohio, Penn National, Pinnacle Entertainment, Regulation, The Strip, Tilman Fertitta, Wall Street, World Series of Poker | 6 Comments

Quote of the Day

Posted on November 25, 2014 by David McKee

“I maintained this status for about 10 days, working about 14 hours a day. Several times during this effort, I would email my supervisor back in Kansas with the message, ‘I have fallen in Harrah’s financials and can’t get up.’” … Continue reading →

Posted in Harrah's, Kansas, Wall Street | Comments Off on Quote of the Day

Good news from the Boardwalk; Leven leaves

Posted on November 25, 2014 by David McKee

Rid of the Atlantic Club Hotel, Showboat, Trump Plaza and Revel, cash flow at Atlantic City casinos shot upward 7%, or $147.5 million. Once that unhappy quartet is removed from the year-over-year comparison, the percentage increase falls to 3% but … Continue reading →

Posted in Carl Icahn, Cirque du Soleil, Colony Capital, Harrah's, Macau, Massachusetts, MGM Mirage, Mohegan Sun, Regulation, Revel, Sheldon Adelson, Steve Wynn, The Strip, Tilman Fertitta, Trump Entertainment Resorts, Wall Street | Comments Off on Good news from the Boardwalk; Leven leaves

SLS struggles to find its niche; Cordish knows its one

Posted on November 25, 2014 by David McKee

Granted, Sam Nazarian had to do something with the Sahara, but so far when SLS Las Vegas makes the headlines it’s with another piece of bad news. F&B offerings have been cut back and the nightclub program is struggling. Rationalizes … Continue reading →

Posted in Boyd Gaming, Cordish Co., Dining, Genting, George Maloof, Harrah's, Maryland, New York, Regulation, Revel, Sahara, Sam Nazarian, The Strip | Comments Off on SLS struggles to find its niche; Cordish knows its one

Paid to not play?; More trouble for Trump, Caesars

Posted on November 24, 2014 by David McKee

Although the American Gaming Association came down against Massachusetts‘ proposed “managed play” system of regulating losses, casino companies are saying, “Not so fast.” Wynn Resorts, MGM Resorts International and Penn National Gaming are all in favor of the idea of … Continue reading →

Posted in Arizona, Atlantic City, Carl Icahn, Harrah's, Massachusetts, MGM Mirage, Penn National, Problem gambling, Regulation, Sports, Steve Wynn, Tribal, Trump Entertainment Resorts, Wall Street | 1 Comment

Failure in Japan … on to South Korea

Posted on November 24, 2014 by David McKee

Casino legalization fell on its sword in Japan when Prime Minister Shinzo Abe abruptly dissolved the Diet, in order to call for elections. According to Reuters, “That means lawmakers cannot pass regulatory legislation next year, making it highly unlikely any … Continue reading →

Posted in Harrah's, Japan, Macau, Marketing, MGM Mirage, Mohegan Sun, Politics, Sheldon Adelson, South Korea, Transportation | Comments Off on Failure in Japan … on to South Korea

Are the feds scrutinizing Wynn … and why?

Posted on November 24, 2014 by David McKee

Uncle Sam appears to be making a systematic sweep of the Strip, probing all the major players. The latest target, according to the Wall Street Journal, is Wynn Resorts, which denies knowledge of any federal probe. However, according to the … Continue reading →

Posted in Harrah's, Iowa, Macau, Massachusetts, Regulation, Sheldon Adelson, Station Casinos, The Strip, Wall Street | Comments Off on Are the feds scrutinizing Wynn … and why?

Case Bets

Posted on November 20, 2014 by David McKee

A California tribe is getting into Internet gambling in a somewhat roundabout way. The Pala Indians are beta-testing PalaCasino.com, which will be run off the online platform of … Borgata. (Casinos in Atlantic City can host as many as five … Continue reading →

Posted in Atlantic City, Boyd Gaming, California, Cosmopolitan, Economy, Entertainment, Harrah's, Internet gambling, New York, Ohio, Penn National, Regulation, The Strip, Tourism, Tribal | Comments Off on Case Bets

Big Ease; The Mirage, 25 years later

Posted on November 20, 2014 by David McKee

Even with 19 non-tribal casinos and racinos to support, the Louisiana market continues to rebound. It was up 4% last month, with even 2% growth in the crowded Shreveport/Bossier City marketplace. El Dorado was the second-highest grosser and the percentage leader … Continue reading →

Posted in Boyd Gaming, Churchill Downs, CityCenter, Downtown, GLPI, Hard Rock Hotel, Harrah's, history, Isle of Capri, Louisiana, MGM Mirage, Penn National, Pennsylvania, Pinnacle Entertainment, Regulation, Sheldon Adelson, Steve Wynn, Tropicana Entertainment | 1 Comment

Revel: Brookfield bails, Straub back in; A few good men

Posted on November 19, 2014 by David McKee

Like its predecessors at Revel, management at Brookfield US Holdings found itself with an albatross around its neck: the cost-intensive Inlet District Energy Center. The standalone power plant cost the resort $1.25 million a month. Brookfield hoped to reduce those costs … Continue reading →

Posted in Atlantic City, Foxwoods, Genting, Glenn Straub, Harrah's, International, Internet gambling, Massachusetts, MGM Mirage, New York, Pennsylvania, Revel, Sports, Taxes, Tribal, Wall Street | Comments Off on Revel: Brookfield bails, Straub back in; A few good men