Category Archives: Harrah's

Quote of the Day

Posted on August 21, 2014 by David McKee

“From an equity perspective, in our view it is becoming almost impossible to assign an intrinsic valuation to Caesars without knowing what’s going on behind the curtain within all three individual entities, particularly on the debt side.” — Macquarie Securities … Continue reading →

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

Exit Revel, eight days early

Posted on August 18, 2014 by David McKee

Labor Day has taken on a cruel, new meaning in Atlantic City, where it will mark the closure of Revel‘s hotel. (The casino will stay open until dawn on Sept. 2.) This takes away eight days of employment that soon-to-be-jobless … Continue reading →

Posted in Atlantic City, Cordish Co., Delaware, Economy, Harrah's, Maryland, Racinos, Revel, Steve Wynn, The Strip | 1 Comment

Atlantic City: Worse to come

Posted on August 15, 2014 by David McKee

If you thought this year’s shrinkage of the Atlantic City casino market from 12 casinos to eight was bad, brace yourself. A Deutsche Bank report predicts more contraction to come. Resorts Atlantic City and Trump Taj Mahal have been marked … Continue reading →

Posted in Atlantic City, Boyd Gaming, Dining, Harrah's, Marketing, Maryland, Mohegan Sun, New York, Regulation, Revel, Tilman Fertitta, Tropicana Entertainment, Trump Entertainment Resorts | 2 Comments

Dispatch from the Boardwalk

Posted on August 13, 2014 by David McKee

As Revel informs the bankruptcy court that it’s dickering with “potential” bidders, a new set of gaming numbers rolls in with the tide. Subtracting the Atlantic Club Hotel from the comparisons, Atlantic City is down 7% year/year. Online gaming revenue, … Continue reading →

Posted in Atlantic City, Boyd Gaming, Harrah's, Internet gambling, Mohegan Sun, Revel, Tilman Fertitta, Tropicana Entertainment, Trump Entertainment Resorts | 2 Comments

Station’s big quarter; Smoke gets in your slots

Posted on August 13, 2014 by David McKee

Although customers are holding their purse strings tighter, Station Casinos registered noteworthy growth in earnings last quarter. Powered by Graton Resort & Casino in California, Station reported revenue of $55 million, up from $7 million a year earlier. In the … Continue reading →

Posted in California, Dining, Environment, Harrah's, Neil Bluhm, Ohio, Penn National, Pennsylvania, Pinnacle Entertainment, Racinos, Station Casinos, Tribal | Comments Off on Station’s big quarter; Smoke gets in your slots

The majesty of the law

Posted on August 12, 2014 by David McKee

For years New Jersey casino regulators have had to endure legislative backchat that they’re overstepping their authority. This week, lawmakers learned that such regulatory authority doesn’t extend as far as they thought. Even in its most dire straits, the Tropicana … Continue reading →

Posted in Atlantic City, Harrah's, Internet gambling, Massachusetts, Regulation, Sheldon Adelson, Steve Wynn, Trump Entertainment Resorts | 1 Comment

MGM’s comeback; Packer’s presumption

Posted on August 12, 2014 by David McKee

MGM Resorts International is feeling optimistic about getting back into Atlantic City (at a time when so many are getting out), to the point of talking about it publicly. “Borgata continues to be the market leader. We’re pretty excited to be able … Continue reading →

Posted in Architecture, Atlantic City, Boyd Gaming, Genting, Harrah's, International, Internet gambling, James Packer, Macau, MGM Mirage, New York, Pansy Ho, Regulation, Singapore, Stanley Ho, The Strip | 3 Comments

Revel calls it quits

Posted on August 12, 2014 by David McKee

Enough bids were received for Revel to postpone a bankruptcy auction until Thursday. But yesterday the resort’s board met and decided to cease operations. Whoever wins the auction will inherit Revel’s carcass — not its 3,187 employees, who find themselves … Continue reading →

Posted in Atlantic City, Harrah's, Regulation, Revel | 3 Comments

Caesars’ unmagical empire

Posted on August 11, 2014 by David McKee

Caesars Entertainment ” hasn’t posted a profit since late 2009″ and it kept that perfect streak alive today, more than doubling its 2Q13 loss of $212 million. The company lost $466 million — and I don’t think we can blame it … Continue reading →

Posted in Atlantic City, Harrah's, Internet gambling, Iowa, Maryland, Pennsylvania, Regulation, Reno, Revel, The Strip, Tribal, Wall Street | Comments Off on Caesars’ unmagical empire

Reality in Illinois, Indiana; Optimism in New York

Posted on August 11, 2014 by David McKee

Illinois has had far worse months than July, which was down only 5%. Admissions were off 9%, implying a 4% higher spend/visitor. Rivers Casino was flat but still managed to gross double what Harrah’s Joliet managed. The latter, however, was … Continue reading →

Posted in Boyd Gaming, Delaware, Economy, Genting, Harrah's, Illinois, Indiana, Massachusetts, MGM Mirage, Neil Bluhm, New York, Penn National, Pinnacle Entertainment, Racinos, Tropicana Entertainment | Comments Off on Reality in Illinois, Indiana; Optimism in New York

No gold rush in California

Posted on August 11, 2014 by David McKee

In a huge setback for Internet gambling, California‘s legislature is calling it a day. State Sen. Lou Correa (D) is not only withdrawing his i-gaming bill from consideration, he’s being termed out at the end of the session, so the cause … Continue reading →

Posted in California, Harrah's, International, Internet gambling, Isle of Capri, James Packer, Melco Crown Entertainment, Missouri, Ohio, Penn National, Pinnacle Entertainment, Politics, Regulation, Sheldon Adelson, Tropicana Entertainment | Comments Off on No gold rush in California

Success story in the Free State; Stalking horses in Nebraska

Posted on August 6, 2014 by David McKee

Correction: According to Caesars Entertainment — and contrary to the Washington Post — Horseshoe Baltimore is not being renamed “The Legend.” That is a misconstrual of an ad slogan: “The Legend is coming!” There’s no need to worry about saturation … Continue reading →

Posted in Cordish Co., Election, Harrah's, Maryland, Nebraska, Penn National, Racinos | 3 Comments

Good Caesars and Bad Caesars

Posted on August 6, 2014 by David McKee

That’s how a bondholder lawsuit distinguishes between Caesars Entertainment Operating Co. and Caesars Growth Partners. It castigates the toga-clad companies for — for instance — transferring Caesars Interactive (worth: $779 million) “for little or no consideration.” Similarly, Octavius Tower and … Continue reading →

Posted in Atlantic City, Harrah's, Internet gambling, Louisiana, The Strip, Tilman Fertitta, Wall Street | Comments Off on Good Caesars and Bad Caesars

Packer’s second chance

Posted on August 5, 2014 by David McKee

“You can’t be in the gaming industry and not have a special reverence for Las Vegas — that’s where it all began. While we fell short in past attempts to enter that market, we now have the ideal opportunity.” So said … Continue reading →

Posted in Arizona, Cannery Casino Resorts, Donald Trump, Election, Fontainebleau, Harrah's, James Packer, MGM Mirage, Politics, Sam Nazarian, Station Casinos, Steve Wynn, The Strip, Tribal, Wall Street | 2 Comments

MGM beats the Street; The wrath of Loveman

Posted on August 5, 2014 by David McKee

Not only did MGM Resorts International swing from a loss to a profit in 2Q14, its revenues exceeded Wall Street’s expectations. Analyst consensus foresaw $0.10/share in earnings and MGM delivered more than twice that. Revenues at every MGM property were … Continue reading →

Posted in Architecture, CityCenter, Current, Detroit, Harrah's, Illinois, Macau, Maryland, Mississippi, Neil Bluhm, The Strip, Wall Street | 1 Comment

Packer returns

Posted on August 4, 2014 by David McKee

James Packer is back. Undoubtedly encouraged by the recent groundswell of development on the Las Vegas Strip, he’s bought the New Frontier site for a casino development that will be underwritten by the Oaktree Capital Management hedge fund. Construction is to … Continue reading →

Posted in Atlantic City, Australia, Cosmopolitan, Fontainebleau, Harrah's, International, James Packer, Japan, Macau, Revel, Steve Wynn, Taxes, The Strip, Trump Entertainment Resorts, Wall Street | Comments Off on Packer returns

Shakeup at Downtown Grand

Posted on July 31, 2014 by David McKee

I’ll be staying at the Downtown Grand this weekend and it looks like I won’t be the only novitiate. Ownership has installed a new management team, too, casting a wide net. CFO Marie Ramsey comes over from the Tropicana Las … Continue reading →

Posted in Boyd Gaming, Cordish Co., Current, Delaware, Downtown, Harrah's, history, MGM Mirage, New York, Racinos, Riviera, Sheldon Adelson, Station Casinos, The Strip | Comments Off on Shakeup at Downtown Grand

Illiterate and accused; Revel: Rewarding failure

Posted on July 31, 2014 by David McKee

People who state their career goal as “trynna get rich” should probably be arrested for crimes against the English language. In the case of Izyiah Plummer (right), though, the charges are much more grave: the July 21 armed robbery of Caesars … Continue reading →

Posted in Atlantic City, Harrah's, Herbst Gaming, Internet gambling, Louisiana, Maryland, Planet Hollywood, Revel, The Strip, Tropicana Entertainment, Wall Street | Comments Off on Illiterate and accused; Revel: Rewarding failure

Wall Street: Viva Las Vegas

Posted on July 29, 2014 by David McKee

“Results could be lackluster, even if more states allow casinos, as is the case in Ohio, which we estimate cannibalized roughly one-third of its revenues from surrounding states.”  So wrote Fitch Ratings Service analyst Michael Paladino, assessing the gaming industry’s national … Continue reading →

Posted in Economy, Harrah's, history, Mississippi, New York, Ohio, Racinos, The Strip, Wall Street, Westgate LV | Comments Off on Wall Street: Viva Las Vegas

Enormous changes at the last minute

Posted on July 28, 2014 by David McKee

After years of hand-wringing about the future of Atlantic City, there is a sudden imperative to do something about the seaside resort. It’s gone from a leadership vacuum to possibly having too many chefs in the kitchen. State Senate President … Continue reading →

Posted in Atlantic City, Carl Icahn, Churchill Downs, Economy, Hard Rock International, Harrah's, Mississippi, Penn National, Revel, Tilman Fertitta, Trump Entertainment Resorts | Comments Off on Enormous changes at the last minute