Category Archives: Harrah's

Caesars: ‘Iceberg, debt ahead!’

Posted on April 9, 2014 by David McKee

Citing a “negative” outlook for Caesars Entertainment, bond-ratings agency Standard & Poor’s downgraded its ranking of the company yesterday. Caesars liquidity, analyst Melissa Long opined, was insufficient to meet $3.5 billion in debt maturities that come due next year, nor … Continue reading →

Posted in Atlantic City, Harrah's, Revel, Wall Street | Comments Off on Caesars: ‘Iceberg, debt ahead!’

Belaboring the obvious; Ohio’s growing pains

Posted on April 8, 2014 by David McKee

What is being hailed as a major breakthrough in problem-gambling treatment rests upon some observations that don’t seem to be particularly novel. Disordered gambling is being blamed on the insula area of the brain, crucial to forming emotions. So far, … Continue reading →

Posted in Atlantic City, Boyd Gaming, Cordish Co., Dining, Hard Rock International, Harrah's, Maryland, Ohio, Penn National, Problem gambling, Racinos, Regulation, Technology | Comments Off on Belaboring the obvious; Ohio’s growing pains

Tribal power; A new contender in Japan

Posted on April 8, 2014 by David McKee

Talking Stick Resort may have only 752 slot machines and 51 blackjack tables but it’s powered an economic bonanza in the Scottsdale, Arizona desert. It’s the focal point of two baseball spring-training facilities (Arizona Diamondbacks and Colorado Rockies), a 36-hole … Continue reading →

Posted in Arizona, Baseball, CityCenter, Election, Harrah's, Japan, Melco Crown Entertainment, Nebraska, Racinos, Tribal | Comments Off on Tribal power; A new contender in Japan

East Coast Case Bets

Posted on April 8, 2014 by David McKee

Although talks have been conducted in deep secrecy, a few details of Seminole Tribe compact negotiations have been vouchsafed the public. The tribe is telling the state “don’t push us on this,” reminding it that the Bureau of Indian Affairs … Continue reading →

Posted in Cordish Co., Harrah's, Maryland, Massachusetts, MGM Mirage, Mohegan Sun, Penn National, Politics, Racinos, Taxes, Tropicana Entertainment | 1 Comment

The son also rises; Tight squeeze in Macao

Posted on April 7, 2014 by David McKee

Add James Packer to the list of casino moguls with their eyes on Japan. He’s prepared to commit $5 billion to a resort project in the Land of the Rising Sun. Officials in South Korea, unlike their Japanese brethren, aren’t … Continue reading →

Posted in Atlantic City, Economy, Environment, Harrah's, Internet gambling, James Packer, Japan, Macau, Pennsylvania | Comments Off on The son also rises; Tight squeeze in Macao

Penn tanks in Illinois, Bluhm ascends; The casino transfer that wasn’t

Posted on April 7, 2014 by David McKee

There were two clear winners in Illinois last month and one big loser — Penn National Gaming. Performing worse than expected,  Penn had double-digit declines at all four of its casinos: Empress Joliet (-14%), Hollywood Aurora (-14%), Alton Belle (16%) … Continue reading →

Posted in Boyd Gaming, Dan Gilbert, Detroit, Harrah's, Horseracing, Lake Tahoe, Massachusetts, Neil Bluhm, Penn National, Regulation, Taxes | 1 Comment

Big trouble for Little Caesars

Posted on April 4, 2014 by David McKee

A second group of dissident debtors has shown up to spoil Caesars Entertainment‘s spinoff of high-value assets to Caesars Growth Properties (aka Little Caesars). The $2.2 billion purchase, incidentally, means that Little Caesars — which is majority owned by Big … Continue reading →

Posted in Harrah's, Maryland, Planet Hollywood, The Strip, Wall Street | Comments Off on Big trouble for Little Caesars

Requiem for megaresorts?; Deferred deadline in Massachusetts

Posted on April 3, 2014 by David McKee

Is the megaresort era over? It had a pretty good run, from 1989 until the Great Recession. That’s a solid two decades. There are still one or two megaresort projects still out there, notably Genting Group‘s Resorts World Las Vegas. … Continue reading →

Posted in Foxwoods, Genting, Hard Rock Hotel, Harrah's, IGT, Internet gambling, Massachusetts, MGM Mirage, Morgans Hotel Group, Neil Bluhm, Regulation | Comments Off on Requiem for megaresorts?; Deferred deadline in Massachusetts

High rolling

Posted on April 1, 2014 by David McKee

Las Vegas has its newest icon and the local media are duly wowed. The Review-Journal hauled out a stock of familiar superlatives — “stylish … trendy … hip.” The Las Vegas Sun wasn’t much more restrained. Then there was passenger … Continue reading →

Posted in Current, Dining, Entertainment, Harrah's, The Strip | Comments Off on High rolling

Gentlemen, place your bids

Posted on March 31, 2014 by David McKee

Today, New York State starts taking bids on the four casinos it will soon be licensing upstate. At yet, there is no mechanism in place for determining licensing fees or whether the surrounding communities want the casinos or not. In … Continue reading →

Posted in Dining, Entertainment, Genting, Harrah's, Massachusetts, New York, Regulation, The Strip, Transportation | Comments Off on Gentlemen, place your bids

(Economic) climate change in New Jersey, Nevada and Iowa

Posted on March 31, 2014 by David McKee

Jobs are coming back to Atlantic City … well, at least a trickle. In a month, casino operators will be required to have their Internet-gambling personnel on site in New Jersey. We’re not talking about large numbers of staff — … Continue reading →

Posted in Affinity Gaming, Atlantic City, Colorado, Economy, Harrah's, Internet gambling, Iowa, Isle of Capri | 1 Comment

Murren on Japan; Blatstein’s big buy

Posted on March 31, 2014 by David McKee

It’s still a long haul until casinos are legalized in Japan, let alone built, but MGM Resorts International CEO Jim Murren is waxing confident. He notes that Japan’s tourism is expected to grow 100% by 2020 and another 50% by … Continue reading →

Posted in California, Foxwoods, Harrah's, Internet gambling, Japan, MGM Mirage, Mississippi, Pennsylvania, The Mob, Tourism | Comments Off on Murren on Japan; Blatstein’s big buy

Okada thwarted again; Granite State stalemate

Posted on March 30, 2014 by David McKee

Kazuo Okada‘s Universal Entertainment Corp. has pulled out of a deal to develop a $2 billion casino megaresort in the Philippines. Universal isn’t talking but jilted partner Century Properties Group is less reticent. Planning to contest the divorce, it says … Continue reading →

Posted in Delaware, Harrah's, International, Japan, New Hampshire, Politics, Problem gambling, The Strip | Comments Off on Okada thwarted again; Granite State stalemate

Revel limps forward; Sheldon Adelson’s would-be buddies

Posted on March 28, 2014 by David McKee

President Scott Kreeger is insisting all is well at embattled Revel Resort. On one flank he’s got employees on whose behalf Unite-Here has been pressing for union representation. On the other he has the task of trying to make the … Continue reading →

Posted in Atlantic City, Boyd Gaming, Harrah's, Internet gambling, Louisiana, MGM Mirage, Revel, Sheldon Adelson, Texas, Wall Street | Comments Off on Revel limps forward; Sheldon Adelson’s would-be buddies

Walsh: My way or else; Sands Crimea?

Posted on March 27, 2014 by David McKee

Making yet another overreach, Boston Mayor Martin J. Walsh asserts that the only party which can decide whether Beantown is host community to Wynn Resorts‘ and Mohegan Sun‘s projects is … Boston. The Massachusetts Gaming Commission, he says, has no … Continue reading →

Posted in Alabama, Harrah's, Massachusetts, Mohegan Sun, New York, Regulation, Revel, Steve Wynn, Tribal | 2 Comments

Big trouble at Caesars

Posted on March 27, 2014 by David McKee

In a shocking development, even for those of us who have followed Caesars Entertainment closely, the company is shutting down Harrah’s Tunica (formerly Grand Casino Tunica) on June 2. Regional president John Payne confessed to Bloomberg News that the casino … Continue reading →

Posted in Atlantic City, Harrah's, Mississippi, Regulation, Tourism, Tribal, Wall Street | 1 Comment

The long arm of the law

Posted on March 26, 2014 by David McKee

According to a story broken by Reuters, U.S. officials are going to put the onus on casinos to verify where high rollers’ funds are coming from. It could take at least for FinCEN to develop this new law, “likely to … Continue reading →

Posted in Election, Florida, Harrah's, Massachusetts, Mohegan Sun, Penn National, Regulation, Sheldon Adelson, South Carolina | 2 Comments

Upside down at Cosmo; Casino beggars; Tribal casinos set new record

Posted on March 26, 2014 by David McKee

If a 3% ROI is your idea of a good return on a casino, have we got the place for you: The Cosmopolitan of Las Vegas. It continues to narrow losses and improved gambling revenues 25%. Last year, the Cosmo’s … Continue reading →

Posted in Alabama, California, Colorado, Cosmopolitan, Delaware, Dining, Entertainment, Harrah's, Kansas, Macau, New York, Oklahoma, Racinos, Singapore, Taxes, Texas, The Strip, Tourism, Tribal | 1 Comment

No cause for jubilation; Cool spring at IGT

Posted on March 26, 2014 by David McKee

Audience feedback on the revamped, urbanized Jubilee! is starting to pour in … and it’s devastating. How bad can it be, I hear you say? Try this: “Like trying to save the Hindenburg with a bicycle pump … hands-down the … Continue reading →

Posted in Don Barden, Economy, Entertainment, Harrah's, IGT, Missouri, The Strip, Wall Street | 2 Comments

Massacre in Maine; South Korea, land of opportunity?

Posted on March 20, 2014 by David McKee

Six gambling-expansion bills were mowed down in Maine‘s state Senate last night. Three of the quashed proposals would have provided some form of Native American gambling.  (A fourth would have allowed racinos to go from 3,000 slots to 4,500.) Pleasant … Continue reading →

Posted in Dining, Harrah's, International, Maine, Mississippi, New York, Politics, Racinos, Regulation, Tribal | Comments Off on Massacre in Maine; South Korea, land of opportunity?