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Category Archives: Illinois
Scandal in Illinois (Where else?); Screwup in Florida
With no private developer willing to step up to the plate for a Chicago casino, Mayor Lori Lightfoot (D) is now pitching a city/state partnership. Why not? There won’t be any profits to divide. State Rep. Greg Harris (D), for … Continue reading
Posted in DFS, Florida, Illinois, Politics, Racinos, Regulation, Seminole Tribe, Slot routes, Sports betting, Taxes, The Mob
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Boyd, Penn upbeat; DeSalvio leaves Encore Boston
J.P. Morgan analyst Joseph Greff continued his listening tour of Global Gaming Expo, meeting with Boyd Gaming CFO Josh Hirshberg. “We come away positive and highlight BYD’s attractive free cash flow generation and ensuing de-leveraging,” Greff reported. Despite wider concerns … Continue reading
Wall Street rates Vegas, Macao; Tribes skirmish in Illinois
Credit Suisse analyst Ben Combes turned his attention to three major Las Vegas companies, starting with MGM Resorts International. He’s staying neutral on the giant, writing, “We see Las Vegas as a cyclical but long-term growth market, given strong leverage … Continue reading
Posted in China, Conventions, Economy, Illinois, Indiana, Las Vegas Sands, Macau, MGM Resorts International, Pennsylvania, Politics, Tourism, Transportation, Tribal
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Big Hoosier handle; Caudill empire expands
Indiana sports books generated $35 million in handle last month, translating to $8.5 million in revenue, taxed at 9.5%. “Indiana’s sportsbooks are in their infancy, but their ability to capitalize on the Chicago market did not take long to produce … Continue reading
Posted in AGA, Boyd Gaming, Caesars Entertainment, Derek Stevens, Diversity, Downtown, El Cortez, Eldorado Resorts, Illinois, Indiana, Massachusetts, Penn National, Real Estate, Sports betting, Taxes, Technology, Terry Caudill, The Mob, The Strip, Wayne F. Newton, Wynn Resorts
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Hard Rock ratified; Get high at Grand River
Rockford‘s city council ratified Mayor Tom McNamara‘s selection of Hard Rock International, 11-1. Even casino opponent Alderman Frank Beach voted aye, saying, “My vote tonight is really not for a casino in Rockford. But it’s the best way to block … Continue reading
Posted in Hard Rock International, Illinois, Law enforcement, Regulation, South Dakota, Tribal
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MGM beats Maryland malaise
Maryland officially hit the saturation point last month, as revenues dipped 1%. MGM National Harbor ($58 million) wasn’t hurting, up 6%—with slots and table games gaining equally—and with 40.5% market share. Maryland Live ($48 million) was second with 33.5% but … Continue reading
Posted in Boyd Gaming, Caesars Entertainment, Churchill Downs, Cordish Co., Dan Gilbert, Eldorado Resorts, GLPI, Golden Gaming, Hard Rock International, Horseracing, Illinois, Maryland, MGM Resorts International, Ohio, Penn National, Racinos, West Virginia
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Doldrums, hope in Baton Rouge; AGA inducts three
It’s 25 years ago this month that casino gambling came to Baton Rouge. The mood, however, is far from celebratory as the city’s riverboats remain mired in a two-year slump, thanks to the Baton Rouge smoking ban. Some also blame … Continue reading
Posted in AGA, Arkansas, Eldorado Resorts, Environment, GLPI, history, Illinois, Louisiana, Mississippi, Penn National, Pinnacle Entertainment, Regulation, Sports betting, Taxes, Technology, The Strip, Tribal
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Hard Rock elected in Rockford; Palms prexy out
That was quick. Rockford Mayor Tom McNamara and city staff have tapped Hard Rock International to develop the city’s new casino, forwarding their recommendation to the Illinois Gaming Board. The Hard Rock bid was aided, if not clinched, by the promise … Continue reading
Posted in Hard Rock International, Illinois, Las Vegas Sands, Law enforcement, Macau, MGM Resorts International, Palms, Sociedade de Jogos de Macau, Wall Street, Wynn Resorts
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Resort fees assailed; Hard Rock rocks Rockford
Resort fees, the bane of customers to Las Vegas, are inspiring some congressional action. Lawmakers Rep. Eddie Bernice Johnson (D) and Rep. Jeff Fortenberry (R) are collaborating on a bill that would outlaw resort fees (it’s the Hotel Advertising Transparency … Continue reading
Posted in Eldorado Resorts, Hard Rock International, Illinois, International, MGM Resorts International, Phil Ruffin, Politics, Problem gambling, Racinos, Regulation, Resort fees, The Strip, West Virginia
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Adelson power play in Las Vegas, unease in Macao
Sheldon Adelson, it long has been clear, brooks no dissent. He bought the Las Vegas Review-Journal to make it a megaphone for his political views (anybody remember the Marco Rubio presidential campaign, the one the R-J endorsed three times to … Continue reading
Sammy Naz strikes again; Stevens removes urban blight
While the ink has scarcely dried on the Sahara logo on the Las Vegas Strip, owner Alex Meruelo is already in hot water. The Las Vegas Review-Journal is reporting that Meruelo is being sued for unpaid licensing fees. In what … Continue reading
Posted in Alex Meruelo, Caesars Entertainment, Derek Stevens, Downtown, G2E, history, Illinois, Marketing, New Jersey, Racinos, Real Estate, Sahara, Sam Nazarian, SLS Las Vegas, Sports, Sports betting, Terry Caudill
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Train shows promise; Culinary sabotages Station
* We’re hearing a bit more on the Virgin Trains USA electric railway to Las Vegas. The first shovels are to go into the ground in 2023 and the route will mainly hew to the I-15 median. Completion is expected … Continue reading
Police blotter; Brockton gets shut out
Hawaii is one of the last two bastions of anti-gambling in America. Naturally, in such an environment, illegal gambling is going to flourish. Last week federal authorities indicted 15 individuals (seven of whom are on the lam) and seized 60 … Continue reading
Posted in Canada, Charity, Florida, Hard Rock International, Hawaii, Illinois, Law enforcement, Marijuana, Massachusetts, Money laundering, Neil Bluhm, Racinos, Regulation, Taxes, Tribal, Wynn Resorts
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Chicago casino tax damned; Kerkorian epoch ends
That Illinois casino expansion went back to the drawing board—the Illinois Gaming Board, to be exact. The topic of its ire was the 33% “privilege tax” hung around the neck of the Chicago casino (bringing its effective tax rate to … Continue reading
Wall Street: The Strip is all right; Rivals pile into Waukegan
JP Morgan analyst Joseph Greff has just returned from a two-day field trip to Las Vegas. His overall reaction was “incrementally positive.” He said he sensed “a fairly steady trend line in terms of overall spend and net revenue performance.” … Continue reading
Posted in Boyd Gaming, Caesars Entertainment, Churchill Downs, Conventions, Dan Gilbert, Dan Lee, Detroit, Dining, Entertainment, Full House Resorts, Illinois, Japan, Las Vegas Raiders, Las Vegas Sands, Macau, Marketing, Maryland, MGM Resorts International, Ohio, Palms, Penn National, Resort fees, Rush Street Gaming, Sahara, Sports betting, The Strip, Tribal, Wall Street, Warner Gaming, Wisconsin
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Churchill Downs on the rampage
Churchill Downs execs met with Wall Street analysts and laid out their strategy going forward. The look toward their ‘historical racing’ machines at their titular track as a way to increase its cash flow as well as to help support … Continue reading
Posted in Churchill Downs, Horseracing, Illinois, Kentucky, Macau, Oklahoma, Oregon, Regulation, The Strip, Tribal, Wall Street, Wynn Resorts
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Maryland good, Illinois becalmed, MGM furious
Maryland‘s casino industry showed continued health last month, up 5.5%. MGM National Harbor had 40.5% of market share while Maryland Live corralled 34.5% of trade. MGM grossed $62.5 million, with low-tax table games up 10% as opposed to only 4% … Continue reading
Posted in Boyd Gaming, Caesars Entertainment, Connecticut, Cordish Co., Eldorado Resorts, GLPI, Golden Gaming, Hard Rock International, Illinois, International, Internet gambling, Las Vegas Raiders, Las Vegas Sands, Law enforcement, Lotteries, Macau, Maryland, Mohegan Sun, Penn National, Pennsylvania, Regulation, Rush Street Gaming, Slot routes, South Dakota, Sports, Wall Street, West Virginia
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Furor in Illinois; ‘Carmageddon’ in New Jersey
Charles DeGaulle was famous as The Man Who Said No. That nickname may have to be reassigned to Churchill Downs CEO Bill Carstanjen. His decision not to seek racino status for Arlington International Racecourse has set the Illinois gaming industry and … Continue reading
Baccarat hamstrings the Strip
July would have been a good month for the Las Vegas Strip were it not for a wipeout at baccarat: down 26% on 15% less wagering, so luck was definitely not with the house. Overall, Strip revenues were up 1.5% … Continue reading
Posted in Boulder Strip, Churchill Downs, Downtown, Illinois, Lake Tahoe, Las Vegas Raiders, Laughlin, Nevada, North Las Vegas, Racinos, Reno, Rush Street Gaming, Sports, The Strip, Tourism, Transportation, Wall Street
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Chicago: Lightfoot’s folly; Penn mulls Trop expansion
Between 72% taxes and 30% operating costs, a Chicago casino is a money-losing proposition, at best one eking out a 3% profit. Union Gaming Group minced few words, reporting, “The [$15 million] reconciliation fee alone would wipe out any profits generated … Continue reading