Category Archives: MGM Mirage

Panning for gold in Macao

Posted on July 23, 2015 by David McKee

Wall Street analysts succeeded in setting their expectation for Las Vegas Sands performance in Macao so low that the company was able to exceed them despite deep, double-digit declines in revenue, including 14% less revenue per hotel room. Lower marketing costs … Continue reading →

Posted in Economy, International, Japan, MGM Mirage, Regulation, Sheldon Adelson, Singapore, South Korea, The Strip, Wall Street | Comments Off

Doubts pervade Massachusetts; California casino resurrected

Posted on July 21, 2015 by David McKee

A recent article in the Las Vegas Review-Journal poked fun at Massachusetts‘ nascent casino industry and at Penn National Gaming‘s Plainridge Park in particular. All that schadenfreude may not have been gratuitous after all, in view of the gloom presently … Continue reading →

Posted in California, Environment, Foxwoods, Massachusetts, MGM Mirage, Mohegan Sun, Penn National, Regulation, Rhode Island, Steve Wynn, Taxes, Tribal | Comments Off

Pinnacle deal done; Christie’s tribal blind spot

Posted on July 21, 2015 by David McKee

After playing hard to get, Pinnacle Entertainment management finally succumbed to the embrace of Gaming & Leisure Properties. It’s a great deal on Pinnacle’s part: It sells its real estate to GLPI for 12.5 times cash flow, an unheard-of multiple … Continue reading →

Posted in Entertainment, GLPI, Japan, MGM Mirage, Pinnacle Entertainment, The Strip, Tribal, Wall Street | Comments Off

MGM challenged in Connecticut, praised in Maryland

Posted on July 20, 2015 by David McKee

Connecticut‘s gaming tribes are confident they can beat MGM Springfield to the punch by a wide margin. How wide depends on whether they’re able to use a repurposed building (in which case we could be talking about the end of … Continue reading →

Posted in Economy, Foxwoods, Maryland, Massachusetts, MGM Mirage, Mohegan Sun, Wall Street | Comments Off

Caesars CEO earns dunce cap; Downtown Grand faces identity crisis

Posted on July 20, 2015 by David McKee

New Caesars Entertainment CEO Mark Frissora scarcely got his chair warm when former employer Hertz Global Holdings pushed him under the bus, blaming him for a managerial style that led to four years’ worth of “material misstatements [and] inappropriate accounting decisions … Continue reading →

Posted in Downtown, Eldorado Resorts, Harrah's, MGM Mirage, Regulation, Reno, The Strip | Comments Off

The lion grumbles; Is Alabama casino-ready?

Posted on July 16, 2015 by David McKee

MGM Resorts International is not going to sit idly by while the State of Connecticut tries to horn in on MGM Springfield‘s business. MGM President William Hornbuckle said the company was “not going to go peacefully” but would not give … Continue reading →

Posted in Alabama, Atlantic City, Foxwoods, Iowa, Macau, Maryland, Massachusetts, MGM Mirage, Mohegan Sun, Penn National, Politics, Racinos, Singapore, Steve Wynn, Taxes, The Strip, Warner Gaming | Comments Off

Stalemate with Straub; MGM’s new bauble

Posted on July 16, 2015 by David McKee

Glenn Straub is sticking it to Stockton University but good. While the school tries to find a new buyer for the old Showboat, he’s refusing to let the university out of its purchase agreement with his KK Ventures. So far, … Continue reading →

Posted in Atlantic City, Cirque du Soleil, Entertainment, Glenn Straub, Harrah's, Macau, MGM Mirage, Regulation, Steve Wynn, The Strip, Trump Entertainment Resorts | 2 Comments

Mirage volcano muzzled; Macao gives the industry hope

Posted on July 14, 2015 by David McKee

One of Vegas’ most iconic attractions is getting minimized. The Mirage volcano will now only erupt twice on weeknights and thrice on weekends. This austerity move is a concession to MGM Resorts International‘s huge debt overhang. It was also supposedly … Continue reading →

Posted in Economy, Environment, Harrah's, International, Macau, Melco Crown Entertainment, MGM Mirage, Mississippi, Philippines, Sheldon Adelson, South Korea, Station Casinos, Steve Wynn, Taxes, The Strip, Tourism | Comments Off

Wynn: Massachusetts vs. Boston; Crisis and opportunity at Station

Posted on July 13, 2015 by David McKee

Steve Wynn appears to be losing patience with the obstacles being thrown in his way by seemingly vanquished adversaries in his long fight to get a Boston-area casino. He’s filed a defamation suit against the city, after a lawsuit championed … Continue reading →

Posted in Culinary Union, Eldorado Resorts, Election, Georgia, history, International, Massachusetts, MGM Mirage, New York, Politics, Regulation, Sam Nazarian, Slot routes, Station Casinos, Steve Wynn | Comments Off

White knight for Caesars?; Missing the Blarney Stone

Posted on July 10, 2015 by David McKee

Caesars Entertainment may have to cede more equity in Caesars Entertainment Operating Co. in order to get junior creditors behind a Chapter 11 restructuring. A Paulson & Co. initiative reportedly aims to do exactly that. In tandem with Canyon Partners and … Continue reading →

Posted in Dan Gilbert, Derek Stevens, Detroit, Downtown, Economy, Harrah's, Internet gambling, MGM Mirage, Sports, Wall Street | Comments Off

SLS: House of Pain

Posted on July 8, 2015 by David McKee

Former Revel President Scott Kreeger, now running SLS Las Vegas, must feel like he’s gone from the frying pan into the fire. An unusually trenchant Howard Stutz column lays out the problems facing the new casino, a hipster joint sitting … Continue reading →

Posted in California, Carl Icahn, Dining, Eldorado Resorts, Florida, Fontainebleau, Genting, Marketing, MGM Mirage, New York, Reno, Riviera, Sam Nazarian, SLS Las Vegas, Wall Street | 1 Comment

GLPI ups ante for Pinnacle

Posted on July 7, 2015 by David McKee

Wall Street has been consistently saying that Gaming & Leisure Properties‘ previous offer for Pinnacle Entertainment wouldn’t get the deal done. Now GLPI has put $47.50/share on the table, to a cool response from Pinnacle management. J.P. Morgan analyst Joseph … Continue reading →

Posted in GLPI, history, International, MGM Mirage, Penn National, Pinnacle Entertainment, Sports, The Mob, The Strip, Wall Street, Wisconsin | 1 Comment

MGM goes to Atlanta; Pechanga named #1

Posted on July 2, 2015 by David McKee

Instead of waiting for an incremental creep of acceptance of gambling in Georgia, MGM Resorts International is taking the bull by the horns. While it says that it is in the “very preliminary” stages of proposing a casino for Atlanta, … Continue reading →

Posted in Architecture, Atlantic City, Boyd Gaming, California, Economy, Foxwoods, Georgia, Hard Rock Hotel, Harrah's, Indiana, Internet gambling, Louisiana, MGM Mirage, Mississippi, Mohegan Sun, Neil Bluhm, New York, Pinnacle Entertainment, Politics, Sheldon Adelson, Station Casinos, Technology, The Strip, Tourism, Tribal | Comments Off

Mohegan Sun’s eastern inspiration; Bumper crop in Colorado

Posted on July 1, 2015 by David McKee

You’d never know Mohegan Sun has been experiencing financial difficulties on the home front to judge by the scale and expense of its South Korean partnership with Incheon International Airport Corp. The two sides have finalized conceptual plans for Inspire … Continue reading →

Posted in Architecture, Colorado, Economy, Massachusetts, MGM Mirage, Mohegan Sun, Neil Bluhm, Regulation, South Korea, Steve Wynn, Wall Street | Comments Off

Macao: Victory or status quo?; No more soft opening at Linq

Posted on July 1, 2015 by David McKee

Deutsche Bank was predicting a 37% dropoff in Macao gaming revenues for June. They came in 36% under last year’s numbers. Is this good news or not-so-bad news? Probably the latter. The novelty factor of Galaxy Phase II was quick … Continue reading →

Posted in Architecture, Economy, Environment, Harrah's, Macau, Melco Crown Entertainment, MGM Mirage, Sheldon Adelson, Stanley Ho, Steve Wynn, Technology, The Strip, Wall Street | Comments Off

Quote of the Day

Posted on June 29, 2015 by David McKee

“Can the one-armed bandit reinvent itself? There is no doubt that gaming, specifically the slot machine, needs a face-lift.” — Deutsche Bank analyst Andrew Zarnett on new developments in casino technology.

Posted in Marketing, MGM Mirage, Technology | Comments Off

Strip treads water in May; Penn a big hit in Massachusetts

Posted on June 26, 2015 by David McKee

For all the hoopla about the (fixed?) Mayweather-Pacquiao fight, Strip gaming revenues sent mixed signals. The game that matters most, baccarat, saw somewhat less play (-7%) but the house got beaten badly, its winnings down 36%. By contrast, all other … Continue reading →

Posted in Alabama, Atlantic City, Boulder Strip, Downtown, Economy, Harrah's, Lake Tahoe, Laughlin, Massachusetts, MGM Mirage, North Las Vegas, Penn National, Regulation, Reno, Transportation, Wall Street, Warner Gaming | Comments Off

Adelson’s minions do his bidding; Seminoles lose patience

Posted on June 26, 2015 by David McKee

Two presidential aspirants, Sens. Lindsey Graham (R) and Marco Rubio (R), joined forces with a gaggle of other senators in reintroducing “Restoration of America’s Wire Act,” Sheldon Adelson‘s pet vehicle for keeping his competitors out of Internet gambling. Among those … Continue reading →

Posted in Florida, Harrah's, Internet gambling, Macau, MGM Mirage, Politics, Regulation, Sheldon Adelson, Technology, The Mob, Tribal | Comments Off

Big legal bill for Steve Wynn; SLS Las Vegas craters

Posted on June 24, 2015 by David McKee

In case Steve Wynn is having second thoughts that maybe it was a bad idea to try and muzzle stock-picker James Chanos, a federal court made it official. On top of two defeats in the courtroom, Wynn has been handed a … Continue reading →

Posted in Colony Capital, Cosmopolitan, Entertainment, Genting, James Packer, Macau, Marketing, Massachusetts, MGM Mirage, Sahara, Sam Nazarian, Sheldon Adelson, SLS Las Vegas, Steve Wynn, The Mob, The Strip, Tribal, Wall Street | Comments Off

Billion-dollar bonanza in Macao; Mob boss returns

Posted on June 24, 2015 by David McKee

Casino investment in the U.S. has largely been a bust for private equity firms. However, two funds — Silver Point Capital and Oaktree Capital Management — could be about to hit the jackpot in Macao. It seems that Melco Crown … Continue reading →

Posted in Economy, International, James Packer, Lawrence Ho, Macau, Melco Crown Entertainment, MGM Mirage, Singapore, Stanley Ho, The Mob, Tourism, Wall Street | Comments Off