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Category Archives: Missouri
Penn overboard!; Macao’s zenith
First the good news about Ohio: Gambling revenue was up 47% last month. Now, the bad news. One a same-store basis it was down 2% year/year. Who knew the Buckeye State would get saturated so quickly? The statewide gross was … Continue reading
Posted in Atlantic City, Boyd Gaming, Current, Dan Gilbert, Delaware, Economy, Harrah's, Illinois, Internet gambling, Macau, Melco Crown Entertainment, MGM Mirage, Missouri, MTR Gaming, Neil Bluhm, Ohio, Penn National, Racinos, Sheldon Adelson, Stanley Ho, Station Casinos, Tourism, Wall Street
1 Comment
Isle gets some love; Second chance in New York
“A great pick.” That’s what Seeking Alpha says about Isle of Capri Casinos. Like so many regional operators, it hasn’t been posting lights-out numbers lately but its 16-casino portfolio makes it a bargain play for some. “It’s hard not to … Continue reading
Posted in Election, history, Isle of Capri, Missouri, New York, Pennsylvania, Reno, Tribal, Wall Street
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How Caesars does it
While we think the idea of a bake sale to reduce Caesars Entertainment‘s $23.5 billion debt is satirical, you never know. It wouldn’t be the most cockamamie idea ever to emerge from Gary Loveman‘s office. We asked one of our … Continue reading
Comeback for Lee; Penn, Mohegans get thumbs-up
Palms Casino Resort, which could use some casino-savvy brainpower at its helm, believes it has found it in new CEO Dan Lee. Out the door, unceremoniously, goes the much-bounced-around Joseph Magliarditi, who ricocheted to the Palms by way of M … Continue reading
Penn, Boyd take the hot seat
Continuing its series of “fireside chats,” Deutsche Bank‘s Carlo Santarelli met with Penn National Gaming executives. They reported that high-end play was pretty much normal but that small-fry players (who represent a quarter of their database) are wagering less these … Continue reading
Posted in Atlantic City, Boyd Gaming, Downtown, Internet gambling, Missouri, Ohio, Penn National, Wall Street
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Wall Street comes to the Strip, meets the big boys
Investment firms like J.P. Morgan and Deutsche Bank have been sending emissaries to Las Vegas this week, to meet with all the major gaming firms during Global Gaming Expo. Since the latter is being held at Sands Expo Center, perhaps … Continue reading
Posted in Current, Economy, G2E, Isle of Capri, Japan, Macau, Marketing, Massachusetts, MGM Mirage, Missouri, Pennsylvania, Sheldon Adelson, Singapore, Steve Wynn, The Strip, Tourism, Wall Street
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Adelson’s new BFF; Icahn’s pricey purchase; Fertitta out of A.C.?
Politics making strange bedfellows and all that, S&G woke up to find Sheldon Adelson enjoying connubial bliss with President Barack Obama. Both are pushing for military intervention in Syria, swimming against the tide of American public opinion. And to think … Continue reading
Posted in Atlantic City, Carl Icahn, Current, International, Internet gambling, Missouri, Pinnacle Entertainment, Politics, Sheldon Adelson, Singapore, Tilman Fertitta
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St. Louis: Pinnacle out, Icahn in; Cosmo’s death wish
After fielding several offers, Pinnacle Entertainment has liquidated Lumiere Place Casino and its affiliated Four Seasons hotel to … Carl Icahn. Uncle Carl spent $260 million to close the deal. Considering that the book value of Lumiere Place is $401.5 … Continue reading
Pinnacle’s done deal; Collateral damage from Ho Tram
Federal Trade Commission approval removed the last obstacle to Pinnacle Entertainment‘s takeover of Ameristar Casinos. The acquisition closed straightaway. Pinnacle informed investors that it expects to have a Lumiere Place sale done by autumn, meeting the last of the FTC covenants … Continue reading
Fertitta moves on Lake Charles; Sexism triumphs at Boyd; Rhythm City blues
Earlier today, Pinnacle Entertainment announced that it had agreed with Golden Nugget to sell Ameristar Casinos‘ unfinished Lake Charles project at cost ($214 million and climbing). As Deutsche Bank analyst Carlo Santarelli noted, “We view this as a firm positive … Continue reading
Posted in Ameristar, Atlantic City, Boyd Gaming, Current, Harrah's, Iowa, Maryland, Missouri, Ohio, Pinnacle Entertainment, Racinos, Regulation, Texas, Tilman Fertitta, Wall Street
2 Comments
Missouri misery; Revel inches upward
Sometimes I feel Gary Loveman‘s pain — and that of Anthony Sanfilippo, Virginia McDowell, Peter Carlino … When they look at the kind of numbers states like Missouri are generating, they must want to shake a fist and say, “Gamble, … Continue reading
Revel gets forgiveness; Illinois gets hammered
You’ve heard about the “Gamblers Wanted” marketing campaign at Revel that refunds slot refunds over $100 — if you’re a member of the players’ club. There’s another catch: You don’t get a cash refund but additional free play, doled forth … Continue reading
Posted in Atlantic City, Current, Donald Trump, Economy, Harrah's, Illinois, Marketing, MGM Mirage, Missouri, Neil Bluhm, Ohio, Penn National, Politics, Revel, Slot routes
1 Comment
Buyer’s market on the Boardwalk
An East Coast spy for S&G has had his ear to the ground and reports that a veritable horde of prospective purchaser are descending upon Atlantic City. Casino prices having fallen about as low as they can go, “buy” appears … Continue reading
Pinnacle folds; Kansas City rebounds
Wow. I am stunned. Despite defiant proclamations that he would fight the Federal Trade Commission in court, Pinnacle Entertainment CEO Anthony Sanfilippo capitulated in swift order. This morning, J.P. Morgan reported that Pinnacle had reached an agreement in principle to … Continue reading
Pinnacle: The cost of the deal
Pinnacle Entertainment finds itself in an interesting pickle today: It’s awfully far into its Federal Trade Commission-blocked purchase of Ameristar Casinos to blow it up by, say, selling three or more Ameristar properties or otherwise triggering a fallout. And if … Continue reading
Posted in Ameristar, CityCenter, Current, Harrah's, Internet gambling, Louisiana, Macau, Melco Crown Entertainment, MGM Mirage, Missouri, Penn National, Regulation, Sheldon Adelson, Vdara Death Ray, Wall Street, World Series of Poker
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Feds balk at Pinnacle/Ameristar deal
Given the supine attitude toward mergers and acquisitions that has prevailed in Washington, D.C., for the past 15 years and the routine, state-by-state approval of Pinnacle Entertainment‘s takeover of Ameristar Casinos, I had erroneously thought it a done deal. Not … Continue reading
Nevada: The recovery continues; Elsewhere: Not so much
After a boffo February, the Silver State also posted extraordinary numbers in March. As Deutsche Bank headlined its report, “Different Month, Same Tune.” Analyst Carlo Santarelli cautioned, “we believe the underlying trends are not as strong as the headline would … Continue reading
Posted in Ameristar, Atlantic City, Boulder Strip, Boyd Gaming, Colony Capital, Current, Dan Lee, Donald Trump, Downtown, Economy, Harrah's, Illinois, Iowa, Isle of Capri, Kansas, Lake Tahoe, Laughlin, Marketing, Missouri, North Las Vegas, Penn National, Pinnacle Entertainment, Reno, Revel, The Strip, Tourism, Wall Street
2 Comments
Illinois: Quinn caves; Money grab in Missouri
That pesky Illinois Legislature writes up a new, gambling-expansion bill as fast as Gov. Pat Quinn (D, left) can veto the last one. Evidently worn down by long combat with lawmakers and facing a $100 million hole in the state’s … Continue reading
Revel: Christie catches a break; Illinois remains suicidal; Online poker debuts in Nevada
New Jersey Gov. Chris Christie (R) is one lucky fellow. Bankrupt Revel threatened to become an albatross around his neck, thanks to a $261 million tax break that Christie helped push through Trenton. Last week, it turned out that Revel … Continue reading
Pinnacle/Ameristar: A done deal; Elaine Wynn’s domino effect
All but a very few Ameristar Casinos shareholders voted to approve the company’s takeover by Pinnacle Entertainment, in one of the fastest M&A deals in industry memory. Regulatory approvals are still pending in Nevada and other states but Ameristar always … Continue reading
Posted in Ameristar, Dining, Entertainment, Harrah's, Indiana, Iowa, Macau, MGM Mirage, Missouri, Penn National, Pinnacle Entertainment, Regulation, Steve Wynn, Wall Street
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