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Category Archives: Penn National
July resumption for Mass casinos; Room rates rebound
Casinos in Massachusetts now know when they can reopen … more or less. Gov. Charlie Baker (R) has laid out of one of the toughest reopening regimens in the U.S. It will proceed in four phases, each phase—beginning today—lasting three weeks. … Continue reading
Posted in Caesars Entertainment, California, Derek Stevens, Downtown, Economy, Entertainment, Health, Las Vegas Sands, Massachusetts, MGM Resorts International, Oscar Goodman, Penn National, Politics, Real Estate, Regulation, Station Casinos, The Strip, Tribal, Wall Street, Wynn Resorts
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Cosmo to Hard Rock?; Caesars dwarfs Eldorado
VitalVegas is a veritable font of Las Vegas Strip scuttlebutt. Among its recent rumor-chases was the tantalizing hint that Planet Hollywood was going to go smoke-free. (Official word from Caesars Entertainment: “Untrue.” End of story.) Also, author Scott Roeben is … Continue reading
Posted in Caesars Entertainment, Cosmopolitan, Dining, Economy, Eldorado Resorts, Hard Rock International, MGM Resorts International, Nevada, Penn National, Planet Hollywood, Real Estate, Seminole Tribe
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Vegas casinos can reopen, sorta; Hard Rock returns
Want to go back to a Las Vegas casino? Now you can. In a well-meant directive that seems to be sowing a certain amount of confusion, the Nevada Gaming Control Board stated that during the current Phase I, casinos could … Continue reading
New York state of mind; Moody blues for Las Vegas
Like Massachusetts casinos, those in New York are not expected to reopen until July. Lago Resort & Casino General Manager Lance Young told journalist James Rutherford he’s monitoring reopening protocols as far away as Macao but has received no concrete … Continue reading
Posted in Economy, Health, Horseracing, Internet gambling, Lotteries, Maryland, MGM Resorts International, Michael Gaughan, Nevada, New York, Oklahoma, Penn National, Regulation, Rush Street Gaming, Sports, Sports betting, Taxes, Tribal, Wall Street
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Barrack screws up (again); Boyd reopens … somewhat
Colony Capital CEO Tom Barrack is back in the news and, as usual, not in a good way. His REIT has defaulted on $3.2 billion in loans secured by 157 hotel and healthcare properties. That’s three-quarters of his holdings. Prior to … Continue reading
Boston buoys Wynn, Penn leans on Barstool
Wynn Resorts was one of three biggies to report 1Q20 results late last week and the Las Vegas Strip was the least of its problems. Wynn Las Vegas and Encore had net revenue of $324 million, down 19% from last … Continue reading
Posted in Atlantic City, Caesars Entertainment, CityCenter, DraftKings, Economy, FanDuel, Florida, Golden Gaming, history, Illinois, Indiana, Internet gambling, Las Vegas Sands, Macau, Maine, Marketing, Maryland, Massachusetts, MGM Resorts International, Penn National, Pennsylvania, Slot routes, Sports, Sports betting, Taxes, The Strip, Tourism, Wall Street, Wynn Resorts
3 Comments
Creative responses to a crisis
Leave it to Derek Stevens to find a way to literally drive sports-betting business in Downtown. Starting this morning, Circa Sports began taking curbside sports bets at the Golden Gate. You pull up, flash your cash (or plastic) and a … Continue reading
Shakeup at MGM, layoffs at Station
In a late-Friday night of the long knives, MGM Resorts International let go four property presidents. The official nomenclature is “laid-off” but we strongly suspect, given MGM’s history, that this prefaces a streamlining and centralization of authority. Out the door were … Continue reading
Strip clocked, locals stronger; Montana reopens first
Nevada casinos won $618 million in a Covid-19-truncated March, with the Las Vegas Strip leading the plunge with a 46% fall to $300 million. Las Vegas locals play was remarkably strong under the circumstances, down only 20.5%, although that number may … Continue reading
Posted in Atlantic City, Boulder Strip, Boyd Gaming, Donald Trump, Downtown, Economy, Election, Golden Gaming, Health, Internet gambling, Lake Tahoe, Laughlin, Mesquite, Nevada, North Las Vegas, Penn National, Pennsylvania, Reno, The Strip, Wall Street, Wendover, William Hill
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New opening for ‘Net bets; Goodman still under fire
With gaming reeling—and tax revenues along with it—Internet gambling may start looking more attractive to states that have previously scorned it. Sports betting has taken the lead, with Colorado poised to enter that fray. However, Morgan Stanley analyst Thomas Allen … Continue reading
Posted in Atlantic City, Caesars Entertainment, Colorado, Culinary Union, Economy, Eldorado Resorts, GLPI, Health, Internet gambling, Morris Bailey, Nevada, New Jersey, Oregon, Penn National, Real Estate, Sports betting, Taxes, The Strip, Tilman Fertitta, Tribal, TV, Unite-Here, Wall Street, Wisconsin
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Trimming ship at Mohegan Sun; Tennessee’s bad bet
Slot win at Mohegan Sun was $19.5 million (-62%) last month, while Foxwoods Resort Casino didn’t do quite so well, winning $14 million (-67%) before closing on March 17, as did Mohegan Sun. The silver lining for the tribes is … Continue reading
Posted in Foxwoods, Internet gambling, Mohegan Sun, Penn National, Sports betting, Taxes
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Carnage in Louisiana; Documentary slams MGM
Louisiana casinos grossed $97 million last month, having been closed on March 17. April appears to be a dead loss. Surprisingly, the Baton Rouge market was the least hard-hit although at -58% everything is relative. The 61% statewide plunge compares … Continue reading
Posted in Boyd Gaming, Caesars Entertainment, Charity, Churchill Downs, Dining, Eldorado Resorts, GLPI, Law enforcement, Louisiana, Mandalay Bay Massacre, MGM Resorts International, Movies, Penn National, Sahara, The Strip, Tilman Fertitta
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More woes for Penn; “A slog” for Encore Boston
Covid-19 has claimed another casino casualty in the form of Resorts Casino Tunica. Ironically, the Penn National Gaming closure comes after an abortive March which promised to exceed the 2019 in Mississippi. Overall gaming revenues were at $110 million when … Continue reading
Posted in Australia, California, Crown Resorts, Economy, GLPI, history, International, Massachusetts, Mississippi, Penn National, Sports betting, Taxes, Tourism, Wall Street, Wynn Resorts
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Internet saves Atlantic City; Hope for sports bettors
On March 16, both Atlantic City and Detroit closed their casinos, but the Boardwalk had it somewhat worse, down 62% in the truncated month. (The numbers suggest that visitation may have been tailing off prior to the shutdown.) Atlantic City … Continue reading
Posted in AGA, Atlantic City, Caesars Entertainment, Detroit, DraftKings, Eldorado Resorts, FanDuel, Hard Rock International, Health, Internet gambling, Massachusetts, MGM Resorts International, Mohegan Sun, New Jersey, Ocean Resort, Penn National, Sports, Sports betting, Tilman Fertitta, Tribal, Wynn Resorts
1 Comment
Midwest: Casinos, interrupted
For some arcane reason, Illinois has not reported casino revenue for March. But we have a couple of neighboring states’ data and can conclude with reasonable certainty that it tracks with the Land of Lincoln. After a March 17 closure … Continue reading
Ohio, Indiana slammed; Station is ‘george’
Loss of half a month in Ohio meant a 61% plunge in casino/racino revenues, to $72 million. Although there were two fewer weekend days in the month that was as nothing compared to Coronavirus. (The calendar is neutral this month, … Continue reading
Maryland craters; Penn takes Trop loss
Free State Gov. Larry Hogan (R) having closed casinos on March 16, revenue results were predictably dire, down 58%. That’s a measly $69 million gross. MGM National Harbor booked $26 million, a 58.5% slide, with slots down 62% and tables … Continue reading
Posted in Caesars Entertainment, Churchill Downs, Cordish Co., Detroit, Donald Trump, Economy, Eldorado Resorts, GLPI, Golden Gaming, Health, Las Vegas Sands, Law enforcement, Maryland, Massachusetts, MGM Resorts International, Penn National, Politics, Real Estate, Sheldon Adelson, Sports betting, The Strip, Wall Street, West Virginia, Wynn Resorts
3 Comments
Sanders enters casino fray; MGM execs play the market
Sen. Bernie Sanders (I), perhaps in a move to reinvigorate his comatose presidential campaign, has waded into the dispute between the Trump administration and the Mashpee Wampanoag. The origin of the tribe’s newly dissolved, 321-acre reservation is clouded by tribal recognition during … Continue reading
Harbingers of hope
Tonight, in a gesture of defiance toward Coronavirus, a parade of vehicles will be held up the otherwise-deserted Las Vegas Strip. Led by mobile billboard Balanceville Art Car, “Light Up Las Vegas” will begin from McCarran Sunset Business Park, immediately south … Continue reading
Posted in Boyd Gaming, California, Charity, Detroit, Downtown, Health, Japan, Marketing, Penn National, Resorts World LV, Sports, The Strip
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Hard times for Atlantic City; Murren’s big payday
Atlantic City casinos have pink-slipped 6,000 workers as a gaming shutdown goes on indefinitely. Said Ocean Casino Resort CEO Terry Glebocki, “This is truly an unprecedented time not only for Ocean, but for everyone.” Unemployment claims in the Garden State … Continue reading
Posted in Atlantic City, Boyd Gaming, Caesars Entertainment, Economy, Eldorado Resorts, Hard Rock International, Health, Illinois, Indiana, Louisiana, Macau, MGM Resorts International, Morris Bailey, Ocean Resort, Penn National, Pennsylvania, Real Estate, Regulation, Sports betting, Tribal, Wall Street, Washington State
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