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- Ray Lebowski on Sibella scandal spreads; Supremes forestall Seminoles
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Category Archives: Penn National
The new China syndrome
Junket operators and gaming companies in Macao are donating $22.5 million to help find a coronavirus cure. Good on them. Would that we could say half that about the government of China, which has bungled a localized virus into a … Continue reading
Posted in Caesars Entertainment, China, CityCenter, Election, Entertainment, Health, Japan, Las Vegas Sands, Louisiana, Macau, Nevada, Oklahoma, Penn National, Rush Street Gaming, South Korea, Sports, Sports betting, The Strip, Tribal, Wynn Resorts
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Boom in the Rust Belt
You’d be forgiven if you did a double take upon seeing the latest casino-revenue numbers out of the Midwest. Business is up—to sometimes-unprecedented degrees. Take Ohio, for instance. It’s always a casino-friendly state … but a 19% upsurge in revenue? … Continue reading
Posted in Boyd Gaming, Caesars Entertainment, Churchill Downs, Dan Gilbert, DraftKings, Economy, Eldorado Resorts, FanDuel, Full House Resorts, GLPI, Hard Rock International, Illinois, Indiana, MGM Resorts International, Missouri, Ohio, Penn National, Racinos, Rush Street Gaming, Spectacle Entertainment, Sports betting
2 Comments
DFS dealt major setback; Mills is grist
Daily fantasy sports was dealt a major setback when a New York State court ruled it unlawful. It was deemed that the Lege had exceeded its remit by classifying DFS as a game of skill, not of chance. New York … Continue reading
Posted in Affinity Gaming, Churchill Downs, Connecticut, Crown Resorts, Detroit, DFS, Diversity, DraftKings, FanDuel, Foxwoods, International, Las Vegas Sands, Lotteries, Maine, Melco Resorts & Entertainment, MGM Resorts International, Mohegan Sun, Nevada, New Hampshire, New Jersey, New York, Penn National, Politics, Problem gambling, Regulation, Sports betting, Technology
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Tramway to Encore; Pennsylvania pony pennies pinched
A gondola ride from Everett City Hall to Encore Boston Harbor? It could happen. Everett Mayor Carlo DeMaria has applied for a $200,000 study grant so that the city can look into the feasibility. He’s picking up the ball from Wynn … Continue reading
Penn looking good; From the police blotter
Penn National Gaming reported 4Q19 revenues that aligned with Wall Street projections, with cash flow modestly higher than expected “on a combination of better operations and lower than forecast corporate expenses.” JP Morgan analyst Joseph Greff said that Penn was … Continue reading
Posted in Century Casinos, Colorado, Cretins, Derek Stevens, Florida, Horseracing, Iowa, Law enforcement, Money laundering, Penn National, Pennsylvania, Politics, Regulation, Slot routes, Sports betting, Technology, The Strip, Virginia, Wall Street
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MGM, Cordish boom in Maryland; Here come the robots
Turns out the Maryland market hasn’t quite been saturated, after all. January saw 6% growth in gambling revenue, led by MGM National Harbor‘s $58.5 million (+4%). Slots at MGM were up 10% but table win down 2%. MGM had 40% … Continue reading
Posted in Caesars Entertainment, China, Churchill Downs, Cordish Co., Entertainment, Golden Gaming, Japan, Maryland, MGM Resorts International, Movies, Ohio, Penn National, Planet Hollywood, Technology, The Strip, West Virginia
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Penn/Barstool deal a home run; Blatstein lightens Showboat ship
Shares of Penn National Gaming jumped 12% on news of its 36% acquisition of Barstool Sports. Penn plans to unroll a Barstool-branded line of sports books, online applications and mobile-wagering services. Barstool, in turn, will promote Penn until 2060 … … Continue reading
Posted in AGA, Atlantic City, Caesars Entertainment, Derek Stevens, Downtown, Fontainebleau, Golden Gaming, Hard Rock Hotel, Japan, Las Vegas Sands, LVCVA, Massachusetts, Maverick Gaming, MGM Resorts International, Palms, Penn National, Problem gambling, Regulation, Resorts World LV, Sports betting, Station Casinos, Steven Witkoff, Technology, The Strip, Tribal, Wall Street, Washington State, Wynn Resorts
1 Comment
Penn pulls up a Barstool; Fear and trembling in Macao
As expected, Penn National Gaming bought a significant position in Barstool Sports, investing $135 million cash, $28 million PENN shares, and getting 36% of the two board seats and 36% of the company. The remainder is split between Chernin Group … Continue reading
Posted in China, Derek Stevens, Dining, Donald Trump, Economy, Macau, Movies, Nevada, Penn National, Problem gambling, Reno, Rhode Island, Sports betting, Technology, Wall Street
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Eldorado gets one state closer; Banditry in Arizona
Check Louisiana off the list of states giving the thumbs-up to the Eldorado Resorts takeover of Caesars Entertainment. CEO Tom Reeg had to assure regulators that the company would invest $500 million (there goes that highly touted half-billion cost savings) in … Continue reading
Springfield: The boss hits town
After a worst-month-ever December at MGM Springfield, company CEO Jim Murren has apparently had enough. He flew into Springfield today to put a bit of stick about, as the Brits would say. His ostensible purpose is to hang out with the … Continue reading
Posted in Baseball, Boyd Gaming, Caesars Entertainment, Churchill Downs, Eldorado Resorts, Entertainment, GLPI, history, Louisiana, Maryland, Massachusetts, MGM Resorts International, Movies, Penn National, Sports, Sports betting, The Strip
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Encore owns Massachusetts; Harrah’s Reno (almost) sold
Massachusetts gaming-revenue numbers are out and Encore Boston Harbor is the story. It’s got 65% market share and $1.75 million casino win per day. MGM Springfield is far behind, with 19% market share and 600 dimes win per day, with … Continue reading
Posted in Caesars Entertainment, CityCenter, history, Kansas, Louisiana, Massachusetts, MGM Resorts International, Missouri, Oklahoma, Penn National, Problem gambling, Reno, The Strip, Twin River, Wall Street, Wynn Resorts
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Big MGM payday; Halting casino extortion; Wynn scammed
Betting the farm on Japan, CEO of MGM Resorts International Jim Murren has realized his goal of selling MGM Grand and Mandalay Bay. The price was a sweet $4.6 billion it will only cost MGM $292 million a year to lease … Continue reading
Posted in Caesars Entertainment, Eldorado Resorts, Environment, Hard Rock International, Indiana, Japan, Law enforcement, Louisiana, Macau, Massachusetts, Maverick Gaming, MGM Resorts International, Ohio, Penn National, Philippines, Spectacle Entertainment, Sports betting, Taxes, The Strip, Wynn Resorts
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Indiana flat, Missouri down, Jones up
Indiana gaming revenues were microscopically down last month, to $186 million, not bad when one considers that December 2018 had one more weekend day. It’s too soon to have numbers from table games at the racinos, so January’s will be … Continue reading
Posted in Boyd Gaming, Caesars Entertainment, Century Casinos, Diversity, DraftKings, Eldorado Resorts, Environment, FanDuel, Full House Resorts, Illinois, Indiana, MGM Resorts International, Michigan, Penn National, Racinos, Regulation, Scott Butera, Spectacle Entertainment, Sports betting, Wynn Resorts
1 Comment
Churchill Downs, Eldorado power Illinois; Atlantic City upgraded
Santa Claus was generous to Illinois casinos. Despite ever-increasing competition and an unfavorable calendar (one less weekend day) their receipts rose 5.5% last month. The gross was $124 million, with most of that ($94 million) coming from the state’s northern … Continue reading
Maryland maxed out; Adelson’s $40 million lesson
Casino revenues in the Free State continue to be flat. Maryland gambling houses grossed $149 million last month. MGM National Harbor‘s $62.5 million—a 4.5% gain—led the state. Slots were down 2% at MGM but table win up 12%, a development … Continue reading
Posted in Caesars Entertainment, Churchill Downs, Cordish Co., Downtown, Environment, Golden Gaming, Harry Reid, Las Vegas Sands, Law enforcement, Maryland, MGM Resorts International, Penn National, Sheldon Adelson, Technology, Terry Caudill
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Trop sold (we think); Angels in the casino
After fielding multiple offers for the Tropicana Las Vegas, one has been accepted by Penn National Gaming and negotiations are underway. All this comes by way of Scott Roeben‘s VitalVegas, which pegs the sale price at $700 million, making a tiny … Continue reading
Posted in Atlantic City, Conventions, DraftKings, Laughlin, M Resort, Maine, Massachusetts, Movies, New Hampshire, Penn National, Politics, Sports, Sports betting, Technology, The Strip
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Fourth Massachusetts casino mulled; Hard Rock making hard sell in Japan
While the Boston Globe may call it a “baby step,” the Massachusetts Gaming Commission is doing the right thing by means-testing the market before awarding a full-scale casino license in the southeastern part of the Bay State, which looks pretty … Continue reading
Posted in Environment, Hard Rock International, Japan, Massachusetts, Mohegan Sun, Neil Bluhm, Penn National, Regulation, Rush Street Gaming, Tribal, Virginia, Wynn Resorts
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Louisiana stagnant, Michigan a sports-betting go
An extra weekend day didn’t do bupkis for Louisiana, where November gaming revenues ($205 million) were flat with last year’s. The good news is that Baton Rouge, so troubled a market, was incrementally higher than in 2018. Eldorado Resorts‘ Belle … Continue reading
Posted in Boyd Gaming, Caesars Entertainment, China, Churchill Downs, Detroit, Economy, Eldorado Resorts, GLPI, Indiana, Internet gambling, Louisiana, Macau, Michigan, Movies, New Jersey, Penn National, Pennsylvania, Sexual misconduct, Sports betting, Taxes, Tilman Fertitta, Tribal, Wall Street
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Greed is good (Not!); Miller looks back on 2019
Most gaming CEOs are wearing hair shirts and taking vows of poverty compared to bet365 CEO Denise Coates, the new poster girl of greed. She awarded herself $422 million in compensation (no, that’s not a typo). In 2015-6 Coates scraped … Continue reading
Posted in AGA, China, Cosmopolitan, Dining, International, Macau, Massachusetts, Money laundering, Penn National, Pennsylvania, Politics, Problem gambling, Regulation, Resort fees, Sports betting, The Strip, Wynn Resorts
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Tribal gambling rampant in Oklahoma?; Penn National gets swindled
Could “casinos and smoke shops soon begin popping up on every corner of downtown Tulsa?” So wondered Indian Country Today about a Supreme Court case that could dramatically alter the complexion of tribal gaming in Oklahoma. (Serves Kevin Stitt right.) The … Continue reading
Posted in Atlantic City, Caesars Entertainment, California, Churchill Downs, Culinary Union, Eldorado Resorts, Galaxy Entertainment, Genting, Illinois, Japan, Las Vegas Raiders, Law enforcement, Macau, MGM Resorts International, Oklahoma, Pansy Ho, Penn National, Regulation, Sociedade de Jogos de Macau, Sports, Sports betting, The Rio, Tribal, World Series of Poker, Wynn Resorts
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