Category Archives: Penn National

Atlantic City, the morning after; On the dole in Delaware

Posted on July 5, 2018 by David McKee

Even as it celebrates its debut in Atlantic City, Hard Rock International is pining for the New York City area, especially since it has an exclusive contract to operate a casino at Meadowlands. In a display of rather poor taste, Hard … Continue reading →

Posted in Ameristar, Atlantic City, Bruce Deifik, Delaware, Galaxy Entertainment, Hard Rock International, Indiana, Macau, New York, Penn National, Pinnacle Entertainment, Racinos, Sports, Taxes, Wall Street | 1 Comment

Penn outperforms in Massachusetts; Horse sense in Indiana

Posted on June 28, 2018 by David McKee

Penn National Gaming had a happy surprise for the Massachusetts Gaming Commission when the latter dropped by Plainridge Park for a look-see. The racino, which the Boston Globe long tried to paint as a failure, has just come off its … Continue reading →

Posted in Boyd Gaming, Centaur Gaming, Downtown, Economy, Eldorado Resorts, Entertainment, Harrah's, Horseracing, Indiana, International, Japan, Law enforcement, Louisiana, Marijuana, Marketing, Massachusetts, Mississippi, Penn National, Pennsylvania, Pinnacle Entertainment, Planet Hollywood, Regulation, Singapore, Taxes, The Strip, Tourism, Wall Street | Comments Off on Penn outperforms in Massachusetts; Horse sense in Indiana

D-Day for Ocean Resort near; MGM’s tax bonanza

Posted on June 25, 2018 by David McKee

Bruce Deifik really is a gambler: He bought Revel sight unseen, lead investor in the $200 million purchase. If Glenn Straub‘s bizarre interregnum as owner was a lesson in how not to behave in Atlantic City, Deifik has been a … Continue reading →

Posted in Atlantic City, Bruce Deifik, e-sports, Glenn Straub, Harrah's, Louisiana, MGM Mirage, Nevada, Penn National, Politics, Revel, Sports, Taxes, Tribal, Tropicana Entertainment, Wall Street | Comments Off on D-Day for Ocean Resort near; MGM’s tax bonanza

Big day in New Jersey; Atlantic City slips

Posted on June 14, 2018 by David McKee

Sports betting in New Jersey will go off as planned. As I write this, Monmouth Park is 20 minutes away from taking its first wager, presumably placed on the World Cup by Gov. Phil Murphy (D). “I’m thrilled to be doing … Continue reading →

Posted in Dan Gilbert, Detroit, DFS, Eldorado Resorts, Greenwood Racing, Harrah's, Internet gambling, Isle of Capri, MGM Mirage, Mohegan Sun, Neil Bluhm, Penn National, Pennsylvania, Pinnacle Entertainment, Racinos, Sheldon Adelson, Sports, Tilman Fertitta, Tropicana Entertainment | 1 Comment

Midwest torpor; Freeman says goodbye

Posted on June 11, 2018 by David McKee

A wave of prosperity among Midwest casinos has hit the wall, at least for the near term. Indiana and Missouri joined Illinois, Ohio and Iowa in reporting flat year/year gaming revenues for May. In Indiana, gamblers were losing 15.5% more … Continue reading →

Posted in Ameristar, Boyd Gaming, Brazil, Centaur Gaming, Eldorado Resorts, Full House Resorts, Geoff Freeman, Harrah's, Illinois, Indiana, Internet gambling, Iowa, Isle of Capri, Law enforcement, Macau, Majestic Star, Melco Resorts & Entertainment, Missouri, Ohio, Penn National, Pinnacle Entertainment, Sheldon Adelson, Tribal, Tropicana Entertainment | Comments Off on Midwest torpor; Freeman says goodbye

Churchill Downs hearts casinos; Cleveland still not rocking

Posted on June 8, 2018 by David McKee

Churchill Downs is going all-in on sports betting, planning to leverage its (soon-to-be) access to the Pennsylvania and Mississippi markets, plus its relationship with the Golden Nugget in Atlantic City. However, the sky-high tax rate (34%) in Pennsylvania may translate … Continue reading →

Posted in Atlantic City, Churchill Downs, Dan Gilbert, Eldorado Resorts, GLPI, Hard Rock International, International, Kentucky, Law enforcement, Macau, MGM Mirage, Mississippi, Ohio, Penn National, Pennsylvania, Pinnacle Entertainment, Racinos, Sociedade de Jogos de Macau, Sports, Taxes, Wall Street | Comments Off on Churchill Downs hearts casinos; Cleveland still not rocking

Illinois doldrums; The dog ate her homework

Posted on June 7, 2018 by David McKee

Although all but two of its casinos were revenue-negative last month, Illinois gaming revenues were flat. The primary driver was Rivers Casino in Des Plaines, leaping 11% to $42 million (or over 1/3 of the state’s $120 million gross). Long-suffering … Continue reading →

Posted in Boyd Gaming, e-sports, Florida, GLPI, Harrah's, Illinois, Neil Bluhm, Penn National, Taxes, Tribal | Comments Off on Illinois doldrums; The dog ate her homework

Sports betting: Winners and losers; MGM mulls more Strip buys

Posted on June 6, 2018 by David McKee

According to gaming-law expert I. Nelson Rose, the Supreme Court‘s ruling on sports betting goes far, far beyond gambling: “For the first time in American history, the U.S. Supreme Court expressly held that the federal government cannot order states, or … Continue reading →

Posted in Churchill Downs, CityCenter, Cordish Co., DFS, Dubai, Fontainebleau, Genting, GLPI, Golden Gaming, Hard Rock International, Harrah's, Law enforcement, Marijuana, Maryland, MGM Mirage, Ohio, Penn National, Sports, West Virginia | 1 Comment

Macao disappoints Wall Street; Tribal troubles

Posted on June 1, 2018 by David McKee

Wall Street was expecting 18.5% gaming-revenue growth out of Macao last month. It got ‘only’ 12%, the Street not having taken an abbreviated Golden Week into account. Furthermore, the enclave had a hard act to follow, its revenue having vaulted … Continue reading →

Posted in California, Dining, Economy, Foxwoods, Galaxy Entertainment, Genting, Iowa, Japan, Macau, MGM Mirage, Mohegan Sun, Nebraska, New York, Penn National, Pennsylvania, Politics, Regulation, Sheldon Adelson, Tourism, Tribal, Wall Street | 3 Comments

Culinary confronts Caesars

Posted on May 31, 2018 by David McKee

If Deutsche Bank analyst Carlo Santarelli is any indicator, Wall Street is sanguine almost to the point of complacency about contract talks in Las Vegas. He calls the chances of a strike “low” although he thinks negotiations could drag on … Continue reading →

Posted in Boyd Gaming, Charity, Culinary Union, Harrah's, Mandalay Bay Massacre, MGM Mirage, Penn National, Sheldon Adelson, Station Casinos, Taxes, Texas, Transportation, Tribal, Wall Street, Wynn Resorts | Comments Off on Culinary confronts Caesars

MGM optimistic on Japan; Culinary blasts casino owners

Posted on May 30, 2018 by David McKee

Japan is one big step closer to casino legalization now that its House of Representatives passed a bill putting problem-gambling countermeasures into place. This was a necessary step before the actual casino-implementation law could go before the Diet. “The pace of … Continue reading →

Posted in Boyd Gaming, Culinary Union, Economy, Golden Gaming, Harrah's, Japan, Macau, MGM Mirage, Penn National, Politics, Problem gambling, Regulation, Sexual misconduct, Singapore, Taxes, Tourism, Transportation, Unite-Here, Wynn Resorts | Comments Off on MGM optimistic on Japan; Culinary blasts casino owners

Wall Street hearts Caesars; AGA does the right thing

Posted on May 24, 2018 by David McKee

One of our favorite investment banks, JP Morgan, has initiated coverage of Caesars Entertainment, providing us with further transparency of the company’s performance. The price target is a lowly $16/share, which presumably reflects the company’s recent, shall we say, financial … Continue reading →

Posted in Atlantic City, Boyd Gaming, Culinary Union, Geoff Freeman, Harrah's, Marketing, Penn National, Sexual misconduct, The Strip, Wall Street, Wynn Resorts | Comments Off on Wall Street hearts Caesars; AGA does the right thing

It’s Elaine’s world; Big Uneasiness in Louisiana

Posted on May 16, 2018 by David McKee

When the dust settles from the annual Wynn Resorts board meeting, there will be a directorate that is at least 60% new. Two more longstanding board members bit the dust this week, including former Nevada Gov. Bob Miller (D). One … Continue reading →

Posted in Architecture, Dan Gilbert, DFS, Elaine Wynn, Harrah's, Japan, Louisiana, Ohio, Penn National, Politics, Sheldon Adelson, Sports, Steve Wynn, Wall Street, Wynn Resorts | 2 Comments

Vici Properties strikes again; Mohegan Sun pitches Japan

Posted on May 15, 2018 by David McKee

They came, they saw, they bought. Yes, Vici Properties has struck again, inking a bargain-price deal to acquire the Octavius Tower of Caesars Palace and Harrah’s Philadelphia. On paper, Vici is paying $507.5 million and $241.5, respectively, for the two assets. … Continue reading →

Posted in Election, Florida, Galaxy Entertainment, Hard Rock International, Harrah's, Japan, Louisiana, Macau, Massachusetts, MGM Mirage, Mohegan Sun, Oklahoma, Penn National, Pennsylvania, Problem gambling, Seminole Tribe, Sexual misconduct, Société des Bains de Mer, South Korea, Steve Wynn, Taxes, The Strip, Tribal | Comments Off on Vici Properties strikes again; Mohegan Sun pitches Japan

Atlantic City: Calm before the storm; Stormy weather in Louisiana

Posted on May 15, 2018 by David McKee

Atlantic City was stable last month, defying an unfavorable calendar (one less weekend day) and grossing $191.5 million, while online gambling had its second-best-ever month, pulling in $23 million (+10.5%). Slot handle was down 3.5%, as was revenue, while a … Continue reading →

Posted in Atlantic City, Boyd Gaming, Bruce Deifik, Columbia Sussex, Dan Gilbert, Detroit, Eldorado Resorts, GLPI, Greenwood Racing, Hard Rock International, Harrah's, Illinois, Internet gambling, Isle of Capri, Louisiana, MGM Mirage, Mohegan Sun, Neil Bluhm, Penn National, Pennsylvania, Pinnacle Entertainment, Sheldon Adelson, Slot routes, Tilman Fertitta, Tropicana Entertainment | Comments Off on Atlantic City: Calm before the storm; Stormy weather in Louisiana

Sports betting: A new era

Posted on May 15, 2018 by David McKee

Yesterday, the Supreme Court handed down its much anticipated ruling in Murphy v. NCAA and it was pure win for states and casinos itching to offer legalized sports betting, although there was some predictable disapproval. As Arizona Attorney General Mark … Continue reading →

Posted in Arizona, Atlantic City, Boyd Gaming, Delaware, DFS, Eldorado Resorts, Election, Geoff Freeman, Harrah's, IGT, Illinois, Law enforcement, Maryland, Massachusetts, MGM Mirage, Mississippi, Nevada, New York, Penn National, Politics, Regulation, Rhode Island, Scientific Games, Sports, Texas, Tilman Fertitta, Tribal, Wall Street, West Virginia | Comments Off on Sports betting: A new era

How much for a used Dragon?; Indiana good, Missouri ‘meh’

Posted on May 10, 2018 by David McKee

Believe it or not, there is “a lot of interest in the property at this time” according to Lucky Dragon Casino owner Andrew Fonfa, a contention independently verified by the Las Vegas Review-Journal. That being said, a Lucky Dragon sale is … Continue reading →

Posted in Affinity Gaming, Ameristar, Architecture, Boyd Gaming, Centaur Gaming, Eldorado Resorts, Environment, Full House Resorts, GLPI, Harrah's, Horseracing, IGT, Indiana, Isle of Capri, Lucky Dragon, Majestic Star, Missouri, Penn National, Pinnacle Entertainment, Racinos, Taxes, The Strip, Tribal, Wall Street, Wisconsin | Comments Off on How much for a used Dragon?; Indiana good, Missouri ‘meh’

Ohio good, Maryland better; The mystery of Carrot Top

Posted on May 8, 2018 by David McKee

Last month found the State of Maryland in good health when it came to gaming revenue, up 6%. Most of this was driven — one is tempted to say “of course” — by MGM National Harbor, vaulting 15.5% for an … Continue reading →

Posted in Churchill Downs, Cordish Co., Dan Gilbert, Economy, Eldorado Resorts, Entertainment, Environment, GLPI, Hard Rock International, Harrah's, Macau, Maryland, Massachusetts, MGM Mirage, Ohio, Penn National, Pinnacle Entertainment, Racinos, Sheldon Adelson, Sociedade de Jogos de Macau, Taxes, The Strip, Transportation, West Virginia | Comments Off on Ohio good, Maryland better; The mystery of Carrot Top

Las Vegas numbers perplex; Macao shatters expectations

Posted on May 4, 2018 by David McKee

While Las Vegas, as mentioned earlier, is slogging through a 10-month visitation slump, you wouldn’t know it from March’s gaming-revenue numbers, which were 9% higher on the Las Vegas Strip ($574 million), although locals casinos took a 5% hit. Deutsche … Continue reading →

Posted in Atlantic City, Boulder Strip, Boyd Gaming, California, Colorado, Delaware, Downtown, Economy, Eldorado Resorts, Entertainment, Florida, Galaxy Entertainment, Harrah's, Illinois, Lake Tahoe, Laughlin, Macau, Melco Resorts & Entertainment, Mesquite, MGM Mirage, Mississippi, Nevada, New York, North Las Vegas, Ohio, Penn National, Reno, Rhode Island, Sheldon Adelson, Sociedade de Jogos de Macau, The Strip, Wall Street, West Virginia, Wisconsin, Wynn Resorts | 1 Comment

Boyd can’t beat ’em, joins ’em; Station gets rave reviews

Posted on May 2, 2018 by David McKee

After having taken a beating in Illinois from slot routes, Boyd Gaming is pivoting and getting into the route game itself. It is acquiring Lattner Entertainment, giving it 1,000 slots in 220 locations in the Land of Lincoln. Since there’s … Continue reading →

Posted in Boyd Gaming, Economy, IGT, Illinois, Penn National, Slot routes, Station Casinos, Wall Street | Comments Off on Boyd can’t beat ’em, joins ’em; Station gets rave reviews