Category Archives: Penn National

MGM’s cost-discipline difficulties; Wynn framed in Boston

Posted on August 3, 2015 by David McKee

As fast as MGM Resorts International can sell off non-core assets, the proceeds are consumed by new construction. Case in point: MGM National Harbor, whose initial $925 million cost has crept up to $1.3 billion. That’s money that can’t go … Continue reading →

Posted in Architecture, Boyd Gaming, CityCenter, Downtown, Harrah's, history, Illinois, Massachusetts, MGM Mirage, Penn National, Slot routes, Steve Wynn, The Strip | 1 Comment

Shocker in Massachusetts; Successes and setbacks for Penn

Posted on July 27, 2015 by David McKee

In a stunning reversal of fortune, KG Urban Enterprises has ditched its $650 million New Bedford casino project, citing financial difficulties. This ends seven years of grinding effort to gain civic acceptance, which culminated in a landslide electoral victory earlier … Continue reading →

Posted in Election, Environment, Florida, Foxwoods, GLPI, Illinois, Internet gambling, Maine, Massachusetts, Neil Bluhm, Ohio, Penn National, Pennsylvania, Racinos, Regulation, Scientific Games, Steve Wynn, Taxes, Tribal, Wall Street | Comments Off

MGM’s march to the sea; REITmania explained

Posted on July 24, 2015 by David McKee

Where MGM Resorts International goes, other casino companies are quick to follow — to Atlanta, in this case. Mayor Kasim Reed (pictured) is being coy about who the new suitors are, other than two are domestically based (would Las Vegas Sands … Continue reading →

Posted in Baseball, Boulder Strip, Genting, Georgia, GLPI, Massachusetts, MGM Mirage, Ohio, Penn National, Pinnacle Entertainment, Politics, Regulation, Sheldon Adelson, Sports, The Strip, Wall Street | Comments Off

Boyd gets Wall Street love; Louisiana expansion slows

Posted on July 24, 2015 by David McKee

Boyd Gaming doesn’t make Wall Street‘s hit parade very often, so this morning’s dispatch from Deutsche Bank‘s Carlo Santarelli the more remarkable. “The improving regional [gross gaming revenue] climate and intense cost disciplines take our forecasts, and subsequently, our Price Target … Continue reading →

Posted in Atlantic City, Downtown, Economy, Eldorado Resorts, Harrah's, Isle of Capri, Louisiana, MGM Mirage, Penn National, Pinnacle Entertainment, Racinos, The Strip, Tilman Fertitta, Wall Street | 1 Comment

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

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

Penn has big plans for Trop; It’s not easy being Steve Wynn

Posted on July 14, 2015 by David McKee

Penn National Gaming has been talking up its growth strategy to Wall Street and the Tropicana Las Vegas is central to the plan. At present, the Tropicana is pulling in just $40 million a year in casino revenues, less than … Continue reading →

Posted in California, Environment, Maine, Massachusetts, Penn National, Regulation, Station Casinos, Steve Wynn, The Mob, The Strip, Tribal, Wall Street | Comments Off

Around the Midwest

Posted on July 8, 2015 by David McKee

Iowa was as flat as much of its landscape last month. Amidst the prevailing revenue stasis (sign of a perfectly sized market) there were a few significant movers. Isle of Capri Casinos‘ three properties were up a collective 2%, while … Continue reading →

Posted in Ameristar, Boyd Gaming, Dan Gilbert, Full House Resorts, GLPI, Hard Rock International, Harrah's, Illinois, Indiana, Iowa, Isle of Capri, Neil Bluhm, Penn National, Pinnacle Entertainment, Warner Gaming | Comments Off

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

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

Election wins for Foxwoods, Golden Gaming; New boss at Beau Rivage

Posted on June 24, 2015 by David McKee

Almost lost in the excitement over the opening of Plainridge Park, in Plainview, is a little-reported event: New Bedford‘s vote on casino host-community status. To say that KG Urban Enterprises won is rather an understatement. It garnered 73% of votes cast, … Continue reading →

Posted in Current, Election, Foxwoods, Golden Gaming, Harrah's, Lyle Berman, Massachusetts, MGM Mirage, Mississippi, Neil Bluhm, Ohio, Penn National, Racinos, Regulation, Steve Wynn, Wall Street | Comments Off

Penn primed for Plainridge launch; Little tribal traction in Maine

Posted on June 23, 2015 by David McKee

Are executives at Penn National Gaming getting high on their own supply … of slot machines, that is? The industry’s desired average for slots is $200 but Penn is predicting a sky-high $500/slot/day at Plainridge Park, which opens tomorrow, inaugurating … Continue reading →

Posted in Entertainment, Maine, Massachusetts, Penn National, Politics, Problem gambling, SLS Las Vegas, The Strip, Tribal | Comments Off

Massachusetts enters the fray; Delaware racinos press their case

Posted on June 19, 2015 by David McKee

It’s hard to believe but we’re only a few days from the opening of Plainridge Park Casino, bringing gambling to one of the last major, untapped markets in the U.S.: Massachusetts. While the Penn National Gaming property hasn’t been entirely … Continue reading →

Posted in Atlantic City, Delaware, Economy, Florida, Genting, Macau, Massachusetts, MGM Mirage, Penn National, Racinos, Regulation, Rhode Island, Sheldon Adelson, Stanley Ho, Steve Wynn, Taxes, The Strip, Tribal | Comments Off

More grief for Uncle Carl; Bluhm backs down

Posted on June 18, 2015 by David McKee

Carl Icahn has won his gambit to take over Trump Taj Mahal but that doesn’t mean he and Unite-Here are all lovey-dovey. Although Icahn earlier called Trump Entertainment Resorts the most distressed company he’s ever seen, he’s giving CEO Bob … Continue reading →

Posted in Architecture, Atlantic City, Carl Icahn, Cordish Co., Harrah's, history, Maryland, MGM Mirage, Neil Bluhm, New York, Penn National, Regulation, Taxes, Trump Entertainment Resorts, Unite-Here | 2 Comments

Kirk Kerkorian, 1917-2015

Posted on June 17, 2015 by David McKee

Here in Las Vegas, the impact of Kirk Kerkorian‘s death is still sinking in. A man known for self-effacing personal habits left the world as discreetly as he passed through it in his Ford Taurus, leaving accomplishments that far exceeded … Continue reading →

Posted in Architecture, Atlantic City, Downtown, Harry Reid, history, Internet gambling, MGM Mirage, Mohegan Sun, Movies, Neil Bluhm, New York, Ohio, Penn National, Pennsylvania, Politics, Slot routes, Steve Wynn, Taxes, The Strip, Wall Street | 2 Comments

Straub’s latest truce; Twin River readies for competition

Posted on June 10, 2015 by David McKee

Bitter foes Glenn Straub and ACR Energy Partners have agreed to make nice and keep the lights on (literally) at Revel, at least for the short term. The brinkmanship between these two parties had reached such extremes that ACR cut … Continue reading →

Posted in Animals, Atlantic City, Environment, Glenn Straub, Harrah's, Illinois, Isle of Capri, Louisiana, Massachusetts, Penn National, Regulation, Revel, Rhode Island, Tilman Fertitta | Comments Off

Steady in Indiana

Posted on June 9, 2015 by David McKee

Gaming revenues were flat in Indiana last month, especially in the south, and this is a good thing. Why? Because it means that the Hoosier State is absorbing the impact of competition from Ohio. Operators can also, thanks to Gov. … Continue reading →

Posted in Ameristar, Boyd Gaming, Dan Lee, Harrah's, Indiana, Ohio, Penn National, Pinnacle Entertainment, Racinos, Tribal, Tropicana Entertainment | Comments Off

Penn powers Ohio; Emanuel’s big bet

Posted on June 8, 2015 by David McKee

May was another good month for the Ohio market, even if Dan Gilbert‘s two casinos continue to slump. Perhaps they are suffering the post-bankruptcy malaise that affects nearly all regional casinos managed by Caesars Entertainment. Hard to say. Horseshoe Cleveland … Continue reading →

Posted in Dan Gilbert, Economy, Hard Rock International, Harrah's, history, Illinois, Neil Bluhm, Ohio, Penn National, Pinnacle Entertainment, Racinos, Taxes, Wall Street | Comments Off

Smooth sailing in Illinois, Iowa; Bad legislative bet

Posted on June 5, 2015 by David McKee

Just when Illinois casinos are trying to stave off another expansion of gambling, May brought a most inconvenient uptick in gambling revenues, albeit only half a percentage point, which can presumably be accounted for by the fact that this May had … Continue reading →

Posted in Boyd Gaming, GLPI, Harrah's, Illinois, Internet gambling, Isle of Capri, MGM Mirage, Penn National, Pennsylvania, Pinnacle Entertainment, Politics, Sports, Taxes, Wall Street, Warner Gaming | Comments Off

Mohegans, Foxwoods get go-ahead; More trouble for Caesars

Posted on June 1, 2015 by David McKee

Driven by apocalyptic job-loss projections by Foxwoods Casino Resort and Mohegan Sun, the House of Representatives of Connecticut passed a casino bill to Gov. Dannel Malloy (D) for his signature. The bill doesn’t authorize a casino per se but rather … Continue reading →

Posted in Atlantic City, Economy, Foxwoods, Glenn Straub, Harrah's, International, Internet gambling, Lake Tahoe, Massachusetts, MGM Mirage, Mohegan Sun, Penn National, Steve Wynn, Technology, The Strip, Trump Entertainment Resorts, Warner Gaming | Comments Off