Category Archives: Penn National

Quote of the Day

Posted on April 24, 2014 by David McKee

“We’ve done some research out there with regard to these consumers. And clearly, we’ve talked about a new norm. The customers are saying that they’re not fully employed. They don’t have the discretionary budget that they had either because they … Continue reading →

Posted in Economy, Penn National | Comments Off on Quote of the Day

Penn manages expectations

Posted on April 24, 2014 by David McKee

Penn National Gaming lowered estimates for cash flow and other metrics today, as well as releasing 1Q14 results that J.P. Morgan analyst Joseph Greff wrote were “generally in line with our … estimates.”  According to Penn, player spending has been … Continue reading →

Posted in Atlantic City, Cordish Co., Cosmopolitan, Harrah's, Illinois, Indiana, Iowa, Massachusetts, Mississippi, New York, Penn National, Slot routes, Wall Street, West Virginia | Comments Off on Penn manages expectations

New York embraces casinos; Wynn disses Clooney

Posted on April 24, 2014 by David McKee

Twenty-two. That’s how many applicants paid a $1 million application fee to vie for four casino licenses in upstate New York. That’s more than Massachusetts, far more than Kansas, neither of which matches the allure of the Empire State (to … Continue reading →

Posted in Foxwoods, Genting, Harrah's, Massachusetts, Mohegan Sun, New York, Penn National, Racinos, Steve Wynn | Comments Off on New York embraces casinos; Wynn disses Clooney

Caesars: The day after

Posted on April 23, 2014 by David McKee

New York resort developers may be reeling from the sudden entry of Caesars Entertainment into the picture, but that doesn’t mean they’ve given up the fight. After all, Caesars’ move only impacts the Catskills region, not the Capital one nor … Continue reading →

Posted in Atlantic City, Boyd Gaming, Cordish Co., Foxwoods, Genting, Harrah's, Horseracing, International, Macau, Melco Crown Entertainment, MGM Mirage, New York, Penn National, Pennsylvania, Racinos, Sheldon Adelson | Comments Off on Caesars: The day after

Case Bets

Posted on April 23, 2014 by David McKee

Former Florida Lt. Governor Jennifer Carroll‘s troubles with the law haven’t ended with her resignation from public office. Tens of thousands of dollars of unreported income from Internet-cafe casino operators went unreported and now Carroll has some explaining to do. … Continue reading →

Posted in Florida, Internet gambling, Iowa, Penn National, Pennsylvania, Regulation, Rhode Island, Warner Gaming | Comments Off on Case Bets

Why is this man smiling?

Posted on April 22, 2014 by David McKee

Scarcely had Penn National Gaming and Cordish Gaming decided to bury their differences and work together when their party was crashed. Who else could it be but ubiquitous Caesars Entertainment? The company has written a check for $1 million (refundable) … Continue reading →

Posted in Atlantic City, Cordish Co., Harrah's, New York, Ohio, Penn National | 1 Comment

Smurf this!

Posted on April 22, 2014 by David McKee

Casinos in Ohio are already becoming a veritable laundromat of money laundering. The practice, called “smurfing,” calls for one person — or a group of conspirators — to buy casino chips, then redeem them, “washing” their cash by those means. … Continue reading →

Posted in Cirque du Soleil, Entertainment, Internet gambling, Iowa, MGM Mirage, Ohio, Penn National, Regulation, Sam Nazarian, Sports, The Strip | 1 Comment

The right amount of wrong ideas

Posted on April 22, 2014 by David McKee

When it comes to the U.S. gaming market, there’s nothing that can stand between James Packer and a bad investment, it seems, common sense least of all. According to Australian media reports, Deutsche Bank wants $1.5 billion-$2 billion for The … Continue reading →

Posted in Cosmopolitan, Dining, Entertainment, Fontainebleau, Harrah's, IGT, International, James Packer, Japan, Macau, Penn National, Pinnacle Entertainment, Station Casinos, The Strip, Wall Street | 1 Comment

Case Bets

Posted on April 21, 2014 by David McKee

Yes, but is there anything wrong with the governor of Nevada honoring “clitoral resources”? Restaurateur Guy Fieri has made a career of promoting questionable eating habits, shall we say. So it’s only appropriate that he occupies pride of place at … Continue reading →

Posted in Dining, Harrah's, Kansas, Oklahoma, Penn National, Tribal | 1 Comment

Penn, Cordish kiss and make up

Posted on April 17, 2014 by David McKee

Remember when Cordish Gaming and Penn National Gaming were bitter rivals in Maryland (left) and more-cordial ones in Massachusetts? Well, that’s all so yesterday as the two are teaming up to get in on the New York State market. They’ve identified … Continue reading →

Posted in Cordish Co., Illinois, Maryland, New York, Penn National, Technology | Comments Off on Penn, Cordish kiss and make up

Double whammy in Iowa; Desperation in Illinois

Posted on April 17, 2014 by David McKee

Iowa casino regulators took a strong stand in favor of the status quo, after playing it so cool they had expansion advocates fooled. Following the guidance of their own studies, they shot down the Cedar Crossing Casino project, citing its … Continue reading →

Posted in Atlantic City, Harrah's, Illinois, Penn National, Regulation, Taxes, Warner Gaming | 2 Comments

MGM’s sudden change of heart

Posted on April 17, 2014 by David McKee

Well that’s torn it. MGM Resorts International has gone from being a shoo-in for a Massachusetts casino license to asking the state to delay its decision. That means Massachusetts is short some $200 million (including an $85 million licensing fee). … Continue reading →

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Self-delusion in Illinois; Grave-robbing at Penn project

Posted on April 16, 2014 by David McKee

That’s a nice pair of rose-colored glasses that state Rep. Robert Rita (D) must be wearing. He says a 10,000-position Chicago megaresort will “capture the revenue in the Chicago market without creating the cannibalization and oversaturation.” In case he hasn’t … Continue reading →

Posted in California, Illinois, Internet gambling, Penn National, Politics, Racinos, Tribal | Comments Off on Self-delusion in Illinois; Grave-robbing at Penn project

Wynn Boston: Solution or overreach?

Posted on April 16, 2014 by David McKee

Steve Wynn‘s attempts to buy a former Monsanto chemical plant in Everett have been stymied by the antics of the sleazy characters who own the land. First, there was convicted felon Charles Lightbody, whose hidden ownership had to vacated (saving … Continue reading →

Posted in Economy, Foxwoods, Iowa, Massachusetts, Mohegan Sun, New York, Penn National, Regulation, Steve Wynn | 1 Comment

Cosmo: The right amount of money; MGM learns Arabic

Posted on April 16, 2014 by David McKee

A camel is a horse designed by a committee, the saying goes, and The Cosmopolitan of Las Vegas resembles nothing so much as a camel — and Deutsche Bank executives are accused of dabbling in its design. If Bloomberg News‘ … Continue reading →

Posted in CityCenter, Cosmopolitan, Harrah's, International, Marketing, MGM Mirage, Penn National, Pinnacle Entertainment, Sheldon Adelson, Steve Wynn | 1 Comment

NIMBY in Massachusetts; Hard Rock goes local

Posted on April 15, 2014 by David McKee

Anti-gambling forces in Massachusetts gained an ally yesterday when attorney general candidate Maura Healey (D) came out against casinos and for the repeal of their enabling legislation. This puts her at odds with Attorney General Martha Coakley (D), who holds … Continue reading →

Posted in Election, Golden Gaming, Hard Rock Hotel, Iowa, Marketing, Massachusetts, Penn National, Politics, Slot routes, Station Casinos, Technology, Warner Gaming | Comments Off on NIMBY in Massachusetts; Hard Rock goes local

Soft landing in Atlantic City; Sweating the slots

Posted on April 14, 2014 by David McKee

A 4% increase in online play helped soften the landing for Atlantic City this month. With cyber-revenue factored into the equation, casinos were down only 2% on a same-store basis. Slot revenue fell 10% but the odds were in the … Continue reading →

Posted in Atlantic City, Boyd Gaming, Cretins, Harrah's, Mohegan Sun, Ohio, Penn National, Regulation, Revel, Technology, Tilman Fertitta, Tropicana Entertainment, Trump Entertainment Resorts | Comments Off on Soft landing in Atlantic City; Sweating the slots

Big names flock to New York; Reno rebounds

Posted on April 14, 2014 by David McKee

It’s starting to get seriously competitive in upstate New York, where Neil Bluhm‘s Rush Street Gaming has been seen canoodling with a Schenectady casino project. Others who have been circling the upstate market with interest include newcomers Churchill Downs and … Continue reading →

Posted in Churchill Downs, Economy, Hard Rock International, Harrah's, Macau, Neil Bluhm, New York, Ohio, Penn National, Reno, Sheldon Adelson, Station Casinos, Wall Street | Comments Off on Big names flock to New York; Reno rebounds

Kill Phil and other pleasantries

Posted on April 14, 2014 by David McKee

That’s what Borgata would like to do to poker pro Phil Ivey. It is suing him after he cleaned them out of nearly $10 million at the baccarat tables. The suit contends that Ivey and a co-conspirator discovered a flaw … Continue reading →

Posted in Atlantic City, Boyd Gaming, Genting, Iowa, Penn National, Pennsylvania, Sheldon Adelson, Tilman Fertitta, Tropicana Entertainment, Warner Gaming | Comments Off on Kill Phil and other pleasantries

Progress and caution

Posted on April 11, 2014 by David McKee

International Game Technology made history yesterday when it unrolled its Powerbucks interstate, progressive jackpot. Under this technological umbrella, IGT games at 22 Caesars Entertainment and Boyd Gaming properties in Las Vegas can be connected with those at five casinos in Atlantic … Continue reading →

Posted in Atlantic City, Boyd Gaming, Economy, Harrah's, IGT, Iowa, New York, Penn National, Pinnacle Entertainment, Racinos, Technology, The Strip, Tourism, TV, Wall Street | 1 Comment