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Category Archives: Penn National
2014 is the new 2007; Good news from Pennsylvania, Detroit
It will take Las Vegas seven years to return to its former prosperity. Or so concludes a new report from consulting firm PricewaterhouseCoopers, which sees casino revenue improving in late 2011 (in line with a Moody’s Investor Service report that … Continue reading
Illinois: No end in sight; Boyd gets some love
“So much for a [gross gaming revenue] stabilization,” sighed analyst Joseph Greff in a J.P. Morgan investor note, after Illinois‘ casino revenues dropped 7% in November. Whenever you think the Land of Lincoln’s casinos have hit bottom, they sink lower … Continue reading
Good news, bad news in Atlantic City; Feinstein: “Stay on the rez!”; Buffalo Bill’s rides again
For once, however, it’s mostly good. Almost entirely good, in fact. The headline item is that Dennis Gomes‘ purchase of Resorts Atlantic City has cleared licensing, sweeping out the disastrous Colony Capital era. Gomes and financier Morris Bailey say $31.5 … Continue reading
What if Loveman spoke and nobody cared?
That’s pretty much what happened after the Caesars Entertainment CEO’s damp squib of a “keynote” (more like a footnote) address to the Global Gaming Expo faithful. The disorganized, sometimes incomprehensible jeremiad laid an Imperial Palace-sized egg. For instance, why aren’t … Continue reading
Posted in Cordish Co., Election, Harrah's, Maryland, Massachusetts, Ohio, Penn National, Politics
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Isle’s comeback continues; What’s in a Mystic?
Congratulations to Isle of Capri Casinos, winner of Missouri‘s 13th and final casino license. This morning, the Missouri Gaming Commission voted in favor of Isle’s $125 million Cape Girardeau project. Although all rival projects were budgeted higher, favorite-son Isle’s standing … Continue reading
Gaming’s big election night; Coming attractions
This just in: Fuming over a 5,000-vote-plus margin of defeat, opponents of a casino in western Maine are demanding a recount. Casino developer Black Bear Entertainment calls this “a needlessly divisive exercise.” Do I sense the subtle touch of Penn … Continue reading
Posted in Alex Yemenidjian, Downtown, Economy, Election, Environment, history, Illinois, Iowa, Minnesota, Penn National, Racinos, Sahara
3 Comments
Quote of the Day
“These bastards are so cheap they make Harrah’s look generous by comparison.” — an East Coast player’s complaint about Penn National Gaming‘s casinos.
Posted in Harrah's, Penn National
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Iowa is flat
Actually it’s not, if you’ve lived there (as I did for four wonderful years). However, Iowa‘s casino industry is, down one-tenth of a percent from October 2009. Actually, nine of the 17 non-tribal casinos recorded revenue increases, particularly the small … Continue reading
A brief digression … and dark doings in Maine
For those of you who are fascinated by the inexact science known as polling, there’s plenty of interesting reading about What Went Wrong in Nevada (and elsewhere). Major news organizations blew off internal tracking polls, to their eventual mortification. They … Continue reading
Posted in Economy, Election, Florida, Horseracing, Penn National, Racinos, Taxes, Technology
2 Comments
Election 2010: Around the horn
Let’s get to it, with some help from Wells Fargo gaming analyst Carlo Santarelli … Cordish Gaming won big in Maryland, where voters upheld an initiative to ratify the zoning of its Arundel Mills Mall casino project. Penn National Gaming, … Continue reading
Last-minute election tidbits: Ohio & California
Prospects for expansion of VLT gambling to the Buckeye State’s racetracks are looking slightly better now that Ohio Gov. Ted Strickland has inched his way back into contention with GOP rival Jon Kasich (left). The personable Kasich is a difficult … Continue reading
Posted in California, Economy, Election, Environment, Harrah's, Ohio, Penn National, Politics, Racinos, Regulation, Sports, Station Casinos, Texas, Tribal
6 Comments
Harrah’s to the rescue; Penn Nat’l bigfoots Maryland dispute
If — as appears to be the case — a deal to have Harrah’s Entertainment take over the stalled Foxwoods casino project in Philadelphia is all but done, hopefully it will render the question moot as to whether the casino … Continue reading
Posted in Charity, Cordish Co., Current, Election, Harrah's, Maryland, Penn National, Pennsylvania, Racinos, Regulation, Steve Wynn, Tribal
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No Borgata buyout for Boyd
As expected, Boyd Gaming has punted on its purchase option for MGM Resorts International‘s half of Borgata. With the emergence of investor Leonard Green as potential co-owner — as opposed to another casino company — Boyd gets what it surely … Continue reading
Posted in Ameristar, Atlantic City, Boyd Gaming, Harrah's, MGM Mirage, Penn National
3 Comments
Election special: What’s at stake
100% devoid of Nevada-related content! Leaving aside a local advisory question in Richmond, California, there are four races to watch. Voters in Maine have blown hot and cold on casinos in their state. Next month they’ll weigh in on whether … Continue reading
Suicide Sharron; Gossy-ness is back; Borgata’s buyer unmasked
Sharron Angle‘s latest kamikaze dive into the CityCenter aircraft carrier has sparked quite a bit of discussion in the S&G “Comments” threads. A couple of things spring to mind. One, if she is now alleging that MGM Resorts International imported … Continue reading
Harrah’s on new spending spree
As predicted and dreaded by skeptical bond analysts, proceeds from Harrah’s Entertainment‘s semi-IPO of 17% of the company, it has been officially disclosed, will be rolled into retail therapy for CEO Gary Loveman. An anticipated $575 million will be used … Continue reading
Posted in Colony Capital, Current, Economy, Entertainment, Fontainebleau, George Maloof, Harrah's, Ohio, Penn National, Pennsylvania, Regulation, The Strip, TV, Wall Street
1 Comment
Kerkorian’s mixed message; Winners & Losers
Earlier this week, Hudson Securities analyst Robert LaFleur — something of a maverick in the gaming sector — voiced doubts about MGM Resorts International‘s ability to sustain its debt covenants. With an overhang of $13 million in debt, few properties … Continue reading
Posted in Atlantic City, Boyd Gaming, CityCenter, Current, Detroit, Economy, Harrah's, International, Louisiana, M Resort, Macau, MGM Mirage, Morgans Hotel Group, Neil Bluhm, Ohio, Penn National, Pennsylvania, Pinnacle Entertainment, Reno, Sheldon Adelson, The Strip, Tourism, Tribal, Vdara Death Ray, Wall Street
4 Comments
No (M)irage this time: Penn enters Vegas
They’ve been busy little beavers at Penn National Gaming, which is — would you believe it? — now the third-largest operator in the U.S. Never mind that Penn bought a horse track in Ohio, on top of building two casinos … Continue reading
Ameristar’s altruism … and so much more
Gaming regulators in Missouri got a little unsolicited advice from Ameristar Casinos as to where to put Casino License #13. Ameristar Vice President of Government Relations & Public Affairs Troy Stremming commissioned a study on the matter. Its shocking conclusion: … Continue reading
Posted in Ameristar, Arizona, Atlantic City, Boyd Gaming, California, Colony Capital, Cretins, Current, Dennis Gomes, Economy, Genting, Harrah's, Horseracing, Isle of Capri, Louisiana, Macau, Marketing, MGM Mirage, Missouri, New York, Penn National, Pinnacle Entertainment, Politics, Racinos, Regulation, Sheldon Adelson, Station Casinos, Steve Wynn, Tourism, Tribal, TV, West Virginia
5 Comments
Musical chairs at Trump (again)
High-ranking executive jobs at Trump Entertainment Resorts aren’t for “lifers.” Having steered Trump through yet another bankruptcy, CEO Mark Juliano is exiting stage right, “leaving to pursue other opportunities” — the latest executive to be purged. Nobody stays long atop … Continue reading