Category Archives: Penn National

Case Bets: Kansas, Ohio & Singapore

Posted on November 3, 2009 by David McKee

Lyle Berman‘s casino project near Wichita is losing momentum. If you can’t afford to build even a 100-room hotel, times are dire indeed. Union Gaming‘s Bill Lerner makes the counter-argument that some casino is better than no casino. Raving Consulting … Continue reading →

Posted in Current, Genting, Kansas, Ohio, Penn National, Politics, Sheldon Adelson, Singapore, Tourism | 1 Comment

Adieu F-bleau, hello Hollywood?

Posted on October 26, 2009 by David McKee

Look what just fell into the S&G mailbag: Beginning January 1, 2010 Penn National Gaming will partner with RPM Advertising to develop and execute a brand identity for Hollywood Casinos. The full service assignment will incorporate research, brand development, media … Continue reading →

Posted in Alex Yemenidjian, Boyd Gaming, CityCenter, Current, Donald Trump, Economy, Entertainment, Fontainebleau, Harrah's, Marketing, MGM Mirage, Penn National, Sheldon Adelson, Station Casinos, Steve Wynn, The Strip, TV | 1 Comment

Quote of the Day

Posted on October 21, 2009 by David McKee

Penn National Gaming "has not lost its senses and, [contends] that at the right price and through the right vehicle (and only with a sizable strategic partner who would bring something special to the project, presumably some hotel experience), its … Continue reading →

Posted in Current, Economy, Fontainebleau, Penn National, The Strip, Wall Street | Comments Off

MGM: CityCenter worth $4.88 billion

Posted on October 20, 2009 by David McKee

MGM Mirage has announced that it's writing off approximately $1.3 billion (i.e., taking an "impairment charge") against CityCenter, with $348 million of that chalked up to falling real estate values. (Some $174 million of that will apparently be fobbed off … Continue reading →

Posted in CityCenter, Columbia Sussex, Current, Economy, Kansas, MGM Mirage, Missouri, Neil Bluhm, Penn National, Pennsylvania, Pinnacle Entertainment, Politics, Regulation, Taxes, Tourism, Transportation, Wall Street | Comments Off

East Coast antics

Posted on October 12, 2009 by David McKee

Wrong again. There I was, thinking the proposed $10 million upfront fee for table games in Pennsylvania was a done deal when the GOP-controlled state Senate upped it to $15 million (and if you don’t pay by June 1, it … Continue reading →

Posted in CityCenter, Economy, Entertainment, Environment, Harrah's, Horseracing, MGM Mirage, Penn National, Pennsylvania, Politics, Racinos, Steve Wynn, Taxes, The Strip, Tribal | Comments Off

What's a Trump casino worth?

Posted on October 8, 2009 by David McKee

Only $14 million in cash (plus a $100 million equity infusion), according to The Donald. Bondholders say, we’ll see your $115 million and raise you $100 million. The latter would recoup at least some — but not very much — … Continue reading →

Posted in Atlantic City, Baseball, Current, Donald Trump, Fontainebleau, Harrah's, Harry Reid, Horseracing, Illinois, International, Internet gambling, Lawrence Ho, M Resort, Macau, Massachusetts, Melco Crown Entertainment, Neil Bluhm, Ohio, Oklahoma, Penn National, Pennsylvania, Politics, Regulation, Sheldon Adelson, Slot routes, Sports, Station Casinos, Steve Wynn, Taxes, Texas, Tribal | Comments Off

Case Bets: Corzine, Penn vs. MTR, Pinnacle, Manilow & strippers

Posted on October 7, 2009 by David McKee

Forbidden by New Jersey law from directly contributing to political campaigns, casino companies are making an end run through Virginia. Harrah’s Entertainment, Boyd Gaming and IGT are among those funneling campaign cash into a reverse version on the Underground Railroad. … Continue reading →

Posted in Atlantic City, Boyd Gaming, Current, Economy, Election, Entertainment, Harrah's, Horseracing, IGT, Illinois, Iowa, Kansas, Louisiana, Ohio, Penn National, Pennsylvania, Pinnacle Entertainment, Politics, Regulation, The Strip | Comments Off

$300 mil for F'bleau?

Posted on October 6, 2009 by David McKee

That’s the latest; namely, that Penn National Gaming will put down less than $300 million as a “stalking horse” bid on Fontainebleau. Penn would also be on the hook for the costs of the project’s bankruptcy proceedings. Potentially getting a … Continue reading →

Posted in CityCenter, Economy, Fontainebleau, Harry Reid, James Packer, Macau, MGM Mirage, Penn National, Politics, Sheldon Adelson, Steve Wynn, The Strip, Wall Street | Comments Off

Want your ass kicked?

Posted on October 5, 2009 by David McKee

Then go hang out at Stack. If they don’t like your looks, the in-house goons will be sicced on you. And Las Vegans wonder at the schadenfreude so many people feel with regard to Sin City’s current doldrums. No magic … Continue reading →

Posted in Colorado, Dining, Election, Harrah's, Illinois, MGM Mirage, Penn National, Pennsylvania, Sheldon Adelson, South Carolina, Taxes, The Strip, Tourism, Transportation | Comments Off

Scarlett saved?!? & other Case Bets

Posted on October 1, 2009 by David McKee

Splendid news, lads (and lasses). Scarlett, Princess of Magic may return to the Riviera in nine months or a year … that is to say, whenever the economy eventually rebounds. This comes straight from Riv management. Of course, there's a … Continue reading →

Posted in Donald Trump, Downtown, Economy, Entertainment, Environment, Fontainebleau, Penn National, Phil Ruffin, Riviera, The Strip, Tourism | Comments Off

Hell no, they won't; Penghu punk'd; Barbarians at the gates (again)

Posted on September 28, 2009 by David McKee

Pay taxes, that is. Two Indiana racinos are pushing back against a tax rate that averages 38%. Considering that the two tracks — one run by Cordish Gaming — are the newbies on the Hoosier State scene, one could fairly … Continue reading →

Posted in Alex Yemenidjian, Boyd Gaming, CityCenter, Cordish Co., Cosmopolitan, Fontainebleau, Harrah's, Horseracing, Indiana, International, MGM Mirage, Penn National, Riviera, Sheldon Adelson, Station Casinos, Steve Wynn, Taxes, The Strip, Tribal, Wall Street | Comments Off

Big Trop shakeup

Posted on September 24, 2009 by David McKee

During his absent-minded interregnum as Tropicana Las Vegas CEO Scott Butera nearly denuded the casino of on-property entertainment. Only the hasty re-signing of Xtreme Magic left the Trop with a show in the house. Over time, Butera’s people added a … Continue reading →

Posted in Alex Yemenidjian, Current, Entertainment, Horseracing, Maryland, Ohio, Penn National, The Strip, Tropicana Entertainment | Comments Off

Gambling scandal ensares eight more

Posted on September 21, 2009 by David McKee

It’s not quite on the global scale of the Ultimate Bet brouhaha, but the Tran Organization‘s conspiracy to fleece dozens of U.S., Canadian and tribal casinos is racking up an amazing head count. To date, federal prosecutors have already nailed … Continue reading →

Posted in Ameristar, California, Colony Capital, Don Barden, Donald Trump, Harrah's, Indiana, International, Internet gambling, Iowa, Isle of Capri, Louisiana, MGM Mirage, Mississippi, Penn National, Pinnacle Entertainment, Regulation, Station Casinos, The Mob, The Strip, Tribal | Comments Off

Penn hearts F'bleau … maybe

Posted on September 18, 2009 by David McKee

So the much-bruited suitor for stalled, bankrupt Fontainebleau has been "outed" and it's … Penn National Gaming. Ace reporter Alexandra Berzon, late of the Las Vegas Sun, broke the story. However, she notes that Penn and F'bleau have been dickering … Continue reading →

Posted in Current, Detroit, Economy, Entertainment, Fontainebleau, Harrah's, MGM Mirage, Penn National, Planet Hollywood, The Strip | Comments Off

Optimism in Macao, euphoria at CityCenter

Posted on September 8, 2009 by David McKee

Relaxation of stringent visa restrictions from Guangdong Province came a full four months sooner than expected, starting Sept. 1. Now, residents will be able to visit Macao once a month instead of quarterly. While this has prompted J.P. Morgan to … Continue reading →

Posted in Ameristar, Architecture, Atlantic City, Bally Technologies, Boulder Strip, Boyd Gaming, California, CityCenter, Cordish Co., Current, Economy, Entertainment, IGT, Indiana, Kansas, Macau, MGM Mirage, Penn National, Pinnacle Entertainment, Planet Hollywood, Sheldon Adelson, Station Casinos, Technology, The Strip, Wall Street, WMS Industries | Comments Off

Pinnacle meets karma

Posted on August 27, 2009 by David McKee

Plans by Pinnacle Entertainment to move its President riverboat upriver just hit a big snag. Taking the view that the President’s license is portable, Pinnacle hoped to use either the vessel itself or the license to jimmy open a new … Continue reading →

Posted in Ameristar, Cordish Co., Florida, Kansas, Missouri, Penn National, Pinnacle Entertainment, Regulation, Sheldon Adelson, Tribal | Comments Off

Colony Capital comedy

Posted on August 21, 2009 by David McKee

Having borrowed money to buy the Las Vegas Hilton five years ago at a dirt-cheap $200 million, Colony Capital — those financial wizards — borrowed $250 million more to retire the first loan. (Does Colony intend to pay off the … Continue reading →

Posted in Boyd Gaming, Colony Capital, Fontainebleau, Harrah's, LVCVA, Penn National, Phil Ruffin, Plaza, Regulation, Steve Wynn | Comments Off

Colony Capital strikes (out) again; Big Bleauh

Posted on August 17, 2009 by David McKee

Despite taking a 22% gouge out of expenses, Colony Capital and its Goldman Sachs sidekicks managed to convert a 2Q08 profit to a $10.5 million 2Q09 loss. Revenues were down $30 million (or 40%), half of that from diminished room … Continue reading →

Posted in Atlantic City, Boyd Gaming, Colony Capital, Current, Economy, Fontainebleau, Genting, Harrah's, Laughlin, Mesquite, Penn National, Planet Hollywood, Sheldon Adelson, Singapore, Steve Wynn, The Strip | Comments Off

New flavor of Tropicana; M is infectious; Penn is persistent

Posted on August 7, 2009 by David McKee

Alex Yemenidjian has busted out a new logo for his Strip casino: Hey, it’s a start. Still no word on a new evening show for the Tiffany Theater (and somehow I don’t think Dirk Arthur is going to cut it … Continue reading →

Posted in Alex Yemenidjian, Election, Entertainment, Penn National, The Strip, Tropicana Entertainment | Comments Off

Strange happenings at Penn Nat'l, Harrah's

Posted on July 29, 2009 by David McKee

While everybody's been focusing on the implosion of Station Casinos, the analysts at J.P. Morgan snuck out one of the more unusual (and entertaining) reports I've ever come across. They pored over Penn's 2Q09 filing and had some tales to … Continue reading →

Posted in Ameristar, Boyd Gaming, Current, Economy, Harrah's, Illinois, Indiana, Kansas, Louisiana, Marketing, MGM Mirage, Ohio, Penn National, Station Casinos, Wall Street | Comments Off