Category Archives: Penn National

Stanley Ho's comeback

Posted on February 2, 2009 by David McKee

Citing the Lusa news agency, J.P. Morgan says that Macao casino revenues for January came in higher than expected, at $1.1 billion. The shocker, though, is the revision of market-share figures, which previously had shown Stanley Ho and Sheldon Adelson … Continue reading →

Posted in Australia, James Packer, Macau, Melco Crown Entertainment, MGM Mirage, Penn National, Politics, Sheldon Adelson, Singapore, Stanley Ho, Steve Wynn, The Mob | Comments Off

Atlantic City: Two strikes, no balls

Posted on January 29, 2009 by David McKee

This was originally going to be “Death Watch VI” but three of those in a week is positively ghoulish. So, on to the latest disheartening developments from Atlantic City, the casino market that just can’t catch a break. Cease the … Continue reading →

Posted in Atlantic City, Columbia Sussex, Economy, Harrah's, Penn National, Pennsylvania, Pinnacle Entertainment, Regulation, Tropicana Entertainment, Wall Street | Comments Off

Colorado casinos: Four votes, four wins

Posted on January 21, 2009 by David McKee

After a statewide vote approved 'round-the-clock operation at Colorado's non-tribal casinos (along with a 20X increase in betting limits and a wider repertory of games), the measure wasn't home and dry. It had to be voted through in Cripple Creek, … Continue reading →

Posted in Ameristar, Colorado, Election, Isle of Capri, Penn National, Regulation, Riviera | Comments Off

Penn Nat'l: Smoke everywhere, fire less evident

Posted on January 14, 2009 by David McKee

Despite story upon story, Penn National Gaming refuses to oblige the Las Vegas Review-Journal and purchase The Mirage. (This was the paper that pooh-poohed the Phil Ruffin/El Ad deal when it began to break.) While — for all we know … Continue reading →

Posted in Colony Capital, Entertainment, Harrah's, MGM Mirage, Penn National, Phil Ruffin, Steve Wynn, The Strip | Comments Off

From A(ztar) to Z(ilch)

Posted on January 13, 2009 by David McKee

If Tropicana Entertainment management's bankruptcy plan is accepted by the courts (one bond analyst thinks otherwise), former CEO/sole owner William J. Yung III will be left with — what's the technical term? — diddly squat. (So will his unsecured creditors, … Continue reading →

Posted in Atlantic City, Columbia Sussex, Economy, Indiana, Lake Tahoe, Laughlin, Louisiana, Marketing, Mississippi, Penn National, Pinnacle Entertainment, Regulation, The Strip, Tropicana Entertainment, Wall Street | Comments Off

Collapse in Kansas; Herbst is toast

Posted on December 5, 2008 by David McKee

And then there was one. A Cordish Co./Kansas Speedway joint venture has pulled the chicken switch on a $400 million casino project. This leaves avionics firm Butler National Service Corp., with its Dodge City concession, as the only company with … Continue reading →

Posted in Ameristar, Economy, G2E, Harrah's, Herbst Gaming, Horseracing, International, Kansas, Macau, MGM Mirage, Penn National, Pinnacle Entertainment, Regulation | Comments Off

Casino Vote '08: Dan Lee's the big winner

Posted on November 5, 2008 by David McKee

JP Morgan has proclaimed Pinnacle Entertainment “the biggest winner this election day.” By voting to both lift the cap on buy-ins and the close Missouri to additional casinos, Show-Me State voters delivered a gift to Pinnacle CEO Dan Lee, who … Continue reading →

Posted in Ameristar, Colorado, Current, Election, Gary Goett, Horseracing, Indiana, Maryland, Penn National, Pennsylvania, Pinnacle Entertainment, Politics, Regulation, Taxes | Comments Off

Missouri amendment to pass: JP Morgan

Posted on November 3, 2008 by David McKee

Analysts at JP Morgan like the chances for a Missouri constitutional amendment largely bankrolled by Ameristar Casinos and Pinnacle Entertainment. While Ameristar stands to benefit in tangible ways, JP Morgan focuses on what it could for Pinnacle: a 15% increase … Continue reading →

Posted in Ameristar, Atlantic City, Indiana, Louisiana, Missouri, Penn National, Pinnacle Entertainment, Wall Street | Comments Off

Is Peter Carlino crazy?

Posted on October 24, 2008 by David McKee

Now I know that Penn National is all a-flush with cash these days and CEO Peter Carlino is probably feeling bullish. Still, in a recent visit to Vegas to assess possible casino acquisitions, he's alleged to have acted like he … Continue reading →

Posted in Atlantic City, Downtown, Harrah's, MGM Mirage, Penn National, Riviera, Sahara, Steve Wynn, Tamares Group, The Strip, Tropicana Entertainment | Comments Off

Kansas, Round 2: It's Cordish!

Posted on September 19, 2008 by David McKee

OK, I was wrong. Incredibly wrong. As you’ll hear on the next Vegas Gang podcast, I stuck by my prediction that Kansas‘ largest casino contract, the one for the greater Kansas City area, would go to Mohegan Sun. Why? Biggest … Continue reading →

Posted in Atlantic City, Columbia Sussex, Current, Golden Gaming, Kansas, Mississippi, Penn National, Pinnacle Entertainment, Sheldon Adelson, Tribal, Tropicana Entertainment | Comments Off

Penn impresses analysts

Posted on September 12, 2008 by David McKee

Penn National threw open its doors to Wall Street and JP Morgan, for one, came away impressed by what it heard. Basically, management is charting a fiscally conservative course, even though it could eventually reap $1.2 billion from its busted … Continue reading →

Posted in Atlantic City, Boyd Gaming, Colorado, Election, Harrah's, Penn National, Taxes, Wall Street | Comments Off

On the other hand …

Posted on August 25, 2008 by David McKee

… if Illinois casinos are sucking wind (which they are), why hasn't this redounded more to the benefit of neighboring states? For instance, it looks like Indiana had a good July, but once you back out two new racinos, a … Continue reading →

Posted in Ameristar, Boyd Gaming, Columbia Sussex, Don Barden, Harrah's, Horseracing, Illinois, Indiana, Isle of Capri, Missouri, Penn National, Pinnacle Entertainment | Comments Off

Kansas, Round 1: It's Harrah's, Penn

Posted on August 22, 2008 by David McKee

Score one victory each for Harrah’s Entertainment and Penn National Gaming in the first round of casino concessions awarded in Kansas today (with Round 2 to follow in a month). But there’s really only one winner … …. and it’s … Continue reading →

Posted in Ameristar, Harrah's, Kansas, Movies, Penn National | Comments Off

Trop sale stumbles forward … sorta

Posted on August 18, 2008 by David McKee

If Justice Gary Stein, the state-appointed trustee for the Atlantic City Tropicana Casino & Resort, isn’t the most inept public servant in America, it’s not for lack of effort. Add nepotism to his string of failings, as his ever-less-credible pronouncements … Continue reading →

Posted in Atlantic City, Columbia Sussex, Harrah's, Indiana, MGM Mirage, Penn National, Pinnacle Entertainment, The Strip | Comments Off

Case Bets: MGM Mirage, Ameristar, Penn National

Posted on August 5, 2008 by David McKee

It almost goes without saying right now that any earnings report is going to come in slightly below Wall Street’s consensus. That’s just the way the dice are bouncing these days. Such is the case with MGM Mirage, where Strip … Continue reading →

Posted in Ameristar, Colorado, Detroit, Harrah's, Illinois, Indiana, MGM Mirage, Penn National, The Strip, Wall Street | Comments Off

Ameristar: What makes sense?

Posted on August 1, 2008 by David McKee

Perhaps this is what happens when you outsource your business coverage to India, but Reuters had a story yesterday positing MGM Mirage and Harrah's Entertainment as two of the likeliest buyers for Ameristar Casinos. Uhhh, I hate to break this … Continue reading →

Posted in Ameristar, Boyd Gaming, Downtown, Harrah's, James Packer, MGM Mirage, Mississippi, Missouri, Penn National, Pinnacle Entertainment, The Strip, Tribal, Wall Street | Comments Off

Quote of the Day

Posted on July 25, 2008 by David McKee

"There is better stuff than that." — Penn National Gaming CEO Peter Carlino, referring to the Las Vegas Tropicana, in a discussion of possible Las Vegas acquisition targets.

Posted in Columbia Sussex, Penn National, The Strip | Comments Off

The Ameristar war begins

Posted on July 17, 2008 by David McKee

Just a quick hit on my way out the door to spend an evening prepping for The Dark Knight by watching Batman Begins … Ameristar's in play. No news flash there and, for the life of me, I can't figure … Continue reading →

Posted in Ameristar, Boyd Gaming, Columbia Sussex, Harrah's, Illinois, Indiana, Isle of Capri, James Packer, MGM Mirage, Penn National, Pennsylvania, Pinnacle Entertainment, The Strip, Wall Street | Comments Off

Indiana: It sure could be worse

Posted on July 8, 2008 by David McKee

… because you could be Illinois, where June gambling revenues went into the toilet (-21%). Which isn’t to say that Indiana‘s numbers look good only by comparison. In fact, the Hoosier State may be benefiting from the Land of Lincoln’s … Continue reading →

Posted in Boyd Gaming, Columbia Sussex, Harrah's, Indiana, Penn National, Pinnacle Entertainment, Tribal, Wall Street | Comments Off

Denial in the suites

Posted on July 1, 2008 by David McKee

Gary Loveman must be working on his stand-up act. In today’s Wall Street Journal, he calls the present economic pickle “the toughest environment we’ve faced.” It might not be quite so difficult had Loveman not steered Harrah’s Entertainment (and its … Continue reading →

Posted in Columbia Sussex, Harrah's, Isle of Capri, Penn National, Station Casinos, Wall Street | Comments Off