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Category Archives: Pinnacle Entertainment
Quote of the Day
“With respect to domestic gaming markets, management’s comments were frank. [Pinnacle Entertainment] believes that domestic gaming markets have become saturated and are no longer a novelty for domestic consumers.” — Carlo Santarelli, reporting on an investor presentation by Pinnacle executives.
Posted in Economy, G2E, Pinnacle Entertainment, Wall Street
1 Comment
All’s well at Pinnacle; Atlantic City’s PR jackpot
So reports J.P. Morgan analyst Joseph Greff, who met with Pinnacle Entertainment brass. The latter characterized their absorption of Ameristar Casinos as “on track.” Part of this is due to five “synergy buckets,” which represent everything from job cuts to … Continue reading
Posted in Ameristar, Atlantic City, Economy, Marketing, Ohio, Pinnacle Entertainment, Wall Street
Comments Off on All’s well at Pinnacle; Atlantic City’s PR jackpot
(Almost) Everybody wins in Louisiana
First the good news: Louisiana was up 14% last month. Now the less-good news: Take away the two new riverboats and the market was up 1%. L’Auberge Baton Rouge and Margaritaville, in Shreveport, were getting the job done, in essence, … Continue reading
Posted in Boyd Gaming, Economy, Louisiana, Penn National, Pinnacle Entertainment, Wall Street
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Upturn in Illinois, blindsided in Indiana
Could we finally be seeing “green shoots” in Illinois, up 5% last month? Maybe, although such recovery as there was consisted of the force that is Rivers Casino, up 36%. Penn National Gaming‘s three casinos posted a feeble $29 million, … Continue reading
Posted in Current, Economy, Harrah's, Illinois, Indiana, MGM Mirage, Neil Bluhm, Ohio, Penn National, Pinnacle Entertainment, Racinos, Regulation, Slot routes, Wall Street
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Adelson’s new BFF; Icahn’s pricey purchase; Fertitta out of A.C.?
Politics making strange bedfellows and all that, S&G woke up to find Sheldon Adelson enjoying connubial bliss with President Barack Obama. Both are pushing for military intervention in Syria, swimming against the tide of American public opinion. And to think … Continue reading
Posted in Atlantic City, Carl Icahn, Current, International, Internet gambling, Missouri, Pinnacle Entertainment, Politics, Sheldon Adelson, Singapore, Tilman Fertitta
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St. Louis: Pinnacle out, Icahn in; Cosmo’s death wish
After fielding several offers, Pinnacle Entertainment has liquidated Lumiere Place Casino and its affiliated Four Seasons hotel to … Carl Icahn. Uncle Carl spent $260 million to close the deal. Considering that the book value of Lumiere Place is $401.5 … Continue reading
Pinnacle’s done deal; Collateral damage from Ho Tram
Federal Trade Commission approval removed the last obstacle to Pinnacle Entertainment‘s takeover of Ameristar Casinos. The acquisition closed straightaway. Pinnacle informed investors that it expects to have a Lumiere Place sale done by autumn, meeting the last of the FTC covenants … Continue reading
Fertitta moves on Lake Charles; Sexism triumphs at Boyd; Rhythm City blues
Earlier today, Pinnacle Entertainment announced that it had agreed with Golden Nugget to sell Ameristar Casinos‘ unfinished Lake Charles project at cost ($214 million and climbing). As Deutsche Bank analyst Carlo Santarelli noted, “We view this as a firm positive … Continue reading
Posted in Ameristar, Atlantic City, Boyd Gaming, Current, Harrah's, Iowa, Maryland, Missouri, Ohio, Pinnacle Entertainment, Racinos, Regulation, Texas, Tilman Fertitta, Wall Street
2 Comments
Missouri misery; Revel inches upward
Sometimes I feel Gary Loveman‘s pain — and that of Anthony Sanfilippo, Virginia McDowell, Peter Carlino … When they look at the kind of numbers states like Missouri are generating, they must want to shake a fist and say, “Gamble, … Continue reading
A note of thanks; Going … going … Gore
As many of you know, Mount Charleston, on the distant outskirts of Las Vegas, is being consumed by a huge forest fire. Not only has the blaze threatened Siegel Group‘s Mount Charleston Lodge, it’s also displaced some of the many … Continue reading
Indiana: Half-full or half-empty?; ‘Priscilla’ faints
That’s the operative question after a contrariwise June in Indiana. The state’s casinos saw 17% less foot traffic, but those fewer players were spending more (up 6%). Even so, the Hoosier State’s racinos, casinos and riverboats were down 12% for … Continue reading
Buyer’s market on the Boardwalk
An East Coast spy for S&G has had his ear to the ground and reports that a veritable horde of prospective purchaser are descending upon Atlantic City. Casino prices having fallen about as low as they can go, “buy” appears … Continue reading
Pinnacle folds; Kansas City rebounds
Wow. I am stunned. Despite defiant proclamations that he would fight the Federal Trade Commission in court, Pinnacle Entertainment CEO Anthony Sanfilippo capitulated in swift order. This morning, J.P. Morgan reported that Pinnacle had reached an agreement in principle to … Continue reading
Pinnacle: First the good news …; Cuomo strikes again
Pinnacle Entertainment has lined up $2.9 billion in financing for its takeover of Ameristar Casinos. (Wouldn’t it have been awkward if Wall Street had said, “No thanks”?) In case you’re wondering, the deal values Ameristar at 8X cash flow, a … Continue reading
Posted in Ameristar, Current, Harrah's, Louisiana, MGM Mirage, Mississippi, New York, Pinnacle Entertainment, Regulation, Taxes, Tribal, Wall Street
1 Comment
Feds balk at Pinnacle/Ameristar deal
Given the supine attitude toward mergers and acquisitions that has prevailed in Washington, D.C., for the past 15 years and the routine, state-by-state approval of Pinnacle Entertainment‘s takeover of Ameristar Casinos, I had erroneously thought it a done deal. Not … Continue reading
Pennsylvania and Louisiana: It’s what it is
When last seen, Caesars Entertainment CEO Gary Loveman was telling his brethren that a stale property is an endangered property. To prove his point, he need look no farther than Philadelphia, where new kid on the block Valley Forge Casino … Continue reading
Nevada: The recovery continues; Elsewhere: Not so much
After a boffo February, the Silver State also posted extraordinary numbers in March. As Deutsche Bank headlined its report, “Different Month, Same Tune.” Analyst Carlo Santarelli cautioned, “we believe the underlying trends are not as strong as the headline would … Continue reading
Posted in Ameristar, Atlantic City, Boulder Strip, Boyd Gaming, Colony Capital, Current, Dan Lee, Donald Trump, Downtown, Economy, Harrah's, Illinois, Iowa, Isle of Capri, Kansas, Lake Tahoe, Laughlin, Marketing, Missouri, North Las Vegas, Penn National, Pinnacle Entertainment, Reno, Revel, The Strip, Tourism, Wall Street
2 Comments
Illinois: Quinn caves; Money grab in Missouri
That pesky Illinois Legislature writes up a new, gambling-expansion bill as fast as Gov. Pat Quinn (D, left) can veto the last one. Evidently worn down by long combat with lawmakers and facing a $100 million hole in the state’s … Continue reading
Revel: Christie catches a break; Illinois remains suicidal; Online poker debuts in Nevada
New Jersey Gov. Chris Christie (R) is one lucky fellow. Bankrupt Revel threatened to become an albatross around his neck, thanks to a $261 million tax break that Christie helped push through Trenton. Last week, it turned out that Revel … Continue reading
I-cahnned! River Palms sold; PokerStars out of A.C., Langford out to lunch
Subtract one casino from the Tropicana Entertainment portfolio: The River Palms Resort & Casino, in Laughlin, just went for $7 million today. TropEnt CEO Anthony Rodio isn’t pulling out of the Colorado River market altogether. He says the company will … Continue reading