Category Archives: Racinos

Loveman’s big score; Slots come to Dayton

Posted on August 28, 2014 by David McKee

“You’re in Baltimore, baby, it says so right there, in big gray block letters on a smokestack at the trash plant just past the entrance.” Caesars Entertainment CEO Gary Loveman, long celebrated as the wizard of database market, also finds … Continue reading →

Posted in Baseball, Cordish Co., Genting, Harrah's, Internet gambling, Marketing, Maryland, Ohio, Penn National, Pinnacle Entertainment, Racinos, Sheldon Adelson, Singapore, The Strip, Transportation, Vietnam | Comments Off

Revel’s 21 grand goof

Posted on August 21, 2014 by David McKee

Revel‘s high-speed shutdown is descending into farce. Its armored-car contractor, GardaWorld, managed to lose $21,000 of long green. How? They — no kidding — left a cash bag on top of the truck. Security footage shows the cash still precariously … Continue reading →

Posted in Architecture, Atlantic City, Boyd Gaming, Colony Capital, Harrah's, Mississippi, Racinos, Revel, Trump Entertainment Resorts, Wall Street | 1 Comment

Life after Revel?

Posted on August 19, 2014 by David McKee

Once safely closed — and rid of those pesky employees — Revel could find itself a valuable commodity again. Salaries really are at the crux of the issue. Current ownership is losing $2 million a week and that “black hole” … Continue reading →

Posted in Atlantic City, Economy, Macau, Racinos, Regulation, Revel, Sheldon Adelson, Singapore, Sports, Taxes | 1 Comment

Exit Revel, eight days early

Posted on August 18, 2014 by David McKee

Labor Day has taken on a cruel, new meaning in Atlantic City, where it will mark the closure of Revel‘s hotel. (The casino will stay open until dawn on Sept. 2.) This takes away eight days of employment that soon-to-be-jobless … Continue reading →

Posted in Atlantic City, Cordish Co., Delaware, Economy, Harrah's, Maryland, Racinos, Revel, Steve Wynn, The Strip | 1 Comment

Station’s big quarter; Smoke gets in your slots

Posted on August 13, 2014 by David McKee

Although customers are holding their purse strings tighter, Station Casinos registered noteworthy growth in earnings last quarter. Powered by Graton Resort & Casino in California, Station reported revenue of $55 million, up from $7 million a year earlier. In the … Continue reading →

Posted in California, Dining, Environment, Harrah's, Neil Bluhm, Ohio, Penn National, Pennsylvania, Pinnacle Entertainment, Racinos, Station Casinos, Tribal | Comments Off

Reality in Illinois, Indiana; Optimism in New York

Posted on August 11, 2014 by David McKee

Illinois has had far worse months than July, which was down only 5%. Admissions were off 9%, implying a 4% higher spend/visitor. Rivers Casino was flat but still managed to gross double what Harrah’s Joliet managed. The latter, however, was … Continue reading →

Posted in Boyd Gaming, Delaware, Economy, Genting, Harrah's, Illinois, Indiana, Massachusetts, MGM Mirage, Neil Bluhm, New York, Penn National, Pinnacle Entertainment, Racinos, Tropicana Entertainment | Comments Off

Success story in the Free State; Stalking horses in Nebraska

Posted on August 6, 2014 by David McKee

Correction: According to Caesars Entertainment — and contrary to the Washington Post — Horseshoe Baltimore is not being renamed “The Legend.” That is a misconstrual of an ad slogan: “The Legend is coming!” There’s no need to worry about saturation … Continue reading →

Posted in Cordish Co., Election, Harrah's, Maryland, Nebraska, Penn National, Racinos | 3 Comments

MGM’s urban renewal; Ruffin rides again

Posted on August 4, 2014 by David McKee

Despite an atmosphere of uncertainty in Massachusetts, executives at MGM Resorts International are putting their faith in a November victory at the ballot box. They’ve closed on the purchase of two tornado-damaged buildings, the Springfield State Armory (shown) and the … Continue reading →

Posted in Architecture, Boyd Gaming, Economy, Election, Kansas, Massachusetts, MGM Mirage, Penn National, Phil Ruffin, Racinos, Taxes, Tribal | Comments Off

Shakeup at Downtown Grand

Posted on July 31, 2014 by David McKee

I’ll be staying at the Downtown Grand this weekend and it looks like I won’t be the only novitiate. Ownership has installed a new management team, too, casting a wide net. CFO Marie Ramsey comes over from the Tropicana Las … Continue reading →

Posted in Boyd Gaming, Cordish Co., Current, Delaware, Downtown, Harrah's, history, MGM Mirage, New York, Racinos, Riviera, Sheldon Adelson, Station Casinos, The Strip | Comments Off

Clouds over Macao

Posted on July 30, 2014 by David McKee

Forbes‘ Muhammad Cohen has been reading the latest tea leaves from the world’s gambling capital and doesn’t like what he sees: a 1H14 revenue increase of 13% (“heady for anywhere but Macau“) but a sequential decline from 1Q to 2Q14 … Continue reading →

Posted in Delaware, Economy, Macau, Melco Crown Entertainment, Racinos, Singapore, Taxes, Wall Street | Comments Off

Wall Street: Viva Las Vegas

Posted on July 29, 2014 by David McKee

“Results could be lackluster, even if more states allow casinos, as is the case in Ohio, which we estimate cannibalized roughly one-third of its revenues from surrounding states.” So wrote Fitch Ratings Service analyst Michael Paladino, assessing the gaming industry’s national … Continue reading →

Posted in Economy, Harrah's, history, Mississippi, New York, Ohio, Racinos, The Strip, Wall Street, Westgate LV | Comments Off

Pinnacle pestered; Penn profits; Pokies pilloried

Posted on July 25, 2014 by David McKee

Orange Capital, calling itself “unsatisfied,” has renewed its pestering of Pinnacle Entertainment to convert itself into a REIT. Orange claims that share value could be increased 60% to 90%. Unfortunately for Pinnacle customers, REITs are required to return 90% of … Continue reading →

Posted in Ameristar, Atlantic City, Australia, Indiana, Louisiana, Missouri, Ohio, Penn National, Pinnacle Entertainment, Problem gambling, Racinos, Tropicana Entertainment, Wall Street | Comments Off

Great month for the Strip, for Louisiana not so much

Posted on July 25, 2014 by David McKee

Buoyed by heavy baccarat play, the Las Vegas Strip registered a 22.5% gain in June. The house played very lucky, too, with win up a staggering 155%. At the other end of the gaming spectrum, those slots must have been … Continue reading →

Posted in Atlantic City, Boyd Gaming, Churchill Hill, Downtown, Economy, Harrah's, Isle of Capri, Lake Tahoe, Laughlin, Louisiana, North Las Vegas, Penn National, Pinnacle Entertainment, Racinos, Reno, The Strip, Tropicana Entertainment | 1 Comment

Gaming industry gets mixed notices

Posted on July 23, 2014 by David McKee

American Gaming Association data on the health of the casino industry continues to be parceled out. Today we learned that Louisiana has 2.2X as many casino employees as Ohio but they make 2.7X as much. Mind you, the Buckeye State’s … Continue reading →

Posted in Economy, IGT, International, Internet gambling, Louisiana, Ohio, Racinos, Wall Street | Comments Off

Isle for sale; N.Y. deluged in casino bids

Posted on July 1, 2014 by David McKee

Consolidation’s march has reached the doorstep of Isle of Capri Casinos. Or maybe it’s the other way around. Isle is reported as having peddled itself to several potential buyers over the last several months. Now it’s “weeks away” from a … Continue reading →

Posted in Colorado, Delaware, Genting, Hard Rock International, Harrah's, Isle of Capri, Neil Bluhm, New York, Penn National, Racinos, Wall Street | Comments Off

Gearing up for fights in Massachusetts, California and Arkansas

Posted on June 30, 2014 by David McKee

Expect a deluge of dollars to be spent opposing or supporting a casino-repeal ballot question in Massachusetts. Unlike political campaigns, ballot questions have no spending limitation attached to them. So far, the biggest amount spent on a ballot question in … Continue reading →

Posted in Arkansas, Bally Technologies, California, Election, Entertainment, Internet gambling, Maryland, Massachusetts, Mohegan Sun, Penn National, Racinos, Regulation, Shuffle Master, Steve Wynn, The Strip, Tropicana Entertainment | Comments Off

Showboat: The autopsy; Penn: We’re outta here!

Posted on June 30, 2014 by David McKee

Leaving aside the human effect, in cold business calculus, Caesars Entertainment‘s closure of the Showboat Atlantic City makes sense. At least that’s what Mayor Don Guardian is saying echoed by Wall Street. “The closure makes financial sense for Caesars and … Continue reading →

Posted in Atlantic City, Boyd Gaming, Delaware, Economy, Harrah's, Massachusetts, New York, Penn National, Pennsylvania, Racinos, Taxes, Wall Street | 1 Comment

Boffo May in Vegas; The power of convenience

Posted on June 27, 2014 by David McKee

Wall Street was pleasantly surprised by May’s gambling numbers from Nevada and especially the Las Vegas Strip, which was up 17%. Statewide, revenues rose 8%, reflecting the dilutive effect of an 8% decline in locals gaming revenue. A 3% dip … Continue reading →

Posted in Boulder Strip, Downtown, Economy, Election, Hard Rock International, Harrah's, Illinois, Laughlin, Massachusetts, MGM Mirage, Mohegan Sun, North Las Vegas, Ohio, Penn National, Problem gambling, Racinos, Regulation, Slot routes, The Strip, Wall Street | 3 Comments

The ultimate irony; No luck for Argosy; Borgata lawsuit tossed

Posted on June 26, 2014 by David McKee

States have, one after another, approved casino gambling to help prop up their own finances. Now, with crushing irony, Delaware is going from being subsidized by racinos to subsidizing them. Gov. Jack Markell (D) still can’t drum up the support … Continue reading →

Posted in Atlantic City, Boyd Gaming, Current, Delaware, Harrah's, Iowa, Maryland, Penn National, Racinos, Regulation, Taxes | 2 Comments

Case Bets

Posted on June 25, 2014 by David McKee

Look what they found. Legislators in Delaware have “found” money to aid the state’s ailing racinos and, surprisingly, no sofa cushions were involved. $10 million will be used to help reduce the racinos’ costs to slot machine vendors by 75%. … Continue reading →

Posted in Delaware, Harrah's, history, Louisiana, Maryland, MGM Mirage, Racinos, Regulation, Taxes | Comments Off