Category Archives: Real Estate

July resumption for Mass casinos; Room rates rebound

Posted on May 18, 2020 by David McKee

Casinos in Massachusetts now know when they can reopen … more or less. Gov. Charlie Baker (R) has laid out of one of the toughest reopening regimens in the U.S. It will proceed in four phases, each phase—beginning today—lasting three weeks. … Continue reading →

Posted in Caesars Entertainment, California, Derek Stevens, Downtown, Economy, Entertainment, Health, Las Vegas Sands, Massachusetts, MGM Resorts International, Oscar Goodman, Penn National, Politics, Real Estate, Regulation, Station Casinos, The Strip, Tribal, Wall Street, Wynn Resorts | Comments Off

Cosmo to Hard Rock?; Caesars dwarfs Eldorado

Posted on May 15, 2020 by David McKee

VitalVegas is a veritable font of Las Vegas Strip scuttlebutt. Among its recent rumor-chases was the tantalizing hint that Planet Hollywood was going to go smoke-free. (Official word from Caesars Entertainment: “Untrue.” End of story.) Also, author Scott Roeben is … Continue reading →

Posted in Caesars Entertainment, Cosmopolitan, Dining, Economy, Eldorado Resorts, Hard Rock International, MGM Resorts International, Nevada, Penn National, Planet Hollywood, Real Estate, Seminole Tribe | Comments Off

Vegas casinos can reopen, sorta; Hard Rock returns

Posted on May 15, 2020 by David McKee

Want to go back to a Las Vegas casino? Now you can. In a well-meant directive that seems to be sowing a certain amount of confusion, the Nevada Gaming Control Board stated that during the current Phase I, casinos could … Continue reading →

Posted in Caesars Entertainment, Cosmopolitan, Cretins, Dining, Economy, Georgia, Hard Rock International, Lotteries, Maryland, Massachusetts, Movies, Oregon, Penn National, Real Estate, Sahara, Steven Witkoff, The Strip, Virgin Hotels | 2 Comments

New opening for ‘Net bets; Goodman still under fire

Posted on April 24, 2020 by David McKee

With gaming reeling—and tax revenues along with it—Internet gambling may start looking more attractive to states that have previously scorned it. Sports betting has taken the lead, with Colorado poised to enter that fray. However, Morgan Stanley analyst Thomas Allen … Continue reading →

Posted in Atlantic City, Caesars Entertainment, Colorado, Culinary Union, Economy, Eldorado Resorts, GLPI, Health, Internet gambling, Morris Bailey, Nevada, New Jersey, Oregon, Penn National, Real Estate, Sports betting, Taxes, The Strip, Tilman Fertitta, Tribal, TV, Unite-Here, Wall Street, Wisconsin | Comments Off

Sands shakes off doldrums; MGM sitting pretty

Posted on April 23, 2020 by David McKee

Las Vegas Sands posted a Covid-19 impacted 1Q20. Room rates nudged upward year/year from $263 to $266, at 87% occupancy, resulting in a decline in revenue per available room from $249 to $199. Sands was modestly down at the tables, … Continue reading →

Posted in Atlantic City, Baseball, CityCenter, Economy, Health, Japan, Las Vegas Sands, Macau, Maryland, Massachusetts, MGM Resorts International, Ohio, Pennsylvania, Real Estate, Sheldon Adelson, Singapore, Sports, Sports betting, The Strip, Tourism, Wall Street | 2 Comments

MGM: The Lion purrs; Tilman in trouble

Posted on April 8, 2020 by David McKee

JP Morgan analysts parlayed with MGM Resorts International CEO Bill Hornbuckle and CFO Corey Sanders yesterday. Reports Joseph Greff, “We come away with a favorable view and a strong appreciation for Mr. Hornbuckle’s background in casino operations (former MGM COO … Continue reading →

Posted in Cirque du Soleil, CityCenter, Economy, Foxwoods, Hooters, International, Iowa, Lotteries, Macau, Massachusetts, MGM Resorts International, Real Estate, Regulation, Scientific Games, Sports betting, Tilman Fertitta, Wall Street | 1 Comment

Maryland craters; Penn takes Trop loss

Posted on April 3, 2020 by David McKee

Free State Gov. Larry Hogan (R) having closed casinos on March 16, revenue results were predictably dire, down 58%. That’s a measly $69 million gross. MGM National Harbor booked $26 million, a 58.5% slide, with slots down 62% and tables … Continue reading →

Posted in Caesars Entertainment, Churchill Downs, Cordish Co., Detroit, Donald Trump, Economy, Eldorado Resorts, GLPI, Golden Gaming, Health, Las Vegas Sands, Law enforcement, Maryland, Massachusetts, MGM Resorts International, Penn National, Politics, Real Estate, Sheldon Adelson, Sports betting, The Strip, Wall Street, West Virginia, Wynn Resorts | 3 Comments

Hard times for Atlantic City; Murren’s big payday

Posted on March 30, 2020 by David McKee

Atlantic City casinos have pink-slipped 6,000 workers as a gaming shutdown goes on indefinitely. Said Ocean Casino Resort CEO Terry Glebocki, “This is truly an unprecedented time not only for Ocean, but for everyone.” Unemployment claims in the Garden State … Continue reading →

Posted in Atlantic City, Boyd Gaming, Caesars Entertainment, Economy, Eldorado Resorts, Hard Rock International, Health, Illinois, Indiana, Louisiana, Macau, MGM Resorts International, Morris Bailey, Ocean Resort, Penn National, Pennsylvania, Real Estate, Regulation, Sports betting, Tribal, Wall Street, Washington State | 1 Comment

Case Bets & Mega-Jottings

Posted on March 30, 2020 by David McKee

Former casino operator and regulator Richard Schuetz has some very stern words for his former colleagues and their (slow) response to Coronavirus. Sample: “The point is, in many of our gaming states, there was little concern about the employees of … Continue reading →

Posted in California, Charity, Donald Trump, e-sports, Economy, Health, International, Internet gambling, Las Vegas Sands, Macau, Massachusetts, Nevada, Penn National, Real Estate, Regulation, Tribal, Wynn Resorts | Comments Off

Where do we go from here?

Posted on March 19, 2020 by David McKee

In the process of canceling its 2020 earnings guidance, Marriott International gave some oblique insight into how the casino industry is likely to cope with the Coronavirus quarantine. Occupancy, it said, had fallen to 25%, compared to 70% last year. … Continue reading →

Posted in AGA, Alabama, Baseball, Boyd Gaming, Caesars Entertainment, Carl Icahn, Charity, Economy, Health, Illinois, Indiana, International, Internet gambling, Iowa, Las Vegas Sands, Macau, Melco Resorts & Entertainment, MGM Resorts International, Movies, Oregon, Penn National, Real Estate, Regulation, Sahara, Sheldon Adelson, Slot routes, South Korea, Sports, Sports betting, The Strip, Tribal, Wall Street, Wynn Resorts | 1 Comment

Tarnished Golden; Exec blasts Japan

Posted on March 18, 2020 by David McKee

Golden Gaming was coming off a strong 4Q19: Net revenues at its Nevada casinos were 24% higher, to $134 million, and its slot routes were up 4.5% to $73 million. However, JP Morgan analyst Joseph Greff warned investors to “stay … Continue reading →

Posted in Arizona, Economy, Golden Gaming, Health, Horseracing, Japan, Massachusetts, Missouri, Nevada, Penn National, Pennsylvania, Politics, Racinos, Real Estate, Singapore, Slot routes, The Strip, Tribal, Wall Street | Comments Off

Las Vegas is closed

Posted on March 18, 2020 by David McKee

America‘s favorite 24-hour town has finally caved to the inevitable and done what neither Sept. 11 nor the Great Recession made it do. It has turned out the lights and hung the “Closed for business” sign in the window. Finally … Continue reading →

Posted in Boyd Gaming, Caesars Entertainment, California, Canada, Cosmopolitan, Culinary Union, Dining, Downtown, Economy, Election, Golden Gaming, Health, Illinois, Las Vegas Sands, MGM Resorts International, Nevada, Phil Ruffin, Real Estate, Regulation, Station Casinos, Steve Wynn, The Strip, Tourism, Transportation, Wall Street, Wynn Resorts | Comments Off

Vegas vs. virus; Tribe puts $1 billion on table

Posted on March 4, 2020 by David McKee

Las Vegas is 20,000 attendees poorer now that Adobe Summit 2020 has pulled the plug on its convention. Although Sin City has been spared from coronavirus fears so far, withdrawals of this magnitude are at least as bad as a … Continue reading →

Posted in Alabama, China, Churchill Downs, Conventions, Donald Trump, Election, Health, International, Lotteries, Massachusetts, MGM Resorts International, Real Estate, Taxes, The Strip, Tribal | Comments Off

Encore gets real; Atlantic City on impressive streak

Posted on February 17, 2020 by David McKee

According to the Boston Globe, a “sense of reality” in sinking in at Encore Boston Harbor that it has to appeal to somebody besides high-income demographics. “This shift was evident recently when a bright-red taco truck appeared on the gambling … Continue reading →

Posted in Atlantic City, Canada, Dining, Georgia, Illinois, Internet gambling, Marketing, Massachusetts, MGM Resorts International, Real Estate, Regulation, Sports betting, Steve Wynn, Taxes, The Mob, Wynn Resorts | Comments Off

Turnaround at Station; Suburban sexcapades

Posted on February 5, 2020 by David McKee

Things are looking up for Station Casinos. The latest dispatch from JP Morgan analyst Joseph Greff was optimistic, citing “a market that should experience solid 2% to 3% [gross gaming revenue] growth and possesses the ability to harvest margin growth as … Continue reading →

Posted in Diversity, Downtown, Economy, Entertainment, International, Kentucky, Las Vegas Raiders, Law enforcement, Mohegan Sun, Pahrump, Palms, Racinos, Real Estate, Regulation, Reno, Station Casinos, Tribal, Wall Street | 1 Comment

Quote of the Day

Posted on January 29, 2020 by David McKee

“As we look across the whole landscape, we think that there are many, many regional assets where we think the cap rate should not only be the equivalent of a luxury Las Vegas resort like a Bellagio, but could potentially … Continue reading →

Posted in Economy, MGM Resorts International, Real Estate, The Strip | Comments Off

Less KAOS, more chaos at Palms

Posted on November 6, 2019 by David McKee

Station Casinos has an excellent record as an operator. Why then did it misjudge its attempt to compete with the Las Vegas Strip in its takeover (and makeover) of the Palms? And while it knows its onions with regard to … Continue reading →

Posted in CityCenter, Colorado, Dining, Election, Entertainment, Massachusetts, MGM Resorts International, Palms, Penn National, Real Estate, Sports betting, Station Casinos, The Strip, Wall Street | Comments Off

Ocean surges in Atlantic City; Wall Street yawns at MGM sale

Posted on October 17, 2019 by David McKee

Atlantic City gambling revenue was off 3% last month and we’ll be generous, chalking it up to one less weekend day than last year. The Boardwalk grossed $224.5 million, led by Borgata with $57.5 million (a 5% slippage). Table win … Continue reading →

Posted in Atlantic City, Boyd Gaming, Caesars Entertainment, Eldorado Resorts, Greenwood Racing, Hard Rock International, Internet gambling, Japan, MGM Resorts International, Mohegan Sun, Nevada, New Jersey, Ocean Resort, Penn National, Pennsylvania, Phil Ruffin, Real Estate, Rush Street Gaming, Sports, Sports betting, The Strip, Tilman Fertitta, Tribal, Wynn Resorts | 3 Comments

Trail of breadcrumbs; Survey says …

Posted on October 15, 2019 by David McKee

Waiting for “breadcrumbs to fall off the truck.” That’s Gaming & Leisure Properties‘ self-described business plan. GLPI execs, including CEO Peter Carlino (left), were in Las Vegas for Global Gaming Expo and took the opportunity to chat with J.P. Morgan … Continue reading →

Posted in AGA, Cosmopolitan, Economy, Entertainment, GLPI, history, Las Vegas Sands, MGM Mirage, Penn National, Real Estate, The Strip, Tourism, Tribal, TV | Comments Off

Many fewer Vegas knots tied; Golden Nugget expands

Posted on October 14, 2019 by David McKee

One of Las Vegas‘ mainstays and signature stocks in trade, its wedding industry, is down 42% (yes, 42%) from its 2004 peak. Mind you, it’s still a $2.5 billion business. But the quickie-wedding trade may be hurting and that wouldn’t … Continue reading →

Posted in Charity, Cirque du Soleil, Dining, Downtown, Economy, Election, Entertainment, Internet gambling, Kentucky, MGM Resorts International, Real Estate, Shuffle Master, Sports betting, Technology, Terry Caudill, The Strip, Tilman Fertitta, Wynn Resorts | Comments Off