Category Archives: Regulation

Saving souls on Capitol Hill

Posted on March 26, 2015 by David McKee

Rep. Jason Chaffetz (R) finally got to hold his dog-and-pony show on the eeeeeeevils of Internet gambling, after a previous date had been snowed out. As expected, the proceedings “broke little new ground” on the issue. Afterward, Chaffetz condescended to … Continue reading →

Posted in Atlantic City, Fontainebleau, Harrah's, Internet gambling, New York, Politics, Regulation, Revel, Sheldon Adelson, Technology, Tribal, Trump Entertainment Resorts | Comments Off on Saving souls on Capitol Hill

Reid’s heavy hand; Staying the course in Macao

Posted on March 26, 2015 by David McKee

Financing of SLS Las Vegas was made a little easier when Sen. Harry Reid (D) intervened on behalf of some of Sam Nazarian‘s all-important EB-5 visa investors. The inspector general of the Department of Homeland Security has identified four SLS … Continue reading →

Posted in Economy, Election, Harrah's, Harry Reid, Macau, Melco Crown Entertainment, MGM Mirage, Movies, Regulation, Sam Nazarian, The Strip | Comments Off on Reid’s heavy hand; Staying the course in Macao

Case Bets: Okada, Massachusetts, Connecticut, Ruffin

Posted on March 20, 2015 by David McKee

It’s been a good week for Kazuo Okada. The boss of Universal Entertainment Corp. announced that investigations of him in Japan and the Philippines had closed and given him a clean bill of health. The probes were set off by … Continue reading →

Posted in Foxwoods, Japan, Kansas, Kazuo Okada, Massachusetts, Mississippi, Mohegan Sun, Phil Ruffin, Philippines, Regulation, Steve Wynn, Tribal | Comments Off on Case Bets: Okada, Massachusetts, Connecticut, Ruffin

Nugget drives Louisiana; Sauce for the goose in Pennsylvania

Posted on March 19, 2015 by David McKee

Subtract the Golden Nugget Lake Charles from last month’s Louisiana gambling revenues and they’re absolutely flat with 2014. Two wannabe REITs went in opposite directions. Pinnacle Entertainment‘s aggregate Pelican State casinos were up 9% while Caesars Entertainment got hammered, down … Continue reading →

Posted in Boyd Gaming, Churchill Downs, GLPI, Greenwood Racing, Harrah's, Internet gambling, Isle of Capri, Marketing, Neil Bluhm, Pennsylvania, Pinnacle Entertainment, Politics, Racinos, Regulation, Sheldon Adelson, Taxes, Technology, Tilman Fertitta, Tropicana Entertainment | Comments Off on Nugget drives Louisiana; Sauce for the goose in Pennsylvania

MGM’s REIT risk; Will Lone Star State go for gambling?

Posted on March 18, 2015 by David McKee

Investor Jonathan Litt‘s proposed conversion of MGM Resorts International isn’t just another random case of REITmania. According to Forbes, MGM is expected to return to profitability this year and “some of those expected profits will leak into government coffers.” REITs are … Continue reading →

Posted in Economy, Macau, Maryland, Massachusetts, MGM Mirage, Politics, Regulation, Sheldon Adelson, Sports, Texas, Wall Street | 2 Comments

Macao’s Great Recession; Caesars shreds contracts

Posted on March 17, 2015 by David McKee

Yes Virginia, there is a recession in Macao. With two consecutive quarters of negative GDP growth, the casino city meets Wall Street‘s definition of a recessionary economy. Eighty percent of Macanese revenue comes from gambling, so when the central government … Continue reading →

Posted in California, Economy, Entertainment, Harrah's, Louisiana, Macau, New York, Philippines, Planet Hollywood, Regulation, Sheldon Adelson, Sports, Steve Wynn, Tourism, Transportation, Wall Street | Comments Off on Macao’s Great Recession; Caesars shreds contracts

Paradox at Revel; Further delay in Massachusetts

Posted on March 17, 2015 by David McKee

Florida developer Glenn Straub remains thwarted in his attempts to purchase Revel. His primary obstacle is Judge Gloria Burns, who seems bent upon charting a course for Chapter 7 liquidation. Although, out of 20 bids, Straub’s is the only one … Continue reading →

Posted in Foxwoods, Glenn Straub, Hard Rock International, Harrah's, Macau, Massachusetts, Ohio, Regulation, Revel, Station Casinos, Westgate LV | Comments Off on Paradox at Revel; Further delay in Massachusetts

Is MGM the next REIT?; Bad news for PokerStars

Posted on March 17, 2015 by David McKee

Shares of MGM Resorts International could trade at $55. So thinks hedge-fund boss Jonathan Litt, who has proposed converting MGM into a REIT, a move he says could halve the company’s massive debt. (Asset sales are part of Litt’s plan.) The … Continue reading →

Posted in Atlantic City, California, Harrah's, International, Internet gambling, Macau, MGM Mirage, PokerStars, Regulation, Sheldon Adelson, Tribal, Wall Street | Comments Off on Is MGM the next REIT?; Bad news for PokerStars

Roundball is Borgata’s newest draw; Board disses Elaine Wynn

Posted on March 16, 2015 by David McKee

Borgata is ahead of the curve again in Atlantic City. At least it’s thinking progressively, incepting a March Madness-themed free-throw competition as a first step toward skill-based gambling. Four hundred people have already plunked $20 each down to play on ad … Continue reading →

Posted in Atlantic City, Boyd Gaming, Internet gambling, Marketing, Regulation, Sports, Steve Wynn, Technology, Tilman Fertitta | Comments Off on Roundball is Borgata’s newest draw; Board disses Elaine Wynn

Adelson lackey denounces gambling; Scientific’s stumble

Posted on March 16, 2015 by David McKee

In a surprising display of petulance, Rep. Jason Chaffetz (R) hung up the phone on members of the National Governors Association when they had the temerity to object to his Restoration of America’s Wire Act bill, which would criminalize state … Continue reading →

Posted in Florida, Marketing, New York, Politics, Regulation, Scientific Games, Sheldon Adelson, The Strip | Comments Off on Adelson lackey denounces gambling; Scientific’s stumble

Caesars pensioners find sympathetic ear

Posted on March 13, 2015 by David McKee

Caesars Entertainment‘s cutoff of payments to several dozen pensioners drew the attention of the Nevada Gaming Control Board, taking up the bulk of Wednesday’s hearing. NGCB Terry Johnson member told Caesars attorneys, “The pensioners are an important matter that should not … Continue reading →

Posted in Boyd Gaming, Harrah's, Louisiana, Marketing, Massachusetts, New York, Racinos, Regulation, Revel, Tribal, Tropicana Entertainment | Comments Off on Caesars pensioners find sympathetic ear

Adelson vs. lottery; Big weekend at SLS

Posted on March 11, 2015 by David McKee

Proving that gaming is the only taxable udder on which the Nevada Legislature dares tug, Assemblyman Harvey Munford has proposed a state lottery. The purported use of lottery proceeds would be to help senior citizens and support public education. “The … Continue reading →

Posted in Ameristar, Entertainment, GLPI, Harrah's, Illinois, MGM Mirage, Missouri, Pinnacle Entertainment, Politics, Regulation, Sam Nazarian, Sheldon Adelson, The Strip | 1 Comment

Foxwoods returns to Massachusetts … maybe

Posted on March 6, 2015 by David McKee

In the slow-simmering competition for a southeastern Massachusetts casino license, Foxwoods Resort Casino has just turned up the heat. It will wed spinster KG Urban, which brings a waterfront New Bedford site to the nuptials, while Foxwoods will provide the … Continue reading →

Posted in Architecture, Foxwoods, Horseracing, Illinois, Massachusetts, Neil Bluhm, Pennsylvania, Regulation, Tribal | Comments Off on Foxwoods returns to Massachusetts … maybe

Caesars wins some, loses some; Dotty’s drives Station batty

Posted on March 5, 2015 by David McKee

“I don’t have any authority to disband a committee that the U.S. trustee has appointed,” said Judge A. Benjamin Goldgar, handing a victory to the second-tier debtors in the Caesars Entertainment bankruptcy. Caesars had sought to have the creditors’ watchdog committee … Continue reading →

Posted in Dotty's, Harrah's, Politics, Regulation, Station Casinos, Wall Street | Comments Off on Caesars wins some, loses some; Dotty’s drives Station batty

IRS money grab; Nastiness at Wynn

Posted on March 5, 2015 by David McKee

Gaming is a “soft target” for politicians and the Obama administration is looking into a backdoor method of engorging more gaming taxes. It is “considering” (but not yet imposing) lower thresholds for the “IRS lockdown” on winnings at keno, bingo and slots. … Continue reading →

Posted in Columbia Sussex, Missouri, Regulation, Steve Wynn, Taxes | Comments Off on IRS money grab; Nastiness at Wynn

Fear and loathing in Washington; New goodies at Borgata

Posted on March 4, 2015 by David McKee

Sheldon Adelson sock puppet Rep. Jason Chaffetz (R) would be holding his much-ballyhooed hearing on Internet gambling today, had Mother Nature not intervened and forced a postponement. When it happens, it’ll be pretty much the kangaroo court you’d expect. His star witness is rabid and … Continue reading →

Posted in Atlantic City, Boyd Gaming, Economy, Entertainment, Horseracing, International, Internet gambling, Politics, Regulation, Sheldon Adelson, Taxes, The Strip, Tribal | 1 Comment

New problem for Straub; Broad casino push in Florida

Posted on March 3, 2015 by David McKee

Whenever you think the Revel saga is done, a new complexity arises. Glenn Straub‘s $82 million purchase is set to be ruled upon in bankruptcy court tomorrow. But, slipping over the transom at the last minute come Leo Pustilnikov and fellow … Continue reading →

Posted in Atlantic City, California, Florida, Glenn Straub, Politics, Racinos, Regulation, Revel, Tribal | Comments Off on New problem for Straub; Broad casino push in Florida

Macao in freefall; A RAWA deal

Posted on March 3, 2015 by David McKee

Sheldon Adelson can call Macao‘s doldrums “cyclical” until he’s blue in the face but there’s no mistaking that the gambling enclave is having serious problems. Actually, that’s a bit of an understatement when February revenue falls 49%. VIP play is … Continue reading →

Posted in Economy, Internet gambling, Melco Crown Entertainment, MGM Mirage, Mohegan Sun, Pennsylvania, Politics, Regulation, Sheldon Adelson, Stanley Ho, Steve Wynn, Wall Street | Comments Off on Macao in freefall; A RAWA deal

First big hurdle in Indiana cleared

Posted on March 2, 2015 by David McKee

Both the Indiana state Senate and Gov. Mike Pence (R) could still nix the deal, but the Indiana House of Representatives voted 76-19 to put riverboat casinos ashore and OK live dealers at the state’s Indiana Grand and Hoosier Park racinos. … Continue reading →

Posted in Boyd Gaming, Genting, Hard Rock International, Harrah's, Indiana, Internet gambling, Isle of Capri, Macau, Mississippi, New York, Ohio, Pennsylvania, Politics, Racinos, Regulation, Sheldon Adelson, Singapore, South Dakota | Comments Off on First big hurdle in Indiana cleared

Caesars quits Ohio; Adelson’s Iran problem

Posted on March 2, 2015 by David McKee

Caesars Entertainment‘s portfolio is lighter to the tune of two Ohio casinos and a racino. The beleaguered company sold its 20% in Horseshoe Cleveland, Horseshoe Cincinnati and ThistleDown Racino to majority shareholder Rock Ohio Ventures, giving Dan Gilbert full control … Continue reading →

Posted in Dan Gilbert, GTECH, Hard Rock Hotel, Harrah's, IGT, International, Kentucky, Maryland, Ohio, Racinos, Regulation, Sheldon Adelson, Technology, Warner Gaming | 2 Comments