Category Archives: Taxes

Kentucky legislators try again; Del Lago: The dog ate our revenues

Posted on February 5, 2018 by David McKee

Kentucky is resuming its off-again/on-again flirtation with casino gambling. The reasoning was predictable. “The reason this idea has been on the radar for years is that we know we’ve been headed towards very bleak budgets. Well, we’re there now,” said state … Continue reading →

Posted in Iowa, Kentucky, Nebraska, New York, Pennsylvania, Politics, South Dakota, Taxes, Tribal, Wall Street | Comments Off

Steve Wynn makes his case; Gambling stalemate in Florida

Posted on February 5, 2018 by David McKee

It’s no longer enough for employees of Wynn Resorts to reflect well upon the company. No, now Steve Wynn wants their gratitude. His confidential pep rallies have had all the watertight integrity of a colander. By reminding workers that the … Continue reading →

Posted in California, Detroit, DFS, Dining, Donald Trump, Election, Entertainment, Florida, Galaxy Entertainment, Genting, Harrah's, Internet gambling, Macau, Massachusetts, Melco Resorts & Entertainment, MGM Mirage, Movies, Politics, Regulation, Seminole Tribe, Sexual misconduct, Sheldon Adelson, Steve Wynn, Taxes, The Strip, Wall Street | 1 Comment

Wynn in a corner; Delaware may cut racinos some slack

Posted on February 2, 2018 by David McKee

Things have gotten so bad for Steve Wynn that he’s been reduced to asking his employees to support him in Sexgate. “In a family, people look after each other … They take care of the people they serve” he said, a … Continue reading →

Posted in Ameristar, Delaware, Dining, Genting, Indiana, Massachusetts, New York, Pennsylvania, Pinnacle Entertainment, Racinos, Regulation, Sexual misconduct, Steve Wynn, Taxes, The Strip | 1 Comment

Baccarat slays the Strip

Posted on January 31, 2018 by David McKee

Gaming revenues on the Las Vegas Strip continued to dip in December, down 3% ($571.5 million). Baccarat tore a hole through gaming receipts, with the house plunging 30% on 9% less wagering. Non-baccarat table games fared much better, up 7.5%. … Continue reading →

Posted in Boulder Strip, Economy, Eldorado Resorts, Environment, Illinois, Indiana, Lake Tahoe, Laughlin, Missouri, North Las Vegas, Pennsylvania, Reno, Taxes, The Strip | 1 Comment

Adelson: Big is more; MGM misses important deadline

Posted on January 26, 2018 by David McKee

Wall Street analysts expected Las Vegas Sands to post cash flow of $718 million last quarter but it blew through the ‘stop’ sign and checked in with $731 million. Even though recovering from three cracked ribs, CEO Sheldon Adelson had … Continue reading →

Posted in Ameristar, Architecture, Cordish Co., Galaxy Entertainment, GLPI, Greenwood Racing, Illinois, Internet gambling, Law enforcement, Macau, Massachusetts, MGM Mirage, Missouri, Penn National, Pennsylvania, Politics, Problem gambling, Regulation, Sheldon Adelson, Steve Wynn, Taxes, Tropicana Entertainment | 1 Comment

Like a Virgin

Posted on January 24, 2018 by David McKee

Back when Morgans Hotel Group paid a $770 million king’s ransom for the Hard Rock Hotel & Casino it became the poster child for overpriced assets. Now that Brookfield Asset Management has had enough, it fits right in with Virgin Hotels‘ … Continue reading →

Posted in Culinary Union, Hard Rock Hotel, Morgans Hotel Group, Nevada, Pennsylvania, Sports, Taxes, TV, Warner Gaming | 1 Comment

New York-New York boosts thrill quotient; Seminoles play with fire

Posted on January 23, 2018 by David McKee

As rollercoaster rides go, New York-New York‘s is reassuringly tame. Perhaps in recognition of that, MGM Resorts International is going to kick things up a notch with digital augmentation. According to the Los Angeles Times, “The 3½-minute virtual reality experience … Continue reading →

Posted in Charity, Donald Trump, Election, Florida, Genting, International, Internet gambling, Japan, Massachusetts, MGM Mirage, Politics, Problem gambling, Seminole Tribe, Taxes, Technology, The Strip | 1 Comment

Wynn springs a surprise; MGM feeds the needy

Posted on January 23, 2018 by David McKee

Steve Wynn‘s conference calls tend to be dramatic and yesterday’s was no exception. El Steve announced a 2,500-room hotel for the old New Frontier/Plaza/Alon site. Breaking precedent, he would join it with Wynncore by virtue of the Las Vegas Strip‘s … Continue reading →

Posted in Boyd Gaming, Charity, Dan Gilbert, Economy, Illinois, Indiana, Law enforcement, Macau, Marketing, MGM Mirage, Ohio, Plaza, Politics, Steve Wynn, Taxes, Technology, The Strip, Tribal, Wall Street | Comments Off

Lion attempts to devour Caesar; Louisiana casinos to come ashore?

Posted on January 19, 2018 by David McKee

That proposed takeover of Vici Properties by MGM Growth Properties looks stranger by the day. Since it would be a transaction between two landlords, it would not require Nevada regulatory approval. But it would not, contrary to its initial appearance, … Continue reading →

Posted in Atlantic City, Cordish Co., Genting, Greenwood Racing, Harrah's, Illinois, Indiana, Iowa, Kentucky, Lake Tahoe, Louisiana, MGM Mirage, Mississippi, Missouri, New York, Pennsylvania, Politics, Regulation, Reno, Sports, Station Casinos, Taxes, Wall Street | 1 Comment

Casino envy in Pennsylvania; Gilbert Jacks off

Posted on January 16, 2018 by David McKee

Why do all the bridges in Lehigh County have a “100” rating? Because of the tax money pouring in from Sands Bethlehem. That’s causing some serious envy in Mercer County, which wants a mini-casino. “It’s almost an unfair advantage,” sputters Mercer County … Continue reading →

Posted in Architecture, Dan Gilbert, Harrah's, Marketing, Ohio, Penn National, Pennsylvania, Sheldon Adelson, Stanley Ho, Taxes, Tourism | Comments Off

Carnage in Pennsylvania; Fortune Cup takes on Sigma Derby

Posted on January 15, 2018 by David McKee

*Slot revenues at Pennsylvania casinos are in and if JP Morgan‘s numbers are correct they were terrible. According to Morgan analysts slot winnings dove 27%, bottoming out at $187.5 million. Worst off was Sands Bethlehem ($25 million), sinking 44%, followed … Continue reading →

Posted in Boyd Gaming, Dan Gilbert, Delaware, Detroit, Eldorado Resorts, GLPI, Greenwood Racing, Harrah's, Internet gambling, Massachusetts, MGM Mirage, Minnesota, Neil Bluhm, Nevada, Penn National, Pennsylvania, Pinnacle Entertainment, Politics, Sheldon Adelson, Sports, Station Casinos, Taxes, Technology, Tourism, Tribal, Wall Street, West Virginia | Comments Off

Unlucky Dragon; Gaughan plays Lady Bountiful

Posted on January 8, 2018 by David McKee

Business at the semi-defunct Lucky Dragon casino must have really been sucking wind if it closed six weeks before Chinese New Year, which one would expect to be the property’s sweet spot. Lucky Dragon management is putting a brave face … Continue reading →

Posted in Atlantic City, Harrah's, International, Iowa, Japan, Louisiana, Lucky Dragon, Macau, Massachusetts, MGM Mirage, Michael Gaughan, Regulation, SLS Las Vegas, Sociedade de Jogos de Macau, Taxes, The Strip, Wall Street | 1 Comment

Pennsylvania towns shun casinos; Macao mobbed up

Posted on January 5, 2018 by David McKee

Mini-casinos are as popular in Pennsylvania as an outbreak of typhus. Some 936 towns have ixnayed the idea of hosting slot parlors in their back yards. Extant casino operators will have to bid at least $7.5 million (and have a site … Continue reading →

Posted in Architecture, California, Charity, Churchill Downs, Economy, Foxwoods, Genting, Internet gambling, Law enforcement, LVCVA, Macau, Mandalay Bay Massacre, Maryland, MGM Mirage, Pennsylvania, Regulation, South Korea, Sports, Steve Wynn, Taxes, The Mob, Tourism, Tribal, TV | Comments Off

There’s new life at F-blew; Casinos neglect safety plans

Posted on December 29, 2017 by David McKee

Contrary to some of his early pronouncements about Fontainebleau, new owner Steven Witkoff isn’t sitting on his asset but is pursuing roughly $2 billion of the $3 billion that will be required to finish the eye, er, glittering megaresort. He’s … Continue reading →

Posted in Atlantic City, Carl Icahn, Fontainebleau, Genting, Golden Gaming, Indiana, Macau, Mandalay Bay Massacre, Nevada, Palms, Politics, Racinos, Regulation, Reno, Sheldon Adelson, Sports, Station Casinos, Steve Wynn, Steven Witkoff, Taxes, Technology, The Strip, Tribal, Tropicana Entertainment, Wall Street | Comments Off

‘Tis the season for buying; Putin drives out Ho

Posted on December 27, 2017 by David McKee

Carl Icahn could make another big score soon: Tropicana Entertainment has been cited as a likely takeover candidate by Wall Street analysts. The combination of saturated markets and low interests has led stock pickers to predict that the industry will … Continue reading →

Posted in Boyd Gaming, Carl Icahn, Cosmopolitan, Eldorado Resorts, Glenn Straub, Golden Gaming, Greenwood Racing, Harrah's, International, Internet gambling, Lawrence Ho, MGM Mirage, Neil Bluhm, Pennsylvania, Revel, Sheldon Adelson, Taxes, Tilman Fertitta, Tropicana Entertainment, Wall Street | Comments Off

Rethinking riverboats in Louisiana; Santa hearts Boyd; High and dry

Posted on December 21, 2017 by David McKee

Baton Rouge is one of the markets that hews to the archaic practice of mandating that godless gambling be conducted over water. H2O has remarkable cleansing properties on filthy casino lucre, it seems. At any rate, even though L’Auberge Baton … Continue reading →

Posted in Architecture, Boyd Gaming, Churchill Downs, Current, Economy, Eldorado Resorts, GLPI, Greenwood Racing, Internet gambling, Isle of Capri, Louisiana, Macau, Palms, Penn National, Pennsylvania, Pinnacle Entertainment, Politics, Regulation, Sheldon Adelson, Sports, Station Casinos, Taxes, Tilman Fertitta, Tropicana Entertainment, Wall Street | 1 Comment

MGM goes Gaga; Douchebags drop anchor at Caesars

Posted on December 21, 2017 by David McKee

MGM Resorts International gained an infusion of identity (and hipness) for ultra-generic Park MGM by signing Lady Gaga to a 74-concert residency, a real coup for MGM. Her Ladyship tweeted the news herself: “The rumors are true! I will have my own residency … Continue reading →

Posted in Entertainment, Geoff Freeman, Harrah's, MGM Mirage, Politics, Sports, Taxes, The Strip | Comments Off

Revel bought? Straub says no; R.I.P., Keely Smith

Posted on December 19, 2017 by David McKee

Revel/Ten may have yet another name soon, now that wannabe buyer Bruce Defik has done what Glenn Straub wouldn’t: apply for a New Jersey gaming license. Straub continues to assert that there is no deal in place but “a court … Continue reading →

Posted in Architecture, Atlantic City, California, Detroit, Dining, Entertainment, Glenn Straub, history, Internet gambling, James Packer, Macau, Melco Resorts & Entertainment, Pennsylvania, Politics, Regulation, Revel, Station Casinos, Taxes, The Strip, Tribal | Comments Off

The Deal of the Year

Posted on December 19, 2017 by David McKee

Ever-ravenous Penn National Gaming gulped down Pinnacle Entertainment over the weekend, paying $2.8 billion for a collection of top-quality gaming assets. Among other benefits, the deal strengthens Penn’s position in its home state, as it gets The Meadows racino, doubling … Continue reading →

Posted in Ameristar, Boyd Gaming, Colorado, Economy, Eldorado Resorts, GLPI, International, Iowa, Louisiana, Massachusetts, Missouri, Ohio, Penn National, Pennsylvania, Pinnacle Entertainment, Racinos, Station Casinos, Taxes, Tourism, Transportation, Wall Street | 3 Comments

New York: Turning the page; Cal-Neva is on the clock

Posted on December 15, 2017 by David McKee

‘Wait three years’ is the new rationale coming out of Albany, now that three new casinos in upstate New York have failed to meet Year One revenue projections. Taking the glass-half-full perspective, state Sen. John Bonacic says that the casinos were … Continue reading →

Posted in Economy, Genting, Internet gambling, Japan, Lake Tahoe, Massachusetts, Neil Bluhm, New York, Penn National, Politics, Problem gambling, Racinos, Regulation, Sports, Taxes, Tribal | 1 Comment