Category Archives: Taxes

Atlantic City: Fertitta wins, Taj too close to call

Posted on December 16, 2014 by David McKee

Score one for the Golden Nugget in Atlantic City and its peppery owner, Tilman Fertitta. Its threat to “blow up” a property-tax reform deal was sufficient to bring about a compromise acceptable to all sides. Under the original bill and … Continue reading →

Posted in Atlantic City, Carl Icahn, Economy, Oklahoma, Politics, Regulation, Taxes, Tilman Fertitta, Tribal, Trump Entertainment Resorts | Comments Off

Hope and change in Atlantic City

Posted on December 15, 2014 by David McKee

Not everybody is on board with Gov. Chris Christie‘s and state Senator Stephen Sweeney‘s plan for a new, fixed-rate payment system for Atlantic City casinos, in lieu of property taxes. Despite a floodtide of new revenue in recent months, the … Continue reading →

Posted in Atlantic City, Boyd Gaming, Glenn Straub, Harrah's, MGM Mirage, Mohegan Sun, Pennsylvania, Revel, Taxes, Tilman Fertitta, Tropicana Entertainment, Trump Entertainment Resorts | 1 Comment

Et tu, Harry?

Posted on December 10, 2014 by David McKee

Internet gambling dodged a bullet when the federal government’s omnibus spending bill was sent to the floor without Restoring America’s Wire Act tacked on like a flea riding a dog. “If we can’t get it into the omnibus, it won’t be … Continue reading →

Posted in Economy, Harrah's, Harry Reid, Internet gambling, Macau, MGM Mirage, Politics, Sheldon Adelson, Shuffle Master, Taxes | Comments Off

Indiana giveth, Ohio taketh away; Atlantic City fix finds wide support

Posted on December 9, 2014 by David McKee

Depending on whether or not you count free play as taxable revenue, Indiana was down 6% or 7% last month, with customers spending 3% more but visiting 9.5% less. Penn National Gaming‘s Hollywood Lawrenceburg took cross-border competition particularly hard, falling … Continue reading →

Posted in Atlantic City, Boyd Gaming, Current, Harrah's, Indiana, Kentucky, Ohio, Penn National, Pinnacle Entertainment, Politics, Sheldon Adelson, Taxes, Tropicana Entertainment | 1 Comment

Trump Taj Mahal buys time

Posted on December 5, 2014 by David McKee

In the latest of many deadlines, Trump Taj Mahal has pushed its closing date back by another week, from Dec. 12 to Dec. 20. (Given that it has closed one of its hotel towers, we should not be surprised that … Continue reading →

Posted in Atlantic City, Harrah's, Internet gambling, Sports, Station Casinos, Taxes, The Strip, Trump Entertainment Resorts | Comments Off

Player, manage thyself (sorta)

Posted on December 5, 2014 by David McKee

After much back-and-forth, the Massachusetts Gaming Commission imposed its highly touted “managed play” regime, the first in the nation. One’s first reaction is that it doesn’t live up to the advance hype. What was originally a carrot-and-stick plan is now … Continue reading →

Posted in Colorado, Economy, Massachusetts, Penn National, Problem gambling, Regulation, Steve Wynn, Taxes | Comments Off

Saving Atlantic City; Smokeless in Iowa

Posted on December 4, 2014 by David McKee

In an effort to solve the problem otherwise known as Atlantic City, policymakers are floating a variety of remedies. One would see the city’s casinos make a lump sum payment of $150 million for two years, in lieu of property … Continue reading →

Posted in Atlantic City, Boyd Gaming, Environment, Harrah's, Iowa, Isle of Capri, Pinnacle Entertainment, Regulation, Taxes | 1 Comment

Icahn’s olive branch

Posted on December 1, 2014 by David McKee

As the clock ticks down toward a Dec. 4 bankruptcy hearing at which Trump Entertainment Resorts could be dissolved, Carl Icahn is nothing if not optimistic. He continues to believe he can recoup the $286 million in debt he holds … Continue reading →

Posted in Atlantic City, Boyd Gaming, Carl Icahn, Environment, Genting, New York, Regulation, Taxes, Trump Entertainment Resorts | 2 Comments

Adelson keeps coming; Eternal frustration in Florida

Posted on November 26, 2014 by David McKee

Let’s face it: Sheldon Adelson is old, distrusts computers and clearly fears Internet gambling’s encroachment on his mammoth brick-and-mortar casinos. Which means that even if he fails to get the Restore America’s Wire Act bill passed in Congress’ lame-duck session, … Continue reading →

Posted in Election, Florida, Harry Reid, Internet gambling, Politics, Sheldon Adelson, Taxes, Tribal | Comments Off

Slots drive Vegas; Big change at Foxwoods

Posted on November 26, 2014 by David McKee

Las Vegas Strip casino revenues fell 6% last month, largely thanks to soft table play. Deutsche Bank analyst Carlo Santarelli characterized slot play as “encouraging and driven primarily by volume,” as the Strip recorded its sixth consecutive month of increased … Continue reading →

Posted in Boulder Strip, Delaware, Downtown, Entertainment, Foxwoods, Lake Tahoe, Laughlin, Mohegan Sun, North Las Vegas, Racinos, Slot routes, Taxes, The Strip, Wall Street | Comments Off

Revel: Brookfield bails, Straub back in; A few good men

Posted on November 19, 2014 by David McKee

Like its predecessors at Revel, management at Brookfield US Holdings found itself with an albatross around its neck: the cost-intensive Inlet District Energy Center. The standalone power plant cost the resort $1.25 million a month. Brookfield hoped to reduce those costs … Continue reading →

Posted in Atlantic City, Foxwoods, Genting, Glenn Straub, Harrah's, International, Internet gambling, Massachusetts, MGM Mirage, New York, Pennsylvania, Revel, Sports, Taxes, Tribal, Wall Street | Comments Off

Silver breaks ranks; Is NHL a done deal for Vegas?

Posted on November 14, 2014 by David McKee

In a bold, if not completely surprising move, NBA Commission Adam Silver took to the op-ed pages of the New York Times to advocate the nationwide legalization of sports betting. “Times have changed … Gambling has increasingly become a popular and … Continue reading →

Posted in Dotty's, George Maloof, Harrah's, MGM Mirage, Politics, Regulation, Sports, Taxes, The Strip | Comments Off

Impossible choice at Trump Taj; Ultimate Poker busts

Posted on November 14, 2014 by David McKee

Ownership of Trump Taj Mahal has handed down to workers a choice that might be described as being between bad and worse: accept the loss of their health and pension benefits or, if Unite-Here continues to pursue an appeal in … Continue reading →

Posted in Atlantic City, Carl Icahn, Economy, Harrah's, Internet gambling, Michael Gaughan, Sheldon Adelson, Station Casinos, Taxes, Trump Entertainment Resorts | 2 Comments

Tribal roundabout

Posted on November 12, 2014 by David McKee

Escalating the level of desperation in Connecticut, comes a proposal for the state’s two gaming tribes to gang-tackle Massachusetts by collaborating on a third casino of their own. So far, all of the noise seems to be coming from Mohegan … Continue reading →

Posted in California, Economy, Foxwoods, Internet gambling, Massachusetts, Mohegan Sun, Oklahoma, PokerStars, Taxes, Tribal | Comments Off

Quote of the Day

Posted on November 11, 2014 by David McKee

“Combined between schools and the municipal government in Atlantic City, it costs $377 million a year. That’s not sustainable.” — New Jersey Senate President Stephen Sweeney (D) proposing an austerity plan to stabilize Atlantic City’s finances, in advance of a a … Continue reading →

Posted in Atlantic City, Economy, Taxes | Comments Off

Brainless in Connecticut; Jobless in Las Vegas

Posted on November 10, 2014 by David McKee

What do you do when your slot revenues are declining? Build more casinos, of course! That’s the idea Mohegan Sun is pushing in Connecticut, with the help of a few well-placed lawmakers. It’s a no-brainer … as in, you’d have … Continue reading →

Posted in Boyd Gaming, Cosmopolitan, Dining, Foxwoods, Genting, Hard Rock International, Massachusetts, MGM Mirage, Mohegan Sun, New York, Sam Nazarian, Station Casinos, Taxes, The Strip, Tribal, Wisconsin | Comments Off

No sports betting for New Jersey; Christie’s quest

Posted on October 27, 2014 by David McKee

Much as might be expected, a federal judge handed down an injunction preventing Monmouth Park from taking sports wagers last weekend. Track advisor Dennis Drazin tried to shrug off the setback, calling it “only a step in the road.” State … Continue reading →

Posted in Atlantic City, Delaware, Economy, Harrah's, Regulation, Sports, Taxes | Comments Off

Ivey loses & sundry Case Bets

Posted on October 9, 2014 by David McKee

Phil Ivey won’t be edge-sorting cards anytime soon. A British judge has ruled that, whether he knew it or not, Ivey was cheating when he won $12 million at Crockfords, a Genting Group casino in London. “He gave himself an advantage … Continue reading →

Posted in Atlantic City, California, Columbia Sussex, Election, Genting, Indiana, International, Japan, Lake Tahoe, Ohio, Penn National, Pinnacle Entertainment, Regulation, Station Casinos, Taxes, Tourism, Tribal, Wall Street, Warner Gaming | Comments Off

Playing chicken in Atlantic City

Posted on October 9, 2014 by David McKee

We’ve already seen four casinos close in Atlantic City and Carl Icahn is threatening to raise the ante to six. In a highly confrontational move, he’s demanding further concessions at the Tropicana Atlantic City from union Unite-Here, plus tax breaks … Continue reading →

Posted in Atlantic City, Carl Icahn, Donald Trump, Economy, Penn National, Taxes, Tropicana Entertainment, Trump Entertainment Resorts | Comments Off

All Wynn, all the time

Posted on October 1, 2014 by David McKee

Posted in Carl Icahn, Economy, Fontainebleau, G2E, Internet gambling, Macau, Marketing, Maryland, MGM Mirage, Mississippi, Pennsylvania, Politics, Regulation, Sheldon Adelson, Steve Wynn, Tamares Group, Taxes | Comments Off