Category Archives: Taxes

Rocky Mountain low; Crouching Tiger, hidden ownership

Posted on September 26, 2014 by David McKee

A study by — you guessed — proponents of a racino in Colorado is projecting some hard-to-believe numbers, contingent upon Arapahoe Park being approved for casino gambling in November. They’re predicting $418 million in statewide economic impact, including $114 million … Continue reading →

Posted in California, Colorado, Economy, Election, International, Kazuo Okada, Melco Crown Entertainment, Racinos, Regulation, Taxes, Tribal | Comments Off

Pacific overtures

Posted on September 25, 2014 by David McKee

Lord knows where they keep coming up with the money for these things, especially with a prepacked bankruptcy being bruited about, but Caesars Entertainment and partner Lippo (a Chinese firm) are beavering away on a South Korea casino complex near … Continue reading →

Posted in Affinity Gaming, Colorado, Harrah's, International, Iowa, Macau, MGM Mirage, Missouri, Singapore, South Korea, Taxes | Comments Off

He came to buy Atlantic City

Posted on September 12, 2014 by David McKee

Just when you thought Atlantic City had shed several casinos, they’re coming right back. Would-be Revel buyer Glenn Straub would include casino gambling in his larger strategy for the property but make it incidental to other “hobbies.” “Who in the hell … Continue reading →

Posted in Atlantic City, Glenn Straub, Harrah's, Internet gambling, Politics, Regulation, Revel, Sports, Taxes, Transportation, Trump Entertainment Resorts | 2 Comments

Recovery in Vegas? It depends on where you stand

Posted on August 28, 2014 by David McKee

July was a mixed blessing for Nevada. Gambling revenue was up 5% along the Strip, down 4% among locals and essentially flat statewide. Strip casinos won big at baccarat, with player losses increasing 16% on 24% heavier play. Non-Strip baccarat play … Continue reading →

Posted in Boulder Strip, Downtown, Isle of Capri, Lake Tahoe, Laughlin, Macau, MGM Mirage, Missouri, North Las Vegas, Reno, Taxes, The Strip, Tribal, Wisconsin | Comments Off

Bad ideas never die; The Fugees; Left holding the bag

Posted on August 26, 2014 by David McKee

Politicians are ever-fond of the notion of using casinos as surrogate police, tasking them with collecting delinquent child-support payments. Louisiana has actually been doing this since 2011 and hit the jackpot: $2 million-plus to date. So where do deadbeat dads … Continue reading →

Posted in Atlantic City, Cantor Gaming, Delaware, Harrah's, Louisiana, Neil Bluhm, Penn National, Pennsylvania, Regulation, Revel, Sports, Taxes | Comments Off

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

Revel reprieved, sort of

Posted on August 14, 2014 by David McKee

Ownership of Revel may have given up on the casino itself, scheduled to close Sept. 10. However, they’re still trying to sell the property, indefinitely adjourning yet another bankruptcy auction in order to entertain “ongoing negotiations [with] certain potential bidders … Continue reading →

Posted in Atlantic City, Economy, Politics, Revel, Taxes | Comments Off

“You lost the war”

Posted on August 13, 2014 by David McKee

It took a contentious, fist-pounding meeting, but the Tohono O’odham Nation has a done deal with Glendale, Arizona. The $400 million casino project will pay the city $26 million over 20 years. “What we are being presented with tonight is peanuts … Continue reading →

Posted in Arizona, International, Taxes, Tribal, TV | Comments Off

SLS: The power behind the throne

Posted on August 12, 2014 by David McKee

Last week, while I was out with an abcessed tooth, SLS Las Vegas had its turn before the Nevada Gaming Control Board. The management structure and financing were so complex that it took SLS nearly four hours to walk regulators … Continue reading →

Posted in Foxwoods, Maryland, Regulation, Sam Nazarian, Taxes | 1 Comment

Quote of the Day

Posted on August 5, 2014 by David McKee

“This is turning out to be who can generate the most revenue for the state.” — disgruntled Liberty, N.Y., town supervisor Charlie Barbuti on casino expansion. Like, duh!

Posted in Economy, New York, Taxes | Comments Off

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

Packer returns

Posted on August 4, 2014 by David McKee

James Packer is back. Undoubtedly encouraged by the recent groundswell of development on the Las Vegas Strip, he’s bought the New Frontier site for a casino development that will be underwritten by the Oaktree Capital Management hedge fund. Construction is to … Continue reading →

Posted in Atlantic City, Australia, Cosmopolitan, Fontainebleau, Harrah's, International, James Packer, Japan, Macau, Revel, Steve Wynn, Taxes, The Strip, Trump Entertainment Resorts, Wall Street | 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

Prosperity in Detroit? You bet; Penn’s persistence

Posted on July 18, 2014 by David McKee

Those busy boffins at the American Gaming Association have been crunching data from Detroit and come up with some interesting statistics. The three Motown casinos are a bit lighter in the workforce (down 4%), having lost or laid off 350 … Continue reading →

Posted in Economy, Election, Massachusetts, MGM Mirage, Missouri, Penn National, Regulation, Taxes, Technology, Tropicana Entertainment | Comments Off

Marrandino returns; Crime and casinos

Posted on July 18, 2014 by David McKee

It’s hard to say which is the more intriguing aspect of the announced reinvention of Lake Tahoe‘s Horizon Casino Resort. Is it the adoption of the Hard Rock brand or the re-emergence of Don Marrandino as the man who’s going … Continue reading →

Posted in Atlantic City, Columbia Sussex, Harrah's, Lake Tahoe, Pennsylvania, Taxes, Warner Gaming | 1 Comment

Atlantic City: Tide’s out?

Posted on July 7, 2014 by David McKee

New Jersey can’t add new casino or racino sites until late 2016, per Gov. Chris Christie‘s rescue plan. But lawmakers may not wait that long. A 2015 statewide ballot question to add new gambling jurisdictions is “a very real possibility,” according … Continue reading →

Posted in Atlantic City, Election, Foxwoods, Massachusetts, Politics, Taxes, Tribal, Wall Street | Comments Off

Revel’s death spiral; Piling into N.Y.

Posted on July 2, 2014 by David McKee

Having filed for bankruptcy a second time, Revel Casino Hotel is trying hard to stay off the auction block. Maybe not hard enough: A $300 million price tag is too rich for Caesars Entertainment‘s blood or even flush Hard Rock … Continue reading →

Posted in Atlantic City, Churchill Hill, Cordish Co., Current, Genting, Hard Rock International, Harrah's, Mohegan Sun, Neil Bluhm, Penn National, Revel, Taxes, Wall Street | 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

So long, Showboat

Posted on June 27, 2014 by David McKee

Normally, when a federally mandated WARN Act notice goes out to casino employees, executives downplay as a mere formality. Not so for Showboat Atlantic City where theoretical closure became actual shutdown in less than 24 hours. Despite having recently posted … Continue reading →

Posted in Atlantic City, Harrah's, Japan, Massachusetts, New York, Regulation, Revel, Taxes | 1 Comment

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