Category Archives: Taxes

Quote of the Day

Posted on March 28, 2014 by David McKee

“We did not know what to expect, so every penny is a nice surprise. We did not have to fill out 50 forms to get it or hire any new staff members to keep it – it came with no … Continue reading →

Posted in Economy, Ohio, Taxes | Comments Off

Upside down at Cosmo; Casino beggars; Tribal casinos set new record

Posted on March 26, 2014 by David McKee

If a 3% ROI is your idea of a good return on a casino, have we got the place for you: The Cosmopolitan of Las Vegas. It continues to narrow losses and improved gambling revenues 25%. Last year, the Cosmo’s … Continue reading →

Posted in Alabama, California, Colorado, Cosmopolitan, Delaware, Dining, Entertainment, Harrah's, Kansas, Macau, New York, Oklahoma, Racinos, Singapore, Taxes, Texas, The Strip, Tourism, Tribal | 1 Comment

Jim Murren’s white flag; More slots in New England

Posted on March 21, 2014 by David McKee

In a moment of weakness upon which Sheldon Adelson is certain to pounce, MGM Resorts International CEO Jim Murren called for a cease-fire in the intra-industry war over Internet gambling. In addition to his day job, Murren is chairman of … Continue reading →

Posted in Geoff Freeman, Internet gambling, Macau, MGM Mirage, New York, Pennsylvania, Politics, Sheldon Adelson, Steve Wynn, Taxes | 1 Comment

Mega-casino proposed for Chicago; REIT-mania continues

Posted on March 14, 2014 by David McKee

Visualize Foxwoods Resort Casino. Now plunk it down in the middle of Chicago. That’s essentially what state Rep. Robert Rita (D) proposes to do, pitching a 4,000-10,000-position casino for the Windy City. He also would have the State of Illinois … Continue reading →

Posted in Boyd Gaming, Florida, Illinois, Penn National, Pinnacle Entertainment, Racinos, Taxes, Wall Street | Comments Off

Missouri, Indiana take their lumps

Posted on March 11, 2014 by David McKee

Bad weather is being blamed for dismal attendance figures at St. Louis-area casinos. Those on the Missouri side were down 11%, while Casino Queen in East St. Louis and Alton Belle were off 17% at the turnstile. Statewide, revenue was down 7%, with … Continue reading →

Posted in Harrah's, Indiana, Isle of Capri, Missouri, Ohio, Penn National, Pinnacle Entertainment, Taxes, Tropicana Entertainment | Comments Off

Culinary: Two down, 14 to go; Quiet crisis at Sands

Posted on March 11, 2014 by David McKee

Culinary Union-represented workers at the Riviera and at Treasure Island have cause for celebration, being the beneficiaries of new, five-year collective bargaining agreements. Culinary Secretary-Treasurer Geoconda Arguello-Kline took the extra step of hailing the Riviera deal as “mutually beneficial” to … Continue reading →

Posted in Charity, Culinary Union, Delaware, Macau, Massachusetts, Mohegan Sun, Ohio, Phil Ruffin, Racinos, Regulation, Riviera, Sheldon Adelson, Taxes, The Strip | Comments Off

More slots for the Sunshine State; Sheldon’s big payday

Posted on March 5, 2014 by David McKee

A 453-page casino-enabling bill in the Florida state Senate just got a bit longer when Sen. Maria Sachs added language that would enable six additional counties (Palm Beach, Gadsden, Washington, Lee, Hamilton and Brevard) to have slots at their parimutuels. … Continue reading →

Posted in Arizona, Atlantic City, Environment, Florida, International, Isle of Capri, Macau, Politics, Racinos, Regulation, Revel, Sheldon Adelson, Steve Wynn, Taxes, Transportation, Tribal | 1 Comment

Revere: Mohegan Sun rising in the east; Dose of reality in New Jersey

Posted on February 26, 2014 by David McKee

Election results are in from Revere, where Suffolk Downs and Mohegan Sun are partnering to build a racino. It wasn’t even close. Casino opponents were heavily outspent and, in the end, heavily outvoted, being crushed in a landslide, 63% to … Continue reading →

Posted in Atlantic City, Cordish Co., Current, Economy, Election, Greenwood Racing, Internet gambling, Massachusetts, Mohegan Sun, Penn National, Taxes, Tribal | Comments Off

Nugget strikes gold; Hailing Caesars

Posted on February 25, 2014 by David McKee

One casino’s misery is another’s good fortune. The Golden Nugget in Atlantic City says it’s being swamped with new business ever since Caesars Entertainment and Tropicana Entertainment conspired to the euthanize the Atlantic Club. According to General Manager Tom Pohlman, … Continue reading →

Posted in Architecture, Atlantic City, Cordish Co., Delaware, Downtown, Economy, Harrah's, Internet gambling, Maryland, MGM Mirage, Taxes, The Strip, Tilman Fertitta, Tropicana Entertainment | 1 Comment

Massachusetts slams Mohegans, Foxwoods; Mohegan slams Wynn

Posted on February 11, 2014 by David McKee

Following a stinging expose of Mohegan Sun and Foxwoods Resort Casino‘s habit of placing liens on the homes of casino debtors. Massachusetts Attorney General Martha Coakley was moved to action. She is urging the Massachusetts Gaming Commission to prohibit the … Continue reading →

Posted in Environment, Foxwoods, Massachusetts, Mohegan Sun, New York, Regulation, Steve Wynn, Taxes | 1 Comment

Penn gets frostbite; Virginia passes up gambling

Posted on February 6, 2014 by David McKee

Caught between harsh weather and a tighter competitive squeeze, Penn National Gaming posted 4Q13 revenues that were 13% down from last year. The $645 million loss drew a surprisingly muted reaction from gaming analysts. The company is already drastically reducing … Continue reading →

Posted in California, Louisiana, Macau, Missouri, Ohio, Penn National, Politics, Problem gambling, Racinos, Sheldon Adelson, Stanley Ho, Steve Wynn, Taxes, Wall Street | Comments Off

The hypocrisy of Steve Wynn

Posted on February 3, 2014 by David McKee

Like a couple of crotchety codgers sitting in their rocking chairs, Steve Wynn has joined Sheldon Adelson in the “You kids get off my lawn” club when it comes to Internet gambling. (Not that he has allowed this to stop … Continue reading →

Posted in Atlantic City, Delaware, Economy, International, Internet gambling, Massachusetts, Pennsylvania, Racinos, Regulation, Revel, Sheldon Adelson, Steve Wynn, Taxes | Comments Off

Double whammy in Beantown, feeding frenzy in Philly

Posted on January 31, 2014 by David McKee

Should casino opponents succeed in getting a repeal of the state’s gambling law onto the November ballot — and win — Massachusetts will lose out on tax revenue it’s booked for the next fiscal year. It may also have to … Continue reading →

Posted in Economy, Election, Indiana, Massachusetts, Neil Bluhm, Pennsylvania, Politics, Racinos, Regulation, Taxes | Comments Off

Buoyancy in Vegas, contentment at Wynn

Posted on January 31, 2014 by David McKee

Despite somewhat less money being dropped on the Las Vegas Strip, revenue was up 13% last December, closing out a strong 4Q13. Statewide, revenue was up 10%, slightly over a billion dollars. Tighter slot hold on the Strip helped fuel … Continue reading →

Posted in Atlantic City, Boulder Strip, Boyd Gaming, Downtown, Economy, Lake Tahoe, Laughlin, Macau, Massachusetts, Mohegan Sun, Racinos, Reno, Steve Wynn, Taxes, The Strip, Tribal, Wall Street | Comments Off

All stories lead to Massachusetts

Posted on January 24, 2014 by David McKee

Since it faces no competition in western Massachusetts, it was mostly theater when MGM Resorts International CEO James Murren presented the project to the Massachusetts Gaming Commission. The latter will have months in which to mull the enormous volume of … Continue reading →

Posted in Atlantic City, Boyd Gaming, California, Harrah's, International, Internet gambling, Massachusetts, MGM Mirage, Pennsylvania, Taxes, Tribal | Comments Off

Seeking bargains in Japan, Delaware

Posted on January 22, 2014 by David McKee

Osaka‘s government is entertaining proposals for a $5 billion casino, to be built on landfill — hoping to get ahead of the curve should the federal government approve legalized gambling. “We’d need global casino-operators’ involvement and expertise as the business … Continue reading →

Posted in Delaware, Genting, Harrah's, Japan, Macau, MGM Mirage, Racinos, Taxes | Comments Off

Case Bets: Massachusetts, Biloxi, Betcoin and Cosmo

Posted on January 22, 2014 by David McKee

In a TV interview, Massachusetts Gaming Commission Chairman Stephen Crosby tipped his hand, indicating that approval of MGM Springfield is far more likely than not. However, the MGC might be making some demands of its own, above and beyond what … Continue reading →

Posted in Cirque du Soleil, Cosmopolitan, Derek Stevens, Downtown, Entertainment, Harrah's, Massachusetts, MGM Mirage, Mississippi, New York, Regulation, Taxes, Technology, The Strip | Comments Off

Winter of discontent

Posted on January 17, 2014 by David McKee

It’s been a grim December for regional casino markets. Even Pennsylvania, once a bastion of strength, ended 2013 with a slight year/year decline. In Connecticut, a 15% revenue decline was reported at Foxwoods Resort Casino, with handle off 21%. Mohegan … Continue reading →

Posted in Boyd Gaming, Economy, Foxwoods, Harrah's, Louisiana, Marketing, Mohegan Sun, Penn National, Pennsylvania, Pinnacle Entertainment, Politics, Sheldon Adelson, Sports, Taxes, The Mob, The Strip, Tourism | Comments Off

Toxic overconfidence at Wynn; Persistence in Kentucky

Posted on January 8, 2014 by David McKee

Whoops. It seems like Wynn Resorts was a little coy (or careless) about how it intended to clean up a toxic-waste site (home to “volatile organic compounds, petroleum hydrocarbons, PCBs, and evidence of sulfuric acids and other substances“) in Everett. Bostonians … Continue reading →

Posted in Boyd Gaming, Environment, Internet gambling, Kansas, Kentucky, Massachusetts, Politics, Sheldon Adelson, Steve Wynn, Taxes | 2 Comments

Overexuberance in New Jersey, generosity in Maryland

Posted on December 27, 2013 by David McKee

New Jersey Gov. Chris Christie (R) is setting himself up for a fall with his blue-sky projections of Internet-gambling revenue. Eilers Research has projected that it will take two or three years for gambling revenue to reach $227 million … … Continue reading →

Posted in Atlantic City, Economy, Goldman Sachs, Harrah's, history, Illinois, Internet gambling, Macau, Maryland, Massachusetts, Regulation, Slot routes, Taxes, The Mob, The Strip, Wall Street | Comments Off