Category Archives: Taxes

Freeman flunks; Casino insecurity; Between a Hard Rock and a good deed

Posted on October 8, 2013 by David McKee

It’s a good thing that American Gaming Association President Geoff Freeman hightailed it to Barcelona this week to give a speech. During Global Gaming Expo, his signature achievement was to stake the AGA’s credibility on a Justin Timberlake movie. Freeman … Continue reading →

Posted in Alex Yemenidjian, Atlantic City, Charity, Delaware, Economy, Election, G2E, Hard Rock International, Harrah's, Indiana, Internet gambling, Massachusetts, MGM Mirage, Movies, New York, Penn National, Regulation, Taxes, The Strip, Tourism | Comments Off

Caesars spooks Wall Street; Florida fumbles

Posted on September 26, 2013 by David McKee

Not surprisingly, Caesars Entertainment stock took a dip this morning. Why the lack of surprise? The company is further diluting its value by preparing to issue 10 million additional shares of common stock. “While we would view the announcement as … Continue reading →

Posted in Atlantic City, Donald Trump, Florida, Harrah's, Internet gambling, Phil Ruffin, Politics, Racinos, Sheldon Adelson, Steve Wynn, Taxes, Wall Street | 1 Comment

Caesars: Borrowing time

Posted on September 19, 2013 by David McKee

“Caesars Entertainment Corporation (CZR) is a highly overvalued gaming, hotel, and entertainment company with deteriorating fundamentals on all levels in a highly competitive environment.” — Aaron Zander, Seeking Alpha. It’s that moment we’ve all been waiting for, the one where … Continue reading →

Posted in International, Massachusetts, New York, Taxes, Wall Street, World Series of Poker | Comments Off

Next Stop: Sri Lanka; Terra incognita

Posted on September 12, 2013 by David McKee

Launching a pre-emptive strike on the Indian subcontinent, the government of Sri Lanka has gone into casino gambling in a big way. It’s approved a $350 million “mixed development” (that’s what casino-hotels are called over there) by James Packer‘s Crown … Continue reading →

Posted in Bally Technologies, IGT, International, Internet gambling, James Packer, Phil Ruffin, Regulation, Scientific Games, Taxes, Wall Street | Comments Off

“George” deal for Palmer; Resorts World in peril; Walker’s fan dance

Posted on August 30, 2013 by David McKee

Mohegan Sun ran out its host-community agreement with Palmer and it’s pretty clear that no expense will be spared to close the deal, either now or in a couple of months at the ballot box. The Mohegans are promising the … Continue reading →

Posted in Genting, Horseracing, Illinois, Massachusetts, MGM Mirage, Mohegan Sun, New York, Racinos, Regulation, Taxes, Tribal, Wisconsin | 1 Comment

Revel’s mixed reviews; All systems ‘go’ in Massachusetts

Posted on August 15, 2013 by David McKee

That controversial “You Can’t Lose” promotion being fielded by Revel Resort is a hit with players even as it’s been panned by pundits. “Whoa, Smarty Jones. Not so fast,” cracked one.) The complexity of the deal is even being credited … Continue reading →

Posted in Atlantic City, Boyd Gaming, Cordish Co., Illinois, International, Marketing, Massachusetts, Mohegan Sun, Neil Bluhm, Penn National, Revel, Sheldon Adelson, Taxes | 2 Comments

Seller’s market in A.C.?; Adelson’s new opportunity

Posted on August 1, 2013 by David McKee

According to a certain Pinky Kravitz, two new suitors are afoot on the Boardwalk. One of them is Neil Bluhm‘s SugarHouse Casino, which evidently covets the Atlantic Club (a surprisingly downmarket move for Bluhm). It may have to go up … Continue reading →

Posted in Atlantic City, Boyd Gaming, Colony Capital, Current, Donald Trump, Economy, Environment, Foxwoods, Harrah's, International, Internet gambling, Kansas, Maine, Massachusetts, Neil Bluhm, New Hampshire, New York, Pennsylvania, Regulation, Sheldon Adelson, Taxes, Wall Street | Comments Off

Silly in Philly; Dinosaurs in Macao; New York’s choice

Posted on July 31, 2013 by David McKee

From the silly file. There’s no reason that any Joe Blow can’t apply for a casino license in Philadelphia. But I get a kick out of fruit-and-vegetable mogul Joseph “Tomato King” Procacci thinking he can actually outdo the likes of … Continue reading →

Posted in Animals, Election, Isle of Capri, Macau, New York, Penn National, Pennsylvania, Problem gambling, Regulation, Stanley Ho, Steve Wynn, Taxes | Comments Off

A tale of two cities …

Posted on July 30, 2013 by David McKee

… and both of them are Las Vegas. Last week, Sheldon Adelson pitched a fit about how he thought MGM Resorts International and Caesars Entertainment were driving down his room rates (as though it were the job of Jim Murren … Continue reading →

Posted in Current, Dining, Economy, Harrah's, MGM Mirage, Sheldon Adelson, Steve Wynn, Taxes, The Strip, Tourism, Wall Street | Comments Off

Men of La Mancha; Delaware: Taxation without benefit

Posted on July 23, 2013 by David McKee

While the attempted boycott of his Venelazzo poker rooms fizzles, Sheldon Adelson continues to look overseas. However, his EuroVegas will be beaten to the punch, or so it appears. Rival project BCN World has the jump on him, at least … Continue reading →

Posted in CityCenter, Current, Delaware, Dining, Entertainment, Hard Rock Hotel, Harrah's, Horseracing, International, James Packer, Lawrence Ho, Melco Crown Entertainment, New York, Racinos, Sheldon Adelson, Taxes, Tribal | 3 Comments

Wynn checkmated in Everett?; Cordish sees Penn, raises ante

Posted on July 22, 2013 by David McKee

As we all would agree, Suffolk Downs doesn’t have the capitalization, the track record or the leadership that Wynn Resorts does. However, Richard Fields and Harvard homeboy Gary Loveman have a big something going for them: juice. I expected their … Continue reading →

Posted in Atlantic City, Cordish Co., Current, Dining, Election, Foxwoods, Genting, Harrah's, Massachusetts, New York, Pennsylvania, Politics, Racinos, Regulation, Revel, Steve Wynn, Taxes, Tribal | 1 Comment

Massachusetts: Penn’s back in; New market for Adelson?

Posted on July 19, 2013 by David McKee

When the city of Springfield finally stopped fence-sitting and decided against going with Penn National Gaming, I knew it was only a matter of time before Penn emerged somewhere else in Massachusetts. Boy, has it ever. Operating with speed and … Continue reading →

Posted in Cordish Co., Current, Environment, Hard Rock International, International, Lake Tahoe, Massachusetts, Neil Bluhm, Penn National, Politics, Racinos, Regulation, Sheldon Adelson, Steve Wynn, Taxes, Tropicana Entertainment | Comments Off

Hail, Caesars; Some roads lead to Foxwoods; Bluhm disappoints

Posted on July 18, 2013 by David McKee

It’s not every day that Caesars Entertainment CEO Gary Loveman has a good idea. But when he does, it’s a real brainwave. Such has proven to be the case with Caesars’ purchase of social-gaming Web firm Playtika. The latter has … Continue reading →

Posted in Hard Rock International, Harrah's, IGT, Illinois, Internet gambling, Macau, Maryland, Massachusetts, MGM Mirage, Neil Bluhm, Pansy Ho, Penn National, Pennsylvania, Politics, Regulation, Stanley Ho, Station Casinos, Taxes, The Mob, Transportation, Tribal | Comments Off

Springfield: MGM wins again; Barton: Congressman or con artist?

Posted on July 17, 2013 by David McKee

As predicted, voter turnout was low but a victory is a victory, and MGM Resorts International went home a winner yesterday. Springfield voters ratified an agreement between MGM and the city, 58% to 42%. Scarcely had the last vote been … Continue reading →

Posted in Atlantic City, Current, Donald Trump, Economy, Environment, Harrah's, Harry Reid, International, Internet gambling, Massachusetts, MGM Mirage, Politics, Racinos, Regulation, Revel, Sheldon Adelson, Steve Wynn, Taxes, Tribal | 1 Comment

Barton delivers; Penn takes the initiative

Posted on July 12, 2013 by David McKee

It was a somewhat mixed victory for the casino industry. Rep. Joe Barton (R-TX, left) revived a 2012 initiative, in the form of his Internet Poker Freedom Act, legislation that he’s been promising for a couple of election cycles now. … Continue reading →

Posted in Architecture, Current, Internet gambling, Isle of Capri, Louisiana, Maryland, Massachusetts, Penn National, Pennsylvania, Politics, Regulation, Station Casinos, Steve Wynn, Taxes, The Strip | 1 Comment

A note of thanks; Going … going … Gore

Posted on July 10, 2013 by David McKee

As many of you know, Mount Charleston, on the distant outskirts of Las Vegas, is being consumed by a huge forest fire. Not only has the blaze threatened Siegel Group‘s Mount Charleston Lodge, it’s also displaced some of the many … Continue reading →

Posted in Cannery Casino Resorts, Current, Entertainment, Environment, Louisiana, Pinnacle Entertainment, Taxes, The Strip | 1 Comment

Accord in Kentucky; Atlantic City on the move; James Packer’s comeback

Posted on July 5, 2013 by David McKee

But there are still some stirrings of activity on the casino front. For starters, Bwin.Party has agreed to fork over $15 million to Kentucky. According to the company the payment “resolves the only remaining litigation … that stems from our … Continue reading →

Posted in Atlantic City, Boyd Gaming, California, Cirque du Soleil, Colony Capital, Current, Entertainment, International, Internet gambling, James Packer, Kentucky, MGM Mirage, Regulation, Station Casinos, Taxes, The Strip, Tribal | Comments Off

Case Bets: Crystals, Baltimore, Mohegan Sun, Macao

Posted on June 27, 2013 by David McKee

Somebody’s finally found a good use for Crystals: as a museum. Daniel Liebeskind‘s design of the property would be more conducive to viewing art than to shopping and it never has trouble drawing lookie-lous. (Customers, eh, not so much.) Somebody … Continue reading →

Posted in Architecture, CityCenter, Current, Entertainment, Harrah's, Macau, Maryland, Massachusetts, MGM Mirage, Sheldon Adelson, Taxes, The Strip, Tourism, Tribal | 2 Comments

New bosses at Hooters; Caesars: If it worked for Obama … ?

Posted on June 21, 2013 by David McKee

While nobody wants to buy or even lease the Hooters Hotel, current owners Canyon Capital Realty Advisors at least have found some new gaming expertise for the property. In this case, “new” is a relative term, as the familiar faces … Continue reading →

Posted in Current, Delaware, Harrah's, Hooters, Marketing, Maryland, Ohio, Pennsylvania, Politics, Racinos, Taxes, The Strip, West Virginia | 1 Comment

Quote of the Day

Posted on June 20, 2013 by David McKee

“… casino ‘taxes’ are really more accurately described as profit-sharing arrangements, making states in effect business partners in gambling operations, a recipe for crony capitalism, favoritism for politically connected businesses, and, now, to no one’s great surprise, bailout considerations … … Continue reading →

Posted in Current, Delaware, Economy, Politics, Racinos, Taxes | Comments Off