Category Archives: Taxes

Delaware casinos offered bailout; Wynn making gains in Massachusetts

Posted on June 18, 2013 by David McKee

State governments like casinos because they fill the capitol’s coffers with revenue. At least that’s what they’re supposed to do. But something’s gone very wrong in Delaware. Gov. Jack Markell‘s administration — having an extra $50 million on hand — … Continue reading →

Posted in Harrah's, Massachusetts, Neil Bluhm, Penn National, Politics, Steve Wynn, Taxes, Tribal | Comments Off

Wynn gets serious in Massachusetts; Little racino bests Caesars

Posted on June 14, 2013 by David McKee

Steve Wynn is engaging a multi-pronged effort to clinch the favor of voters in Everett. Of course, if the Massachusetts Gaming Commission takes time off from generating paperwork to stop and be impressed by Wynn’s campaign, so much the better. Wynn’s … Continue reading →

Posted in Architecture, Current, Dan Gilbert, Harrah's, Massachusetts, Ohio, Pennsylvania, Racinos, Regulation, Steve Wynn, Taxes, Tribal | 1 Comment

Pinnacle: First the good news …; Cuomo strikes again

Posted on June 13, 2013 by David McKee

Pinnacle Entertainment has lined up $2.9 billion in financing for its takeover of Ameristar Casinos. (Wouldn’t it have been awkward if Wall Street had said, “No thanks”?) In case you’re wondering, the deal values Ameristar at 8X cash flow, a … Continue reading →

Posted in Ameristar, Current, Harrah's, Louisiana, MGM Mirage, Mississippi, New York, Pinnacle Entertainment, Regulation, Taxes, Tribal, Wall Street | 1 Comment

Don’t tell Sheldon!; East Coast misadventures

Posted on June 4, 2013 by David McKee

As EuroVegas appears on the verge of collapse, recent bulletins pile another indignity upon Sheldon Adelson. When Barcelona‘s BCN World wanted to add a casino, it reached 3/4 of the way around the globe to recruit … Melco Crown Entertainment … Continue reading →

Posted in Atlantic City, Harrah's, International, Internet gambling, Marketing, Massachusetts, Melco Crown Entertainment, New Hampshire, Ohio, Pennsylvania, Politics, Sheldon Adelson, Slot routes, Taxes, Transportation, Tribal | 2 Comments

Illinois: Not so fast!; Adelson pursues world domination

Posted on May 30, 2013 by David McKee

It really looked like the fix was in, the deal was done and existing casino operators in Illinois were about to thrown to the slaughter by legislators hungry for licensing fees. But the wheels of the grand plan are coming … Continue reading →

Posted in Current, Election, Illinois, International, Macau, Neil Bluhm, Penn National, Politics, Regulation, Sheldon Adelson, Slot routes, Taxes, The Strip, Tourism, Wall Street | 1 Comment

Adelson: He’s taking it with him; Nevada casinos win one, in principle

Posted on May 29, 2013 by David McKee

Las Vegas Sands CEO Sheldon Adelson continues to burn through company at what would — for most ordinary firms — be a frightful clip. Clark County District Judge Rob Bare tacked $31.6 million onto a $70 million jury award to … Continue reading →

Posted in Current, Harry Reid, Macau, Marketing, Melco Crown Entertainment, Midnight Jim Gibbons, Politics, Regulation, Sheldon Adelson, Taxes | Comments Off

Christie’s big bet; New Hampshire’s big blunder; Nevada’s big bully

Posted on May 23, 2013 by David McKee

New Jersey Gov. Chris Christie (R) is banking on $180 million in Internet casino revenue to make his budget work. That might be a little off — if by “little” you mean 80%. Online wagering could bring in a comparatively … Continue reading →

Posted in Current, Dan Gilbert, Detroit, Economy, Election, Harrah's, International, Internet gambling, Maine, Massachusetts, New Hampshire, Politics, Slot routes, Sports, Station Casinos, Taxes, Wall Street | 1 Comment

Weidner returns; Casinos win tax fight

Posted on May 22, 2013 by David McKee

Y’all remember Baha Mar, that multi-billion-dollar project in the Bahamas that then-Harrah’s Entertainment exited during its IPO? At the time, Harrah’s insisted that there was no connection, but Baha Mar was one of several initiatives — including Margaritaville in Biloxi … Continue reading →

Posted in Boyd Gaming, Environment, Harrah's, International, Macau, Mississippi, Oklahoma, Politics, Reno, Sheldon Adelson, Taxes | 1 Comment

Big setback in Toronto; Wynn rebuffed; Cuomo’s winning streak

Posted on May 17, 2013 by David McKee

One of gaming’s biggest new markets went out with a whimper, not a bang, when colorful Toronto Mayor Rob Ford nixed a scheduled vote on whether to put a casino in the lakeside city, hoping to extract a $97 million … Continue reading →

Posted in Colorado, Current, Dan Gilbert, Detroit, Economy, Harrah's, Horseracing, International, Massachusetts, MGM Mirage, New York, Penn National, Politics, Racinos, Regulation, Steve Wynn, Taxes, Texas, Tribal | 1 Comment

Inside the Adelson verdict; Wackiness in Illinois

Posted on May 15, 2013 by David McKee

Early news reports held that yesterday’s $70 million judicial beat-down of Las Vegas Sands was unanimous. Not so, it turns out. At least one juror felt that Macao schmoozer Richard Suen had neither demonstrated the existence of a contract with … Continue reading →

Posted in Current, Economy, Illinois, Macau, Politics, Regulation, Sheldon Adelson, Slot routes, Station Casinos, Steve Wynn, Taxes | 2 Comments

Equivocal anniversary for Ohio; In Massachusetts, progress for MGM and Wynn

Posted on May 13, 2013 by David McKee

So, as Ohio marks the first full year of casino play, is the glass half-full or half-empty. Currently, much is being made of Horseshoe Cleveland having brought in less than half of greatly over-ambitious expectations (and 12% less than what … Continue reading →

Posted in Architecture, Current, Dan Gilbert, Dining, Economy, Entertainment, Harrah's, Massachusetts, MGM Mirage, Ohio, Penn National, Politics, Racinos, Regulation, Steve Wynn, Taxes, Tourism | 3 Comments

Happy days: Here again?; DIY Vdara Death Ray

Posted on May 6, 2013 by David McKee

America‘s casino officially emerged from the doldrums with the release of the American Gaming Association‘s yearly survey, showing a 5% increase in private-sector casino revenue, just $200 million shy of 2007’s record amount. Mind you, we have quite a few … Continue reading →

Posted in Animals, Atlantic City, Cannery Casino Resorts, Current, Economy, Election, Entertainment, Indiana, Kansas, Maine, Maryland, Massachusetts, New Hampshire, New York, Penn National, Politics, Steve Wynn, Taxes, The Strip, Tourism, Vdara Death Ray | 1 Comment

Revel: Christie catches a break; Illinois remains suicidal; Online poker debuts in Nevada

Posted on May 2, 2013 by David McKee

New Jersey Gov. Chris Christie (R) is one lucky fellow. Bankrupt Revel threatened to become an albatross around his neck, thanks to a $261 million tax break that Christie helped push through Trenton. Last week, it turned out that Revel … Continue reading →

Posted in Ameristar, Atlantic City, Current, Illinois, International, Internet gambling, Missouri, Penn National, Pinnacle Entertainment, Politics, Regulation, Revel, Station Casinos, Taxes, Technology | 1 Comment

Land of the Rising Hope

Posted on April 29, 2013 by David McKee

Every few years, brows are knitted earnestly in discussion of whether this will finally be the year in which Japan legalizes casino gambling. I’ve been hearing versions of this debate regularly since 2005, so you’ll pardon me if I suppress … Continue reading →

Posted in Current, Genting, International, Lawrence Ho, Macau, Melco Crown Entertainment, MGM Mirage, Sheldon Adelson, Singapore, Steve Wynn, Taxes, The Mob, The Strip, Tourism, Wall Street | Comments Off

Massachusetts loses patience … as do Archon shareholders

Posted on April 19, 2013 by David McKee

As the Mashpee Wampanoag tribe and Gov. Deval Patrick (D, right) continue to try and convince the federal government that their prepackaged arrangement for the Mashpee Wamps to get a casino in southeast Massachusetts isn’t usurious (17% of gross revenues … Continue reading →

Posted in Ameristar, Archon Corp., Boyd Gaming, Economy, Laughlin, MGM Mirage, Penn National, Pinnacle Entertainment, Politics, Regulation, Taxes, The Strip, Tribal | Comments Off

Case Bets: Binion’s redux; Dr. Doom; Everybody goes to Caesars

Posted on February 15, 2013 by David McKee

Today’s top story is the rumor, first aired on LasVegasAdvisor.com that Binion’s Gambling Hall & Hotel will close in July, lock, stock and million-dollar display. This dovetails with an earlier report that a detailed makeover is in the works. So … Continue reading →

Posted in Architecture, Atlantic City, California, Dan Gilbert, Derek Stevens, Dining, Downtown, Economy, Harrah's, Illinois, Indiana, Internet gambling, Marketing, Massachusetts, Ohio, Oscar Goodman, Palms, Penn National, Pennsylvania, Problem gambling, Racinos, Slot routes, Taxes, Technology, Terry Caudill, The Strip, Tilman Fertitta, Tribal | 3 Comments

Christie: Oops, he did it again; Maryland: Take my casino, please

Posted on February 7, 2013 by David McKee

New Jersey Gov. Chris Christie (R) loves to veto Internet gambling bills so much that he’s just done it for a second time. There was incremental progress: In punting the ball to the Legislature’s one-yard line, Christie endorsed the idea … Continue reading →

Posted in Atlantic City, Current, Economy, Goldman Sachs, Harrah's, Internet gambling, Marketing, Maryland, Massachusetts, Penn National, Politics, Regulation, Steve Wynn, Taxes, The Strip, Tribal | Comments Off

Caesars: Cui bono?; Loveman woos Britney

Posted on February 6, 2013 by David McKee

Our question for the day is, “Who benefits?” Taking the long view of Caesars Entertainment to bundle a mixed bag of Planet Hollywood, its-casino-to-be in Baltimore and Caesars Interactive, in whose interest is it to purchase minority stakes, since CEO … Continue reading →

Posted in Boyd Gaming, Cirque du Soleil, CityCenter, Cosmopolitan, Current, Dan Gilbert, Entertainment, Harrah's, International, Internet gambling, Kansas, Louisiana, Maryland, MGM Mirage, Missouri, Ohio, Penn National, Planet Hollywood, Steve Wynn, Taxes, The Strip, Wall Street | 1 Comment

Panic time at Caesars; Penn’s Ohio strategy a botch; Where in the world is Robert Earl?

Posted on February 5, 2013 by David McKee

It may have taken time for Gary Loveman‘s chickens to come home to roost but they’re doing it by the flockful. To raise cash, pronto, Caesars Entertainment — which hasn’t turned a profit in over three years — has piled … Continue reading →

Posted in Ameristar, Current, Dining, Economy, Harrah's, International, Internet gambling, Marketing, Massachusetts, Ohio, Penn National, Pinnacle Entertainment, Planet Hollywood, Taxes, The Strip | 1 Comment

Case Bets: Magic Mike; Bahamas boo gambling; New moves in Massachusetts, Philly

Posted on January 30, 2013 by David McKee

Sheldon Adelson being too busy trying to dictate American foreign policy, it was left to his Number Two Man, COO Michael Leven (left) to go to Toronto and make the case for a Las Vegas Sands megaresort. Leven soft-pedaled the … Continue reading →

Posted in Current, Dan Gilbert, Florida, Harrah's, International, Massachusetts, MGM Mirage, Pennsylvania, Regulation, Sheldon Adelson, Singapore, Steve Wynn, Taxes, The Strip, Tourism, Transportation, Tribal | 2 Comments