Category Archives: Taxes

Ader strikes at IGT; Government bailout for Trump rejected

Posted on January 28, 2013 by David McKee

Rumbles of mutiny against International Game Technology CEO Patti Hart have been growing in volume for quite some time. Those growls rose to a shout today with an e-mail blast from The Ader Group, soliciting shareholder proxies for the March … Continue reading →

Posted in Current, Donald Trump, Economy, Harrah's, IGT, Illinois, International, Slot routes, Taxes, Technology, Wall Street | Comments Off on Ader strikes at IGT; Government bailout for Trump rejected

Maryland: Who’s got the last laugh now?; Murren goes North, other companies look South

Posted on January 23, 2013 by David McKee

MGM Resorts International, that’s who. As predicted, a lawsuit filed to overturn last November’s casino expansion was laughed out of court. Judge Ronald A. Silkworth called the litigation “baseless,” which is a nice way of saying, “Thanks for wasting my … Continue reading →

Posted in Cirque du Soleil, Current, Economy, Entertainment, Florida, International, Iowa, MGM Mirage, Nebraska, Penn National, Pinnacle Entertainment, Politics, Racinos, Sheldon Adelson, Taxes, Texas, Tribal | Comments Off on Maryland: Who’s got the last laugh now?; Murren goes North, other companies look South

Massachusetts … and then there were 11; End of the Colony Capital era?

Posted on January 16, 2013 by David McKee

“[W]ell-connected developer” — but so not well financed — David Nunes (below) just got his casino-application fee across the transom, meaning that there are 11 contestants vying for two casino licenses and a slot parlor in Massachusetts. A couple of … Continue reading →

Posted in Architecture, Atlantic City, Cordish Co., Harrah's, Internet gambling, Maryland, Massachusetts, Neil Bluhm, Pokergeddon, Racinos, Regulation, Steve Wynn, Taxes, Tribal | 1 Comment

Trouble for riverboat gambling?

Posted on January 15, 2013 by David McKee

Sorry to sound apocalyptic, especially since we just dodged that Mayan Calendar bullet. However, a brand-new Supreme Court ruling is sure to get the attention of every company that owns a riverboat casino. By a 7-2 margin, the high court … Continue reading →

Posted in Current, Florida, Mississippi, Missouri, Pinnacle Entertainment, Regulation, Taxes | 2 Comments

Pinnacle punks Penn, swipes Ameristar

Posted on December 21, 2012 by David McKee

We’ve learned two important things today. One, that the Mayan calendar is not the most reliable predictor of events. Two, that Ameristar Casinos‘ on-again/off-again talk about putting itself up for sale was back in “on” mode. Before hardly anybody got … Continue reading →

Posted in Ameristar, Atlantic City, Boyd Gaming, Columbia Sussex, Cordish Co., Current, Dan Lee, Economy, Election, Goldman Sachs, Harrah's, Indiana, Iowa, Kansas, Louisiana, Maryland, Massachusetts, MGM Mirage, Mississippi, Missouri, Penn National, Pennsylvania, Pinnacle Entertainment, Politics, Racinos, Regulation, Sheldon Adelson, Steve Wynn, Taxes, Texas, Wall Street | 1 Comment

Penn’s sucker bet; Lack of Rappaport; Running scared

Posted on December 20, 2012 by David McKee

Although Penn National Gaming‘s scheme to split itself into a REIT and a casino-management company hasn’t received one regulatory approval yet, top brass is already taking a victory lap. Gloated CFO William Clifford, he would “be picking up the phone … Continue reading →

Posted in CityCenter, Current, Economy, Entertainment, Harrah's, MGM Mirage, Penn National, Planet Hollywood, Taxes, The Strip, Wall Street | 1 Comment

Wynn cashes out; X Train back on track; Newport Grand out of luck

Posted on November 19, 2012 by David McKee

Caught between the twin hazards of prospective higher taxes on investment income and the looming fiscal cliff, Steve Wynn made headlines today with his $750 million Thanksgiving special dividend, which ought to help pay for all those Black Friday purchases … Continue reading →

Posted in California, Downtown, Election, Penn National, Racinos, Steve Wynn, Tamares Group, Taxes, Transportation, Wall Street | 1 Comment

A tale of two Penns

Posted on November 16, 2012 by David McKee

Update: Seeking Alpha’s Brad Thomas has run the numbers on the Penn split and doesn’t like the risk/reward scenario. Fifteen years and many consolidations ago, the casino industry was seized by a brain fever. It was set off by the … Continue reading →

Posted in Ameristar, Colorado, Cordish Co., Harrah's, history, Indiana, International, Kansas, Louisiana, Maine, Maryland, MGM Mirage, Ohio, Pennsylvania, Racinos, Regulation, Riviera, Sheldon Adelson, Station Casinos, Steve Wynn, Taxes, Texas, The Strip, Tribal, Wall Street | 2 Comments

Louisiana be crazy; Maryland: If you can’t beat ’em …; Revel on the ropes

Posted on November 15, 2012 by David McKee

Casino revenues in the Pelican State were up 2% last month, entirely upon the strength of Pinnacle Entertainment‘s L’Auberge Baton Rouge (above). It propelled the Baton Rouge market 58% upward, grossing $11 million at the expense of Argosy Baton Rouge … Continue reading →

Posted in Atlantic City, Boyd Gaming, CityCenter, Cordish Co., Current, Economy, Election, Harrah's, Iowa, Louisiana, Maryland, Penn National, Pinnacle Entertainment, Racinos, Revel, Taxes, Wall Street | 4 Comments

Election Special: Maryland, down to the wire

Posted on November 5, 2012 by David McKee

And now the biggie: Question 7. The quickest way to summarize this is to paraphrase what C.S. Lewis said of Christianity — that slot parlors in Maryland hadn’t been tried and found wanting but were an idea that had been … Continue reading →

Posted in Architecture, Cordish Co., Current, Economy, Election, Harrah's, Internet gambling, Maryland, Massachusetts, MGM Mirage, Penn National, Politics, Racinos, Regulation, Taxes, TV, West Virginia | 4 Comments

No-win situation; October surprise

Posted on November 1, 2012 by David McKee

You might say Mitt Romney was for gambling before he was against it. Both as a 1994 Senate candidate and later as governor, he advocated slot parlors and later VLTs in Massachusetts. (He also proposed to extort $75 million apiece … Continue reading →

Posted in Atlantic City, Cantor Gaming, Current, Election, Harrah's, International, Massachusetts, Regulation, Taxes, Tourism, Tribal, Wall Street | 1 Comment

Cosmo: Yes, we have gambling!; Election Special 2: Palm Beach

Posted on October 30, 2012 by David McKee

For the umpteenth time, The Cosmopolitan of Las Vegas has been obliged to go to the media and say, ‘Yes, we not only have gambling but we actually like it, we really do.’ It’s a message that got kicked under … Continue reading →

Posted in Arizona, Cosmopolitan, Current, Dining, Economy, Election, Florida, Isle of Capri, Marketing, Racinos, Sheldon Adelson, Taxes, The Strip, Tourism, Tribal, Wall Street | Comments Off on Cosmo: Yes, we have gambling!; Election Special 2: Palm Beach

Pinnacle saves September in Louisiana; Echelon under wraps; The red-headed stepkids of Station, Sands and Caesars

Posted on October 18, 2012 by David McKee

Folks down in the Pelican State had better things to do than gamble last month … like clean up after Hurricane Isaac. This might account for a 5% year/year decline in casino revenues. Louisiana‘s gambling venues grossed $200 million last … Continue reading →

Posted in Boyd Gaming, CityCenter, Current, Economy, Entertainment, Florida, Harrah's, Isle of Capri, Louisiana, Marketing, MGM Mirage, Missouri, Pennsylvania, Pinnacle Entertainment, Politics, Racinos, Regulation, Sheldon Adelson, Station Casinos, Taxes, The Strip, Tourism, Transportation, Wall Street | Comments Off on Pinnacle saves September in Louisiana; Echelon under wraps; The red-headed stepkids of Station, Sands and Caesars

Election special 1: Oregon, Nevada, Michigan & Rhode Island

Posted on October 17, 2012 by David McKee

It’s time to wind up the S&G electoral machinery and look at casino-related ballot questions that you might be asked to weigh come November. In Arkansas, we’ve already had the piquant spectacle of a gambling ballot initiative that was struck … Continue reading →

Posted in Detroit, Economy, Election, Harry Reid, Illinois, International, Maryland, Massachusetts, Racinos, Rhode Island, Sheldon Adelson, Shuffle Master, Taxes, Tribal, Wall Street | Comments Off on Election special 1: Oregon, Nevada, Michigan & Rhode Island

When money talks, few are deaf

Posted on October 12, 2012 by David McKee

When addressing the subject of Sheldon Adelson (must we?), the extent to which he has stolen Wynn’s thunder and lightning was made manifest by a lengthy Politico.com profile. Adelson (right, ca. 1998), who can often behave like a colicky infant, … Continue reading →

Posted in Current, Economy, Election, Harrah's, Internet gambling, Macau, MGM Mirage, Politics, Regulation, Steve Wynn, Taxes, Tourism, TV, Wall Street | 1 Comment

Some Wynn, some of the time

Posted on October 12, 2012 by David McKee

Having been eclipsed both as a political mover and shaker, and — dare I say it? — casino developer by Sheldon Adelson, the suddenly ubiquitous Steve Wynn appears to be trying to regain the spotlight. His recent KSNV-TV marathon landed … Continue reading →

Posted in Culinary Union, Current, International, Sheldon Adelson, Taxes, The Strip, TV, Wall Street | 2 Comments

Revenue roundup: Ohio, Maryland, Missouri & Indiana; Mohegan Sun snow job

Posted on October 11, 2012 by David McKee

Let’s start with the new kid on the block … Ohio: September saw Ohio‘s two casinos and one racino rake in an aggregate $50 million. The ‘novelty factor’ has waned, along with vacation time, since June’s $58 million haul, but … Continue reading →

Posted in Ameristar, Atlantic City, Boyd Gaming, Cordish Co., Current, Dan Gilbert, Don Barden, Economy, Election, Harrah's, Illinois, Indiana, Isle of Capri, Kansas, Maryland, Massachusetts, Missouri, MTR Gaming, Ohio, Penn National, Pennsylvania, Pinnacle Entertainment, Racinos, Taxes, Tribal, Tropicana Entertainment, Wall Street, West Virginia | 2 Comments

And Columbus makes three …

Posted on October 9, 2012 by David McKee

Fittingly, Penn National Gaming chose Columbus Day to open its newest casino, in the Ohio city that bears the name of the man who didn’t quite discover America in 1492. With 3,000 slots and 100 tables, it’s loaded for bear. … Continue reading →

Posted in Architecture, Current, Dan Gilbert, Dining, Economy, Harrah's, Indiana, M Resort, Missouri, MTR Gaming, Ohio, Penn National, Racinos, Station Casinos, Taxes, Technology, The Strip, TV, Wall Street | 3 Comments

Would you buy a used Monorail from these guys?

Posted on September 26, 2012 by David McKee

Let the record show that the American Gaming Association‘s daily SmartBrief is an invaluable one-stop shop for casino-related news stories, especially now that several of the leading Las Vegas-centric blogs have taken a dirt nap. However, if you can’t find … Continue reading →

Posted in Alex Yemenidjian, Current, Economy, Harrah's, MGM Mirage, Sheldon Adelson, Taxes, The Strip, Tourism, Transportation | 5 Comments

Louisiana better than expected; Arkansas casinos: Wait ’til year after next

Posted on September 20, 2012 by David McKee

“It could have been better.” That will be the refrain from Louisiana, up 1% last month despite some final-week disruption by an unwelcome visitor named Hurricane Isaac. Allowing for a few blips here and there throughout the state, including a … Continue reading →

Posted in Current, Economy, Election, Harrah's, Louisiana, Maryland, Penn National, Pennsylvania, Pinnacle Entertainment, Racinos, Regulation, Taxes, Texas | Comments Off on Louisiana better than expected; Arkansas casinos: Wait ’til year after next