Category Archives: The Strip

Cosmo sold!

Posted on May 15, 2014 by David McKee

Deutsche Bank had to take a heckuva haircut but it finally rid itself of The Cosmopolitan Las Vegas for $1.7 billion and change. The buyer is private equity fund Blackstone Group, which paid a staggering 16.7X cash flow for this white … Continue reading →

Posted in Cosmopolitan, Foxwoods, Massachusetts, Regulation, The Strip, Wall Street | 3 Comments

A few minutes with Sheldon Adelson

Posted on May 9, 2014 by David McKee

On Internet gambling: On his fear of the Vegas High Roller: “They don’t care about Sheldon Adelson” COURTESY: Bloomberg News

Posted in Harrah's, International, Macau, Sheldon Adelson, Singapore, The Strip | Comments Off on A few minutes with Sheldon Adelson

Up, up and away … slowly

Posted on May 7, 2014 by David McKee

I’ve been putting off writing about riding the Vegas High Roller. Not because it isn’t a powerful new icon for the Las Vegas Strip (it is). Not because the ride isn’t smooth as silk. (It is.) And not because Caesars … Continue reading →

Posted in Architecture, California, Entertainment, Harrah's, MGM Mirage, The Strip, Tourism, Tribal, Wall Street | Comments Off on Up, up and away … slowly

Genting OK’d for Vegas; James Packer packs a punch

Posted on May 7, 2014 by David McKee

So thirsty is the State of Nevada for new casino investment that it may feel pressure not to look too closely at Genting Berhad, as its license application goes before the Nevada Gaming Control Board. Not that we’ve ever heard … Continue reading →

Posted in Animals, CityCenter, Cosmopolitan, Economy, Entertainment, Genting, International, James Packer, New York, Regulation, Singapore, Stanley Ho, The Strip | Comments Off on Genting OK’d for Vegas; James Packer packs a punch

Loveman’s latest dice throw; Delicate talks in Boston

Posted on May 7, 2014 by David McKee

In one of 2014’s least surprising stories, Caesars Entertainment has had to restructure debt. It will replace $1 billion in near-term indebtedness with $1.75 billion in longer-term notes. Bond analysts have been predicting this move for a long time, even … Continue reading →

Posted in Alex Yemenidjian, Harrah's, Massachusetts, Mohegan Sun, Slot routes, Steve Wynn, The Strip, Wall Street | Comments Off on Loveman’s latest dice throw; Delicate talks in Boston

Sin City Serenade; Empire State frenzy

Posted on May 5, 2014 by David McKee

It’s probably between Dallas and Las Vegas for the 2016 Republican convention. Quite a study in contrasts (except for the summer heat). Social-issues conservatives are coming out hard against Sin City, surprise, surprise. Never mind casinos: 64 pages of ads … Continue reading →

Posted in LVCVA, Marketing, New York, Politics, The Strip, Transportation | Comments Off on Sin City Serenade; Empire State frenzy

Shadow boxing in Boston; Rejected again in New Hampshire

Posted on May 2, 2014 by David McKee

There’s been yet another delay — only a week — in Boston‘s quixotic pursuit of host-community status for Wynn Resorts‘ and Mohegan Sun‘s Hub-area projects. The Massachusetts Gaming Commission obliged Boston Mayor Martin J. Walsh with postponement on Beantown’s application … Continue reading →

Posted in Entertainment, Massachusetts, MGM Mirage, Mohegan Sun, New Hampshire, Regulation, Steve Wynn, Taxes, The Strip | Comments Off on Shadow boxing in Boston; Rejected again in New Hampshire

Selective outrage at Mandalay Bay; Tough call in Delaware

Posted on April 30, 2014 by David McKee

Mandalay Bay, which hosts Los Angeles Clippers pre-season play, and which advertises during Clippers games is out of the picture … for now. Although the NBA has banned unspeakably vile Clippers owner Donald Sterling from the league, Mandalay Bay is … Continue reading →

Posted in Architecture, Cretins, Delaware, Internet gambling, MGM Mirage, Racinos, Sports, Taxes, The Strip | Comments Off on Selective outrage at Mandalay Bay; Tough call in Delaware

MGM blows away Wall Street expectations

Posted on April 29, 2014 by David McKee

Posting more than double Wall Street‘s consensus of earnings per share ($0.21 rather than $0.09), MGM Resorts International had a good quarter, to say the least. Even CityCenter exceeded expectations by 11%. J.P. Morgan analyst Joseph Greff took it all … Continue reading →

Posted in Animals, CityCenter, Colorado, Detroit, Downtown, Entertainment, Horseracing, Internet gambling, Iowa, Macau, Massachusetts, MGM Mirage, Regulation, Steve Wynn, The Strip, Wall Street | Comments Off on MGM blows away Wall Street expectations

Quote of the Day

Posted on April 29, 2014 by David McKee

“These resorts are very inward-facing. They were designed to try to be provocative, to get people inside and have them stay as long as possible. By opening up these resorts, by creating a much more porous environment with outdoor and … Continue reading →

Posted in Architecture, MGM Mirage, The Strip | Comments Off on Quote of the Day

Crowded field in New York; Big numbers at Hakkasan

Posted on April 28, 2014 by David McKee

Awash in $22 million in application fees, New York State now enters the next phase: The winnowing of the field either through lack of financing or the formation of alliances. After all, there are property owners with no operating experience … Continue reading →

Posted in Entertainment, MGM Mirage, New York, Pennsylvania, Politics, Sheldon Adelson, The Strip | Comments Off on Crowded field in New York; Big numbers at Hakkasan

MGM’s inspiring, new vision

Posted on April 28, 2014 by David McKee

I’m digging the architecture but what’s with the softcore-porn music? MGM Resorts International has released a new tranche of details on The Park, its mega-project (and substitute for extending CityCenter) that seems to progress in almost imperceptible steps. While CEO … Continue reading →

Posted in Architecture, CityCenter, Dining, Entertainment, Harrah's, Iowa, MGM Mirage, Racinos, The Strip | 2 Comments

Well, that’s the end of that; A win for Wynn

Posted on April 28, 2014 by David McKee

Caving to opposition forces, the government of Sri Lanka has reversed course and nixed casinos from three planned resorts. The most prominent was a $550 million Crown Resorts project. Now James Packer has to decide whether it’s worth the investment … Continue reading →

Posted in Dennis Gomes, Entertainment, International, James Packer, Massachusetts, MGM Mirage, Mohegan Sun, Regulation, Riviera, Steve Wynn, The Strip, Tilman Fertitta | Comments Off on Well, that’s the end of that; A win for Wynn

It’s good to be Sheldon Adelson

Posted on April 25, 2014 by David McKee

Posting a 21% increase in revenue, Las Vegas Sands reported 97 cents/share in earnings (Wall Street had expected $0.94). No surprise, Macao was the primary driver. Analysts were also pleased by a $810 million buyback of Sands shares, bolstering the … Continue reading →

Posted in Animals, Harrah's, Iowa, Macau, MGM Mirage, Pennsylvania, Racinos, Sheldon Adelson, Singapore, The Strip, Wall Street | Comments Off on It’s good to be Sheldon Adelson

Smurf this!

Posted on April 22, 2014 by David McKee

Casinos in Ohio are already becoming a veritable laundromat of money laundering. The practice, called “smurfing,” calls for one person — or a group of conspirators — to buy casino chips, then redeem them, “washing” their cash by those means. … Continue reading →

Posted in Cirque du Soleil, Entertainment, Internet gambling, Iowa, MGM Mirage, Ohio, Penn National, Regulation, Sam Nazarian, Sports, The Strip | 1 Comment

The right amount of wrong ideas

Posted on April 22, 2014 by David McKee

When it comes to the U.S. gaming market, there’s nothing that can stand between James Packer and a bad investment, it seems, common sense least of all. According to Australian media reports, Deutsche Bank wants $1.5 billion-$2 billion for The … Continue reading →

Posted in Cosmopolitan, Dining, Entertainment, Fontainebleau, Harrah's, IGT, International, James Packer, Japan, Macau, Penn National, Pinnacle Entertainment, Station Casinos, The Strip, Wall Street | 1 Comment

Mr. Leven, your tinfoil hat is ready

Posted on April 14, 2014 by David McKee

Given the chance to make some friends and influence people in Washington, D.C., instead Las Vegas Sands COO Michael Leven chose to spit in their eye. He made the rather wild claim that the present administration wants legalized Internet gambling … Continue reading →

Posted in Architecture, Internet gambling, Sheldon Adelson, Station Casinos, Taxes, The Strip, Tribal, Wisconsin | Comments Off on Mr. Leven, your tinfoil hat is ready

Progress and caution

Posted on April 11, 2014 by David McKee

International Game Technology made history yesterday when it unrolled its Powerbucks interstate, progressive jackpot. Under this technological umbrella, IGT games at 22 Caesars Entertainment and Boyd Gaming properties in Las Vegas can be connected with those at five casinos in Atlantic … Continue reading →

Posted in Atlantic City, Boyd Gaming, Economy, Harrah's, IGT, Iowa, New York, Penn National, Pinnacle Entertainment, Racinos, Technology, The Strip, Tourism, TV, Wall Street | 1 Comment

SLS makes a believer

Posted on April 10, 2014 by David McKee

It took a while but SLS Las Vegas has made a believer of me. The hotel crossed the Rubicon this past Tuesday when it began taking reservations. It also trotted out a handsome new Web site, one which gives an … Continue reading →

Posted in Architecture, history, Reno, Sahara, Sam Nazarian, The Strip | 1 Comment

Big trouble for Little Caesars

Posted on April 4, 2014 by David McKee

A second group of dissident debtors has shown up to spoil Caesars Entertainment‘s spinoff of high-value assets to Caesars Growth Properties (aka Little Caesars). The $2.2 billion purchase, incidentally, means that Little Caesars — which is majority owned by Big … Continue reading →

Posted in Harrah's, Maryland, Planet Hollywood, The Strip, Wall Street | Comments Off on Big trouble for Little Caesars