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Category Archives: Wall Street
Station sitting pretty; Missouri booms; All bets off at MGM
Despite fourth quarter revenues that were 28% off the pace ($122 million) in Las Vegas, analysts on Wall Street are liking Station Casinos these days. Native American management fees in 4Q20 were up 21% ($25.5 million) for one thing. JP … Continue reading
Normality in Ohio, disaster in Illinois; Planet Ho sale mooted
Maybe the ‘skinny stimulus’ helped Ohio. Gross gaming revenues of $153.5 million were only 8.5% off last year’s pace. The gambling houses are still operating at 50% capacity and under a curfew but the number remains impressive. Hollywood Toledo continues … Continue reading
Posted in Alabama, Bally, Boyd Gaming, Churchill Downs, Colorado, Dan Gilbert, Detroit, Dining, DraftKings, Economy, Georgia, Hard Rock International, history, Illinois, Jack Entertainment, Las Vegas Sands, Louisiana, Macau, Marketing, Maryland, Massachusetts, Mattress Mack, MGM Resorts International, North Carolina, Ohio, Penn National, Planet Hollywood, South Dakota, Sports betting, Texas, The Strip, Transportation, TV, Virginia, Wall Street, Wynn Resorts
1 Comment
Wynn surprises few; Maryland stabilizes, Iowa impresses
It’s earnings-report time for Wynn Resorts and JP Morgan analyst, Joseph Greff, for one, is feeling blasé about the numbers. “Overall, we’d characterize the quarter as in line with investors’ recent expectations, and its earnings conference call outlook commentary as … Continue reading
Posted in Boyd Gaming, Caesars Entertainment, California, China, Churchill Downs, Cordish Co., Dining, DraftKings, Entertainment, FanDuel, Golden Gaming, Health, International, Internet gambling, Iowa, Las Vegas Sands, Macau, Marketing, Maryland, Massachusetts, MGM Resorts International, Michigan, Penn National, Pennsylvania, Rush Street Gaming, Sports, The Strip, Wall Street, West Virginia, William Hill, Wynn Resorts
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Bailout for Tilman; Casinos to the Big Apple; Mega-Jottings
It was a $6.6 billion rescue package that Golden Nugget CEO Tilman Fertitta received, in the form of a merger with FAST Acquisition. Fertitta’s been hard up for cash and forks over a portion of his casino empire in return … Continue reading
Posted in Architecture, Atlantic City, Caesars Entertainment, Colorado, Dining, Economy, Entertainment, Florida, Full House Resorts, Golden Nugget, Hard Rock International, Internet gambling, Las Vegas Sands, Law enforcement, Marketing, Minnesota, Mississippi, Nebraska, New York, North Carolina, Racinos, Real Estate, Regulation, Sports betting, Tamares Group, The Strip, Tilman Fertitta, Tribal, TV, Wall Street
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Las Vegas recovery: A definite maybe; Woe at Sands
First, the bad news. Las Vegas emerged from a December that was just plain awful, as discretionary income continues to dry up. Las Vegas Strip win plummeted 51% to $292 million. Statewide, gambling revenue toppled 35.5% for $684 million, an … Continue reading
Posted in AGA, Alex Yemenidjian, Arizona, Boulder Strip, Caesars Entertainment, California, China, Conventions, Derek Stevens, Downtown, Economy, Health, Internet gambling, Japan, Lake Tahoe, Las Vegas Sands, Laughlin, LVCVA, Macau, Melco Resorts & Entertainment, Mesquite, Mohegan Sun, New York, North Las Vegas, Reno, Sheldon Adelson, Singapore, South Korea, Sports betting, Texas, The Strip, Tilman Fertitta, Tourism, Wall Street, Wendover, Wynn Resorts
3 Comments
Profile in cowardice; Sheldon Adelson’s ghost
We were sure this was a story from The Onion or the Babylon Bee but, no, it’s really a thing. Rodney Baker has resigned as CEO of Great Canadian Gaming Corp. after bringing disgrace upon it with a vaccination caper … Continue reading
Posted in Architecture, Boulder Strip, Boyd Gaming, Caesars Entertainment, Canada, Churchill Downs, Cretins, Culinary Union, DraftKings, FanDuel, Health, Illinois, Indiana, Law enforcement, MGM Resorts International, PointsBet, Politics, Regulation, Sheldon Adelson, Sports, Sports betting, Tennessee, Tribal, Wall Street, William Hill, Wynn Resorts
2 Comments
Louisiana doldrums; Philadelphia Live sparkles
Does reporting bad news get tedious? You bet! But it comes with the turf. Louisiana casino winnings declined 23% last month, in keeping with the national average. Penn National Gaming casinos got off easiest, slipping 11%, while Boyd Gaming ones … Continue reading
Posted in Animals, Bally, Baseball, Boyd Gaming, Caesars Entertainment, Churchill Downs, Colorado, Connecticut, Cordish Co., CQ Holdings, Cretins, Dining, DraftKings, Economy, FanDuel, FoxBet, Foxwoods, Golden Nugget, Health, Illinois, Indiana, Internet gambling, Jim Murren, Law enforcement, Louisiana, Marketing, Massachusetts, MGM Resorts International, Mohegan Sun, Nevada, New Jersey, Penn National, Pennsylvania, Politics, Rush Street Gaming, Sports, Tennessee, Wall Street, West Virginia, William Hill
3 Comments
Massachusetts hit hard; NFL playoffs a tossup
Between Covid-19 capacity restrictions (33%) and statewide curfews (9:30 p.m., when the night owls are just getting rolling), Massachusetts casinos were between a rock and a hard place last month, with revenues falling 40% to a meager $50 million. If … Continue reading
Tribute to a bad man
Sheldon Adelson‘s Horatio Alger success story came to an abrupt end today, when the Boston Globe broke the news of his death from lymphoma at age 87. Adelson had a good run in the industry, longer than most, and his … Continue reading
Posted in AGA, Alabama, Architecture, Conventions, Culinary Union, Donald Trump, Election, Florida, Galaxy Entertainment, Health, history, International, Internet gambling, Japan, Las Vegas Sands, LVCVA, Macau, Marijuana, Movies, New York, Pennsylvania, Politics, Sheldon Adelson, Singapore, Sociedade de Jogos de Macau, Sports betting, Stanley Ho, Steve Wynn, Taxes, Texas, The Strip, Tribal, Wall Street
3 Comments
Half-a-loaf Cuomo; Ohio implosion
Cuomo giveth, Cuomo taketh away. After dropping hints of expansive sports betting in New York State, Gov. Andrew Cuomo (D) unveiled a proposal that was considerably less than ‘george.’ There will be one ‘skin’ and it will be answerable to … Continue reading
Maryland craters; MGM ‘snow’ job; Mob Museum in your ear
It’s pretty clear that the casino industry is entering its second recession in 10 months and too soon to know if the ‘skinny’ stimulus will bring a January boost. One of the most reliable markets in the U.S., Maryland plunged … Continue reading
Posted in Caesars Entertainment, China, Churchill Downs, Cordish Co., Economy, Golden Gaming, history, Japan, Maryland, MGM Resorts International, Oscar Goodman, Pansy Ho, Penn National, Sociedade de Jogos de Macau, The Mob, Wall Street, West Virginia
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Cuomo all-in on New York sports betting; Playoff fever begins
There’s nothing like a budgetary dose of Covid-19 to bring some people to reality. Case in point, New York State Gov. Andrew Cuomo (D). He has been against mobile sports betting for years—much to the state’s detriment—but will embrace it … Continue reading
This just in …
MGM Resorts International is all over the news today. It just made a play for BetMGM partner Entain. It’s offering a stock swap of six-tenths of a share of MGM for every share of Entain, a transaction that Credit Suisse … Continue reading
Posted in Caesars Entertainment, Internet gambling, Macau, MGM Resorts International, Sports betting, The Strip, Wall Street, William Hill
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Vegas scraping bottom; Caesars fined big-time
Rising numbers of Covid-19 cases “pressured visitation” to Las Vegas last month and a total absence of conventions didn’t help either, according to JP Morgan analyst Joseph Greff. Tourism was down 57%, which drove a devastating 70% decline in revenue … Continue reading
Quote of the Day
“We see in gaming where some sports betting company stocks are selling at 20 and 30 times future sales, no less earnings. And that is sales three and four and five years down the road. If we should have learned … Continue reading
Posted in Economy, Wall Street
1 Comment