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- Ray Lebowski on Sibella scandal spreads; Supremes forestall Seminoles
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Category Archives: Wall Street
Adelson abandons Vegas; Boyd salvages bad quarter
Sheldon Adelson may have flung $75 million at deciding who’s going to run the country for the next four years but he’s giving up on America. News broke yesterday that Las Vegas Sands is shopping Venelazzo for six billion. We’ve … Continue reading
Sands: “Awful and apathetic”; Sheldon’s deep pockets
Despite ” taking into account a slower than anticipated rebound during the Golden Week period earlier this month and a generally slow visitation boost and revenue recovery from the (still early) resumption of the” Individual Visa Scheme in Macao, analysts at … Continue reading
Sports, Internet buoy Atlantic City; Detroit struggles
As we predicted, Atlantic City is coming back faster than Las Vegas. It doesn’t hurt that it is not A) primarily a destination market; B) dependent upon conventions; C) reliant upon international travel; or D) at the mercy of the … Continue reading
Massachusetts’ mixed message; Much ado about Circa
Even if Congress beats the odds and passes another megabuck stimulus bill before the election, it won’t provide more than a short-term shot in the arm for gaming, which saw a bubble of increased discretionary spending but is now backsliding. … Continue reading
Optimism for MGM, Churchill Downs; Cheap rooms = riff-raff
Although they remain relatively pessimistic on Macao, analysts at JP Morgan like MGM Resorts International sufficiently to raise their price target on its stock to $24/share. The primary reason was “better than expected trends” at MGM’s regional U.S. casinos, followed … Continue reading
Kings for a day; Covid’s casino kingpin
As you know, DraftKings is the current darling of Wall Street, its stock hovering around $50/share. Today Credit Suisse analyst Ben Chaiken initiated coverage with an “outperform” rating, putting a $76/share price target on the stock. He even went to … Continue reading
Posted in Atlantic City, Australia, Brazil, Caesars Entertainment, California, China, Crown Resorts, DraftKings, Economy, FanDuel, Golden Nugget, Health, IGT, Illinois, Internet gambling, Japan, Lake Tahoe, Las Vegas Raiders, Las Vegas Sands, Law enforcement, Lotteries, Louisiana, Macau, Maverick Gaming, MGM Resorts International, Nebraska, Rush Street Gaming, Sports, Sports betting, Technology, The Strip, Tilman Fertitta, TV, Twin River, Wall Street, Wynn Resorts
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Caesars pleads poverty; FBI descends on Vegas
News sources are reporting “mass layoffs” at Caesars Southern Indiana, one of the company’s more successful properties. As many as 200 staff have been given their walking papers, not just in the poker room but vital departments like servers, bartenders, … Continue reading
Posted in Caesars Entertainment, Canada, Cosmopolitan, Derek Stevens, Donald Trump, DraftKings, Economy, Entertainment, Health, Indiana, Las Vegas Sands, Law enforcement, Marketing, MGM Resorts International, Missouri, Nevada, Penn National, Planet Hollywood, Resorts World LV, Security, Sports betting, Stanley Ho, Tourism, Transportation, Wall Street, Wynn Resorts
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Ohio still strong; Internet saps brick-and-mortar casinos
Buckeye State casino revenues continue to trend upward, gaining 6% to finish at $164.5 million in win. Now that casinos are open in Detroit, it took some of the sheen off Hollywood Toledo, but not much. It was up 13.5% … Continue reading
Kraft cashes out; Foxwoods is tops
Since its IPO, DraftKings stock has rocketed 264% upward. That has prompted some profit-taking on the part of both DraftKings itself and New England Patriots owner Robert Kraft. (Maybe Kraft’s windfall will soften the pain of last night’s drubbing at … Continue reading
Covid-19 rattles oddsmakers; No joy in Vegas
Before the ink was dry on a deal for BetMGM to become the official wagering partner of the Tennessee Titans, inescapable Covid-19 rippled through the Titans’ ranks, forcing indefinite postponement of a tilt against the Pittsburgh Steelers. Incidences like this … Continue reading
Barstool buy buoys Penn Nat’l; MGM’s ad blitzkrieg
JP Morgan analysts upped their near- and long-term cash flow estimates for Penn National Gaming, based on regional trends and sports betting. “While we recognize PENN’s impressive share price outperformance, and many sell-side firms have thrown in the towel with … Continue reading
Posted in Arizona, Boyd Gaming, Caesars Entertainment, Churchill Downs, Dining, Donald Trump, Downtown Grand, DraftKings, FanDuel, Hard Rock International, Health, Illinois, Internet gambling, Iowa, Marketing, MGM Resorts International, Michigan, Nevada, New Jersey, Penn National, Pennsylvania, Problem gambling, Sports, Sports betting, Station Casinos, Wall Street
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Strip lags Nevada
Silver State gaming revenues were down 22% last month, largely retarded by the Las Vegas Strip (-39%), while locals revenues showed remarkable strength, rising 10%—particularly impressive given the high level of unemployment in Nevada. The statewide gross was $743 million: … Continue reading
Posted in Boulder Strip, Boyd Gaming, Derek Stevens, Downtown, Economy, Lake Tahoe, Mesquite, MGM Resorts International, Mississippi, Nevada, North Las Vegas, Reno, Station Casinos, The Strip, Wall Street, Wendover
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Cretins amok in Alabama; Caesars: $2.7B for William Hill
There’s stiff competition for Troglodyte of the Year but Alabama Attorney General Steve Marshall has staked a prohibitive claim. He’s on a crusade to shut down the state’s three private-sector casinos and he won an important victory last week. The … Continue reading
Caesars here, Caesars there, Caesars everywhere
Caesars Entertainment got a vote of confidence from JP Morgan analyst Daniel Politzer today, largely on the strength of its regional portfolio, as well as its potency in the sports-betting sphere. Regional trends were described as “better than expected,” and … Continue reading
Derek Stevens, man of the year?; ‘Historical racing’ kneecapped
While we wait for own interview with Circa owner Derek Stevens to appear in Casino Life magazine (soon, we promise), we’ll shamelessly piggyback off David Ross‘ excellent Stevens profile in Global Gaming Business. Ross digs up some interesting architectural details … Continue reading
Posted in Caesars Entertainment, Canada, Charity, Churchill Downs, CityCenter, Colony Capital, Conventions, Cosmopolitan, Derek Stevens, Diversity, Downtown, Election, Environment, Health, IGT, Kentucky, Scientific Games, Sports betting, Technology, Tourism, Wall Street
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Massachusetts strong; Housekeepers under threat
Gambling win was down only 17% in Massachusetts last month for a statewide gross of $71 million. Plainridge Park posted $10 million for an average of $273/win/slot/day (it was $325 the previous August), dropping 16% on 16% less coin-in. So … Continue reading
Sands low on Vegas, Boyd upbeat, mixed signals from Station
Yesterday it was Las Vegas Sands‘ turn with JP Morgan gaming analysts and the company was full of surprises. Little of its commentary had to do with the Las Vegas Strip, about which it was “downbeat,” what with conventioneers and … Continue reading
Caesars, MGM: Recovery slow but promising
Caesars Entertainment CEO Tom Reeg sat down with JP Morgan analysts to discuss the state of the Roman Empire. In a sentence, better than you might expect. On the Las Vegas Strip “weekend demand has been strong, but weekday demand … Continue reading
Posted in Atlantic City, Baseball, Caesars Entertainment, China, Conventions, DraftKings, FanDuel, Florida, history, Horseracing, Illinois, Indiana, Internet gambling, Las Vegas Raiders, Louisiana, Macau, MGM Resorts International, New York, Penn National, Pennsylvania, Sports, Sports betting, The Crown 18, The Strip, TV, Wall Street
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