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Category Archives: Wall Street
Las Vegas: The first shall be last
Don’t stay up late waiting for business in Las Vegas to return to “normal” levels. Sin City is uniquely vulnerable to downturns in the U.S. economy (think of the Great Recession) and a trailing indicator of gambling’s health. The prime … Continue reading
Posted in Alabama, Aristocrat, Atlantic City, Boulder Strip, Boyd Gaming, China, Conventions, Downtown, Economy, Eldorado Resorts, Florida, G2E, Hard Rock International, Health, Las Vegas Sands, LVCVA, Macau, Melco Resorts & Entertainment, Ohio, Penn National, Technology, The Strip, Transportation, Wall Street, Wynn Resorts
1 Comment
Big Bellagio blunder
Given the dearth of major-league sports in the U.S., Nevada sports books have reluctantly turned to South Korean and Chinese baseball for betting fodder. This led to a novice mistake in the wee hours of June 28, when one could … Continue reading
All systems go at Ocean
Ocean Casino Resort CEO Terry Glebocki lays out how the former Revel weathered the Coronavirus shutdown, which is expected to lift tomorrow. Her first move was to suspend revenue-sharing agreements with slot manufacturers. After all, there was no revenue to … Continue reading
May’s cupboard empty
With Nevada casinos closed all May, gaming revenue was a ghost of its former self, down 99.5%, kept alive by mobile sports wagering and online poker. Silver State casinos grossed just under $6 million. Reno, Laughlin and Lake Tahoe all … Continue reading
Posted in Caesars Entertainment, Cirque du Soleil, Derek Stevens, Downtown, Economy, Eldorado Resorts, G2E, Hard Rock International, Health, Internet gambling, Lake Tahoe, Laughlin, Law enforcement, Louisiana, MGM Resorts International, Ohio, Phil Ruffin, Politics, Regulation, Reno, Technology, The Strip, Tilman Fertitta, Tourism, Transportation, Wall Street
2 Comments
Penn, Boyd bushwhack jobs
There’s still no timeline for Tropicana Las Vegas to reopen, certainly not by mid-July. That news comes as Penn National Gaming slashed 2,575 jobs over eight states. Evidently Penn doesn’t expect the current surge in business to last, as most … Continue reading
Louisiana sees fewer, richer players
Gambling re-started in Louisiana May 18, albeit with some significant casualties. Harrah’s New Orleans and Fair Grounds racino weren’t able to wade in until the end of the month and Diamond Jack’s is kaput. Despite mad business early in reopening, … Continue reading
Posted in Boyd Gaming, Caesars Entertainment, Churchill Downs, Detroit, DraftKings, Eldorado Resorts, FanDuel, GLPI, Golden Nugget, Greenwood Racing, Health, Internet gambling, Louisiana, Michigan, Penn National, Pennsylvania, PokerStars, Rush Street Gaming, Sports betting, Taxes, Tribal, Wall Street
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Upbeat at Churchill Downs
JP Morgan analysts met virtually with Churchill Downs brass, including CEO Bill Carstanjen. The news was good to great. First things first, the Kentucky Derby is expected to be run with spectators (CHDN execs are keeping an eye on what … Continue reading
Posted in Atlantic City, Churchill Downs, Dan Lee, Delaware, Dining, e-sports, Full House Resorts, Horseracing, Illinois, Kentucky, Macau, Maine, MGM Resorts International, Mississippi, Pennsylvania, Politics, Regulation, Rhode Island, Sports, Sports betting, Steven Witkoff, Taxes, The Strip, Twin River, Wall Street
1 Comment
Caesars slashes costs; Circa to open early
News out of Eldorado Resorts and Caesars Entertainment, where Tom Reeg is showing the whip hand, are good for investors, maybe not so much for customers. In a period in which revenue fell 21%, cash flow rose 16%, thanks in … Continue reading
Death wish in Las Vegas
First, the good news. “Low and friendly.” Those are how room prices on the Las Vegas Strip are described. Resorts in Las Vegas opened to (restricted) capacity bookings and attendance. Since this is Vegas Lite, one in which fewer rooms … Continue reading
Posted in Architecture, Conventions, Cosmopolitan, Derek Stevens, Economy, Eldorado Resorts, Health, MGM Resorts International, Real Estate, The Strip, Tourism, Transportation, Wall Street
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“Crisis” greed spreads; All that glitters is Golden
When we first heard about a Las Vegas Strip restaurant tacking an “optional” Covid-19 fee onto its diners’ checks we knew that A) this was the beginning of a bad thing and B) it would spread like a virus. So … Continue reading
Posted in Caesars Entertainment, Dining, Economy, Golden Gaming, Health, Indiana, Las Vegas Raiders, Laughlin, Maryland, Resort fees, Slot routes, Taxes, The Strip, Wall Street
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Casino recovery still mild; Recession: The Sequel
Casinos that have reopened in Las Vegas, Louisiana and Mississippi are seeing fewer customers—but higher value ones. That’s the bottom line of a new report from JP Morgan analyst Joseph Greff, who cites data tracked by Visitdata.org. Foot traffic is … Continue reading
MGM changes mind on Aria; No appetite for deals?
Having told its entire Aria staff to look for new jobs, MGM Resorts International finds itself in the position of saying, “Never mind.” In an interview last weekend, CEO Bill Hornbuckle floated the possibility of reopening Aria by July 4, followed … Continue reading
Posted in Boyd Gaming, Caesars Entertainment, California, CityCenter, Conventions, Current, Derek Stevens, Dining, Downtown, Economy, Election, Entertainment, Hawaii, Health, Las Vegas Sands, Law enforcement, LVCVA, Marketing, Massachusetts, MGM Resorts International, Money laundering, Resort fees, Sahara, Singapore, Sports, Sports betting, Station Casinos, Terry Caudill, The Rio, The Strip, Tourism, Tribal, TV, Virginia, Wall Street
1 Comment
Station reopens bullishly; Who was that masked man, anyway?
On the eve of today’s reopening, Station Casinos hosted a conference call with JP Morgan analysts and was pretty darn confident that its base of Baby Boomers and retirees would flock back. So confident is that Station “has not been … Continue reading
Posted in Australia, Caesars Entertainment, Cirque du Soleil, Crown Resorts, Derek Stevens, Downtown, Entertainment, Health, Las Vegas Sands, Marketing, MGM Resorts International, Palms, Planet Hollywood, Real Estate, Resort fees, Station Casinos, Steven Witkoff, Tamares Group, Terry Caudill, The Rio, The Strip, Tourism, Wall Street
3 Comments
Atlantic City gets good news; Stanley Ho canonized
July 4 could spell independence for Atlantic City casinos, judging by recent statements from New Jersey Gov. Phil Murphy (D). In a radio interview he said, “It’s probably still too early to give you a very specific answer but there’s a … Continue reading
New cop on the beat; Are we ready for some football?
There’s a new sheriff in town. Credit Suisse analyst Benjamin Chaiken made his debut today, issuing a sweeping series of reports, covering a number of tourism sectors. Let’s cut to the chase: “This is an unprecedented time for the sector, … Continue reading
Riverboat casino scuttled; Station: Palms not for sale
Chalk up Nevada‘s second casino casualty to the Coronavirus pandemic. The Colorado Belle in Laughlin terminated its 400 employees and said it would not be reopening when Gov. Steve Sisolak (D) gives the go-ahead for resumption of play, expected to … Continue reading
Boyd comes clean; Penn Nat’l “upbeat”
“Boyd Clean” has been unveiled by eponymous Boyd Gaming and while nothing in it will come as a shock, it shows the company has been closely following what other companies are doing in terms of safety precautions. You’ll receive a … Continue reading
Posted in Boyd Gaming, Cosmopolitan, Dining, Economy, FanDuel, Health, Illinois, Las Vegas Sands, Macau, Maine, Marketing, Maryland, Massachusetts, MGM Resorts International, Mississippi, Missouri, Ohio, Penn National, Politics, Regulation, Resort fees, Sports betting, Wall Street
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July resumption for Mass casinos; Room rates rebound
Casinos in Massachusetts now know when they can reopen … more or less. Gov. Charlie Baker (R) has laid out of one of the toughest reopening regimens in the U.S. It will proceed in four phases, each phase—beginning today—lasting three weeks. … Continue reading
Posted in Caesars Entertainment, California, Derek Stevens, Downtown, Economy, Entertainment, Health, Las Vegas Sands, Massachusetts, MGM Resorts International, Oscar Goodman, Penn National, Politics, Real Estate, Regulation, Station Casinos, The Strip, Tribal, Wall Street, Wynn Resorts
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Internet gambling hits Jersey high; Hard Rock back to Vegas
April was the worst of months and best of months for New Jersey. Sports books are estimated to have lost out on $450 million in handle while Internet casinos did better than ever, raking in $80 million. “Seeing New Jersey’s retail … Continue reading
New York state of mind; Moody blues for Las Vegas
Like Massachusetts casinos, those in New York are not expected to reopen until July. Lago Resort & Casino General Manager Lance Young told journalist James Rutherford he’s monitoring reopening protocols as far away as Macao but has received no concrete … Continue reading
Posted in Economy, Health, Horseracing, Internet gambling, Lotteries, Maryland, MGM Resorts International, Michael Gaughan, Nevada, New York, Oklahoma, Penn National, Regulation, Rush Street Gaming, Sports, Sports betting, Taxes, Tribal, Wall Street
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