Category Archives: Wall Street

Soggy month in Louisiana; IGT on firm ground

Posted on May 21, 2019 by David McKee

Gaming revenues were down 5.5% last month in the Bayou State, particularly unimpressive when you consider that they fell 8% in the same month last year. The statewide gross was $199.5 million. The Shreveport/Bossier City market suffered least, down 3%, … Continue reading →

Posted in Boyd Gaming, Caesars Entertainment, Eldorado Resorts, IGT, International, Lotteries, Louisiana, Penn National, Sports betting, Taxes, Wall Street, Wynn Resorts | Comments Off

Don’t mess with the Seminoles

Posted on May 16, 2019 by David McKee

Well, the feckless Florida Lege courted disaster—and got it. The Seminole Tribe, lacking a new compact, is cutting off revenue-sharing payments to the Sunshine State. We’re talking serious dollars: $321 million last fiscal year. The Seminoles have enormous economic clout and … Continue reading →

Posted in Boyd Gaming, Caesars Entertainment, Florida, Galaxy Entertainment, Greenwood Racing, Las Vegas Sands, Law enforcement, Macau, Melco Resorts & Entertainment, MGM Resorts International, Penn National, Pennsylvania, Philippines, Politics, Rush Street Gaming, Seminole Tribe, Sociedade de Jogos de Macau, Sports betting, Taxes, Wall Street, Wynn Resorts | 1 Comment

The age of austerity?

Posted on May 16, 2019 by David McKee

While Station Casinos CEO Frank Fertitta III won’t be mistaken for a pauper anytime soon, he’s the most restrained of Las Vegas‘ top six gaming CEOs when it comes to compensation. On top of his $1 million base salary, his … Continue reading →

Posted in Boyd Gaming, Caesars Entertainment, Culinary Union, International, Japan, Las Vegas Sands, Lawrence Ho, Melco Resorts & Entertainment, MGM Resorts International, Politics, Sheldon Adelson, Station Casinos, Unite-Here, Wall Street, Wynn Resorts | Comments Off

Wall Street loves Wynn, Penn, MGM

Posted on May 15, 2019 by David McKee

JP Morgan analyst Joseph Greff issued a post-1Q19 bulletin in which he named Wynn Resorts (growth), Penn National Gaming (value for share price) and MGM Resorts International (event-driven revenue) as his top picks in the gambling sphere. Wynn got a … Continue reading →

Posted in Arkansas, Caesars Entertainment, DFS, Dining, Eldorado Resorts, Election, Internet gambling, Iowa, Japan, Las Vegas Sands, Macau, Massachusetts, Melco Resorts & Entertainment, MGM Resorts International, Penn National, Pennsylvania, Pets, Pinnacle Entertainment, Problem gambling, Racinos, Sports betting, The Strip, Tilman Fertitta, Transportation, Wall Street, Wynn Resorts | Comments Off

Wynn disappoints, MGM expectations managed

Posted on May 13, 2019 by David McKee

Although Wynn Resorts reported $1.6 billion in revenue for 1Q19, Credit Suisse analyst Ben Combes called the numbers “disappointing … We remain Neutral on WYNN, given macro uncertainty and policy risk in Macau and China. Our forward macro indicators are … Continue reading →

Posted in Boyd Gaming, Caesars Entertainment, Crown Resorts, Eldorado Resorts, Full House Resorts, Indiana, Lotteries, Macau, MGM Resorts International, Penn National, Scientific Games, Spectacle Entertainment, Sports, The Strip, Tribal, Wall Street, Wynn Resorts | Comments Off

The biggest loser

Posted on May 13, 2019 by David McKee

Donald Trump‘s casino years are back in the news again, thanks to a New York Times exposé of his tax records that described the 1985-94 period as “an era of fevered acquisition and spectacular collapse.” During a two-year period in … Continue reading →

Posted in Atlantic City, Charity, Donald Trump, Entertainment, history, MGM Resorts International, Regulation, Sports, Wall Street | 3 Comments

Macao saves Wynn; Soaked in Missouri

Posted on May 10, 2019 by David McKee

If it were just a question of Las Vegas Strip performance, Wynn Resorts would have very little good news to report. Gross gaming revenue ($166 million) was down 19% in 1Q19, its impact softened by an 11% increase in slot … Continue reading →

Posted in Affinity Gaming, Boyd Gaming, Caesars Entertainment, Connecticut, Eldorado Resorts, Foxwoods, Macau, Massachusetts, Melco Resorts & Entertainment, MGM Resorts International, Missouri, Mohegan Sun, Penn National, Politics, Sports betting, The Strip, Wall Street, Wynn Resorts | Comments Off

Stability in the heartland; The lure of “NashVegas”

Posted on May 9, 2019 by David McKee

Last month’s gaming revenues from Ohio and Illinois were flat year/year. Some would look at that as a bad thing but it shows the states aren’t losing significant play to neighboring states. Ohio casinos grossed $160 million, with MGM Northfield … Continue reading →

Posted in Australia, Boyd Gaming, Caesars Entertainment, Canada, Churchill Downs, Crown Resorts, Dan Gilbert, Dining, Eldorado Resorts, Georgia, GLPI, Illinois, Law enforcement, Macau, MGM Resorts International, Mississippi, Ohio, Penn National, Pennsylvania, Rush Street Gaming, Sports, Sports betting, The Strip, Tourism, Wall Street, Wynn Resorts | Comments Off

Solid month for Maryland; Casino sale aborted

Posted on May 7, 2019 by David McKee

Maryland casino revenues inched up to $145 million last month, led by MGM National Harbor with $61 million and 42% of market share. Maryland Live, no surprise, was second with 33% and $48 million (+2%). Horseshoe Baltimore grossed $20 million … Continue reading →

Posted in Atlantic City, Caesars Entertainment, Churchill Downs, Cordish Co., GLPI, Golden Gaming, Illinois, Internet gambling, Iowa, Lotteries, Macau, Maryland, Melco Resorts & Entertainment, MGM Resorts International, Missouri, Mohegan Sun, Nebraska, Penn National, Politics, Regulation, Sports betting, Tribal, TV, Wall Street, West Virginia | Comments Off

Eldorado strong, Penn stronger; Caesars screws you

Posted on May 3, 2019 by David McKee

Were it not for inclement weather, Eldorado Resorts would have exceeded Wall Street’s consensus $172 million cash-flow prediction by $8 million for 1Q19, not come up $5 million short. For instance, Reno (pictured) had snow in 24 of February’s 28 days … Continue reading →

Posted in Arizona, Atlantic City, Caesars Entertainment, Colorado, Cordish Co., Cretins, Culinary Union, Detroit, Dining, Economy, Eldorado Resorts, Florida, Hard Rock International, Illinois, Internet gambling, Iowa, Macau, Massachusetts, MGM Resorts International, Mississippi, Penn National, Pennsylvania, Pinnacle Entertainment, Racinos, Regulation, Reno, Sports betting, Station Casinos, Tribal, Wall Street, West Virginia, Wynn Resorts | Comments Off

Caesars’ secret weapon

Posted on May 2, 2019 by David McKee

“Just the right amount of optimism” was how Credit Suisse analyst Ben Combes described Caesars Entertainment’s 1Q19 results. Ex-CEO Mark Frissora‘s purchase of Centaur Gaming continues to pay off, as it was the tentpole of regional-gaming performance. “On a same-store … Continue reading →

Posted in Caesars Entertainment, Centaur Gaming, Detroit, Downtown, Indiana, Louisiana, Marijuana, Mississippi, Penn National, Pennsylvania, Pinnacle Entertainment, Regulation, The Strip, Wall Street | 1 Comment

Putting problem gaming on notice; Station has a hit

Posted on May 1, 2019 by David McKee

“Whilst the vast majority of our customers enjoy our products responsibly, it is high time that the industry did more to protect its customers from potential harm.” Thus spake GVC CEO Kenny Alexander in a dramatic change of policy. Along … Continue reading →

Posted in Atlantic City, Caesars Entertainment, Connecticut, Foxwoods, Horseracing, International, Kazuo Okada, Marketing, Massachusetts, MGM Resorts International, Mohegan Sun, New Jersey, Palms, Philippines, Problem gambling, Sports, Station Casinos, TV, Wall Street, William Hill | Comments Off

Up and down the Strip; Land of the not-so-rising Sun

Posted on April 30, 2019 by David McKee

As a determination on its suitability in Massachusetts comes down to the wire (and opening date of Encore Boston Harbor is set for June 23), Wynn Resorts is trying to reap some positive karma. It has abandoned its pay-for-parking policy. … Continue reading →

Posted in Caesars Entertainment, Derek Stevens, Downtown, Economy, Entertainment, Japan, Macau, Massachusetts, MGM Resorts International, New Jersey, Resort fees, Sports, Sports betting, The Strip, Wall Street, Wynn Resorts | Comments Off

Boyd, Churchill Downs garner raves; Indiana governor seduced

Posted on April 26, 2019 by David McKee

Boyd Gaming got a good review on Wall Street today, lauded both for slightly surpassing revenue expectations and for moving quickly to deleverage in the wake of the Valley Forge, Belterra and Ameristar acquisitions. Downtown continues to be Boyd’s bastion … Continue reading →

Posted in Ameristar, Boyd Gaming, Caesars Entertainment, California, Charity, Churchill Downs, Current, Derek Stevens, Downtown, Florida, Hawaii, Horseracing, Illinois, Iowa, Kentucky, Louisiana, Maryland, Mississippi, Ohio, Palms, Pennsylvania, Politics, Racinos, Rhode Island, Slot routes, Spectacle Entertainment, Sports betting, Station Casinos, Taxes, Tribal, Wall Street, West Virginia, Westgate LV | 1 Comment

War of the Palms; Odds on the Avengers

Posted on April 25, 2019 by David McKee

In its latest salvo against Station Casinos, the Culinary Union has commissioned a study to determine if the Palms will achieve an ROI pleasing to Wall Street. Its conclusion is that the revamped casino-hotel will need to generate cash flow … Continue reading →

Posted in Churchill Downs, Culinary Union, Downtown, Kentucky, Movies, Palms, Station Casinos, Terry Caudill, Tribal, Wall Street | Comments Off

Land of confusion

Posted on April 22, 2019 by David McKee

OK, so there are no condos on sale at the Plaza Resort in downtown Las Vegas. That much we have established. But it’s got to be one of the most baffling stories we’ve ever covered. For instance, “TLC” usually is shorthand … Continue reading →

Posted in Animals, Caesars Entertainment, Churchill Downs, Golden Gaming, Illinois, Japan, Kentucky, Massachusetts, MGM Resorts International, New Jersey, Penn National, Politics, Racinos, Real Estate, Regulation, Sports betting, Tamares Group, Taxes, Terry Caudill, The Strip, Wall Street | Comments Off

Cosmopolitan on the block (again)

Posted on April 18, 2019 by David McKee

Blackstone Group‘s tenure at The Cosmopolitan of Las Vegas will be remarkably brief (although nothing in the gaming industry will ever match the extreme brevity of the abortive Wynn Resorts/Crown Resorts merger). Bloomberg reports that Blackstone is exploring “strategic options” … Continue reading →

Posted in AGA, Caesars Entertainment, CityCenter, Cosmopolitan, Downtown, history, Las Vegas Sands, Macau, Marketing, Melco Resorts & Entertainment, MGM Resorts International, Politics, Sports betting, Tamares Group, The Strip, TV, Wall Street, Wynn Resorts | Comments Off

Partly cloudy in Louisiana

Posted on April 16, 2019 by David McKee

Compared to a strong March last year, Louisiana was anemic last month, down 2.5% to $246 million. Of course, it is risky to generalize since some markets were quite healthy and others (Baton Rouge, anyone) were ailing. The same might … Continue reading →

Posted in Boyd Gaming, Caesars Entertainment, Churchill Downs, Eldorado Resorts, Louisiana, Penn National, Tilman Fertitta, Wall Street | Comments Off

Caesars: Under the weather; Wynn enters the Internet

Posted on April 16, 2019 by David McKee

Lack of thrift in the executive corridors is hurting Caesars Entertainment‘s stock price. JP Morgan analyst Daniel Politzer just ratcheted his price target down to $12, citing “worse than expected weather/GGR results at CZR’s regional properties and higher than previously … Continue reading →

Posted in Atlantic City, Caesars Entertainment, Colorado, Eldorado Resorts, Environment, Illinois, Internet gambling, Iowa, New York, Reno, Scientific Games, Sports betting, Steve Wynn, The Strip, Tropicana Entertainment, Wall Street, Wynn Resorts | Comments Off

Fall of the Roman Empire

Posted on April 12, 2019 by David McKee

Eldorado Resorts is no longer the only bidder allowed access to Caesars Entertainment‘s “data room.” Tilman Fertitta now has free run of the place, as the bidding for Caesars—expected to begin in earnest next week—heats up. According to the New … Continue reading →

Posted in Caesars Entertainment, Carl Icahn, Centaur Gaming, Eldorado Resorts, Tilman Fertitta, Transportation, Wall Street | 4 Comments