Category Archives: Wall Street

Wynn Resorts walloped

Posted on February 27, 2019 by David McKee

We’ve been down for a day and half for maintenance but S&G is back now with a doozy of a news dispatch: The good news for Wynn Resorts is that it gets to keep its Nevada gaming license. The bad … Continue reading →

Posted in Cantor Gaming, Culinary Union, Donald Trump, history, Massachusetts, Politics, Prostitution, Real Estate, Regulation, Sports, Steve Wynn, Transportation, Wall Street, Wynn Resorts | Comments Off

Strip moolah propels Caesars; Boyd impresses

Posted on February 22, 2019 by David McKee

Caesars Entertainment reported 4Q18 results yesterday, playing to generally rave notices from Wall Street. “Very good” and “Excellent” were the initial reactions of Credit Suisse analyst Cameron McKnight. He noted 8% revenue growth in Las Vegas on only 1.5% cost … Continue reading →

Posted in Atlantic City, Boyd Gaming, Carl Icahn, Centaur Gaming, Hawaii, Illinois, Iowa, Kansas, Mandalay Bay Massacre, MGM Resorts International, Ohio, Pennsylvania, Pinnacle Entertainment, Slot routes, Taxes, The Strip, Wall Street | Comments Off

Chronicle of a disaster foretold

Posted on February 19, 2019 by David McKee

It’s time for Caesars Entertainment‘s quarterly earnings call and, by way of a preview, JP Morgan analyst Daniel Politzer took a relatively dim view of selling the company as a cure for whatever ails it. “While we understand activists’ rationale … Continue reading →

Posted in Atlantic City, Caesars Entertainment, Carl Icahn, Eldorado Resorts, Horseracing, International, Las Vegas Sands, MGM Resorts International, New Jersey, Politics, The Strip, Tilman Fertitta, Tropicana Entertainment, Wall Street, Wynn Resorts | 2 Comments

MGM beats The Street

Posted on February 18, 2019 by David McKee

MGM Resorts International says it is no longer going to give Wall Street forward guidance on earnings. Why not? It beat its own forecasts by 3% on the Las Vegas Strip, 4% in its regional properties and 8% in all-important … Continue reading →

Posted in International, Internet gambling, Macau, Massachusetts, MGM Resorts International, Politics, Rhode Island, Sports, Sports betting, The Strip, Wall Street | Comments Off

Caesars: The Icahn factor; Troubled Tilman; Brownout

Posted on February 18, 2019 by David McKee

If you’re a company that wants to prove that its stock is undervalued, you’ve got a definitive case when Carl Icahn buys into your company. And if you’re Caesars Entertainment and Icahn suddenly holds 10% of your stock, you’re officially … Continue reading →

Posted in Caesars Entertainment, Carl Icahn, Don Barden, Eldorado Resorts, International, Japan, Louisiana, Massachusetts, Mohegan Sun, Regulation, Security, Sheldon Adelson, South Korea, Taxes, Texas, Tilman Fertitta, Wall Street | Comments Off

Clouds over Macao; What Sheldon wants, Sheldon gets

Posted on February 15, 2019 by David McKee

Cameron McKnight of Credit Suisse is projecting gambling-revenue flatness in Macao (despite higher tax returns) through 2019 and into 2020, despite a record amount of available credit in China. “Stronger credit data may partially assuage China macro concerns, as it … Continue reading →

Posted in Donald Trump, Downtown, Economy, Galaxy Entertainment, International, Japan, Las Vegas Sands, MGM Resorts International, Movies, New Jersey, Regulation, Sheldon Adelson, Sports, The Strip, Tilman Fertitta, Transportation, Wall Street, Wynn Resorts | 1 Comment

A tale of two Fertittas

Posted on February 13, 2019 by David McKee

Golden Nugget owner Tilman Fertitta is facing trouble close to home. $30.5 million in liens have been levied for unpaid work done at $400 million The Post Oak hotel in Houston. Like Sheldon Adelson, Fertitta blames the primary contractor and … Continue reading →

Posted in AGA, Derek Stevens, Downtown, Economy, GLPI, Louisiana, MGM Resorts International, Palms, Problem gambling, Reno, Sports, Station Casinos, Texas, Tilman Fertitta, Wall Street | Comments Off

Churchill Downs pwns Caesars; Kentucky covets casinos

Posted on February 8, 2019 by David McKee

Cold weather helped chill Indiana casino revenues last month, down 6%. The Hoosier State’s casinos and racinos grossed $154 million. Horseshoe Southern Indiana continues to bleed business to Churchill Downs‘ Derby City, hemorrhaging 10% to $16.5 million. Full House Resorts … Continue reading →

Posted in Boyd Gaming, Caesars Entertainment, Churchill Downs, DFS, e-sports, Eldorado Resorts, Full House Resorts, Indiana, Internet gambling, Kentucky, Macau, Marketing, Massachusetts, MGM Resorts International, New York, Penn National, Politics, Racinos, Sports, Sports betting, Taxes, Technology, Tilman Fertitta, Wall Street, Wynn Resorts | 1 Comment

Monorail to the rescue of Grand Bazaar; Golden Nugget on the block?

Posted on February 8, 2019 by David McKee

We thought the Las Vegas Monorail was the biggest charity case on the Las Vegas Strip. However, the Grand Bazaar Shops — where Strip retail finally jumped the shark — is apparently even worse off. We say this because of … Continue reading →

Posted in Boyd Gaming, Caesars Entertainment, Churchill Downs, Dan Gilbert, Detroit, Dining, Eldorado Resorts, Macau, Marketing, Melco Resorts & Entertainment, MGM Resorts International, Ohio, Penn National, The Strip, Tilman Fertitta, Transportation, Wall Street, Wynn Resorts | 3 Comments

Maryland booms, Illinois frozen out; Resort fees to rise … again

Posted on February 7, 2019 by David McKee

Business continues to boom for MGM National Harbor, which raked in $57 million last month, 12% growth and 41% of the Free State’s $137 million gross gaming revenue. Maryland Live‘s 34% market share translated into a gross of $46 million. Horseshoe … Continue reading →

Posted in Boyd Gaming, Caesars Entertainment, Churchill Downs, Colorado, Cordish Co., Detroit, Dining, Economy, Entertainment, GLPI, Golden Gaming, Illinois, Las Vegas Raiders, Louisiana, Maryland, MGM Resorts International, New Jersey, Penn National, Pennsylvania, Pinnacle Entertainment, Resort fees, Rush Street Gaming, Sports, Sports betting, The Strip, Wall Street, West Virginia | 1 Comment

Vegas: Locals outperform the Strip; Sisolak nuked

Posted on January 31, 2019 by David McKee

Nevada gaming revenue was up 4% last month, just a few hundred thousand shy of an even billion dollars, even though the Las Vegas Strip was relatively stagnant. Strong baccarat win by the house (jumping 14.5%) was offset by 3% … Continue reading →

Posted in AGA, Aristocrat, Boulder Strip, Donald Trump, Downtown, Environment, IGT, Lake Tahoe, Laughlin, Mesquite, Nevada, Regulation, Reno, Scientific Games, South Carolina, Sports, Sports betting, The Strip, Wall Street | Comments Off

Wynn finishes strong

Posted on January 31, 2019 by David McKee

If Wynn Resorts wanted to change the subject of conversation, at least on Wall Street, away from the damning Nevada Gaming Control Board report on sexual harassment it found a magical elixir in its fourth-quarter report. Net revenue at Wynncore … Continue reading →

Posted in Caesars Entertainment, Economy, Las Vegas Sands, Macau, Massachusetts, Regulation, Tourism, Wall Street, Wynn Resorts | Comments Off

Survey says: Las Vegas bad for NFL; Power struggle in Macao

Posted on January 28, 2019 by David McKee

Put me in the one-third of Americans surveyed who wouldn’t give up their annual bonus to see their team win the Super Bowl. That’s one of the findings of a WalletHub study that, incredibly (at least to me) ranks Las … Continue reading →

Posted in Arkansas, Caesars Entertainment, California, Entertainment, Indiana, Internet gambling, Japan, Las Vegas Raiders, Lawrence Ho, Macau, Massachusetts, Melco Resorts & Entertainment, MGM Resorts International, Mohegan Sun, New Jersey, Ohio, Pansy Ho, Pennsylvania, Racinos, Regulation, Rush Street Gaming, Scientific Games, Sociedade de Jogos de Macau, Sports, Sports betting, Technology, Tourism, Wall Street, Wisconsin | Comments Off

Sands disappoints Wall Street

Posted on January 24, 2019 by David McKee

Las Vegas Sands reported 4Q18 results yesterday and the result wasn’t what Wall Street had been hoping. Take the rapidly morphing reaction of Credit Suisse analyst Cameron McKnight. He went from “Good Read Thru” to “Disappointing 4Q Against Elevated Expectations” … Continue reading →

Posted in Economy, Las Vegas Sands, Macau, MGM Resorts International, Singapore, Sports, Sports betting, The Strip, Transportation, Wall Street | Comments Off

Louisiana: What happened?; Wynn wins historic victory

Posted on January 22, 2019 by David McKee

While most jurisdictions performed impressively last month, Louisiana was down 2.5%. How to account for the slippage? True, the drive-in driven Shreveport/Bossier City market was off 1.5%. But the real culprit was Baton Rouge, toppling 15.5% and ravaged by the new … Continue reading →

Posted in Boyd Gaming, Caesars Entertainment, Dining, Eldorado Resorts, Environment, GLPI, Greenwood Racing, International, Las Vegas Sands, Louisiana, Macau, Penn National, Pennsylvania, Rush Street Gaming, Sports betting, Tilman Fertitta, Tourism, Vietnam, Wall Street, William Hill, Wynn Resorts | Comments Off

Adelson sparks firestorm

Posted on January 21, 2019 by David McKee

When Bill Miller was appointed CEO of the American Gaming Association, we speculated that his relationship with Sheldon Adelson would be “less strained” than that of predecessor Geoff Freeman. Indeed, that already seems to be the case. It would account … Continue reading →

Posted in AGA, Carl Icahn, Churchill Downs, Delaware, DFS, Eldorado Resorts, Florida, Geoff Freeman, Illinois, Internet gambling, Massachusetts, MGM Resorts International, Nevada, New Jersey, New York, Politics, Racinos, Regulation, Sheldon Adelson, Sports, Sports betting, Steve Wynn, Tropicana Entertainment, Wall Street, William Hill, Wynn Resorts | Comments Off

Wall Street says the “R” word; The wrath of Rufus Peabody

Posted on January 17, 2019 by David McKee

Credit Suisse analyst Cameron McKnight has uttered the word most dreaded around Las Vegas: recession. He’s even come up with some projections. “Based on our long-term Strip model, we can see a recession scenario for the Strip in which revenue … Continue reading →

Posted in Atlantic City, Caesars Entertainment, Economy, Indiana, Massachusetts, MGM Resorts International, Politics, Sports, Sports betting, The Strip, Tribal, Wall Street | Comments Off

Cuomo bets on sports; Resorts World LV disowns own designs

Posted on January 16, 2019 by David McKee

It looks as though New York State will split the baby on sports wagering: Casino-based betting in 2019, mobile wagering in 2022. Gov. Andrew Cuomo (D) has baked what Credit Suisse analyst Cameron McKnight calls “a small amount of sports … Continue reading →

Posted in Architecture, Baseball, DFS, Genting, New Jersey, New York, Problem gambling, Sports betting, The Strip, Wall Street, William Hill, Wynn Resorts | Comments Off

Re-reversing the Wire Act: What it means

Posted on January 16, 2019 by David McKee

Last weekend’s flip-flop by the Justice Department‘s stance on the Federal Wire Act has spurred a fair amount of chin scratching in the gaming industry. Global Market Advisors notes the immediate implication: “The action, which at best can be described as … Continue reading →

Posted in Delaware, DFS, Illinois, Nevada, New Jersey, New York, Pennsylvania, Politics, Sheldon Adelson, Taxes, Wall Street | Comments Off

Atlantic City: Managing expectations; Prosperity in Pennsylvania, Detroit

Posted on January 15, 2019 by David McKee

Grossing $209 million last month, the Atlantic City casino market continues to grow, up 12% in the dead of winter, even if it was 7% down on a same-store basis. That’s a tradeoff the industry will have to accept, as … Continue reading →

Posted in Atlantic City, Boyd Gaming, Bruce Deifik, Caesars Entertainment, Churchill Downs, CityCenter, Dan Gilbert, Detroit, Dining, Economy, Eldorado Resorts, Las Vegas Sands, Macau, MGM Resorts International, Mohegan Sun, Penn National, Pennsylvania, Rush Street Gaming, Tilman Fertitta, Wall Street | 1 Comment