Category Archives: Wall Street

Steve Wynn makes out like a bandit; Smoke ’em while you’ve got ’em

Posted on November 9, 2018 by David McKee

Steve Wynn‘s liquidation of his stake in Wynn Resorts may have seemed like an act of petulance but — in light of subsequent movement in the stock market — it appears highly astute. Since El Steve’s big sale WYNN has … Continue reading →

Posted in Colorado, Dan Lee, Economy, Elaine Wynn, Entertainment, Full House Resorts, Georgia, Japan, Law enforcement, Macau, Marijuana, MGM Resorts International, Steve Wynn, The Strip, Tourism, Transportation, Wall Street, Wynn Resorts | 2 Comments

Wynn lagoon scrapped, company struggles with life after Steve

Posted on November 8, 2018 by David McKee

King Kong is out, Tom Fazio is in. To no one’s great surprise, Wynn Resorts has drained the swamp, er, canceled the Paradise Park lagoon, a colossal (38 acre) waste of water and act of insensitivity to Nevada‘s drought that … Continue reading →

Posted in Architecture, Economy, Entertainment, Genting, Macau, Marketing, Palms, Station Casinos, Steve Wynn, The Strip, Wall Street, Wynn Resorts | 1 Comment

Churchill Downs makes a run for the roses

Posted on November 5, 2018 by David McKee

JP Morgan commentator Daniel Politzer got the red-carpet treatment at Churchill Downs, in Louisville. He came away impressed. Churchill Downs is expanding on several fronts. Its Illinois purchase of a majority stake in Rivers Casino will cost CHDN a pretty … Continue reading →

Posted in Churchill Downs, Florida, Illinois, Indiana, Japan, Kentucky, Marketing, Racinos, South Korea, Sports betting, Wall Street | Comments Off

The merger of mergers?; Hooters up for grabs

Posted on November 5, 2018 by David McKee

This morning Credit Suisse analyst Cameron McKnight reported that MGM Resorts International is “possibly” looking into a buyout of Caesars Entertainment, news that is certain to have a salutary effect on the latter’s stock price. What should be of more … Continue reading →

Posted in Caesars Entertainment, California, Hooters, Internet gambling, Las Vegas Sands, Maryland, MGM Mirage, New Jersey, Penn National, Pennsylvania, Pinnacle Entertainment, Sports, Sports betting, The Strip, Tribal, Wall Street, Wynn Resorts | 3 Comments

Promising horizon for Penn; Frissora exiting Caesars

Posted on November 2, 2018 by David McKee

Penn National Gaming came in from 3Q18 below Wall Street‘s expectations but JP Morgan analyst Joseph Greff defends the company, citing high expectations of free cash flow in 2019 (12%) and 2020 (20%), even after capex reinvestments. The addition of … Continue reading →

Posted in Atlantic City, Caesars Entertainment, Centaur Gaming, Dan Gilbert, Economy, Illinois, Lucky Dragon, Macau, Marketing, Massachusetts, Mississippi, Ohio, Pennsylvania, Sports betting, Tilman Fertitta, Wall Street, West Virginia | Comments Off

Churchill Downs: Next stop, Des Plaines

Posted on November 1, 2018 by David McKee

Late last night the news broke that Churchill Downs has purchased 50.1% of Rivers Casino in Des Plaines from a consortium headed by Rush Street Gaming. The company is paying $326 million for a slight majority in an asset valued … Continue reading →

Posted in Churchill Downs, Dining, Economy, Illinois, Las Vegas Sands, Louisiana, Macau, MGM Resorts International, Penn National, Pennsylvania, Pinnacle Entertainment, Rush Street Gaming, Wall Street | Comments Off

MGM: The lion meows; Nevada sets sports-betting record

Posted on October 31, 2018 by David McKee

“Good quarter against low expectations” pretty well summarizes Wall Street‘s reaction to MGM Resorts International‘s 3Q18. (And we have to say that MGM leadership did a masterly job of minimizing anticipation well ahead of time.) JP Morgan analyst Joseph Greff admitted … Continue reading →

Posted in Economy, IGT, International, Macau, Mandalay Bay Massacre, Maryland, Massachusetts, MGM Resorts International, Nevada, Sports betting, The Strip, Wall Street | Comments Off

Z covets Full House; Caesars: Fertitta out, MGM in?

Posted on October 29, 2018 by David McKee

Having recently subsumed Affinity Gaming, the eyes of Z Capital Partners have turned toward Full House Resorts. However, Z’s opening bid is so low that it looks like a typo: $1.79/share. That’s $132.5 million for five casinos. CEO Dan Lee … Continue reading →

Posted in Affinity Gaming, Caesars Entertainment, Current, Dan Lee, Full House Resorts, G2E, International, Law enforcement, Marketing, Melco Resorts & Entertainment, MGM Resorts International, Philippines, Sheldon Adelson, Sports, Tilman Fertitta, Wall Street | Comments Off

Adelson eats Wynn’s lunch; Thumbs up for Boyd

Posted on October 26, 2018 by David McKee

Credit Suisse analyst Cameron McKnight reports that Sands China is stealing Macao market share from Wynn Resorts. Renovated VIP rooms at Sands properties are credited with the shift in business. Also, Sands “stated that while its very confident of [concession] … Continue reading →

Posted in Atlantic City, Boyd Gaming, Caesars Entertainment, Downtown, Economy, Eldorado Resorts, Hard Rock International, Hawaii, Las Vegas Sands, Macau, Pennsylvania, Pinnacle Entertainment, Sports, Sports betting, Tamares Group, Tourism, Transportation, Wall Street, William Hill, Wynn Resorts | 1 Comment

Adelson prospers in Macao; Instant racing upheld

Posted on October 25, 2018 by David McKee

Excepting a slight downturn in Las Vegas Strip revenues, it was a pretty good 3Q18 for Las Vegas Sands. Mass-market revenue in Macao was up 18.5% and VIP revenues rose 15%. In Singapore the numbers were mixed. Mass-market win was … Continue reading →

Posted in Georgia, Kentucky, Las Vegas Sands, Louisiana, Macau, Mohegan Sun, Sports, Technology, The Strip, Tribal, Wall Street | Comments Off

Caesars to rebuff Fertitta; No surprise, Culinary endorses Rosen

Posted on October 22, 2018 by David McKee

This just in: Credit Suisse analyst Brian McKnight reports that the Caesars Entertainment board is going to reject Tilman Fertitta‘s reverse-merger offer. However, now that Caesars is in play, McKnight doesn’t think this is the end of the story, mentioning … Continue reading →

Posted in Ameristar, Boyd Gaming, Caesars Entertainment, California, Culinary Union, Dining, Election, Harry Reid, Horseracing, Louisiana, Massachusetts, Penn National, Pinnacle Entertainment, Sports, Station Casinos, The Strip, Tilman Fertitta, Wall Street | 1 Comment

Punishing month in Atlantic City

Posted on October 15, 2018 by David McKee

Gross-gaming revenues (not counting Internet play) were up 8% in Atlantic City last month, to $232 million. However, the prosperity wasn’t citywide, with same-store revenues down 11%. We’re still a long way from agreeing with Roger Gros‘ doom-and-gloom-and-doom prediction that two … Continue reading →

Posted in Atlantic City, Boyd Gaming, Bruce Deifik, Caesars Entertainment, Dan Gilbert, Detroit, Eldorado Resorts, Genting, Greenwood Racing, Hard Rock International, International, Internet gambling, Las Vegas Sands, MGM Resorts International, Mohegan Sun, Nevada, New York, Penn National, Pennsylvania, Pinnacle Entertainment, Rush Street Gaming, Sports betting, Tilman Fertitta, Wall Street | 1 Comment

Indiana fails to impress; Big setback for non-smokers

Posted on October 12, 2018 by David McKee

It’s too soon to say that regional gaming’s economic honeymoon is over but Indiana was down 4% last month, grossing $177.5 million. (It was up 6% this time last year.) Penn National Gaming‘s Hollywood Lawrenceburg took a 15% header, grossing … Continue reading →

Posted in Ameristar, Boyd Gaming, Caesars Entertainment, Colony Capital, Eldorado Resorts, Entertainment, Environment, Full House Resorts, G2E, Indiana, Louisiana, Majestic Star, MGM Resorts International, Missouri, Penn National, Pinnacle Entertainment, Technology, Wall Street, West Virginia, Westgate LV | Comments Off

Wisdom from G2E; Sisolak lights up

Posted on October 10, 2018 by David McKee

This week’s Global Gaming Expo gives Wall Street analysts plenty of time to sniff around the big gaming operators and manufacturers, trying to suss out trends. Credit Suisse analyst Cameron McKnight, the new kid on the block, says that 3Q18 … Continue reading →

Posted in Atlantic City, Boyd Gaming, Caesars Entertainment, Economy, Eldorado Resorts, Election, G2E, GLPI, Golden Gaming, Illinois, Indiana, Isle of Capri, Las Vegas Sands, Macau, Mandalay Bay Massacre, Marijuana, Marketing, MGM Resorts International, Mississippi, Nevada, Palms, Penn National, Sports, Station Casinos, Tilman Fertitta, Tourism, Tribal, Tropicana Entertainment, Wall Street | Comments Off

Illinois stumbles; Kimmel returns to Vegas roots

Posted on October 5, 2018 by David McKee

It would take more than an extra weekend day to account for a 7% slippage in Illinois gaming revenues, which were positive year/year in 2017. Nobody had a revenue-positive month, not even Rivers Casino, down 5% despite a state-leading $34 … Continue reading →

Posted in Boyd Gaming, Caesars Entertainment, Delaware, Economy, Eldorado Resorts, Entertainment, Galaxy Entertainment, GLPI, Greenwood Racing, International, Internet gambling, Macau, Melco Resorts & Entertainment, Movies, Penn National, Pennsylvania, Rush Street Gaming, Sheldon Adelson, The Strip, Tourism, Tribal, TV, Wall Street, Wynn Resorts | Comments Off

Las Vegas: The good, the bad, the resort fees

Posted on October 4, 2018 by David McKee

Mark it on your calendar. According to Credit Suisse analyst Cameron McKnight, long-awaited, tantalizingly delayed Resorts World Las Vegas will debut in late 2020, a date “recently … affirmed” by Genting Group. In other good news for Sin City, convention and … Continue reading →

Posted in Arizona, Donald Trump, Economy, G2E, Genting, International, Internet gambling, Law enforcement, Macau, New York, Resort fees, Taxes, Technology, The Strip, Tribal, TV, Wall Street | 1 Comment

Dog days on the Strip

Posted on September 27, 2018 by David McKee

August numbers are in and casinos on the Las Vegas Strip tanked, down 12.5%. Credit Suisse analyst Cameron McKnight called this result “not as bad as feared,” which prompts one to wonder what a worst-case scenario would look like. The … Continue reading →

Posted in Boulder Strip, Boyd Gaming, California, Downtown, Economy, Entertainment, Florida, Lake Tahoe, Laughlin, Mesquite, MGM Resorts International, North Las Vegas, Oklahoma, Reno, Tamares Group, The Strip, Transportation, Tribal, Wall Street | 3 Comments

MGM: Riding out the storm

Posted on September 24, 2018 by David McKee

As Golden Week nears in Macao, hotel rooms are sold out at all Wynn Macau properties. MGM Grand Paradise has one night open while struggling MGM Cotai has three nights of vacancies (and this without its full complement of rooms). … Continue reading →

Posted in Caesars Entertainment, Downtown, Environment, Hard Rock International, Las Vegas Sands, Macau, Marijuana, MGM Resorts International, Ohio, Oklahoma, Taxes, The Strip, Wall Street, Wynn Resorts | 1 Comment

Atlantic City booms

Posted on September 13, 2018 by David McKee

Casino revenues in Atlantic City were up an astounding 21% in August, with only a 2% decrease in revenue at the incumbent gambling houses. Sports betting was also a hit, grossing $95 million. (Some predict it could surpass Las Vegas … Continue reading →

Posted in Atlantic City, Bruce Deifik, Caesars Entertainment, Dan Gilbert, Detroit, Economy, Eldorado Resorts, Greenwood Racing, Hard Rock International, Internet gambling, Las Vegas Sands, MGM Resorts International, Mohegan Sun, Penn National, Pinnacle Entertainment, Resort fees, Rush Street Gaming, Tilman Fertitta, Tropicana Entertainment, Wall Street | 2 Comments

Caesars hailed; Wynn Resorts for sale?

Posted on September 11, 2018 by David McKee

Credit Suisse has initiated coverage of Caesars Entertainment, citing it as its “Top Pick” in the gaming sector. Why? “It recently re-emerged from bankruptcy and is one of the largest US gaming operators, with eight Las Vegas Strip and 22 … Continue reading →

Posted in Atlantic City, Caesars Entertainment, Centaur Gaming, Dan Gilbert, Economy, Elaine Wynn, Hawaii, Indiana, Louisiana, Macau, Marketing, MGM Resorts International, Mississippi, Nevada, Steve Wynn, The Strip, Wall Street, Wynn Resorts | Comments Off