Category Archives: Wall Street

Boyd weathers challenges; MGM swoons

Posted on April 27, 2018 by David McKee

An alternate headline for Boyd Gaming‘s 1Q18 results might be “better than expected.” Although the company had modeled a $12 million-$15 million cash flow hit at Blue Chip from new, nearby Four Winds Casino, the company’s Midwest revenues came in … Continue reading →

Posted in Ameristar, Boyd Gaming, CityCenter, Downtown, Greenwood Racing, Hawaii, Indiana, Japan, Louisiana, Macau, Mandalay Bay Massacre, Massachusetts, MGM Mirage, Missouri, Ohio, Palms, Pennsylvania, Pinnacle Entertainment, Politics, Resort fees, Sports, Station Casinos, Tribal, Wall Street, Wynn Resorts | 1 Comment

MGM sets Springfield date; Adelson hits pay dirt

Posted on April 26, 2018 by David McKee

Even as it’s using MGM Springfield as a catspaw to potentially land Wynn Boston Harbor, that didn’t prevent MGM Resorts International from announcing a date certain for the Springfield opening. Mark August 24 on your calendars, for that is the day … Continue reading →

Posted in Architecture, Atlantic City, Churchill Downs, Detroit, Dining, Donald Trump, Entertainment, history, Horseracing, International, Japan, Louisiana, Macau, Maine, Maryland, Massachusetts, MGM Mirage, Penn National, Singapore, South Korea, Sports, Technology, The Strip, Tribal, Wall Street, Wynn Resorts | Comments Off on MGM sets Springfield date; Adelson hits pay dirt

Wynn: The brand stays

Posted on April 25, 2018 by David McKee

Recently we wrote, in a different forum, that the ultimate verdict on whether to keep the “Wynn” brand on Wynn Resorts would be delivered by customers. Based on 1Q18 results, the vote is “yes.” Deutsche Bank analyst Carlo Santarelli called … Continue reading →

Posted in Galaxy Entertainment, GLPI, Japan, Macau, Massachusetts, Penn National, Steve Wynn, The Strip, Wall Street | Comments Off on Wynn: The brand stays

MGM plays games with tribes, MGM Springfield, as Zinke steps in it

Posted on April 24, 2018 by David McKee

As various non-gaming related scandals gain critical mass around ersatz geologist and Secretary of the Interior Ryan Zinke, he’s found himself front and center in a casino mess in Connecticut. Seems that Zinke turned a deaf ear to career Interior … Continue reading →

Posted in Boyd Gaming, Donald Trump, Eldorado Resorts, Foxwoods, Genting, Harrah's, International, Massachusetts, MGM Mirage, Mohegan Sun, Penn National, PokerStars, Politics, Regulation, Sheldon Adelson, Sports, Wall Street, Wynn Resorts | 1 Comment

Mixed report from Japan; Wynn Boston Harbor up for grabs

Posted on April 23, 2018 by David McKee

First, the good news: The casino-regulation bill over which Japan‘s Liberal Democratic Party has slaved, may make it into the Diet by Friday, giving the Nipponese parliament just under two months to consider it. (The Diet adjourns on June 20.) … Continue reading →

Posted in Atlantic City, Boyd Gaming, Foxwoods, Genting, Geoff Freeman, Hard Rock International, Harrah's, Japan, Massachusetts, MGM Mirage, Mohegan Sun, Nevada, Penn National, Politics, Problem gambling, Regulation, Seminole Tribe, Sheldon Adelson, Wall Street, Wynn Resorts | 1 Comment

Japan “better than feared.” Mixed bag in Louisiana

Posted on April 17, 2018 by David McKee

How do evolving casino casino regulations in Japan look? Well, how does ‘not as bad as expected’ sound? Trust me, that’s good news. And don’t take my word: Take that of Morgan Stanley. Taxes will be set at 30%, which … Continue reading →

Posted in Boyd Gaming, Churchill Downs, Dan Gilbert, Detroit, Eldorado Resorts, Florida, Galaxy Entertainment, GLPI, Harrah's, Isle of Capri, Japan, Louisiana, Marijuana, Massachusetts, MGM Mirage, Nevada, Penn National, Philippines, Pinnacle Entertainment, Politics, Sheldon Adelson, Taxes, Tilman Fertitta, Tropicana Entertainment, Wall Street | Comments Off on Japan “better than feared.” Mixed bag in Louisiana

Icahn out, Eldorado in; Caesars balks at Hoosier fee

Posted on April 16, 2018 by David McKee

Carl Icahn was in a selling mood last weekend, cashing out of Tropicana Entertainment. The buyer was Eldorado Resorts, which paid Icahn $1.85 billion, then flipped nearly all the physical assets to Gaming & Leisure Properties for $1.2 billion. Not content … Continue reading →

Posted in Ameristar, Atlantic City, Carl Icahn, Centaur Gaming, Charity, Dining, Eldorado Resorts, Florida, GLPI, Hard Rock International, Illinois, Indiana, International, Internet gambling, Iowa, Lake Tahoe, Laughlin, Law enforcement, Louisiana, Massachusetts, MGM Mirage, Mississippi, Penn National, Pennsylvania, Regulation, Seminole Tribe, Tropicana Entertainment, Wall Street | 1 Comment

MGM Boston?!?; Sports betting proceeds fitfully

Posted on April 16, 2018 by David McKee

According the Wall Street Journal, talks are underway between MGM Resorts International and Wynn Resorts for the latter to be shot of Wynn Boston Harbor, which has become a regulatory albatross around Wynn’s neck. Although this would mean giving almost … Continue reading →

Posted in Illinois, Kansas, Maryland, Massachusetts, MGM Mirage, Minnesota, Missouri, Mohegan Sun, Politics, Regulation, Sexual misconduct, Slot routes, Sports, Steve Wynn, Taxes, Wall Street, Wynn Resorts | Comments Off on MGM Boston?!?; Sports betting proceeds fitfully

At long last, Kansas

Posted on April 13, 2018 by David McKee

JP Morgan has initiated coverage of the Kansas market, long out of sight. It’s coming off a strong (up 6%) March, finishing at $40 million. Boyd Gaming‘s Kansas Star Casino & Resort was dominant, grossing $18 million on an 8% … Continue reading →

Posted in Boyd Gaming, GLPI, Kansas, Penn National, Wall Street | Comments Off on At long last, Kansas

Quote of the Day

Posted on April 10, 2018 by David McKee

“The company could keep the asset on the books indefinitely without risking its REIT status. In addition, we believe MGM could serve as a backstop buyer if no one else is willing to pay a fair price. While regional casinos … Continue reading →

Posted in Hard Rock International, MGM Mirage, Ohio, Wall Street | Comments Off on Quote of the Day

Wynn out, MGM in: Is history repeating itself?

Posted on April 9, 2018 by David McKee

Remember when Kirk Kerkorian made Steve Wynn an offer he couldn’t refuse for Mirage Resorts? It looks like history is going to repeat itself with “back-channel approaches” being made by MGM Resorts International to embattled Wynn Resorts. “Wynn Resorts is … Continue reading →

Posted in Archon Corp., Donald Trump, Elaine Wynn, Galaxy Entertainment, Genting, Hard Rock International, Harrah's, Japan, Laughlin, Macau, Massachusetts, MGM Mirage, Nevada, Ohio, Pennsylvania, Politics, Regulation, Sexual misconduct, Steve Wynn, The Strip, Wall Street, Wynn Resorts | Comments Off on Wynn out, MGM in: Is history repeating itself?

Shocker: Hard Rock Rocksino sold; New top man at SLS

Posted on April 5, 2018 by David McKee

Despite being the dominant racino operator — hell, gaming operator — in Ohio, it seems that Hard Rock International is throwing in the towel. It’s selling Hard Rock Rocksino to MGM Growth Properties. Early Wall Street speculation is that we’re … Continue reading →

Posted in ACEP, Affinity Gaming, Alex Meruelo, Boyd Gaming, Colorado, Economy, Eldorado Resorts, Florida, GLPI, Golden Gaming, Hard Rock International, Harrah's, Illinois, Isle of Capri, MGM Mirage, Neil Bluhm, Ohio, Penn National, Pennsylvania, Pinnacle Entertainment, Reno, SLS Las Vegas, The Strip, Wall Street | 3 Comments

Harrah’s wins in Big Easy; Could Wynn Resorts beat Boston rap?

Posted on April 2, 2018 by David McKee

Harrah’s New Orleans is a step away from a major makeover, now that the Louisiana House of Representatives cast a veto-proof vote in favor of a 30-year license extension, a new hotel tower and an expansion of the hotel-casino’s amenities. … Continue reading →

Posted in Arkansas, Cretins, DFS, Dining, Elaine Wynn, Election, Harrah's, Horseracing, Internet gambling, Louisiana, Maine, Massachusetts, Penn National, Politics, Regulation, Sexual misconduct, Sports, Steve Wynn, Taxes, Wall Street, Wynn Resorts | Comments Off on Harrah’s wins in Big Easy; Could Wynn Resorts beat Boston rap?

Las Vegas: Whales to the rescue

Posted on March 30, 2018 by David McKee

Las Vegas Strip gaming revenues far overshot projections for last month, finishing 11.5% higher, grossing $603.5 million. This is in large part due to baccarat revenues, a cosmic 82.5% higher on a staggering 59% increase in wagering, “likely reflecting some … Continue reading →

Posted in Boulder Strip, Boyd Gaming, California, Culinary Union, Downtown, Economy, Genting, Lake Las Vegas, Lake Tahoe, Mesquite, New York, North Las Vegas, Reno, Station Casinos, The Strip, Tribal, Wall Street | Comments Off on Las Vegas: Whales to the rescue

Quo vadis, Steve?; Dan Gilbert’s new twist

Posted on March 27, 2018 by David McKee

Gaming Industry Daily Report Editor Alan Woinski has some interesting speculations about Steve Wynn‘s future and his big stock cash-out. “He will need the money considering he never received a golden parachute when he stepped down. He could have a lot … Continue reading →

Posted in Dan Gilbert, Derek Stevens, Detroit, Galaxy Entertainment, Japan, Macau, Mandalay Bay Massacre, Massachusetts, Ohio, Philippines, Politics, Regulation, Resort fees, Security, Steve Wynn, Technology, The Strip, Wall Street, Westgate LV, Wynn Resorts | 1 Comment

Feds scrutinize Pinnacle sale; Diamond Jacks gets prominent supporter

Posted on March 26, 2018 by David McKee

As the big continue to get bigger, Penn National Gaming is two steps closer to becoming a 20-state, 41-casino mammoth. West Virginia and Pennsylvania‘s regulatory bodies have signed off on its absorption of Pinnacle Entertainment. Penn, however, is not counting … Continue reading →

Posted in Boyd Gaming, Derek Stevens, Galaxy Entertainment, GLPI, James Packer, Louisiana, Mississippi, Penn National, Pennsylvania, Pinnacle Entertainment, Politics, Regulation, Tilman Fertitta, Wall Street, West Virginia, Wynn Resorts | 1 Comment

Steve Wynn has left the building; Packer out, too

Posted on March 23, 2018 by David McKee

Wynn Resorts now has 100% less Steve Wynn now that the mogul has sold his entire stake in the company. At first blush this looks like a passive-aggressive lashing out at a firm that is now moving forward. However, Wynn … Continue reading →

Posted in Australia, Boyd Gaming, Crown Resorts, Eldorado Resorts, Entertainment, Galaxy Entertainment, James Packer, Kazuo Okada, Massachusetts, Regulation, Reno, Sexual misconduct, Station Casinos, Steve Wynn, Technology, The Strip, Wall Street, Wynn Resorts | 1 Comment

Ruthless resort-fee robbery; Minstrel show at NY-NY

Posted on March 14, 2018 by David McKee

What do you do when occupancy declines? Why, raise the resort fees, of course! The odious levies went up 16% in 2016 and 11% last year, for an average of $34/night. Venetian/Palazzo recently upped its impost to $45 and other … Continue reading →

Posted in Architecture, Dining, Entertainment, Law enforcement, MGM Mirage, Resort fees, Sheldon Adelson, The Strip, Wall Street | 1 Comment

Sands Bethlehem becomes Wind Creek; Brazil nixes casinos

Posted on March 12, 2018 by David McKee

Sands Bethlehem‘s buyers are letting no grass grow beneath their feet. The Poarch Bank of Creek Indians will rename the megaresort Wind Creek Bethlehem. It remains to be seen whether they’ll have to deal with unionizing the work force: So … Continue reading →

Posted in Entertainment, Harrah's, International, Japan, Kazuo Okada, Pennsylvania, Politics, Sheldon Adelson, Station Casinos, Tribal, Wall Street, Wynn Resorts | Comments Off on Sands Bethlehem becomes Wind Creek; Brazil nixes casinos

Sands Bethlehem (finally) sold; Stratosphere battered

Posted on March 9, 2018 by David McKee

Never underestimate the power of electronic bingo. It’s the capital derived therefrom that’s enabling the Poarch Band of Creek Indians to make a $1.3 billion purchase of Sands Bethlehem. The tribe is succeeding where Tropicana Entertainment and MGM Resorts International … Continue reading →

Posted in Alabama, Florida, Foxwoods, Golden Gaming, International, Japan, Law enforcement, Macau, Massachusetts, MGM Mirage, Mohegan Sun, Nevada, Pennsylvania, Politics, Regulation, Sheldon Adelson, Singapore, The Strip, Tribal, Tropicana Entertainment, Wall Street | Comments Off on Sands Bethlehem (finally) sold; Stratosphere battered