Category Archives: Wall Street

The Deal of the Year

Posted on December 19, 2017 by David McKee

Ever-ravenous Penn National Gaming gulped down Pinnacle Entertainment over the weekend, paying $2.8 billion for a collection of top-quality gaming assets. Among other benefits, the deal strengthens Penn’s position in its home state, as it gets The Meadows racino, doubling … Continue reading →

Posted in Ameristar, Boyd Gaming, Colorado, Economy, Eldorado Resorts, GLPI, International, Iowa, Louisiana, Massachusetts, Missouri, Ohio, Penn National, Pennsylvania, Pinnacle Entertainment, Racinos, Station Casinos, Taxes, Tourism, Transportation, Wall Street | 3 Comments

Wynn’s new frontier

Posted on December 14, 2017 by David McKee

Wynn Resorts made it official last night: It had paid just under $335 million for the old New Frontier site, which it is taking over from James Packer. The deal makes a fool of Packer, who paid $570 million for … Continue reading →

Posted in Atlantic City, Cretins, Current, Dan Gilbert, Detroit, Donald Trump, Florida, Genting, Hard Rock International, James Packer, Lucky Dragon, LVCVA, MGM Mirage, Minnesota, Penn National, Phil Ruffin, Riviera, Sports, Steve Wynn, The Strip, Tribal, Wall Street | Comments Off on Wynn’s new frontier

Quote of the Day

Posted on December 6, 2017 by David McKee

“I don’t think a merger of Penn and Pinnacle will change the general trends taking place in gaming today. Gaming resorts are getting bigger and flashier as more states open up gambling to generate revenue. And as new casinos open … Continue reading →

Posted in Economy, Penn National, Pinnacle Entertainment, Wall Street | Comments Off on Quote of the Day

A taxing topic … but mostly good for gaming

Posted on December 5, 2017 by David McKee

As the Trump administration’s tax bill heads into the reconciliation process, it could spark a new era of fiscal responsibility. That’s if corporations behave as they are predicted to do in this analysis. It forecasts that, with the slashing of … Continue reading →

Posted in Atlantic City, California, Current, Economy, Harrah's, Illinois, Macau, Marketing, MGM Mirage, Nevada, Palms, Pennsylvania, Station Casinos, Taxes, The Strip, Tourism, Wall Street | Comments Off on A taxing topic … but mostly good for gaming

Penn, Pinnacle nuptials in the offing; Connecticut sues Trump administration

Posted on December 1, 2017 by David McKee

To absolutely no one’s surprise, Pinnacle Entertainment and Penn National Gaming formally affirmed that they are in merger talks. Among the upsides, Deutsche Bank analyst Carlo Santarelli cites the alleviation of forced asset sale in Pennsylvania, where the number of … Continue reading →

Posted in Ameristar, Boyd Gaming, Foxwoods, Genting, IGT, Indiana, Louisiana, Mississippi, Missouri, Mohegan Sun, New York, Ohio, Penn National, Pennsylvania, Pinnacle Entertainment, Regulation, Scientific Games, Wall Street | 3 Comments

The Main Event; Macao roars

Posted on December 1, 2017 by David McKee

Monday is the big day: Oral arguments in the Supreme Court over Christie v. NCAA. It’s an understatement to say the gaming industry is getting pretty excited over the hearing, which is expected to lead to a rejection of the … Continue reading →

Posted in Baseball, Economy, history, International, Internet gambling, Macau, Mississippi, Nevada, Problem gambling, Regulation, Sheldon Adelson, Sports, Steve Wynn, Wall Street | Comments Off on The Main Event; Macao roars

Good news for Sheldon and other Case Bets

Posted on November 30, 2017 by David McKee

Singapore‘s casinos are looking at an up year in 2018, according to normally cautious Fitch Ratings analyst Alex Bumazhny. “Singapore [gross gaming revenue] grew by around 10 percent year-on-year in first half 2017, after falling by around 30 percent over 2015 to … Continue reading →

Posted in Ameristar, Australia, Crown Resorts, Genting, Harrah's, International, Iowa, Law enforcement, Mandalay Bay Massacre, Pinnacle Entertainment, Regulation, Sheldon Adelson, Singapore, The Crown 18, Tribal, Wall Street | Comments Off on Good news for Sheldon and other Case Bets

Favorable forecast for 2018; New look at Cosmo

Posted on November 29, 2017 by David McKee

Good news for casinos: “2018 is set to be a good year for gaming operators and suppliers globally amid a strong economic backdrop and a relatively benign new supply environment,” says Fitch Ratings analyst Alex Bumazhny, one of the more circumspect … Continue reading →

Posted in Architecture, Atlantic City, CityCenter, Cosmopolitan, Economy, Hard Rock International, Harrah's, Macau, MGM Mirage, New York, Sheldon Adelson, Sociedade de Jogos de Macau, Steve Wynn, The Strip, Wall Street | 1 Comment

Quote of the Day

Posted on November 28, 2017 by David McKee

“The price of oil has been rising steadily, a fact hardly noted by prognosticators. At some point, higher prices pinch consumer spending power. A shock, whether an exogenous event like war or simply profit-taking gone out of control, could shatter … Continue reading →

Posted in Economy, Wall Street | Comments Off on Quote of the Day

Wall Street loves Station; New wine in old bottles

Posted on November 28, 2017 by David McKee

Wall Street has identified one beneficiary of the tax bill currently before Congress: Station Casinos. As how it will affect those sought-after Millennials, well, companies like Station may have to re-do their math. (Pillaging discretionary income for people making less … Continue reading →

Posted in Downtown, e-sports, Economy, Entertainment, Harrah's, IGT, Marketing, MGM Mirage, Palms, Station Casinos, Taxes, Technology, The Strip, Wall Street | Comments Off on Wall Street loves Station; New wine in old bottles

This just in …

Posted on November 21, 2017 by David McKee

Eldorado Resorts has pulled out of a planned sale of Isle of Capri Lake Charles to tribally owned Kicks Entertainment. At least one analyst, JP Morgan‘s Daniel Politzer, sees this as a good thing. For starters, Eldorado pockets Kicks’ $20 … Continue reading →

Posted in Boyd Gaming, Eldorado Resorts, Foxwoods, Harrah's, Isle of Capri, Louisiana, Mohegan Sun, Penn National, Pinnacle Entertainment, Politics, Regulation, Tribal, Wall Street | Comments Off on This just in …

Penn regroups, Sands expands; Beware the Yakuza

Posted on November 13, 2017 by David McKee

Santa Claus has come early, in the guise of hardworking Deutsche Bank analyst Carlo Santarelli. He’s been so busy profiling gaming’s top companies we wonder when he finds time for sleep. His recent visits have included one to Penn National … Continue reading →

Posted in Ameristar, Dining, Environment, Harrah's, Illinois, Indiana, Japan, Macau, Majestic Star, Maryland, Massachusetts, MGM Mirage, Ohio, Penn National, Pennsylvania, Pinnacle Entertainment, Regulation, Sheldon Adelson, Singapore, Steve Wynn, Taxes, The Mob, The Strip, Wall Street, West Virginia | Comments Off on Penn regroups, Sands expands; Beware the Yakuza

Bullish Boyd; Inside Station’s crystal ball

Posted on November 13, 2017 by David McKee

Deutsche Bank analyst Carlo Santarelli met with Boyd Gaming‘s brain trust and liked what he heard, but I’ll let him tell it in his own words: “Within Las Vegas, management is encouraged by unrated play, particularly in the Downtown segment, … Continue reading →

Posted in Boyd Gaming, Downtown, Economy, Florida, IGT, Internet gambling, Marketing, Palms, Reno, Seminole Tribe, Sports, Station Casinos, Taxes, Technology, Tribal, Wall Street | Comments Off on Bullish Boyd; Inside Station’s crystal ball

MGM rebounds; Harvey victims have mystery casino benefactor

Posted on November 10, 2017 by David McKee

Commercials practically begging people to patronize the Las Vegas Strip after the Mandalay Bay massacre turn out to have been needless. The company most affected, MGM Resorts International, reports that hotel bookings are “almost back to normal.” “I’m happy to … Continue reading →

Posted in Baseball, Charity, Cordish Co., Cosmopolitan, Galaxy Entertainment, Greenwood Racing, Harrah's, Macau, Mandalay Bay Massacre, MGM Mirage, Neil Bluhm, Penn National, Pennsylvania, Politics, Steve Wynn, Texas, The Strip, Wall Street | Comments Off on MGM rebounds; Harvey victims have mystery casino benefactor

MGM: The lion roars; Station doubles down

Posted on November 8, 2017 by David McKee

MGM Resorts International, so long in the headlines due to bad news, made some good news this week. In the third quarter room revenues were up 4% along the Las Vegas Strip and table game hold was substantially higher, both … Continue reading →

Posted in Atlantic City, Election, IGT, Macau, Mandalay Bay Massacre, MGM Mirage, Palms, Penn National, Pennsylvania, Pinnacle Entertainment, Station Casinos, The Strip, Wall Street | 3 Comments

National Harbor rules; #VegasAmnesia anyone?

Posted on November 7, 2017 by David McKee

Last week I was saying that anyone who thinks the Washington, D.C.-Baltimore corridor can absorb another casino doesn’t have their head screwed on right. Well, the latest numbers are in and S&G feels more validated than ever. Maryland Live ($46 … Continue reading →

Posted in Boyd Gaming, Colorado, Cordish Co., GLPI, Harrah's, Louisiana, Mandalay Bay Massacre, Maryland, MGM Mirage, Neil Bluhm, Penn National, Pennsylvania, Pinnacle Entertainment, Slot routes, Tourism, Wall Street, West Virginia | 1 Comment

Reno’s bright future; All-time high for Vegas sports books

Posted on November 3, 2017 by David McKee

We love Reno. It has a river in the middle of downtown, nearby mountains and all the charm that Las Vegas so desperately lacks. It also had a gambling market that was written off for dead 15 years ago. Times … Continue reading →

Posted in Economy, Eldorado Resorts, International, Nevada, Oklahoma, Paragon Gaming, Pennsylvania, Politics, Reno, Sports, Station Casinos, Taxes, Tribal, Wall Street | 1 Comment

Macao rockets ahead; SLS sale snagged

Posted on November 1, 2017 by David McKee

While we share Galaxy Entertainment Chairman Lui-Che Woo‘s circumspection about announcing a full recovery in Macao, gaming revenues continue to ignore the ‘stop’ signs. Last month they rocketed up 22%, which “blows past expectations,” according to Deutsche Bank analyst Carlo Santarelli, … Continue reading →

Posted in GLPI, Illinois, Macau, Mandalay Bay Massacre, MGM Mirage, Mohegan Sun, Politics, Racinos, Sahara, Sam Nazarian, Sheldon Adelson, Slot routes, SLS Las Vegas, Steve Wynn, The Strip, Tribal, Wall Street | Comments Off on Macao rockets ahead; SLS sale snagged

Strip waxes, LV locals wane; Caesars sticks it to you

Posted on October 31, 2017 by David McKee

Gaming revenues inched up 3% in Nevada last August, while the Las Vegas Strip was up 5%, to $568 million. JP Morgan analyst Joseph Greff wrote that the latter implied “strong 3Q for MGM table games given WYNN and LVS’ combined 3Q … Continue reading →

Posted in Boulder Strip, Downtown, Economy, Entertainment, Genting, Greenwood Racing, Harrah's, International, Internet gambling, Lake Tahoe, Laughlin, Mesquite, MGM Mirage, Nevada, North Las Vegas, Pennsylvania, Regulation, Reno, Sheldon Adelson, Steve Wynn, The Strip, Wall Street | Comments Off on Strip waxes, LV locals wane; Caesars sticks it to you

Wynn: Set the date; High-tech potties at Caesars

Posted on October 27, 2017 by David McKee

It’s official: Wynn Resorts will start tearing up its Las Vegas Strip golf course on Jan. 3, 2018. Not much is known about what will replace it, as the budget hasn’t been set, and plans for the Wynn Paradise Park … Continue reading →

Posted in Architecture, Boyd Gaming, Cannery Casino Resorts, Charity, Downtown, Harrah's, Macau, Movies, North Las Vegas, Steve Wynn, Technology, The Strip, Wall Street | Comments Off on Wynn: Set the date; High-tech potties at Caesars