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Category Archives: Wall Street
Round One to Adelson; Berman honored; Atlantic City winning in polls
Sands China has been getting mad props for its handling of the Parisian rollout last week. Compared to Wynn Palace‘s “passive” approach to the market (and despite a hailstorm of upbeat verbiage from Steve Wynn), analyst Christopher Jones wrote, “The awareness … Continue reading
Eldorado captures Isle; Adelson thwarted; Perlman dies
Scratch one more casino company from the checkerboard. This morning it was announced that Eldorado Resorts was buying Isle of Capri Casinos (long mooted as a takeover target. Eldorado will pay $1.7 billion for Isle — or $23 a share … Continue reading
Posted in Alabama, Atlantic City, Eldorado Resorts, Florida, Foxwoods, Geoff Freeman, Harrah's, history, Internet gambling, Isle of Capri, Louisiana, Massachusetts, MGM Mirage, Missouri, Mohegan Sun, Nevada, Ohio, Oklahoma, Pennsylvania, Politics, Reno, Sheldon Adelson, Taxes, The Mob, The Strip, Tribal, Vietnam, Wall Street
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Judge to Caesars: Get naked; Bite the wax tadpole
“These folks are going to have to pony up the paper,” said U.S. Bankruptcy Court Judge Benjamin Goldgar, stripping the fig leaf from Caesars Entertainment owners Marc Rowan, David Bonderman and others. They’ll have to reveal details of their personal … Continue reading
Posted in Dining, Economy, Georgia, Harrah's, International, Lucky Dragon, Macau, Melco Crown Entertainment, MGM Mirage, Sheldon Adelson, Sports, Steve Wynn, Taxes, The Strip, Transportation, Wall Street
Comments Off on Judge to Caesars: Get naked; Bite the wax tadpole
Analysts not sold yet on Macao recovery; Soggy month for Louisiana
They came, they saw, they were unconvinced. “The re-affirmation that mass is improving was pronounced,” reported Deutsche Bank analyst Carlo Santarelli, adding that projections were all over the place. “We get the sense that expectations remain low with respect to … Continue reading
Posted in Australia, Boyd Gaming, Churchill Downs, Economy, Eldorado Resorts, Galaxy Entertainment, GLPI, Harrah's, Isle of Capri, Louisiana, Macau, Massachusetts, Melco Crown Entertainment, MGM Mirage, Penn National, Pinnacle Entertainment, Racinos, Sheldon Adelson, South Korea, Steve Wynn, Tilman Fertitta, Tropicana Entertainment, Wall Street
Comments Off on Analysts not sold yet on Macao recovery; Soggy month for Louisiana
Parisian opens amid uncertainty; Jones attacks old-boy network
While Sheldon Adelson‘s Las Vegas Review-Journal covered the opening of Wynn Palace from a safe distance, it has sent Richard Velotta to Macao to be on hand for today’s opening of Parisian Macao. What he discovered, among other things, was … Continue reading
Posted in Architecture, Boyd Gaming, California, Galaxy Entertainment, Harrah's, IGT, International, Japan, Macau, Melco Crown Entertainment, MGM Mirage, Nevada, Pinnacle Entertainment, Scientific Games, Sheldon Adelson, South Korea, Station Casinos, Steve Wynn, Wall Street
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The IRS won’t be denied; Philippines a hotbed of uncertainty
Could the federal government have to invade Miccosukee Tribe of Florida land in order to shut down the band’s casino? That’s one possible scenario (placing a lien on gaming revenues is another) if the tribe continues to defy the Internal … Continue reading
Posted in Downtown, Florida, Harrah's, Internet gambling, MGM Mirage, Philippines, Sports, Taxes, Tribal, Wall Street
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Hot July on the Strip; Alon: Stayin’ alive
Whales returned to the Strip with a vengeance in July, with baccarat play spurring a 17% revenue increase. The month was probably even bigger but, due to a peculiarity of Nevada casino accounting, slot revenues from the last weekend of … Continue reading
Posted in Boulder Strip, California, Downtown, Entertainment, Genting, International, James Packer, Lake Tahoe, Laughlin, Marketing, Mesquite, Michael Gaughan, Nevada, North Las Vegas, Reno, Scientific Games, Sports, Technology, The Strip, Tourism, Wall Street
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Quote of the Day
“Everything I built — the Golden Nugget, Mirage, Treasure Island, Wynn-Encore, were because of him. You name the buildings, including UNLV, and Parry Thomas’ fingerprints are everywhere in this valley.” — Steve Wynn, eulogizing banker and power-broker Thomas, who revolutionized the Nevada … Continue reading
Posted in Downtown, history, MGM Mirage, Steve Wynn, Wall Street
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Loveman’s chickens come home to roost; Are casinos blowing off a $12 trillion demographic?
As cheap as it’s been lately, we hope you haven’t bought any Caesars Entertainment stock. Shares dropped 12% and kept falling right after Judge Benjamin Goldgar declined to extend protection of Caesars from creditor litigation any longer, which means that … Continue reading
Posted in Alabama, Boyd Gaming, Cannery Casino Resorts, Genting, Harrah's, International, Marketing, MGM Mirage, Station Casinos, Wall Street
Comments Off on Loveman’s chickens come home to roost; Are casinos blowing off a $12 trillion demographic?
MGM goes on the attack; Wynn’s new “masterpiece;” Isle out of Louisiana
This story pretty much writes itself. While MGM Resorts International cowboys up and makes it clear who’s sponsoring the ad — not hiding behind some phony-baloney PAC name like “Citizens for a Stronger Connecticut” — but the commercial is a … Continue reading
Caesars vs. Caesars; Wynn Palace opens
In a surrealistic turn of events, Caesars Entertainment Operating Co. has filed suit against parent Caesars Entertainment, and against majority owners Apollo Management and Texas Pacific Group. This bit of shadow puppetry is apparently intended to get at the goodies … Continue reading
Posted in Election, Entertainment, Florida, Galaxy Entertainment, Harrah's, Internet gambling, Macau, Melco Crown Entertainment, MGM Mirage, Nevada, New York, Steve Wynn, The Strip, Wall Street
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Wynn receives vote of confidence; Rivers Casino gets a ‘best’
Account holders and investors in Dore Entertainment are evidently out of patience waiting to be reimbursed for the reported theft of $43 million from the VIP room operator. Instead, they’re suing Wynn Macau, saying “as a gaming concessionaire, [it] should … Continue reading
Posted in Macau, Melco Crown Entertainment, Mississippi, Neil Bluhm, Pennsylvania, Sheldon Adelson, Steve Wynn, Wall Street
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Quote of the Day
“The other candidate seems determined to needlessly antagonize our allies and trading partners by pledging to tear up NAFTA and other hard-won trade agreements. One candidate works to create stability and certainty, qualities the market loves and rewards. The other … Continue reading
Posted in Election, MGM Mirage, Wall Street
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Wynn: Overextended in Macao?
Daiwa Securities Group put “sell” ratings on Wynn Macau Ltd. and Sands China, arguing that projections that the Wynn Palace and Parisian megaresorts would reverse declines in Macao gambling “remain overly optimistic.” Analysts Adrian Chan and Jamie Soo wrote that … Continue reading
Posted in Architecture, Dining, Galaxy Entertainment, International, Isle of Capri, Macau, Melco Crown Entertainment, MGM Mirage, Neil Bluhm, New York, Sheldon Adelson, Stanley Ho, Steve Wynn, Technology, The Strip, Tourism, Wall Street
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MGM’s China gambit; Mixed quarter for Station
MGM Resorts International and Pansy Ho are performing a fancy juggling act with MGM stock. The former is going to buy an additional 188 million shares in MGM China, increasing its hold on the property to 56%. In return, Ms. … Continue reading
Posted in California, Culinary Union, Economy, Election, Isle of Capri, Macau, MGM Mirage, Missouri, Nevada, Palms, Pansy Ho, Penn National, Reno, Station Casinos, Steve Wynn, Tribal, Wall Street
2 Comments
Cold comfort for Wynn; Nebraska racino initiative crashes and burns
As Wynn Resorts predicted in its last earnings call, it will get more table games from the Macao government after Wynn Palace opens … 50 tables, phased in over two years. That’s a pretty mingy allocation but is in line … Continue reading
Posted in Australia, Downtown, Election, Law enforcement, Macau, MGM Mirage, Nebraska, Philippines, Racinos, Regulation, Sheldon Adelson, Steve Wynn, Technology, Wall Street
1 Comment
New casinos propel Iowa; Cal Neva goes bankrupt
We don’t report Iowa casino results very much, partly because the market overwhelmingly consists of small casinos with grosses to match. Given their modest grosses, a minor fluctuation can be magnified. Even so, last month’s 5% bounce is worth discussing. … Continue reading
Posted in Ameristar, Boyd Gaming, Dan Gilbert, Eldorado Resorts, Election, Harrah's, Iowa, Isle of Capri, Lake Tahoe, Massachusetts, Ohio, Penn National, Pinnacle Entertainment, Reno, Scientific Games, Wall Street, Warner Gaming
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Murren minces few words; Wynn Boston Harbor sets opening date
Commiting truth isn’t as rare in the casino business as in politics but MGM Resorts International CEO Jim Murren was startlingly candid in yesterday’s earnings call, crediting a surge in Las Vegas summer business to a Zika virus outbreak in Florida, … Continue reading
Posted in Atlantic City, California, Carl Icahn, Entertainment, Florida, Foxwoods, International, Internet gambling, LVCVA, Massachusetts, MGM Mirage, Mohegan Sun, Politics, Riviera, Singapore, South Korea, Steve Wynn, The Strip, Tourism, Transportation, Tropicana Entertainment, Trump Entertainment Resorts, Unite-Here, Wall Street
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Wynn Boston Harbor breaks ground; MGM modestly beats expectations
Somerville Mayor Joseph Curtatone has apparently thrown in the towel in his opposition to Wynn Boston Harbor, with the consequence that construction will have begun by this time tomorrow. The $2.1 billion project’s endurance is a tribute to Bostonian Steve Wynn‘s … Continue reading
Posted in California, Environment, Geoff Freeman, Macau, Massachusetts, MGM Mirage, Mississippi, Mohegan Sun, Penn National, South Korea, Sports, Steve Wynn, Technology, The Strip, Transportation, Wall Street
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Steve Wynn cuts room rates; What kind of slot would *you* play?
Wynn Palace is still a few weeks away from opening but it’s already sending mixed signals, in terms of its room rates. Midweek, rooms are listing for $243, down from $256 a night. However, Saturday-night rates have been boosted from … Continue reading
Posted in Atlantic City, Australia, IGT, Macau, Sheldon Adelson, Steve Wynn, Technology, Wall Street
1 Comment