Category Archives: Wall Street

Land of the Rising Hopes; Delaware racinos struggle

Posted on August 1, 2016 by David McKee

It will take a constitutional amendment to make it happen but casinos could be back on the political agenda in Japan. In a promising development, he strengthened his position in the Diet, apparently freeing his Liberal Democratic Party from its … Continue reading →

Posted in Boulder Strip, Delaware, Florida, Japan, Kazuo Okada, Macau, Marketing, MGM Mirage, Mohegan Sun, Politics, Steve Wynn, Taxes, Tribal, Wall Street | Comments Off on Land of the Rising Hopes; Delaware racinos struggle

June in Vegas: The house won; Wynn gets spanked in Macao

Posted on July 29, 2016 by David McKee

While a 10% increase in June gambling revenues on the Las Vegas Strip fell short of some Wall Street analysts’ projections, it was a healthy month nevertheless. Slot winnings were up 10% ($253 million) on only 1% higher coin-in. Luck … Continue reading →

Posted in Architecture, Boulder Strip, Downtown, Economy, Lake Tahoe, Laughlin, Macau, Nevada, North Las Vegas, Regulation, Reno, Steve Wynn, The Strip, Wall Street | Comments Off on June in Vegas: The house won; Wynn gets spanked in Macao

Analysts: Buy Penn!; Veteran columnist calls it quits

Posted on July 28, 2016 by David McKee

According to J.P. Morgan analyst Joseph Greff, “meaningful contributions” from the Tropicana Las Vegas, Plainridge Park Casino and Illinois slot route Prairie State Gaming drove a 14.5% improvement in Penn National Gaming‘s cash flow last quarter. M Resort hit a … Continue reading →

Posted in Alabama, California, Economy, Election, Entertainment, Fontainebleau, Illinois, M Resort, Marketing, Massachusetts, MGM Mirage, Penn National, Politics, Sheldon Adelson, Slot routes, Station Casinos, The Strip, Tribal, Wall Street | Comments Off on Analysts: Buy Penn!; Veteran columnist calls it quits

Station goes to Reno; Tohono O’odham trip themselves up

Posted on July 15, 2016 by David McKee

Continuing its sudden flurry of activity, Station Casinos is reviving its dormant Reno-area aspirations. The company is acting on its eight-acre parcel opposite the Reno-Sparks Convention Center, a strategic location if ever there were one. The $50 million-$70 million project … Continue reading →

Posted in Arizona, Massachusetts, Pennsylvania, Regulation, Reno, Sports, Station Casinos, Tribal, Wall Street | Comments Off on Station goes to Reno; Tohono O’odham trip themselves up

Strike at the Taj; Macao half-full or half-empty?

Posted on July 1, 2016 by David McKee

While Tropicana Entertainment managed to stave off at the very last minute a strike at its eponymous Atlantic City casino, Trump Taj Mahal was not so fortunate. In a 99% predictable outcome, roughly 1,000 Taj workers walked off their jobs … Continue reading →

Posted in Arizona, Atlantic City, Carl Icahn, Economy, Harrah's, Internet gambling, Macau, Philippines, Tribal, Tropicana Entertainment, Unite-Here, Wall Street | 2 Comments

Vegas: Weak on Strip, robust in locals play

Posted on June 30, 2016 by David McKee

One less weekend and a tough comparison with last year’s Mayweather-Pacquiao charade translated into a weak May for both the Las Vegas Strip, down 12%, and Nevada casinos in general, 4.5% off the pace. There were some sort of bright … Continue reading →

Posted in Boulder Strip, Boyd Gaming, Downtown, Internet gambling, Lake Tahoe, Laughlin, Macau, Nevada, North Las Vegas, Pansy Ho, Pennsylvania, Reno, Sheldon Adelson, Stanley Ho, Station Casinos, The Strip, Wall Street | Comments Off on Vegas: Weak on Strip, robust in locals play

The meddlesome Adelson; Wynn Palace postponed again

Posted on June 27, 2016 by David McKee

“Essentially, Pechanga and its allies see no reason to compromise, even an inch,” wrote California Online Poker‘s Steve Ruddock of the intractable position of the Pechanga and Agua Caliente tribes, and their anti-PokerStars allies (who include Sheldon Adelson, meddling in … Continue reading →

Posted in Arkansas, California, Churchill Downs, Election, Foxwoods, Horseracing, Internet gambling, Louisiana, Macau, Marketing, Massachusetts, MGM Mirage, Mohegan Sun, Penn National, Politics, Regulation, Scientific Games, Sheldon Adelson, Steve Wynn, Taxes, Technology, Tribal, Wall Street | Comments Off on The meddlesome Adelson; Wynn Palace postponed again

Tipping point in Pennsylvania near; Cirque du NFL

Posted on June 23, 2016 by David McKee

“I think gaming expansion money in one form or another is necessary for this budget process to be complete,” spoke Pennsylvania House Majority Leader Dave Reed (R). With Gov. Tom Wolf (D, right) having given way on sales-tax and income-tax … Continue reading →

Posted in Cirque du Soleil, Economy, International, Internet gambling, Lawrence Ho, Macau, Marketing, Melco Crown Entertainment, MGM Mirage, Mississippi, Pennsylvania, Politics, Sheldon Adelson, Slot routes, Sports, Station Casinos, Steve Wynn, Taxes, The Strip, Wall Street | Comments Off on Tipping point in Pennsylvania near; Cirque du NFL

Quote of the Day

Posted on June 23, 2016 by David McKee

“We really could talk this monstrosity to death for the rest of our lives. We’re not going to. We’re going to finish this now.” — U.S. Bankruptcy Judge A. Benjamin Goldgar, giving the go-ahead for a creditor vote on Caesars Entertainment … Continue reading →

Posted in Harrah's, Wall Street | Comments Off on Quote of the Day

Louisiana gets hammered; Three states legalize DFS

Posted on June 20, 2016 by David McKee

As we’ve noted before, May was hard on Midwest casino operators, nowhere more so than in Louisiana, where gambling revenue was down 13%. This marks seven months of same-store decline for the Pelican State, an exceptional slump, with the usually … Continue reading →

Posted in Boyd Gaming, California, Churchill Downs, Colorado, Economy, Eldorado Resorts, GLPI, Golden Gaming, Harrah's, Internet gambling, Isle of Capri, Louisiana, MGM Mirage, Missouri, Nevada, New York, Pinnacle Entertainment, Regulation, Sports, The Strip, Tilman Fertitta, Tribal, Tropicana Entertainment, Wall Street | 2 Comments

Atlantic City goes to pot; MGM, Boyd, Pinnacle, Red Rock Resorts meet The Street

Posted on June 17, 2016 by David McKee

We’ve come a long way from the days of Reefer Madness. Latest case in point: Atlantic City, where Assemblyman Reed Gusciora (D) is pushing recreational “tea” as a cure to the city’s penurious condition. Weed would be legalized on the Boardwalk and … Continue reading →

Posted in Atlantic City, Boulder Strip, Boyd Gaming, Cannery Casino Resorts, CityCenter, Economy, Georgia, Glenn Straub, Harrah's, Illinois, Indiana, Internet gambling, Macau, Marketing, Maryland, MGM Mirage, Mississippi, Missouri, Palms, Pinnacle Entertainment, Politics, Reno, Scientific Games, Station Casinos, The Strip, Wall Street | Comments Off on Atlantic City goes to pot; MGM, Boyd, Pinnacle, Red Rock Resorts meet The Street

NHL picks Las Vegas; Borgata carries Atlantic City

Posted on June 14, 2016 by David McKee

It’s not been officially confirmed and it’s not a final decision, but The Associated Press is reporting that the NHL‘s executive committee has chosen Las Vegas businessman Bill Foley‘s proposal to create an expansion franchise in Sin City. In a … Continue reading →

Posted in Atlantic City, Boyd Gaming, Current, Harrah's, Internet gambling, MGM Mirage, Mohegan Sun, PokerStars, Sports, The Strip, Tilman Fertitta, Tropicana Entertainment, Wall Street | 1 Comment

Penn has big plans for Trop; DFS sites feel the heat

Posted on June 14, 2016 by David McKee

High rollers aren’t spending as much as they used to at Penn National Gaming casinos, reports JP Morgan analyst Joseph Greff, after meeting with CEO Tim Wilmott. Overall, Penn says its springtime revenues have been tracking with its expectations. Greff … Continue reading →

Posted in Atlantic City, California, Colorado, Dining, Economy, Election, Florida, Internet gambling, Isle of Capri, Marketing, Massachusetts, MGM Mirage, Penn National, Stanley Ho, Technology, The Strip, Tribal, Wall Street | 2 Comments

More gridlock in California; Caesars ownership ups the ante … sorta

Posted on June 13, 2016 by David McKee

California lawmakers’ push for legalized i-gaming appears to run into an insuperable obstacle. Just when it looked like state Rep. Adam Gray had devised language that would tap-dance around the “bad actor” issue, the Pechanga Band of Luiseño Indians and Agua … Continue reading →

Posted in California, Florida, Genting, Harrah's, PokerStars, Politics, Taxes, Tribal, Wall Street | Comments Off on More gridlock in California; Caesars ownership ups the ante … sorta

Trump: How to make out like a bandit; Big plans for Station

Posted on June 13, 2016 by David McKee

To give the devil his due, if you visit Trump Taj Mahal and are dismayed because “carpets are frayed and dust-coated chandeliers dangle above the few customers there to play the penny slot machines,” you are not entirely witnessing the … Continue reading →

Posted in Atlantic City, Boyd Gaming, Donald Trump, Harrah's, IGT, MTR Gaming, Palms, Regulation, Riviera, Station Casinos, Technology, The Strip, Tilman Fertitta, Transportation, Trump Entertainment Resorts, Wall Street | 1 Comment

Indiana market battered; Foxwoods branches out

Posted on June 8, 2016 by David McKee

One less weekend of business hit Indiana casinos fairly hard last month. The state’s industry was down 7%, to $186 million. Patrons were spending more — a heartening metric — but foot traffic was off nearly 12%. However, even less … Continue reading →

Posted in Ameristar, Boyd Gaming, Full House Resorts, Georgia, GLPI, Harrah's, Indiana, Majestic Star, Mississippi, Penn National, Pinnacle Entertainment, Racinos, Texas, Tribal, Tropicana Entertainment, Wall Street | 1 Comment

Hard May in Illinois; Buyer found for F-blew?

Posted on June 7, 2016 by David McKee

Casino patrons in Illinois are spending a bit more these days but there were 8% fewer of them last month, leading to a 6% revenue decline, partly due to one fewer weekend this year. On an individual basis, casinos tended … Continue reading →

Posted in Boyd Gaming, Carl Icahn, Derek Stevens, Detroit, Downtown, Fontainebleau, GLPI, Harrah's, Illinois, MGM Mirage, Neil Bluhm, Penn National, Slot routes, Steve Wynn, The Strip, Transportation, Tropicana Entertainment, Wall Street | Comments Off on Hard May in Illinois; Buyer found for F-blew?

Raiders to Vegas? Don’t bet against it

Posted on June 2, 2016 by David McKee

The boulder that is Mark Davis‘ and Sheldon Adelson‘s attempt to move the [your city here] Raiders to Las Vegas is gaining momentum as it rumbles downhill. The growing support among NFL owners is not unconditional. Sin City would be one … Continue reading →

Posted in Architecture, Atlantic City, Carl Icahn, history, LVCVA, Macau, Massachusetts, MGM Mirage, Oklahoma, Sheldon Adelson, Sports, The Strip, Tourism, Tropicana Entertainment, Trump Entertainment Resorts, Unite-Here, Wall Street | Comments Off on Raiders to Vegas? Don’t bet against it

Quote of the Day

Posted on May 31, 2016 by David McKee

“In its simplest form, MGM bought $102 mm of EBITDA for ~$900 mm and sold $100 mm of EBITDA for $1.175 [billion]. Thus, simplistically, MGM’s share of Borgata EBITDA remains effectively the same, MGM takes over day to day management … Continue reading →

Posted in Atlantic City, Boyd Gaming, MGM Mirage, Wall Street | Comments Off on Quote of the Day

Lean April in Las Vegas; Boyd stands pat

Posted on May 27, 2016 by David McKee

April saw mixed fortunes the Las Vegas Strip. Although overall gambling revenue was only up 1.5%, winning percentages tended to favor the house by considerable amounts. For instance, although baccarat players wagered 21% more but house win was up 10%. “While … Continue reading →

Posted in Atlantic City, Boyd Gaming, California, Downtown, Economy, Election, Lake Tahoe, Laughlin, Law enforcement, North Las Vegas, Reno, Sports, The Strip, Wall Street | Comments Off on Lean April in Las Vegas; Boyd stands pat