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- David McKee on Sibella scandal spreads; Supremes forestall Seminoles
- Ray Lebowski on Sibella scandal spreads; Supremes forestall Seminoles
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Category Archives: Wall Street
Weidner headed to Vietnam?; Nazarian on the rebound
William Weidner hasn’t finished Lucky Dragon Casino yet and he’s already flashing some leg at the Vietnamese government (or so it appears), seeking a $4 billion casino megaresort in Ho Chi Minh City (to most us, Saigon). Financing Lucky Dragon … Continue reading
Posted in Architecture, Boyd Gaming, Hard Rock Hotel, International, Lucky Dragon, Macau, Marketing, Morgans Hotel Group, Palms, Regulation, Sam Nazarian, Station Casinos, Wall Street
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Balmy spring for Ohio, Missouri; Pinnacle beats estimates
Ohio had a particularly good April, with gaming revenue up 9%. Coin-in rose 8% at the slots while table game revenue was up 5% despite 3% less wagering. Penn National Gaming, Caesars Entertainment and Pinnacle Entertainment all posted revenue-positive months, … Continue reading
Posted in Ameristar, Dan Gilbert, Eldorado Resorts, Golden Gaming, Hard Rock International, Harrah's, Isle of Capri, Louisiana, Missouri, Ohio, Penn National, Pinnacle Entertainment, Tropicana Entertainment, Wall Street
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Warm spring for Indiana; Trouble ahead for Packer and Ho
While Illinois casinos were flat last month, the action was livelier next door in Indiana. Admissions declined 4%, meaning that players were spending 9%, as casino revenues rose 5%. The percentage champion was Tropicana Evansville, up 17% on an $11 … Continue reading
Posted in Ameristar, Boyd Gaming, Donald Trump, Full House Resorts, Harrah's, Indiana, International, James Packer, Lawrence Ho, Macau, Majestic Star, Melco Crown Entertainment, Penn National, Pinnacle Entertainment, Racinos, Sheldon Adelson, Steve Wynn, Tropicana Entertainment, Wall Street
1 Comment
MGM wows Wall Street; Lucky Dragon clears major hurdle
Stock analysts were expecting MGM Resorts International to report 1Q16 cash flow of $590 million but the lion overshot projections, bringing in the sheaves to the tune of $618 million. JP Morgan analyst Joseph Greff credited much of the success … Continue reading
Posted in Cirque du Soleil, CityCenter, Detroit, Entertainment, James Packer, Lucky Dragon, LVCVA, Macau, Melco Crown Entertainment, MGM Mirage, Mississippi, Sheldon Adelson, SLS Las Vegas, Steve Wynn, The Strip, Wall Street
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Macao junketeers left holding the bag; Lionel Richie wows the ladies
We could see another shakeout in Macao junket operators. According to Daiwa Securities Group, most of the industry is “struggling just to break even.” Part of that problem is that they’re carrying almost $3,9 billion in bad debt — and you … Continue reading
Posted in Australia, Economy, Entertainment, Foxwoods, International, Macau, Marketing, Melco Crown Entertainment, Mohegan Sun, Penn National, Planet Hollywood, Regulation, Sheldon Adelson, South Dakota, Sports, Steve Wynn, Taxes, The Strip, Tribal, Wall Street
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Strip disappoints in March; Genting pulls out of Macao
Just when Wall Street expected levels of revenue on the Las Vegas Strip to rise in March, business did a head-fake and dropped 4%. Again, “the Easter shift” is being blamed but stock analysts should have seen that coming. (A … Continue reading
Posted in Boulder Strip, Downtown, Economy, Genting, Internet gambling, Lake Tahoe, Laughlin, Macau, North Las Vegas, Regulation, Reno, Singapore, Stanley Ho, Taxes, The Strip, Tourism, Tropicana Entertainment, Unite-Here, Wall Street
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Fertittas strike it rich(er); Boyd surprises analysts
Red Rock Resorts — aka Station Casinos — split the difference in Wall Street‘s expectations of this week’s IPO, debuting a $19.50 (Street estimates ranged from $18 to $21 a share). Unfortunately, unlike the MGM Growth Partners offering, the goal … Continue reading
Posted in Atlantic City, Boulder Strip, Boyd Gaming, Cannery Casino Resorts, Hawaii, history, MGM Mirage, Mississippi, North Las Vegas, Reno, Sheldon Adelson, Sports, Station Casinos, The Strip, Tourism, Wall Street
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It’s official: Boyd buys Cannery; Massachusetts’ agonizing dilemma
Confirming the worst-kept secret in Las Vegas, suddenly acquisitive Boyd Gaming announced that it was buying out Cannery Casino Resorts. The price ($230 million) was toward the lower end of Wall Street had predicted for the deal and means the … Continue reading
Posted in Atlantic City, Boulder Strip, Boyd Gaming, Cannery Casino Resorts, Downtown, Economy, Massachusetts, Neil Bluhm, North Las Vegas, Penn National, Regulation, Taxes, The Strip, Tourism, Tribal, Wall Street
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What did Wynn know and when did it know it?; MGM REIT a hit
An unwelcome sideshow for Wynn Boston Harbor is playing out in a Massachusetts courtroom, in a court case of “excruciating details.” What is at issue is whether Dustin DeNunzio, Anthony Gattineri and Charles Lightbody attempted to defraud Wynn Resorts by concealing convicted … Continue reading
Posted in Internet gambling, Law enforcement, Massachusetts, MGM Mirage, Oklahoma, Regulation, Sheldon Adelson, Singapore, Steve Wynn, Tribal, Wall Street
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Boyd strikes again; Wynn vs. Wynn III
Continuing its thrust into North Las Vegas, a suddenly acquisitive Boyd Gaming has obtained Aliante Casino Hotel & Spa. Unlike its surprise, if still unconfirmed, swoop upon Cannery Casino Resorts, here Boyd is snapping up a property we knew was … Continue reading
Posted in Boyd Gaming, Cannery Casino Resorts, Marketing, MGM Mirage, North Las Vegas, Sahara, Station Casinos, Steve Wynn, The Strip, Wall Street
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Boyd to acquire Cannery?; Signs of movement in Atlantic City impasse
Sleeping giant Boyd Gaming is stirring to life, reportedly on the verge of a $225 million-$240 million buyout of Cannery Casino Resorts, according to Reuters. The latter’s Mike Stone says the deal would “give Boyd a strong foothold in the … Continue reading
Adelson, master manipulator?; MGM REIT launched
Is Sheldon Adelson the secret string-puller behind Kelden Engel‘s petition drive to have part of the Riviera preserved? John L. Smith hints at that in this morning’s edition of Adelson’s Las Vegas Review-Journal. “If he’s carrying the water for someone who … Continue reading
Posted in Atlantic City, Boyd Gaming, Entertainment, Illinois, LVCVA, MGM Mirage, Riviera, Sheldon Adelson, Steve Wynn, The Strip, Wall Street
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Station: New name, same old shtick
We’re going to have to get used to calling Station Casinos by its new corporate moniker, Red Rock Resorts (ticker symbol RRR). Oh, the Station brand isn’t going anywhere: For consumer-oriented purposes, all the Stations and Wildfires and so on … Continue reading
Posted in Golden Gaming, Law enforcement, Massachusetts, Penn National, Reno, Slot routes, Station Casinos, Wall Street
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Smoke gets in their eyes; Tax breaks all around
Yesterday morning, it looked like Baton Rouge casinos were going to have to brace themselves for a smoking ban. Today, they’re lighting up celebratory cigars in relief: While proponents of the smoking ban on the city council had six votes, … Continue reading
Posted in Boyd Gaming, Environment, GLPI, Harrah's, Louisiana, New York, Pinnacle Entertainment, Regulation, Reno, Taxes, Tribal, Tropicana Entertainment, Wall Street
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Penn talks turkey; Celebrity brawl at Aria
Next week Penn National Gaming turns on the Marquee Rewards spigot at the Tropicana Las Vegas. Given some of management’s recent disclosures, it won’t come a day too soon: 85% of Penn’s customer base comes to Sin City but stays … Continue reading
Posted in Affinity Gaming, Ameristar, Boyd Gaming, CityCenter, Cordish Co., Full House Resorts, Harrah's, Indiana, Isle of Capri, Majestic Star, Marketing, Maryland, Massachusetts, MGM Mirage, Missouri, Ohio, Penn National, Pennsylvania, Pinnacle Entertainment, Racinos, Steve Wynn, Taxes, The Strip, Tourism, Tribal, Tropicana Entertainment, Wall Street, West Virginia
1 Comment
Penn trumps Caesars in Ohio
Hard Rock Rocksino regained its top spot in Ohio last month, grossing just over $20 million (+9%). Just imagine what it could do if it had table games. The Caesars Entertainment/Dan Gilbert trifecta continued to underperform, with a flat month … Continue reading
Posted in Dan Gilbert, Hard Rock International, Harrah's, New York, Ohio, Penn National, Pinnacle Entertainment, Racinos, Taxes, Tribal, Wall Street
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Wynn’s big surprise; T-Mobile disappoints
As though seeking to steal the thunder from T-Mobile Arena, the ever-clever Steve Wynn used yesterday’s earnings call investor showcase to roll out a new project. If you have a spare $500, then use it to play Wynn Golf Club as … Continue reading
Penn accentuates the positive
“Wait ’til next year” seems to be Penn National Gaming‘s mantra for the Tropicana Las Vegas. At present, the company is still installing Marquee Rewards, replacing older slot machines and getting out of any leased-game arrangements. It doesn’t expect any … Continue reading
Posted in California, Cordish Co., Dan Gilbert, Economy, Harrah's, Illinois, Internet gambling, Marketing, Maryland, Massachusetts, MGM Mirage, Penn National, PokerStars, Slot routes, The Strip, Tribal, Wall Street, West Virginia
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Setback for Penn; New problem for Atlantic City
It was Iowa Racing & Gaming Commission 1, Penn National Gaming 0 in an Iowa appellate court. Penn had been trying to get the license of its Belle of Sioux City reinstated, claiming it was deprived of due process. That … Continue reading
Posted in Atlantic City, Iowa, MGM Mirage, Neil Bluhm, New York, Penn National, Politics, Regulation, Taxes, Wall Street, Warner Gaming
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Secrecy prevails in Nevada; Doubletalk Down Under
In a step backward for public transparency, the Nevada Gaming Commission has decreed that privately held casinos no longer have to disclose their financial performance. Not only will this spare SLS Las Vegas the embarrassments that are its quarterly reports, … Continue reading
Posted in Australia, Charity, Cosmopolitan, Culinary Union, Harrah's, Phil Ruffin, Problem gambling, Regulation, SLS Las Vegas, The Strip, Wall Street
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