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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
Trump: The art of disaster; Good November for Las Vegas
If Donald Trump proposes to run America the way he ran his casinos, God help us all. He built a Boardwalk empire in Atlantic City with a lot of hocus-pocus, debt financing and sky-high interest rates (14% for Trump Taj … Continue reading
GLPI gets a racino; Reckless casino rhetoric
After over a year of litigation, Gaming & Leisure Properties has come to terms with Cannery Casino Resorts over the sale of Meadows Racetrack, near Pittsburgh. (Next step for GLPI, find an operator. Penn National Gaming? Pinnacle Entertainment?) Considering that … Continue reading
No misery in Missouri; Packer’s Vegas venture in question
November was a tranquil month for Missouri casinos, exemplified by Penn National Gaming‘s Argosy Riverside, in Kansas City, dead even with last year. Statewide, foot traffic was down 5% and spending up 6%, particularly at table games, where winnings rose … Continue reading
MGM’s sudden Connecticut ardor; Labor peace in Detroit
Connecticut‘s government is trying to have an MGM Resorts International lawsuit dismissed, but MGM isn’t going away quietly. It’s targeted the no-bid process whereby a Mohegan Sun–Foxwoods Resort Casino joint venture was juiced into a third, off-reservation casino, location still … Continue reading
Posted in Culinary Union, Detroit, Donald Trump, Economy, Election, Foxwoods, Genting, International, Massachusetts, MGM Mirage, Mohegan Sun, Phil Ruffin, Sheldon Adelson, Singapore, Tourism, Tribal, Wall Street
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Indiana: Visiting less, spending more
That’s the verdict of Deutsche Bank analyst Carlo Santarelli, who reports that foot traffic at Indiana casinos was 11% down last month, implying a 7% spending increase. If free play is counted, casino revenues fell 5%, with the southern tier … Continue reading
‘Net betting in Massachusetts?; Fast track for skill-based slots
Pressure to legalize Internet gambling has emerged from an unexpected quarter — Massachusetts. State Sen. Bruce Tarr (R) has proposed a bill that would allow Web casinos to piggyback onto existing brick-and-mortar ones. True, Wynn Resorts is averse to ‘Net … Continue reading
Posted in Atlantic City, Internet gambling, Macau, Massachusetts, MGM Mirage, Penn National, Politics, Scientific Games, Steve Wynn, Technology, Tribal, Wall Street
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Bad news for Atlantic City; Finally, a ‘Carcieri fix’
Just when you thought the Atlantic City market had rightsized and the Boardwalk was out of the woods, here comes Moody’s Investors Service with a baleful report. Pointing to in-progress casino expansion in several neighboring East Coast states, Moody’s predicts … Continue reading
Posted in Atlantic City, Economy, Glenn Straub, Harrah's, Internet gambling, Regulation, Revel, Technology, Tourism, Tribal, Trump Entertainment Resorts, TV, Wall Street
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No Great Pumpkin for Las Vegas; Further woe for Macao
It was Las Vegas Strip casinos’ bad luck to have Oct. 31 fall on a Saturday, meaning that revenues (particularly from slots) from that weekend won’t be reported until the end of November. Consequently, Strip revenues fell 5% in October, … Continue reading
Resolution at Revel; MGM turns up the heat on Connecticut
Our long Revel nightmare is at least partially over, now that Glenn Straub has a deal in place to buy the disputed ACR Energy Partners power plant. While ACR pays $15 million to placate bondholders, Straub gets the plant for … Continue reading
Posted in Atlantic City, Eldorado Resorts, Foxwoods, Glenn Straub, Massachusetts, MGM Mirage, Mohegan Sun, Ohio, Politics, Racinos, Regulation, Reno, Revel, Wall Street
1 Comment
The dark side of DFS; Wynn delay provokes caution
Daily fantasy sports backlash has claimed its first casualty. Relatively minor site TradeSports.com has gone out of business. “Recent negative events in the industry have already increased our costs of operating (and will most likely continue to do so); or perhaps … Continue reading
Posted in Economy, Internet gambling, Macau, Massachusetts, Problem gambling, Regulation, Steve Wynn, Wall Street
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Caesars gets nuked; Jerry Brown gets spanked
“It’s the ultimate nuclear option to try to go after debtors’ counsel.” That’s what Seton Hall University boffin Stephen Lubben says of junior bondholders’ latest ploy in their knock-down, drag-out fight with Caesars Entertainment. They’re accusing law firm Kirkland & … Continue reading
Posted in California, Harrah's, International, Taxes, Tribal, Wall Street
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Boyd ‘upbeat’ on Wall Street; Wynn Palace on hold
Boyd Gaming CEO Keith Smith and CFO Josh Hirsberg lunched with Deutsche Bank‘s Carlo Santarelli, who found their mood bright and shiny. “Management remains confident that if current [Las Vegas] locals and regional gaming revenue trends hold firm, it can continue to … Continue reading
Posted in Boyd Gaming, Economy, Macau, Melco Crown Entertainment, Steve Wynn, Uncategorized, Wall Street
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The wacky world of Glenn Straub; New York rescuer for DFS
Instead of hassling Stockton University over ownership of the Showboat (and losing), perhaps Glenn Straub should have been developing a long-range plan for heating Revel through the winter, so that the pipes don’t freeze and burst. His solution? Bring in … Continue reading
Up and down the Strip
SLS Las Vegas is finally doing better, if by “doing better” you mean losing only $39 million in a full 3Q15 as opposed to the $46 million lost in the truncated (five-week) 3Q14. Stockbridge Capital Partners continues to have to … Continue reading
Phil Ruffin, International Man of Mystery; Another day, another DFS probe
So now we know where those The Mirage-is-for-sale rumors were coming from. Seems that the place really was not for sale, although Phil Ruffin wished it was, to the tune of $1.3 billion. And, as badly as MGM Resorts International … Continue reading
Posted in Atlantic City, Donald Trump, GLPI, Internet gambling, Macau, MGM Mirage, Phil Ruffin, Politics, Regulation, Sports, Stanley Ho, The Strip, Wall Street
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The woes of Scientific Games
Having devoured seemingly half the manufacturing sector, Scientific Games is having some digestion problems. J.P. Morgan analyst Joseph Greff came off the 3Q15 conference call and promptly halved his price target for the stock “given SGMS’s high operating and financial … Continue reading
Posted in Scientific Games, Wall Street
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Quote of the Day
“With hotel occupancies continuing to decline … we don’t think there are many left who subscribe to the if you build it they will come mantra as it pertains to Macau these days.” — Deutsche Bank analyst Carlo Santarelli‘s comment on … Continue reading
Posted in Economy, Macau, Wall Street
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Murren: Mission to Massachusetts
Hot on the heels of announcing a REIT conversion of MGM Resorts International and a boffo 3Q15, CEO Jim Murren sped out to Massachusetts to calm the waters in Springfield, where MGM’s serial reductions of its casino plan have stirred … Continue reading
Posted in Architecture, Economy, Foxwoods, Internet gambling, Lake Tahoe, Massachusetts, MGM Mirage, Mohegan Sun, Regulation, Reno, Wall Street
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MGM: The Murren roars
In one of the year’s least surprising surprises, MGM Resorts International announced that it is spinning 10 of its casinos off into a REIT and is in a hurry to do so, expecting the transaction to close in the first … Continue reading
Posted in CityCenter, Illinois, Macau, Maryland, Massachusetts, MGM Mirage, Mississippi, Station Casinos, Wall Street
1 Comment
Caesars: (Almost) everything must go; More angst in Macao
Well, it had to happen eventually. In order to escape bankruptcy, Caesars Entertainment is putting Caesars Entertainment Operating Co. on the market. There are some who are calling this a bluff and others who can’t afford to get in on … Continue reading
Posted in Atlantic City, Boyd Gaming, California, Economy, GLPI, Harrah's, Illinois, Indiana, International, Iowa, Lake Tahoe, Lawrence Ho, Louisiana, Marketing, Melco Crown Entertainment, MGM Mirage, Mississippi, Missouri, Ohio, Penn National, Philippines, Regulation, Reno, Sheldon Adelson, Stanley Ho, Steve Wynn, The Strip, Tribal, Wall Street
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