Category Archives: Wall Street

Smooth sailing in Illinois, Iowa; Bad legislative bet

Posted on June 5, 2015 by David McKee

Just when Illinois casinos are trying to stave off another expansion of gambling, May brought a most inconvenient uptick in gambling revenues, albeit only half a percentage point, which can presumably be accounted for by the fact that this May had … Continue reading →

Posted in Boyd Gaming, GLPI, Harrah's, Illinois, Internet gambling, Isle of Capri, MGM Mirage, Penn National, Pennsylvania, Pinnacle Entertainment, Politics, Sports, Taxes, Wall Street, Warner Gaming | Comments Off on Smooth sailing in Illinois, Iowa; Bad legislative bet

May in Macao: Hey, it could be worse; Wynn in Boston: Why not?

Posted on June 1, 2015 by David McKee

That’s Wall Street‘s spin on a 37% decline in May gambling revenues. Writes Carlo Santarelli of Deutsche Bank, “We view the tightening with forecasts … as a modest positive for the group and an indication of a forming bottom.” In other … Continue reading →

Posted in Japan, Massachusetts, Penn National, Regulation, Sam Nazarian, Sheldon Adelson, Stanley Ho, Steve Wynn, Tourism, Transportation, Wall Street | Comments Off on May in Macao: Hey, it could be worse; Wynn in Boston: Why not?

Straub faces reality; Chinese players prefer Vegas

Posted on May 27, 2015 by David McKee

Reality continues to sink in at Revel, where Glenn Straub has thrown in the towel on reopening this summer — raising the prospect of a grand-reopening in the cold-weather months. Not very auspicious, that. Labor Day is the target date … Continue reading →

Posted in Atlantic City, Genting, Glenn Straub, Hard Rock International, Harrah's, Macau, MGM Mirage, Revel, Taxes, The Strip, Tourism, Trump Entertainment Resorts, Wall Street | Comments Off on Straub faces reality; Chinese players prefer Vegas

Penn “upbeat” about future; Connecticut tribes closer to new casino

Posted on May 20, 2015 by David McKee

Penn National Gaming CEO Tim Wilmott recently broke bread with J.P. Morgan analyst Joseph Greff, who found Penn management “positive and primarily focused on PENN’s robust development pipeline,” which it thinks will produce improved cash flow even before the Tropicana … Continue reading →

Posted in Alex Yemenidjian, California, Florida, Foxwoods, Hard Rock International, Harrah's, Massachusetts, Mohegan Sun, Penn National, Racinos, Rhode Island, Station Casinos, The Strip, Tribal, Wall Street | Comments Off on Penn “upbeat” about future; Connecticut tribes closer to new casino

MGM rebellion quashed; No ‘Net poker for Mississippi

Posted on May 20, 2015 by David McKee

Jonathan Litt‘s battle for control of MGM Resorts International‘s destiny is over almost before it was begun. His Land & Buildings firm has dropped its slate of candidates for the MGM board of directors, after failing to gain traction with … Continue reading →

Posted in Environment, Internet gambling, MGM Mirage, Mississippi, Sheldon Adelson, Sports, Steve Wynn, Taxes, The Strip, Wall Street | Comments Off on MGM rebellion quashed; No ‘Net poker for Mississippi

Long road back for Macao; Phua case becomes a federal obsession

Posted on May 13, 2015 by David McKee

Macao‘s status as shorthand for “corruption” got another bump this week when it was announced that former bureaucrat Li Huabo had gambled away $4 million in the casino enclave, then absconded with $16 million in stolen. As deleterious as that … Continue reading →

Posted in Australia, Downtown, Economy, Harrah's, Macau, Philippines, Sheldon Adelson, SLS Las Vegas, Sports, The Strip, Tourism, Vietnam, Wall Street | Comments Off on Long road back for Macao; Phua case becomes a federal obsession

Adieu, Monte Carlo; Sunny April in Detroit

Posted on May 12, 2015 by David McKee

Judging from how it bastardized the Strip facade of Monte Carlo, it’s clear MGM Resorts International doesn’t quite know what to do with the place. CEO Jim Murren tacitly confirmed this recently when he said MGM was studying myriad options … Continue reading →

Posted in Architecture, CityCenter, Detroit, Harrah's, MGM Mirage, Station Casinos, The Strip, Tourism, Wall Street | Comments Off on Adieu, Monte Carlo; Sunny April in Detroit

Hooters sold (again); Fat lady sings for Opera House

Posted on May 11, 2015 by David McKee

If someone with deep pockets wants to gamble on a big recovery on the Las Vegas Strip, then Spectrum Group Management would like to have a chat with them. Spectrum holds title to optimistically slugged “Project Jackpot,” just north of … Continue reading →

Posted in Ameristar, Dotty's, Genting, Harrah's, Hooters, Isle of Capri, MGM Mirage, Missouri, North Las Vegas, Penn National, Pinnacle Entertainment, Steve Wynn, The Strip, Tropicana Entertainment, Wall Street | 2 Comments

For sale (?): One casino, heavily used

Posted on May 8, 2015 by David McKee

We have information that we trust, but have not been able to confirm. It concerns the immediate future of Hooters Casino Hotel. Never has there been such an inverse proportional ratio between the quality of a casino and speculation about its next … Continue reading →

Posted in Hooters, The Strip, Wall Street | 1 Comment

Why is this man smiling?; Adelson’s latest antics

Posted on May 8, 2015 by David McKee

Bankruptcy’s been good to Caesars Entertainment. For CEO Gary Loveman‘s final earnings call prior to yielding his title to Mark Frissora, the company gift-wrapped him a $7.6 billion profit on net revenue of $1 billion. If that sounds surrealistic, it’s due to … Continue reading →

Posted in Atlantic City, Harrah's, Internet gambling, Maryland, Penn National, Pennsylvania, Politics, Regulation, Scientific Games, Sheldon Adelson, Steve Wynn, The Strip, Wall Street, West Virginia | Comments Off on Why is this man smiling?; Adelson’s latest antics

Illinois’ news bad even when it’s good

Posted on May 8, 2015 by David McKee

Illinois‘ casino lobby hopes to stave off (potentially disastrous) expansion, currently working its way through the state house. Unfortunately, last month’s results didn’t give it much ammunition. Revenues were down only 1%, which in any other context would be relatively … Continue reading →

Posted in Boyd Gaming, Derek Stevens, Downtown, GLPI, Harrah's, Illinois, Kansas, Neil Bluhm, Oscar Goodman, Penn National, Riviera, Slot routes, Sports, Wall Street | Comments Off on Illinois’ news bad even when it’s good

Ohio casinos: Half a loaf better than none; Brighter days for Macao?

Posted on May 4, 2015 by David McKee

Ohio cities are trying to use casino revenues to keep pace with Gov. John Kasich‘s austerity regime — and partly succeeding. “It is an important part of the budget, particularly when you look at the fact the state has eliminated almost … Continue reading →

Posted in Economy, Environment, history, Macau, Melco Crown Entertainment, MGM Mirage, Ohio, Penn National, Philippines, Racinos, Sheldon Adelson, Steve Wynn, Taxes, Wall Street | Comments Off on Ohio casinos: Half a loaf better than none; Brighter days for Macao?

MGM: The lion meows; GLPI: Still hungry

Posted on May 4, 2015 by David McKee

MGM Resorts International needed to increase net revenue this past quarter by 2% to meet Wall Street forecasts and offset inflation. Instead, revenue stayed flat and the Leo the Lion came in $33 million on cash-flow forecasts and down $12 … Continue reading →

Posted in CityCenter, Economy, GLPI, Louisiana, Macau, Maryland, MGM Mirage, Penn National, Pinnacle Entertainment, The Strip, Wall Street | Comments Off on MGM: The lion meows; GLPI: Still hungry

Boyd shatters expectations; Dover Downs flounders

Posted on May 1, 2015 by David McKee

Compared to Steve Wynn‘s gloom — and sapped stock price — about Las Vegas’ immediate economic prospects earlier this week, Boyd Gaming CEO Keith Smith was bullish on Sin City. And why not? Boyd reported profits of 31 cents a … Continue reading →

Posted in Architecture, Boyd Gaming, Delaware, Downtown, Economy, Iowa, Kansas, Louisiana, Planet Hollywood, Racinos, Sports, Taxes, The Strip, Tourism, Wall Street | 1 Comment

Wynn frustrated with Macao; Adelson vs. Adelson

Posted on April 30, 2015 by David McKee

“Macau giveth and Macau taketh away for Wynn Resorts.” With that sentence the Las Vegas Review-Journal‘s Richard Velotta pithily summarized the precipitous reliance that Wynn and other Macanese operators have on that unpredictable market. “Our hopes for a turnaround during Chinese … Continue reading →

Posted in Economy, history, Macau, Regulation, Sheldon Adelson, Steve Wynn, The Strip, Wall Street | 1 Comment

Murren takes sanguine view; Straub’s struggles

Posted on April 30, 2015 by David McKee

With MGM Resorts International having rejected one REIT proposal, in part because it relied too much on asset sales, Union Gaming is teeing up another. It’s not providing specifics but says it would provide “additional financial flexibility without the disruption of … Continue reading →

Posted in Atlantic City, Boyd Gaming, Glenn Straub, Harrah's, Internet gambling, Japan, Macau, MGM Mirage, Politics, Revel, Sheldon Adelson, South Carolina, Sports, Technology, Transportation, Wall Street | Comments Off on Murren takes sanguine view; Straub’s struggles

Penn nabs the Trop; Smog City

Posted on April 29, 2015 by David McKee

After years of hinting, feinting and fanning the flames of speculation, Penn National Gaming went out and bought its long-desired Strip casino: Tropicana Resort & Casino. The old gal has had difficulties keeping up with the times but Union Gaming … Continue reading →

Posted in Alex Yemenidjian, Carl Icahn, Environment, Fontainebleau, GLPI, M Resort, MGM Mirage, Penn National, Wall Street | 2 Comments

Elaine Wynn has left the building

Posted on April 24, 2015 by David McKee

Votes are still being audited but the bottom line from Wynn Resorts‘ board election is this: Elaine Wynn is out and the company’s two preferred candidates have been reelected. “The manner in which the existing board has handled the company’s third-largest … Continue reading →

Posted in Macau, Politics, Steve Wynn, The Strip, TV, Wall Street | 1 Comment

Sands, Penn and Pinnacle report

Posted on April 23, 2015 by David McKee

“Tough to find positives … worse than feared” were the attention-grabbing headlines on Deutsche Bank analyst Carlo Santarelli‘s summary of Las Vegas Sands‘ first-quarter report. Of the crisis in Macao, he wrote, “While management remains optimistic with respect to cost … Continue reading →

Posted in California, GLPI, Indiana, Louisiana, Macau, Massachusetts, MGM Mirage, Missouri, Penn National, Pinnacle Entertainment, Racinos, Sheldon Adelson, Singapore, The Strip, Tribal, Wall Street | Comments Off on Sands, Penn and Pinnacle report

Revel’s Faustian pact; Hope fades in Florida

Posted on April 22, 2015 by David McKee

Glenn Straub finally got what he wanted, the right to ixnay the contracts of all the tenants at Revel, aka Polo North. After much hesitation during the constipated bankruptcy sale, Judge Gloria Burns finally ruled against the leaseholders, meaning the brawl … Continue reading →

Posted in Atlantic City, Environment, Florida, Glenn Straub, Politics, Racinos, Regulation, Revel, Steve Wynn, Tribal, Wall Street | Comments Off on Revel’s Faustian pact; Hope fades in Florida