Category Archives: Wall Street

Caesars’ ordeal drags on; Adelson wants more

Posted on April 20, 2015 by David McKee

Our long national nightmare — otherwise known as the Caesars Entertainment bankruptcy — will be with us a lot longer: six months, to be precise. Caesars has requested, and is expected to get, an extension until Nov. 15 to file … Continue reading →

Posted in Atlantic City, Economy, Harrah's, Internet gambling, Macau, Massachusetts, Mohegan Sun, Penn National, Racinos, Regulation, Sheldon Adelson, Wall Street | Comments Off on Caesars’ ordeal drags on; Adelson wants more

Freeman takes aim; Pinnacle commands high price

Posted on April 15, 2015 by David McKee

Geoff Freeman continues his aggressive agenda at the American Gaming Association. In a move possibly intended to take the heat off American online casinos, he’ll calling for — and promising the AGA will take the lead in — a beatdown … Continue reading →

Posted in Geoff Freeman, GLPI, Internet gambling, MGM Mirage, Mississippi, Pinnacle Entertainment, Regulation, Sheldon Adelson, Sports, Taxes, Wall Street | Comments Off on Freeman takes aim; Pinnacle commands high price

Who is Glenn Straub?; Tribal desperation in Texas

Posted on April 7, 2015 by David McKee

He’s a specialist in buying and (sometimes) turning around distressed properties, it would seem. He’s also characterized as a hard-charging businessman who leaves bruised feelings in his wake. “He’s not someone who’s going to consider the other person’s point of view. … Continue reading →

Posted in Atlantic City, Florida, Glenn Straub, Louisiana, Politics, Revel, Texas, Tribal, Wall Street, West Virginia | Comments Off on Who is Glenn Straub?; Tribal desperation in Texas

Reid-Adelson lovefest; Massachusetts meddling

Posted on April 7, 2015 by David McKee

Now that he’s no longer standing for reelection, Sen. Harry Reid (D) has flung himself fully into the arms of Sheldon Adelson, calling for a ban on online gambling that might even extend to Nevada‘s fledgling I-poker industry (although Reid’s … Continue reading →

Posted in Atlantic City, CityCenter, Harry Reid, Illinois, Internet gambling, Macau, Massachusetts, MGM Mirage, Politics, Regulation, Rhode Island, Sheldon Adelson, Taxes, The Strip, Wall Street | Comments Off on Reid-Adelson lovefest; Massachusetts meddling

Wynn Everett halted, board election blasted

Posted on April 6, 2015 by David McKee

It looks like Wynn Resorts jumped the gun, purchasing land from the MBTA without getting the go-ahead from Secretary of Energy & Environmental Affairs Matthew Beaton beforehand. Although Wynn was found to be “suitable on substantially all of the 59 conditions,” construction work … Continue reading →

Posted in Massachusetts, Steve Wynn, Transportation, Wall Street | 1 Comment

Quote of the Day

Posted on April 1, 2015 by David McKee

“We believe a federal ban of online gaming is unlikely given legislators’ split views. However, a recent hearing in a House Judiciary subcommittee on [Rep.] Jason Chaffetz’s proposal for a ban suggests it could be gaining momentum. While the bill may … Continue reading →

Posted in Internet gambling, Politics, Wall Street | Comments Off on Quote of the Day

Revel: Straub checkmated?; New player in Indiana

Posted on April 1, 2015 by David McKee

By reaching an accord with Revel tenants, East Coast developers Howard Milstein and Carl Goldberg may have aced Glenn Straub for the dubious trophy that is Revel. They’re bidding $88 million for the property, potentially leaving Straub to fall back … Continue reading →

Posted in Atlantic City, Economy, Glenn Straub, Harrah's, Indiana, Revel, Tribal, Wall Street | 1 Comment

The Strip: February disappoints

Posted on March 31, 2015 by David McKee

Las Vegas Strip casino revenues fell 4% in February, in a month that was mildly positive on a statewide basis, up 1%. Blame baccarat: Play was down 22%, although players took the house to the cleaners, with casino win down … Continue reading →

Posted in Boulder Strip, Cosmopolitan, Donald Trump, Downtown, Economy, Lake Las Vegas, North Las Vegas, Reno, The Strip, TV, Wall Street | Comments Off on The Strip: February disappoints

Quote of the Day

Posted on March 30, 2015 by David McKee

“There is a reason bondholders restricted the funds that could be paid out to owners. Bondholders lost almost everything in Station Casinos’ Chapter 11 bankruptcy reorganization, which followed a leveraged buyout that paid insiders $660 million with borrowed money … Even … Continue reading →

Posted in Station Casinos, Wall Street | Comments Off on Quote of the Day

Elaine Wynn’s credibility problem; Caesars faces tough scrutiny

Posted on March 26, 2015 by David McKee

Elaine Wynn is starting to develop a credibility problem, at least if you read the Bloomberg story that characterizes various instances of Ms. Wynn either passing the buck or being in denial. For instance, she claims not to have known … Continue reading →

Posted in Georgia, Harrah's, Illinois, Politics, Steve Wynn, Wall Street | Comments Off on Elaine Wynn’s credibility problem; Caesars faces tough scrutiny

War of words at Wynn; Resorts World a ‘go’

Posted on March 25, 2015 by David McKee

Efforts by the local press to cover the Wynn vs. Wynn scrum were pretty well obliterated this week by a one-two punch from the New York Times. Behind the “no girls allowed” treehouse mentality of the Wynn Resorts board lurks … Continue reading →

Posted in Architecture, Fontainebleau, Genting, James Packer, Sheldon Adelson, Steve Wynn, The Strip, Wall Street | Comments Off on War of words at Wynn; Resorts World a ‘go’

Caesars: Total Rewards value is zilch

Posted on March 20, 2015 by David McKee

You and I might think that Total Rewards is Caesars Entertainment‘s prize asset — so much so that Chairman Gary Loveman built his reputation on it. However, in the current bankruptcy proceeding, Caesars is attributing no equity value to it. That’s one … Continue reading →

Posted in Harrah's, Marketing, South Korea, The Strip, Wall Street | 2 Comments

Litt raises pressure on MGM

Posted on March 19, 2015 by David McKee
Posted in Macau, MGM Mirage, Sheldon Adelson, Wall Street | Comments Off on Litt raises pressure on MGM

MGM’s REIT risk; Will Lone Star State go for gambling?

Posted on March 18, 2015 by David McKee

Investor Jonathan Litt‘s proposed conversion of MGM Resorts International isn’t just another random case of REITmania. According to Forbes, MGM is expected to return to profitability this year and “some of those expected profits will leak into government coffers.” REITs are … Continue reading →

Posted in Economy, Macau, Maryland, Massachusetts, MGM Mirage, Politics, Regulation, Sheldon Adelson, Sports, Texas, Wall Street | 2 Comments

What’s Pinnacle worth?; Trump dump

Posted on March 18, 2015 by David McKee

J.P. Morgan analyst Joseph Greff has been running the numbers on Gaming & Leisure Properties‘ hostile-takeover bid for Pinnacle Entertainment and concluded — no surprise — that the current offer won’t get the deal done, even if Pinnacle leadership will … Continue reading →

Posted in Boyd Gaming, Current, Donald Trump, GLPI, MGM Mirage, Penn National, Pinnacle Entertainment, TV, Wall Street | 1 Comment

Elaine Wynn fights on; Floridians heart Seminole casinos

Posted on March 17, 2015 by David McKee

Showing that two can play the press-release game, Elaine Wynn released an open letter to Wynn Resorts shareholders, urging them to vote their gold-colored proxy cards in her favor. Citing her “my immense industry knowledge and expertise, and my role … Continue reading →

Posted in Florida, Hard Rock International, Horseracing, Japan, Kentucky, MGM Mirage, Politics, Sheldon Adelson, Steve Wynn, Tribal, Wall Street | Comments Off on Elaine Wynn fights on; Floridians heart Seminole casinos

Macao’s Great Recession; Caesars shreds contracts

Posted on March 17, 2015 by David McKee

Yes Virginia, there is a recession in Macao. With two consecutive quarters of negative GDP growth, the casino city meets Wall Street‘s definition of a recessionary economy. Eighty percent of Macanese revenue comes from gambling, so when the central government … Continue reading →

Posted in California, Economy, Entertainment, Harrah's, Louisiana, Macau, New York, Philippines, Planet Hollywood, Regulation, Sheldon Adelson, Sports, Steve Wynn, Tourism, Transportation, Wall Street | Comments Off on Macao’s Great Recession; Caesars shreds contracts

Is MGM the next REIT?; Bad news for PokerStars

Posted on March 17, 2015 by David McKee

Shares of MGM Resorts International could trade at $55. So thinks hedge-fund boss Jonathan Litt, who has proposed converting MGM into a REIT, a move he says could halve the company’s massive debt. (Asset sales are part of Litt’s plan.) The … Continue reading →

Posted in Atlantic City, California, Harrah's, International, Internet gambling, Macau, MGM Mirage, PokerStars, Regulation, Sheldon Adelson, Tribal, Wall Street | Comments Off on Is MGM the next REIT?; Bad news for PokerStars

The torments of Glenn Straub; Icahn wins another round

Posted on March 13, 2015 by David McKee

“I keep waiting for the elevator doors to open and somebody to walk out carrying bags of money. We keep hearing about people with money wanting to make bids. I haven’t seen them yet.” So said Glenn Straub, who continues to … Continue reading →

Posted in Atlantic City, Cantor Gaming, Carl Icahn, Glenn Straub, Harrah's, Horseracing, Idaho, Massachusetts, MGM Mirage, New Hampshire, Politics, Revel, Sports, Technology, Trump Entertainment Resorts, Wall Street, Westgate LV | 2 Comments

Honeymoon over in Atlantic City; Resistance in Connecticut

Posted on March 13, 2015 by David McKee

All the gains Atlantic City casinos had been making from the downsizing of the market came to an abrupt end last month. Gambling revenues dove 16% and same-store revenues fell 2% (yes, even the Borgata‘s). Luck simply was not on … Continue reading →

Posted in Atlantic City, Bally Technologies, Boyd Gaming, Foxwoods, Harrah's, Mohegan Sun, Politics, Riviera, Scientific Games, Shuffle Master, The Strip, Tilman Fertitta, Tropicana Entertainment, Trump Entertainment Resorts, Wall Street, WMS Industries | 1 Comment