Category Archives: Wall Street

Inside Sands’ success; Furor in Fresno

Posted on September 19, 2014 by David McKee

The most baccarat tables per casino in the U.S. are to be found at — no kidding — Sands Bethlehem. The casino, which fields 50 baccarat tables grossed $18 million in table game revenue last month, a record amount for … Continue reading →

Posted in California, Election, Greenwood Racing, Marketing, Massachusetts, Mohegan Sun, New York, Pennsylvania, Politics, Regulation, Sheldon Adelson, Station Casinos, Tribal, Wall Street | Comments Off on Inside Sands’ success; Furor in Fresno

Boston: Wynn wins!; Changing horses at Boyd

Posted on September 17, 2014 by David McKee

Although the Massachusetts Gaming Commission put Wynn Resorts through the wringer this past week, when the chips were down Wynn emerged the winner by a 3-1 vote. The positive verdict comes with some conditions, so a second vote will be … Continue reading →

Posted in Architecture, Boyd Gaming, Election, Horseracing, Macau, Massachusetts, Mohegan Sun, Steve Wynn, Wall Street | Comments Off on Boston: Wynn wins!; Changing horses at Boyd

Oh no, not again!

Posted on September 4, 2014 by David McKee

Trump Taj Mahal is heading back to a familiar bookmark: Chapter 11 bankruptcy. The casino is in violation of certain loan covenants and talks with creditors have proven unfruitful. The one creditor who really matters is Carl Icahn and he’s … Continue reading →

Posted in Atlantic City, Carl Icahn, Election, Entertainment, Marketing, Massachusetts, Mohegan Sun, Revel, Steve Wynn, Trump Entertainment Resorts, Wall Street | 1 Comment

Archon under fire again

Posted on September 2, 2014 by David McKee

Sue Lowden is back in the news, not for her political activities but as secretary and public face of Archon Gaming, whose 27 acres atop the Strip are a hot property again, following the opening of SLS Las Vegas. Dissident investor … Continue reading →

Posted in Archon Corp., Economy, Laughlin, Ohio, Penn National, Sam Nazarian, The Strip, Wall Street | Comments Off on Archon under fire again

Showboat, 1987-2014; Paris, 1999-????

Posted on September 2, 2014 by David McKee

In the end, the Showboat Atlantic City had a good run of it, lasting almost three decades on the Boardwalk. It succumbed, in part, to wounds inflicted by owner Caesars Entertainment, which cut into its customer base by building Harrah’s … Continue reading →

Posted in Architecture, Atlantic City, Boyd Gaming, Economy, Harrah's, New York, Pennsylvania, Revel, Sam Nazarian, The Strip, Tilman Fertitta, Tourism, Trump Entertainment Resorts, Wall Street | 1 Comment

Horseshoe Baltimore launches; Hypocrisy in Indiana

Posted on August 26, 2014 by David McKee

On a “gritty stretch of Russell Street” in Baltimore, partners Caesars Entertainment and Rock Gaming are preparing to bust out their latest inner-city casino. Not only will it provide commendable urban renewal, it will also give Maryland Live! its most … Continue reading →

Posted in Affinity Gaming, Baseball, Cordish Co., Dan Gilbert, Harrah's, Indiana, Maryland, MGM Mirage, Politics, Wall Street | 1 Comment

Revel’s 21 grand goof

Posted on August 21, 2014 by David McKee

Revel‘s high-speed shutdown is descending into farce. Its armored-car contractor, GardaWorld, managed to lose $21,000 of long green. How? They — no kidding — left a cash bag on top of the truck. Security footage shows the cash still precariously … Continue reading →

Posted in Architecture, Atlantic City, Boyd Gaming, Colony Capital, Harrah's, Mississippi, Racinos, Revel, Trump Entertainment Resorts, Wall Street | 1 Comment

Quote of the Day

Posted on August 21, 2014 by David McKee

“From an equity perspective, in our view it is becoming almost impossible to assign an intrinsic valuation to Caesars without knowing what’s going on behind the curtain within all three individual entities, particularly on the debt side.” — Macquarie Securities … Continue reading →

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

The contradictions of Sam Nazarian

Posted on August 19, 2014 by David McKee

Is Sam Nazarian becoming a legend in his own mind? You have to wonder when you read that he’s had a statue of himself erected in the front of SLS Las Vegas. Sure, Bob Stupak did the same thing at … Continue reading →

Posted in California, Cosmopolitan, Entertainment, Florida, Genting, International, Japan, Marketing, MGM Mirage, New York, Pennsylvania, Sahara, Sam Nazarian, The Strip, Wall Street | 3 Comments

The return of the Strip; Panic over Macao

Posted on August 18, 2014 by David McKee

Las Vegas‘ recovery from the Great Recession is all but official. To be truthful, a number of us — myself in particular — thought we were being played for suckers when Sam Nazarian closed the Sahara and promised to be … Continue reading →

Posted in Carl Icahn, Fontainebleau, Genting, International, James Packer, Macau, Melco Crown Entertainment, MGM Mirage, Sam Nazarian, Sheldon Adelson, Singapore, Steve Wynn, The Strip, Wall Street, Westgate LV | 4 Comments

Quote of the Day

Posted on August 18, 2014 by David McKee

“MGM [Resorts International] remains the most compelling way for investors to play a Vegas recovery paired with growth in Macao. With Las Vegas back in vogue, investors should turn to MGM as the best way to play this theme.” — Credit … Continue reading →

Posted in Macau, The Strip, Wall Street | Comments Off on Quote of the Day

Tightening the screws in China; Comeback at Cosmo

Posted on August 15, 2014 by David McKee

  In view of the outflux of currency from China, the country’s symbol seems not so much a Great Wall as a giant sieve. This was symbolized recently by the attempt to control UnionPay cash transfers masquerading as purchases in … Continue reading →

Posted in Cosmopolitan, Dining, Economy, Entertainment, Macau, MGM Mirage, Regulation, The Strip, Wall Street | Comments Off on Tightening the screws in China; Comeback at Cosmo

Caesars’ unmagical empire

Posted on August 11, 2014 by David McKee

Caesars Entertainment ” hasn’t posted a profit since late 2009″ and it kept that perfect streak alive today, more than doubling its 2Q13 loss of $212 million. The company lost $466 million — and I don’t think we can blame it … Continue reading →

Posted in Atlantic City, Harrah's, Internet gambling, Iowa, Maryland, Pennsylvania, Regulation, Reno, Revel, The Strip, Tribal, Wall Street | Comments Off on Caesars’ unmagical empire

Good Caesars and Bad Caesars

Posted on August 6, 2014 by David McKee

That’s how a bondholder lawsuit distinguishes between Caesars Entertainment Operating Co. and Caesars Growth Partners. It castigates the toga-clad companies for — for instance — transferring Caesars Interactive (worth: $779 million) “for little or no consideration.” Similarly, Octavius Tower and … Continue reading →

Posted in Atlantic City, Harrah's, Internet gambling, Louisiana, The Strip, Tilman Fertitta, Wall Street | Comments Off on Good Caesars and Bad Caesars

Packer’s second chance

Posted on August 5, 2014 by David McKee

“You can’t be in the gaming industry and not have a special reverence for Las Vegas — that’s where it all began. While we fell short in past attempts to enter that market, we now have the ideal opportunity.” So said … Continue reading →

Posted in Arizona, Cannery Casino Resorts, Donald Trump, Election, Fontainebleau, Harrah's, James Packer, MGM Mirage, Politics, Sam Nazarian, Station Casinos, Steve Wynn, The Strip, Tribal, Wall Street | 2 Comments

MGM beats the Street; The wrath of Loveman

Posted on August 5, 2014 by David McKee

Not only did MGM Resorts International swing from a loss to a profit in 2Q14, its revenues exceeded Wall Street’s expectations. Analyst consensus foresaw $0.10/share in earnings and MGM delivered more than twice that. Revenues at every MGM property were … Continue reading →

Posted in Architecture, CityCenter, Current, Detroit, Harrah's, Illinois, Macau, Maryland, Mississippi, Neil Bluhm, The Strip, Wall Street | 1 Comment

Packer returns

Posted on August 4, 2014 by David McKee

James Packer is back. Undoubtedly encouraged by the recent groundswell of development on the Las Vegas Strip, he’s bought the New Frontier site for a casino development that will be underwritten by the Oaktree Capital Management hedge fund. Construction is to … Continue reading →

Posted in Atlantic City, Australia, Cosmopolitan, Fontainebleau, Harrah's, International, James Packer, Japan, Macau, Revel, Steve Wynn, Taxes, The Strip, Trump Entertainment Resorts, Wall Street | Comments Off on Packer returns

When titans wed; Cupidity at Revel

Posted on August 1, 2014 by David McKee

Just when you thought the manufacturing sector had engaged in enough consolidation that it would take a pause to pay down debt (or at least burp) comes a mega-consolidation. International Game Technology‘s two biggest rivals will become one. Ronald Perelman‘s … Continue reading →

Posted in Atlantic City, Bally Technologies, Cretins, GTECH, IGT, Regulation, Revel, Shuffle Master, Wall Street, WMS Industries | 1 Comment

Illiterate and accused; Revel: Rewarding failure

Posted on July 31, 2014 by David McKee

People who state their career goal as “trynna get rich” should probably be arrested for crimes against the English language. In the case of Izyiah Plummer (right), though, the charges are much more grave: the July 21 armed robbery of Caesars … Continue reading →

Posted in Atlantic City, Harrah's, Herbst Gaming, Internet gambling, Louisiana, Maryland, Planet Hollywood, Revel, The Strip, Tropicana Entertainment, Wall Street | Comments Off on Illiterate and accused; Revel: Rewarding failure

Clouds over Macao

Posted on July 30, 2014 by David McKee

Forbes‘ Muhammad Cohen has been reading the latest tea leaves from the world’s gambling capital and doesn’t like what he sees: a 1H14 revenue increase of 13% (“heady for anywhere but Macau“) but a sequential decline from 1Q to 2Q14 … Continue reading →

Posted in Delaware, Economy, Macau, Melco Crown Entertainment, Racinos, Singapore, Taxes, Wall Street | Comments Off on Clouds over Macao