Category Archives: Wall Street

Wynn: Most happy fella

Posted on July 30, 2014 by David McKee

We’ve gotten to inured to headlines that say such-and-such a quarter was “rescued by Macao” that I did a double-take today. The lead item on a newsletter was “Wynn Resorts Q2 results boosted by Las Vegas.” It’s nice that the … Continue reading →

Posted in Bally Technologies, IGT, International, Internet gambling, Macau, Scientific Games, Sheldon Adelson, Sports, Steve Wynn, The Strip, Wall Street | Comments Off

Wall Street: Viva Las Vegas

Posted on July 29, 2014 by David McKee

“Results could be lackluster, even if more states allow casinos, as is the case in Ohio, which we estimate cannibalized roughly one-third of its revenues from surrounding states.” So wrote Fitch Ratings Service analyst Michael Paladino, assessing the gaming industry’s national … Continue reading →

Posted in Economy, Harrah's, history, Mississippi, New York, Ohio, Racinos, The Strip, Wall Street, Westgate LV | Comments Off

Pinnacle pestered; Penn profits; Pokies pilloried

Posted on July 25, 2014 by David McKee

Orange Capital, calling itself “unsatisfied,” has renewed its pestering of Pinnacle Entertainment to convert itself into a REIT. Orange claims that share value could be increased 60% to 90%. Unfortunately for Pinnacle customers, REITs are required to return 90% of … Continue reading →

Posted in Ameristar, Atlantic City, Australia, Indiana, Louisiana, Missouri, Ohio, Penn National, Pinnacle Entertainment, Problem gambling, Racinos, Tropicana Entertainment, Wall Street | Comments Off

Regulators to Walsh: Not so fast, friend

Posted on July 25, 2014 by David McKee

Boston Mayor Martin Walsh isn’t getting off the hook so easily. He tried to fob the negotiation of a mitigation agreement with Wynn Resorts off on the Massachusetts Gaming Commission. The latter said ‘not so fast’ and ordered the city … Continue reading →

Posted in Economy, Genting, Harrah's, Illinois, International, Massachusetts, Mississippi, Mohegan Sun, Regulation, Steve Wynn, Wall Street | Comments Off

Glimmers of hope on the Boardwalk

Posted on July 24, 2014 by David McKee

Every morning, Atlantic City Mayor Don Guardian (R) rides his bicycle along the Boardwalk. This morning, Guardian must have felt he was carrying a heavier burden than usual. Although Hizzoner has maintained that Atlantic City will come out on the … Continue reading →

Posted in Atlantic City, Economy, Harrah's, Mississippi, Politics, Regulation, Revel, Trump Entertainment Resorts, Wall Street | Comments Off

Gaming industry gets mixed notices

Posted on July 23, 2014 by David McKee

American Gaming Association data on the health of the casino industry continues to be parceled out. Today we learned that Louisiana has 2.2X as many casino employees as Ohio but they make 2.7X as much. Mind you, the Buckeye State’s … Continue reading →

Posted in Economy, IGT, International, Internet gambling, Louisiana, Ohio, Racinos, Wall Street | Comments Off

Paradox at Sands

Posted on July 17, 2014 by David McKee

Only in Macao could Sheldon Adelson report a 27% increase in profit and have it be called disappointing. For the first time in four years, Macanese action dropped last month, down 4%. Dollars to doughnuts, those missing patacas will turn … Continue reading →

Posted in Macau, MGM Mirage, Sheldon Adelson, Singapore, Sports, The Strip, Wall Street | Comments Off

Goodbye IGT, hello Gtech

Posted on July 16, 2014 by David McKee

Early this morning, International Game Technology announced it had been acquired by Gtech, an Italian company specializing in lotteries. The terms of the deal include the assumption of $1.7 billion in debt and the payment of $4.7 billion in cash. … Continue reading →

Posted in Bally Technologies, Current, Economy, GTECH, IGT, Scientific Games, Shuffle Master, Wall Street, WMS Industries | Comments Off

Soft landing in A.C.; “Nocturne” put to sleep

Posted on July 14, 2014 by David McKee

Internet-gaming revenue continues to slip in New Jersey, down 9% from May. There are only three players of consequence: Borgata (36.5%), Caesars Atlantic City (27%) and Tropicana Atlantic City (18%). Still, Internet gambling continues to provide a cushion for the … Continue reading →

Posted in Atlantic City, Boyd Gaming, California, Cosmopolitan, Current, Entertainment, Harrah's, Internet gambling, Mohegan Sun, Revel, Sam Nazarian, Steve Wynn, The Strip, Tilman Fertitta, Tropicana Entertainment, Trump Entertainment Resorts, Wall Street | Comments Off

Atlantic City: And then there were nine …

Posted on July 14, 2014 by David McKee

Scarcely had Gary Loveman opined that a few casinos in Atlantic City needed to close than they began toppling like dominoes — some by his own hand. Headed to the casino graveyard alongside the Atlantic Club and the Showboat is Trump … Continue reading →

Posted in Atlantic City, California, Donald Trump, Harrah's, Isle of Capri, Mississippi, Penn National, Tourism, Tropicana Entertainment, Trump Entertainment Resorts, Wall Street | 2 Comments

Station’s big hit; Tribal roundup

Posted on July 8, 2014 by David McKee

There’s no doubt that Graton Resort, less than an hour’s driving distance from San Francisco, has been a success for Station Casinos. We just didn’t know how much. In addition to earning a $7.4 million management fee during 1Q14, Station … Continue reading →

Posted in California, Florida, Kansas, Regulation, Station Casinos, Technology, Tribal, Wall Street | 1 Comment

Atlantic City: Tide’s out?

Posted on July 7, 2014 by David McKee

New Jersey can’t add new casino or racino sites until late 2016, per Gov. Chris Christie‘s rescue plan. But lawmakers may not wait that long. A 2015 statewide ballot question to add new gambling jurisdictions is “a very real possibility,” according … Continue reading →

Posted in Atlantic City, Election, Foxwoods, Massachusetts, Politics, Taxes, Tribal, Wall Street | Comments Off

Feeling Moody’s

Posted on July 7, 2014 by David McKee

Here at S&G, we don’t begrudge anyone their right to build casinos. But, in the larger picture, the evidence suggests that Massachusetts and New York State are sailing into the wind. Moody’s Investors Service surveyed casinos in 15 states and, … Continue reading →

Posted in Atlantic City, Harrah's, Massachusetts, New York, Penn National, Pennsylvania, Steve Wynn, The Strip, Wall Street | Comments Off

Revel’s death spiral; Piling into N.Y.

Posted on July 2, 2014 by David McKee

Having filed for bankruptcy a second time, Revel Casino Hotel is trying hard to stay off the auction block. Maybe not hard enough: A $300 million price tag is too rich for Caesars Entertainment‘s blood or even flush Hard Rock … Continue reading →

Posted in Atlantic City, Churchill Hill, Cordish Co., Current, Genting, Hard Rock International, Harrah's, Mohegan Sun, Neil Bluhm, Penn National, Revel, Taxes, Wall Street | Comments Off

Isle for sale; N.Y. deluged in casino bids

Posted on July 1, 2014 by David McKee

Consolidation’s march has reached the doorstep of Isle of Capri Casinos. Or maybe it’s the other way around. Isle is reported as having peddled itself to several potential buyers over the last several months. Now it’s “weeks away” from a … Continue reading →

Posted in Colorado, Delaware, Genting, Hard Rock International, Harrah's, Isle of Capri, Neil Bluhm, New York, Penn National, Racinos, Wall Street | Comments Off

Showboat: The autopsy; Penn: We’re outta here!

Posted on June 30, 2014 by David McKee

Leaving aside the human effect, in cold business calculus, Caesars Entertainment‘s closure of the Showboat Atlantic City makes sense. At least that’s what Mayor Don Guardian is saying echoed by Wall Street. “The closure makes financial sense for Caesars and … Continue reading →

Posted in Atlantic City, Boyd Gaming, Delaware, Economy, Harrah's, Massachusetts, New York, Penn National, Pennsylvania, Racinos, Taxes, Wall Street | 1 Comment

Boffo May in Vegas; The power of convenience

Posted on June 27, 2014 by David McKee

Wall Street was pleasantly surprised by May’s gambling numbers from Nevada and especially the Las Vegas Strip, which was up 17%. Statewide, revenues rose 8%, reflecting the dilutive effect of an 8% decline in locals gaming revenue. A 3% dip … Continue reading →

Posted in Boulder Strip, Downtown, Economy, Election, Hard Rock International, Harrah's, Illinois, Laughlin, Massachusetts, MGM Mirage, Mohegan Sun, North Las Vegas, Ohio, Penn National, Problem gambling, Racinos, Regulation, Slot routes, The Strip, Wall Street | 3 Comments

Sticky moment in Macao; Debt? What debt?

Posted on June 26, 2014 by David McKee

Macao continues to be a large blessing and a small curse upon the U.S. casino industry. Earlier this month, the Internal Revenue Service acknowledged ramped-up scrutiny of the enclave, where money laundering is a persistent fear — especially in Washington, … Continue reading →

Posted in Harrah's, Japan, Macau, Regulation, Sheldon Adelson, Wall Street | Comments Off

Wynn wins again; LVH sale near

Posted on June 24, 2014 by David McKee

Steve Wynn‘s $19 million libel award against sleazebag Joe Francis, former purveyor of Girls Gone Wild, has been upheld. The appeals court also imposed a gag order on Francis, enjoining him from ever repeating his claims that Wynn threatened to … Continue reading →

Posted in Entertainment, Goldman Sachs, Harrah's, Illinois, LVCVA, Steve Wynn, The Strip, Wall Street | Comments Off

Icebreak in Japan; Discouragement in New York

Posted on June 18, 2014 by David McKee

Leaving scant room for error, Japan‘s parliament is scheduled to begin debating casino legalization today. “We have to remind ourselves that this is just the start, and until we see gambling become legal, we must keep up our efforts,” said lobbyist … Continue reading →

Posted in Japan, MGM Mirage, Mohegan Sun, New York, Politics, Wall Street | Comments Off