Category Archives: Wall Street

Vegas: A return to the halcyon years? It looks that way

Posted on April 30, 2014 by David McKee

Las Vegas recorded its highest visitation numbers of all time last March, helping to drive gambling revenue 8% upward. We had 3.7 million tourists, 4% than the previous year. Despite fewer conventions, a 20.5% leap in convention attendance (with the … Continue reading →

Posted in Downtown, Economy, Harrah's, Lake Tahoe, Laughlin, Mesquite, MGM Mirage, North Las Vegas, Ohio, Pennsylvania, Reno, Sam Nazarian, Tourism, Wall Street | 1 Comment

Pinnacle, GLPI impress The Street; Parx beats Pennsylvania

Posted on April 30, 2014 by David McKee

Despite soft performance in its regional markets, Pinnacle Entertainment impressed an analyst or two by exceeding revenue expectations for the past quarter. Pinnacle’s cash flow was $3 million above Wall Street estimates, a feat attributed to fiscal discipline and improved … Continue reading →

Posted in Ameristar, Greenwood Racing, Illinois, Louisiana, Marketing, Missouri, Penn National, Pennsylvania, Pinnacle Entertainment, Taxes, Wall Street | Comments Off

MGM blows away Wall Street expectations

Posted on April 29, 2014 by David McKee

Posting more than double Wall Street‘s consensus of earnings per share ($0.21 rather than $0.09), MGM Resorts International had a good quarter, to say the least. Even CityCenter exceeded expectations by 11%. J.P. Morgan analyst Joseph Greff took it all … Continue reading →

Posted in Animals, CityCenter, Colorado, Detroit, Downtown, Entertainment, Horseracing, Internet gambling, Iowa, Macau, Massachusetts, MGM Mirage, Regulation, Steve Wynn, The Strip, Wall Street | Comments Off

It’s good to be Sheldon Adelson

Posted on April 25, 2014 by David McKee

Posting a 21% increase in revenue, Las Vegas Sands reported 97 cents/share in earnings (Wall Street had expected $0.94). No surprise, Macao was the primary driver. Analysts were also pleased by a $810 million buyback of Sands shares, bolstering the … Continue reading →

Posted in Animals, Harrah's, Iowa, Macau, MGM Mirage, Pennsylvania, Racinos, Sheldon Adelson, Singapore, The Strip, Wall Street | Comments Off

Penn manages expectations

Posted on April 24, 2014 by David McKee

Penn National Gaming lowered estimates for cash flow and other metrics today, as well as releasing 1Q14 results that J.P. Morgan analyst Joseph Greff wrote were “generally in line with our … estimates.” According to Penn, player spending has been … Continue reading →

Posted in Atlantic City, Cordish Co., Cosmopolitan, Harrah's, Illinois, Indiana, Iowa, Massachusetts, Mississippi, New York, Penn National, Slot routes, Wall Street, West Virginia | Comments Off

IGT: Don’t cry for them Argentina

Posted on April 23, 2014 by David McKee

A 66% drop in profits for International Game Technology was one of yesterday’s headline events. Net revenues were off 15%. That $30 million in workforce cuts didn’t come soon enough to save the quarter, evidently. Wall Street analysts were remarkably … Continue reading →

Posted in Animals, Cosmopolitan, IGT, International, Internet gambling, Pets, Technology, Wall Street | Comments Off

The right amount of wrong ideas

Posted on April 22, 2014 by David McKee

When it comes to the U.S. gaming market, there’s nothing that can stand between James Packer and a bad investment, it seems, common sense least of all. According to Australian media reports, Deutsche Bank wants $1.5 billion-$2 billion for The … Continue reading →

Posted in Cosmopolitan, Dining, Entertainment, Fontainebleau, Harrah's, IGT, International, James Packer, Japan, Macau, Penn National, Pinnacle Entertainment, Station Casinos, The Strip, Wall Street | 1 Comment

Big names flock to New York; Reno rebounds

Posted on April 14, 2014 by David McKee

It’s starting to get seriously competitive in upstate New York, where Neil Bluhm‘s Rush Street Gaming has been seen canoodling with a Schenectady casino project. Others who have been circling the upstate market with interest include newcomers Churchill Downs and … Continue reading →

Posted in Churchill Downs, Economy, Hard Rock International, Harrah's, Macau, Neil Bluhm, New York, Ohio, Penn National, Reno, Sheldon Adelson, Station Casinos, Wall Street | Comments Off

Progress and caution

Posted on April 11, 2014 by David McKee

International Game Technology made history yesterday when it unrolled its Powerbucks interstate, progressive jackpot. Under this technological umbrella, IGT games at 22 Caesars Entertainment and Boyd Gaming properties in Las Vegas can be connected with those at five casinos in Atlantic … Continue reading →

Posted in Atlantic City, Boyd Gaming, Economy, Harrah's, IGT, Iowa, New York, Penn National, Pinnacle Entertainment, Racinos, Technology, The Strip, Tourism, TV, Wall Street | 1 Comment

Caesars: ‘Iceberg, debt ahead!’

Posted on April 9, 2014 by David McKee

Citing a “negative” outlook for Caesars Entertainment, bond-ratings agency Standard & Poor’s downgraded its ranking of the company yesterday. Caesars liquidity, analyst Melissa Long opined, was insufficient to meet $3.5 billion in debt maturities that come due next year, nor … Continue reading →

Posted in Atlantic City, Harrah's, Revel, Wall Street | Comments Off

Big trouble for Little Caesars

Posted on April 4, 2014 by David McKee

A second group of dissident debtors has shown up to spoil Caesars Entertainment‘s spinoff of high-value assets to Caesars Growth Properties (aka Little Caesars). The $2.2 billion purchase, incidentally, means that Little Caesars — which is majority owned by Big … Continue reading →

Posted in Harrah's, Maryland, Planet Hollywood, The Strip, Wall Street | Comments Off

In defense of Sheldon Adelson

Posted on April 4, 2014 by David McKee

A disclaimer: I tend to agree with Jeffrey Compton that Sheldon Adelson‘s “actions seem nothing but ego-driven overkill.” And by getting into bed with Bible Belt religious conservatives — to whom any form of gambling, not just on the Internet, … Continue reading →

Posted in Economy, history, Internet gambling, Iowa, Isle of Capri, Macau, Politics, Regulation, Sheldon Adelson, The Strip, Wall Street | Comments Off

Sheldon Adelson, sacred monster; New Jersey ‘Net

Posted on April 2, 2014 by David McKee

In case you hadn’t heard, Sheldon Adelson is a pretty rich fella. A run-up in Las Vegas Sands stock over the last two days has put $2.1 billion extra in his pocket. This, inevitably, has sparked further discussion of his … Continue reading →

Posted in Atlantic City, Internet gambling, Politics, Regulation, Sheldon Adelson, Taxes, The Strip, Wall Street | Comments Off

Save the whales; Boffo contract in Wisconsin

Posted on March 28, 2014 by David McKee

824 grand. That’s how much online poker revenue Nevada generated in February, the first month in which it has reported such numbers. (Sheldon Adelson‘s fear of Internet poker is like an elephant cowering before a mouse.) Since online play went … Continue reading →

Posted in Boulder Strip, Downtown, Economy, Foxwoods, Internet gambling, Lake Tahoe, Laughlin, Massachusetts, MGM Mirage, North Las Vegas, Sheldon Adelson, Steve Wynn, Tribal, Wall Street, Wisconsin | Comments Off

Revel limps forward; Sheldon Adelson’s would-be buddies

Posted on March 28, 2014 by David McKee

President Scott Kreeger is insisting all is well at embattled Revel Resort. On one flank he’s got employees on whose behalf Unite-Here has been pressing for union representation. On the other he has the task of trying to make the … Continue reading →

Posted in Atlantic City, Boyd Gaming, Harrah's, Internet gambling, Louisiana, MGM Mirage, Revel, Sheldon Adelson, Texas, Wall Street | Comments Off

Big trouble at Caesars

Posted on March 27, 2014 by David McKee

In a shocking development, even for those of us who have followed Caesars Entertainment closely, the company is shutting down Harrah’s Tunica (formerly Grand Casino Tunica) on June 2. Regional president John Payne confessed to Bloomberg News that the casino … Continue reading →

Posted in Atlantic City, Harrah's, Mississippi, Regulation, Tourism, Tribal, Wall Street | 1 Comment

No cause for jubilation; Cool spring at IGT

Posted on March 26, 2014 by David McKee

Audience feedback on the revamped, urbanized Jubilee! is starting to pour in … and it’s devastating. How bad can it be, I hear you say? Try this: “Like trying to save the Hindenburg with a bicycle pump … hands-down the … Continue reading →

Posted in Don Barden, Economy, Entertainment, Harrah's, IGT, Missouri, The Strip, Wall Street | 2 Comments

Mega-casino proposed for Chicago; REIT-mania continues

Posted on March 14, 2014 by David McKee

Visualize Foxwoods Resort Casino. Now plunk it down in the middle of Chicago. That’s essentially what state Rep. Robert Rita (D) proposes to do, pitching a 4,000-10,000-position casino for the Windy City. He also would have the State of Illinois … Continue reading →

Posted in Boyd Gaming, Florida, Illinois, Penn National, Pinnacle Entertainment, Racinos, Taxes, Wall Street | Comments Off

The industry speaks, Part Two

Posted on March 13, 2014 by David McKee

Both Penn National Gaming and Pinnacle Entertainment have weighed in at the J.P. Morgan Gaming, Lodging, Restaurant & Leisure Management Access Forum. Penn engaged in a three-bucket division of its casinos. “The first bucket comprises properties in markets where there has … Continue reading →

Posted in Ameristar, Indiana, Louisiana, Marketing, Massachusetts, MGM Mirage, Missouri, Ohio, Penn National, Pinnacle Entertainment, Racinos, Tilman Fertitta, Wall Street, West Virginia | Comments Off

Optimism around the industry

Posted on March 13, 2014 by David McKee

Las Vegas‘ premier casino companies have been showing their wares at the J.P. Morgan Gaming, Lodging, Restaurant & Leisure Management Access Forum. Among the pilgrims was Wynn Resorts CFO Matt Maddox, who reported that Wynncore is increasing revenue per available room … Continue reading →

Posted in Atlantic City, Boyd Gaming, International, Internet gambling, Japan, Louisiana, Macau, Massachusetts, Mississippi, Sheldon Adelson, Steve Wynn, The Strip, Tilman Fertitta, Wall Street | Comments Off