Category Archives: Wall Street

Penn overboard!; Macao’s zenith

Posted on November 7, 2013 by David McKee

First the good news about Ohio: Gambling revenue was up 47% last month. Now, the bad news. One a same-store basis it was down 2% year/year. Who knew the Buckeye State would get saturated so quickly? The statewide gross was … Continue reading →

Posted in Atlantic City, Boyd Gaming, Current, Dan Gilbert, Delaware, Economy, Harrah's, Illinois, Internet gambling, Macau, Melco Crown Entertainment, MGM Mirage, Missouri, MTR Gaming, Neil Bluhm, Ohio, Penn National, Racinos, Sheldon Adelson, Stanley Ho, Station Casinos, Tourism, Wall Street | 1 Comment

Caesars to Empire State; Colony to Chapter 11

Posted on November 7, 2013 by David McKee

When Caesars Entertainment made a discreet donation to the pro-casino campaign in New York State, we should have known that something was up. Sure enough, state Sen. John Bonacic (R) says Caesars is interested in a Sullivan County casino. Then … Continue reading →

Posted in Atlantic City, Boyd Gaming, Colony Capital, Current, Dan Lee, Donald Trump, Foxwoods, Harrah's, MGM Mirage, New York, Pennsylvania, Pinnacle Entertainment, Racinos, Sheldon Adelson, Wall Street | 1 Comment

Big score for Station, little one for Caesars

Posted on November 7, 2013 by David McKee

Station Casinos has a big hit on its hands in the form of Graton Resort & Casino. So many customers turned out for opening day that the doors swung wide an hour early. Ninety minutes later, admittance was being rationed … Continue reading →

Posted in California, Cordish Co., Economy, Harrah's, Macau, Maryland, MTR Gaming, Ohio, Penn National, Pennsylvania, Station Casinos, Tourism, Tribal, Wall Street, West Virginia | Comments Off on Big score for Station, little one for Caesars

CityCenter 1.5; Casinos vs. Atlantic City, Round Two

Posted on November 5, 2013 by David McKee

MGM Resorts International and Anschutz Entertainment Group have unfurled the big- and small-picture details of their 12-acre, 20,000-seat arena. For an in-depth description, I direct you to Alan Snel‘s excellent account. The announcement refuels speculation that AEG (operator of the … Continue reading →

Posted in Architecture, Atlantic City, Boyd Gaming, CityCenter, Colony Capital, Current, Economy, Hard Rock International, International, Japan, Macau, MGM Mirage, Politics, Sports, Taxes, The Strip, Tourism, Tribal, Wall Street, Wisconsin | Comments Off on CityCenter 1.5; Casinos vs. Atlantic City, Round Two

Suffolk Downs postscript

Posted on November 4, 2013 by David McKee

Caesars Entertainment being out of the Suffolk Downs equation, the would-be racino has been dubbed “a headless horseman” by opponents and faces an uncertain fate at the ballot box. One might well question Suffolk owner Richard Fields on why his … Continue reading →

Posted in Colorado, Current, Harrah's, Massachusetts, Problem gambling, Regulation, Wall Street | Comments Off on Suffolk Downs postscript

Falling upward in Nevada; MGM: The Lion meows

Posted on October 31, 2013 by David McKee

Helped by a wee bit of late-August slot revenue, Nevada posted a 7% revenue gain this month, for a $959 haul. The Strip performed spectacularly, up 13%, and Downtown edged 2% higher. Lake Tahoe vaulted 23% but Reno fell off … Continue reading →

Posted in Boulder Strip, CityCenter, Current, Downtown, Lake Tahoe, Laughlin, Macau, Mesquite, MGM Mirage, North Las Vegas, Reno, Sheldon Adelson, The Strip, Tourism, Transportation, Wall Street | Comments Off on Falling upward in Nevada; MGM: The Lion meows

Breaking Boyd

Posted on October 31, 2013 by David McKee

Boyd Gaming missed Wall Street expectations last quarter, posting negative earnings of eight cents a share, compared to the $0.01/share profit the Street was anticipating. Deutsche Bank‘s Carlo Santarelli blamed “softer-than-expected net revenues … below the low-end of management’s guidance.” Las … Continue reading →

Posted in Atlantic City, Boulder Strip, Boyd Gaming, Current, Downtown, Environment, Greenwood Racing, history, Iowa, Louisiana, Maryland, MGM Mirage, Ohio, Penn National, Wall Street | Comments Off on Breaking Boyd

Isle gets some love; Second chance in New York

Posted on October 28, 2013 by David McKee

“A great pick.” That’s what Seeking Alpha says about Isle of Capri Casinos. Like so many regional operators, it hasn’t been posting lights-out numbers lately but its 16-casino portfolio makes it a bargain play for some. “It’s hard not to … Continue reading →

Posted in Election, history, Isle of Capri, Missouri, New York, Pennsylvania, Reno, Tribal, Wall Street | Comments Off on Isle gets some love; Second chance in New York

The importance of being Steve Wynn; Sheldon’s fan club

Posted on October 25, 2013 by David McKee

“Even the Red Sox aren’t that popular in Everett,” says Steve Wynn, alluding to recent poll numbers. Heady stuff. So, while he comes down off Cloud Nine, let’s look at a pretty impressive 3Q13 — if not as boffo as … Continue reading →

Posted in Economy, Entertainment, Hard Rock International, Macau, Massachusetts, Pennsylvania, Regulation, Sheldon Adelson, Steve Wynn, The Strip, Wall Street | 2 Comments

Santa Claus smiles upon Borgata; No reprieve for Suffolk

Posted on October 22, 2013 by David McKee

Christmas came early for Boyd Gaming and Kris Kringle wore the judicial robes of the Tax Court of New Jersey. “A silver lining to Atlantic City‘s fall from grace for casino operators: the tax bills are lighter when the going gets … Continue reading →

Posted in Atlantic City, Boyd Gaming, Hard Rock International, Harrah's, Maryland, Massachusetts, MGM Mirage, Mohegan Sun, Neil Bluhm, Penn National, Taxes, Wall Street | 1 Comment

Caesars: Fiasco in Boston

Posted on October 21, 2013 by David McKee

Suffolk Downs will be moving forward … without Caesars Entertainment. The track dropped Caesars like a bad habit over the weekend. Caesars tried to make it sound like the decision was its own. Spokesman Stephen Cohen threw a hissy fit, … Continue reading →

Posted in Hard Rock International, Harrah's, Illinois, Internet gambling, Massachusetts, MGM Mirage, Neil Bluhm, Problem gambling, Regulation, Slot routes, Steve Wynn, Wall Street | 2 Comments

Sheldon hits paydirt; Culinary Union talks trash

Posted on October 18, 2013 by David McKee

It’s good to be Sheldon Adelson, especially when your company is notching one record-setting month after another. Revenue for 3Q13 rose 32% and net profit shot 79% upwards. Next year, shareholders can look forward to a 60 cent bump in … Continue reading →

Posted in Cosmopolitan, Cretins, Culinary Union, Dan Gilbert, Detroit, Harrah's, Macau, Ohio, Pennsylvania, Sheldon Adelson, Singapore, Station Casinos, Wall Street | 3 Comments

Quote of the Day

Posted on October 17, 2013 by David McKee

[W]e find the results to be somewhat indicative of regional gaming operators beginning to see problems cutting expenses to mitigate top line headwinds. As such, we anticipate concerns surrounding top line regional gaming revenue trends to escalate and believe regional … Continue reading →

Posted in Current, Economy, Penn National, Wall Street | Comments Off on Quote of the Day

Singin’ the blues in Pennsylvania, Louisiana

Posted on October 16, 2013 by David McKee

Even slight improvements in consumer spending weren’t enough to help Pennsylvania. Gross gambling revenue fell 6%. Thanks to strong table play, Sands Bethlehem was able to buck the trend, staying flat for September. By contrast, Harrah’s Philadelphia — in a … Continue reading →

Posted in Dining, Greenwood Racing, Harrah's, Isle of Capri, Louisiana, Neil Bluhm, Ohio, Penn National, Pennsylvania, Pinnacle Entertainment, Sheldon Adelson, The Strip, Wall Street | Comments Off on Singin’ the blues in Pennsylvania, Louisiana

Atlantic City: It’s that time again

Posted on October 10, 2013 by David McKee

Since the next two months of 2013 involve comparisons to Hurricane Sandy, they won’t really count as measurements of Atlantic City‘s financial health. So here’s a last look-in for a while now. The market as a whole dropped 13% with … Continue reading →

Posted in Boyd Gaming, Colony Capital, Donald Trump, Harrah's, Mohegan Sun, Revel, Wall Street | 2 Comments

Indiana: Worse than expected?

Posted on October 9, 2013 by David McKee

Despite per-patron spending that was up 7% last month, a 16% falloff in admissions more than negated it. Depending on whether one counts tax-deductible free play or not, Indiana was anywhere from 9.5% to 11% down last month. Tight consumer … Continue reading →

Posted in Boyd Gaming, Economy, Harrah's, Indiana, Ohio, Penn National, Pinnacle Entertainment, Racinos, Wall Street | 1 Comment

How Caesars does it

Posted on October 7, 2013 by David McKee

While we think the idea of a bake sale to reduce Caesars Entertainment‘s $23.5 billion debt is satirical, you never know. It wouldn’t be the most cockamamie idea ever to emerge from Gary Loveman‘s office. We asked one of our … Continue reading →

Posted in Charity, Harrah's, Missouri, The Strip, Wall Street | 1 Comment

Comeback for Lee; Penn, Mohegans get thumbs-up

Posted on October 3, 2013 by David McKee

Palms Casino Resort, which could use some casino-savvy brainpower at its helm, believes it has found it in new CEO Dan Lee. Out the door, unceremoniously, goes the much-bounced-around Joseph Magliarditi, who ricocheted to the Palms by way of M … Continue reading →

Posted in Atlantic City, Dan Lee, Dining, Downtown, Massachusetts, Missouri, Mohegan Sun, Palms, Penn National, Pinnacle Entertainment, Regulation, Wall Street | 1 Comment

N.Y. casino expansion in danger; Macao: Full to bursting

Posted on October 3, 2013 by David McKee

A poll on Proposition One, conducted by Parkside Group, shows casino expansion in New York State enjoying a bare majority of 51%. If that doesn’t galvanize Gov. Andrew Cuomo (D) and other supporters into action, it ought to — especially … Continue reading →

Posted in California, Election, Macau, New York, Politics, Station Casinos, Tourism, Transportation, Tribal, Wall Street | Comments Off on N.Y. casino expansion in danger; Macao: Full to bursting

Quote of the Day

Posted on October 3, 2013 by David McKee

“However, with baccarat volumes showing signs of stagnation …  and slots (flat over the LTM period) stable but uninspiring, we continue to struggle with the cadence and sustainability of this Strip recovery in the near to medium term.” — Deutsche … Continue reading →

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