Category Archives: Wall Street

D-Day for Mohegans, Penn; MGM restructures

Posted on October 2, 2013 by David McKee

In Massachusetts, initial approval will be granted or denied to Mohegan Sun and to Penn National Gaming as prospective operators. In both cases, it seems unlikely that the Massachusetts Gaming Commission with unearth any dead bodies. The focus will be … Continue reading →

Posted in CityCenter, Current, Dubai, Hard Rock International, Harrah's, Massachusetts, MGM Mirage, Mohegan Sun, Penn National, Politics, Regulation, The Strip, Wall Street | Comments Off on D-Day for Mohegans, Penn; MGM restructures

Caesars spooks Wall Street; Florida fumbles

Posted on September 26, 2013 by David McKee

Not surprisingly, Caesars Entertainment stock took a dip this morning. Why the lack of surprise? The company is further diluting its value by preparing to issue 10 million additional shares of common stock. “While we would view the announcement as … Continue reading →

Posted in Atlantic City, Donald Trump, Florida, Harrah's, Internet gambling, Phil Ruffin, Politics, Racinos, Sheldon Adelson, Steve Wynn, Taxes, Wall Street | 1 Comment

Penn, Boyd take the hot seat

Posted on September 25, 2013 by David McKee

Continuing its series of “fireside chats,” Deutsche Bank‘s Carlo Santarelli met with Penn National Gaming executives. They reported that high-end play was pretty much normal but that small-fry players (who represent a quarter of their database) are wagering less these … Continue reading →

Posted in Atlantic City, Boyd Gaming, Downtown, Internet gambling, Missouri, Ohio, Penn National, Wall Street | Comments Off on Penn, Boyd take the hot seat

Wall Street comes to the Strip, meets the big boys

Posted on September 24, 2013 by David McKee

Investment firms like J.P. Morgan and Deutsche Bank have been sending emissaries to Las Vegas this week, to meet with all the major gaming firms during Global Gaming Expo. Since the latter is being held at Sands Expo Center, perhaps … Continue reading →

Posted in Current, Economy, G2E, Isle of Capri, Japan, Macau, Marketing, Massachusetts, MGM Mirage, Missouri, Pennsylvania, Sheldon Adelson, Singapore, Steve Wynn, The Strip, Tourism, Wall Street | Comments Off on Wall Street comes to the Strip, meets the big boys

New look for IGT; Bally thinks small; Why see Britney?

Posted on September 24, 2013 by David McKee

There’s a new logo in town and it belongs to International Game Technology. That futuristic type you see is emblematic of the slot-machine company’s ongoing reinvention of itself into an online-gaming provider. The firm may be rolling out new machines … Continue reading →

Posted in Bally Technologies, Entertainment, IGT, Illinois, Internet gambling, Scientific Games, Shuffle Master, Slot routes, The Strip, Wall Street, WMS Industries | Comments Off on New look for IGT; Bally thinks small; Why see Britney?

Quote of the Day

Posted on September 24, 2013 by David McKee

“With respect to domestic gaming markets, management’s comments were frank. [Pinnacle Entertainment] believes that domestic gaming markets have become saturated and are no longer a novelty for domestic consumers.” — Carlo Santarelli, reporting on an investor presentation by Pinnacle executives.

Posted in Economy, G2E, Pinnacle Entertainment, Wall Street | 1 Comment

All’s well at Pinnacle; Atlantic City’s PR jackpot

Posted on September 23, 2013 by David McKee

So reports J.P. Morgan analyst Joseph Greff, who met with Pinnacle Entertainment brass. The latter characterized their absorption of Ameristar Casinos as “on track.” Part of this is due to five “synergy buckets,” which represent everything from job cuts to … Continue reading →

Posted in Ameristar, Atlantic City, Economy, Marketing, Ohio, Pinnacle Entertainment, Wall Street | Comments Off on All’s well at Pinnacle; Atlantic City’s PR jackpot

(Almost) Everybody wins in Louisiana

Posted on September 19, 2013 by David McKee

First the good news: Louisiana was up 14% last month. Now the less-good news: Take away the two new riverboats and the market was up 1%. L’Auberge Baton Rouge and Margaritaville, in Shreveport, were getting the job done, in essence, … Continue reading →

Posted in Boyd Gaming, Economy, Louisiana, Penn National, Pinnacle Entertainment, Wall Street | Comments Off on (Almost) Everybody wins in Louisiana

Caesars: Borrowing time

Posted on September 19, 2013 by David McKee

“Caesars Entertainment Corporation (CZR) is a highly overvalued gaming, hotel, and entertainment company with deteriorating fundamentals on all levels in a highly competitive environment.” — Aaron Zander, Seeking Alpha. It’s that moment we’ve all been waiting for, the one where … Continue reading →

Posted in International, Massachusetts, New York, Taxes, Wall Street, World Series of Poker | Comments Off on Caesars: Borrowing time

Making the grade

Posted on September 17, 2013 by David McKee

Congratulations to the following casino industry figures for making it onto the Forbes 400 … #11: Las Vegas Sands CEO Sheldon Adelson. He’s richer than you are. #18: Fontainebleau owner Carl Icahn #27: Scientific Games lead owner Ron Perelman #36: … Continue reading →

Posted in Carl Icahn, Donald Trump, Fontainebleau, MGM Mirage, Phil Ruffin, Scientific Games, Sheldon Adelson, Station Casinos, Steve Wynn, Tilman Fertitta, Wall Street | Comments Off on Making the grade

Gomes out, Adelson in, Japan on the fence

Posted on September 16, 2013 by David McKee

Take a good look at that flapper-era costume. It’s not long for Resorts Atlantic City. Now that the Mohegan Gaming Authority has well and truly taken the reins of the property, the late Dennis Gomes‘ Prohibition Era theming is on … Continue reading →

Posted in Atlantic City, Dennis Gomes, International, Louisiana, Marketing, Mohegan Sun, Sheldon Adelson, Wall Street | Comments Off on Gomes out, Adelson in, Japan on the fence

Next Stop: Sri Lanka; Terra incognita

Posted on September 12, 2013 by David McKee

Launching a pre-emptive strike on the Indian subcontinent, the government of Sri Lanka has gone into casino gambling in a big way. It’s approved a $350 million “mixed development” (that’s what casino-hotels are called over there) by James Packer‘s Crown … Continue reading →

Posted in Bally Technologies, IGT, International, Internet gambling, James Packer, Phil Ruffin, Regulation, Scientific Games, Taxes, Wall Street | Comments Off on Next Stop: Sri Lanka; Terra incognita

Upturn in Illinois, blindsided in Indiana

Posted on September 10, 2013 by David McKee

Could we finally be seeing “green shoots” in Illinois, up 5% last month? Maybe, although such recovery as there was consisted of the force that is Rivers Casino, up 36%. Penn National Gaming‘s three casinos posted a feeble $29 million, … Continue reading →

Posted in Current, Economy, Harrah's, Illinois, Indiana, MGM Mirage, Neil Bluhm, Ohio, Penn National, Pinnacle Entertainment, Racinos, Regulation, Slot routes, Wall Street | Comments Off on Upturn in Illinois, blindsided in Indiana

Linq looking good & other Case Bets

Posted on September 5, 2013 by David McKee

You can’t drive around the Vegas Valley these days without having a clear view of the Las Vegas High Roller, the Ferris wheel that is Caesars Entertainment‘s would-be tourism magnet, which seems to grow overnight. It’s an impressive sight, one … Continue reading →

Posted in Atlantic City, Boyd Gaming, Colony Capital, Entertainment, Environment, Harrah's, Internet gambling, Isle of Capri, Revel, Steve Wynn, The Strip, Wall Street | 2 Comments

More turmoil at Sands; Pensions want a bigger slice of Caesars

Posted on September 3, 2013 by David McKee

David Sisk, the COO of Sands China, has resigned — the latest casualty of high executive turnover in Sheldon Adelson‘s fiefdom. You’d think that such instability in the upper ranks would give Wall Street an ulcer. But when Sands is … Continue reading →

Posted in Current, Economy, Foxwoods, Harrah's, Macau, Rhode Island, Sheldon Adelson, Wall Street | Comments Off on More turmoil at Sands; Pensions want a bigger slice of Caesars

St. Louis: Pinnacle out, Icahn in; Cosmo’s death wish

Posted on August 19, 2013 by David McKee

After fielding several offers, Pinnacle Entertainment has liquidated Lumiere Place Casino and its affiliated Four Seasons hotel to … Carl Icahn. Uncle Carl spent $260 million to close the deal. Considering that the book value of Lumiere Place is $401.5 … Continue reading →

Posted in Ameristar, Cantor Gaming, Carl Icahn, Cosmopolitan, Culinary Union, Missouri, Pinnacle Entertainment, Regulation, Sheldon Adelson, The Strip, Wall Street | 2 Comments

Quote of the Day

Posted on August 17, 2013 by David McKee

“The U.S. market is getting to the point where it’s robbing Peter to pay Paul. From the bank’s perspective, it’s ‘if you merge, then you’re just taking money from yourself.’” — the University of Nevada-Reno’s Institute for the Study of … Continue reading →

Posted in Economy, Wall Street | 2 Comments

Gather ye dividends while ye may

Posted on August 16, 2013 by David McKee

Bally Technologies almost hit the $1 billion mark in revenue ($997 million) during the last fiscal year, which earns it our congratulations. Good work, folks. “We made enormous progress in many different ways, including continued growth in wide-area progressive units, … Continue reading →

Posted in Bally Technologies, California, Illinois, International, Regulation, Shuffle Master, Tribal, Wall Street | Comments Off on Gather ye dividends while ye may

This land is their land; Tight money in Pennsylvania

Posted on August 16, 2013 by David McKee

Tribal casinos aren’t just for reservations anymore and it’s becoming a coast-to-coast phenomenon. California legislators already approved one off-reservation casino, to be managed by Station Casinos. The Enterprise Rancheria of the Estom Yumeka Maidu would like to be second. They … Continue reading →

Posted in California, Current, Economy, Foxwoods, Harrah's, history, Massachusetts, Mohegan Sun, Neil Bluhm, Ohio, Penn National, Pennsylvania, Politics, Regulation, Sheldon Adelson, Station Casinos, Tribal, Wall Street | 1 Comment

Pinnacle’s done deal; Collateral damage from Ho Tram

Posted on August 14, 2013 by David McKee

Federal Trade Commission approval removed the last obstacle to Pinnacle Entertainment‘s takeover of Ameristar Casinos. The acquisition closed straightaway. Pinnacle informed investors that it expects to have a Lumiere Place sale done by autumn, meeting the last of the FTC covenants … Continue reading →

Posted in Ameristar, Current, Election, International, Louisiana, Marketing, Massachusetts, MGM Mirage, Missouri, Pinnacle Entertainment, Racinos, Regulation, Tilman Fertitta, Wall Street | 1 Comment