Category Archives: Wall Street

Case Bets: Super Bowl, WMS, Bally, Wynn, Penn vs. MGM

Posted on February 1, 2013 by David McKee

“The twilight’s last reaming”?!?!? Christina Aguilera said it, I didn’t. Of all the proposition bets being made on Sunday’s “Big Game” (the favored Vegas euphemism), my favorite is how long it will take Alicia Keys to crawl through the National … Continue reading →

Posted in Architecture, Bally Technologies, Current, Economy, Entertainment, IGT, International, Macau, Maryland, Massachusetts, MGM Mirage, Penn National, Pennsylvania, Scientific Games, Slot routes, Sports, Steve Wynn, Tourism, Wall Street, WMS Industries | Comments Off

Penn lowers sights; Sands’ $3 billion quarter

Posted on January 31, 2013 by David McKee

Penn National Gaming trimmed its 2013 revenue projections today by 3% — not surprising, given the “headwinds” represented by recent tax changes that will eat into Americans’ discretionary income. Sluggish early slot performance in the Columbus and Toledo markets was … Continue reading →

Posted in Current, Economy, Election, Marketing, Maryland, Ohio, Penn National, Pennsylvania, Sheldon Adelson, Singapore, The Strip, Wall Street | 1 Comment

Merger of the Nerds; Cosmo picketed

Posted on January 31, 2013 by David McKee

With 2013 shaping up as a good year for slot sales, Scientific Games has chosen this moment to pounce upon WMS Industries, one of the oldest, biggest and most-respected firms in the industry. SGMS shares promptly leapfrogged from $8.93 to … Continue reading →

Posted in Cosmopolitan, Culinary Union, Current, Harry Reid, IGT, Internet gambling, Politics, Scientific Games, Sheldon Adelson, Station Casinos, The Strip, Wall Street, WMS Industries | 2 Comments

Hart’s war; Cramer lurves Adelson; Penn’s good deed

Posted on January 30, 2013 by David McKee

As the clock ticks toward a shareholder fight over International Game Technology, CEO Patti Hart tried to rally her troops with a bit of good news. IGT has inked a pact to sell 1,375 VLTs to Saskatchewan, representing one-third of … Continue reading →

Posted in Economy, IGT, Illinois, International, M Resort, Penn National, Sheldon Adelson, Slot routes, Technology, TV, Wall Street | 4 Comments

Ader strikes at IGT; Government bailout for Trump rejected

Posted on January 28, 2013 by David McKee

Rumbles of mutiny against International Game Technology CEO Patti Hart have been growing in volume for quite some time. Those growls rose to a shout today with an e-mail blast from The Ader Group, soliciting shareholder proxies for the March … Continue reading →

Posted in Current, Donald Trump, Economy, Harrah's, IGT, Illinois, International, Slot routes, Taxes, Technology, Wall Street | Comments Off

Cap-and-trade at Sands; SkyFail: The sequel

Posted on January 28, 2013 by David McKee

Ever since the government of Macao put a hard cap on the number of table games in the enclave, casino operators have been forced to do a certain amount of cap-and-trade. In order to stock up Sands Cotai, 200 tables … Continue reading →

Posted in CityCenter, Current, Entertainment, Environment, Harrah's, James Packer, Lawrence Ho, Macau, Melco Crown Entertainment, Regulation, Sheldon Adelson, Singapore, Stanley Ho, The Strip, Wall Street | 2 Comments

Five weeks for Sahara Sam

Posted on January 25, 2013 by David McKee

That’s how much time Sam Nazarian has to scare up $115 million from overseas sources. If the deal isn’t done by Feb. 28, $300 million that’s currently in escrow quietly goes away. In exchange for offshore capital, Nazarian has to … Continue reading →

Posted in Cosmopolitan, Current, Entertainment, George Maloof, Goldman Sachs, International, Regulation, Sahara, Sports, The Strip, Tourism, Wall Street | 4 Comments

Quote of the Day

Posted on January 22, 2013 by David McKee

“[W]e are lowering our 4Q12, 2013, and 2014 forecasts given sluggish regional gaming trends, earlier than expected cannibalization impacts, and a slow start at Hollywood Columbus.” — Deutsche Bank analyst Carlo Santarelli, on Penn National Gaming. Hmmmm, has a familiar … Continue reading →

Posted in Current, Economy, Ohio, Penn National, Wall Street | Comments Off

Would you trust Gary Loveman with your Social Security?

Posted on January 17, 2013 by David McKee

In addition to presiding over the most grotesquely indebted company — by far — in the casino industry, Caesars Entertainment CEO/President/Chairman/Pontifex Maximus/Generalissimo Gary Loveman also wants to dictate the manner in which we eke out our “golden years.” Amazingly, somebody … Continue reading →

Posted in Current, Dan Gilbert, Economy, Election, Harrah's, history, International, Louisiana, Macau, MGM Mirage, Mississippi, Problem gambling, TV, Wall Street | 14 Comments

Palms: “It’s going down”

Posted on January 16, 2013 by David McKee

That’s what Lt. Castillo (the one, the only, the awesomeness that is Edward James Olmos) would say of the situation at Palms Casino Resort, which has spent the Joseph Magliarditi administration spiraling into disrepute. (Trouble at a Magliarditi-run casino? Shocking!) … Continue reading →

Posted in Current, Environment, Palms, Regulation, The Strip, TV, Wall Street | 1 Comment

Palms cops a plea

Posted on January 11, 2013 by David McKee

It’ll cost the Palms a cool $1 million and change to make problems with the Nevada Gaming Control Board go away quietly … unless the Nevada Gaming Commission decides a still-higher penalty should be exacted. (Unlikely, but possible.) According to … Continue reading →

Posted in Current, Entertainment, George Maloof, Regulation, Wall Street | 2 Comments

Hollywood, we have a problem; The Marrandino mystery

Posted on January 11, 2013 by David McKee

Ohio casinos had a below-average December, although the blow was softened by table hold of — YEOW! — 23%. That’s borderline-astronomical compared to Las Vegas averages for 2004-2011 period. It’ll help make up for slot revenues that suggest, with six … Continue reading →

Posted in Atlantic City, Boyd Gaming, Cordish Co., Current, Dan Gilbert, Economy, Harrah's, Horseracing, Maryland, MTR Gaming, Ohio, Penn National, Racinos, Regulation, Wall Street | 3 Comments

November in Vegas: The house lost; Players jilt Caesars in A.C.

Posted on January 10, 2013 by David McKee

There’s no other way of saying it (although many are trying). Strip casinos got their clocks cleaned in November as Lady Luck favored the punters, not the house. A 13% dropoff on the Strip was driven by a perfect storm … Continue reading →

Posted in Atlantic City, Bally Technologies, Boulder Strip, Boyd Gaming, Colony Capital, Current, Donald Trump, Downtown, Economy, Harrah's, Lake Tahoe, Laughlin, North Las Vegas, Revel, Station Casinos, The Strip, Tourism, Tribal, Tropicana Entertainment, Wall Street | 5 Comments

MGM Cotai clears final barrier; devil in the Maryland details

Posted on January 9, 2013 by David McKee

Although the government of Macao enjoys nothing better than to make casino owners wait and fidget for their land leases to be “gazetted,” today is MGM Resorts International‘s lucky day. MGM China received final approval for its Cotai Strip megaresort. … Continue reading →

Posted in Boyd Gaming, California, Current, Macau, Marketing, Maryland, Melco Crown Entertainment, MGM Mirage, Penn National, Politics, Regulation, Sheldon Adelson, Stanley Ho, Station Casinos, Steve Wynn, Tourism, Transportation, Tribal, TV, Wall Street | Comments Off

Revel: Slow learning curve ahead; Sheldon spanked in Singapore

Posted on January 8, 2013 by David McKee

By the time Revel CEO Kevin DeSanctis realizes he’s made a mistake, he’s almost always past the point of no return. Although it is my deeply rooted opinion that smoking is a noxious, disgusting habit that invades other people’s space, … Continue reading →

Posted in Atlantic City, Cordish Co., Current, Economy, Environment, Genting, International, Maine, Marketing, Maryland, Penn National, Problem gambling, Racinos, Regulation, Revel, Sheldon Adelson, Singapore, Wall Street | Comments Off

CityCenter’s clearance sale; Ameristar’s secret admirer

Posted on December 27, 2012 by David McKee

After a long, abyssal plunge, Las Vegas‘ real estate market has bottomed out — or so knowledgeable people tell me. Seems that the banks ’round here ignored Mitt Romney‘s (bad) advice to dump the “shadow inventory” en masse into the … Continue reading →

Posted in Ameristar, CityCenter, Current, Donald Trump, Economy, Election, Harrah's, Illinois, Louisiana, Massachusetts, MGM Mirage, Missouri, Penn National, Pinnacle Entertainment, Sheldon Adelson, The Strip, Wall Street | Comments Off

PNK piquing little interest; B.S. walks

Posted on December 26, 2012 by David McKee

‘Twas the day after Christmas and all through the house, shareholders were beginning to cool on the value of Ameristar Casinos stock. It closed ever so slightly down from Pinnacle Entertainment‘s $26.50/share offer price. Perhaps I was wrong and $869 … Continue reading →

Posted in Ameristar, Boyd Gaming, California, Current, Goldman Sachs, Hard Rock Hotel, Harrah's, Illinois, Isle of Capri, Louisiana, Missouri, Penn National, Pinnacle Entertainment, Plaza, Regulation, Sahara, Sheldon Adelson, Sports, The Strip, Wall Street, Warner Gaming | 1 Comment

Pinnacle punks Penn, swipes Ameristar

Posted on December 21, 2012 by David McKee

We’ve learned two important things today. One, that the Mayan calendar is not the most reliable predictor of events. Two, that Ameristar Casinos‘ on-again/off-again talk about putting itself up for sale was back in “on” mode. Before hardly anybody got … Continue reading →

Posted in Ameristar, Atlantic City, Boyd Gaming, Columbia Sussex, Cordish Co., Current, Dan Lee, Economy, Election, Goldman Sachs, Harrah's, Indiana, Iowa, Kansas, Louisiana, Maryland, Massachusetts, MGM Mirage, Mississippi, Missouri, Penn National, Pennsylvania, Pinnacle Entertainment, Politics, Racinos, Regulation, Sheldon Adelson, Steve Wynn, Taxes, Texas, Wall Street | 1 Comment

Penn’s sucker bet; Lack of Rappaport; Running scared

Posted on December 20, 2012 by David McKee

Although Penn National Gaming‘s scheme to split itself into a REIT and a casino-management company hasn’t received one regulatory approval yet, top brass is already taking a victory lap. Gloated CFO William Clifford, he would “be picking up the phone … Continue reading →

Posted in CityCenter, Current, Economy, Entertainment, Harrah's, MGM Mirage, Penn National, Planet Hollywood, Taxes, The Strip, Wall Street | 1 Comment

“Soul” too soulless?; The Sunshine Boys

Posted on December 10, 2012 by David McKee

One weekend down, nine to go. Bear that in mind if you simply must see Faith Hill and Tim McGraw play The Venetian. The clock’s a tickin’. Since my knowledge of the McGraw-Hill oeuvre (separately and together) consists of the … Continue reading →

Posted in Current, Economy, Entertainment, Fontainebleau, North Las Vegas, Penn National, Plaza, Sheldon Adelson, Station Casinos, Steve Wynn, The Strip, Tourism, Wall Street | 1 Comment