Category Archives: Wall Street

Wynn comes (back) to Massachusetts; Revel’s rattling tin cup

Posted on December 5, 2012 by David McKee

Despite several months of doom-and-gloom economic predictions from Steve Wynn, the mogul has decided to “buy American” again, not only returning to the site of previous skirmishes (Philadelphia) but also taking a second run at Massachusetts. S&G was no fan … Continue reading →

Posted in Ameristar, Atlantic City, Cannery Casino Resorts, Current, Economy, Election, Environment, Harrah's, Marketing, Massachusetts, Neil Bluhm, Pennsylvania, Politics, Racinos, Regulation, Revel, Steve Wynn, Tourism, Tribal, Wall Street | Comments Off on Wynn comes (back) to Massachusetts; Revel’s rattling tin cup

Springfield: Ameristar pulls the chicken switch

Posted on December 3, 2012 by David McKee

In an even more surprising development than Steve Wynn getting voted out of Foxborough, the seemingly leading contender for a western Massachusetts casino abruptly withdrew from the fray last Friday night. In a stunning abdication, Ameristar Casinos CEO Gordon Kanofsky … Continue reading →

Posted in Ameristar, Current, Marketing, Maryland, Massachusetts, MGM Mirage, Penn National, Regulation, Sheldon Adelson, Steve Wynn, Tribal, Wall Street | Comments Off on Springfield: Ameristar pulls the chicken switch

Vegas: Is recovery finally for real?

Posted on December 1, 2012 by David McKee

So says the Brookings Institute, which raised Las Vegas to 194th from 245th in GDP (now at $47K/year) and job growth over the last year, behind such feeder markets as Bakersfield, California and Monterrey, Mexico. That’s the first year of … Continue reading →

Posted in California, Culinary Union, Current, Detroit, Economy, Harrah's, Iowa, Massachusetts, MGM Mirage, Michael Gaughan, Penn National, Sheldon Adelson, Steve Wynn, Wall Street | 1 Comment

Wynn cashes out; X Train back on track; Newport Grand out of luck

Posted on November 19, 2012 by David McKee

Caught between the twin hazards of prospective higher taxes on investment income and the looming fiscal cliff, Steve Wynn made headlines today with his $750 million Thanksgiving special dividend, which ought to help pay for all those Black Friday purchases … Continue reading →

Posted in California, Downtown, Election, Penn National, Racinos, Steve Wynn, Tamares Group, Taxes, Transportation, Wall Street | 1 Comment

A tale of two Penns

Posted on November 16, 2012 by David McKee

Update: Seeking Alpha’s Brad Thomas has run the numbers on the Penn split and doesn’t like the risk/reward scenario. Fifteen years and many consolidations ago, the casino industry was seized by a brain fever. It was set off by the … Continue reading →

Posted in Ameristar, Colorado, Cordish Co., Harrah's, history, Indiana, International, Kansas, Louisiana, Maine, Maryland, MGM Mirage, Ohio, Pennsylvania, Racinos, Regulation, Riviera, Sheldon Adelson, Station Casinos, Steve Wynn, Taxes, Texas, The Strip, Tribal, Wall Street | 2 Comments

Louisiana be crazy; Maryland: If you can’t beat ’em …; Revel on the ropes

Posted on November 15, 2012 by David McKee

Casino revenues in the Pelican State were up 2% last month, entirely upon the strength of Pinnacle Entertainment‘s L’Auberge Baton Rouge (above). It propelled the Baton Rouge market 58% upward, grossing $11 million at the expense of Argosy Baton Rouge … Continue reading →

Posted in Atlantic City, Boyd Gaming, CityCenter, Cordish Co., Current, Economy, Election, Harrah's, Iowa, Louisiana, Maryland, Penn National, Pinnacle Entertainment, Racinos, Revel, Taxes, Wall Street | 4 Comments

Smooth transition at Bally; Trumpalypse in Toronto

Posted on November 14, 2012 by David McKee

Late-breaking stories usually bode ill but it’s nothing of the sort at Bally Technologies, where a transfer of power was announced during the waning hours of the day. CEO Richard Haddrill (left) steps aside and up, moving to chairmanship of … Continue reading →

Posted in Bally Technologies, Current, Donald Trump, International, Wall Street | Comments Off on Smooth transition at Bally; Trumpalypse in Toronto

Missouri: Penn vs. Penn; Pinnacle debacle deepens

Posted on November 13, 2012 by David McKee

This just in: It’s another winning strategy from those gaming-industry masterminds at Colony Capital. God forbid you’re playing at the Atlantic Club and work up an appetite. Or did Tom Barrack hear about “Stiff of the Year” and wants to … Continue reading →

Posted in Ameristar, Atlantic City, Colony Capital, Colorado, Dining, Economy, Election, Genting, Harrah's, Illinois, International, Isle of Capri, Kansas, Marketing, Maryland, Missouri, Movies, Penn National, Pinnacle Entertainment, Regulation, Sheldon Adelson, Singapore, The Strip, Tourism, Wall Street | 2 Comments

Wynn comes to Philadelphia … again; Atlantic City: About as expected

Posted on November 12, 2012 by David McKee

Now we know why Steve Wynn was careful to mend fences with Philadelphia Mayor Michael Nutter (below) in 2010 when negotiations to take over the doomed Foxwoods Casino Philadelphia project abruptly feel apart and Wynn skipped town. He’s back with … Continue reading →

Posted in Atlantic City, Baseball, Colony Capital, Cordish Co., Current, Donald Trump, Economy, Harrah's, Maryland, Neil Bluhm, Penn National, Pennsylvania, Politics, Regulation, Revel, Steve Wynn, Tilman Fertitta, Tribal, Tropicana Entertainment, Wall Street | Comments Off on Wynn comes to Philadelphia … again; Atlantic City: About as expected

Pinnacle’s Vietnamese quagmire; Caesars’ South American pullback

Posted on November 12, 2012 by David McKee

Last Friday, Pinnacle Entertainment tiptoed out with a little bombshell that may have detonated into your e-mail or stock portfolio. In brief: Vietnam‘s planned Ho Tram Strip casino resort is in deep shit. As a 26% owner of the project, … Continue reading →

Posted in Architecture, Current, Dan Gilbert, Harrah's, International, Marketing, Maryland, MGM Mirage, Ohio, Pinnacle Entertainment, Wall Street | 1 Comment

Wake up with Loveman; More election aftermath

Posted on November 8, 2012 by David McKee

No sooner were Wall Street analysts uttering serious concerns about a slow post-Sandy recovery for Atlantic City than who should pop up on CBS This Morning but Caesars Entertainment CEO Gary Loveman, doing damage control … It’s hard to decide … Continue reading →

Posted in Atlantic City, Boyd Gaming, Current, Dan Gilbert, Donald Trump, Economy, Environment, Harrah's, Internet gambling, Kentucky, Massachusetts, Pennsylvania, Politics, Regulation, Sheldon Adelson, Steve Wynn, The Strip, Tilman Fertitta, Tourism, Transportation, TV, Wall Street | Comments Off on Wake up with Loveman; More election aftermath

Election wrap-up: Winners & losers

Posted on November 7, 2012 by David McKee

But first, because it will never, ever get old … Also this, from @daveweigel: “[Florida] exit poll: Obama winning Jewish vote by 40 points. 40 points. Nice work, Sheldon Adelson.” We’ll tap dance on Sheldon’s head some more further down, … Continue reading →

Posted in Atlantic City, Colony Capital, Colorado, Cordish Co., Cretins, Current, Donald Trump, Economy, Election, Florida, Goldman Sachs, Harrah's, International, Internet gambling, Maine, Marketing, Maryland, Massachusetts, Minnesota, Pennsylvania, Politics, Racinos, Sheldon Adelson, Shuffle Master, Steve Wynn, Tribal, TV, Wall Street, West Virginia | 4 Comments

Atlantic City open for business

Posted on November 2, 2012 by David McKee

Actually, a few hardy souls — like fearless restaurateur Montgomery Dahm, who was semper fidelis to his fellow citizens — never closed. Add Tun Tavern to your list of must-see stops when you visit Atlantic City. Ditto Ducktown Tavern & … Continue reading →

Posted in Atlantic City, Boyd Gaming, Current, Dining, Economy, Election, Environment, Florida, Racinos, Revel, Tilman Fertitta, Tourism, Transportation, Tribal, Tropicana Entertainment, Wall Street | 2 Comments

No-win situation; October surprise

Posted on November 1, 2012 by David McKee

You might say Mitt Romney was for gambling before he was against it. Both as a 1994 Senate candidate and later as governor, he advocated slot parlors and later VLTs in Massachusetts. (He also proposed to extort $75 million apiece … Continue reading →

Posted in Atlantic City, Cantor Gaming, Current, Election, Harrah's, International, Massachusetts, Regulation, Taxes, Tourism, Tribal, Wall Street | 1 Comment

Hurricane Sandy: “It’s going to take years to recover”; ‘Unsafe sex’ at Sands

Posted on October 30, 2012 by David McKee

A natural disaster on the East Coast is fast becoming an industry-wide problem, its effects felt as far afield as Iowa, I kid you not. In light of the total havoc Hurricane Sandy has wrought upon travel, particularly by air, … Continue reading →

Posted in Atlantic City, Colony Capital, Donald Trump, Economy, Environment, Genting, Harrah's, Iowa, New York, Pennsylvania, Regulation, Sheldon Adelson, The Mob, The Strip, Tilman Fertitta, Tourism, Tribal, Tropicana Entertainment, Wall Street | 1 Comment

Cosmo: Yes, we have gambling!; Election Special 2: Palm Beach

Posted on October 30, 2012 by David McKee

For the umpteenth time, The Cosmopolitan of Las Vegas has been obliged to go to the media and say, ‘Yes, we not only have gambling but we actually like it, we really do.’ It’s a message that got kicked under … Continue reading →

Posted in Arizona, Cosmopolitan, Current, Dining, Economy, Election, Florida, Isle of Capri, Marketing, Racinos, Sheldon Adelson, Taxes, The Strip, Tourism, Tribal, Wall Street | Comments Off on Cosmo: Yes, we have gambling!; Election Special 2: Palm Beach

Aliante: Alone again, naturally

Posted on October 30, 2012 by David McKee

After a year as a management-only company, Station Casinos is departing the soon-to-be-former (effective Nov. 1) Aliante Station and taking its brand with it. To celebrate the occasion, Virgen Inc. PR firm busted out every font in its computer (really, … Continue reading →

Posted in Ameristar, Economy, Isle of Capri, Marketing, Missouri, North Las Vegas, Pinnacle Entertainment, Station Casinos, Wall Street | 1 Comment

Shadow-puppetry at the Sahara; TropiHilton of LV; Melco goes southerly

Posted on October 26, 2012 by David McKee

“Lightweight” might be a apt term to describe the braintrust forming around the SLS/Sahara project. So would “miscast.” Reporting to casino novice and owner Sam Nazarian, its president will be J.P. Morgan investment banker Sam Bakhshandehpour. His main qualification for … Continue reading →

Posted in Alex Yemenidjian, Colony Capital, Cosmopolitan, Current, Goldman Sachs, Harrah's, International, James Packer, Lawrence Ho, Marketing, Melco Crown Entertainment, MGM Mirage, Planet Hollywood, Sahara, Steve Wynn, The Strip, Tourism, Wall Street | Comments Off on Shadow-puppetry at the Sahara; TropiHilton of LV; Melco goes southerly

Pinnacle saves September in Louisiana; Echelon under wraps; The red-headed stepkids of Station, Sands and Caesars

Posted on October 18, 2012 by David McKee

Folks down in the Pelican State had better things to do than gamble last month … like clean up after Hurricane Isaac. This might account for a 5% year/year decline in casino revenues. Louisiana‘s gambling venues grossed $200 million last … Continue reading →

Posted in Boyd Gaming, CityCenter, Current, Economy, Entertainment, Florida, Harrah's, Isle of Capri, Louisiana, Marketing, MGM Mirage, Missouri, Pennsylvania, Pinnacle Entertainment, Politics, Racinos, Regulation, Sheldon Adelson, Station Casinos, Taxes, The Strip, Tourism, Transportation, Wall Street | Comments Off on Pinnacle saves September in Louisiana; Echelon under wraps; The red-headed stepkids of Station, Sands and Caesars

Election special 1: Oregon, Nevada, Michigan & Rhode Island

Posted on October 17, 2012 by David McKee

It’s time to wind up the S&G electoral machinery and look at casino-related ballot questions that you might be asked to weigh come November. In Arkansas, we’ve already had the piquant spectacle of a gambling ballot initiative that was struck … Continue reading →

Posted in Detroit, Economy, Election, Harry Reid, Illinois, International, Maryland, Massachusetts, Racinos, Rhode Island, Sheldon Adelson, Shuffle Master, Taxes, Tribal, Wall Street | Comments Off on Election special 1: Oregon, Nevada, Michigan & Rhode Island