Category Archives: Wall Street

Morgans: They’re baaaaaaack!; Un-win at Cosmo

Posted on November 18, 2011 by David McKee

Just when you thought it was safe to invest in Las Vegas again, the city went to bed last night to the news that masters of disaster Morgans Hotel Group had purchased nightclub operator Light Group. Given Morgans’ propensity for … Continue reading →

Posted in Boyd Gaming, Cosmopolitan, Current, Entertainment, Florida, Marketing, MGM Mirage, Morgans Hotel Group, Sahara, Technology, The Strip, Tribal, Wall Street | 2 Comments

Atlantic City: Fertitta struggling, Gomes triumphing, Boyd steady

Posted on November 10, 2011 by David McKee

No surprise that Borgata remains in a class by itself among Atlantic City resorts. It finished October at 0.0% deviance from last year, as flat as “flat” can be. The lone gainer in the market was Resorts Atlantic City, up … Continue reading →

Posted in Atlantic City, Colony Capital, Current, Dennis Gomes, Detroit, Donald Trump, Economy, Genting, Harrah's, Melco Crown Entertainment, MGM Mirage, New York, Racinos, Regulation, Sheldon Adelson, Singapore, Steve Wynn, Tilman Fertitta, Tourism, Tropicana Entertainment, Wall Street | 1 Comment

Quote of the Day

Posted on November 9, 2011 by David McKee

“The era of government-granted casino monopolies is over. Many of our markets are now oversaturated with commercial and tribal casinos. In some states, licenses are even being left untaken. The era of limitless capital is over. Between huge commercial casino … Continue reading →

Posted in Economy, G2E, Harrah's, Regulation, Tribal, Wall Street | Comments Off on Quote of the Day

Rule or ruin in Illinois; A new deal in Detroit

Posted on November 8, 2011 by David McKee

State Rep. Lou “Death Wish” Lang (D, right) continues to dare, then double-dare Gov. Pat Quinn (D) to veto what’s now a 2.6X expansion of the number of gambling positions in the state of Illinois. Lang has offered a few … Continue reading →

Posted in Boyd Gaming, CityCenter, Current, Dan Lee, Detroit, Economy, Harrah's, history, Illinois, Indiana, International, Iowa, Louisiana, MGM Mirage, Mississippi, Missouri, Neil Bluhm, Penn National, Politics, Racinos, Reno, Slot routes, The Strip, Wall Street | 3 Comments

Another victory like this …

Posted on November 4, 2011 by David McKee

In one of the most Pyrrhic victories in casino-industry history, Colony Capital has managed to prevent foreclosure of the former Atlantic City Hilton. But the cost of victory outweighs the gain. Colony got itself out of this scrape by giving … Continue reading →

Posted in Colony Capital, Current, Dennis Gomes, Genting, Mississippi, New York, Politics, Racinos, Regulation, Tilman Fertitta, Wall Street | 1 Comment

Sahara 2.0: Nazarian gets real

Posted on November 2, 2011 by David McKee

Chuck Monster had this right on the money: He called Sahara owner Sam Nazarian‘s bluff over and over and over again on the latter’s luxury-megaresort predictions for the aging, shuttered property. Today, the Clark County Commission took the wraps off … Continue reading →

Posted in Boyd Gaming, Carl Icahn, Current, Economy, Fontainebleau, Goldman Sachs, Harrah's, Marketing, MGM Mirage, Riviera, Sahara, The Strip, Tourism, Wall Street | 5 Comments

Is MGM Grand Detroit too successful for its own good?

Posted on October 28, 2011 by David McKee

From a labor-relations standpoint, yes. Although workers at Greektown Casino were quick to ratify a new collective-bargaining agreement, closely followed by MotorCity Casino, it was a different story across town. Employees of MGM Grand Detroit decided their union reps were … Continue reading →

Posted in Atlantic City, Current, Detroit, Economy, Election, MGM Mirage, New York, Penn National, Racinos, Sheldon Adelson, Sports, Tourism, Wall Street | 1 Comment

MSM tunes Steve Wynn out

Posted on October 20, 2011 by David McKee

Has Steve Wynn jumped the shark? That is a question I never, ever thought I’d be asking. But an interesting thing happened in the wake of Winn Wynn Resorts‘ most recent conference call. Toward the end, he went on his … Continue reading →

Posted in Boyd Gaming, California, Carl Icahn, Current, Donald Trump, Economy, Florida, Harrah's, history, Illinois, International, Massachusetts, MGM Mirage, Plaza, Politics, Racinos, Regulation, Sheldon Adelson, The Strip, Tourism, Wall Street | 5 Comments

Quote of the Day

Posted on October 18, 2011 by David McKee

“You can’t fight the tape.” — MGM Resorts International CEO James Murren, on the futility of reasoning with the stock market, at Global Gaming Expo last week.

Posted in G2E, MGM Mirage, Wall Street | Comments Off on Quote of the Day

Breakthrough in Massachusetts

Posted on October 13, 2011 by David McKee

This just in … the Massachusetts state Senate voted 24-14 to send casino legalization on to a conference committee, where the House’s version — passed with a crushing majority — already reposes. Differences between the two versions, obviously, will have … Continue reading →

Posted in Bally Technologies, Current, Economy, Florida, Genting, Harrah's, Horseracing, IGT, Internet gambling, Movies, Penn National, Pennsylvania, Politics, Racinos, Regulation, Sheldon Adelson, Slot routes, Sports, Steve Wynn, Taxes, Tribal, Wall Street, WMS Industries | Comments Off on Breakthrough in Massachusetts

Monopoly over Miami

Posted on October 4, 2011 by David McKee

A recent visitor to Las Vegas from the Pacific Rim told me that Sheldon Adelson has worn out his welcome in Macao (which is on pace to eclipse all other gaming markets combined) and is fast doing so in Singapore. … Continue reading →

Posted in Archon Corp., Current, Economy, Florida, Genting, Harrah's, Internet gambling, Laughlin, Macau, Massachusetts, New York, Pennsylvania, Politics, Racinos, Sheldon Adelson, Singapore, Stanley Ho, Steve Wynn, Taxes, Wall Street | Comments Off on Monopoly over Miami

Quote of the Day

Posted on October 4, 2011 by David McKee

“Ferries don’t come to Macao during a typhoon but they don’t leave either.” — Deutsche Bank gaming analyst Carlo Santarelli, endeavoring to calm investor fears of “a broader slowdown in China” — anxieties that have driven MGM Resorts International, Las … Continue reading →

Posted in Economy, James Packer, Lawrence Ho, Melco Crown Entertainment, MGM Mirage, Sheldon Adelson, Steve Wynn, Wall Street | Comments Off on Quote of the Day

As the foreclosure turns …

Posted on October 3, 2011 by David McKee

Although its cash flow improved 47% this year to date, Hooters Casino Hotel continues to dribble red ink — losses incurred, in part, by its ongoing bankruptcy soap opera. And although it has close to $10 million in the till, … Continue reading →

Posted in Colony Capital, Goldman Sachs, IGT, The Strip, Wall Street | Comments Off on As the foreclosure turns …

The Great Riverboat Robbery revisited; Wynncore Manila?

Posted on September 28, 2011 by David McKee

Under fire for the low property valuations it placed on Pinnacle Entertainment‘s River City and Caesars Entertainment‘s Harrah’s Maryland Heights, the St. Louis County Board of Equalization backpedaled … sorta. They accepted County Assessor Jake Zimmerman‘s increased valuation for soon-to-expand … Continue reading →

Posted in Ameristar, Current, Detroit, Downtown, Economy, G2E, Harrah's, International, Marketing, Missouri, Pinnacle Entertainment, Steve Wynn, Tamares Group, Taxes, Wall Street | Comments Off on The Great Riverboat Robbery revisited; Wynncore Manila?

G2E 2011: No big deal?

Posted on September 27, 2011 by David McKee

I’ve been debating whether or not to give Global Gaming Expo a pass this year and this morning’s dispatch from Deutsche Bank‘s Carlo Santarelli didn’t exactly quicken my pulse. His prediction? A “quiet” G2E, due to slow growth in the … Continue reading →

Posted in CityCenter, Current, Economy, G2E, International, Internet gambling, James Packer, Lawrence Ho, Macau, Marketing, Melco Crown Entertainment, MGM Mirage, Regulation, Sheldon Adelson, Stanley Ho, Steve Wynn, Tourism, Wall Street | Comments Off on G2E 2011: No big deal?

Coming attractions

Posted on September 22, 2011 by David McKee

Yes, there’s all manner of excitement and intrigue going on in the gaming world — like Las Vegas Sands issuing a dividend to shareholders — but I’ve not had much time for the S&G beat. With everyone at LVA HQ … Continue reading →

Posted in Dining, Downtown, Economy, Entertainment, Harrah's, history, MGM Mirage, Sahara, Sheldon Adelson, Tamares Group, The Strip, Tourism, Wall Street | Comments Off on Coming attractions

The great riverboat robbery; Pusateri’s revenge; Gaming’s top 12

Posted on September 21, 2011 by David McKee

Increased funding for education is always the big selling point whenever gambling laws in Missouri are liberalized. This week, schools are finding out what sort of Indian givers their casino benefactors are. Schools are among the public services that stand … Continue reading →

Posted in Ameristar, Bally Technologies, Boyd Gaming, Current, George Maloof, Harrah's, IGT, Isle of Capri, Macau, MGM Mirage, Missouri, Morgans Hotel Group, Penn National, Pinnacle Entertainment, Regulation, Sheldon Adelson, Steve Wynn, Taxes, The Strip, Tourism, Wall Street, Warner Gaming, WMS Industries | 3 Comments

No trouble in River City; Phasing out Trump

Posted on September 12, 2011 by David McKee

Breaking out of its recent abundance of caution, Pinnacle Entertainment has announced $82 million in upgrades for River City. The expansion will incorporate 1,700 new parking spaces, a hotel tower (200 rooms) and 10,000 square feet of meeting space. Shovels … Continue reading →

Posted in Atlantic City, Current, Donald Trump, Economy, Missouri, Pennsylvania, Pinnacle Entertainment, Regulation, Wall Street | 1 Comment

How to get things done in Macao? Bribery!

Posted on September 12, 2011 by David McKee

OK, so it’s called “paying a premium,” but Steve Wynn finally pried 51 acres of Cotai Strip™ landfill real estate loose from Macao by forking over $193 million ($3.8 million an acre), plus annual lease payments. In return. he’s got … Continue reading →

Posted in Current, Election, Florida, Genting, International, Internet gambling, James Packer, Lawrence Ho, Macau, Melco Crown Entertainment, MGM Mirage, Politics, Racinos, Regulation, Sheldon Adelson, Stanley Ho, Steve Wynn, Tribal, Wall Street | Comments Off on How to get things done in Macao? Bribery!

Irene, you jezebel!

Posted on September 9, 2011 by David McKee

“You come, you stay, you go/It really doesn’t matter/You’ve done it all before/By now they’ll know the pattern.” — ABBA OK, so Benny & Bjorn were writing about a gal named Elaine not a hurricane called Irene. Although the storm … Continue reading →

Posted in Atlantic City, Current, Donald Trump, Economy, Environment, Harrah's, Macau, Neil Bluhm, Pennsylvania, Racinos, Sheldon Adelson, Tourism, Tribal, Tropicana Entertainment, Wall Street | Comments Off on Irene, you jezebel!