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Category Archives: Wall Street
The whales of August
Nevada had another big casino bounce — $944.5 million, its largest since February’s $947 million. However, some of the positive auguries are real and some are misleading. To get the big one out of the way, Strip slot revenues were … Continue reading
Posted in Boulder Strip, Current, Economy, Harrah's, Kansas, Lake Tahoe, Laughlin, Louisiana, North Las Vegas, Regulation, Reno, The Strip, Tourism, Vdara Death Ray, Wall Street
2 Comments
No (M)irage this time: Penn enters Vegas
They’ve been busy little beavers at Penn National Gaming, which is — would you believe it? — now the third-largest operator in the U.S. Never mind that Penn bought a horse track in Ohio, on top of building two casinos … Continue reading
Ask Anthony?
Former Harrah’s Entertainment veep and Santo Gaming founder Anthony F. Santo is six days into his stewarship of Tamares Group‘s downtown Las Vegas casinos. But he’s not putting all his eggs in Tamares’ basket. His company was handed the reins … Continue reading
Posted in CityCenter, Cosmopolitan, Current, Harrah's, Marketing, MGM Mirage, Reno, Tamares Group, The Strip, Tourism, Vdara Death Ray, Wall Street
6 Comments
Jump le sharque: Cirque bombs in Macao
After sinking a reported $150 million into Cirque du Soleil‘s Zaia, Las Vegas Sands may find itself in possession of a very expensive “loss leader.” According to The Australian, “attendances [sic] have been poor and tickets have been heavily discounted.” … Continue reading
Posted in Atlantic City, Cirque du Soleil, Current, Detroit, Economy, Entertainment, International, James Packer, Lawrence Ho, Louisiana, Macau, Marketing, Melco Crown Entertainment, MGM Mirage, Mississippi, Pennsylvania, Sheldon Adelson, Steve Wynn, Tourism, Wall Street
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CityCenter gets a visitor, deploys Vdara Death Ray
He’s not just any sightseer but the type of East Coast tastemaker MGM Resorts International CEO Jim Murren hoped to impress: New Yorker architecture critic Paul Goldberger. Heretofore, Goldberger’s most memorable pronouncement in re Vegas came 13 years ago, when … Continue reading
Posted in Architecture, CityCenter, Cretins, Current, Encore, Fontainebleau, George Maloof, history, Marketing, MGM Mirage, The Strip, Tribal, TV, Vdara Death Ray, Wall Street
4 Comments
Barrack 1, Bankers 0; Criminal stupidity
A skirmish over the fate of the Atlantic City Hilton ended in victory for Colony Capital. A Superior Court judge decided there were too many unresolved issues in the dissolution of Colony’s East Coast casino portfolio to warrant taking the … Continue reading
Posted in Atlantic City, Boyd Gaming, California, Colony Capital, Columbia Sussex, Current, Economy, Harrah's, Horseracing, International, Lake Tahoe, Marketing, Massachusetts, MGM Mirage, Mississippi, Neil Bluhm, Pennsylvania, Politics, Racinos, Regulation, Sports, Station Casinos, The Strip, Tilman Fertitta, Tourism, Tribal, Wall Street
1 Comment
Singapore keeps on booming; Kudos to WMS, Golden Gaming
While it’s still a stretch that Sheldon Adelson is going to bank an annual $1 billion profit on Marina Bay Sands, as he predicts, he’s making money hand over fist there anyway. J.P. Morgan analysts say Marina Bay is on … Continue reading
Posted in Boyd Gaming, Current, Downtown, Economy, Golden Gaming, Marketing, Morgans Hotel Group, Sheldon Adelson, Singapore, Station Casinos, Steve Wynn, Technology, Wall Street, WMS Industries
Comments Off on Singapore keeps on booming; Kudos to WMS, Golden Gaming
The Big Lie
As we’ve been taught, if you’re going to tell a lie then make it a whopper. Enter Republican Advocates President Jim Clark. Having called completion of CityCenter “throwing good money after bad”, Clark unloads this doozy: “The project is now … Continue reading
Posted in Architecture, Economy, Harry Reid, MGM Mirage, Politics, The Strip, Wall Street
7 Comments
And then there was one
Scarcely had Steve Wynn and Victor Drai parted company than Wynn Resorts issued this curt declaration at 10 a.m. today: Cy Waits has been separated from the company and is free to pursue other interests. Wynn [Resorts] has no further … Continue reading
Venetian Oriental delayed again; Wynn & Drai divorce
Worker-recruitment problems in Macao are worse than Las Vegas Sands has been letting on. The company has now re-postponed its $4 billion, 6,000-room Venetian Oriental into late 2011, with its second phase debuting in mid-2012. The company’s verbiage, however, raises … Continue reading
Reid wusses out; Sucker bets, Sheldon & strippers
UIGEA repeal? Forget about it. Sen. Harry Reid (D-NV) has chickened out again. Pressed on the issue, he said he’d support the legalization of online poker but faintheartedly drew the line there. That still wasn’t good enough for some independent … Continue reading
Posted in Australia, CityCenter, Current, Dubai, Election, Entertainment, Harrah's, Harry Reid, International, Internet gambling, James Packer, Macau, Marketing, MGM Mirage, Morgans Hotel Group, Politics, Regulation, Reno, Sheldon Adelson, Steve Wynn, The Strip, Tourism, Wall Street, World Series of Poker
3 Comments
Last Resorts? Colony wins one
It still looks like Resorts Atlantic City is the casino most likely to close in that market, on pace to lose nearly $22 million this year. That’s the monumental challenge facing prospective new owner Dennis Gomes. In unadjusted dollars, the … Continue reading
Strip rates bottom out
There was good news for hoteliers on the Las Vegas Strip today. Room rates for the second quarter and the first half of the third quarter average out to a 0% increase/decline from last year, following a -4% comparison in … Continue reading
Posted in Economy, Harrah's, MGM Mirage, Regulation, Reno, Sheldon Adelson, Steve Wynn, The Strip, Tourism, Wall Street
2 Comments
How green is Vegas?; Harrah’s thinks globally, acts locally
A lot greener than you’d think, says Las Vegas Sustainability Officer (yes, we have one) Thomas Perrigo. Among those companies getting recognition of leading the way in “green” initiatives is Harrah’s Entertainment, which has reduced its energy consumption by vast … Continue reading
Posted in Charity, Current, Dining, Economy, Entertainment, Environment, Florida, Harrah's, Marketing, Technology, The Strip, Tourism, Wall Street
4 Comments
Suicidal in New Jersey
Atlantic City can just plain go to hell. That’s the message from several prominent — or simply loud — Democratic lawmakers who say Gov. Chris Christie‘s rescue plan for the city is spinach and to heck with it. Noisiest of … Continue reading
Who needs M most?; Station’s glass jaw
In a shocker of a scoop, The Newspaper That Must Not Be Cited revealed yesterday that a $700 million stake in $1 billion M Resort was being shopped around by the resort’s lead banker. While this probably says more about … Continue reading
Posted in Atlantic City, Boulder Strip, Boyd Gaming, California, Carl Icahn, Colony Capital, Cosmopolitan, Current, Downtown, Economy, Kansas, M Resort, Maryland, MGM Mirage, Michael Gaughan, North Las Vegas, Ohio, Penn National, Pinnacle Entertainment, Riviera, Station Casinos, The Strip, Tourism, Tropicana Entertainment, Wall Street
8 Comments
Singapore packs ’em in
Results are in for the first quarter of a fully operational Resorts World Sentosa and they point to a $2.5 billion gross this year, $1.5 billion in cash flow and an ROI of 32% at the $4.74 billion metaresort. J.P. … Continue reading
Posted in Economy, Genting, history, Pennsylvania, Sheldon Adelson, Singapore, Wall Street
1 Comment
New shakeup at Melco; Adelson goes tropical
Those of you for whom Melco Crown Entertainment has been a bumpy ride are about to experience additional turbulence. CFO Simon Dewhurst has stepped down and MPEL board has — rather late in the day — decided “to find a … Continue reading
The Summer of Love(man)
It may be hard to believe in retrospect, but at the time of Harrah’s Entertainment‘s LBO, some analysts thought it would be partly amortized by selling off the company’s regional properties. That prompted me to write something to the effect … Continue reading
Posted in Atlantic City, Australia, Current, Detroit, Dining, Economy, Entertainment, Harrah's, history, Horseracing, Kansas, Marketing, Ohio, Racinos, Regulation, Station Casinos, Taxes, Tourism, Tribal, Wall Street
2 Comments