Category Archives: Wall Street

N.Y. casino expansion pimped

Posted on June 1, 2010 by David McKee

Casinos in the Catskills have been touted as an economic panacea for nigh unto a decade. We all know the ensuing score: much hype, little accomplishment. Still, that has not prevented one New York gubernatorial candidate from dusting this idea … Continue reading →

Posted in Atlantic City, Current, Economy, Election, New York, Pennsylvania, Politics, Taxes, Wall Street | Comments Off on N.Y. casino expansion pimped

“Wynn Agonistes”

Posted on May 28, 2010 by David McKee

Aka Wynn’s Struggle, a melodrama in three acts. In Act I, impervious to irony, Steve Wynn chides Washington, D.C., for overspending, overborrowing and artificial economic stimulation … as though nothing like that happened right along the Las Vegas Strip. He … Continue reading →

Posted in Current, Economy, Entertainment, Macau, Marketing, Politics, Steve Wynn, Taxes, The Strip, Tourism, Wall Street | 5 Comments

The bad guys won

Posted on May 28, 2010 by David McKee

Applying yet another tongue bath to the management and bankers who drove Station Casinos into a brick wall at top speed, bankruptcy Judge Gregg Zive has decreed Fertitta Gaming‘s $772 million* stalking-horse bid “an adequate floor” for the auction of … Continue reading →

Posted in Boulder Strip, Current, North Las Vegas, Station Casinos, Wall Street | 3 Comments

“Wow”

Posted on May 27, 2010 by David McKee

No, that’s not the sound of the Las Vegas Review-Journal‘s Jennifer Robison going weak in the knees at the sight of CityCenter again. It’s J.P.Morgan‘s analysts getting turned on by early numbers from Marina Bay Sands. So excited were they … Continue reading →

Posted in CityCenter, Current, Economy, Entertainment, Genting, International, James Packer, Lawrence Ho, Macau, Marketing, Massachusetts, Melco Crown Entertainment, Sheldon Adelson, Singapore, Tourism, Tribal, Wall Street | Comments Off on “Wow”

Motley Crew

Posted on May 26, 2010 by David McKee

(Editor’s note: Whoever labeled the photo at left misplaced the captions. FF3 is the guy having the good hair day and brother Lorenzo is the one with the handkerchief in his breast pocket.) In my 15 years of following the … Continue reading →

Posted in Ameristar, Boulder Strip, Boyd Gaming, Cannery Casino Resorts, CityCenter, Colony Capital, Current, Downtown, Economy, George Maloof, Goldman Sachs, James Packer, Penn National, Pennsylvania, Regulation, Station Casinos, Tourism, Wall Street | 6 Comments

Gary Loveman, pauper

Posted on May 26, 2010 by David McKee

Count Harrah’s Entertainment CEO Gary Loveman among the victims of the Great Recession. His total compensation for 2009 plummeted over 85%. The $1.9 million base pay is old news; the ex-prof also had to settle for a mere $3 million … Continue reading →

Posted in Boyd Gaming, Cosmopolitan, Economy, Election, Harrah's, Horseracing, Ohio, Penn National, Racinos, Technology, The Strip, Wall Street | 3 Comments

Shel & Bill, together again; Coup for HRH

Posted on May 25, 2010 by David McKee

As though yoked by karma, Las Vegas Sands CEO Sheldon Adelson and former sidekick William Weidner — the Jon & Kate Gosselin of the casino industry — seem destined to remain unwillingly chained together through eternity. Most recently, they’ve been … Continue reading →

Posted in CityCenter, Current, Downtown, Economy, Genting, Harrah's, Herbst Gaming, M Resort, Macau, Marketing, Massachusetts, Morgans Hotel Group, Pennsylvania, Politics, Racinos, Regulation, Sheldon Adelson, Stanley Ho, Texas, Tilman Fertitta, Tourism, Tribal, Wall Street | Comments Off on Shel & Bill, together again; Coup for HRH

X Train derailed; Wynn trumps Trump

Posted on May 24, 2010 by David McKee

It may already be time to stick a fork in the so-called X Train, which would use existing rail lines to carry gamblers from Los Angeles to Las Vegas. According to The Associated Press, X Train is being sued by … Continue reading →

Posted in California, Columbia Sussex, Donald Trump, Downtown, Golden Gaming, Station Casinos, Steve Wynn, The Strip, Tilman Fertitta, Tourism, Transportation, Wall Street | 2 Comments

The Ribis Factor

Posted on May 21, 2010 by David McKee

Today’s a hectic one: four bylines due and not much time for S&G. However, I am the beneficiary of some number-crunching conducted by a reader, who’s been following the decline and fall of Colony Capital‘s two Atlantic City casinos under … Continue reading →

Posted in Atlantic City, Colony Capital, Current, Donald Trump, Economy, Entertainment, George Maloof, Harrah's, Marketing, Mississippi, Planet Hollywood, Politics, Racinos, Taxes, The Strip, Wall Street | Comments Off on The Ribis Factor

Paging Gary Loveman …

Posted on May 19, 2010 by David McKee

When it comes to bankruptcy, the Fertitta Brothers are pikers compared to magician Steve Wyrick, whose eponymous “entertainment complex” went “Poof!” last Dec. 10. At the time, Wyrick harangued LVA for announcing the closure, saying his return was imminent. We’re … Continue reading →

Posted in Archon Corp., Current, Election, Entertainment, Harrah's, Macau, Maryland, MGM Mirage, Pennsylvania, Planet Hollywood, Regulation, Station Casinos, Steve Wynn, The Mob, The Strip, Wall Street | Comments Off on Paging Gary Loveman …

LV Hilton sagging

Posted on May 14, 2010 by David McKee

Tom Barrack‘s Colony C[r]apital may be running yet another casino into the ground. The Las Vegas Hilton reported earnings late today, swinging $5 million year/year from a profit to a loss. Food and beverage sales were steady but hotel rooms … Continue reading →

Posted in Colony Capital, Economy, The Strip, Wall Street | 2 Comments

Resorts World lifts Marina Bay Sands

Posted on May 13, 2010 by David McKee

Strongly early numbers and performance from Genting‘s Resorts World Sentosa metaresort are fueling bullish sentiment regarding Las Vegas Sands‘ $5.7 billion Marina Bay Sands megalith (above), part of a multi-pronged tourism push. Sentosa did $243 million in revenue and $79 … Continue reading →

Posted in Current, Economy, Genting, Regulation, Sheldon Adelson, Singapore, Steve Wynn, The Strip, Tourism, Wall Street | Comments Off on Resorts World lifts Marina Bay Sands

Not just another pretty face

Posted on May 11, 2010 by David McKee

Because of the relatively low base salaries drawn by CEOs of major casino companies, they’ve generally been exempt from mass-media scrutiny. However, the ways in which the compensation pot has been sweetened for Las Vegas‘ (or would that be China‘s?) … Continue reading →

Posted in Current, Entertainment, International, Sheldon Adelson, Steve Wynn, The Strip, Transportation, Wall Street | 2 Comments

Mixed signals along the rivers

Posted on May 11, 2010 by David McKee

Last month’s results from Missouri are as might be expected. The opening of Pinnacle Entertainment‘s River City lifted state revenues overall (6%) but at the price of a fair amount of cannibalization — mainly at other Pinnacle properties, although it … Continue reading →

Posted in Ameristar, Boyd Gaming, Columbia Sussex, Cordish Co., Detroit, Economy, Harrah's, Illinois, Indiana, Missouri, Penn National, Pinnacle Entertainment, Tribal, Tropicana Entertainment, Wall Street | Comments Off on Mixed signals along the rivers

Quote of the Day

Posted on May 11, 2010 by David McKee

“Where financing was hard to come by before, it’s nearly impossible for today.” — Columbia Sussex Executive Vice President Joseph Yung (son of Bill). Yes, it would be … especially when you’re leveraged to the gills like ColSux.

Posted in Columbia Sussex, Current, Economy, Wall Street | Comments Off on Quote of the Day

While Atlantic City burns …

Posted on May 7, 2010 by David McKee

While Atlantic City burns, Gov. Chris Christie fiddles. After coming into office saying the right things about helping the state’s casino industry, Christie has spent most of first months in office dithering uselessly. Having waited until A) the Revel project … Continue reading →

Posted in Alabama, Atlantic City, CityCenter, Colony Capital, Current, Dining, Donald Trump, Economy, Election, Environment, Harrah's, Louisiana, MGM Mirage, Mississippi, Pennsylvania, Planet Hollywood, Politics, Regulation, Steve Wynn, The Strip, Tourism, Tribal, Wall Street | 4 Comments

How ’bout “Frankie & Lon’s Shack o’ Slots”?

Posted on May 5, 2010 by David McKee

So, will $10 billion Viva precede or follow those condo towers next to Palace Station in the grand Station scheme of things? There are any number of gaming companies about which one can write with approbation. Station Casinos is not … Continue reading →

Posted in Atlantic City, Boulder Strip, Boyd Gaming, Cannery Casino Resorts, Colony Capital, Current, Economy, Station Casinos, Wall Street | 9 Comments

Sheldon’s smokin’ (something)

Posted on April 30, 2010 by David McKee

If any other gaming CEO than Sheldon Adelson opened the most expensive casino ever ($5.5 billion) and projected it would recoup its tab in five years — requiring a return on investment well above 20% when you take operating costs … Continue reading →

Posted in Atlantic City, Colony Capital, Entertainment, Fontainebleau, Harrah's, International, Macau, Marketing, Penn National, Pennsylvania, Planet Hollywood, Sheldon Adelson, Singapore, Station Casinos, Wall Street, World Series of Poker | 2 Comments

Harrah’s red-headed stepchild

Posted on April 23, 2010 by David McKee

If we (you, me, everybody) had a dollar for ever time we heard a rumor that Harrah’s Entertainment was putting The Rio on the block, we could pool enough moolah to amortize CEO Gary Loveman‘s recent $100,000 pay cut. Our … Continue reading →

Posted in Archon Corp., Atlantic City, Current, Economy, George Maloof, Harrah's, International, James Packer, Laughlin, Planet Hollywood, Station Casinos, The Strip, Wall Street | 10 Comments

Quote of the Day

Posted on April 22, 2010 by David McKee

“It’s retribution, and it’s an incredibly bad business decision because there is so much brand equity wrapped up in that Mirage name. Kirk Kerkorian would not have bought those resorts were it not for all the value and mystique that … Continue reading →

Posted in Current, MGM Mirage, Steve Wynn, Wall Street | 2 Comments