Category Archives: Wall Street

Plaza (the other one) & Gold Spike dispatches

Posted on October 21, 2008 by David McKee

According to the grapevine, El-Ad Properties' Plaza megaresort is not only a "go," but Credit Suisse and Goldman Sachs are likely financiers. That is, if El-Ad and partner Nochi Dankner kick in more equity (I'm hearing $150 million), having exuberantly … Continue reading →

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A.C. casino workers dissed (again)

Posted on October 6, 2008 by David McKee

Representative democracy seems to be too radical a concept for the New Jersey state senate's Wagering, Tourism & Historic Preservation Committe to enwrap within its parochial minds. It's sent back for redrafting a bill that would allow Atlantic City casino … Continue reading →

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Happy anniversary, you're fired

Posted on October 6, 2008 by David McKee

That was essentially the message conveyed to several dozen workers at MGM Grand Detroit as the hotel-casino passed its first anniversary. Such cutbacks are usually routine in the industry and this one affected but a fraction of a percentage of … Continue reading →

Posted in Atlantic City, Boyd Gaming, Detroit, Gary Goett, Harrah's, MGM Mirage, Tribal, Wall Street | Comments Off on Happy anniversary, you're fired

Macao: Not so fast?

Posted on October 3, 2008 by David McKee

Here’s a how-de-do, to paraphrase Gilbert & Sullivan. The head of the Travel Industry Council of Macau appears to confirm a report that many Chinese citizens will now be restricted to visiting the former Portugese colony on a quarterly basis. … Continue reading →

Posted in Colorado, Kansas, Macau, MGM Mirage, Sheldon Adelson, Steve Wynn, Wall Street | Comments Off on Macao: Not so fast?

Macao: Not so fast?

Posted on October 3, 2008 by David McKee

Here’s a how-de-do, to paraphrase Gilbert & Sullivan. The head of the Travel Industry Council of Macau appears to confirm a report that many Chinese citizens will now be restricted to visiting the former Portugese colony on a quarterly basis. … Continue reading →

Posted in Colorado, Kansas, Macau, MGM Mirage, Sheldon Adelson, Steve Wynn, Wall Street | Comments Off on Macao: Not so fast?

Landry's vote set; IGT blues

Posted on September 25, 2008 by David McKee

Nov. 3 is the appointed day for Landry’s shareholders to vote on CEO Tilman Fertitta‘s $21/share buyout offer. The stock’s had a wild ride lately, hitting bottom at $12.42, following a precipitate dive during what might be called Hurricane Ike … Continue reading →

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Penn impresses analysts

Posted on September 12, 2008 by David McKee

Penn National threw open its doors to Wall Street and JP Morgan, for one, came away impressed by what it heard. Basically, management is charting a fiscally conservative course, even though it could eventually reap $1.2 billion from its busted … Continue reading →

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Case Bets: South Point, Gustav, Monte Carlo, Gold Spike, Excalibur, etc.

Posted on September 2, 2008 by David McKee

Why does a holiday weekend suck? Because it means that instead of having to dig through three days' worth of the Las Vegas Review-Journal on Monday (a depressing task under the best of circumstances), a Tuesday start means at least … Continue reading →

Posted in Animals, Current, Downtown, MGM Mirage, Michael Gaughan, Mississippi, Monte Carlo fire, Sheldon Adelson, Tamares Group, Taxes, The Strip, Wall Street | Comments Off on Case Bets: South Point, Gustav, Monte Carlo, Gold Spike, Excalibur, etc.

From bad to worse

Posted on August 19, 2008 by David McKee

British Reuters lays out a dire scenario for casino bonds, the second-most-distressed sector of the junk-bond market (only media firms are doing worse). "We believe it probably hasn't hit its bottom," is the grave verdict of Moody's Investors Service analyst … Continue reading →

Posted in Columbia Sussex, Donald Trump, Harrah's, Isle of Capri, Morgans Hotel Group, Sheldon Adelson, Station Casinos, The Strip, Wall Street | Comments Off on From bad to worse

This is news?; plus Station/Harrah's/Echelon notes

Posted on August 12, 2008 by David McKee

Way back when Vestin Group made a loan to the Castaways that exceeded the doomed casino's appraised value (as revealed by a Vestin-commissioned appraisal that miraculously emerged when the Castaways filed for bankruptcy*), I did some digging into Vestin's financials. … Continue reading →

Posted in Boyd Gaming, Harrah's, Morgans Hotel Group, Station Casinos, The Strip, Wall Street | Comments Off on This is news?; plus Station/Harrah's/Echelon notes

More bankruptcies predicted

Posted on August 12, 2008 by David McKee

Financial Week weighs in the casino industry's current doldrums, amplifying the newly recurrent refrain that the revenue diversification which we thought would shield Las Vegas and other destination markets from the bad times is instead increasing its exposure to same. … Continue reading →

Posted in Boyd Gaming, Herbst Gaming, Indiana, Morgans Hotel Group, Sheldon Adelson, The Strip, TV, Wall Street | Comments Off on More bankruptcies predicted

Sands: More is sometimes less

Posted on August 6, 2008 by David McKee

One of the advantages of availing oneself of Las Vegas' public-transit system is that affords me plenty of time to read corporate filings. Such was the case this morning, when I spent some quality time belatedly curling up with Las … Continue reading →

Posted in Columbia Sussex, Don Barden, Downtown, Harrah's, Macau, Pennsylvania, Sheldon Adelson, The Strip, Wall Street | Comments Off on Sands: More is sometimes less

Case Bets: MGM Mirage, Ameristar, Penn National

Posted on August 5, 2008 by David McKee

It almost goes without saying right now that any earnings report is going to come in slightly below Wall Street’s consensus. That’s just the way the dice are bouncing these days. Such is the case with MGM Mirage, where Strip … Continue reading →

Posted in Ameristar, Colorado, Detroit, Harrah's, Illinois, Indiana, MGM Mirage, Penn National, The Strip, Wall Street | Comments Off on Case Bets: MGM Mirage, Ameristar, Penn National

Man Bites Dog Dept.

Posted on August 4, 2008 by David McKee

A Republican senator running for reelection on the strength of his good relationship with … Sen. Barack Obama?!? Between that and the strong possibility that Sen. John McCain could win the presidency and yet see the national GOP sustain tremendous … Continue reading →

Posted in Boyd Gaming, Election, Politics, The Strip, Wall Street | Comments Off on Man Bites Dog Dept.

Boyd Has Brass Balls

Posted on August 1, 2008 by David McKee

Yesterday, I got a hint that Something Big was going to be announced in today’s Boyd Gaming earnings report. Little did I suspect it would be the completely unprecedented (in my recollection) step of halting a megaresort project in mid-stream … Continue reading →

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Ameristar: What makes sense?

Posted on August 1, 2008 by David McKee

Perhaps this is what happens when you outsource your business coverage to India, but Reuters had a story yesterday positing MGM Mirage and Harrah's Entertainment as two of the likeliest buyers for Ameristar Casinos. Uhhh, I hate to break this … Continue reading →

Posted in Ameristar, Boyd Gaming, Downtown, Harrah's, James Packer, MGM Mirage, Mississippi, Missouri, Penn National, Pinnacle Entertainment, The Strip, Tribal, Wall Street | Comments Off on Ameristar: What makes sense?

Gold Coast buffet

Posted on July 18, 2008 by David McKee

Our ongoing buffet crawl took us to the Gold Coast last night. After applying a Pocketbook of Values coupon, it came out to $11.80 for two people, which definitely counts as a bargain play, provided you manage your expectations somewhat. … Continue reading →

Posted in Boyd Gaming, Harrah's, Isle of Capri, Mississippi, Wall Street | Comments Off on Gold Coast buffet

The Ameristar war begins

Posted on July 17, 2008 by David McKee

Just a quick hit on my way out the door to spend an evening prepping for The Dark Knight by watching Batman Begins … Ameristar's in play. No news flash there and, for the life of me, I can't figure … Continue reading →

Posted in Ameristar, Boyd Gaming, Columbia Sussex, Harrah's, Illinois, Indiana, Isle of Capri, James Packer, MGM Mirage, Penn National, Pennsylvania, Pinnacle Entertainment, The Strip, Wall Street | Comments Off on The Ameristar war begins

Ameristar spurned, Wynn rewarded

Posted on July 11, 2008 by David McKee

What’s worse than being jilted? Being told you’re too ugly to to even date. That’s about what happened to Ameristar Casinos, which just got blown off by Crown Ltd. Then again, look at James Packer’s American holdings and pending acquisitions … Continue reading →

Posted in Ameristar, James Packer, Macau, MGM Mirage, Movies, Pennsylvania, Sheldon Adelson, Steve Wynn, The Strip, Wall Street | Comments Off on Ameristar spurned, Wynn rewarded

Indiana: It sure could be worse

Posted on July 8, 2008 by David McKee

… because you could be Illinois, where June gambling revenues went into the toilet (-21%). Which isn’t to say that Indiana‘s numbers look good only by comparison. In fact, the Hoosier State may be benefiting from the Land of Lincoln’s … Continue reading →

Posted in Boyd Gaming, Columbia Sussex, Harrah's, Indiana, Penn National, Pinnacle Entertainment, Tribal, Wall Street | Comments Off on Indiana: It sure could be worse