Category Archives: Wall Street

Harrah's: Just as predicted

Posted on July 2, 2008 by David McKee

… it's servicing its debt by issuing more debt. This isn't necessarily a bad thing, as it will save the company $100 million. "What is more curious, if not troubling, is the reference to retiring debt taking advantage of current … Continue reading →

Posted in Atlantic City, Boyd Gaming, Harrah's, Wall Street | Comments Off on Harrah's: Just as predicted

Vegas Right Now = Bargain Country

Posted on July 2, 2008 by David McKee

While the Las Vegas Convention & Visitors Authority may blanch from peddling bargain-oriented messages, we don’t. While it wasn’t that long ago that some of us were mourning the apparent demise of on-Strip bargains — or redefining said bargains as … Continue reading →

Posted in Boulder Strip, Harrah's, LVCVA, Macau, MGM Mirage, Riviera, Sheldon Adelson, Station Casinos, The Strip, Wall Street | Comments Off on Vegas Right Now = Bargain Country

Denial in the suites

Posted on July 1, 2008 by David McKee

Gary Loveman must be working on his stand-up act. In today’s Wall Street Journal, he calls the present economic pickle “the toughest environment we’ve faced.” It might not be quite so difficult had Loveman not steered Harrah’s Entertainment (and its … Continue reading →

Posted in Columbia Sussex, Harrah's, Isle of Capri, Penn National, Station Casinos, Wall Street | Comments Off on Denial in the suites

"Risky" Harrah's; Yanks Heart Seminoles

Posted on June 20, 2008 by David McKee

Reuters reported this week that the debt carried by Harrah's Entertainment “may weaken from already distressed level as heavy capital spending and interest payments absorb cash flows at a time when the casino operator is also facing declining gambling revenues.” … Continue reading →

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Turnaround for Lady Luck?

Posted on June 20, 2008 by David McKee

A reliable source sees some light at the end of the Lady Luck tunnel: “CIM took ownership of the timeshare property last Oct. as LL Timeshare. Just this month they’re doing the individual deed assignments.” Don’t get your hopes up … Continue reading →

Posted in Downtown, International, James Packer, Macau, MGM Mirage, Sheldon Adelson, Stanley Ho, Steve Wynn, Wall Street | Comments Off on Turnaround for Lady Luck?

"Casino Bonds Crush Harrah's"

Posted on June 3, 2008 by David McKee

That’s Bloomberg, bearing the dire news that casino junk-bond debt is “generating the worst return for investors as companies from … Harrah’s Entertainment Inc. to Herbst Gaming Inc. risk bankruptcy under the weight of their debt.” With a return of … Continue reading →

Posted in Atlantic City, Columbia Sussex, Detroit, Donald Trump, Harrah's, Herbst Gaming, Indiana, Station Casinos, TV, Wall Street | Comments Off on "Casino Bonds Crush Harrah's"

Harrah's: Digging to China

Posted on May 23, 2008 by David McKee

Given the recent freeze-out on new casino operators in Macao, executives at Harrah’s Entertainment might as well be sporting T-shirts that read, “I spent $577.7 million in Macao and all I got was this lousy golf course.” And, in light … Continue reading →

Posted in Ameristar, Atlantic City, Harrah's, Macau, MGM Mirage, Penn National, Pennsylvania, The Strip, Tribal, Wall Street | Comments Off on Harrah's: Digging to China

More updates (or, Trouble with Trolls)

Posted on May 6, 2008 by David McKee

First, a correction: The Tropicana Casinos & Resorts Web site is here, finally up and running after languishing in a half-finished state for an entire year. I don’t know why Columbia Sussex has left the Tropicana Entertainment domain name sitting … Continue reading →

Posted in Atlantic City, Columbia Sussex, The Strip, Wall Street | Comments Off on More updates (or, Trouble with Trolls)

Wynn tells Wall Street where to go

Posted on May 2, 2008 by David McKee

Not so long ago, Steve Wynn stated an obvious truth: The our deepening recession would impact Las Vegas sooner or later. Wall Street promptly punished him by selling down Wynn Resorts stock. Fast-forward a few months and now it’s the conventional wisdom … Continue reading →

Posted in Columbia Sussex, MGM Mirage, Sheldon Adelson, Station Casinos, Steve Wynn, The Strip, Wall Street | Comments Off on Wynn tells Wall Street where to go

A good question

Posted on April 17, 2008 by David McKee

Math was always my worst subject, so it’s a good thing I’ve got sharp-eyed readers who keep me honest. One of them asks how MGM Mirage is going to save $75 million (later restated by the company as $200 million) … Continue reading →

Posted in Baseball, International, Macau, MGM Mirage, Mississippi, Taxes, Wall Street | Comments Off on A good question

Isle: Goldstein out, Perry in; Trump pummeled

Posted on March 5, 2008 by David McKee

Isle of Capri Casinos announced widening Y/Y losses today, along with the retirement of CEO Bernard Goldstein after 16 years at the helm. He gives way to board member James Perry, former CEO of Argosy Gaming and (briefly) Trump Entertainment. … Continue reading →

Posted in Atlantic City, Columbia Sussex, Donald Trump, Iowa, Isle of Capri, Louisiana, Marketing, Mississippi, Penn National, Pennsylvania, Singapore, Wall Street | 1 Comment