Goodbye, Trump Plaza; Vaccine news boosts Big Gaming

Atlantic City Mayor Marty Small (D) has found a nifty way to raise money for the Boys & Girls Club of Atlantic City: Auction off the right to push the button that implodes Trump Plaza on Jan. 29. Small hopes it will bring in big bucks, a million dollars or more. Hey, if we had it, we’d pay it. The top bidder gets the right to demolish the Boardwalk’s worst eyesore and end the Trump Era in Atlantic City once and for all. “Some of Atlantic City’s iconic moments happened there,” Small allowed, “but on his way out, Donald Trump openly mocked Atlantic City, saying he made a lot of money and then got out.” The dilapidated edifice has been periodically crumbling onto the thoroughfares below and implosion is in the nature of a mercy killing, Trump Dump having been closed for six years now. And when it was still open its revenues would barely fill a Dixie cup. A new use for its site has yet to be determined but Small is going to pitch owner Carl Icahn on some kind of family attraction.

The release of Covid-19 vaccines is boosting gaming stocks, according to JP Morgan analyst Joseph Greff, who says the gaming group is trading as much as 26% higher. “How 2020 started, evolved, and finished was manic and startling, with fundamentals and valuations settling on a more optimistic note at year-end, where our coverage universe is ending 2020 with broadly strong share price performance,” he writes, noting that Big Gaming is exponentially outperforming the S&P index. In Macao he sees a “gradual” recovery, redounding most to the benefit of Melco Resorts & Entertainment, Wynn Resorts and Sands China. For its “under appreciated” sports betting and regional gaming strength, Greff likes Boyd Gaming best, better even than Penn National Gaming.

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