Wild card; Parx gets one-finger salute

Move over sports books, here comes … Buffalo Wild Wings?!? Yes, the restaurant business known for its trivia games and spicy food wants to get into the sports-betting business. “As the largest sports bar in America, we believe Buffalo Wild Wings is uniquely positioned to leverage sports gaming to enhance the restaurant experience for our guests. We are actively exploring opportunities, including potential partners, as we evaluate the next steps for our brand,” read a company statement. The move appears to be not coincidental with the recent acquisition of Buffalo Wild Wings by Inspire Brands. “Uniquely positioned” is right: The chain has outposts in all 50 states.

This isn’t entirely new for the restaurateur. Its Nevada locations have slot machines, among Continue reading

Posted in Atlantic City, Bruce Deifik, DFS, Dining, Economy, Galaxy Entertainment, Greenwood Racing, Hard Rock International, International, Japan, Macau, MGM Mirage, Nevada, Pennsylvania, Société des Bains de Mer, South Korea, Sports betting, Technology, Tourism, West Virginia | Comments Off on Wild card; Parx gets one-finger salute

Quote of the Day

“We can’t make good beer without clean water!” — One World Brewing owner Ryan Naylor on the impending repeal of the Clean Water Rule.

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Quote of the Day

“One of the best lessons we learned was from the mistakes that daily fantasy sports made back in 2015, certainly when it came to the issue of advertising responsibly. They got way out ahead of their skis in 2015 with a barrage on the airwaves with all sorts of advertising that made regulators and legislators scratch their heads and say to themselves, ‘What is this? Is this gambling? Is this regulated? What’s going on here?’ We absolutely do not want to make the mistakes that were made back in 2015.” — American Gaming Association Senior Vice President for Public Affairs Sara Slane on the need to roll out sports betting in a responsible manner.

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Indiana comes up short; Too gay for Vegas

One less weekend day made all the difference for Indiana in July, as statewide gambling revenues were 1% down. The statewide gross was $191 million, with refugee players from Chicago helping to lead the way. (Remember, you can still smoke in Indiana casinos but not in Illinois.) Revenues for tribal Four Winds Casino are unknown but they continue to gnaw at Blue Chip, off 3% last month and so “tracking down 5.8% y/y.” JP Morgan analyst Joseph Greff writes, “Looking ahead, we model 3Q18 [gross gaming revenue] at the property to decrease by 10.0% y/y.” That’s not what Boyd Gaming wants to read this morning.

Among Blue Chip’s neighbors in the northern tier, Horseshoe Hammond led the state with $33 million, despite a 3.6% decline. Ameristar East Chicago was up 5% to $19 million while players seemingly fled Continue reading

Posted in Ameristar, Boyd Gaming, Caesars Entertainment, Dining, Full House Resorts, Illinois, Indiana, Pinnacle Entertainment, Racinos, Steve Wynn, The Strip, Tribal, Tropicana Entertainment, Wynn Resorts | Comments Off on Indiana comes up short; Too gay for Vegas

My executive assistant

Posted in Animals, Pets | 2 Comments

Take that, Philippines!; NY casino out-brews rivals

Think you’ve got a casino, Landing International? Guess again. Ground had scarcely been broken on a $1.5 billion megaresort, which had been making headlines across the Pacific Rim, when Philippines despot Rodrigo Duterte unilaterally canceled the project. A flunky said Landing International’s lease payments were “unconscionable” and that they put the government at a disadvantage. This makes the second casino shot down by Duterte, who nixed a $500 million Melco Resorts & Entertainment project in April. Landing Int’l vowed to fight on, issuing a statement that read, in part, “Unless the lease contract is canceled or nullified on solid legal grounds by the courts, Landing has reason to believe that it is a valid leaseholder and can legally proceed with its project.” Considering that Continue reading

Posted in Australia, Dining, Election, Entertainment, Genting, Hard Rock International, Las Vegas Sands, New York, Penn National, Philippines, Rhode Island, Singapore, Technology, Tourism, Tribal | Comments Off on Take that, Philippines!; NY casino out-brews rivals

Casino revenues surge (almost) everywhere

Maryland casino business continues to boom, up 5.5% last month. MGM National Harbor led the pack with $58 million. It will, however, be a source of dismay to ownership that play continues to trend toward highly taxed (60%) slots and away from low-tax table games. In July the split was $32 million/$26 million. Rival Maryland Live is even more reliant upon the one-armed bandits, $34 million/$14 million. Slot revenue was up 17% at National Harbor and tables jumped 13%, for an overall gain of 15%. Maryland Live was up only 2%, thanks to a 6% decline at the tables. National Harbor averaged $1.9 million per day, a boffo day by any measure and one MGM would love to achieve from any of its Las Vegas Strip casinos.

This prosperity is not rubbing off on Horseshoe Baltimore, falling 11% to $20.5 million. Hollywood Perryville slid 7% to $6 million while table games continue to power Continue reading

Posted in Caesars Entertainment, Churchill Downs, Cordish Co., Dan Gilbert, Eldorado Resorts, Galaxy Entertainment, Golden Gaming, Las Vegas Sands, Lawrence Ho, Macau, Maryland, Melco Resorts & Entertainment, MGM Resorts International, Ohio, Penn National, Pinnacle Entertainment, Racinos, Sheldon Adelson, Sociedade de Jogos de Macau, Taxes, West Virginia, Wynn Resorts | Comments Off on Casino revenues surge (almost) everywhere

Illinois takes a dive; Okada gets nabbed

Illinois casinos had been bumping along nicely in the Trump economy until they hit a plain old speed bump last month, with revenues down almost 4%, on a gross of $119 million, $39 million of which was generated by Rivers Casino alone. Rivers was one of the few revenue-positive casinos, up a point. Gamblers spent 6% more statewide but that wasn’t enough in the face of a 9.5% plunge in foot traffic. Reporting positive results were Harrah’s Joliet ($15.5 million, +1.5%) and … Continue reading

Posted in Atlantic City, Australia, Boyd Gaming, Caesars Entertainment, Crown Resorts, Economy, GLPI, Illinois, Kazuo Okada, Law enforcement, Massachusetts, MGM Resorts International, Penn National, Regulation, Rush Street Gaming, Scientific Games, Slot routes, Sports betting, Technology, Wall Street, Wendover, Wynn Resorts | Comments Off on Illinois takes a dive; Okada gets nabbed

It’s Elaine’s company now; A legend passes

In a sudden and wholly unexpected development, Wynn Resorts has appointed Phil Satre to the board of directors as vice chairman. Since D. Boone Wayson is stepping down as chairman of the board at year’s end there’s every reason to expect that Satre will succeed him, in keeping with Elaine Wynn‘s express wishes. Concurrent with this change of events, Ms. Wynn has entered into a multi-faceted agreement with the board that expires when Satre’s term as chairman does.

Deutsche Bank analyst Carlo Santarelli ticks off the salient points of the pact: “1) Elaine Wynn’s ownership is capped at her current 9.9%, 2) she will not nominate anyone for election at the Company’s shareholder meetings or seek to add additional members to the Board, 3) she will not enter a Continue reading

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Hellfire at Caesars; Slugfest on Boardwalk

When I read that two patrons at Ramsay’s Hell’s Kitchen had been injured, I assumed that the profane restaurateur had gone postal on a couple of his customers. Not so. However, if you’ve not partaken of the Rum Donkey, you’re out of luck. It’s off the menu. The beverage is described as “a flaming tiki-style cocktail … with ingredients such as Cruzan Single Barrel Rum, falernum, brown sugar, ginger beer and torched passion fruit.” Except in this case it was the diners who got torched. We wonder what our alter-ego, Continue reading

Posted in Atlantic City, Bruce Deifik, Caesars Entertainment, CityCenter, Culinary Union, Derek Stevens, Dining, Downtown Grand, e-sports, Hard Rock International, Sports | Comments Off on Hellfire at Caesars; Slugfest on Boardwalk

More woes for Wynn; Unlucky 13 in Macao

Update: All charges in this case were dismissed, as the alleged rape was found to be a fabrication.

Wynn Las Vegas‘ status as the poster child for sexual assault on the Las Vegas Strip just got another boost. SoCal dentist Poria Edalat is accused of a special birthday present: to be part of a gang rape. That’s what he, two of his brothers and a fourth dentist are accused of doing to an unnamed woman last weekend. Ali Badkoobehi is charged with singling the woman out at a nightclub and enticing her up to a Wynn hotel room, where the  proceedings are said to have taken place. (A finding of rape was confirmed by a hospital examination. The foursome, all of whom boasted douchey designer stubble, to the detriment of their professional images, were arrested and charged with conspiracy to commit sexual assault, sexual assault and first-degree kidnapping.

Wynn Resorts CEO Matt Maddox must be pulling the bedclothes up over his head today and waiting for better news. At least he can take consolation in the fact that the alleged doings at Wynncore won’t Continue reading

Posted in Architecture, Caesars Entertainment, Dining, Economy, Election, Georgia, Iowa, Law enforcement, Macau, Marketing, Massachusetts, Politics, Sexual misconduct, Sociedade de Jogos de Macau, Taxes, The Strip, Wall Street, Wynn Resorts | Comments Off on More woes for Wynn; Unlucky 13 in Macao

MGM gets panned; Eldorado reaps laurels

First, the good news. Park MGM generated $9 million across the last three quarters, which is pretty good when you consider that it’s essentially a construction site. JP Morgan analyst Joseph Greff opines that this partly makes up for “weak” revenue per available room at MGM Resorts International properties on the Las Vegas Strip. “MGM is trading like a regional OpCo,” he added and I don’t think he meant it as a compliment. He lowered his cash-flow expectation for MGM by 15% for the rest of 2018 and 4% for next year. “While we can’t really defend the (surprising) magnitude of the 2H18 guide down as well as the timing of sizable share repurchases, both of which are testing our patience boundaries (and for the 2nd quarter in a row, too), we do see value at current levels amid looming easier year-over-year growth comparisons on the Strip,” he wrote. Continue reading

Posted in Eldorado Resorts, Florida, Illinois, Japan, Louisiana, Macau, Marketing, Massachusetts, MGM Resorts International, Ohio, Racinos, Reno, Scientific Games, Sports betting, The Strip, Tropicana Entertainment, Wall Street | Comments Off on MGM gets panned; Eldorado reaps laurels

Quote of the Day

“I don’t remember being cheery.” — Las Vegas Strip stalwart Brad Garrett, predestined to be the voice of Eeyore in Christopher Robin. The movie opens today.

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Caesars excels, MGM disappoints; So long, Paradise Park

You know how I thought May’s visitation numbers representing Las Vegas finally finding bottom in a visitation decline? Never mind. June was down 1%, mainly driven (pardon the pun) by fewer drive-in visits from California. Fortuitously for the casinos, luck was on their side last month and most jurisdictions reported revenue-positive results. Room rates in Las Vegas, however, dipped 1.5% to an average of $126, with revenue per available room of $115. The numbers would have been worse without the Infocomm and American Water Works Association conventions, which brought 58,000 attendees to Sin City. Even so, midweek occupancy was down 3% for a monthly average of 90.5%.

Nevertheless, Caesars Entertainment reported “strong operating results” in 2Q18, according JP Morgan analyst Daniel Politzer. Cash flow came in at $623 million, well ahead of Continue reading

Posted in Atlantic City, Caesars Entertainment, California, Detroit, Economy, Las Vegas Sands, Macau, Mandalay Bay Massacre, Maryland, Massachusetts, Melco Crown Entertainment, MGM Resorts International, Sports, Sports betting, The Strip, Tourism, Wendover, Wynn Resorts | Comments Off on Caesars excels, MGM disappoints; So long, Paradise Park

Murren steps in it (again); More casinos join sports-betting arms race

MGM Resorts International has decided that it made a faux pas … not by suing victims of the Mandalay Bay Massacre but by not explaining to employees what it was doing, leaving them open, says CEO Jim Murren, to “media reports which were misleading and truly awful.” Said the CEO, “I first want to express my sincere regret that we did not spend more time explaining what we were trying to accomplish.” I don’t know what’s so difficult to explain about having a plethora of lawsuits dismissed. Instead of taking this opportunity to enlarge upon MGM’s legal strategy, Murren simply reiterated what the company has already said: “We believe this action benefits all victims by providing an opportunity for closure in a swift and fair manner.” Yes, I’m sure if litigants get their cases tossed out of court they’ll be sure to thank MGM for being “swift and fair.” Boy, does the company keep tripping over its shoelaces.

Murren compounded his insensitivity by saying the action was taken in part for the convenience of Continue reading

Posted in Atlantic City, Caesars Entertainment, e-sports, International, Lawrence Ho, Macau, Mandalay Bay Massacre, Marketing, Melco Resorts & Entertainment, MGM Resorts International, Sports betting | Comments Off on Murren steps in it (again); More casinos join sports-betting arms race

NBA picks MGM; Station impresses Wall Street

In what is a first of its kind, an American sporting league has an “official gaming partner.” The NBA has tapped MGM Resorts International to be the casino face of the league. This would mean, according to Bloomberg, “MGM will be able to use official NBA and WNBA logos and trademarks, and have access to official NBA data streams to create products like in-game betting.” It’s not such a big leap when you consider that MGM already owns and hosts the former San Antonio Stars of the WNBA. “It was very important that we were able to establish through a commercial relationship that indeed we should be compensated for our intellectual property and our official data,” remarked NBA Commissioner Adam Silver of the $25 million deal.

Since Silver was the first league commissioner to see the value in sports betting, it’s logical that Continue reading

Posted in Boyd Gaming, Economy, GLPI, Internet gambling, Marketing, MGM Resorts International, Palms, Sports, Sports betting, Station Casinos, Wall Street | Comments Off on NBA picks MGM; Station impresses Wall Street

Strip strong in June

Las Vegas Strip casinos had a bonny June, up 5.5% and grossing $524 million. Statewide, the numbers were +4% and $933 million. The house won big at baccarat, shooting up 12% only 1% greater wagering. Non-baccarat table games posted a sensation 19.5% increase, on 9% larger betting. Slots were the dark lining of the silver cloud, down 4.5%, despite 4.5% higher coin-in. Luck just wasn’t with the house on that one. Since June ended on a Saturday, some last-minute slot revenue is lurking in the July earnings report.

The poor showing by the one-armed bandits seems to have unduly affected Continue reading

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MGM, Boyd make sports-betting pact; Win-win for Dover Downs

“We are in an envious position when it comes to this growth opportunity. Few companies can match our 40 plus years of experience in sports wagering, our significant sports betting infrastructure here in Nevada and our growing geographical footprint across the country,” said CEO Keith Smith about new Boyd Gaming sports books in Shreveport, Biloxi and Valley Forge. What Smith knew and gaming analysts didn’t was that Boyd was about to act as the distributor of sports betting for MGM Resorts International and GVC in a new joint venture between the latter two companies. MGM and GVC — who will both put $100 million into the kitty — will piggyback off Boyd’s casinos (as well as MGM’s own), thereby gaining access to Illinois, Indiana, Iowa, Kansas, Louisiana, Missouri, Ohio and Pennsylvania.

Deutsche Bank analyst Carlo Santarelli gave the joint venture a rave review, writing Continue reading

Posted in Arkansas, Colorado, Delaware, Election, Greenwood Racing, Illinois, Indiana, Internet gambling, Iowa, Kansas, Louisiana, Massachusetts, MGM Resorts International, Mississippi, Missouri, Neil Bluhm, Ohio, Pennsylvania, Racinos, Regulation, Rhode Island, Sports betting, Taxes, Tribal, Wall Street | 1 Comment

Japan: Vegas meets the Yakuza

“Everybody says we have the leading position to win a Japanese gaming license because of my background,” remarked Sheldon Adelson modestly when casinos were voted in by the Diet. Over at MGM Resorts International, CEO Jim Murren played the social-responsibility card, speaking one sort of language Japanese politicians like to see. Wynn Resorts CEO Matt Maddox also tried to sound culturally multilingual, saying Wynn “is known worldwide for a unique culture of customer-focused hospitality known as ‘omotenashi.’ [I say that often; don’t you?] This important Japanese tradition of creating a unique guest experience makes it clear to us that Japan will develop Continue reading

Posted in Atlantic City, Baseball, Caesars Entertainment, Genting, Hard Rock International, Japan, MGM Resorts International, Regulation, Sheldon Adelson, Sports, Sports betting, The Mob, Tourism, Wynn Resorts | Comments Off on Japan: Vegas meets the Yakuza

Quote of the Day

“From the start, Scott Van Pelt was one of the first to give attention to the potential benefits of a legal, regulated sports betting market in the United States. Now that more jurisdictions across the country have begun offering sports betting, there could be no better time to hear his insight on the evolving state of play and the overarching benefits from this new sector of the American gaming industry.” — American Gaming Association Executive Vice President Sara Slane on why Van Pelt will find himself in the unaccustomed role of interviewee at the October 1o Sports Betting Symposium in Las Vegas.

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