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

Posted in Dining, Elaine Wynn, MGM Resorts International, Wall Street, Wynn Resorts | Comments Off on It’s Elaine’s company now; A legend passes

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.

Posted in Entertainment, Movies, The Strip | Comments Off on Quote of the Day

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

Posted in Boulder Strip, Downtown, Lake Tahoe, Laughlin, Mesquite, Nevada, North Las Vegas, Reno | Comments Off on Strip strong in June

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.

Posted in G2E, Sports betting | Comments Off on Quote of the Day

Neanderthals target Wampanoags; Pinball Hall on the move

A strange, one-third-of-a-page ad appeared in the July 19 edition of The Hill. “For over 30 years,” it huffed, “the Mashpee Wampanoag Indian Tribe sought federal recognition for the specific purposes of opening a CASINO [Horrors! — Ed.] — in 2007, that recognition was achieved via Congressional and Department of Interior intervention — and ILLEGAL contributions to federal officials.” Already we have a problem, because the Department of Interior did not ‘intervene’: It was performing its function of arbitrating tribal-recognition matters. The ad goes on to mention to 2009 conviction of former Mashpee chief Glenn Marshall for making illegal campaign contributions. Since Marshall victimized the tribe as well (which the ad conveniently forgets to mention), his prison term was rightly not Continue reading

Posted in California, Donald Trump, Entertainment, Massachusetts, Mohegan Sun, Neil Bluhm, Politics, Regulation, Riviera, The Strip, Transportation, Tribal | 1 Comment

San Manuel escalates tribal skirmish; Pullback on paid parking?

The SoCal arms race continues. Having already deployed a mind-boggling 4,800 slot machines, San Manuel Casino is going upscale in a big way. It will add a concert hall, spa, pool plaza and hotel, all to the tune of $550 million. It’s San Manuel’s way of taking aim at newly expanded Pechanga Resort & Casino, as well as Palm Springs-area rivals Agua Caliente Casino Resort & Spa and Morongo Casino Resort & Spa. Meanwhile, Pala Casino Resort & Spa is opting out of this escalating warfare, putting a $170 million, 349-room hotel on hold. This is not a battle meant for the faint of heart (or light of wallet). While Pala has revamped its existing, 500-room hotel, “We’ll revisit it in full after we see how the summer goes. So far, it’s been very, very busy,” said Vice President of Hotel Operations Hassan Abdel-Moneim.

San Manuel, for its part, says it is responding to customers’ number-one complaint, Continue reading

Posted in Architecture, California, Cordish Co., Greenwood Racing, Penn National, Pennsylvania, Politics, The Strip, Tourism, Tribal, Wynn Resorts | 3 Comments

Quote of the Day

“Before the Taj closed in 2015, we had an eight-casino market that was fairly stable. So with the opening of two new casinos we go to a nine-casino market, and the question is whether we can sustain that. And I don’t know. But I will say this: I really don’t care. I hope it does. But I will say this to anyone who comes into this market. If you cannot compete in this market, you have no business running a casino.” — New Jersey Division of Gaming Enforcement Director David Rebuck on the competitive dynamics of Atlantic City.

Posted in Atlantic City, Economy | Comments Off on Quote of the Day

Culinary loses sense of decency; Inhumanity in Macao

Terry Caudill and the Culinary Union have come to terms on labor pacts for Binion’s Gambling Hall and the Four Queens. The agreement awaits ratification by the 650 employees affected. In the meantime, the Culinary stepped way over the line by picketing the clinic of Station Casinos board member and veterinarian Dr. James Nave. (One might call it a knavish move.) The Culinary not only had the audacity to make its vendetta against Station personal, it actually sent out a press release with photos of the labor action. Since my sainted Grandmother McKee was a secretary to Samuel Gompers, it’s a cold day in Hell when I denounce a labor union. The devil must be reaching for his muffler even as I type this.

* Don’t read this story if you’re afraid to cry. There’s an animal-rights scandal brewing around Continue reading

Posted in Animals, Architecture, Culinary Union, Downtown, Election, Internet gambling, Macau, Minnesota, Pennsylvania, Pets, Philippines, Regulation, Station Casinos, Terry Caudill, Tribal, Washington State | Comments Off on Culinary loses sense of decency; Inhumanity in Macao

Penn bullish on Trop; Boyd wows Wall Street

M Resort and Tropicana Las Vegas are no longer the charity cases of Penn National Gaming. The company made a point of lauding them during this week’s earnings call, with JP Morgan analyst Joseph Greff characterizing their performance — along with that of New Mexico‘s Zia Park — as “solid” and Deutsche Bank analyst Carlo Santarelli reporting that  they “experienced property records as marketing refinements drove meaningful margin enhancements.” Back East, Penn is nailing down sites for its two satellite casinos in Pennsylvania, from which it expects to achieve an impressive Continue reading

Posted in Boyd Gaming, Derek Stevens, Downtown, Geoff Freeman, Illinois, Indiana, International, Las Vegas Sands, M Resort, Massachusetts, Missouri, Ohio, Penn National, Pennsylvania, Pinnacle Entertainment, Racinos, Sheldon Adelson, Slot routes, The Strip, Tribal, Wall Street | 1 Comment

Quote of the Day

“We have spent over $500 million in renovating this building, and you may recall when we first purchased this building, we promised we would not just paint it and put a guitar on the wall. How do you think we did?” — Hard Rock International CEO Jim Allen at the opening of Hard Rock Atlantic City.

Posted in Atlantic City, Hard Rock International | Comments Off on Quote of the Day