Quote of the Day

“Kaepernick obviously not in the NFL because the quality of play at QB is so deep with stars like Hoyer, Bortles, McCown, Hogan, Cutler …” — Kyle Ayers, on reports that blacklisted Colin Kaepernick will sue NFL owners for collusion. Prevailing opinion seems to be that it would be a difficult case to win.

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Quote of the Day

Stephen Paddock was most likely a good player who played close to breakeven, but was probably losing overall and angling for comps. What’s really crazy about this is that the big-loser scenario could still be true. That’s something we won’t know for sure until his records are released, if they ever are.” — LVA Publisher Anthony Curtis, separating some of the wheat from the chaff in the Paddock case.

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Ex-cons working casino floors?; Kansas casinos set record

You’d think casinos in Massachusetts, where job applicants far outnumber available positions, could get by without hiring convicted criminals. Think again. A bill before the Lege would open a loophole for people with criminal records to hold down jobs in the gaming industry. It’s the brainchild of Massachusetts Gaming Commission Chairman Stephen Crosby, who found a receptive ear from Speaker of the House Robert DeLeo (D, left). The latter assures reporters that cash-handling jobs would remain off-limits but “whether it be in a parking lot, whether it be in a kitchen, whether it may be in a hotel or whatever it may be,” jobs should be available for the hard to employ.

In a statement that ought to set off bullshit detectors across the Bay State, House Ways & Means Committee Chairman Jeffrey Sanchez (D) painted a picture of Continue reading

Posted in Boyd Gaming, G2E, GameCO, Harrah's, IGT, International, Kansas, Lawrence Ho, Massachusetts, Melco Crown Entertainment, MGM Mirage, Penn National, Politics, Regulation, Steve Wynn, Technology, Tribal | Comments Off on Ex-cons working casino floors?; Kansas casinos set record

Quote of the Day

“Cryptocurrencies scare the devil out of many people. There is a freedom—an anonymity—about them, and that freedom is used by some to stay under the radar while doing the devil’s work. Others view it a way to have the license to move their money without regard for regulations they feel should not apply to them.” — Forbes’ Moira Vetter on the reversion of Bodog and other online sites to currencies like Bitcoin as a means of getting around the Unlawful Internet Gaming Act.

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Warm September for Atlantic City

Things continue to look up for the Boardwalk. Last month, Atlantic City casinos showed a 2.5% revenue increase on a same-store basis. Toss the dead weight of Trump Taj Mahal out of the year/year comparison and the growth is an impressive 6.5%. Better days really seem to be ahead for Atlantic City, if they’re not already here — and the reinvention of the Taj as Hard Rock Atlantic City should grow the market further. As for Glenn Straub at Revel, he’s drifted off into irrelevance.

Market leader Borgata grossed $70 million (+8%), with table revenue up 23% on only 3% higher volume — the house played very lucky. By contrast, slot handle was up 6% but Continue reading

Posted in Atlantic City, Dan Gilbert, Detroit, Entertainment, Glenn Straub, Hard Rock International, Harrah's, Internet gambling, Marketing, MGM Mirage, Mohegan Sun, Revel, Tilman Fertitta, Tropicana Entertainment, Trump Entertainment Resorts, Wall Street | Comments Off on Warm September for Atlantic City

Atlantic Club sold … again; Jackpot Blitz deemed a winner

Late last month, the porte cochere of the Atlantic Club collapsed. As metaphors for the long-suffering property go, you can’t get much better than that. Despite this recent debacle, owner TPM Properties has actually found a buyer for the bounced-around ex-casino. Unfortunately, nothing is known at this time about the buyer, the purchase price or about new plans for the Atlantic Club, whose gaming entitlement was removed by Caesars Entertainment. Whatever transpires, renovation would appear to be the first order of priority.

Speaking of Caesars, congratulations to the company on Continue reading

Posted in Atlantic City, Colony Capital, Entertainment, G2E, GameCO, Harrah's, International, Internet gambling, Lake Tahoe, Mandalay Bay Massacre, Paragon Gaming, Technology, The Strip, Westgate LV | 1 Comment

Quote of the Day

“A big fat man wanting to eat you. It’s a scary fairy tale.” — filmmaker Asia Argento on the sexual depravities of studio boss Harvey Weinstein.

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Case Bets: Ohio and Indiana

Penn National Gaming had a bonny September in Ohio, up 11% across its four properties. Hollywood Toledo ($16 million) rose 10.5%, Hollywood Columbus ($18 million) gained 9%, Hollywood Dayton ($8 million) was up 12% and Hollywood Mahoning Valley (pictured, $9 million) shot up 14%. Slot/win/day ranged from $196 in Columbus to $300 (150% of industry average) in Austintown. By contrast, Dan Gilbert‘s “Jack” brand had mixed results, up 3% to $16 million in Cincinnati, but down 3% to $9 million at Thistledown and 2% down to $17 million in Cleveland. Is it just me or should that strategically placed casino be doing better?

Eldorado ResortsScioto Downs leapt 12% to $13.5 million, while Hard Rock Rocksino continued to Continue reading

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Adverse Golden Week in Macao; Ho, Caesars jockey for position in Japan

Golden Week is an important holiday for Macao casinos and it failed to deliver this year. Visitor traffic was down 1%, causing stocks of both Sands China and Galaxy Entertainment Group to be punished on Hong Kong‘s Hang Seng Index. It was, said IGamiX Managing Director Ben Lee, “just like a regular Saturday night performance, definitely not a ‘Golden Week’-type busy.” Contrarily, Sanford C. Bernstein & Co. analyst Vitaly Umansky argued that a longer-than-usual Golden Week dissipated daily business. Either way, Melco Resorts & Entertainment CEO Lawrence Ho pronounced himself “happy” with the numbers so far.

For his part, Ho is more focused on Japan at present, saying,  Continue reading

Posted in Election, Galaxy Entertainment, Harrah's, Japan, Lawrence Ho, Macau, Marketing, Sheldon Adelson, Stanley Ho, Steve Wynn, Tourism, Wall Street | Comments Off on Adverse Golden Week in Macao; Ho, Caesars jockey for position in Japan

Boxing creates boom for Nevada bookmakers

Nevada sports books saw an increase of 1,650% in August wagering. (No, that’s not a typo.) It would be an understatement to say that the Floyd Mayweather/Conor McGregor fight helped. $70 million was wagered on it, with the books keeping nearly $20 million. It also shows how much money is to be made from sports betting if only the Supreme Court can persuaded to strike down the Bradley Act. September is expected to be as good but not as much as August, in part because a big ticket fight between two tomato cans ended in a draw.

Westgate Las Vegas SuperBook Manager Jeff Sherman said “We have not seen a Continue reading

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Wynn backhands MGM security measures

Steve Wynn is having a told-you-so moment in the aftermath of Stephen Paddock‘s shooting rampage. Guesting on Fox News Sunday, the Wynn Resorts CEO said, “The scenario that we’re aware of would have indicated that he didn’t let anyone in the room for two or three days. That would have triggered a whole bunch of alarms here, and we would have — on behalf of the guests, of course — investigated for safety.” Wynn personnel, he said, are empowered to inquire into rooms that have been on ‘do not disturb status’ for 12 hours or more. As for Paddock himself,  he had “the most vanilla profile one could possibly imagine,” Wynn added.

Hindsight is 20/20 but Wynn claims to have had foresight of a terrorist attack two years ago and installed Continue reading

Posted in Dining, Law enforcement, Mandalay Bay Massacre, Steve Wynn, Technology, The Strip, TV | 1 Comment

Clean slate at Caesars; Heresy at G2E; Another Revel mystery

“Twenty-five years ago Caesars [Entertainment] was the premier name internationally but they dropped the ball,” said C.G. Anderson Partners analyst Greg Bousquette of the company that must find a way to become relevant after spending years snarled in debt, then in bankruptcy. Answerable to its creditors as a consequence of the bankruptcy restructuring, Caesars CEO Mark Frissora will have to convince them of such things as the sustainability of the South Korea market and the wisdom of placing a big bet on Japan. “Las Vegas resort operators like Caesars may have to cut hotel rates and spend more on security and marketing to draw customers back,” said Reuters, citing unnamed market analysts, alluding to the mass shooting at Mandalay Bay and to Caesars’ heavy exposure on the Las Vegas Strip.

Frissora pointed to the company’s $2 billion of cash on hand and to unspecified branding arrangements as Continue reading

Posted in Atlantic City, Colorado, Economy, Entertainment, G2E, Glenn Straub, Harrah's, Iowa, Japan, Macau, Mandalay Bay Massacre, Neil Bluhm, New York, Pennsylvania, Regulation, Revel, Singapore, South Korea, Technology, The Strip, Wall Street | Comments Off on Clean slate at Caesars; Heresy at G2E; Another Revel mystery

Quote of the Day

“We’re going to let people know that we are strong, and that we’ll be coming through this and coming out of this in a strong fashion. A lot of people spent a lot money and a lot of years building this world-class destination. We’re not going to let one lunatic ruin it.” — R&R Partners CEO Billy Vassiliadis on Las Vegasnewest market-awareness campaign.

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Penn, Pinnacle to merge?

Writes Deutsche Bank analyst Carlo Santarelli, “according to people familiar with the matter, Penn National has conducted on again off again discussions to acquire Pinnacle Entertainment.” He warns that “a long list of questions, which may or may not make a deal difficult/hamper value creation, exist.” He calls the deal “sensible” in theory and the potential synergies “considerable,” identifying $28/share as a target price for the deal. Pinnacle shares, at the moment, are trending downward ($23.82 at last check). There will be a certain amount of addition by subtraction, with Penn likely to have to divest itself of least one casino in Pennsylvania, another in Missouri, while “Mississippi could be reviewed with scrutiny.”

Continues Santarelli, “A combination of PENN and PNK would create the largest domestic regional gaming asset collection … While PNK extracted healthy synergies from Continue reading

Posted in Ameristar, GLPI, Golden Gaming, Harrah's, Maryland, MGM Mirage, Mississippi, Missouri, Ohio, Penn National, Pennsylvania, Pinnacle Entertainment, Regulation, Wall Street, West Virginia | 2 Comments

So long, Moulin Rouge; Golden merger green-lit

It just got a lot cheaper to buy the Moulin Rouge. The last vestiges of the original complex were pulled down yesterday after yet another suspicious fire ravaged through what once upon a time was Las Vegas‘ first integrated casino. Ward 5 Chamber of Commerce President Katherine Duncan blamed a delay in the disposition of the property by the courts for the conflagration, “If the courts would have ruled on Friday like they were supposed to, this wouldn’t have happened,” was Duncan’s cryptic comment. Clark County was the latest party to bid on the site, ponying up $5 million against two other bids in bankruptcy court. However, whether the county is still interested now remains to be seen, “The fear on that was that it was going to continue to be a fire hazard,” said city spokesman David Riggleman, explains the ultimate demolition.

Safe to say, this definitely closes the book on Continue reading

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Mandalay Bay mystery a labyrinth

As the clouds of war gather again over our great country, we’re finally gaining some clarity regarding Mandalay Bay shooter Stephen Paddock. He was that seeming oxymoron: a video poker “whale,” one who didn’t blanch at wagering $100 a spin. Not only was he good at beating the house, his sniper’s nest at Mandalay Bay was a comped suite. This will no doubt cause some anguish among the casino hosts who unwittingly enabled Paddock’s killing spree. “Mr. Paddock once owned and managed an apartment complex near Dallas, and he has been described by some as a wealthy retiree. People who knew him were under the impression that he was a profitable gambler,” reports the New York Times.

Paddock, who had credit lines in the hundreds of millions of dollars, wasn’t a glad-hander but casinos were doubtless happy to see him coming, as he had the reputation of making good on his gambling debts. Numerous transaction reports of $10,000 or more were associated with Paddock’s activity. He was also known for poaching other people’s slot machines when Continue reading

Posted in Boyd Gaming, Cannery Casino Resorts, Cosmopolitan, Downtown, Harrah's, Illinois, Law enforcement, Mandalay Bay Massacre, Massachusetts, Mesquite, MGM Mirage, Philippines, Politics, Problem gambling, Regulation, Reno, Texas | Comments Off on Mandalay Bay mystery a labyrinth

Cuomo’s overreach; Penn punts on Trop upgrade

Genting needs to get worried, very worried about over budgeted Resorts World Catskills. New casinos promoted in upstate New York by Gov. Andrew Cuomo (D) are grossly underperforming. The three already in operation need an incredible 4Q17 to make good on their aggregate $599 million revenue projection — right now they’re $377 million short. The latest casino to under-report is Del Lago Resort & Casino, which had bragged it could bring in $263 million in Year One but has only grossed $88 million so far, on pace for a $143 million gross. To compound the indignity, Del Lago has the largest slot floor of the new trio and is generating a subpar $155/win/slot/day. Tioga Downs is doing average business: $197/slot/day and Rivers Casino is actually outperforming, at $222/slot/day, despite falling short of projections.

Ironically, “Projected earnings were one of the criteria used in the approval process by the [New York State] Gaming Commission in awarding licenses after state voters approved Continue reading

Posted in Boyd Gaming, California, Dining, Economy, Genting, Mandalay Bay Massacre, Neil Bluhm, New York, Penn National, Racinos, Taxes, The Strip, Tourism, Tribal, Wall Street | Comments Off on Cuomo’s overreach; Penn punts on Trop upgrade

Quote of the Day

“Their parents did not grow up playing video games and attached to technology since birth like a prosthetic limb.” — Downtown Grand CEO Seth Schorr on Millennials, traditional slots and skill-based slots.

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Pugilism pays off for Vegas; Ho dissed by son

Those tomato cans Floyd Mayweather and Conor McGregor were very good for business when they battled on August 26. “It could be a while before we see money like this bet on a fight again,” said Betfair‘s Katie Baylis. Indeed. Betfair took in its biggest handle ever: $79 million, of which $16 million was wagered in the last five hours before the slugfest. In Las Vegas, sports books logged $65 million in bets, $15 million more than the tainted Mayweather/Manny Pacquiao bout. (The latter had a torn rotator cuff yet the fight was allowed to proceed as scheduled.) The match had a ripple effect on casino play, which saw revenues up 16% in the Las Vegas area and even 10.5% higher in tiny Mesquite. The Nevada Gaming Control Board‘s Michael Layton said, “This fight was a tremendous event from a gaming win perspective for not just sports wagering but also table games and slots.”

* With Stanley Ho pretty much a vegetable, son Lawrence Ho is taking the moment Continue reading

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Wynn takes the lead

Steve Wynn has always been a trendsetter in Las Vegas and we hope his decision to equip his security force with handheld metal detectors is another move the rest of the industry will follow. “Las Vegas is a target city. We have hardened the target at the Wynn,” he told a local TV station. Frankly, we’d prefer airport-style metal detectors but Wynn strategy of giving his security team the latitude to study guests at check in and check bags when it seems warranted is one with which we can’t argue. Reports Bloomberg, “The new security protocol, put in place after Sunday’s mass shooting nearby, is likely to become the norm on the Strip and possibly beyond.”

Added an anonymous casino executive, “Every management team is going to move this up to the top of the list.” Nevada Gaming Control Board Chairman A.G. Burnett confessed to a certain regulatory myopia. “We were always worried about something like this happening on the casino floor, but this was outside the casino,” he told Reuters. For one, Caesars Entertainment is going to have to do better than just “constantly reviewing our security policies and practices to keep our guests and employees safe. We are also working very closely with law enforcement, especially Las Vegas Metro, to continue to keep our properties secure.”

The proper spirit was displayed by Boyd Gaming, whose David Strow told a reporter, “What I can tell you is that as you might expect we already have some pretty robust security measures in place at our properties. But after events last night, we’ll be taking a look at our measures and if needed we will heighten measures as necessary. We won’t talk specifics though because we don’t want to compromise the effectiveness of anything we do.”

The Wynn protocol (sounds like a Robert Ludlum thriller) initially added 10 minutes to the security process before being curtailed … although if you’ve ever seen the lines at check-in on a weekend day in Las Vegas, Continue reading

Posted in Boyd Gaming, Entertainment, Florida, G2E, Genting, Harrah's, Law enforcement, Macau, Mandalay Bay Massacre, Massachusetts, MGM Mirage, New York, Philippines, Steve Wynn, Wall Street | 1 Comment