Culinary boycotts beer; Wynn stock upgraded on Macao strength

Along with Organizing Beyond Barriers, the Culinary Union is calling upon Trader Joe’s to stop carrying Gordon Biersch beer labels Josephsbrau, Black Toad Ale, and Stockyard Oatmeal Stout. Why? Because the “principals are Frank and Lorenzo Fertitta, controlling owners of the Las Vegas-based casino chain Station Casinos.” Aye, there’s the nub of it. At the risk of pulling a Donald Trump and engaging in false moral equivalencies, do you think the Culinary would be as vocal about the Fertitta Brothers having “helped propel into power political leaders who attack immigrants, women, the environment, LGBTQIA+ communities, and working families”? Methinks the union doth protest too much. Now that it has a contract at Trump International, it doesn’t take on The Donald directly but goes after the lower-hanging fruit.

The quickest path for the Fertittas to make all this unpleasantness go away would be to Continue reading

Posted in Atlantic City, Culinary Union, Donald Trump, Harrah's, Internet gambling, Lucky Dragon, Macau, MGM Mirage, Mohegan Sun, Politics, Station Casinos, Steve Wynn, The Strip, Tilman Fertitta, Tropicana Entertainment, Trump Entertainment Resorts, Wall Street | Comments Off on Culinary boycotts beer; Wynn stock upgraded on Macao strength

Quote of the Day

“Mr. President — we must call evil by its name. These were white supremacists and this was domestic terrorism.” — Sen. Cory Gardner (R) on the tragic events in Charlottesville.

Posted in Colorado, Current, Donald Trump | Comments Off on Quote of the Day

Cuomo’s experiment disappoints; Caesars sweet on Japan

Whatever marketing studies drove the conclusion that upper New York State was ripe for gambling expansion have proven to be have been seriously off the mark. Gov. Andrew Cuomo‘s three-casino addition to upstate gaming options are disappointing Albany with their early revenue performance. They also put a cloud over Genting Group‘s in-progress Montreign project in the Catskills, most expensive of the bunch. State officials are taking comfort in the fact that investment and job recruitment have exceeded projections. Jeff Gural, owner of Tioga Downs Casino, may be the only man in America who thinks he pays too little in taxes. He expected to be sending Cuomo $32 million by year’s end but is on pace for $26 million instead. “I think the market is saturated and we’ve got a lot of work to do to get the revenues where they need to be,” Gural said, at the risk of stating the obvious.

Rivers Casino & Resort has even work to do than Gural. It estimated annual revenues of Continue reading

Posted in Cordish Co., Genting, Greenwood Racing, Harrah's, Japan, Marketing, MGM Mirage, Neil Bluhm, New York, Pennsylvania, Regulation, Sheldon Adelson, Taxes, Technology, The Strip, Tourism, TV, Vietnam | 1 Comment

#5,001

Yes, this is the 5,001st Stiffs & Georges post and let me start with a big  thank-you to all of you, the readers, for making it possible. If it weren’t for your support I’d probably have hung it up long ago. Much has changed in these last ten years. For instance, whoever thought that the most-failed casino owner ever would fail his way into the White House? Who thought that Caesars Entertainment would go bankrupt (well, I knew something bad would come of its LBO but nothing that drastic)? Ditto Station Casinos. Who could have figured the whole Sam Nazarian saga, ending with SLS Las Vegas falling on its ass? We’ve seen casino gambling plant roots in Kansas, Massachusetts and Maryland, even Alabama, and fail to take hold (despite much trying) in New Hampshire and Georgia. We’ve also seen Las Vegas Sands try twice to sell Sands Bethlehem, only to change its mind both times.

Who would have thought Atlantic City would lose four casinos and Continue reading

Posted in Alabama, Atlantic City, Donald Trump, Georgia, Hard Rock International, Harrah's, James Packer, Kansas, Maryland, Massachusetts, New Hampshire, Pennsylvania, Politics, Regulation, Sam Nazarian, Seminole Tribe, Sheldon Adelson, SLS Las Vegas, Station Casinos, Steve Wynn, The Strip | 5 Comments

Freeman hearts Atlantic City; Big win for Martinez

American Gaming Association President Geoff Freeman gave Atlantic City the thumbs-up this week, pointing to the reinvention of Trump Taj Mahal as Hard Rock Atlantic City and to the as-yet-undisclosed joint venture between Caesars Entertainment and MGM Resorts International. He even gave Glenn Straub a mulligan, including Revel in his list of good things to come. Stopping on the Boardwalk (not literally) during a speaking tour, Freeman said, “The Atlantic City market is an exciting market right now. There is no doubt the market right-sized itself over the last couple of years. While the closing of the facilities was painful for many, it strengthened the community; it strengthened Atlantic City’s potential for the future.”

Moving to subject of sports betting, Freeman said, “No state is better positioned than New Jersey and Continue reading

Posted in Atlantic City, Bally Technologies, Detroit, Dining, e-sports, Eldorado Resorts, Florida, Geoff Freeman, Glenn Straub, Hard Rock International, Harrah's, Internet gambling, Isle of Capri, MGM Mirage, Politics, Revel, Seminole Tribe, Taxes, Tribal | Comments Off on Freeman hearts Atlantic City; Big win for Martinez

Quote of the Day

“The two things we have to really ensure to keep going with these clubs is that poker is taking place in a private place and that other than of skill or luck there is no economic benefit to anybody. That means that 100 percent of what goes on the table wagered on poker must leave with the players. That includes money for tips. The minute you take a dollar out of that pot and hand it to the dealer or hand it to the waitress, that’s an economic benefit directly from the poker that the [state] can say is a violation of the law.” — Post Oak Poker Club owner Daniel Kebort on the rules card rooms must observe in order to operate in Texas.

Posted in Regulation, Texas | Comments Off on Quote of the Day

Smoke in their eyes; Trump in Macao a “long shot”

Casinos in Baton Rouge are going to have to stub out those cigarettes and get ready for a smoke-free existence. The Metropolitan Council of the City of Baton Rouge & Parish of East Baton Rouge voted to approve an ordinance banning smoking in public places. Fortunately for L’Auberge Baton Rouge and its two rivals, they have until June 18 to get ready, plenty of time to prepare outdoor smoking venues, possible even ones that have slots. (A task force commissioned by Gov. Bobby Jindal [R] is studying the feasibility.) What they shouldn’t do is follow the example of Harrah’s New Orleans, which wasted all the time leading up to New Orleans‘ smoking ban whining about it, then had some rough months while it suddenly adjusted to life after smoking. Deutsche Bank analyst Carlo Santarelli is already downgrading Continue reading

Posted in Ameristar, Donald Trump, Eldorado Resorts, Environment, GLPI, Harrah's, Isle of Capri, Macau, Penn National, Pennsylvania, Pinnacle Entertainment, Tropicana Entertainment, Wall Street | Comments Off on Smoke in their eyes; Trump in Macao a “long shot”

Quote of the Day

“I hate Vegas. I think it’s dirty and there’s no upside for our business.” — Lucious Lyon (Terrence Howard) dissing Sin City on Empire. It’s ironic that someone as depraved as Lyon would be put off by Las Vegas. Of course Cookie (Taraji P. Henson) is welcome anytime.

Posted in Entertainment, TV | Comments Off on Quote of the Day

House of Bamboo; Adelson beats The Street

It seems frivolous to be discussing casinos when the Korean peninsula could go up in radioactive flames at any moment, but we do what we must. While legalizing casinos in Japan was a slow and agonizing process, they could fade away surprisingly fast. American operators are thought to be getting skittish as the Nipponese government sketches out a conservative, tightly regulated framework for casino gambling, one that has worked in Singapore (where the population is but a 20th the size of Japan’s) but might no be viable for the larger scale of Japan. One of the greatest fears of American operators is that casino floors will be capped at Singapore-like minimal size. That fear may, in fact, be driven by Continue reading

Posted in Entertainment, GameCO, Genting, Georgia, Harrah's, Horseracing, International, Internet gambling, Japan, Macau, MGM Mirage, Pennsylvania, Politics, Problem gambling, Regulation, Sheldon Adelson, Singapore, Technology, The Strip, Wall Street | Comments Off on House of Bamboo; Adelson beats The Street

Station’s “weakness” a strength; Ohio bucks the odds

Looking back at Station Casinos’ 2Q17 results, Deutsche Bank analyst Carlo Santarelli noted that the picture was clouded by construction activity at Palace Station and the Palms. But, while short-term investors would likely have their patience tested, he wrote, “we think long term oriented investors will be rewarded by a heavily invested management team which has generated strong returns historically.” In other words, Red Rock Resorts (Station’s nom de voyage on Wall Street) is still a “buy.” Management has pitched another $76 million into the Palace Station capex budget — for a $226 million total — as they continue to reinvent the property. As for the Palms, Phase One of reinvestment is a hearty $146 million.

JP Morgan analyst Joseph Greff was less supportive of Station, noting that it missed expectations on Continue reading

Posted in Ameristar, Boyd Gaming, Dan Gilbert, Dan Lee, Economy, Eldorado Resorts, Full House Resorts, GLPI, Hard Rock International, Harrah's, Indiana, Majestic Star, Ohio, Penn National, Pinnacle Entertainment, Racinos, Station Casinos, Tropicana Entertainment, Wall Street | Comments Off on Station’s “weakness” a strength; Ohio bucks the odds

Quote of the Day

“Merchants and entrepreneurs, thriving under the protection of the ruling party, are encouraging a building boom in Pyongyang, and there are more cars in the capital than ever before.” — the New York Times, on the apparent threat of economic sanctions against North Korea.

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

Trump’s Macao gambit; WPT goes to Japan

Donald Trump‘s policy toward China may be fairly unevolved at this stage, unless you count the agglomeration of additional trademarks in Macao. Technically speaking, the trademarks are registered to DTTM Operations (itself co-registered to The Donald), which operates from within the president’s favored pied a terre, Trump Tower. According to Reuters, the big man recently recorded trademarks for “real estate services, construction and development, hotel property, food and beverage and conference facilities.” Trump’s business operations are ostensibly in the hands of his sons but they make no bones about discussing them with Dad, so it’s what I call a seeing-eye trust.

Of course, the Trump family can’t get into the casino business in Macao unless Continue reading

Posted in Donald Trump, Harrah's, Japan, Macau, Mohegan Sun, Pennsylvania, Sheldon Adelson, Sociedade de Jogos de Macau, Stanley Ho, Steve Wynn, World Series of Poker | Comments Off on Trump’s Macao gambit; WPT goes to Japan

Slippage in Illinois; MGM carries Maryland

One less weekend day than last year proved costly for casinos in Illinois, where gaming revenue fell 2.5% in July. (It had been flat in 2016.) True, the creeping effect of slot routes may have played a role but speculation can carry one only so far. Defying the odds were Rivers Casino, up 2% ($38.5 million) and MGM Resorts International‘s Grand Victoria, up 3% to $15.5 million. Hollywood Joliet ($11 million) was flat but everyone else was revenue-negative. Most seriously affected was Harrah’s Metropolis (-9.5%), making $7 million, while Harrah’s Joliet was down 6.5% to $15 million. Gaming & Leisure PropertiesCasino Queen slipped 8% to $8.5 million.

As for GLPI/Penn National Gaming properties elsewhere in the state, Argosy Belle eked out Continue reading

Posted in CityCenter, Cordish Co., GLPI, Golden Gaming, Harrah's, Illinois, Maryland, MGM Mirage, Neil Bluhm, Penn National, Racinos, The Strip, Tourism, West Virginia | Comments Off on Slippage in Illinois; MGM carries Maryland

Legal weed a casino buzzkill; Caesars’ Australian pact nixed

In the casino biz, “pot” is now something other than what you put your poker bets into. It’s a source of money that’s not welcome at Ye Olde Casino (and you thought gambling moguls didn’t care where you got your gambling budget). Not only are casinos now obligated to spot and 86 patrons stoned on loco weed, players wagering money made through the marijuana business are personae non grata — or at least the subjects of suspicious-transaction reports. True, in Las Vegas, weed is (in theory) now as legal as booze, the sweet nectar that lubricates the casino machinery. However, since the federal government still regards it as verboten, casinos are put in an awkward spot.

To this end, American Gaming Association President Geoff Freeman has asked Continue reading

Posted in Arizona, Atlantic City, Australia, Economy, Environment, Florida, Geoff Freeman, Glenn Straub, Hard Rock International, Harrah's, Law enforcement, Regulation, Revel, Seminole Tribe, Tribal | Comments Off on Legal weed a casino buzzkill; Caesars’ Australian pact nixed

Quote of the Day

“I loved my previous life. I had so many things going. This is more work than in my previous life. I thought it would be easier.” — Donald Trump, on the burdens of the presidency.

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Case bets

After loudly proclaiming that it wasn’t going down the Internet
gambling path, MGM Resorts International has quietly reversed field and is opening a New Jersey Web site called playMGM. (To be fair, the company also inherited a flourishing ‘Net-bet operation when it bought Boyd Gaming‘s half of Borgata.) The new site offers simulated slots and table games, as you’d expect, along with bingo. Even non-casino operators are getting into the i-gaming act in the Garden State. Strip club company Scores is also getting into the game, New Jersey lawmakers having amended the law that restricted i-gaming to casino operators only. Still, having Leo the lion presiding over an Internet casino marks a seismic shift for MGM. It now has a dog in the fight over whether or not to ban online gambling.

* Opening a casino in Macao is neither a slam-dunk nor a license to print money. Take the case of Continue reading

Posted in Animals, Columbia Sussex, Florida, Genting, Internet gambling, Lawrence Ho, Macau, Melco Crown Entertainment, MGM Mirage, Mississippi, New York, Racinos, Regulation | Comments Off on Case bets

Quote of the Day

“I’ve changed my mission from making New Jersey the Silicon Valley of Internet gaming to the mecca of Internet gaming.” — state Sen. Raymond Lesniak (D), author of a bill that would remove the requirement that the state’s online-gaming servers all be located in Atlantic City. How he hopes to get around the necessity for states to compact with one another to share liquidity remains unsaid.

Posted in Atlantic City, Internet gambling, Politics | Comments Off on Quote of the Day

Mickey Mouse comes to Sin City; Unrest at MGM

Locals might cringe every time the “What happens in Vegas stays in Vegas” cliché is trotted out — in part because what happens there usually finds its way to YouTube within hours, if not minutes. However, the staying power of its source, the “What happens here, stays here” series of commercials is pretty amazing. When the Las Vegas Convention & Visitors Authority rolled it out in 2003, who thought it would still be going strong 14 years later? It’s spared creator (and owner) R&R Partners a lot of gray matter, as they don’t have to come up with a new brand for Sin City for the foreseeable future. The LVCVA soft-pedaled the campaign during the Great Recession but it’s never fully gone away and surely inspired The Cosmopolitan‘s attempted approximation, “The Right Amount of Wrong,” which didn’t have quite the same swing to it.

I wouldn’t go as far as Thrillist and imply that “What Happens Here Stays Here” saved the Las Vegas Strip from Continue reading

Posted in Cosmopolitan, Culinary Union, e-sports, Economy, history, LVCVA, Marketing, MGM Mirage, Mississippi, Taxes, The Strip, Transportation | Comments Off on Mickey Mouse comes to Sin City; Unrest at MGM

Dover downer; Connecticut rewrites the rules

Expect another request for tax cuts from Dover Downs after the Delaware racino posted a 96% decrease in second-quarter profits. (Slots are taxed at a usurious 43%.) While Dover Downs made $32,000, it suffered a 7% decline in casino revenues. A piquant Delaware law requires racinos to close on Christmas and Easter, and the latter happened to fall in 2Q17. CEO Denis McGlynn also has been pressing Gov. John Carney for increased promotional efforts on the casino industry’s behalf — although, having extracted that 43% pound of flesh, it’s an open question whether Carney would reinvest it right back from whence it came.

“The balance of our performance reflects the expected impacts of our increasingly competitive market,” said McGlynn and he’s not Continue reading

Posted in Atlantic City, Cordish Co., Delaware, Foxwoods, GameCO, Greenwood Racing, Harrah's, International, Marketing, MGM Mirage, Mohegan Sun, Pennsylvania, Politics, Racinos, Regulation, Taxes, Technology, Tribal | 1 Comment

Quote of the Day

“The suburban casino smells like vanilla. Trust us, it does. And not some lowbrow, bodega-incense vanilla, either. It smells like a Diptyque candle or fancy shampoo. Like vanille, sourced from some formerly colonized nation. Like rich people. If you do not come from wealth, it’s intoxicating, this scent that permeates the MGM National Harbor. It sticks to your hair and your clothes, quietly bathing you in status.” — from a satire of MGM’s new casino, penned by the Washington Post’s Lavanya Ramanathan, whose taxi driver asks her afterward, “May I ask, what perfume are you wearing?

Posted in Architecture, Entertainment, Maryland, MGM Mirage | Comments Off on Quote of the Day