Connecticut‘s controversial satellite casino has been voted through the state Senate. This prompted a swift response from the Schaghticoke Tribal Nation, which promised a lawsuit (probably 
financed by MGM Resorts International). Gov. Dannel Malloy (D) threw his support behind the satellite casino, saying, “the legislature should remain focused on maintaining the state’s longstanding partnership with the Mohegan and Mashantucket Pequot tribal nations and protecting jobs.” In other words, don’t imperil that $260 million a year in slot revenue.
Schaghticoke Chief Richard Velky responded, “If the citizens of Connecticut want a better deal and a proposal where the numbers Continue reading
and selling it
“non-compete.” He’s served Station well, coming aboard from Deutsche Bank, a major Station creditor, during Station’s bankruptcy and helping steer it out of the shoals and into prosperous waters. He’ll surely be missed, not least because he served as a buffer between CEO Frank Fertitta III and the investment community, handling those quarterly analyst calls — and pesky reporters.
record for table game revenue. (Earlier, Sands was bruited to be in talks with Tropicana Entertainment to sell the place for $1 billion,) Negotiations with MGM Resorts International over the property have “collapsed,” according to multiple Morning Call sources. Sands COO Rob Goldstein made the case for keeping its Bethlehem presence in a recent investor call, saying “Bethlehem represents a pretty extraordinary investment in terms of what we put into the market versus what it returns to us, although it’s a small number, obviously, relative to our other assets.” Analysts blamed a potentially watered-down gambling market (slot routes, DFS, Internet gambling) for the fruitless end of the negotiations.
Gov. Dannel Malloy 
has announced that construction cranes will be up by August at the latest and 
celebrate the company’s emergence from bankruptcy by monetizing 90 acres of Las Vegas Strip frontage. To be fair to Frissora, the Caesars Palace revamp, as well as a pedestrian bridge at Paris-Las Vegas, were in Gary Loveman‘s cards before he took a hard left turn into an LBO, the catastrophic effects of which included putting several projects into the deep freeze. The work could re-start as soon as this autumn. “We have plans to basically develop all of that very valuable center-strip property as soon as we emerge [from bankruptcy],” Frissora told Bloomberg TV. “Those assets will have a very high-return, low-risk profile.”
his serial attempts to become a Las Vegas gaming mogul. The project, which literally never got off the drawing board, always seemed too hoity-toity for its own good. The operative question is not whether Packer could have brought it off but who, if anyone, will spring for the acreage and at what price? They’re so strategically located that Steve Wynn or Eric Trump could use them for expansion. Heck, Wynn could leave his eponymous golf course intact and build Wynn Paradise Park on the Alon site.
progress, some recent concrete work is evident on the steel structures at Resorts World. We believe the project remains at least 3 years off and even that assumes the pace of activity accelerates meaningfully from the current state. We believe interest in Fountainbleu has picked up and believe a transaction with a potential developer could be a 2017 event. Given meaningful interior work remains at the asset, we anticipate it would take at minimum two years to open the property post work commencing at the asset.” [emphasis added] In other words, wait until 2020. Can SLS Las Vegas hang in that long?
To wit: A third, offsite casino 
money 
dramatic in the Pelican State market, up 19%. By contrast, Shreveport/Bossier City was down 3%. The increase was especially dramatic at Harrah’s New Orleans, up 42.5% (no, that’s not a typo). So much for the allegedly pernicious effects of the smoking ban. Smoke-free Fair Grounds racino was up 7%, as the two casinos grossed $35 million and $3 million respectively. Elsewhere in the Crescent City, Boyd Gaming‘s Treasure Chest was down 4%, to $9.5 million, and Pinnacle Entertainment‘s Boomtown riverboat notched a 1% gain to $10 million.
the Boardwalk was up 4%. Market leader, by an astonishing margin, was Borgata, garnering $58.5 million, almost one-third of the total market. In fact, it carried the market, as you will see below. Its tables parlayed a 3.5% increase in wagering into a 15% gain, while its slots eked out a 1% increase on flat revenue. Market-wide, table-games were down 12% on 4% less wagering and slots saw 2% less coin-in, resulting in flat revenue.
for $1.2 billion. Reuters describes the move as “ending a fraught offshore expansion and freeing up cash for new projects at home.” In other words, Crown Resorts will be turning its back on Macao (and Las Vegas) to concentrate on Sydney and Perth. One analyst described the arrest and uncertain fate of The Crown 18 as “a major factor in terms of considering what’s best for the future. I think they just wanted to step completely clear of anything to do with that market.”
figure sum Icahn was seeking. It’s a triumph for Hard Rock CEO Jim Allen, who clearly drove a hard bargain and who probably was able to finance the steal of a deal out of cash flow. For those of you keeping score, 
about legalized sports betting. The AGA recently commissioned a Greenberg Quinlan Rosner poll that concluded — surprise! — that most Americans 
Atlantic City casinos a good soaking, pointing out that they paid $237 million last year, compared to New York‘s $888 million and Pennsylvania’s $1.4 billion. Maryland‘s five casinos ponied up $453 million. Now, if you want to finish smothering Atlantic City in its crib, raising taxes would be a helluva way to it. The Garden State turncoats are led by state Rep. Chris Brown, the rare Republican who believes in higher taxes. “I simply believe casinos should pay their fair share of taxes to ensure we don’t place an additional, unfair tax burden on our working families,” he told a reporter. Let’s hope Brown’s ideas don’t gain traction, especially since he’s been a rare defender of the Boardwalk until now.