MGM Resorts International CEO Jim Murren has had a come-to-Jesus moment on Sheldon Adelson‘s proposed NFL stadium. After all, MGM stands the most to benefit from proximity to its all-but-certain Russell Road location. Failing to fund the stadium, Murren told legislators, would be “just tragic, really. Why not? What could possibly be a valid reason? We know this state thrives on innovation, it thrives on reinventing itself, and we need to continue to diversify. This will bring more jobs, more diversity to the economy. This is exactly what these room taxes were designed to do many, many years ago, and that’s why I’m so supportive of it.” The CEO acknowledged that “What’s good for Las Vegas is good for MGM Resorts,” explaining that “I’m far more supportive than of a vague idea of a year ago. It’s a much better than a vague idea that had open-ended liability.”
Murren added that he was “utterly confident” that Las Vegas was three years away from getting Continue reading
Gaming was right in line with overall state performance and Boyd Gaming outperformed, but Caesars Entertainment and Pinnacle Entertainment underachieved for the month. The latter’s 4.5% gain at Belterra ($9 million) was undone by a weak performance (-7%) at Ameristar East Chicago, which grossed $16.5 million. Ameristar’s difficulties didn’t redound to the benefit of Horseshoe Hammond, which dipped 2.5%, though it grossed a mammoth $32 million. Horseshoe Southern Indiana ($20 million) was also down a bit, -2%.
cites Station Casinos, Boyd Gaming and Penn National Gaming (presumably for M Resort) as good off-Strip investments. “Most people who don’t live in Las Vegas probably don’t realize what a big business the locals market is for gaming companies. In the past 12 months, $2.8 billion has been won by casinos in Clark County that aren’t on the Strip or in downtown Las Vegas. That’s up 5.6% from 2011, which isn’t a lot of growth, but it’s something,” Hoium writes, noting that Station and Boyd are both in the process of enlarging their Vegas Valley presence.
So said longtime Trump Taj Mahal patron Michael Angelo as the casino closed just before 6 a.m. this morning. Owner Carl Icahn gambled that Unite-Here Local 54 would bend to his my-way-or-the-highway ‘negotiation’ style and lost. But Taj workers lost, too, as they now join the thousands of casino workers put out on the streets as the Boardwalk continues its overdue market correction. 
million), its counterparts in Cleveland ($17 million) and at ThistleDown Racino ($10 million) were up 8% and 16%, respectively, last month. Hard Rock Rocksino continued to lead the state with $18 million (up 3%). Statewide gaming revenues were up 4% despite a 2% dip in the Penn National Gaming portfolio. Culprits were Hollywood Toledo ($15 million, -7%) and Hollywood Columbus ($17 million, -3%). Slot revenues dominated the cash count, representing 84% of revenues, and the house played lucky, raking in 6% more table game revenue on 6% less money wagered.
Director Paul Leger, who presumably believes in unicorns and Santa Claus, expressed confidence that Rivers would continue playing Lady Bountiful to the city. Rivers spokesman Jack Horner would go no farther than to say, “Discussions are under way, and options are being considered.” Admittedly, while the state Supreme Court’s revocation of host-community payments removes a financial burden from casinos it puts them in a tricky PR position. If counties and cities start laying off cops and teachers, they can blame it on the Big Bad Casinos. (In the case of Rivers, it initially sued Pittsburgh over the host-community fee, then dropped its litigation.) The Steel City isn’t exactly having an easy time of it either, 
versions of blackjack. “You’re not going to win that argument; you’re just not,” Hinkle told attorney Anne-Leigh Gaylord Moe, after warning her that in the case of a finding by the court that designated-player games are really house games “then the tribe can keep offering banking games for 20 years.” 
for Gov. Rick Scott (R) could be Pyrrhic, 
financing the project will come any day now … any day now, folks … folks? The company will still carry $125 million in debt related to the structuring of the deal. Penn has shown its inexperience in tribal-casino affairs here: Station Casinos and Boyd Gaming don’t bankroll the tribal casinos they develop, and Penn’s decision to do so has created a lengthy overhang. And don’t think the Street hasn’t noticed: Penn stock has declined 14%, compared to an average 8% for other regional operators. Still, once the casino is open this will be a sweet deal for Penn. It gets to skim 1.5% right off the top in licensing fees, collect a management fee of 30% of pre-tax earnings (a good incentive for Penn to do its job) and will run the property for at least seven years.
money, when business went bad. Three or four of our locations went bankrupt. And when a small business goes bankrupt, the people who own it go bankrupt. They lost everything they had saved. Video gaming gave them that additional spark and revenue source.” — Illinois Gaming Machine Operators Association President Mike Gelatka on the impact of slot routes on bars in the Land of Lincoln.
a question of reconciling the casinos with their host communities, and finding a solution that both deem fair, the process also pits big casinos like Sands Bethlehem (which had supported the tax) against small ones like Mount Airy, the David who slew the tax goliath. Already the affected cities are crying foul. The mayor of Bensalem, Joseph DiGirolamo, staring a $15 million a year shortfall in the face, has already raised the specter of police layoff and/or tax increases if revenue-sharing from Parx Casino comes to a halt. On the opposite side of the coin, state Sen. Tommy Tomlinson (R) 
$916 million loss. Yes, $916 million. 
team in return for $650 million in stadium financing. Davis wasn’t having any of that. And NFL Commissioner Roger Goodell, who might be less than thrilled to have a casino mogul among the league’s owners, pointedly reminded everyone that Davis needed 24 votes out of 32 in order to move the team. Pressure to keep the Raiders in Oakland is ramping up, as former team CEO Amy Trask is making the rounds with a scheme that would keep a new stadium from being a budget-busting proposition. Among 
impasse wasn’t trouble enough. The commonwealth has been given three months, tops, by the Pennsylvania Supreme Court to fix the host-fee regime under which Keystone State casino disburse funds to their surrounding communities. The court found that the current law — which Mount Airy Casino and Rivers Casino have loudly decried —