Caesars’ escape artistry; Boyd goes native

Posted on December 30, 2015 by David McKee

Caesars Entertainment gained some breathing room after U.S. District Judge Shira Scheindlin ruled that “material disputes” involving its Caesars Palaceremoval of guarantees to bondholders required resolution by trial, not summary judgment. Caesars feared the latter, contending that it would contend that it would cause the parent company to join subsidiary Caesars Entertainment Operating Co. in bankruptcy. Judge Scheindlin’s ruling compounds the frustration of creditors MeehanCombs Global Credit Opportunities Funds and Frederick Barton Danner, who claim that Caesars violated the Trust Indenture Act. Caesars wants any court proceeding in the case to held off until two months after court-appointed examiner Richard Davis concludes his investigation of the Chapter 11. One of the matters that Davis is probing is Continue reading →

Posted in Boyd Gaming, California, Harrah's, International, Macau, Melco Crown Entertainment, Oklahoma, Sheldon Adelson, Tribal, Wall Street | Comments Off on Caesars’ escape artistry; Boyd goes native

Florida compact decried; Reprieve for Atlantic City?

Posted on December 23, 2015 by David McKee

Despite being at the epicenter of Florida‘s gaming industry, the Miami Herald has come out against Gov. Rick Scott‘s compact with the Seminole Tribe, wringing its hands and seeing a slot machine under every Seminole logobed. “This is a major expansion of gambling in Florida, with serious implications for Miami-Dade County,” frets the editorial board, although you’d think the “serious [economic] implications” would be good for the county. But no, the Herald is greatly distressed, especially about the fact that under the terms of the compact the Seminoles could have as many as 6,000 slots at one of their casinos. Horrors!

In addition to the predictable objections to banked casino games at the Seminole-owned properties, the Herald balks at provisions like Continue reading →

Posted in Atlantic City, Election, Florida, Massachusetts, Neil Bluhm, New York, Penn National, Politics, Racinos, Regulation, Seminole Tribe, Sheldon Adelson, Tribal | Comments Off on Florida compact decried; Reprieve for Atlantic City?

New York blesses three casinos; Sinatra hangout resurrected

Posted on December 23, 2015 by David McKee

Not a discouraging word was to be heard as the New York State Gaming Commission unanimously approved licenses for three casinos in various Rivers Schenectadyupstate market. (Tioga Downs‘ turn comes later, as it was delayed entrant to the process.) This removes the uncertainty  and frustration that were dogging $320-million Rivers Casino & Resort at Mohawk Harbor, near Schenectady, $425-million Lago Resort & Casino and the big dog, $1.3-billion Montreign Resort Casino, in the Catskills. Montreign developer and Genting Group subsidiary Empire Resorts certainly isn’t thinking small about the casino: 90,000 square feet of gambling that will include 102 tables and 2,150 slots. It’s part of a bigger resort project, Adelaar, that will supplement Montreign’s charms with an indoor water park and a golf course. Now Empire can stop just moving dirt around and get down to construction in earnest.

Gaming Commission Chairman Robert Williams made the sort of remarks that are de rigeur for such occasions, saying,  Continue reading →

Posted in Architecture, Genting, history, Lake Tahoe, Neil Bluhm, New York, Regulation, Taxes | 1 Comment

Quote of the Day

Posted on December 23, 2015 by David McKee

Layout 1“I could have sold pencils over there and made more money.” — Cosmopolitan of Las Vegas CEO Bill McBeath on the casino floor, which is due to be part of a $200 million, three-year revamp of the megaresort.

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Good news in Indian Country

Posted on December 22, 2015 by David McKee

It’s a happy day for the Picayune Rancheria of Chukchansi Indians, which got the go-ahead from the National Indian Gaming Commission to reopen its long-troubled Chukchansi Gold Resort & Casino. The CapitolNIGC was feeling so generous, in fact, that it suspended a $19 million fine, Chukchansi so long as the casino remains in compliance with commission regulations. The tribe also got a bailout from its bondholders. Although the Chukchansi are at least $12 million in arrears to them, the bondholders arranged $35 million in supplementary financing to cover the cost of reopening the casino, the target date for which is sometime in January. That means 1,000 new jobs in 2016.

If “anything occurs to threaten the health and safety of the facility or its patrons and employees,” the tribe’s deal with the NIGC is off. As Madera County Supervisor Tom Wheeler said,  Continue reading →

Posted in California, Dan Gilbert, Harrah's, Massachusetts, Ohio, Pennsylvania, Regulation, Sheldon Adelson, Technology, Tribal | Comments Off on Good news in Indian Country

Quote of the Day

Posted on December 22, 2015 by David McKee

“I’ve never wagered in a football pool, and find sports as interesting as watching grass grow. But I’d rather try my hand at these games than the state lottery or slot machines. The websites have daily wagers now (and not just season-long competitions), but they are still based on choices and statistics.” — San Diego Union-Tribune columnist Steven Greenhut, arguing on behalf of daily fantasy sports.

Posted in California, Internet gambling, Regulation | Comments Off on Quote of the Day

Malice on the Strip; Tribal foes routed

Posted on December 22, 2015 by David McKee

For people with evil in their hearts, the Las Vegas Strip represents a target-rich environment. Most vulnerable are the pedestrians who clog the Hollowaysidewalks, prey for all manner of harm. Last weekend, it took the form of a rampaging automobile with Lakeisha Holloway at the wheel. Ramming her vehicle into the crowds from Planet Hollywood to Bally’s Las Vegas, Holloway killed one woman and injured 35 more people. Holloway had been lurking in Vegas for several days with her small daughter in tow, living in her car in casino garages, which ought to be a loud wake-up call to casino security throughout Sin City. How was this missed?

“She didn’t appear to be distressed due to her actions,” said Sheriff Joe Lombardo of Holloway, who got as far as Tuscany Suites & Casino on a flat tire before being arrested, having already confessed her crime to Continue reading →

Posted in Arizona, Harrah's, International, Lake Las Vegas, Law enforcement, Politics, The Strip, Tourism, Tribal | Comments Off on Malice on the Strip; Tribal foes routed

Reid delivers for REITs; Packer calls it quits

Posted on December 22, 2015 by David McKee

Sen. Harry Reid (D) may not see as well as he used to, but he’s still got plenty of ‘juice’ on Capitol Hill. He delivered an early Christmas present harryreid_t178for campaign donor (and Caesars Entertainment co-owner) David Bonderman, in the form of a provision that would preserve a loophole whereby REIT spinoffs would not be subject to capital-gains taxes. The proposed rules change also “would prevent companies from setting up their own affiliated REITs, to hold their property and no one else’s,” which would run a cart and horses through REITs planned by Caesars and MGM Resorts International, another staunch Reid supporter. The so-called “Caesars-TXU carve out” will cost the U.S. government roughly $1 billion in anticipated tax revenues.

Rep. Kevin Brady (R), author of the legislation that Reid gutted, took the defeat in stride, saying Continue reading →

Posted in Atlantic City, Australia, Boyd Gaming, Hard Rock International, Harrah's, Harry Reid, James Packer, MGM Mirage, Politics, Taxes, The Strip | Comments Off on Reid delivers for REITs; Packer calls it quits

When you wish upon a star

Posted on December 21, 2015 by David McKee

Despite a shakeup by Gov. Greg Abbott (R, below), the Texas Racing Commission still has a death wish when it comes to “instant racing.” When, in keeping with Abbott’s wishes, the TRC held a vote to repeal the AbbottVLT gambling, it failed, stuck in a 4-4-1 tie. Never mind that the TRC wants to revisit the issue in February, “give the industry two months to try to do something,” as one commissioner put it, new TRC Chairman Rolando Pablos told his colleagues to expect the worst: defunding of the commission by irate GOP lawmakers. And, without a TRC there can be no racing season, so there goes the whole shooting match … and all because some commission members wanted to keep the door open for racinos, which really ought to be the prerogative of the Lege. (I hate to side with anti-gamblers but the TRC really overreached here.)

Horseman continue to mawkishly posit VLTs as their last, best hope for an industry “that doesn’t have any hope.” (Shades of  the Continue reading →

Posted in California, Dining, history, Horseracing, New York, Racinos, Regulation, Texas | Comments Off on When you wish upon a star

Quote of the Day

Posted on December 21, 2015 by David McKee

“You’re talking about a man who a month ago wasn’t paying for water or revel_0606sewer, didn’t pay his taxes and couldn’t figure out how to get heat and electricity into his building. He’s resolved all those things, and it’s a good step forward now. It’s a different feeling.” — Atlantic City Mayor Don Guardian (R), extending a cautious olive branch to will o’ the wisp developer Glenn Straub. The latter, for his part, wasn’t ready to reconcile. Said Straub, “we’ll just keep buying up the town for 5 cents on the dollar. If we have to sit on it for 10 years, we will, and then there will be a new government.”

Posted in Atlantic City, Glenn Straub, Revel | Comments Off on Quote of the Day

Gaming expansion in Garden State moving fast; Mashpee Wampanoags challenged

Posted on December 18, 2015 by David McKee

New Jersey lawmakers are wasting no time getting a casino-expansion question onto next year’s election ballot. Enabling legislation fairly shot out of committee in both houses of the Lege. The Assembly version would Guardiandevote 33% of tax revenue from two gambling houses in northern New Jersey to Atlantic City. That arrangement would last for 15 years, after which the subsidy would be stepped down to 20% in Year 25. None of this seems to impress dapper Atlantic City Mayor Don Guardian (R, right). It’s hard to disagree with him when he calls the policymaking in Trenton “devastating” for the Boardwalk.

Lawmakers seem to tacitly agree, having just send a bill to Gov. Chris Christie‘s desk that would set aside job-retraining funds specifically for Continue reading →

Posted in Arizona, Atlantic City, Genting, Indiana, Internet gambling, Massachusetts, MGM Mirage, Neil Bluhm, Pennsylvania, Politics, Regulation, Taxes, Tribal | Comments Off on Gaming expansion in Garden State moving fast; Mashpee Wampanoags challenged

All Adelson, all the time; Full House on the move

Posted on December 18, 2015 by David McKee

(Update: The Adelson-influenced meddling has already begun.)

Now that Sheldon Adelson owns the Las Vegas Review-Journal, the paper’s prime topic of coverage has become … itself. There’s no shortage of entrail-reading, as pundits try to parse the casino mogul’s intentions. In a sheldon-adelson-25sense, Adelson has already won a key battle: One of today’s lead stories features everyone from Sen. Harry Reid (D) to Caesars Entertainment‘s Jan Jones Blackhurst going out of their way to say nice things about Sheldon. We’re also given a foretaste of the nouveau regime when Publisher Jason Taylor lectures one of his own reporters for daring to ask questions about Adelson’s ownership, sniffing, “My recommendation is focus your energy on making the brand stronger.” As though to demonstrate its editorial independence, the R-J ran an unflattering photo of Adelson in which he appears to be wearing a mohair beanie. (Smoke ’em while you got ’em.)

Such gestures may be all fun and games but the real question is Continue reading →

Posted in Colorado, Dan Lee, Harrah's, Harry Reid, Internet gambling, Lake Tahoe, Macau, MGM Mirage, Politics, Sheldon Adelson, Steve Wynn | 1 Comment

Adelson’s new toy; MGM: ‘Zarkana’ out, architectural innovation in

Posted on December 17, 2015 by David McKee

Sheldon ALas Vegas‘ worst-kept secret is out: Sheldon Adelson is the new owner of the Las Vegas Review-Journal. He’s claiming that the clumsy subterfuge was needed so as not to “distract from the important role Nevada continues to play in the 2016 presidential election” by hosting a GOP debate at the Venetian, an explanation that doesn’t pass the laugh test. That’s precisely the sort of conflict of interest the R-J ought to be disclosing. He says the Adelson family “wants a journalism product that is second-to-none [sic] and will continue to invest in the paper to achieve this goal.” At least the promise to reinvest in the product is encouraging, as Stephens Media was slowly bleeding the R-J to death, a couple of ownerships ago. (The wretched copy-editing that mars R-J stories is one scar left by Stephens’ malign neglect.)

 

As John L. Smith, who has been a victim of Adelson’s wrath, could tell his colleagues, they’d better Continue reading →

Posted in Architecture, Cirque du Soleil, CityCenter, Election, Harrah's, Harry Reid, MGM Mirage, Politics, Sheldon Adelson, Taxes, The Strip | 4 Comments

Quote of the Day

Posted on December 16, 2015 by David McKee

stevewynn“I was probably a little tougher on them than I should have been on the conference call. But look, I have made promises to the people over there, and it’s only fair that they help me keep those promises. But it wasn’t as serious as everyone made it out to be: ‘Wynn blasts government.’ I didn’t blast anybody. I’ve been their fair-haired boy in Macao since day one. But it’s okay to complain a little. It’s okay to have a different point of view.” — Steve Wynn, peddling some revisionist history as he tries to get more table games for Wynn Palace.

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GLPI gets a racino; Reckless casino rhetoric

Posted on December 16, 2015 by David McKee

horseAfter over a year of litigation, Gaming & Leisure Properties has come to terms with Cannery Casino Resorts over the sale of Meadows Racetrack, near Pittsburgh. (Next step for GLPI, find an operator. Penn National Gaming? Pinnacle Entertainment?) Considering that GLPI’s initial purchase price was $465 million, that the latter has been knocked down to $440 million and that the racino has grossed $247 million thus far this year, the settlement looks like a win-win-win for GLPI. We don’t know why Cannery was so eager to be rid of such a lucrative asset, but it’s been GLPI’s good fortune that it did.

* Democratic presidential candidates Sen. Bernie Sanders and Martin O’Malley (below) are fond of likening the banking industry to Continue reading →

Posted in Boyd Gaming, Cannery Casino Resorts, Dining, Election, GLPI, Harrah's, Maryland, Movies, Penn National, Pennsylvania, Pinnacle Entertainment, Racinos, Sheldon Adelson, Station Casinos, Wall Street | 1 Comment

Boston: Has Wynn finally won?; Massachusetts mulls i-poker

Posted on December 15, 2015 by David McKee

Boston Mayor Martin Walsh seems to have finally put his grandstanding aside and is making conciliatory noises about Wynn Resorts. Has the smackdown of his lawsuit against the Massachusetts Gaming walshCommission finally brought Walsh to his senses? Or is this another head-fake by the fractious Mayor McCheese? Boston Globe columnist Adrian Walker thinks it’s the former, given the $1 million already spent on litigation. Further appeals would be, he argues, “fiscally irresponsible.” That’s as may be but we haven’t known logic to slow Walsh down yet. If the lawsuit was intended as a shakedown of Steve Wynn for more money, it was an utter failure. Adds Walker, “it’s hard to see how this suit has strengthened the city’s hand in any way. Looking foolish is no way to gain leverage.”

Walker calls Walsh’s crusade against Wynn  “an unwinnable war with no convincing rationale.” The mayor’s allies Continue reading →

Posted in Dan Gilbert, Detroit, Donald Trump, Internet gambling, Massachusetts, MGM Mirage, Pennsylvania, Politics, Regulation, Steve Wynn, Transportation, Westgate LV | Comments Off on Boston: Has Wynn finally won?; Massachusetts mulls i-poker

RAWA bombs on Capitol Hill; DFS currently on the wane

Posted on December 15, 2015 by David McKee

It’s looking more and more like Rep. Jason Chaffetz‘s effort to move his (actually Las Vegas Sands‘) “Restoration of America’s Wire Act” has hit a Chaffetzdead end. Last week’s hearing found widespread skepticism, even hostility, among the members of Chaffetz’s own committee, while his hand-picked witnesses performed badly on the stand. By trying to override the 10th Amendment with the Commerce Clause, Chaffetz alarmed defenders of the Second Amendment, who feared that it would be next for congressional reinterpretation.

Chaffetz, “a loathsome human being with no real interest in learning the truth about online gambling,” and his invited goons frequently fell back on xenophobia, citing the overseas ownership of sites like Betfair as a threat to our national security. The loopiest pro-RAWA argument was made by Continue reading →

Posted in Election, Georgia, Harrah's, Internet gambling, Politics, Sheldon Adelson, TV | 1 Comment

Big online month for Atlantic City

Posted on December 14, 2015 by David McKee

In the casino industry, $13 million may not be a lot of money — but it represented a 51% gain for Atlantic City‘s online casinos and made up for tropicana_havanasoftness at brick-and-mortar gambling houses. Slot revenue was down 3% on 2.5% less coin-in, while table games won 3% more on 3% less volume. Borgata had a less-than-stellar month at the tables: 6% fewer winnings on 2% money wagered. Its slots, however, brought in 6.5% more money on 6% higher coin-in. Borgata continued to dominate online market share, with 31%, while dark horse Tropicana Atlantic City edged past Caesars Interactive (21%) into second place, with 22.5%.

Thanks to the healthy online contribution, gross gaming revenue for the Boardwalk was down only 1% for November. The evil spirit of Continue reading →

Posted in Atlantic City, Boyd Gaming, Colony Capital, Harrah's, Internet gambling, MGM Mirage, Mohegan Sun, Tilman Fertitta, Tropicana Entertainment, Trump Entertainment Resorts | 1 Comment

Casinos progress in Georgia, New Jersey

Posted on December 14, 2015 by David McKee

Almost without overt human effort, the movement toward casino gambling in Georgia appears to be snowballing. Prime mover behind the low-key, but ron stephensseemingly inevitable process is state Rep. Ron Stephens (R, left), whose bill would not only put two casinos in Atlanta but one in his home town of Savannah. (Three others would be placed at corners of the state.) Heck, even Gov. Nathan Deal (R) is sounding like he might sign off on a casino bill if the tax rate is lifted above the investment-friendly 12% Stephens proposes.

Lobbyists are already thick on the ground. Boyd Gaming and Penn National Gaming have three each pressing the flesh but MGM Resorts International has contributed 14 to the effort. Atlanta has become a highly coveted prize for the company. Anti-casino groups, meanwhile, are Continue reading →

Posted in Architecture, Atlantic City, Boyd Gaming, Cordish Co., Election, Georgia, Greenwood Racing, Massachusetts, MGM Mirage, Penn National, Pennsylvania, Politics, Tribal | Comments Off on Casinos progress in Georgia, New Jersey

‘Jubilee’ axed; DFS banned and reprieved

Posted on December 14, 2015 by David McKee

It was probably a mercy to Ffolliott “Fluff” LeCoque that the Las Vegas showbiz legend died two days before Caesars Entertainment buried a dagger in the heart of Jubilee. LeCoque had been part of the original cast and ballys-jubileewent on to be the show’s den mother, maintaining creator Donn Arden‘s legacy. Her thoughts on pop choreographer Frank Gaston Jr.’s disastrous reboot of the show are unrecorded but it’s unlikely they would have been favorable. Caesars will drop the final curtain on the 34-year-old show on Feb. 11. So far, no one has pointed the finger of blame at Caesars CEO Mark Frissora but cost-cutting is his trademark and, with its scores of dancers and innumerable rhinestones, Jubilee would have made a tempting target for the red pencil.

Of course, Caesars is promising something spectacular in Jubilee‘s place. After all, the theater is an awe-inspiring technical asset that Continue reading →

Posted in Entertainment, Florida, Hard Rock International, Harrah's, history, Horseracing, Internet gambling, Law enforcement, New York, Politics, Racinos, Regulation, Seminole Tribe, Taxes, The Strip, Tribal | 1 Comment