GLPI treads water

Posted on June 11, 2015 by David McKee

Top honchos from Gaming & Leisure Properties, including CEO Peter Carlino, recently met with J.P. Morgan analyst Joseph Greff.
CarlinoThey assessed the current state of regional gaming markets as no better than “okay” and predicted that the industry trend to come would be more consolidation, not regional expansion. When it was undergoing its REIT split-off from Penn National Gaming, GLPI executives bragged that the phone would be ringing off the hook from casino companies looking to make deals. That didn’t happen, unless you count the Casino Queen acquisition. Greff reports that “conversations have happened, but nothing has exceeded the introductory stage.”

As GLPI’s big gulp, its attempted takeover of Pinnacle Entertainment, the two sides were said to be Continue reading →

Posted in Economy, GLPI, Illinois, MGM Mirage, Pinnacle Entertainment, The Strip, Wall Street | Comments Off on GLPI treads water

Heavy online interest in Pennsylvania; New twist in Jersey expansion

Posted on June 10, 2015 by David McKee

Caesars Interactive sent Michael Cohen to Harrisburg, to educate Pennsylvania lawmakers in online gambling and demonstrate the safety features whereby underage players can be thwarted. Cohen’s presentation pleased lawmakers on both sides of the aisle but drew a squawk of protest from Mike Barley, of the Coalition Against Online Gambling, which looks suspiciously like a Sheldon Adelson stalking horse.

“When is enough enough,” Barley wailed, although we’ve never known Adelson to Continue reading →

Posted in Election, Harrah's, International, Internet gambling, Pennsylvania, Politics, Racinos, Regulation, Sheldon Adelson | Comments Off on Heavy online interest in Pennsylvania; New twist in Jersey expansion

Quote of the Day

Posted on June 10, 2015 by David McKee

“Indonesia is not going to have gaming. Malaysia is not going to have increased gaming. Vietnam is a giant question mark and doesn’t have Marina Baythat many players. So you are left with only Singapore and Malaysia, and Chinese individuals living in Indonesia. That’s really the source market for Singapore. If it can dig more into the Indian subcontinent, there’d be some significant demand coming out of that area. But with [Marina Bay Sands] operating at 99%, it is hard to bring more players in. Singapore will remain a saturated duopoly market.” — Vitaly Umansky, global gaming senior research analyst for Sanford C. Bernstein on the future of the Singapore market.

Posted in International, Sheldon Adelson, Singapore, Vietnam | Comments Off on Quote of the Day

Straub’s latest truce; Twin River readies for competition

Posted on June 10, 2015 by David McKee

Bitter foes Glenn Straub and ACR Energy Partners have agreed to make nice and keep the lights on (literally) at Revel, at least for the revel_0601short term. The brinkmanship between these two parties had reached such extremes that ACR cut power to Revel for three weeks, putting the property at risk for fire and  mold. When a previous truce was set to expire a month ago, the state intervened to order that ACR keep the juice flowing. Straub’s Polo North has to pick up the tab in return for two continuous megawatts of electricity and a standby diesel generator.The arrangement is to stay in place “until Continue reading →

Posted in Animals, Atlantic City, Environment, Glenn Straub, Harrah's, Illinois, Isle of Capri, Louisiana, Massachusetts, Penn National, Regulation, Revel, Rhode Island, Tilman Fertitta | Comments Off on Straub’s latest truce; Twin River readies for competition

Case Bets: Club Fortune, NFL, PokerStars

Posted on June 10, 2015 by David McKee

“Loose sluts!”, cries the grandmotherly-looking woman at 00:13 in this Club Fortune Casino commercial (so bad it never gets old). Those days may soon be over once Nevada Gold‘s purchase of Club Fortune closes. Having obtained the property for a relatively cheap $14 million, Nevada Gold is going to Continue reading →

Posted in Boulder Strip, Geoff Freeman, Internet gambling, PokerStars, Regulation, Sheldon Adelson, Sports | Comments Off on Case Bets: Club Fortune, NFL, PokerStars

Steady in Indiana

Posted on June 9, 2015 by David McKee

Gaming revenues were flat in Indiana last month, especially in the south, and this is a good thing. Why? Because it means that the Hoosier belterraState is absorbing the impact of competition from Ohio. Operators can also, thanks to Gov. Mike Pence‘s clemency, look forward to building new facilities, the sex appeal of which could bring even more business back over the state line from the Buckeye State.

Admittedly, only a couple of properties in the southern tier showed gains, like Hoosier Park‘s +2%. The big winner last month was Continue reading →

Posted in Ameristar, Boyd Gaming, Dan Lee, Harrah's, Indiana, Ohio, Penn National, Pinnacle Entertainment, Racinos, Tribal, Tropicana Entertainment | Comments Off on Steady in Indiana

Penn powers Ohio; Emanuel’s big bet

Posted on June 8, 2015 by David McKee

May was another good month for the Ohio market, even if Dan Gilbert‘s two casinos continue to slump. Perhaps they are suffering the post-danielgilbertbankruptcy malaise that affects nearly all regional casinos managed by Caesars Entertainment. Hard to say. Horseshoe Cleveland was down 2% and only very narrowly beat out Hard Rock Rocksino (up 16.5%) for the top-grossing spot in the state. At that rate, you have to wonder if Gilbert is going to go through with the promised Phase II of the casino on the Cuyahoga River. Fast-fading Horseshoe Cincinnati ebbed 3%. Pinnacle Entertainment‘s Belterra Park continues to be the biggest disappointment in the state, grossing $6 million, even if its $151/slot/day was well over Deutsche Bank‘s expectations.

Penn National Gaming, meanwhile, goes from Continue reading →

Posted in Dan Gilbert, Economy, Hard Rock International, Harrah's, history, Illinois, Neil Bluhm, Ohio, Penn National, Pinnacle Entertainment, Racinos, Taxes, Wall Street | Comments Off on Penn powers Ohio; Emanuel’s big bet

Hard Rock, Resorts World put their chips on the table

Posted on June 8, 2015 by David McKee

While New Jersey politicians bicker over the timing of a constitutional referendum for adding northerly casinos, Hard Rock International Hard Rock International Press Conferenceunveiled a detailed picture of its plans for its desired Meadowlands casino (a site favored by 73% of voters polled, although the pro-expansion margin is much tighter: 53%). In some respects, it will resemble its Las Vegas progenitor: giant-guitar marquee, center bar, museum-like displays of rock souvenirs. But it will augment those with a New Jersey Music Hall of Fame, ranging from Sinatra to Springsteen. The project continues to gain supporters, including Speaker of the Assembly Vincent Prieto (D).

The revenue stream from Hard Rock Meadowlands is projected to dwarf Continue reading →

Posted in Architecture, Atlantic City, CityCenter, Economy, Election, Genting, Glenn Straub, Hard Rock Hotel, Hard Rock International, Horseracing, Macau, New York, Pennsylvania, Sheldon Adelson, Stanley Ho, Steve Wynn, The Strip, Tourism | Comments Off on Hard Rock, Resorts World put their chips on the table

Quote of the Day

Posted on June 8, 2015 by David McKee

horse“Saving the horse industry is just as important as saving Atlantic City. There was no way that horse racing could succeed in New York, or ultimately New Jersey, without it being subsidized by another form of gambling.” — Jeffrey Gural, owner of Meadowlands Racetrack, demonstrating yet again that the horsey set is a parasite on the casino industry.

Posted in Atlantic City, Horseracing, New York | Comments Off on Quote of the Day

Straub puts Revel back in play; Hard Rock heads for Meadowlands

Posted on June 5, 2015 by David McKee

Glenn Straub‘s helter-skelter regime at Revel will continue at least a while more. He’s talking about reopening the HQ nightclub in July and revel_0409evicting ACR Energy Partners from Revel’s power plant, getting one monkey off his back. He did and yet didn’t deny S&G‘s report that he’s selling the megaresort … not for less than $200 million anyway. But what “international people” in their right mind are going to pay 200 million clams for a casino Straub got for $82 million — a 150% markup? (Vincent Crandon, CEO of MidOil USA, has been tipped as a possible buyer.) He claimed to the Philadelphia Business Journal to have international parties on the hook but pardon us if we remain skeptical.

In the meantime, Straub is hinting at bringing in Continue reading →

Posted in Atlantic City, Glenn Straub, Hard Rock Hotel, Hard Rock International, Indiana, Internet gambling, Massachusetts, New York, Pennsylvania, Politics, Regulation, Revel, Tourism, Tribal, Warner Gaming | Comments Off on Straub puts Revel back in play; Hard Rock heads for Meadowlands

Sifting through the Caesars wreckage

Posted on June 5, 2015 by David McKee

“If this litigation continues, we will take a big step backward because parties won’t at all be incentivized to come together and negotiate.” So says Randall S. Eisenberg, the de facto chief restructuring officer for Caesars Entertainment, which is trying to quash a quartet of lawsuits that — it says — could wreak havoc with its bankruptcy process. Caesars’ argument is that the litigation could encumber $1.5 billion that the parent company has pledged to Caesars Entertainment Operating Co., aka “bad Caesars.”

Since the bankruptcy automatically puts litigation against CEOC in a Continue reading →

Posted in California, Harrah's, Kansas, New York, Oklahoma, Regulation, Steve Wynn, Tribal, Wall Street | 1 Comment

Smooth sailing in Illinois, Iowa; Bad legislative bet

Posted on June 5, 2015 by David McKee

Just when Illinois casinos are trying to stave off another expansion of gambling, May brought a most inconvenient uptick in gambling revenues, albeit only half a percentage point, which can presumably be Grand Victoria ILaccounted for by the fact that this May had one more weekend day than 2014’s did. Northern Illinois revenues were a mixed bag, with Harrah’s Joliet down 9% and Rivers Casino up 2%. Penn National Gaming saw Hollywood Aurora rise 1% and Empress Joliet gain 5%. In fact, it was a good month all around for Penn, which was up 2.5% at resurgent Continue reading →

Posted in Boyd Gaming, GLPI, Harrah's, Illinois, Internet gambling, Isle of Capri, MGM Mirage, Penn National, Pennsylvania, Pinnacle Entertainment, Politics, Sports, Taxes, Wall Street, Warner Gaming | Comments Off on Smooth sailing in Illinois, Iowa; Bad legislative bet

Quote of the Day

Posted on June 5, 2015 by David McKee

Freeman“The gaming industry is aware of no other industry in the country for which the IRS has issued regulations requiring the industry to deploy its customer loyalty program for federal tax-collection purposes.” — American Gaming Association President Geoff Freeman, on one of the more insidious aspects of the IRS’ proposal to lower the threshold on reporting casino jackpots as income.

Posted in Geoff Freeman, Politics, Taxes | Comments Off on Quote of the Day

Kansas gets down to brass tacks; Lindsey Graham, man of mystery

Posted on June 2, 2015 by David McKee

After years of waiting, the fate of Kansas‘ seemingly unwanted fourth casino license, long in abeyance came down to three-and-a-half hours of ruffinpresentations by a trio of rival bidders. The Kansas Lottery Gaming Facilities Review Board will make its choice by June 30 and the Kansas Racing & Gaming Commission must sign off on the selection by July 10. That’s a fast track for a proceeding that has been stuck in bottom gear for as long as one can remember.

The heavy hitter was Phil Ruffin (above), whose $84 million Camptown Casino would be fully funded in Continue reading →

Posted in Internet gambling, Kansas, New York, Palms, Phil Ruffin, Politics, Regulation, Sheldon Adelson, Taxes, Tribal, World Series of Poker | Comments Off on Kansas gets down to brass tacks; Lindsey Graham, man of mystery

Christie vs. Sweeney; Straub out of A.C.?

Posted on June 2, 2015 by David McKee

A bill introduced in the New Jersey Legislature sets up a proxy fight between Gov. Chris Christie (R) and state Senate President Stephen christieSweeney (D) over the timing of when Garden State voters will be called upon to decide Atlantic City‘s fate. Sweeney wants to wait a year and Christie would prefer a November plebiscite. A bill — lacking important details like the tax rate — to authorize non-Boardwalk casinos has been put forward. The other potential loser in the bill, as presently written, would be Monmouth Park Racetrack, expressly ruled out as a casino site.

How you feel about the bill depends on Continue reading →

Posted in Atlantic City, Carl Icahn, Colony Capital, Dennis Gomes, Donald Trump, Election, Glenn Straub, Internet gambling, MGM Mirage, Pennsylvania, Politics, Revel, Steve Wynn, Taxes | Comments Off on Christie vs. Sweeney; Straub out of A.C.?

Quote of the Day

Posted on June 2, 2015 by David McKee

Stewie-stewie-griffin-684195_1024_768“I want to thank the people at Fox who years ago took a chance on a quirky, little animated show about a bumbling dad and his family — which I saw and then created ‘Family Guy,’ ” — Seth MacFarlane, upon receiving the Louis XIII Genius Award from the Critics Choice Television Awards.

Posted in TV | Comments Off on Quote of the Day

Mohegans, Foxwoods get go-ahead; More trouble for Caesars

Posted on June 1, 2015 by David McKee

Driven by apocalyptic job-loss projections by Foxwoods Casino Resort and Mohegan Sun, the House of Representatives of Connecticut passed a casino bill to Gov. Dannel Malloy (D) for his Foxwoodssignature. The bill doesn’t authorize a casino per se but rather allows MoFox to cut a host-community agreement, then bring that to the Lege and the U.S. government for approval. A MoFox consultant predicted that 9,000 direct and indirect jobs could be lost if Connecticut doesn’t retaliate against casino openings in Massachusetts. That argument swayed Continue reading →

Posted in Atlantic City, Economy, Foxwoods, Glenn Straub, Harrah's, International, Internet gambling, Lake Tahoe, Massachusetts, MGM Mirage, Mohegan Sun, Penn National, Steve Wynn, Technology, The Strip, Trump Entertainment Resorts, Warner Gaming | Comments Off on Mohegans, Foxwoods get go-ahead; More trouble for Caesars

May in Macao: Hey, it could be worse; Wynn in Boston: Why not?

Posted on June 1, 2015 by David McKee

That’s Wall Street‘s spin on a 37% decline in May gambling revenues. Writes Carlo Santarelli of Deutsche Bank, “We view the tightening with forecasts … as a modest positive for the group and an indication of Sands-Macaoa forming bottom.” In other words, the sub hasn’t stopped sinking but it’s starting to strike silt. One Macanese operator, Sociedade de Jogos de Macau CEO Ambrose So doesn’t see full recovery for two years: “In the long run, with the Hong Kong–Zhuhai–Macao Bridge in use in 2017, business would be back to normal. When the roads are open, money will come in.”

To those like Union Gaming, who deplore Continue reading →

Posted in Japan, Massachusetts, Penn National, Regulation, Sam Nazarian, Sheldon Adelson, Stanley Ho, Steve Wynn, Tourism, Transportation, Wall Street | Comments Off on May in Macao: Hey, it could be worse; Wynn in Boston: Why not?

Christie’s change of mind; Caesars creditors thwarted

Posted on May 29, 2015 by David McKee

New Jersey Gov. Chris Christie (R) is already throwing in the towel on his five-year plan for Atlantic City. If lawmakers want to put a statewide expansion of casino gambling on this fall’s ballot, Christie would “have absolutely no problem with that question going on the ballot right away … The competition’s only going to grow, in New York [where Saratoga Casino & Raceway is adding a hotel and electronic table games] in particular. And so if we could plant our flag firmly in the ground, I think it would make the project even more successful.”

This doesn’t make a referendum a done deal. The Legislature has Continue reading →

Posted in Atlantic City, Election, Hard Rock International, Harrah's, Horseracing, Massachusetts, New York, Racinos, Regulation, Steve Wynn, Taxes | Comments Off on Christie’s change of mind; Caesars creditors thwarted

Quote of the Day

Posted on May 29, 2015 by David McKee

Internet casino“The biggest challenge of Internet gambling in the U.S. is that this is an industry still looked at as having been born out of sin. The new world of Internet gambling is clearly regulated and regulatable.” — 888 Holdings attorney Gil White, during an address to the East Coast Gaming Congress.

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