Case Bets: Scientific, Japan, Pennsylvania, Arizona

Posted on November 19, 2013 by David McKee

scientific-games-corp-logoHappy trails to Scientific Games CEO Lorne Weil, who got the axe this morning. He was immediately replaced by former Revlon CEO David L. Kennedy. Revlon ower Ronald Perelman takes over as CEO. Kennedy isn’t a newcomer to Scientific: He served with the company from 2010 to 2012. Deutsche Bank analyst Kelly Knybel said the move should be viewed “with some level of caution.”

Don’t pop any champagne corks for casinos in Japan just yet. As part of his ruling coalition, Prime Minister Shinzo Abe has to appease the New Komeito Party, which contends that the Japanese public lacks a “full understanding” of the issue. Abe may have to table the issue until next year, leaving any number of major casino operators to bide their time and hone their sales pitches.

Pennsylvania 064Saturation isn’t a problem in Pennsylvania just yet, but the state’s cutting it pretty fine. Gambling revenue increased 2.4% this month, with new Isle of Capri Nemacolin helping to put the Keystone State over the top. In the Philadelphia area, Valley Forge Casino Resort (up 28%) led all gainers, with Parx Casino and SugarHouse up just 1%. Harrah’s Philadelphia dropped 5%. In the Pittsburgh area, Rivers Casino (up 9%) had a good month while The Meadows racino (-8%) did not. And a 12% surge at Sands Bethlehem made Continue reading →

Posted in Arizona, Cannery Casino Resorts, Current, Greenwood Racing, Harrah's, Isle of Capri, Japan, Neil Bluhm, Pennsylvania, Scientific Games, Sheldon Adelson, Tribal, Wall Street | Comments Off on Case Bets: Scientific, Japan, Pennsylvania, Arizona

Foxwoods finds a partner and, yes, it’s Penn

Posted on November 18, 2013 by David McKee

massachusetts_flagBy the narrowest of odds, Crossroads Massachusetts caught a couple of breaks late last week. The Foxwoods Resort Casino-led project was found “conditionally” suitable to go forward. The condition imposed by the Massachusetts Gaming Commission was that Foxwoods find the $550 million it lacked in financing. As predicted here, Foxwoods pulled Penn National Gaming — or rather its parent, Gaming & Leisure Properties Inc. — out of a hat. Penn is already licensed in Massachusetts, so that should remove any remaining clouds over Crossroads before it goes to the voters tomorrow. GLPI is extending financing to Crossroads without taking an equity position, so it will be interesting to see how this arrangement works.

Foxwoods now must contend in Milford with a highly organized and motivated opposition. It also must Continue reading →

Posted in Foxwoods, Massachusetts, New York, Penn National, Regulation, Tribal | Comments Off on Foxwoods finds a partner and, yes, it’s Penn

Quote of the Day

Posted on November 18, 2013 by David McKee

penn-national-gaming“While we see valuation as undemanding, we think the stock is stuck given sluggish regional gross gaming revenue trends.” — J.P. Morgan analyst Joseph Greff, staying neutral on ‘new’ Penn National Gaming and its parent, Gaming & Leisure Properties Inc. Greff prefers Pinnacle Entertainment and its higher cash flow.

Posted in Penn National, Pinnacle Entertainment | Comments Off on Quote of the Day

The little slot company that could; Thinking small in New York; Thinking big in Macao

Posted on November 15, 2013 by David McKee

MultimediaEarlier this week, Howard Stutz looked into the fascinating story of Multimedia Games, beloved of stock analysts but shunned by share buyers. What’s not to like? Multimedia widened its profit last quarter, to $10 million. Sales in FY13 rose 27%, to an installed base of 12,440 machines. Profit grew 19% during that same period. But, with typical Wall Street logic, share prices fell $2.30 after those rosy fiscal-year numbers were published. What’s wrong on Wall Street?

Multimedia has chosen an interesting time to have made a push into Nevada, New Jersey and Illinois (next stop: Pennsylvania). Slot inventory in Nevada has fallen to sub-1995 levels. This is attributable to many factors, the most plausible of which is that one machine can now support many more games — especially in the era of server-based gambling. As Dr. David G. Schwartz put it simply, “The casino floor is changing.”

TraditionsNow there are three. Many potential players in the New York casino industry are still keeping their hands close to their corporate vest. However, the number of applicants is quickly proliferating. The would-be developers of Traditions Resort & Casino, in the vast Southern Tier, will probably have to put more than $150 million in investment on the table to get chosen. “We’re going to recreate Broome County as a destination once again,” co-owner Pete Walsh proclaimed. Not with that low-roller budget he’s not. Ironically, the Walsh family’s presentation had begun with, “It’s time to think big.” I agree. So when do you plan to start?

As reported earlier, Tioga Downs isn’t even waiting for a license but is expanding already, to the tune of Continue reading →

Posted in International, Japan, Macau, New York, Racinos, Stanley Ho, Technology, Wall Street | Comments Off on The little slot company that could; Thinking small in New York; Thinking big in Macao

Racing the clock at Foxwoods, in Philly

Posted on November 15, 2013 by David McKee

It’s entirely possible that Milford voters could pink-slip Crossroads Massachusetts next Tuesday. But even if they don’t, Foxwoods Casino Resort CEO Scott “Woody” Butera is watching the project crumble before his Tigger Eeyorevery eyes. The Massachusetts Gaming Commission looked at the project’s financing — or lack of same — and didn’t like what it saw. On the flip side, voters could approve Crossroads, only to have the MGC nix it because the financing is so vaporous. Flinging a Hail Mary pass, Butera promised to have a co-owner by the weekend. That’s a pretty bold promise when you consider Foxwoods has had years to line up capital and the project is still only 45% funded. “Because $1 billion is a lot of money, the return an investor would generate is much riskier,” replied Macquarie Capital analyst Chad Beynon, playing Eeyore to Butera’s Tigger. The latter said he was dickering with yet another casino company, as well as a private equity firm “that has been involved in gaming.” Oh no! It’s Colony Capital! (Let’s hope not.)

“I’m 110 percent comfortable, I know what we have and I know where we’re headed,” said COO David Nunes, who must be in a unique position indeed. The gaming company is transparently Penn National Gaming parent Gaming & Leisure Properties Inc.: “a publicly traded entity that would Continue reading →

Posted in CityCenter, Cordish Co., Current, Dining, Election, Foxwoods, Horseracing, Kansas, Maryland, Massachusetts, Penn National, Pennsylvania, Regulation, Steve Wynn, Tomato King Procacci, Wall Street | Comments Off on Racing the clock at Foxwoods, in Philly

X Train dead? Is so! Is not!

Posted on November 15, 2013 by David McKee

XTrainStation“I’ll believe when I see it” has always been a good policy to follow when dealing with the X Train. This, you may recall, was the rail service that was to be underwritten with onboard gambling and was to double as a freight service to bring Rick Moonen‘s seafood to Las Vegas. However, a recent SEC filing throws the X Train into even more doubt than ever before. Heck, we should have known better when the X Train unveiled a rendering of a station to be built by the Plaza. Counting on Tamares Group to come through with anything capital-intensive is almost always a losing bet.

Parent Las Vegas Railway Express has abandoned its strategy of having Continue reading →

Posted in Current, Dining, Downtown, North Las Vegas, Tamares Group, Tourism, Transportation | Comments Off on X Train dead? Is so! Is not!

Foxwoods, Suffolk struggling in Massachusetts

Posted on November 14, 2013 by David McKee

Foxwoods Resorts Casino‘s inability to keep its financial house in order has, as predicted, caught up with it in Massachusetts. The
tribally owned casino’s debt burden put it in the hot seat before the Massachusetts Gaming Commission. Chairman Stephen Crosby said the casino’s equity structure was an issue that called for resolution — or else. Also, even with Genting Group bringing money by the bushel, Foxwoods has less than 50% of the needed financing lined up. MGC lead investigator Karen Wells “was unable to advise the panel on whether the Foxwoods bid should be cleared to continue. She said the ‘glaring issue’ was the group’s failure to secure a 55 percent equity ownership interest.” Equally predictably, the recent convictions of tribal execs Michael and Steve Thomas drew scrutiny from the regulators.

CEO Scott “Woody” Butera, playing for time, said interested buyers were being sought. Foxwoods will manage the project and own Continue reading →

Posted in Election, Foxwoods, Genting, Harrah's, Internet gambling, Massachusetts, New York, Racinos, Technology, The Mob, The Strip | 1 Comment

Looking for a few good gamblers; Loveman lauded

Posted on November 14, 2013 by David McKee

If you live in New Jersey, this may be your lucky day. The state is looking for players to try out its i-gaming system ahead of the Nov. 26 launch. A month into real-money play, New Jersey will permit bonus accruals which can be cashed out only after a certain amount of rewards have piled up: “For instance, a casino can make an offer in which it requires a customer to deposit $100 in an account, and matches that with $100 of its own. The casino could require the customer to make $1,000 worth of bets before cashing out any winnings.” Betfair, incidentally, has received a grace period that will allow it to begin test play on Nov. 21 while its application is reviewed.

Loveman fluffyCaesars Entertainment CEO/Chairman/President/Grand Poobah Gary Loveman is the center of attention at a rubber-chicken dinner tonight, marking his induction into the Gaming Hall of Fame. Here at S&G, we make no secret of the fact that we think Loveman belongs in the Hall of Shame instead. “Loveman has presided over a period of growth for Caesars” is how the Las Vegas Review-Journal euphemistically describes his spendthrift ways, which have left the company hanging by a thread. His acceptance speech is said to focus on Caesars’ employees, which certain of his detractors would say is more than he’s ever done as CEO.

However, we hope Prof. Loveman enjoys a lovely evening and it’s inarguable that the former Harrah’s Entertainment has served as quite an academy for men and women who would go on to gaming presidencies elsewhere. One of them, Continue reading →

Posted in Florida, Harrah's, Internet gambling, Massachusetts, Regulation, Steve Wynn | 1 Comment

Life beyond Wynn; Crazy bounce in Atlantic City; Pressure rises in Macao

Posted on November 13, 2013 by David McKee

weinbergApplicants for Philadelphia‘s remaining casino license say they’re still keen on their chances even though Steve Wynn has dropped out? And why not? Everybody else’s odds just got better. I’d be doing the happy dance, too, if I was Penn National Gaming spokeswoman Karen Bailey. (I also agree with her that Penn’s project is “right-sized” for the market and others are much too ambitious.) But it was quite an understatement by SugarHouse CEO Greg Carlin to say Philadelphia was “showing signs” of saturation: It’s been downright soggy for some time now. As for Wynn’s blaming New York‘s casino vote, I’m glad to see that I’m not the only person who found that perplexing. RBC Capital Markets‘ John Kempf took note of the huge geographical distance involved, adding, “We’re a little bit skeptical about [Wynn].”

As for Wynn Resorts‘ entry into Massachusetts, should a federal criminal probe be a bar? Probably not, since the feds have had seven months to request documents and can’t be bothered to do so. The SEC has already called off the dogs regarding Wynn’s gift of $135 million to the University of Macau. Perhaps, given its lack of urgency, the DoJ should do the same.

It’s time for a new business strategy at Continue reading →

Posted in Economy, Macau, Neil Bluhm, New York, Penn National, Pennsylvania, Revel, Steve Wynn, Tropicana Entertainment, Trump Entertainment Resorts, Wall Street | Comments Off on Life beyond Wynn; Crazy bounce in Atlantic City; Pressure rises in Macao

Delay in Wisconsin lengthens; Fast action in N.Y.

Posted on November 12, 2013 by David McKee

DairylandWisconsin Gov. Scott Walker (R) continues to make inscrutable, sometimes self-contradictory remarks about the hotly disputed Kenosha-area Hard Rock casino proposed by the Menominee Tribe for Dairyland Greyhound Park. What was a timeline of a week or two has now extended into one of months. He also sounds like he might be tap-dancing toward approval of the Menominee project … but he’s fooled us before. From his latest remarks: “What I’ve heard around the state is people really are interested in the potential jobs in the Kenosha area.” (At least he has promised not to take nine years.) The Forest County Potowatomi Community praised the non-decision through gritted teeth.

Walker’s also admonishing both sides in the controversy to tamp down their advertising campaigns, characterizing them as unhelpful. (The ads, not the tribes.) He’s caught in a bit of a bind. State compacts require Continue reading →

Posted in Architecture, California, Charity, Harrah's, MGM Mirage, New York, Tribal, Wisconsin | Comments Off on Delay in Wisconsin lengthens; Fast action in N.Y.

Misery in Missouri; Massachusetts upended; Ho associate nabbed

Posted on November 12, 2013 by David McKee

Harrahs-KCWebOct2012Today’s gaming numbers out of Missouri are so depressing I hardly feel like sharing them. Year over year, only two casinos were revenue-positive. One was — no surprise — River City, in St. Louis. The other was — mild surprise — Harrah’s North Kansas City. Back east, Pinnacle St. Charles led the market overall but its percentage drop essentially negated the gains made by the same company’s River City. Penn National Gaming took a bruising at Hollywood Casino St. Louis, down 12%. Isle of Capri Casinos‘ Lady Luck riverboat in Caruthersville also dipped 12%. In the Kansas City market, Harrah’s was up 7.5% while Argosy Riverside fell 9%. Pinnacle Kansas City dropped 7% and Isle of Capri Kansas City was off by 3%. Nonetheless, Isle of Capri was 21% up statewide for the month, thanks to $4 million in revenue from Isle of Capri Cape Girardeau. The latter wasn’t Continue reading →

Posted in Harrah's, International, Isle of Capri, Lawrence Ho, Massachusetts, Missouri, Penn National, Pinnacle Entertainment, Regulation, Taxes, Tribal | 1 Comment

Wynn abandons Philly (again); Scramble at Suffolk

Posted on November 12, 2013 by David McKee

Twice in the past three years, Steve Wynn has pulled out of a casino project in Philadelphia. I don’t blame him. It’s a saturated market and trying to recoup the costs of a $926 million project in a timely manner would be a long shot. The Philly market is squishy soft these days, as are other Pennsylvania markets. State Sen. Joseph Scarnati (R) is calling for a study “make recommendations regarding possible amendments to Pennsylvania’s laws in order that we maximize profit and enforcement.” (Read: Lower taxes?) A Wynn spokesman said the pullout would not impact Wynn’s casino push in Everett. In Massachusetts*, he’ll have a protected oligopoly and will be sitting on Boston’s back porch. Also, Wynn has a history of being skittish when juggling multiple casino developments at once. Opening Bellagio and Beau Rivage in close succession left him vulnerable to Kirk Kerkorian, and the thought of keeping Wynn Palace in Macao Everett and Philadelphia all in the air at one may have been too worrisome for his comfort. Looking further down the road, I don’t think Wynn is serious about investing in Chicago (the returns are too low) … but Continue reading →

Posted in Atlantic City, Hard Rock International, Harrah's, history, Illinois, Macau, Massachusetts, MGM Mirage, Neil Bluhm, Pennsylvania, Regulation, Steve Wynn, Taxes, Texas | Comments Off on Wynn abandons Philly (again); Scramble at Suffolk

N.Y. claims first casualty: Steve Wynn; Walker’s waiting game

Posted on November 11, 2013 by David McKee

WynnsFor the second time, Steve Wynn is pulling out of contention for the one remaining Philadelphia casino license. In a prepared statement, Wynn Resorts said its board had recently met, conducted a feasibility study and “decided that the best course for the company is to pursue business opportunities elsewhere. The board took a host of factors into consideration, including the Philadelphia market performance over the past year and the competition which will result from the recent approval of gaming in the State of New York.” (You’ll notice that Wynn is still in the hunt for the Boston market, at least for now.)

As unexpected as it might be, it’s a very sensible decision, although Wynn Philadelphia had been one of the leading contenders. There’s already rampant cannibalization among Philadelphia’s casinos, so much that you wonder how a billion-dollar-plus facility could flourish in that shark frenzy. Given the number of casinos a New Yorker would have to drive past to get to Continue reading →

Posted in Architecture, Charity, Current, Isle of Capri, Massachusetts, New York, Penn National, Pennsylvania, Steve Wynn, Tomato King Procacci, Tribal, Wisconsin | 2 Comments

Is Revel in play?; James Packer: Wanted man

Posted on November 11, 2013 by David McKee

revel_0494I never would have believed it after a recent change of CEOs and a major redirection of Revel Resort‘s marketing efforts, but the casino could be put up for sale. The bottom having fallen out of the resale market for Atlantic City casinos, the pressing question is, “Why?” Restructuring of debt is another possibility, perhaps the likelier one, but the casino’s ownership isn’t giving any guidance at this point. (Perhaps Revel’s continuing abstinence from ‘Net betting was a “tell.”) Meanwhile, the approval of New Jersey online casinos continues apace, with each casino receiving five Web sites apiece. Borgata/bwin.party is already approved and now is joined by Trump Taj Mahal Casino & Resort/UltimatePoker.com, Tropicana Casino Resort/Gamesys, Bally’s Atlantic City/888 Holdings and Trump Plaza Hotel & Casino/Betfair now join it. Incidentally, if you’re on the state’s roster for self-exclusion from regular gambling, that status automatically rolls over to Internet play, too.

Would you believe that the nation’s fastest-growing casino market is … Continue reading →

Posted in Alabama, Animals, Atlantic City, Boyd Gaming, Downtown, International, James Packer, Taxes, Technology, Tribal, Tropicana Entertainment, Trump Entertainment Resorts | Comments Off on Is Revel in play?; James Packer: Wanted man

One casino for sale, real cheap; Miracle at Cosmo; New wrinkle at Dairyland

Posted on November 11, 2013 by David McKee

Colony Capital‘s insolvent Atlantic City Hotel received bankruptcy court permission to keep doing business. Still, the ACH appears to be circling the drain rapidly, telling reporters “the casino said it doesn’t have enough cash to continue to operate for a long time.” To its credit, management doesn’t plan to slash the workforce to make ends meet. Ironically, one of thos450px-Cosmopolitan_from_Las_Vegas_Blvde ends the ACH cannot meet is its pension, having a $30 million unfunded obligation to its employees. In the meantime, Colony continues to shop the property about and wannabe buyers have 10 days to get their bids on the table.

Believe it or not, The Cosmopolitan of Las Vegas nearly doubled its casino revenue in 3Q13. The 97% moonshot was credited to tighter table hold (16%, or a couple of points above Strip average). Hold a year earlier had been a sickly 4%. Food and beverage revenues, the Cosmo’s strong suit, fell slightly but ADRs and occupancy were up. Losses were reduced 56%, to $19 million. Of course,the Cosmo’s labor troubles continue to make headlines. The Las Vegas Review-Journal toes the anti-union line, as usual, but misses the real point: The Culinary Union can’t carve out a only-for-The-Cosmo special contract. Once the Culinary makes exceptions for one property, it’s going to have a domino effect up and down the Strip and across Downtown, as every other casino owner demands exemptions. Unless Cosmo management decides to do a Sheldon Adelson and go non-union, the Culinary’s choices are victory or death.

Golden Gaming worked out a settlement with the Nevada Gaming Control Board recently, negotiating a Continue reading →

Posted in Atlantic City, Colony Capital, Cosmopolitan, Culinary Union, Golden Gaming, North Las Vegas, Regulation, Slot routes, Tribal, Wisconsin | Comments Off on One casino for sale, real cheap; Miracle at Cosmo; New wrinkle at Dairyland

A New York State of mind; What price corruption?

Posted on November 8, 2013 by David McKee

New York State Gov. Andrew Cuomo (D) came out of hiding to crow about the big casino victory last Tuesday. Andrew_CuomoHe and his allies are being credited with keeping the Proposal One campaign focused on education aid and job creation, and on downplaying the C-word. A large swath of the state didn’t go for it, though. Saratoga, Onondaga, Erie and Monroe counties all voted “nay” on the measure. The problem in analyzing these results isn’t the lack of a reason but perhaps there are too many reasons: The region is already saturated with gaming (six venues) … but didn’t stand to get any more under the amendment. People in the Albany could land a casino — but voted against it, too. Republicans and Democrats alike displayed casino resistance (or fatigue?). ‘Tis a puzzlement.

But the week belongs to the winners and they’re already Continue reading →

Posted in Atlantic City, Current, Election, Foxwoods, Harrah's, International, M Resort, Mohegan Sun, New York, Penn National, Racinos | 2 Comments

Suffolk Downs: Life after Caesars; PokerStars nixed?

Posted on November 8, 2013 by David McKee

Another day, another occasion to scratch one’s head over the casino-averse culture in Massachusetts. The Boston Globe‘s Shirley Leung does her usual Chicken Little routine, lamenting that the Bay State may get no casinos at all. (Fret not, Shirley, somebody will get them.) But she makes some good points: Massachusetts has a thriving lottery. It is a significant feeder market for casinos in Maine, Connecticut and especially Rhode Island. It just seems to have a bad case of NIMBY Syndrome.

DeLeo_07212010As you can see, it’s damned difficult to imagine where Suffolk Downs could put a casino on the Revere end of its property without having to bulldoze much of the current infrastructure. As the Globe‘s Mark Arsenault puts it, local officials are “flummoxed” — and so am I. Massachusetts Gaming Commission Chairman Stephen Crosby is a new-minted skeptic, saying, “It’s clearly going to be complicated, at best. All I’m saying is we will entertain whatever proposal they might come up with.” Even Continue reading →

Posted in Atlantic City, Colony Capital, Election, Foxwoods, Greenwood Racing, Internet gambling, Maine, Massachusetts, Mohegan Sun, Pokergeddon, Racinos, Regulation, Rhode Island, Taxes, Tribal | 1 Comment

Indiana up and down; Garber agonistes

Posted on November 8, 2013 by David McKee

CasinoAztarCasinos in Indiana grossed 3% less last month but still far outperformed ($193 million) neighboring Illinois and Ohio. Patron traffic was 9% down but visitor spend rose 7%. Penn National Gaming‘s Hollywood Lawrenceburg got absolutely hammered by new competition from Caesars Entertainment in the Cincinnati area, dropping 30%. Rising Star (formerly Grand Victoria) took a 17% hit and Belterra lost 7.5%. Even Horseshoe Southern Indiana dropped a wee bit (2%) but Tropicana Entertainment‘s Casino Aztar was a bright spot, posting a 4.5% increase.  Actually, there were more than a few such bright spots. Mid-state, Cordish Gaming‘s Indiana Live surged 26% and Hoosier Park was up 13%. In the northern tier of casinos, Boyd Gaming‘s Blue Chip was flat, Ameristar East Chicago was down 9.5% but Horseshoe Hammond rose 2%. Strange phenomenon: Although the two Majestic Star vessels are berthed together, one was flat while the other’s take fell 10%. Go figure.


If Pinnacle Entertainment‘s Belterra Park in Ohio is “a regionally unique destination,” as CEO Anthony Sanfilippo claims, what will Continue reading →

Posted in Boyd Gaming, Charity, Cordish Co., Current, Economy, Harrah's, Indiana, Internet gambling, Japan, Massachusetts, MGM Mirage, Ohio, Penn National, Pinnacle Entertainment, Racinos, Regulation, Station Casinos, Tropicana Entertainment | Comments Off on Indiana up and down; Garber agonistes

Penn overboard!; Macao’s zenith

Posted on November 7, 2013 by David McKee

cleveland-casinoFirst the good news about Ohio: Gambling revenue was up 47% last month. Now, the bad news. One a same-store basis it was down 2% year/year. Who knew the Buckeye State would get saturated so quickly? The statewide gross was $94 million. Hollywood Columbus, problem child of the state, fell 3% and racked up a subpar $149/slot/day but still surpassed Deutsche Bank analyst Carlo Santarelli‘s expectations for the month. Hollywood Toledo only slipped one percentage point and posted a somewhat better $186/slot. Horseshoe Cleveland was just a bit off the Mendoza Line ($194/slot) but dropped 6%, undoubtedly losing business to Rock Gaming Caesars‘ own Thistledown Racetrack, which grossed $13 million. (I thought two Caesars casinos in one market was a mistake and seem to have been right.) Horseshoe Cincinnati was the second-highest grossing casino in the state, behind its Cleveland sibling, but was also the outperformer, averaging $212/slot. MTR Gaming took a hard spill at Scioto Downs — down 10%.

The news from Illinois was mixed. Admissions were down 8% but patrons were spending 3.5%. They seem to have been doing it mainly at Continue reading →

Posted in Atlantic City, Boyd Gaming, Current, Dan Gilbert, Delaware, Economy, Harrah's, Illinois, Internet gambling, Macau, Melco Crown Entertainment, MGM Mirage, Missouri, MTR Gaming, Neil Bluhm, Ohio, Penn National, Racinos, Sheldon Adelson, Stanley Ho, Station Casinos, Tourism, Wall Street | 1 Comment

MGM Springfield keeps its fingers crossed

Posted on November 7, 2013 by David McKee


And then there was one … MGM Springfield. But you won’t hear MGM Resorts International execs popping champagne corks or seeing them do victory laps. The Massachusetts Gaming Commission has already warned that it’s not required to issue a license. So if the MGC, acting on the advice of Spectrum Gaming Group, decided there’s too much Stanley Ho in MGM’s background, that could be the end of a beautiful project. Vice President of Global Gaming Development Michael Mathis had the understatement of the week when he said he is “not surprised by anything in the casino process.” Ain’t that the truth? Especially the Bay State.

The culture of Massachusetts may still be too prim and Puritan to more than timidly accept what New Yorkers embraced earlier this week. Consider the number of towns that have voted down casino projects, including Continue reading →

Posted in Dan Gilbert, Horseracing, Macau, Massachusetts, MGM Mirage, Mohegan Sun, Neil Bluhm, Racinos, Regulation, Reno, Stanley Ho, Uncategorized | Comments Off on MGM Springfield keeps its fingers crossed