Opening tonight!

Posted on September 27, 2013 by David McKee

Delicate BalanceWhen I’m not pecking out S&G, I’ve usually got some theatrical endeavor going. My latest one debuts tonight: Edward Albee‘s A Delicate Balance, staged in “total theater” fashion at Las Vegas Little Theatre Studio. The action will take place on three sides of the audience, necessity being the mother of invention. If you live here or are visiting, I hope you can make it. If not, let much just say that the cast has been an absolute joy to work with and has made a six-week rehearsal period simply fly past as though we started our exploration only yesterday.

Posted in Current, Entertainment | Comments Off on Opening tonight!

Busted!; Crystals off the block; Rumble in Macao

Posted on September 27, 2013 by David McKee

Archie Karas (real name Anargyros Karabourniotis), high roller and reputed casino cheat is cooling his butt in a Las Vegas jail cell Karasright now. The advantage player is facing extradition on charges that he bilked Barona Casino out of eight grand by marking cards. Karas’ indictment was the product of cooperation between Barona and various California law-enforcement agencies. If Karas really did mark cards it was exceptionally stupid to do it at Barona: That casino prides itself on always having the most state-of-the-art technology. If Karas beats this rap, he’d be well advised to take his act someplace that’s not so far ahead of the curve. (The arrest also calls the validity of Karas’ 1995, $40 million winning streak into question.)

Crystals rethought. I guess there wasn’t anybody out there willing to throw Continue reading →

Posted in CityCenter, Current, Economy, Foxwoods, Macau, Massachusetts, MGM Mirage, Sheldon Adelson, Stanley Ho, The Strip, Tribal | Comments Off on Busted!; Crystals off the block; Rumble in Macao

Great idea, little hope; Another Palms flop

Posted on September 27, 2013 by David McKee

“I grew up playing Atari and Nintendo, and I want to believe my Geoff-Freemanskill in these games has some effect on the outcome.” So says American Gaming Association President Geoff Freeman, lending his support to a new line of skill-based slot games. Combining aspects of the pinball machine and the joystick-controlled video game, International Game Technology has rolled out an adaptation of Atari‘s Centipede. The Associated Press‘ Hannah Dreier reports that it “converts points earned shooting digital insects directly into money. If two gamblers sit down at an identical machine, the better shot will walk away with more cash.”

Bally Technologies has two games of the same ilk and other slot developers are hopping onto the bandwagon. However, all of them are likely to encounter fierce and frosty Continue reading →

Posted in Bally Technologies, Dining, Foxwoods, G2E, Horseracing, IGT, Mohegan Sun, Palms, Technology | 1 Comment

Quote of the Day

Posted on September 27, 2013 by David McKee

Batman“When a television show goes off the air, it only has the longevity or staying power that is commensurate with the charm, intelligence, humour and great acting ability and the principal character.” — Adam West, wryly promoting Aristocrat Technologies new Batman slot machine. And remember, kids: There are some days when you just can’t get rid of a bomb.

Posted in Aristocrat, G2E, Technology, TV | Comments Off on Quote of the Day

A good day for Caesars

Posted on September 26, 2013 by David McKee

suffolk downsIn a preliminary victory for Caesars Entertainment, the vote on its Suffolk Downs racino proposal will be restricted to the East Boston ward. Sentiment is expected to run more heavily pro-Caesars there than in Boston at large. (The company plans a $1 billion casino-hotel with a spectacular view of a tank farm.) It’s in the hands of the voters now.

In more good news for Gary Loveman, the pace of construction on Horseshoe Baltimore has accelerated over the past month. Caesars needs every Continue reading →

Posted in Election, Entertainment, Harrah's, Maryland, Massachusetts, Racinos, The Strip | Comments Off on A good day for Caesars

Murren woos Maryland; Downtown Grand shows promise

Posted on September 26, 2013 by David McKee

MGM MD 1After hinting at a low-key design for his National Harbor casino proposal, MGM Resorts International CEO Jim Murren rolled out something fairly spectacular. The terraced, canopied design looks not a little futuristic and the Las Vegas Review-Journal was right to say it invoked “shades of Vegas.” Provided one does not use “Vegas” as a pejorative term, bringing Continue reading →

Posted in Architecture, Dining, Downtown, Hard Rock International, International, Maryland, MGM Mirage, Penn National, Sheldon Adelson, The Strip | 1 Comment

Caesars spooks Wall Street; Florida fumbles

Posted on September 26, 2013 by David McKee

GaryLoveman_bigNot surprisingly, Caesars Entertainment stock took a dip this morning. Why the lack of surprise? The company is further diluting its value by preparing to issue 10 million additional shares of common stock. “While we would view the announcement as a slight positive for the bank loans and notes, the proceeds would do little to improve the leverage situation at the company,” RBP Capital Markets analyst John Kempf wrote. He didn’t think the IPO was intended to de-lever the company; it’s probably so that Gary Loveman can buy more shiny objects. A recent and fairly damning analysis of Caesars concluded that “there is little upside value in this company.” The anticipated $260 million won’t make a dent in the company’s $24 billion debt load.

What is more interesting is the possibility that Steve Wynn will be piggybacking his Internet-gambling operation off some of Loveman’s Continue reading →

Posted in Atlantic City, Donald Trump, Florida, Harrah's, Internet gambling, Phil Ruffin, Politics, Racinos, Sheldon Adelson, Steve Wynn, Taxes, Wall Street | 1 Comment

Somebody sent us this

Posted on September 26, 2013 by David McKee

Aria is sending the message loud and clear that it’s all about The Pretty. You and I need not apply. Let’s face it, there are new target demographics and middle-aged Americans aren’t it.

My spy at G2E has been checking out slot machines. The report? Jurassic Park and Beetlejuice were Continue reading →

Posted in CityCenter, Current, G2E, Marketing, Technology | Comments Off on Somebody sent us this

Bad day for Tomato King and Wynn

Posted on September 25, 2013 by David McKee

stevewynnWhile the City of Philadelphia is officially neutral on who should get the last gambling license for the area, it’s not above giving the Pennsylvania Gaming Control Board a not-so-gentle-nudge. At a hearing led by Deputy Mayor Alan Greenberger, two favorites emerged … and a couple of big names suffered major setbacks. City leaders are cool toward Steve Wynn‘s proposed, $900 million casino, mainly because of its close proximity to SugarHouse, which they fear could harm the latter. At the same time, casinos outside the city’s center were frowned upon.

That’s a setback for Cordish Gaming, which could take cold consolation from the fact that Hollywood Philadelphia got an even frostier reception. And, bringing up the rear was Continue reading →

Posted in Architecture, Cordish Co., Cosmopolitan, International, Macau, Penn National, Pennsylvania, Regulation, Sheldon Adelson, Singapore, Steve Wynn, Tomato King Procacci, Tourism | Comments Off on Bad day for Tomato King and Wynn

Massachusetts: Victory in Leominster; Mazer makes waves

Posted on September 25, 2013 by David McKee

massachusetts_flagCordish Gaming crushed the opposition in Leominster yesterday, winning approval for a slot parlor with 61% of the vote. The campaign was notable for the personal participation of David Cordish, who went door-to-door to drum up support. The whippet-thin senior citizen pressed the flesh making his casino + Leominster = lower taxes argument. The third time really was the charm for Cordish, having been rejected in two other Massachusetts towns. Opponents, having chased Rush Street Gaming out of Millbury, tried to recycle the same campaign for Leominster, without success.

So now it’s down to Penn National Gaming, longtime adversary Cordish and Parx Casino (in partnership with Raynham Park) for one slot parlor license. Plainridge is on the doorstep of the Providence market but Cordish is a stone’s throw from New Hampshire. Penn may also be too close to resort-contending Milford for the Massachusetts Gaming Commission‘s taste. Given its relative isolation from other casino-seeking cities, Leonminster may just have an ace up its sleeve.

In an attention-getting speech, Harrah’s Atlantic City CEO Rick Mazer is Rick Mazerpreaching the virtues of coexistence. It’s a message that was long overdue. It’s past time that somebody said, “I would encourage you all to … start working together to bring people to Atlantic City and bring it back to what I believe it could be — the dynamic environment, the dynamic town and the natural resources that don’t exist anywhere else, including Las Vegas.” He’s been stumping the Boardwalk with that message and has at least one ally: Borgata Senior Vice President of Operations Joe Lupo. Mazer’s secondary message is for casinos to diversify their product offerings. If Mazer speaks for Caesars Entertainment — and there’s no reason to believe he doesn’t — those four properties plus Borgata make an imposing group of potential collaborators. Whether still others will go along remains to be seen, with the Atlantic Club forever in flux and Tilman Fertitta pulling the chicken switch over at the Golden Nugget. For shame, Tilman, for shame.

In what is described as its most significant gaming investment in a decade, Caesars ordered up 7,000 video poker machines from International Game Technology. It will take a lot more than new VP machines to repair the company’s evil reputation among players of the video sport. How about better paytables and faster point accruals?

Posted in Atlantic City, Boyd Gaming, Colony Capital, Cordish Co., Election, Harrah's, IGT, Massachusetts, Neil Bluhm, New Hampshire, Penn National, Regulation, Rhode Island, Technology, Tilman Fertitta | 1 Comment

Quote of the Day

Posted on September 25, 2013 by David McKee

“The gambling industry now finds itself at El Dorado’s doorstep. And the governor tells us not to worry. He is righteous, and the industry will be carefully regulated.” — the New York Times’ Michael Powell, weighing in with high, Victorian dudgeon against gaming expansion, citing Gov. Andrew Cuomo‘s deplorable oversight of the crony-ridden New York Racing Association.

Posted in Genting, Horseracing, New York, Racinos, Regulation | Comments Off on Quote of the Day

Penn, Boyd take the hot seat

Posted on September 25, 2013 by David McKee

Continuing its series of “fireside chats,” Deutsche Bank‘s Carlo Santarelli met with Penn National Gaming executives. They reported that high-end play was pretty much normal but that small-fry players (who represent a quarter of their penn-national-gamingdatabase) are wagering less these days. As for struggling Hollywood Columbus, Penn is taking the long view, saying it faced a similar situation in Kansas City and it could be look at a three-to-five-year ramp up of business. Internet cafe users in Ohio overlap about 10% of Penn’s player base and a ballot initiative to keep the cafes legal has a poor Continue reading →

Posted in Atlantic City, Boyd Gaming, Downtown, Internet gambling, Missouri, Ohio, Penn National, Wall Street | Comments Off on Penn, Boyd take the hot seat

Wall Street comes to the Strip, meets the big boys

Posted on September 24, 2013 by David McKee

Investment firms like J.P. Morgan and Deutsche Bank have been sending emissaries to Las Vegas this week, to meet with all the major gaming firms during Global Gaming Expo. Since the latter is being held at Sands Expo Center, perhaps we should start there.

Venetian Macao foyerDeutsche Bank had Las Vegas Sands COO Michael Leven and President of Global Gaming Operations Rob Goldstein over for a “fireside chat.” They waxed positive on Macao and revealed that their The Parisian megaresort will be priced lower than Venetian Macao (left), in a play for the mass-market punters. But, in Singapore (where Sheldon Adelson is itching for more hotel rooms), Sands thinks it can wring another $5 million/day out of Marina Bay Sands, particularly through “optimization” of its three hotel towers. “Some of the highest convention bookings in number” on the Las Vegas front are not translating into higher ADRs — unlike those at MGM Resorts International — and our economy appears precariously balanced upon Asian play, estimated to be one-third of the total. Speaking of which, Leven and Goldstein said they are more optimistic than ever before of the chances for casino legalization in Japan.

The aforementioned MGM sent CFO Dan D’Arrigo to sit aside Deutsche Bank’s embers and chat up Continue reading →

Posted in Current, Economy, G2E, Isle of Capri, Japan, Macau, Marketing, Massachusetts, MGM Mirage, Missouri, Pennsylvania, Sheldon Adelson, Singapore, Steve Wynn, The Strip, Tourism, Wall Street | Comments Off on Wall Street comes to the Strip, meets the big boys

New look for IGT; Bally thinks small; Why see Britney?

Posted on September 24, 2013 by David McKee

web1_WEB-IGT-LOGOThere’s a new logo in town and it belongs to International Game Technology. That futuristic type you see is emblematic of the slot-machine company’s ongoing reinvention of itself into an online-gaming provider. The firm may be rolling out new machines this week themed around Avatar (available early next year), Bridesmaids and Jurassic Park, but CEO Patti Hart has made no secret of where she thinks the future of IGT lies. The company made sure to have its new logo prominently on display when Wall Street analysts were given advance tours of the IGT booth — always the focal point of Continue reading →

Posted in Bally Technologies, Entertainment, IGT, Illinois, Internet gambling, Scientific Games, Shuffle Master, Slot routes, The Strip, Wall Street, WMS Industries | Comments Off on New look for IGT; Bally thinks small; Why see Britney?

N.Y. GOP boss ixnays casinos

Posted on September 24, 2013 by David McKee

Cox“This is not real economic development,” puts New York State Republican Party Chairman Ed Cox, declaring his opposition to the pro-casino question on the Nov. 5 ballot. He buttressed his anti-casino stance by declaring gambling to be “a bust” in Atlantic City (a bust, it should be noted, the generates several billions dollars a year). While this might seem like a worrisome turn of events, Cox has gone off the reservation. A number of solons in his party support the new casinos and some are giving him a hard time for coming out against them. A subtler, more complex problem for the referendum is a lawsuit that would upend Gov. Andrew Cuomo‘s accord with the Oneida Indian Nation. Simply put, the towns of Vernon and Verona object to the taking of 25,000 acres of land into trust. This would, they argue, devastate their revenue base. The suit would also overturn a Nov. 5 victory. It argues that by creating regulations prior to legalization, Cuomo has put the cart before the horse. This looks like a considerably more serious threat to casino expansion than does Cox’s dyspeptic rhetoric.

Cuomo has finally broken his silence on casino expansion — but only to the extent of saying “it’s a sophisticated argument” to get voters to vote “aye.” Dare we suggest that not-unintelligent Cuomo is the man to make that argument. “I’ll be working to pass the amendment,” he promises. But why is he not doing so already, especially since he thinks voters will have a “natural, knee-jerk” inclination to vote it down? Get out on the hustings, guv.

Case Bets: Would-be advantage players are finding that their world is shrinking, as more and more casinos share surveillance data … the eight-story Barbary Coast is fast growing into the 11-story Gansevoort Las Vegas. A look-see is vouchsafed Howard Stutz, who writes that Caesars Entertainment is literally building atop some astute forethought by Michael Gaughan … it’s Decision Day for Leominster, where Cordish Gaming hopes to build Massachusetts‘ lone slot parlor … meanwhile, to the southeast, KG Urban Entertainment has filed suit to overturn the prefential status accorded the Mashpee Wampanoags, who haven’t bothered to acquire the underlying land for their casino project. Speaking of which, wouldn’t it be better if KG got on the stick with its own project?

Posted in Atlantic City, Cordish Co., Election, Harrah's, Massachusetts, New York, Politics, The Strip, Tribal | Comments Off on N.Y. GOP boss ixnays casinos

Quote of the Day

Posted on September 24, 2013 by David McKee

“With respect to domestic gaming markets, management’s comments were frank. [Pinnacle Entertainment] believes that domestic gaming markets have become saturated and are no longer a novelty for domestic consumers.” — Carlo Santarelli, reporting on an investor presentation by Pinnacle executives.

Posted in Economy, G2E, Pinnacle Entertainment, Wall Street | 1 Comment

All’s well at Pinnacle; Atlantic City’s PR jackpot

Posted on September 23, 2013 by David McKee

So reports J.P. Morgan analyst Joseph Greff, who met with Pinnacle Entertainment pinnacle_logo_lrbrass. The latter characterized their absorption of Ameristar Casinos as “on track.” Part of this is due to five “synergy buckets,” which represent everything from job cuts to more-centralized purchasing power (read: bigger discounts).  Adds Greff:
“Management’s strategy of taking “best practices” from each legacy organization had already begun to take hold, with an early example coming in the form of shifting to ASCA’s centralized accounting structure (which should result in cost savings). Lastly, management has been pleased with the condition of the ASCA properties, and has found no maintenance capex surprises.”

Near-term priorities mainly concern paying off the Continue reading →

Posted in Ameristar, Atlantic City, Economy, Marketing, Ohio, Pinnacle Entertainment, Wall Street | Comments Off on All’s well at Pinnacle; Atlantic City’s PR jackpot

Quote of the Day

Posted on September 21, 2013 by David McKee

Echelon_640“The fourth [Manila] project, Resorts World Bayshore, is backed by Genting, a gambling giant with global ambitions (it is also planning to buy an ailing casino in Vegas). — from The Economist. Planning? Genting’s closed the deal. And what’s this “ailing” jazz? When all you’ve acquired is a partial skeleton, the Echelon patient isn’t ailing, it’s dead.

Posted in Boyd Gaming, Genting, International, The Strip | Comments Off on Quote of the Day

Another Borgata first; Ohio is “george”; Adelson’s waiting game

Posted on September 20, 2013 by David McKee

In what could be a harbinger of good things for Atlantic City, the final events of the World Poker Tour are being held at Borgata. It’s to promote the legalization of online poker in New Jersey, but anything that brings in flesh-and-blood gamblers is welcome at this point. Since nearly the whole Boardwalk is Internet-affiliated at this point, I expect similar promotional tournaments in the near future, even if none have been announced. As usual, it is Borgata that is at the front of the pack. A lot of people — myself included — were Continue reading →

Posted in Atlantic City, Boyd Gaming, Environment, International, Internet gambling, Japan, Ohio, Problem gambling, Sheldon Adelson, Steve Wynn | 2 Comments

Slow going in Massachusetts

Posted on September 20, 2013 by David McKee

If you’ve been following developments in the Bay State, you’ll have noticed casino developers coming right down to the wire in negotiating host community agreements. That leaves them precious little time for Continue reading →

Posted in Current, Hard Rock International, Massachusetts, Mohegan Sun, Regulation | Comments Off on Slow going in Massachusetts