That controversial “You Can’t Lose” promotion being fielded by Revel Resort is a hit with players even as it’s been panned by pundits. “Whoa, Smarty Jones. Not so fast,” cracked one.) The complexity of the deal is even being credited with a $10 million bump in revenue at Borgata. Revel is being dinged for doling out the credits in 5% dosages, which have to be played every week or you can kiss your free play sayonara. Since you have to sign up for Continue reading
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Despite not being zoned for gambling, Caesars’ Macao golf course is evidently drawing several bidders, with Pearl Dynasty Investments Ltd. emerging as the winner. It’s one of the few contexts in which selling the land at $2.5 million per acre (a 24% markdown) can be counted as a “win.” Union Gaming Research Macau analyst Grant Govertsen speculates that the government will want most of the land to be used for residential development, something that comes at a premium in the enclave. Whatever the case, it’s good riddance to a bad investment.
“The casinos in Ohio are in giving free play a serious test run. In July, some of the casinos gave away as much as 30 percent of casino “win” in free play … Those marketing wars are just beginning; over the next few years the competition between casinos in Connecticut, Delaware, Indiana, Maryland, Massachusetts, New Jersey, New York, Ohio, Pennsylvania and West Virginia is going to intensify.” — columnist Ken Adams. Ya think?
Menino‘s administration seems to be expending considerably more energy trying to thread a loophole whereby it could kill Wynn Resorts‘ project in adjoining Everett. Since public support for Suffolk Downs has been considerably more lukewarm than that for Steve Wynn‘s sales pitch, it would be far easier for Menino to stop Wynn than to push the Suffolk Downs package on its own merits. The latter has until Halloween to cut a deal with Menino and is taking its own sweet time.
MGM Resorts International‘s proposal — out in West Springfield —
deadline for background checks is a good question. What’s sauce for Plainridge, which flunked state scrutiny, ought to be sauce for every other slot parlor. To do otherwise would penalize companies like Rush Street Gaming and Cordish Gaming who have kept their noses clean. Had Plainridge
benefactor of various local charities while Joseph “Tomato King” Procacci
MGM Resorts International CEO Jim Murren
Suffice it to say that Murren has thousands upon thousands of rooms of his own to fill, and probably doesn’t lie awake nights worry about how to improve the ADRs charged by the Sultan of Sands. “We know the market here … We provide the most jobs, the most tax revenues and the most community support,” zinged Murren. If he didn’t come right out and call Adelson an out-of-touch old geezer, he came close enough. Coming off a surprisingly strong quarter, Murren has bragging rights, while Adelson is sulking about disappointing results in 2Q13, hence his titanic sulk.
Forget about Macao. That’s the implicit message from Caesars, which unloaded its overseas albatross, its $578 million golf course in Macao. In doing so, CEO Gary Loveman is taking a bath, since the resale price was $438 million. And, in a truly shocking move,
“The level of detail here goes into such things as regulations on roulette balls.” — Massachusetts Gaming Commissioner James McHugh on
“I think the Macau government has made it very clear that it will treat every junket application in a fair and equitable way. So if anybody gets a licence I don’t see any problem for any of the concessionaires to allow a junket operator which is approved by the Macau government to operate.” — Sociedade de Jogos de Macau CEO Ambrose So, talking completely around the question of what happens if Triad member and Stanley Ho pal Wan Kuok “Broken Tooth” Koi buys into a VIP-junket operation.
Last month was good for Atlantic City in the sense that revenue was only 4% off last year’s pace. The upper-tier properties fared exceptionally, with Borgata ascending 19%, driven by a two-third increase in table win, and Revel, fueled by its “You Can’t Lose” promotion, up 33%. At $23 million, Revel was firmly in the middle of the pack, no longer helping to bring up the rear. It’s obviously not impinging on Revel’s
business, but some of the middle-market properties were hurt, particularly Tropicana Atlantic City (-26%), Showboat (-19%), Bally’s Wild Wild West (-14%, right) and Harrah’s Marina (-11%). Resorts Atlantic City actually posted a 6% increase, besting all the other middle- and low-end casinos. And would the last person to leave Trump Plaza (-25%, $8 million) please turn off the lights?
My mother, Rev. Linda Maloney (seen here with the best mascot in all of sports) is in town for the next 36 hours, so I’ll be powering down S&G for a day or so. Never having seen Hoover Dam up close, that will be high on our agenda, along with Stones in his Pockets at McMullan’s Irish Pub. In the meantime, as they say in The Hunger Games (wretched movie — good book, I’m told), may the odds be ever in your favor — especially in 6/5 blackjack.
Today it was MGM Resorts International‘s turn to do the “We didn’t lose as much money as last year” thing. The size of the decrease, at least, was impressive and MGM China
“It’s not a bar. It’s a gaming facility.” — James Hockenyos, on why his proposed,
When skepticism turns to outright ridicule, the writing is often on the wall for such a folie de grandeur as Howard Bulloch‘s SkyVue wheel … or rather the two, totemic poles that are we are ever likely to see of the project. The Vital Vegas blog, in a canny satire,
on Plainridge Racecourse, it deemed that owner Ourway Realty displayed “a culture of fear and concealment pervasive in the operations,” including former CEO Gary Piontkowski‘s habit of siphoning money from the count room. (Can’t we just call it a “skim”?) The Commission went on to say that Plainridge could not provide “clear and convincing evidence as to business practices that will likely lead to a successful gaming operation.” Plainridge was also faulted for its tardiness in ousting Piontkowski, then replacing him with someone inexperienced in gaming.
money back. (Interestingly, parts of the casino floor resemble Planet Hollywood.) Like Las Vegas, casinos in Mississippi are experiencing the dismal epiphany that “Gaming isn’t unique anymore — it’s everywhere.” Tack on the triple whammy of Hurricane Katrina, the Great Recession and Deepwater Horizon, and life’s not been too good for the Gulf Coast, which has fallen to eighth place in American gambling markets — quite a comedown.
Would somebody please sack the so-called casino management and marketing staff at The Cosmopolitan of Las Vegas. Everything at the Cosmo is improving except the gambling floor, which took a 20% nosedive in 2Q13, to $31 million.
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