Quote of the Day

Posted on July 3, 2012 by David McKee

“[X] took five years to build at a cost of $2.4 billion. The building is nearly two million square feet, and will offer the latest technology at check-in, creature comforts … including a spa and several dining options, and almost 300 slot machines.” — Care to guess the casino? It’s — wait for it — Terminal 3 at McCarran International Airport. The public sector seems to be doing a good job of minding its pennies. To find a Las Vegas Strip casino megaresort built for less than $2.4 billion, you’d have to go back to the late 20th century.

Posted in Current, The Strip, Transportation | 1 Comment

Those were the days

Posted on July 2, 2012 by David McKee

From the collection of Charles Phoenix: The year is 1963. The place, Glitter Gulch. Those were the days when “Vegas” was a mythic, unique American place — and gambling was gambling, not “gaming.” About the only thing that hasn’t changed is the alluring fantasy of growing up to be Don Draper or a pre-LSD Roger Sterling. Continue reading →

Posted in Downtown, history, TV | Comments Off on Those were the days

Isle knows how to sell it; “Gamming” at the Cosmo

Posted on June 28, 2012 by David McKee

If you’ve been watching casino-preview videos for the last dozen years, you’ve become inured to all the usual tropes, including the de rigeur, 3-D flyby and the glowing executive testimonials. Give Isle of Capri Casinos credit for realizing that the format has been done to death. They’ve taken all the stock elements, sliced and diced them like a Benihana chef, and the result is this very nimbly edited and fast-paced promo. It doesn’t introduce anything new into the montage so much as intermix all those familiar ingredients in a way that holds your attention. The assured and speedy patter of Isle Casino Cape Girardeau General Manager Chet Koch, a true industry veteran.

What you don’t want in a spot like this is Continue reading →

Posted in Cosmopolitan, Current, Entertainment, Isle of Capri, Marketing, Missouri, Technology, The Strip | 2 Comments

The face of LVA; Local man curses electricity

Posted on June 28, 2012 by David McKee

Reports of return (by me) have been greatly exaggerated. After knocking off two travel guides, a feature story and a book review over the last week, I’m practically having to prop my eyes open with toothpicks. And then there are a half-dozen “Question of the Day” queries to answer and a couple of Desert Companion profiles to file. Uff da! In the meantime, allow me to introduce you to …

… Mojo, our resident iguana. She’s somewhat of a celebrity amongst LVA subscribers and has even been the subject of at least one “Question of the Day” herself. I took this portrait of her on Continue reading →

Posted in Animals, Dining, Internet gambling, Pets, Steve Wynn, TV | 1 Comment

Quote of the Day

Posted on June 25, 2012 by David McKee

“President Eastwood” has a nice ring to it, don’t you think?

Posted in Current | 3 Comments

Back at my post

Posted on June 25, 2012 by David McKee

Barring enormous dissatisfaction in McLean, Virginia, the USAT travel guides are off my desk for the time being, which means slightly more leisure to ponder such matters as what the rise to power of the Islamic Brotherhood in Cairo (albeit on a short, military leash) means for Caesars International‘s Egyptian casinos … or the newfound celebrity/bogeyman status of Sheldon Adelson. Last night, in one sitting, I read Richard “Skip” Bronson‘s The War at the Shore — and you might one to ‘skip’ that one. It’s pretty light on history, long on anecdotes, but at least its 217 pages make for a quick read. And, lastly, here’s a heartfelt wish for a speedy recovery to S&G reader HPark4, who suffered a Continue reading →

Posted in Atlantic City, Current, Harrah's, International, LVCVA, Politics, Sheldon Adelson | 2 Comments

Hot “chics” at Cosmo

Posted on June 22, 2012 by David McKee


If you want to be considered ‘with it,’ it wouldn’t hurt to display a modicum of literacy, as yet another painfully clueless Cosmopolitan of Las Vegas promotional short demonstrates. Don’t you just love the unwitting (Unwin-ing?) implication that the “hot chics [sic]” were staying — or at least dining — somewhere other than the Cosmo? Why else would these bimbos need a limousine to get them to Marquee … unless we’re to believe Cosmo patrons are such losers they couldn’t find their way unescorted to the bathroom, much less a nightclub?

Posted in Cosmopolitan, Marketing, The Strip, Tourism | 3 Comments

Quote of the Day

Posted on June 21, 2012 by David McKee

Posted in Regulation | 1 Comment

Shocking preliminary finding

Posted on June 21, 2012 by David McKee

Although I’m still swotting on USA Today copy, the finish line is within sight and the Las Vegas Strip property with the most name-checks to date is — surprise of surprises — Paris-Las Vegas, singled out in multiple categories. Who’da thought the Strip’s last-ever mid-market casino, opened in 1999, would outpace so many newcomers? (Mind you, affordability is an important criterion.) Planet Hollywood is racking up a few plugs, too. Now, my editors could throw all this out and send me back to Square One, but it’s certainly an outcome I didn’t expect when I started surveying the Strip, several weeks back. Another surprise: Circus Circus has more “bests” than does Caesars Palace. Current and former Steve Wynn properties also fared well, an unscientific metric of how well they retain their value. But I’m afraid to Continue reading →

Posted in Alex Yemenidjian, Donald Trump, Harrah's, MGM Mirage, Planet Hollywood, Steve Wynn, The Strip, Tourism | 5 Comments

Quote of the Day

Posted on June 20, 2012 by David McKee

It took 72 years but Sen. Harry Reid (D-NV) has finally mastered the art of the soundbite. Congratulations, sir!

Posted in Current, Harry Reid, TV | 1 Comment

“He’s just a stooge”

Posted on June 20, 2012 by David McKee

While I’m still on semi-hiatus, working on travel guides for USA Today (the Downtown one got submitted last night), here’s a reminder that when Caesars Entertainment persuades — “coerces” might be more like it — its lenders into writing off billions in debt and postponing the maturity of billions more into 2015, it doesn’t simply vanish but impacts Main Street, U.S.A., instead. This ain’t Monopoly money, folks, although you’d never know if from Caesars’ behavior. Meanwhile, the Las Vegas Business Press, a grotesque parody of Continue reading →

Posted in Baseball, California, Economy, Harrah's, history, Internet gambling, Ohio, Tourism, Wall Street | 3 Comments

Trump’s greatest accomplishment

Posted on June 15, 2012 by David McKee

While we can’t blame — much as we might like — the downfall of Atlantic City on Donald Trump, if one individual contributed to its precipitous decline more than any other, it was the guy with the orange combover. Seriously, what was gained by trying to thwart, stymie, delay and otherwise frustrate Steve Wynn at every turn? Then again, serial failures and sore losers like Trump resent being schooled by someone like The Wynner.

Posted in Atlantic City, Donald Trump, Economy, history, Steve Wynn | 2 Comments

Everything’s coming up Penn

Posted on June 15, 2012 by David McKee

As befits a proud papa, Penn National Gaming has been showing Wall Street analysts around its newest offspring: Hollywood Casino Toledo. The metrics are pretty awe-inspiring. Already the customer database is approaching 50,000 players and 47% of all slot play is rated — far more than at Penn’s Harrisburg racino in its early going. Good for Penn (and bad for Detroit) is the news that a third of all players at H’wood Toledo are from Michigan, and there’s been some seepage from northern Indiana, too. Restaurant covers are greater than expected. While the casino could increase its installed slot base (2,000 boxes) by 40%-50%, management is presently being a mite cautious, adding just 45 slots.

Shortly after Deutsche Bank‘s Carlo Santarelli passed through, J.P. Morgan‘s Joseph Greff got the red-carpet treatment. He praises the casino-floor layout, likening the overall design to Penn’s Kansas Speedway casino. Even though MTR Gaming‘s new Columbus-area racino at Scioto Downs has what Santarelli calls “first-mover advantage” on in-progress Hollywood Columbus (left), he still predicts the latter will generate pre-tax ROI of 30% (!) when it opens in November. Interestingly, Penn built two Buckeye State casinos for Continue reading →

Posted in Ameristar, Current, Dan Lee, Detroit, Don Barden, Harrah's, Illinois, Indiana, International, Isle of Capri, Kansas, Marketing, Maryland, Massachusetts, MGM Mirage, Missouri, MTR Gaming, Neil Bluhm, Penn National, Pennsylvania, Pinnacle Entertainment, Racinos, Regulation, Sheldon Adelson, Tribal | 3 Comments

Quote of the Day

Posted on June 14, 2012 by David McKee

“One of the worst IPOs in recent memory! A company that is consistently losing money, and with an enterprise value of $19.5 billion is ridiculous! The company’s interest expense alone is [roughly twice] its current market cap. Valuing this company based on its book value is also wrong. Since most of the assets are made up of casinos (recorded at original cost) I guarantee you that they are worth a lot less than what’s stated on the balance sheet.” — investor “BuffettJunior1” (!), one of the over 175,000 investors participating in Motley Fool CAPS, which has given Caesars Entertainment the baleful one-star rating.

Posted in Harrah's, Wall Street | 4 Comments

Quote of the Day

Posted on June 11, 2012 by David McKee

“We’re in the business of providing entertainment. We make a profit. If something manipulates that in an ill-begotten way, that’s not fair.” — The Meadows General Manager Sean Sullivan, whining about card counters. Casinos in Pennsylvania and Ohio are actually losing sleep over advantage players and pushing them off games, with the connivance of regulators. Then there was the group of born-again Christians who counted cards for God.

Posted in Cannery Casino Resorts, Ohio, Pennsylvania, Regulation | Comments Off on Quote of the Day

Yanqui, go home!

Posted on June 11, 2012 by David McKee

Spain‘s banking system has joined a series of toppling dominoes that will likely prompt multiple, TARP-like measures and have the European Union mulling methods of preventing a run on the banks. Into this atmosphere of imminent catastrophe and 24% unemployment comes one Sheldon Adelson, who meets rather a different welcome than he was probably expecting, although this demonstration is pretty mild compared to what is likely to follow, if negotiations continue:

Euro Vegas No from UGTELEMADRID on Vimeo.

However, if Spain proves insufficiently hospitable, Adelson could always follow Donald Trump to scenic, booming Batumi, on the shores of the beautiful Black Sea. (The difference being that Adelson is likelier to complete any project he promises than is the failure-prone Trump.) Officialdom is Georgia is as receptive to casino development as Spanish politicos are, it would appear, although Sheldon will be in for a climate shock: Batumi’s 107 annual inches of rainfall — 21X times that of Las Vegas — would almost make Singapore (92″ per year) look temperate by comparison. The region definitely needs to work on its tourism figures: 1 million tourists over the last seven years won’t exactly wow anybody who’s headquartered in Vegas.

Closer to home, it’s difficult to argue with New York City Mayor Michael Bloomberg‘s assessment of the economic potential of casinos and where they should go (i.e., not into distressed neighborhoods, as was planned for Britain‘s abortive “supercasino,” for example). Hizzoner sees Gotham as a multi-casino market and it’s one that’s seemingly tailor-made for Las Vegas Sands‘ convention-driven business model. The question is, Will Adelson be willing to share a Manhattan sandbox with others or pull a Florida: i.e., take his toys and go home? If it’s clear from the get-go — as happened in Singapore and Macao — that exclusivity isn’t on the table and never will be, Adelson is likelier play ball than if the issue is allowed to remain in flux and subject to his pressure. Of course, since no other company regularly makes having a monopoly a precondition of condescending to build casinos, Bloomberg and Gov. Andrew Cuomo (D) can rest assured of having monied suitors even if Sheldon suffers another snit fit.

Posted in Donald Trump, Economy, Environment, Florida, International, Macau, New York, Sheldon Adelson, Singapore, Tourism | 1 Comment

Casino John rides again; Mashpee ride to victory

Posted on June 10, 2012 by David McKee

As is my habit, I tuned in CNN‘s Your Money yesterday. No sooner was the TV on but there was Gov. John Kasich (R), taking justifiable pride in Ohio‘s having recently added 73,300 jobs. The inescapable irony — and fact — is that thousands of those are construction and permanent jobs in Penn National Gaming and Caesars Entertainment casinos that Kasich opposed, then stymied. Too bad there isn’t a Truth in Politics Law that would require him to say, “Ali, in the last year we’ve added 73,300 jobs — many of them against my will.”
Taunton voters had their say on a Mashpee Wampanoag casino and it wasn’t even close. (You’d never know it from this story, with is preponderance of quotes from opponents.) Sixty-two percent supported the idea and, with compact talks progressing smoothly, odds are suddenly looking very good that the tribe can make its July 31 date with the Massachusetts Gaming Commission. I erred when I said there was “no way” this could be pulled off: The still-vexing questions of getting the “Carcieri fix” through Capitol Hill and having land taken into trust by the Interior Department can be tabled for months, perhaps years, if the Mashpee file their paperwork by the end of next month. However, they did just get a thumbs-up from Continue reading →

Posted in Ameristar, Current, Economy, Harrah's, MGM Mirage, Ohio, Penn National, Pennsylvania, Regulation, Sheldon Adelson, Sports, Steve Wynn, Tribal, TV | 4 Comments

Toronto: Move over, Jim and Gary, here comes Sheldon

Posted on June 8, 2012 by David McKee

No disrespect to Steve Wynn, but the human starter gun for any serious casino race is now Sheldon Adelson. Except for China, he’s not been in any casino-expansion movement for the long haul since he lost Mirage Resorts. And with Las Vegas Sands now expressing an interest in the Toronto area, competitors MGM Resorts International and Caesars Entertainment already look like also-rans with Adelson in the picture. (Caesars’ fire-aim-ready effort doesn’t even have the crucial joint-venture partner in place yet.) Were I pondering loan requests from those three companies, Sands would be a no-brainer first choice. Even its lesser revenue streams (like Sands Bethelehem) are still pretty impressive.

“Tex” Adelson has given up on the Lone Star State, it appears, where any form of casino gambling is certain to go to horse tracks first. (Sheldon doesn’t speak “racino”).  Florida is out, too … although Sands has vacillated Continue reading →

Posted in Atlantic City, Current, Economy, Florida, Harrah's, Horseracing, International, Macau, MGM Mirage, New York, Racinos, Regulation, Revel, Sheldon Adelson, Steve Wynn, Texas, Tourism | 3 Comments

Atlas stumbled

Posted on June 7, 2012 by David McKee

Warren Buffett likes to say that we’ve already had class warfare in this country and his class won. Whilst laid up, recuperating from an ill-advised meal at Mizumi, I had reason to ponder this in connection with the recent stateside exploits of Steve Wynn. His recent smackdown at the hands of Foxborough voters arguably makes him a casualty of Main Street‘s rage toward Wall Street, cut down by a stray bullet. In expressing anti-Wynn sentiment at the ballot box, were Foxborough burghers being irrational? Yes. Counterproductive? Yes. Petulant? Maybe. Was their sentiment understandable? Absolutely. How often does the Average Jo get step into the voting both and, essentially, give a billionaire a kick in the pants?

Steve Wynn was an innocent bystander to the Crash of ’08 but, with a still-irate electorate swinging in search of a piñata, he’s been Continue reading →

Posted in Archon Corp., Bally Technologies, Culinary Union, Current, Dining, Economy, Election, Internet gambling, Massachusetts, New York, Pennsylvania, Problem gambling, Sheldon Adelson, Steve Wynn, The Strip, Wall Street | 7 Comments

Watch your back, Steve!

Posted on June 6, 2012 by David McKee

Wouldn’t you love to know what was in Steve Wynn‘s most recent pre-nup now that his wife is referring to herself as “Owner” of Wynn Resorts — as our colleague Chuck Monster recently discovered? Andrea Wynn may have a few thousand WYNN shares socked away someplace but she doesn’t even qualify as a “major holder” of the stock. I guess being married to the CEO entitles one to get a bit presumptuous, though. Always remember, ma’am: What happens in Vegas gets found on the Internet and promptly goes viral.

New wine, old bottle. Design renderings for the ongoing makeover of the Palms (budgeted at $50 million says the Review-Journal; $100 million, counters the Sun) have been released. They’re heavily reminiscent — especially the hotel room — of Continue reading →

Posted in Architecture, Election, George Maloof, Hard Rock Hotel, Morgans Hotel Group, Steve Wynn, Wall Street | Comments Off on Watch your back, Steve!