The undersea world of Gary Loveman

If you simply must gamble at a Caesars Entertainment casino in Tunica, you’d better bring a boat. Photographer Trey Clark has surveyed the scene and it looks like the damage to Harrah’s Casino Tunica will be especially costly. There go those second-quarter numbers … glug, glug, glug. Insurance will ameliorate some of the costs over the long term but the immediate future (flooding + no casino revenue) looks grim.

P.S.: A reader asks if “acts of God” like this are covered under casinos’ insurance policies. A very good question! Now I’ll have to dig out an article I wrote on the subject back in 2002, when the industry was bedeviled by bad weather. If I’m never heard from again, it means I was crushed under a pile of old trade magazines.

Posted in Current, Economy, Environment, Harrah's, Mississippi, Wall Street | 5 Comments

A message from Steve Wynn

Our favorite casino mogul, Steve Wynn, reminds us that his is a “more restrained” and private form of procession to the pronubial altar, and should be treated with discretion by the media …

Which reminds me that Daily Fiasco requested that the Andrea Hissom “too much information” wedding video released with great fanfare (and many a Tweet) by Wynn Resorts stay on the S&G front page. (Fiasco: “One day isn’t enough to process that much camel toe. It’s like staring into a singularity. Time and space lose all meaning.”) Request granted. If we’ve learned anything from this excessively edifying episode, it’s that when Priscilla Presley tells you that something (see: Elvis, Viva) is the greatest since sliced bread, it’s advisable to get a second opinion.

Posted in Current, Encore, Entertainment, Marketing, Steve Wynn, The Strip | 8 Comments

Quote of the Day

“They should have captured Bin Laden alive and made him continually go through airport security for the rest of his life.” — V Theatre hypnotist-in-residence Marc Savard, on his Facebook page.

Posted in Current, Entertainment, The Strip, Tourism, Transportation | Comments Off on Quote of the Day

Trump™: asset or liability?

If you’d like to wager on Donald Trump‘s sham presidential “campaign” and you like long odds Paddy Power is the place for you. It’s taking action on the 2012 presidential race and Trump is now a 33-to-1 shot, along with some distinguished company. Would Trump bet on himself or roll the dice on the 150-to-1 chance given to someone named Fred Karger (who I confess I’ve never heard of before). I’d toast Trump’s chances with his branded “Mood Infusion Beverage” were it not for the fear of whose mood I was having infused: Would I get the urge to make fish lips, dye my hair orange and utter gross on-air comments about wanting to shtup my daughter Ivanka?

Now that Trump has added speech-impaired people and the LGBT community to the customer subsets he’s gratuitously offended, he’s becoming less of an asset and more of a liability to Trump Entertainment Resorts. (His recourse to golf rhetoric reminds me of the occasion when Trump leaned into an interviewer’s face, and declared through that porcine squint of his, “I played Steve [Wynn] at golf twice and Continue reading

Posted in Atlantic City, Colony Capital, Current, Entertainment, history, International, Marketing, Movies, Sports, Steve Wynn, Tilman Fertitta, TV, Wall Street | 9 Comments

John Kasich, casino killer

Aw, isn’t this great? After Gov. John Kasich (R-OH) made the ludicrous claim that Ohio voters didn’t know what they were getting into when they approved a casino initiative in 2008, his legislative allies are trying to up the ante. They wanted the state’s casinos taxed on gross receipts, which Gaming Today erroneously blamed on Kasich himself. He’s professing neutrality on the issue (much as he was exquisitely vague on racinos during the 2010 campaign) but he’s made no secret that he wants more money — a lot more — from casinos. At least he’s finally come out as not being opposed to casinos per se … which is a different critter from being in favor of them, however. By the way, if Kasich finds the terms of that ’08 ballot question confusing, he’s plainly mislaid his thinking cap. They were perfectly clear both to S&G and, much more to the point, Buckeye State voters, who’d earlier shot down a casino monopoly pushed by Lakes Entertainment.

House Republicans “clarified” the Commercial Activities Tax to say that it applies to casino receipts prior to payouts. As Penn National Gaming spokesman Eric Schippers boils the proposal down, it would basically tax theoretical earnings. The way Schippers explains it, if I ran put a modest amount of dough into, say, a Reel ‘Em In machine, racked up $1K worth or credits, eventually lost it all and just recovered my initial “investment,” Penn gets taxed on the one grand, to the tune of $2.60, on money that never entered or left the machine.

Somebody had to pay for the elimination of Ohio’s estate tax and casinos are It. (You might say it’s robbing the rich to give to the rich.) And if casino hiring is put on indefinite ‘hold,’ well, who cares about a bunch of unemployed people, right? That’ll show ’em Continue reading

Posted in Current, Economy, Election, Harrah's, history, Kentucky, Lyle Berman, MGM Mirage, Ohio, Penn National, Politics, Racinos, Regulation, Taxes, The Strip, Tribal, TV, Wall Street | 6 Comments

Steve, Steve, what gives?

Dear Steve Wynn:

No this really isn’t about that truly unfortunate (to put it gently) wedding video that Wynn Las Vegas put on YouTube last Monday. Although, as Hunter Hillegas posted on Twitter, “That video kinda freaks me out. Also, 2005 called and it wants it’s iMovie effects back.” And, Steve, when you’re losing Hillegas, you’re losing Middle America.

What I’m worried about isn’t something that happened in Vegas and should have stayed there. It’s that you’re starting to sound like your role model (Not!) Donald Trump*: explaining “policy” by stringing together a bunch of non-sequiturs. In Sunday’s Las Vegas Review-Journal interview with Chris Sieroty, you said that you were a skeptic about the opportunities for entry into the online-casino biz and its financial significance to the casino industry (despite being impressed by the fact that the average salary at PokerStars is $110,000/year), although …

… you had entered a deal with PokerStars, despite … Continue reading

Posted in CityCenter, Cretins, Donald Trump, Dubai, Economy, Entertainment, history, Internet gambling, Macau, MGM Mirage, Pokergeddon, Politics, Regulation, Steve Wynn, Taxes, Technology, The Strip | 4 Comments

Quote of the Day

“My strength has always been the economy and that’s what I’m best at.” — Donald Trump, to Las Vegas Review-Journal reporter Laura Myers, whilst riding to half-finished 75% unsold, lawsuit-plagued, $1.2 billion Trump International last week. Hilarity is optional.

Posted in Donald Trump, Economy, The Strip | 2 Comments

Vegas’ highest-paid Elvis impersonator

Yes, it’s Steve Wynn. Although Wynn Las Vegas is claiming this video went viral over the weekend, I have a strong certainty that a certain F-bomb barrage across the street at Treasure Island racked up more views. Also, given some of the plastic surgery that would have been on display at the wedding reception, one has to wonder at director Kenny Ortega‘s decision to make a slide show that mocks aging people’s physical appearance. Honestly, I get more laughs from reading Gary Loveman‘s op-eds.

Posted in Current, Entertainment, Harrah's, Internet gambling, Movies, Pokergeddon, Steve Wynn, The Strip | 1 Comment

Boyd exits Florida; Mixed messages from the Riv; The revenge of Adelson

Regardless of whether or not resort casinos are voted into law in Florida, one company that won’t be in the running is Boyd Gaming. The firm threw in the towel on the Miami market today. The Sunshine State “no longer fits our current growth strategy” said CEO Keith Smith. Not to be unkind but I wasn’t aware that Boyd had a growth strategy in action (aside from making an economically questionable run at Station Casinos last year), being in stand-pat mode until the Great Recession passes. But when you consider that Boyd got $80 million for an old facility with a badly performing poker room, no wonder Wall Street is cheering the news.

If you’re a fan of Miami Vice, you’ve seen Dania Jai-alai in the credit sequence of every episode (and one or two actually used it as a location). Boyd’s partners in the venture were known to be chafing at the casino company’s inaction. Dania was purchased by Boyd in the wake of racino legalization in South Florida but when competitors like Isle of Capri Casinos encountered disappointing revenues, Boyd shelved its plans for the fronton. Those slots that Bill Boyd personally promised in 2006 never manifested themselves.

Boyd’s withdrawal may be read as a pessimistic take on the chances for further casino expansion in Florida, to the extent of taking at least a $72.5 million bath on Dania Jai-alai. But Continue reading

Posted in Boyd Gaming, Colony Capital, Current, Donald Trump, Economy, Entertainment, Florida, Genting, Harrah's, Isle of Capri, M Resort, Macau, Marketing, MGM Mirage, Penn National, Politics, Regulation, Riviera, Sahara, Sheldon Adelson, Singapore, Station Casinos, Steve Wynn, Technology, The Strip, Wall Street | 1 Comment

Today’s top story

Planet Earth: Now with 100% less Osama bin Laden. A good day by any measure.

Posted in Current | 2 Comments

Was Pokergeddon a setup?

In his latest column, “Prohibition Is Not Regulation” (an early draft can be seen here) gaming-law guru I. Nelson Rose rakes the Obama administration for choosing “to ignore the lessons of history and take worst aspects of the choices available.” Mashing up a bunch of disparate state laws and pasting the result together with an obscure federal statute (18 U.S.C. 1955), the Department of Justice has basically written itself a license to raid the Internet, exacting stiff financial penalties as it goes. (As well as reigniting the old “game of chance or game of skill” argument, which may be central to future litigation.) And it seems to be working: PokerStars and Full Tilt Poker have cried uncle and negotiated settlements with Uncle Sam. Notorious renegade Absolute Poker, based on tribal land in Canada, can thumb its nose at the feds until the cows come home.

Writes Prof. Rose, “basing this attack on Internet poker [in part] on Nevada law would look it like was motivated by the landbased casinos. After all, who are the big winners here?” Hmmmm …

Let’s ask Associated Press reporter Oskar Garcia who had this little scoop late last week. With PokerStars, Full Tilt and Absolute Poker in momentary disrepute (and the latter unlikely to come to the DoJ’s table), who better to step up and fill the void but Wynn Resorts or Caesars Entertainment — or maybe Station Casinos. The previous conventional wisdom, advanced by Forbes, was that Steve Wynn (and, by implication, other CEOs) had rashly assumed that amnesty for online-casino operators was imminent, only to get caught with his pants down by the DoJ.

It’s hard to say which sounds more far-fetched: Continue reading

Posted in Harrah's, International, Internet gambling, MGM Mirage, Politics, Regulation, Sheldon Adelson, Singapore, Station Casinos, Steve Wynn, Taxes, The Strip, Tribal, Wall Street | 3 Comments

Quote of the Day

“It is our true policy to steer clear of permanent fuckin’ alliances with any portion of the foreign world; so far, I mean, as we are now at liberty to do it; for let me not be understood as capable of patronizing infidelity to existing fuckin’ engagements. I hold the maxim no less applicable to public shitheads than to private douchebags, that honesty is always the best policy. I repeat it, therefore, let those engagements be observed in their genuine sense. But, in my opinion, it is unnecessary and would be unwise to extend them, motherfuckers.” — George Washington‘s farewell address, reinterpreted in the style of Donald J. Trump at Treasure Island, the handiwork of Daily Fiasco.

Posted in Current, Donald Trump, history, Phil Ruffin, The Strip | Comments Off on Quote of the Day

1 picture = 1,000 words

Thanks to reader eddacat for providing this whimsical sign of the times.

Posted in Current, Economy, Entertainment | 1 Comment

Inside the mind of Trump

One of the problems with appointing oneself The Ultimate Arbiter of Truth is that ultimately your own veracity comes under the spotlight, as does the “truthiness” of your financial claims. And if the Ultimate Arbiter in question happens to be casino pitchman Donald Trump, a modest and charming personality is also part of the package.

Not to worry: Trump’s publicity tour-cum-prank poses no danger to the image of the casino industry per se. If anything, it actually Continue reading

Posted in Current, Donald Trump, International, Phil Ruffin, The Strip | Comments Off on Inside the mind of Trump

Quote of the Day

Sahara dealer
says Sam N. can go suck it.
The pit boss agrees.

haiku by BigHoss at VegasTripping.com.

Posted in Current, Sahara, The Strip | Comments Off on Quote of the Day

Nazarian totally busted …

… by Chuck Monster, who’s learned that SBE Entertainment‘s deal with MGM Resorts International includes dumping the Club Sahara loyalty program database into the lion’s “low roller walled garden,” Circus Circus Players Club. Which is pretty much what S&G expected when Sam Nazarian pulled the plug on the Sahara. Now there is a counter-theory which proposes that Sahara Sam is doing this to clear the Sahara of low-rolling riffraff (read: us) in favor of ‘high value’ customers (read: SoCal douchebags). I’m not so heartless as to suppose MGM demanded that Nazarian shut down the camel place as a condition of its cross-marketing deal but it wouldn’t surprise me if Sahara Sam offered it as an enticement.

Also, the problem with Theory #2 is that MGM is already getting SBE preferred-customer data fed into M life (which would account for that giant sucking sound you hear). Once those customers have become habituated to the BellagioCityCenterMGM GrandMandalay Bay neighborhood, what makes anyone think they’ll pull up stakes and go play at the far north end of the Strip. Nothing’s doing at Fontainebleau; I’ve even heard a rumor that Carl Icahn will literally sell the building for parts — which would merely be a continuation of what he’s already done, just on a grander scale.

Nope, I say Sahara Sam slaps Continue reading

Posted in Atlantic City, California, Carl Icahn, CityCenter, Columbia Sussex, Current, Dennis Gomes, Economy, Entertainment, Fontainebleau, Harrah's, Lake Tahoe, MGM Mirage, Pennsylvania, Racinos, Sahara, The Strip, Tropicana Entertainment, Wall Street | 6 Comments

Steve Wynn preaches austerity

On the subject of debt, Steve Wynn speaks with some moral authority, having been one of the very few casino moguls who didn’t snort credit like cocaine during the bubble years. However, his professed solicitude for the working man has to be tempered with the knowledge that his employees’ financial hardships were scarcely eased when Wynn Resorts turned them Continue reading

Posted in Donald Trump, Economy, Phil Ruffin, Steve Wynn, The Strip, TV | 1 Comment

Quote of the %#@&ing Day

Last night at Treasure Island

For more F-bombs, check out Fox 5‘s coverage.

Posted in Current, Donald Trump, Economy, Encore, International, Phil Ruffin, The Strip | 7 Comments

Why Trump won’t run

Two words: Mob ties. Yes, Donald “100 Percent Clean” Trump did business — repeatedly — with a man he believed (or, best case, seriously feared) to be the murderer of Jimmy Hoffa. He also employed an individual identified by U.S. and Canadian authorities as a member of the 14K Triad in a high-ranking executive role at Trump Taj Mahal. The evidence is ambiguous … but does Trump really want to get into explaining to the media the nuances of what does and does not make somebody an “organized crime” associate? That’s a no-win situation.

(Update: Oh, by the way, what happens to Trump’s promotional arrangement with Trump Entertainment Resorts owner Marc Lasry — including use of his familiar, orange-hued visage — if this “presidential” gimmick becomes reality. Lasry must feel like he’s just been blindsided by a truck. Can he put The Donald’s face on a billboard without it being an “in-kind” contribution?)

Trump’s no stranger to making “boring, nonfactual and highly inaccurate” allegations on all manner of subjects (like Continue reading

Posted in Atlantic City, California, Current, Donald Trump, Economy, Florida, history, Isle of Capri, New York, Politics, Regulation, Riviera, Sahara, Sheldon Adelson, The Mob, The Strip, Tribal, Tropicana Entertainment | 2 Comments

The verdict: Céline vs. Gladys; End is nigh for Sahara; Plaza 2.0

As Yr. Humble Blogger opines in this week’s Las Vegas CityLife, Céline Dion may be quite something but Gladys Knight is Something Else. If you’re a paying customer, Knight’s Tropicana Las Vegas show is by far the better value: longer, more spontaneous, less expensive and incomparably more intimate. You just can’t replicate that kind of audience rapport in a 4,000-seat auditorium (although Dion’s drawing power is packing the Caesars Palace parking garage on weekends and has enabled to the Colosseum to reopen its top balcony, shrouded for Bette Midler and Cher). Also, Knight could be gone — given the will o’ the wisp nature of Trop headliners — in a matter of weeks, so make haste.

Sahara, R.I.P. In the same issue, you’ll be taken on a valedictory visit to the soon-to-be-closed Sahara. The patient’s not dead yet but Lissa Townsend Rogers finds manager Navegante Group already hammering the coffin lid shut. If, as she reports, owner Sam Nazarian is still planning to replace the Strip dowager with Continue reading

Posted in Alex Yemenidjian, Architecture, Dining, Downtown, Economy, Entertainment, Environment, Harrah's, Mississippi, Politics, Sahara, Tamares Group, The Strip | 2 Comments