Wynncore sells itself short

Posted on March 4, 2011 by David McKee

While I wouldn’t go so far as to call it a substitute for Mardi Gras, the “Jazz Brunch” at Country Club Grill is as tasty as they would have you believe … and quite a lot better than it comes across in this new but strangely dispirited YouTube spot from Wynn Resorts. It’s a good thing my wife was comped there one weekend, because I can now “witness” to the quality of the food, the music and the view of the golf course (with 100% more actual golfers than ever seen previously). We certainly could have given a more passionate testimonial than that of morose-sounding Chef Carlos Guia, whose sales pitch exudes all the fervor of somebody whose dog just died. Don’t be such a downer, Carlos! Laissez les bon temps roulez!

Posted in Current, Dining, Louisiana, Marketing, Steve Wynn, The Strip | 2 Comments

Idiocy Express

Posted on March 4, 2011 by David McKee

George F. Will is an @$$. I say this because he claims to intuit that my desire to travel to and from Las Vegas by rail is motivated by a desire to make my fellow Americans “more amenable to collectivism.” No, I just happen to like trains more than cars and enjoy the travel-by-rail experience, even if it is an anachronism to some musty pedants in Foggy Bottom. To put it in language that Mr. Will would understand: Poppycock! Piffle! Pish-tush! Persiflage, sirrah!

Perhaps wrongheadedly, I think facilitating rail travel between Sin City and, oh, Los Angeles might help resolve traffic problems that have proven insoluble for, lo, these past 12 years at least. (I-15 might actually be more anachronistic, at least to those who’ve navigated its weekend bottleneck or been turned back when snow closes its mountain passes.)

However, Will natters nonsensically, Continue reading →

Posted in California, Cretins, Current, Louisiana, The Strip, Transportation | 6 Comments

Quote of the Day

Posted on March 4, 2011 by David McKee

“In terms of the fear, the worry, and the emotional turmoil that comes with being a defendant in a lawsuit, I expect you will shortly get to experience that yourself.” — plaintiff’s attorney J. Todd Kincannon, opening a can of whup-ass on shameless protection racket intellectual-property crusaders Righthaven and its founder, discredited former Las Vegas Review-Journal publisher Sherman Frederick. They ought to know better than to mess with the Palmetto State. Just ask King George III.

Posted in Cretins, Current, history, South Carolina | 5 Comments

Quote of the Day

Posted on March 3, 2011 by David McKee

“[President Obama has] doubled down on a lot of things, going back to education … the idea that we’re testing kids and we’re tying teachers salaries to how kids are performing on tests, that kind of mechanized thinking has nothing to do with higher order. We’re training them, not teaching them.” — Matt Damon, in an interview that airs later tonight on CNN.

Posted in Current, Movies, TV | 8 Comments

Loveman 1, Atlantic City 0

Posted on March 3, 2011 by David McKee

After much Hamlet-like deliberation, Gov. Chris Christie (R) put his ixnay on a bill that would have made Internet gambling legal within New Jersey. Citing constitutional issues, he said legislators ought to put the issue to popular vote … a plebiscite the casinos are almost certain to lose. (Were the issue sports betting, the probable outcome would be reversed.) Lawmakers, in turn, can throw this veto back in Christie’s face the next time he poor-mouths them during budget negotiations.

Also scoring a Pyrrhic victory was Caesars Entertainment, which is clearly in no hurry to pay down its nearly $20 billion in long-term debt. Were Christie to pursue his presidential ambitions and succeed, CEO Gary Loveman can forget altogether about that already-improbable Continue reading →

Posted in Atlantic City, California, Florida, Harrah's, Illinois, Internet gambling, Iowa, New York, Politics | 1 Comment

Warm February in Philly; “Lion King” hungry

Posted on March 3, 2011 by David McKee

After a pretty lackluster January, gaming revenues in Pennsylvania bounced back at the slots.  The statewide February average was a 10% increase year/year, with Sands Bethlehem right on that button ($22 million) and Harrah’s Chester Downs down 2% ($24 million). Millennium Gaming‘s outlying The Meadows racino came on like a tornado, improving 31% to finish the month with $21 million. Same for The Rivers, whose slots raked in 32% more, putting $23 million in the hopper. There’s strength in that market, which is still in the running for at least one more casino license. Despite a 2% dip (cannibalization by SugarHouse?), Parx Casino remains the top dog statewide, with $31 million.

Unless SugarHouse has already reported its table revenue, I suspect there’s a typo in the J.P. Morgan analyst report — which has SugarHouse pulling down $13 million at the slots — since it shows the casino grossing the same amount ($14.5 million) in February as January, even though it’s a shorter month. It’s not an impossible feat: Presque Isle racino and The Meadows did it just with slot play. But it wouldn’t be like Pennsylvania to bust out one casino’s table revenues ahead of everyone else’s.

Hungry Lion. Who says The Lion King isn’t hurting at the Mandalay Bay box office? A press release from MGM Resorts International touts a $75 buffet/show deal for weekend matinées of the Elton John tuner. (Call the box office reservation line and utter the magic word “buffet.”) Can you feel the love? Not in the afternoons, apparently.

Steve Friess is having great fun with what he’s dubbed “the Vdara Kwik-E Mart.” It’s a good idea, long overdue for that lonely and rather arid hotel, the backwater of CityCenter. The office moniker is Continue reading →

Posted in Cannery Casino Resorts, CityCenter, Current, Dining, Donald Trump, Economy, Entertainment, Harrah's, MGM Mirage, Neil Bluhm, Pennsylvania, Racinos, Sheldon Adelson, The Strip, Tourism, Wall Street | 2 Comments

Case Bets: Ferris wheel fetishists; Rail fail; “Aerotropolis” now?

Posted on March 2, 2011 by David McKee

Caesars Entertainment better get a move on with that Ferris wheel it wants to build out back of O’Shea’s. A rival project, slated for problematic (and fairly blighted) land opposite Mandalay Bay received approval from Clark County. Then again, getting a project past the Clark County Commission is like spotting Holly Madison at a media event: a very routine occurrence. Also, the Las Vegas Strip is not exactly the Santa Monica Pier, in terms of the quality of the view from the top. The “Harrah’s Wheel,” if it opened today — for instance — would have for its western prospect the backside of several hotels and, to the east, a mix of slums and empty lots. To the south, Bally’s and to the north … the butt end of Venelazzo. The Stratosphere observation deck it ain’t. Given the dearth of promising locations, casino owners’ unquenchable Ferris wheel fetish (Phil Satre, Phil Ruffin and several others have toyed with the idea) is truly remarkable.

Continued problems with China‘s high-speed rail lines are making the failing Las Vegas Monorail look like an Continue reading →

Posted in Architecture, California, Dubai, Entertainment, Goldman Sachs, Harrah's, history, International, MGM Mirage, Phil Ruffin, Regulation, Sheldon Adelson, Silverton, Technology, The Strip, Tourism, Transportation | 5 Comments

Seminoles’ big payday; ‘Net-bet stampede: It’s on

Posted on March 2, 2011 by David McKee

After a full year of Class III gambling, the Seminole Tribe has grossed $2 billion. Depending on how considerably that amount ramps up, the State of Florida will enjoy at least a $1 billion “rake” by the end of Gov. Rick Scott‘s (first?) term.

Rick Scott gives Sheldon Adelson that “come hither” look.

This also validates the advocacy of Sheldon Adelson, who has stoutly maintained that the Sunshine State will support at least $10 billion in new casino investment. And it catalyzes the dilemma Florida lawmakers will face. Knowing the size of the bird currently in their hand, do they risk it by throwing over the Seminole compact in favor of an indeterminate (though probably sizeable) amount of investment and tax revenue from Las Vegas-based operators?

Non-tribal gambling is mostly confined to some struggling parimutuels in South Florida. Steep tax rates and restrictions on the games offered have rendered these operators (who include Isle of Capri Casinos) non-competitive with the Seminoles. For private-sector casinos to flourish in Florida, the playing field is going to have to be regraded in Vegas’ favor, guaranteeing a renewal of tribal/state conflict. And since those Seminole casinos won’t be going away (regardless of Continue reading →

Posted in Architecture, Atlantic City, Current, Florida, Harrah's, Internet gambling, Isle of Capri, Kentucky, MGM Mirage, Politics, Racinos, Sheldon Adelson, Steve Wynn, Taxes, The Strip, Tribal | 4 Comments

HRH: When the Scheetz hit the fan

Posted on March 2, 2011 by David McKee

Thanks to the S&G reader who provided me with that ready-made headline. Yes, Morgans Hotel Group has closed the book on Scheetz’s Folly, the $770 million purchase of the Hard Rock Hotel & Casino. The Sun‘s Liz Benston lays out the litany of disaster that followed. It’s resourceful spin-doctoring by CEO Fred Kleisner to claim that Morgans’ ownership stake was whittled down to an eventual 13% as a strategic response to “strong headwinds” but the company was repaying DLJ Merchant Partners with chunks of equity long before the Great Recession hit. Nice try though, Fred. Now Morgans is scot-free but Credit Suisse sock puppet DLJ is still on the hook.

“We will ultimately dominate the most attractive segment in Las Vegas,” blustered then-CEO Ed Scheetz after Peter Morton took him to the cleaners, then pressed and dried him for good measure. Scheetz’s goals were — in no particular order — Continue reading →

Posted in Boyd Gaming, Current, Golden Gaming, International, James Packer, Kansas, Morgans Hotel Group, The Strip, Wall Street | 3 Comments

If you can’t come to the Cosmo …

Posted on March 1, 2011 by David McKee

… then The Cosmopolitan of Las Vegas will come to you, thanks to this handy-dandy traveling attraction. Perhaps other Vegas resorts have tried this but this is the first such “roadshow” I’ve seen. On a not-so-happy note, I’ve been hearing about infrastructural problems at the Cosmo. I’m told that, thanks to its small footprint, wrapped around the Jockey Club, it only has one loading dock, creating problems for the many retailers and restaurateurs whose product is funneled into the place. For another, all computers are run off the Cosmo’s mainframe. Meaning that if the hotel’s system freezes up, the shops, eateries and so on are S.O.L. until somebody from Cosmo tech support can be detailed to sort things out.

As yet, however, I’ve not seen or heard of anything as cataclysmic as Continue reading →

Posted in CityCenter, Cosmopolitan, Marketing, Technology, The Strip | Comments Off on If you can’t come to the Cosmo …

Jane Russell, 1921-2011

Posted on March 1, 2011 by David McKee

A self-described “full-figured gal” who led a very full life, former film star and eternal sex goddess Jane Russell rode off to that big movie studio in the sky yesterday. She lent her ample charms to pictures that included The Las Vegas Story, the last film directed by Robert Stevenson before he became the “house director” for Walt Disney, and auteur of Mary Poppins and The Love Bug. A tip of the S&G straw boater goes to the unforgettable Ms. Russell. (A full-size poster for The Las Vegas Story can be found at the Hard Rock Hotel & Casino. Let’s hope the new ownership doesn’t try to reduce debt by selling the poster on eBay.)

Posted in Current, history, Morgans Hotel Group, Movies | 3 Comments

Macao rally boosts Sands, Wynn & Melco; No “Triumph” at Hilton

Posted on February 28, 2011 by David McKee

Publicly traded casino operators in Macao got a dose of good news today. A late-month rally in play means another record month at the tables, a 51% increase from last year. Roughly half the $2.5 billion haul will be divided between Sociedade de Jogos de Macau and Las Vegas Sands, with Wynn Resorts and Melco Crown Entertainment firmly in the middle of the pack. Another pleasant revelation is the come-from-behind performance of MGM Grand Paradise, which was on pace for a last-place finish but rallied to pass Galaxy Entertainment. MGM ended the month with an 11%, against Galaxy’s 9%.

It’s not exactly news that MGM Grand Detroit is tops in Motown, a market that was 2010’s surprise bright spot. The posh casino-hotel drove nearly all of Continue reading →

Posted in Cirque du Soleil, Colony Capital, Cordish Co., Current, Detroit, Economy, Entertainment, Macau, Maryland, Melco Crown Entertainment, MGM Mirage, Penn National, Sheldon Adelson, Stanley Ho, Steve Wynn | Comments Off on Macao rally boosts Sands, Wynn & Melco; No “Triumph” at Hilton

Power shift at Ameristar

Posted on February 28, 2011 by David McKee

No longer will the Craig H. Neilsen Foundation be calling the shots at Ameristar Casinos. The financial needs of the nonprofit have led Ameristar Chairman Ray Neilsen to liquidate 83% of the foundation’s stake in ASCA for an above-market $17.50. The planned sellback would see Ameristar repurchase 44% of its shares for a $458 million tab. Wall Street didn’t jump for joy at the news, as Ameristar went into a steep dive at the start of trading and hasn’t pulled out yet. (You might say the announcement is going over about as well as James Franco‘s Academy Awards hosting gig did.)

A concurrent borrowing of $2.1 billion is expected to retire $1.5 billion in existing debt, cover the stock repurchase — and leave Continue reading →

Posted in Ameristar, Boyd Gaming, Harrah's, Indiana, Kansas, Marketing, Missouri, Penn National, Planet Hollywood, The Strip, Transportation, Wall Street | 4 Comments

Quote of the Day

Posted on February 28, 2011 by David McKee

“They basically gave the middle finger to their database … Once an offer has been extended and redeemed, I don’t think you can welsh on it.” — Fine Point Group founder Randall Fine, on Sheldon Adelson‘s retroactive revocation of comps at Venelazzo. The CEO’s single-digit salute to the Vegas market has inspired a Facebook page, among other forms of online pushback.

Fun with Captcha: For those who enjoy trying Continue reading →

Posted in Current, Economy, Marketing, Sheldon Adelson, The Strip | 2 Comments

Hard Rock: End of a (bad) era

Posted on February 25, 2011 by David McKee

Scheetz’s Folly, otherwise known as the Hard Rock Hotel & Casino, will soon be in new hands. After several addled years under Morgans Hotel Group, whose bright ideas included “building a hotel suite with an S&M theme and a human cage,” lender Brookfield Asset Management will take title to the hard-luck property. It will now be steered by Warner Gaming (a consortium of Station Casinos alumni) and get $30 million in new capital. That’s assuming that all goes according to plan, whereby suckers minority owner Morgans gets the heave-ho on March 10 and Warner takes command — collision with a $1.25 billion balloon payment having proven unavoidable. Lenders will eat $357 million but get the casino.

For all the battering Morgans’ image has taken, it will get off easily from the whole debacle. According to the Wall Street Journal, it managed to keep its equity commitment to the $770 million purchase and (equally costly) revamp of the HRH to a puny Continue reading →

Posted in Boyd Gaming, California, Current, Morgans Hotel Group, Station Casinos, The Strip, Wall Street, Warner Gaming | 2 Comments

Did you know … ?

Posted on February 25, 2011 by David McKee


… that back in what Sue Lowden would call “the olden days,” the high cost of presenting grand opera was (in some cities) subsidized by the revenues from casino games in the foyer? I do not know if this was the case when Christoph Willibald Ritter von Gluck premiered his Iphigenia in Tauris — but it might be a handy way to address the never-ending problem of arts funding. Anyway, Iphigenia is coming to a cinema near you this Saturday, in the person of Susan Graham, with the ageless (OK, 70 and going strong), indestructible Placido Domingo as her matricidal brother Orestes. Just your average dysfunctional family.

Posted in Archon Corp., Entertainment, history, Movies | Comments Off on Did you know … ?

Quote of the Day

Posted on February 24, 2011 by David McKee

“But the thing I truly, truly cannot live without, is a ‘Kirin Dragon.’ That beaut there is a 7.5-foot-tall fiberglass statue. I can’t imagine where it was supposed to go or why, with this on hand, they threw that crappy Henry Moore into the pocket park.” — Steve Friess, on MGM Resorts International‘s online auction of “a whole bunch of damaged or excess, well, crap” intended for CityCenter … but available to be repurposed within the comfort of your own home. Yes, you too can pretend to be the owner of a Dubai World-financed, failed experiment in “new urbanism.” (Methinks some incongruously upscale furnishings are going to start turning up in low-budget and tribal casinos across our great country.)

Posted in Architecture, CityCenter, Dubai, MGM Mirage, The Strip, Tribal | Comments Off on Quote of the Day

Behind the curtain at Wynn LV

Posted on February 24, 2011 by David McKee

Freshly uploaded to the Web, here’s a look at how Wynn Resorts makes those truly baffling illusions at Wynn Las Vegas‘ Lake of Dreams come to life. As always, there’s Steve Wynn (& Co.) and then there’s Everyone Else.

Posted in Current, Entertainment, Steve Wynn, Technology, The Strip | 1 Comment

Hooters in default; Rio robbed; Morgans out, Warner in?

Posted on February 24, 2011 by David McKee

From the “Could mean something, could mean nothing” File comes a Notice of Default, filed by the Bank of New York against Hooters Casino Hotel. The lenders are calling in a $130 million note on the 332-room hotel (arguably making Hooters the most over-leveraged property in town). As with the Union Plaza, this may only be a negotiating tactic — or it could mean that the bank has finally lost patience with a casino that has been struggling financially since time immemorial, seems like.

How poor is Rio security? In a robbery that makes the Bellagio ripoff look like the handiwork of the Wild Bunch, a lightly disguised thief took a taxi to The Rio, left the meter running at the taxi stand (or so the local NBC-TV affiliate reports), waltzed into the casino, grabbed 32 grand in chips, went back to his taxi and rode off into the sunrise. It’s banditry so brazen as to bespeak contempt for The Rio’s security and surveillance methods alike. What’s next? A bunch of tykes with water pistols taking Caesars Palace for everything it’s got, then escaping on tricycles?

Musical chairs at HRH. Another day, another potential new management team at the Hard Rock Hotel & Casino. Seems that the operational changes which lenders wrung from the property in return for a loan extension include the expulsion of Morgans Hotel Group as manager. The HRH has been to Morgans what Afghanistan was to the Soviet Union. A gelded Morgans would still have a sliver of ownership but that prize asset, the management contract, may be reassigned to Warner Gaming. Previous frontrunner Navegante Group — recently on the cusp of an HRH-management deal — finds itself Continue reading →

Posted in Current, Detroit, Downtown, Economy, Entertainment, Harrah's, Harry Reid, Massachusetts, Morgans Hotel Group, Station Casinos, Tamares Group, Technology, The Strip, Tribal, TV, Wall Street | 2 Comments

Back from Chicago

Posted on February 24, 2011 by David McKee

My apologies to everyone who got tired of looking at Stanley Ho‘s wizened mug. S&G was on a brief, unannounced hiatus, as yours truly ventured to the cold but wondrous place that is Chicago, home to the greatest architecture in America. My visit was not impelled by any desire to see the Chicagoland wonders of Gary Loveman or Peter J. Carlino but rather those of Continue reading →

Posted in Architecture, Cosmopolitan, Current, Dining, Donald Trump, Economy, Entertainment, Harrah's, Illinois, Michael Gaughan, Penn National, Politics, Steve Wynn | 6 Comments