While principle dictates that Las Vegas Sands ought to be held to the terms of its agreement with the State of Pennsylvania, recent developments give one pause. Namely, why should Steve Wynn get favorable treatment enjoyed by no other casino developer in the Keystone State?
It’s not a done deal … yet. Although Wynn can charm the birds out of the trees, his famous smile didn’t dazzle the Pennsylvania Gaming Control Board. Understandably skittish after a series of self-inflicted wounds, the PGCB told Wynn to come back when he has a concrete plan. However, even in its present sketchy state, “Wynnwoods” would be a much smaller entity than the Foxwoods-led casino which was approved over two years ago. (If he makes good on his threat to give the place by the pretentious handle “SW,” I SWear I’m going to start referring to it as SW: Based on the casino “Penn’s Landing” by Foxwoods.)
The most obvious reduction is Continue reading
“There will undoubtedly be tough sledding ahead for Atlantic City, especially in light of the increasing competition from neighboring states. However, I believe that Atlantic City, with its beautiful beaches, can again become a premier destination resort.” — Carl Icahn, 
Well, not literally in it but damn close. From our rear windows we can see the former Liberace mansion that now goes by the name of Las Vegas Villa. It’s a large but otherwise unobtrusive neighbor in a very quiet Las Vegas neighborhood … quiet, that is, except with the northeast runway and the heliport at McCarran International Airport are in heavy employment, much to the fascination of our cats.
Let’s start the week with a salute to a company that’s doing the right thing. Between its Florida and Missouri operations, Isle of Capri Casinos employs some 170 citizens of Haiti. Their salaries go to support family members on the recently earthquake-stricken island. While some casino companies that shall remain nameless pay lip service to their workers, then give them a royal shafting, Isle has shown it’s made of better stuff. It’s encouraged executives to donate to earthquake-relief funds and even paid round-trip airfares so that 14 Isle employees could return to Haiti and be with their families.
Amongst the thicket of law firms — some of whose members are racking up as much as $995/hour — is Washington, D.C. heavyweight Greenberg Traurig (former employer of über-felon 
Luke Jermay is a charming 
Casinos in Macao blew way past expectations, raking in $1.6 billion last month (a 70% increase). Stanley Ho‘s SJM widened its lead on Las Vegas Sands, although the latter had more market share (20%) than MGM Grand Macau and Galaxy Entertainment‘s several properties combined. Still, comparing Sands’ market share to those of competitors Wynn Macau and Melco Crown Entertainment (15% and 14%, respectively), it continues to be difficult to be persuaded by Sands’ “Big is More!” strategy, as continued addition of capacity doesn’t appear to be translating into commensurately increased market share.