All Atlantic City, all the time; Bally’s blunder

Posted on May 17, 2023 by David McKee

Casino winnings in Atlantic City dipped a bit last month, down 1.5% to $231.5 million. Slot revenues led the way, down 3% on flat coin-in. Table games actually did better, up 3% despite flat wagering but A.C. is a slot player’s town. Only less weekend day this year didn’t help, either. Only two casinos were revenue-positive in April: The Golden Nugget courted enough low rollers to gain 6.5% to $13 million, while Ocean Casino Resort surged 30% to reach $34 million, hard on the trail of Hard Rock Atlantic City ($39 million, -4.5%). New-look Borgata sputtered somewhat, down 6% to $58 million, still good enough to kick everyone else’s patootie. Last place went to Resorts Atlantic City, tumbling 13% to $12.5 million. Golden Nugget’s uptick wasn’t enough to overtake Bally’s Atlantic City ($14 million), in spite of the latter’s 4% setback. That leaves the Caesars Entertainment threesome, with Caesars Atlantic City (-3%) and Tropicana Atlantic City (-13%) all knotted up at $19.5 million. No surprise, Harrah’s Resort did best with $21.5 million, although it dipped 6%.

Continue reading →
Posted in Atlantic City, Bally, Barstool Sports, Baseball, BetMGM, Boyd Gaming, Caesars Entertainment, Detroit, Dining, DraftKings, Entertainment, Environment, FanDuel, FoxBet, Golden Nugget, Greenwood Racing, Hard Rock International, Illitch Family, Internet gambling, Lake Tahoe, Marketing, MGM Resorts International, Michigan, Mohegan Sun, Ocean Resort, Penn National, PointsBet, Rush Street Gaming, The Strip, Wynn Resorts | 1 Comment

Massachusetts up, Indiana, Louisiana down; Miller’s folly

Posted on May 16, 2023 by David McKee

Gambling revenues nudged upward a bit in Massachusetts, rising 2% from a year earlier. April’s numbers had Encore Boston Harbor far in the lead with $64 million but flat year/year. MGM Springfield (shown) had quite a good month, up 5% to $24 million, while Plainridge Park did almost as well, rising 4% to $13.5 million. Sports betting was lucrative, bringing home $60 million on $579 million in handle. Favorite son DraftKings scored a much-needed win with $29 million in revenue, followed by FanDuel‘s $22 million. (The two had been deadlocked last month.) WynnBet tumbled below the Mendoza Line, while Barstool Sports slumped to $2 million after a strong-ish start and BetMGM fell way back to $5 million, more indications that revenue was flowing DraftKings’ way. Caesars Sportsbook held its ground with $2 million.

Continue reading →
Posted in AGA, Bally, Barstool Sports, Baseball, BetMGM, Boyd Gaming, Caesars Entertainment, Churchill Downs, CQ Holdings, Culinary Union, DraftKings, Entertainment, FanDuel, Full House Resorts, Genting, Golden Nugget, Hard Rock International, Health, Indiana, International, Internet gambling, Law enforcement, Louisiana, Massachusetts, MGM Resorts International, New York, Penn National, PointsBet, Rush Street Gaming, Sports betting, Station Casinos, The Strip, Tribal, United Kingdom, Wynn Resorts | Comments Off on Massachusetts up, Indiana, Louisiana down; Miller’s folly

Fanatics and freeloaders; Texas fails twice over

Posted on May 15, 2023 by David McKee

In its frenetic effort to gain market share in the U.S., Fanatics has cut a deal with outgoing PointsBet. For the relatively cheap price of $150 million, it is buying the American (but not Canadian) operations of PointsBet, which tells you something about how badly PointsBet wants to get out of the Land of the Free. Fanatics beat Penn Entertainment and Bally’s Corp. to the punch, although it’s not clear what Bally’s inchoate sports-betting operation would have gained from yet another acquisition. PointsBet’s reason for quitting the scene is quite simple: It just doesn’t have the moolah to stay the course to profitability, so it’s getting out while it’s behind. Among those taking a bat on their PointsBet investment will be NBC Universal, which backed a loser. If the PointsBet gaming licenses currently valid devolve to Fanatics, the latter will have made a head start toward getting into 12 states by late August. Fanatics claims it has a 10-year business plan but OSB moves fast. It’s already five years old in this country and the market share has ossified around four or five operators.

Continue reading →
Posted in Barstool Sports, Baseball, Caesars Entertainment, Culinary Union, DraftKings, Failsinos, FanDuel, Illinois, Las Vegas Sands, Macau, Marketing, Missouri, New York, PointsBet, Politics, Racinos, Rush Street Gaming, Sociedade de Jogos de Macau, Sports betting, Station Casinos, Taxes, Texas, The Strip, TV | Comments Off on Fanatics and freeloaders; Texas fails twice over

Illinois up, Missouri down; Golden fails to glitter

Posted on May 11, 2023 by David McKee

New product lifted Illinois‘ gambling grosses last month, as same-store revenues slipped 1%. The overall haul was $128 million and much of the propulsion came from The Temporary at American Place in Waukegan and its $7 million take. Hard Rock Rockford rocketed 21.5% to $6 million, while Rivers Des Plaines dipped 2% but still lapped its competitors with $45.5 million. Among the older riverboats, Grand Victoria was down 2.5% to $13.5 million, Hollywood Aurora did the same for $9 million and Hollywood Joliet actually gained 4% to $8 million. (Yes, we’re somewhat surprised.) Harrah’s Joliet nudged down a percentage point to $12 million.

Continue reading →
Posted in Arizona, Atlantic City, Bally, Barstool Sports, BetMGM, Boyd Gaming, Caesars Entertainment, Century Casinos, Churchill Downs, Dining, DraftKings, FanDuel, Full House Resorts, Golden Gaming, Golden Nugget, Hard Rock International, Illinois, Laughlin, Maryland, Missouri, Nevada, Oklahoma, Penn National, Rush Street Gaming, Slot routes, Sports betting, Tribal, Wynn Resorts | 1 Comment

Adios, Tropicana; Wynn’s beat goes on; Sex & OSB

Posted on May 10, 2023 by David McKee

As much as we sensed it was coming and were resigned to it, it’s sad to know that the Tropicana Las Vegas has been marked for imminent death. The Las Vegas Strip dowager is showing her years, admittedly, but she’s the last remaining vestige of classic Vegas, especially after Sam Nazarian disemboweled the Sahara and the Riviera went the way of all flesh. Just when Station Casinos thought it was going to see a big real estate payday, it was double-crossed by the Oakland Athletics. Turns out the A’s had been playing footsie with Bally’s Corp., which did a great job of pretending nothing was transpiring at the Trop. Under the new deal, which was sniffed out by Howard Stutz, the A’s would build a nine-acre $1.4 billion stadium atop the ex-Trop, with Bally’s holding onto 25 acres for future redevelopment.

Continue reading →
Posted in Australia, Bally, Baseball, Chicago, Diversity, GLPI, history, Iowa, Macau, Marketing, Massachusetts, Phil Ruffin, Politics, Problem gambling, Regulation, Riviera, Sahara, Sports, Sports betting, Station Casinos, Taxes, The Strip, Wall Street, Wynn Resorts | 1 Comment

Bally’s bombs twice over; Buffets (bad ones) return

Posted on May 8, 2023 by David McKee

What passes for entertainment at Bally’s Atlantic City continues to go over like a lead balloon with our man on the Boardwalk. Underwhelmed by the big second-quarter, tentpole event—a former Billy Joel backup singer—he notes acidly that nothing else is planned until October, five months distant. At that time, Bally’s will present two dates on the Gigi D’Alessio world tour. “You can’t imagine how long I have (not) been waiting for Gigi to take the boat from Italy to the U.S.A.,” he writes. “When Bally’s opens their casino in Chicago, perhaps they can offer tours of the Mob-related places led by Gianni Russo.” In between now and Gigi, the major events at Bally’s A.C. are last weekend’s host party and Wednesday-night dinners at Guy Fieri‘s restaurant.

Continue reading →
Posted in Atlantic City, Bally, BetMGM, Caesars Entertainment, Canada, Chicago, Dining, DraftKings, Economy, Entertainment, FanDuel, Genting, Golden Nugget, Macau, Money laundering, New York, PointsBet, Regulation, Rush Street Gaming, Sports betting, Virginia, Wall Street, Wynn Resorts | 2 Comments

Portnoy torches Penn; Station “outstanding”; DraftKings improves; Alabama betting brouhaha; Derby gone to the dogs

Posted on May 5, 2023 by David McKee

Penn Entertainment stock collapsed 13% Wednesday afternoon after Barstool Sports founder Dave Portnoy took to Twitter to rant and rave about the firing of Ben Mintz, a ‘Stool fool who dropped the N-word on air for all the world to hear. A panicky Portnoy simultaneously trashed Penn’s decision whilst pretending to rationalize it by saying the company could lose all its gaming licenses over the Mintz matter. Not bloody likely, although it would certainly imperil Penn’s provisional OSB license in Massachusetts, where it just squeaked by the last time—possibly in Ohio, as well, where it had been running a scofflaw operation.

So stupid is Portnoy that he scored an own-goal on his personal stock holdings, being heavily invested in Penn. He quickly tried to spin his gaffe, tweeting that it’s “Great time to buy. It’ll bounce back in my humble non financial advise [sic] opinion.” What an idiot. As Credit Suisse analyst Ben Chaiken diplomatically put it, “well publicized Barstool personnel changes likely drove the stock reaction.”

Continue reading →
Posted in Alabama, Animals, Barstool Sports, Baseball, Caesars Entertainment, California, Canada, Churchill Downs, Cordish Co., Cretins, DraftKings, Golden Gaming, Horseracing, Illinois, Internet gambling, Marketing, Maryland, Massachusetts, MGM Resorts International, North Las Vegas, Ohio, Penn National, Sports, Sports betting, Station Casinos, The Mob, The Strip, Wall Street, West Virginia | Comments Off on Portnoy torches Penn; Station “outstanding”; DraftKings improves; Alabama betting brouhaha; Derby gone to the dogs

Caesars satisfies; Knee-Jerlecki response; Press-ed out

Posted on May 3, 2023 by David McKee

Wall Street analysts rolled over and lit a cigarette after hearing Caesars Entertainment‘s first-quarter earnings call. J.P. Morgan analyst Joseph Greff said the results were pretty much as expected “with Las Vegas Strip upside more (way more) than offsetting a (modest) Northern Nevada adverse winter weather-related shortfall in its Regional segment (absent this impact, the segment would have been ahead) and a steady reduction/rationalization in Digital, with a near breakeven result.” Breakeven in digital? That is big—and good—news. Greff was moved to utter a “wow” when reporting that Caesars is gaining traction in Strip midweek bookings (good) and convention traffic (even better), with the latter accounting for 21% of room nights, up 50% (with help from triennial CONAG) from a pre-Covid 14%. We’d be orgasmic too if we had skin in the CZR game.

Continue reading →
Posted in Atlantic City, Bally, Conventions, Dining, Economy, Golden Nugget, Health, Indiana, Louisiana, Mesquite, MGM Resorts International, Missouri, Mohegan Sun, Nebraska, Ocean Resort, Ohio, Pahrump, Penn National, Reno, Sports betting, The Strip, Tourism, Transportation, Virginia, Wall Street, Wendover | 3 Comments

Macao propels MGM; Ohio sports betting scandal (again)

Posted on May 2, 2023 by David McKee

“Mac-Holy-Cau!” So exclaimed Truist Securities analyst Barry Jonas about MGM Resorts International‘s 1Q23 earnings statement. Fueled by better than expected grosses in Macao, MGM beat the Wall Street consensus for first-quarter cash flow by 8%. Cash flow was $1.25 billion on net revenues of $3.9 billion, while cash flow in Las Vegas alone was a best-ever $836 million. Table games on the Las Vegas Strip were up 6% while slot winnings vaulted 19%. Hotel revenue shot up 43% on 92% occupancy, as daily room rates hovered at a stratospheric $258 per night. As for new arrival The Cosmopolitan of Las Vegas, Jonas observed, “MGM remains pleased with trends at the recently acquired Cosmo … and is in the process of converting the property to the MGM Rewards platform.”

Continue reading →
Posted in Bally, Barstool Sports, Baseball, BetMGM, Boyd Gaming, Caesars Entertainment, Churchill Downs, Cosmopolitan, Culinary Union, DraftKings, FanDuel, Hard Rock International, Health, Jack Entertainment, Japan, Macau, Marketing, MGM Resorts International, Nebraska, New York, Ohio, Penn National, Racinos, Regulation, Rhode Island, Sports, Sports betting, The Strip, Tourism, Tribal, Wall Street | Comments Off on Macao propels MGM; Ohio sports betting scandal (again)

Wynn’s Arabian nights; White Paper no whitewash

Posted on April 27, 2023 by David McKee
Rendering of Wynn Al Marjan Island – Interior view

Resisting the temptation to call it Aladdin 2.0, executives at Wynn Resorts unveiled designs of their United Arab Emirates casino resort, Wynn Al Marjan Island. Noting that its’ the company’s first oceanfront resort, Wynn is quick to assure us that the casino is 1,000 feet above sea level, presumably safe from the depredations of global warming. The company is specific about the budget ($3.9 billion) but vague regarding what the finished product will offer. “The project will pave the way for the accelerated growth of allied business sectors,” we are promised. What the company is prepared to say is that there will be 1,500 guest rooms and suites, 24 unspecified eateries, and oh yes, “a gaming area.”

Continue reading →
Posted in Architecture, Bally, Caesars Entertainment, Chicago, Churchill Downs, Dan Lee, DraftKings, Full House Resorts, Illinois, International, Internet gambling, Las Vegas Sands, Macau, Money laundering, New Hampshire, New York, Politics, Problem gambling, Regulation, Slot routes, TV, United Kingdom, Virginia, Wall Street, Wynn Resorts | 1 Comment

Boyd praised; Graft at Wynn?; NFL hypocrisy

Posted on April 26, 2023 by David McKee

Wall Street analysts loved up on Boyd Gaming following its 1Q23 earnings call. Boyd, Deutsche Bank analyst Carlo Santarelli wrote, “delivers another strong performance … the merits of the story remain compelling on a relative basis.” He pushed his price target to $78/share from $76, rating the stock a “Buy.” He added that “while a beat was expected,” investors had to be liking the Las Vegas locals upside, as well as the company’s digital performance and its handling of Sky River Casino in California. “As we previously noted, we did not expect the 1Q23 upside to come as a surprise, nor did we expect the quarter to serve as a meaningful near term catalyst for shares and we remain of this view.” Still he praised Boyd for its Downtown exposure and new amenities there, for its online and managed-casino revenue growth, its healthy balance sheet and for “Capital returns via dividends and buybacks.”

Continue reading →
Posted in Baseball, Boyd Gaming, Caesars Entertainment, California, Detroit, Dining, Downtown, FanDuel, Hawaii, Illinois, Internet gambling, Louisiana, Mississippi, Penn National, Real Estate, Reno, Service, Slot routes, Sports, Sports betting, Station Casinos, The Strip, Tilman Fertitta, Tribal, Wall Street, Wynn Resorts | 2 Comments

Blame it on baccarat; Crime at Hard Rock; Dixie-dumb

Posted on April 25, 2023 by David McKee

The Great American Gambling Craze isn’t abating, although Las Vegas Strip revenues slipped 3% in March, down to $724.5 million. This was paradoxical, as it came in a month in which airline passenger loads into and out of Las Vegas grew 25% year/year, buoyed by two Taylor Swift concerts and March Madness. Part of the problem was bad luck by the house. Baccarat win plunged 50% despite on 5% less wagering as the man saw relatively little ($63 million) of the $604.5 million that was bet. Other table games revenue was actually up 7% to $239 million, while slots did well also, hopping 6.5% to $422 million. Still, the baccarat bath was sufficient to pull Strip table revenues from 7% up to 14% down.

Continue reading →
Posted in Atlantic City, Boulder Strip, Caesars Entertainment, Canada, Colony Capital, Dining, Donald Trump, Downtown, Entertainment, Environment, Golden Nugget, Hard Rock International, history, Illinois, Internet gambling, Lake Tahoe, Laughlin, Law enforcement, Macau, Mesquite, Mohegan Sun, Nevada, New Jersey, New York, North Las Vegas, Politics, Regulation, Reno, Rush Street Gaming, Sports, Sports betting, Taxes, Tennessee, The Strip, Tourism, Tribal, Wendover, WInd Creek | 1 Comment

Mob merriment; Golden Nugget woes

Posted on April 21, 2023 by David McKee

What the hell were you thinking, Bally’s Corp.? The company’s struggling Atlantic City casino recently hosted a meet-and-greet featuring mobster Gianni Russo. Our Boardwalk correspondent, who was there, says Russo is “a lifelong member of the Mafia, who was in The Godfather. [He played Talia Shire‘s doomed husband.] It was both a strange and very interesting presentation. He told his story along with screens showing many photos of people he interacted with, with film clips (my favorite was Elvis Presley and Frank Sinatra singing a song together), newspaper headlines, and also sang a few songs! The promotions said there would be gifts; they had five violin-shaped liquor bottles, and each invited guest received a signed copy of his book . No other gifts. They had an open bar and some desserts.”

Continue reading →
Posted in Atlantic City, Bally, Boyd Gaming, Entertainment, Golden Nugget, Hard Rock International, history, Illinois, Louisiana, Marijuana, Mohegan Sun, Movies, Regulation, The Mob | 6 Comments

Sands hailed; A’s to Vegas; Coney casino razzed; Mega-Jottings

Posted on April 20, 2023 by David McKee

First-quarter numbers for Las Vegas Sands were “nicely ahead” per J.P. Morgan analyst Joseph Greff, who said Sands’ Macao casinos were firing on all cylinders (mass-market play, VIP action, slots, retail and lodging). He expected Macanese cash flow of $304 million and got $385 million, far more than the rest of Wall Street was awaiting. “There is still ample room for further recovery,” Greff wrote, noting that Sands had achieved the near-unthinkable with only 69% of hotel rooms (due to a labor crisis), 25% of normal ferry capacity, low passenger loads—39% of capacity—at Macao’s dinky airport, and “less robust visitation” from Hong Kong (74% of peak performance) and Guangdong Province (55%). Retail sales of $109 million were particularly impressive, as they hit 95% of pre-Covid altitude. Beyond that, Chinese mainland visitation is very low: 27%. Still, he expects “a rising tide to lift all Macau boats.” As for Sands itself, its labor crunch is expected to ease by summer, so neither Greff nor management is worried.

Continue reading →
Posted in Australia, Bally, Baseball, California, China, CityCenter, Cordish Co., Cosmopolitan, Entertainment, Failsinos, Florida, Las Vegas Raiders, Las Vegas Sands, Louisiana, Macau, Mississippi, Nebraska, New York, Ohio, Phil Ruffin, Problem gambling, Racinos, Real Estate, Regulation, Reno, Singapore, Sports, Sports betting, Star Entertainment, Station Casinos, Steve Wynn, Taxes, The Strip, Tourism, Transportation, Tribal, Wall Street | Comments Off on Sands hailed; A’s to Vegas; Coney casino razzed; Mega-Jottings

Pennsylvania, Lousiana flagging; All eyes on Macao

Posted on April 19, 2023 by David McKee

Casino winnings in Pennsylvania stuttered last month, hitting $311 million, flat with March 2022. Spreading more gaming wealth among a greater number of properties obviously isn’t helping on a same-store basis. Parx Casino maintained its supremacy with $53 million, despite a 5% slippage. Elsewhere in the Philadelphia area, Philadelphia Live jumped 5.5% to $22 million, besting nearby rival Rivers Philadelphia ($21.5 million, -6%). Harrah’s Philadelphia plunged 10% to $14 million, falling tantalizingly close to Valley Forge Resort, whose $13 million represented a 2.5% gain. In the Pittsburgh market, Rivers Pittsburgh was flat at a still-impressive $33.5 million. Rival Hollywood Meadows galloped 17.5% faster to hit $19 million while Pittsburgh Live gained 5% to reach $10.5 million.

As for the outstate casinos, Wind Creek Bethlehem dipped 1% to a massive $45 million, leaving behind Mohegan Sun Pocono ($19 million, -2%) and smoky Mount Airy ($16 million, +8%). Presque Isle Downs was down 11.5% to $9 million, Hollywood Penn National slipped 3.5% to $16.5 million and Lady Luck Nemacolin plunged 21% to $1.5 million. Amongst the satellites, Hollywood York leapt 14% to $9 million, Hollywood Morgantown vaulted 22.5% to $6.5 million and Parx Shippensburg booked $3 million.

Continue reading →
Posted in Ameristar, Atlantic City, Barstool Sports, BetMGM, Boyd Gaming, Caesars Entertainment, California, Canada, China, Churchill Downs, Cordish Co., CQ Holdings, Detroit, DraftKings, FanDuel, FoxBet, Galaxy Entertainment, Golden Nugget, Greenwood Racing, Illitch Family, Internet gambling, Las Vegas Sands, Louisiana, Macau, Marketing, Massachusetts, Melco Resorts & Entertainment, MGM Resorts International, Michigan, Mohegan Sun, Ocean Resort, Penn National, Pennsylvania, PointsBet, Rush Street Gaming, Sociedade de Jogos de Macau, Sports, Sports betting, Station Casinos, The Strip, Tourism, Transportation, Tribal, WInd Creek, Wynn Resorts | 1 Comment

Atlantic City still up; Full House fuels diners; Japan payday?

Posted on April 17, 2023 by David McKee

Casino revenues were outstripped in New Jersey in March by i-gaming ones, $228.5 million to $253 million. But Atlantic City continued to be healthy, up 5.5%. Slot winnings were 1% higher on flat coin-in but table games did 7% better despite 5% less wagering. Bottom line: Players spent less, lost more. Borgata galloped 12% ahead to $61.5 million (not too shabby for a 20-year-old resort), while Hard Rock Atlantic City remained fairly static, up 2% to $40 million. Ocean Casino Resort vaulted 36% to $34.5 million. In the middle tier (i.e., Caesars Entertainment), the leader was Harrah’s Resort, nudging ahead 3% to $20.5 million. Tropicana Atlantic City wasn’t far behind at $19 million (flat) but Caesars Atlantic City slipped ignominiously to $17 million, down 7%.

Continue reading →
Posted in Atlantic City, Bally, Barstool Sports, BetMGM, Caesars Entertainment, Dining, DraftKings, FanDuel, Full House Resorts, Genting, Golden Nugget, Hard Rock International, Illinois, Internet gambling, Japan, MGM Resorts International, Mohegan Sun, New Jersey, New York, North Dakota, Ocean Resort, PointsBet, Politics, Rush Street Gaming, Shuffle Master, Singapore, Sports, Sports betting, Tribal, United Kingdom, Wall Street, Washington State, William Hill, Wynn Resorts | 1 Comment

Case Bets

Posted on April 14, 2023 by David McKee

Ohio‘s gaming industry continues to experience woes. Former lottery director Pat McDonald claims to have resigned for reasons of health. Gov. Mike DeWine (R) cites “HR irregularities.” Either way, McDonald’s out abruptly. Top members of DeWine’s staff personally escorted him from the building. Now DeWine has to find a Mr. or Ms. FixIt and soon. For the time being aerospace specialist Michelle Gilchrist is the new occupant of the hot seat. We don’t envy her.

Continue reading →
Posted in Bally, Barstool Sports, BetMGM, Caesars Entertainment, China, DraftKings, FanDuel, Illinois, Japan, Lotteries, MGM Resorts International, Ohio, PointsBet, Rush Street Gaming, Sports betting, Tourism | Comments Off on Case Bets

Atlantic City blues

Posted on April 13, 2023 by David McKee

Atlantic City‘s first casino, Resorts Atlantic City, celebrated the 45th anniversary of legalized gambling on the Boardwalk in rather limp fashion. Highlights included a beachball drop and an appearance by Mayor Marty Small (D). Well, we suppose he’s got to do something besides be a sock puppet for Trenton. Small was accompanied by Atlantic City’s new resident celebrity, Kelsey Grammer, who was evidently “assistant mayor” for the occasion. Is being a Small sidekick that much of an honorific? To cap the festivities, Resorts rolled out … a tribute band?!?! Yes, it’s the New York Bee Gees, adding to the perception of the Boardwalk as an also-ran destination for entertainers.

Continue reading →
Posted in Atlantic City, Bally, Caesars Entertainment, China, Dining, Entertainment, Golden Nugget, Hard Rock International, Law enforcement, Macau, Marijuana, Marketing, MGM Resorts International, Penn National, The Strip, West Virginia | Comments Off on Atlantic City blues

Illinois leaps, Indiana falls; Japan awakens; PointsBet blunder

Posted on April 12, 2023 by David McKee

Gambling revenues in Illinois were jolted 10% upward last month, hitting $131 million. This was driven by 15% greater visitation, customer spend being 4.5% lower. Most of the increase was driven by new product. Otherwise, the boost would have been only 4%. American Place improved markedly, reaching $7 million in its second month, putting it on par with Hard Rock Rockford ($6 million, +22.5%) but still trailing the rest of the Chicago market. Rivers Casino Des Plaines enjoyed a 9.5% bump to $48 million, while Grand Victoria slipped 6% to $13 million. Hollywood Joliet gained 10.5% to $8.5 million, Harrah’s Joliet slid 11% to $11 million and Hollywood Aurora was flat at $9 million. Full House Resorts seems to be executing on its Waukegan business plan to the extent of creating new gamblers, not so much at drawing business from outmoded rivals.

Continue reading →
Posted in Bally, Barstool Sports, BetMGM, Boyd Gaming, Caesars Entertainment, Century Casinos, Chicago, Churchill Downs, Culinary Union, DraftKings, FanDuel, Full House Resorts, Hard Rock International, Illinois, Indiana, International, Japan, Macau, MGM Resorts International, Missouri, Nevada, Penn National, PointsBet, Politics, Rush Street Gaming, Sports, Sports betting, The Strip, Wall Street, Wynn Resorts | 1 Comment

Control Board buffoonery; Super-Mega-Jottings

Posted on April 11, 2023 by David McKee
George Assad’s biggest concern.

Well, it didn’t take Nevada Gaming Control Board member George Assad long to stick his foot in it. No sooner had we prophetically called him a regulatory “doofus” than news surfaced of some most-unbecoming conduct during an NGCB hearing. Specifically, he whined at length about how his MGM Resorts International stock had supposedly suffered under the regimes of Jim Murren and Bill Hornbuckle. “[Terrence] Lanni had it up from $7 all the way to $96.40 and then Mr. Murren comes in, the stock price drops into the low teens,” Assad whinged. Why the financial performance of a company’s stock became the NGCB’s ostensible purview is anybody’s guess. Steve Wynn, many years back, opined that regulators should look harder at the financial probity of transactions and companies they approve—and we agree. It would have spared us fiascos like the Caesars Entertainment LBO and the Station Casinos bankruptcy, among many others.

Continue reading →
Posted in Bally, BetMGM, Caesars Entertainment, Canada, Chicago, Cordish Co., Cretins, Detroit, Diversity, Downtown Grand, DraftKings, FanDuel, Genting, Hard Rock International, Health, history, Illinois, Japan, Jim Murren, Kansas, Kentucky, Las Vegas Sands, Louisiana, Macau, Massachusetts, MGM Resorts International, Missouri, Nevada, New York, PointsBet, Politics, Real Estate, Regulation, Rush Street Gaming, Slot routes, Sports betting, Station Casinos, Steve Wynn, Taxes, Technology, Texas, Wall Street, Wynn Resorts | 2 Comments