Quote of the Day

Posted on May 27, 2020 by David McKee

“Yes. Yes, yes and yes.”—financial analyst John Restrepo, responding to Roger Gros‘ question of whether the Nevada economy was too one-dimensional.

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Sisolak gets sick; Stanley Ho dies; Culinary discontent

Posted on May 27, 2020 by David McKee

Yesterday’s big announcement about casino reopenings was postponed and the off-the-cuff reaction must have been something like ‘Uh-oh. Coronavirus cases are up again.’ Not hardly. According to Gov. Steve Sisolak (D), “we continue to see a consistent and sustainable downward trajectory of percentage of positive COVID-19 cases and a decrease in the trend of COVID-19 hospitalizations. Our cumulative test positivity rate—which is the number of people testing positive against the total number of tests—has declined to 6.5 percent. We have been in a downward trend for 31 days—a full month.” No, the reason for the cancellation of the press conference in favor of a pre-taped statement was simple: Sisolak was exposed to Coronavirus (and no, Carolyn Goodman didn’t give it to him). Although he’s been tested, Sisolak says he is asymptomatic but will self-quarantine as a precaution.

While the full text of Sisolak’s statement is available, the bottom line for our purposes is that Continue reading →

Posted in Atlantic City, Boyd Gaming, Culinary Union, Hawaii, Health, history, Macau, MGM Mirage, New Jersey, Pansy Ho, Regulation, Sociedade de Jogos de Macau, Stanley Ho, The Mob | 1 Comment

Nevada casinos to reopen; Ruffin stiffs workforce

Posted on May 26, 2020 by David McKee

Pending a decline in Coronavirus cases over this past weekend, Nevada Gov. Steve Sisolak (D) is expected to announce a reopening of Silver State casinos, effective June 4, which should give them time to get their paperwork filed with the Nevada Gaming Control Board. It’s unclear why Sisolak moved casinos up to Phase Two of his resumption plan but we can’t say it’s a bad idea. The industry seems more than ready. Among those is Caesars Entertainment, which plans to open two casinos on a trial basis. One, we always knew, would be Caesars Palace. As for the other, if you had the Flamingo in your office pool, collect your winnings. (Harrah’s Las Vegas—our pick—and The Linq‘s casino will be next.) As for the Sisolak plan, it’s a bit of a gamble. “Las Vegas can never be known as Continue reading →

Posted in Alex Meruelo, Boyd Gaming, Caesars Entertainment, Cirque du Soleil, Culinary Union, Downtown, Economy, Hawaii, Health, history, Las Vegas Sands, MGM Resorts International, Phil Ruffin, Resort fees, Sahara, The Rio, The Strip, Tourism, Transportation, Westgate LV, Wynn Resorts | 2 Comments

Quote of the Day

Posted on May 26, 2020 by David McKee

“Today we will see more and more of the prefix ‘re’ used in our language, reset, revitalize, reengage, resurgence, recovery—but the one that stands out to me is the word ‘reinvent.’ Not only does it allow for lessons learned but it embraces the possibilities of what can be. I imagine there isn’t one company, brand or business that isn’t in the process right now of reinventing themselves. I say, ‘onward and upward.'”—David Wood, publisher of Hotels Investment Outlook.

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Quote of the Day

Posted on May 22, 2020 by David McKee

“I get it. We’re all tired of being snails on hamster wheels at home. None of this is fair. Everyone is losing something. Some of us more than others. And we’re hurting financially, spiritually, physically, mentally, and in every way hurt hurts. But are we going to die to pay the rent? Is that the American way?”—Boston Globe columnist Jeneé Osterheldt on reopening for business.

Posted in Economy, Health | 1 Comment

New cop on the beat; Are we ready for some football?

Posted on May 21, 2020 by David McKee

There’s a new sheriff in town. Credit Suisse analyst Benjamin Chaiken made his debut today, issuing a sweeping series of reports, covering a number of tourism sectors. Let’s cut to the chase:

“This is an unprecedented time for the sector, but long term we believe a consumer shift away from goods and toward experiences will be the driving force behind a recovery.” Chaiken’s not kidding about consumers cutting spending on goods. Consumer spending was down 16.5% last month, supposedly the worst such declivity in American history. Hardest-hit was clothing (-79%), followed by electronics and appliances (-60.5%), furniture (-59%), sporting goods (-38%), and bars and restaurants (-29.5%). Hey, who needs new clothes when you’re working from home in a T-shirt and lounge pants?

Did gaming REITs miss their opportunity when they failed to diversify (as planned) into amusement parks? Chaiken seemingly Continue reading →

Posted in Caesars Entertainment, Economy, Eldorado Resorts, Entertainment, Health, IGT, Las Vegas Sands, Macau, Real Estate, Scientific Games, Sociedade de Jogos de Macau, Sports, Sports betting, The Strip, Wall Street, Wynn Resorts | 1 Comment

Riverboat casino scuttled; Station: Palms not for sale

Posted on May 21, 2020 by David McKee

Chalk up Nevada‘s second casino casualty to the Coronavirus pandemic. The Colorado Belle in Laughlin terminated its 400 employees and said it would not be reopening when Gov. Steve Sisolak (D) gives the go-ahead for resumption of play, expected to happen sometime around June 1. This is a major setback for Golden Entertainment, which Wall Street analysts had warned was overexposed in Southern Nevada. “We anticipate reduced business levels which will last for an unknown period of time. Due to these challenging circumstances, the company has no current plans to reopen the Colorado Belle property and the layoffs currently in place will extend indefinitely.” So wrote Vice President of Human Resources Katherine Roden. Healthcare benefits remain in place through the end of the month. Golden evidently found that three casinos in Laughlin was Continue reading →

Posted in Culinary Union, Dining, Economy, Florida, Golden Gaming, Hard Rock International, Health, Laughlin, Louisiana, MGM Resorts International, Mississippi, Palms, Penn National, Politics, Sports, Sports betting, Station Casinos, The Strip, Wall Street | 1 Comment

Quote of the Day

Posted on May 21, 2020 by David McKee

“I’ve taken time to stop and smell the flowers … decide what is really important in life. Suddenly, spending time in a casino playing a penny slot machine with an 85 percent return doesn’t seem like a remotely interesting pastime—especially when I consider that I could quite possibly lose my life.”—one of a number of Atlantic City casino patrons surveyed who are reluctant or outright unwilling to return to their old habits.

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Go to the Convention Center, get a test; Station faces tough recovery

Posted on May 20, 2020 by David McKee

In a win for the Culinary Union, a wide swath of Las Vegas casinos have agreed to test all their employees for Coronavirus before they reopen. University Medical Center, the Culinary Health Fund and the Las Vegas Convention Center are all chipping in, with the LVCVA providing the testing venue. So far, the participants are MGM Resorts International, Caesars Entertainment and Boyd Gaming, and the hope is to perform 4,000 tests per day. The effort will be coordinated with the Governor’s COVID-19 Response, Relief & Recovery Task Force, which is headed up by our old friend Jim Murren. Caesars CEO Anthony Rodio did have one caveat: “All Caesars employees would complete a pre-screening questionnaire and the results would determine the need for a COVID-19 test before returning  to work,” he said. (Can a questionnaire screen for a virus?)

Tests will start rolling on the 21st and continue as employees return to their jobs. A 48-hour turnaround on test results is promised. “In response to this unprecedented public health crisis, we have seen Continue reading →

Posted in Architecture, Boyd Gaming, Caesars Entertainment, California, Culinary Union, Dining, Economy, Health, Indiana, Jim Murren, Louisiana, LVCVA, MGM Resorts International, Mississippi, Palms, Real Estate, Sports, Sports betting, Station Casinos, Technology, Tribal | 1 Comment

Boyd comes clean; Penn Nat’l “upbeat”

Posted on May 20, 2020 by David McKee

“Boyd Clean” has been unveiled by eponymous Boyd Gaming and while nothing in it will come as a shock, it shows the company has been closely following what other companies are doing in terms of safety precautions. You’ll receive a “health screening” upon arrival and be offered a bottle of hand sanitizer. You’re “encouraged” to wear a mask. There will be multiple daily cleanings of slots, table games, chairs, restaurants, kitchens, restrooms, doors, ATMs, kiosks, etc. (The list is admirably infinite.) HVAC systems will be cleaned more often and air filters more frequently replaced. Seating both in the casinos, and in restaurants and bars, has been “reconfigured” to Continue reading →

Posted in Boyd Gaming, Cosmopolitan, Dining, Economy, FanDuel, Health, Illinois, Las Vegas Sands, Macau, Maine, Marketing, Maryland, Massachusetts, MGM Resorts International, Mississippi, Missouri, Ohio, Penn National, Politics, Regulation, Resort fees, Sports betting, Wall Street | Comments Off on Boyd comes clean; Penn Nat’l “upbeat”

Quote of the Day

Posted on May 20, 2020 by David McKee

“We’re playing this game—and it’s a real one—with the virus and the economy at the same time. And it’s really important for people to step up and recognize and understand that this game’s not over. People need to continue to use their heads on this stuff. We are still in the middle of this virus. It has not gone away.”—Massachusetts Gov. Charlie Baker (R) on reopening the Bay State.

Posted in Economy, Health, Massachusetts | Comments Off on Quote of the Day

Wynn vs. Covid-19; Louisiana casinos reopen with a bang

Posted on May 19, 2020 by David McKee

Are high-rollers immune to Covid-19? Guess so. They’re the only ones who’ll be allowed to play craps when Wynncore and Encore Boston Harbor reopen. Truth to tell, blowing on dice seems kind of creepy in the age of Coronavirus, even if you don’t mind rubbing elbows with other shooters. Poker is out altogether. At least for now. “We don’t in any way want to do anything we can’t execute as safely as possible,” explained Encore President Brian Gullbrants. He won’t have to worry about it until June 1 (possibly longer) but it’s good to know that Wynn Resorts has these considerations at the top of mind. Besides, poker being small potatoes from a revenue standpoint, it’s one thing from which Continue reading →

Posted in AGA, Boyd Gaming, Caesars Entertainment, DraftKings, Economy, Entertainment, FanDuel, Greenwood Racing, Health, Internet gambling, Louisiana, Massachusetts, Penn National, Pennsylvania, Rush Street Gaming, South Dakota, Sports betting, The Strip, Wynn Resorts | Comments Off on Wynn vs. Covid-19; Louisiana casinos reopen with a bang

Good news from MGM, Mississippi; Musk stops boring

Posted on May 19, 2020 by David McKee

UPDATE: It’s official. MGM Resorts International says it is abandoning parking fees once the shutdown ends. We never thought it would happen so … hallelujah! Score one for the consumer.

Mississippi casinos reopen Thursday and while the current pandemic may have been “unprecedented” in one executive’s words, that doesn’t mean the industry was knocked for a loop. Mississippi Gaming Commission Executive Director Larry Gregory says, “This hasn’t been our first rodeo in terms of closures due to disaster. We’ve dealt with the BP oil spill, Mississippi River flooding, and the most memorable, Hurricane Katrina.” Global Gaming Business shines a spotlight on how one casino, Scarlet Pearl, is handling resumption of business and there’s a lot to like. “Shockingly—amazingly to us—very few [customers] are saying, ‘I’m not comfortable to come back,’” reports President Luann Pappas. While she hopes to staff back up to 80%, despite being able to run at only 50% capacity, “I told [at-risk employees], ‘We will continue to pay your benefits. Do not come into the casino.’”

Pappas has been a resourceful leader during the crisis. When employees lacked for work, she Continue reading →

Posted in California, Charity, Dining, Economy, Georgia, Lotteries, LVCVA, M Resort, MGM Resorts International, Mississippi, Penn National, Resort fees, Sports, Taxes, Texas, Transportation, TV | Comments Off on Good news from MGM, Mississippi; Musk stops boring

Quote of the Day

Posted on May 19, 2020 by David McKee

“While my positive feelings for Japan are undiminished, and I believe the country would benefit from the business and leisure tourism generated by an integrated resort, the framework around the development of an IR has made our goals there unreachable. We are grateful for all of the friendships we have formed and the strong relationships we have in Japan, but it is time for our company to focus our energy on other opportunities.”—Las Vegas Sands CEO Sheldon Adelson, bridling at rules that include brief licenses that would require 100% return on investment in 10 years.

Posted in Japan, Las Vegas Sands, Regulation, Sheldon Adelson | Comments Off on Quote of the Day

“Green shoots” in gaming; Mega-Jottings

Posted on May 18, 2020 by David McKee

According to the American Gaming Association, 82 of 989 casinos in the United States have reopened, many of them in Louisiana starting today. But don’t take our word for it. Use the AGA’s Coronavirus tracker, which keeps you abreast of casino closures/reopenings. It’s a handy research tool. The AGA’s main legislative priority is to ride herd on the Heroes Act, defining its three priorities in the legislation as:

  • Ensuring government loan programs are accessible to all segments of the gaming industry.
  • Advancing measures that protect AGA members from additional economic harm and enhance financial solvency.
  • Policies to aid the industry’s recovery over both the short and long-term.

Patience will be a must for Continue reading →

Posted in AGA, Alabama, Arizona, Arkansas, Atlantic City, Boyd Gaming, Caesars Entertainment, California, Conventions, Detroit, Dining, GLPI, Golden Nugget, Health, Illinois, Iowa, Louisiana, LVCVA, M Resort, Macau, Marketing, MGM Resorts International, Michigan, Mississippi, Missouri, Ohio, Oklahoma, Penn National, Politics, Resort fees, Singapore, South Dakota, Sports, Sports betting, Station Casinos, Taxes, The Strip, Tribal, Wynn Resorts | 1 Comment

July resumption for Mass casinos; Room rates rebound

Posted on May 18, 2020 by David McKee

Casinos in Massachusetts now know when they can reopen … more or less. Gov. Charlie Baker (R) has laid out of one of the toughest reopening regimens in the U.S. It will proceed in four phases, each phase—beginning today—lasting three weeks. The movement from phase to phase is predicated on a continued downturn in Covid-19, which has claimed 5,797 lives in the Bay State. Casino reopenings are set for Phase Three, “Vigilant.” At a minimum of three weeks per phase, that means Encore Boston Harbor and its brethren will open no sooner than July 6, five days later than Plainridge Park had been expecting. In the Boston area, mass transit will have already resumed, which is good news for Encore. We’re confident business will return, probably sooner than anticipated, so we have no cavils about Baker’s vigilance. (We’re getting our own Coronavirus test this Friday.)

Across the country, a fissure is developing between Continue reading →

Posted in Caesars Entertainment, California, Derek Stevens, Downtown, Economy, Entertainment, Health, Las Vegas Sands, Massachusetts, MGM Resorts International, Oscar Goodman, Penn National, Politics, Real Estate, Regulation, Station Casinos, The Strip, Tribal, Wall Street, Wynn Resorts | Comments Off on July resumption for Mass casinos; Room rates rebound

A comment on “Comments”

Posted on May 18, 2020 by David McKee

You can say what you like about me—it comes with the territory. However, I have to ask some of you to ‘make nice’ with others. Complaints have been lodged about flame wars in this forum and, as much as I’d like this to be a free-speech zone, some constraints appear to be in order. If we can’t all get along I will have to either edit or moderate comments submitted to S&G. If you have issues with this new policy, e-mail me at [email protected]. Don’t use the “Comments” feature as they won’t get published. We can work this out behind the scenes, without airing any dirty linen in public. Thank you for understanding.

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Quote of the Day

Posted on May 18, 2020 by David McKee

“It’s the balance of something that’s a very difficult choice. How many deaths and how much suffering are you willing to accept to get back to what you want to be, some form of normality, sooner rather than later?”—Dr. Anthony Fauci

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Cosmo to Hard Rock?; Caesars dwarfs Eldorado

Posted on May 15, 2020 by David McKee

VitalVegas is a veritable font of Las Vegas Strip scuttlebutt. Among its recent rumor-chases was the tantalizing hint that Planet Hollywood was going to go smoke-free. (Official word from Caesars Entertainment: “Untrue.” End of story.) Also, author Scott Roeben is hot on the trail of potential Hard Rock International acquisitions in Las Vegas (nobody, it seems, thinks HRI is going to build from scratch). He has The Cosmopolitan of Las Vegas as the frontrunner, due to previous discussions between Blackstone Group and the Seminole Tribe, which could be back “on” again. However, Roeben also throws in The Cromwell (too small for Hard Rock, we think), Bally’s Las Vegas (for the underlying real estate) and The Mirage into the mix, and we agree on the Tropicana Las Vegas and Planet Ho as candidates for purchase. In a Strip that’s getting a bit stale, the consequence of a duopoly, the Seminoles would bring a proven track record of creating excitement and some fresh thinking.

As for the ruthless termination of Rampart Casino employees, Roeben hears that the workforce could Continue reading →

Posted in Caesars Entertainment, Cosmopolitan, Dining, Economy, Eldorado Resorts, Hard Rock International, MGM Resorts International, Nevada, Penn National, Planet Hollywood, Real Estate, Seminole Tribe | Comments Off on Cosmo to Hard Rock?; Caesars dwarfs Eldorado

Quote of the Day

Posted on May 15, 2020 by David McKee

“The players union just will never get it. People dying, out of work, can’t pay their mortgage, no Senior proms, MLB abbreviated draft to disrupt lifelong dreams, and people need a diversion, and Tony Clark (head of the players’ union) doesn’t want to set a precedent! Full pay for games with no fans! The players know it’s all about revenue—less $, less pay and be glad you have a job. Otherwise, stay home and drive your wife crazy!”—Hall of Fame pitcher Jim Palmer on the player/owner dispute over compensation for an abbreviated 2020 season.

Posted in Baseball, Economy | 1 Comment