Gaming stocks responded indifferently to yesterday’s Wall Street rally. Wynn Resorts was up and down but ultimately flat, MGM Resorts International ticked up 2%, Las Vegas Sands was flat and Melco Resorts & Entertainment slipped a percentage point. So much for the Macao–
exposed stocks. Caesars Entertainment slipped 2.5%, Boyd Gaming was down almost as much, ditto Station Casinos and Eldorado Resorts took a 9.5% tumble. JP Morgan‘s intervention on behalf of Churchill Downs seems to have had some effect, as the stock regained lost ground, up 2%. But let’s face it, The Street is skittish about tourism-centric stocks. For those of the glass-half-empty persuasion, gaming stocks stabilized (except for ERI) because they had nowhere else to go: Sands had fallen 12%, MGM toppled 21.5% since Jan. 30, Station spiraled 17.5% earthward, Wynn plunged 15%, Caesars slipped 8% and Boyd skidded 13.5%.
Wynn is one of the few companies offering any transparency, advising investors, “A significant portion of our U.S. business relies on the willingness and ability of Continue reading
Bay. Calling the location “iconic,” William Shopoff 
reassure the markets that fears of a coronavirus-impaired (or worse, canceled) Kentucky Derby were “overblown.” He urged investors to look to the CHDN balance sheet for “calm in the storm.” (We can’t think of the last time a banking house interceded in this fashion on behalf of a company it covered.) Penned Politzer, “While we are not calling a bottom in CHDN here, nor can we say with strong confidence that the Derby will take place on May 2nd as scheduled, we believe the stock’s 14% decline in the past two trading days (24% off its recent high) … provides an attractive risk/reward.”
Bennett returns to The Venetian. He’ll play the 12th, 14th and 15th, with an assist from Antonia Bennett. Tickets start at $50, with a portion of the proceeds going to Exploring the Arts Inc. As New York Magazine said of the ageless songster, “no one else on Earth can make a lyric written eight decades ago sound as natural as a conversation at a coffee shop.” Tickets go on sale at 10 a.m. Friday.
Joseph Greff, although one of those staying neutral on CHDN, tried to wax reassuringly: “We note that heading into the event, the majority of the Derby’s revenue/EBITDA is already baked (premium tickets/PSLs, sponsorships, media rights, etc.), so as long as the event takes place (it has run for the past 145 consecutive years), we believe the impact of COVID-19 on CHDN should be limited.” He added that “CHDN is seen as a good place to be amidst current market volatility (strong balance sheet, stable cash flow/trophy asset, and limited exposure to 
wagering. (In fairness, January 2019 was terrible for baccarat.) Other table games didn’t do too badly, up 5.5% (despite 31% more wagering) and while coin-in at the slots rose 11%, casinos just won 5%, thanks in part to looser hold. February should be easy pickings for the Strip, coming off a 2019 that was 2% and in which the house got its clock cleaned at baccarat (-26%). Speaking of slot win, some of that at Las Vegas locals casinos may have been rolled into February reporting. Otherwise it’s hard to account for a 2% diminution in 
State. The Massachusetts Gaming Commission—unlike its counterparts in Nevada and New Jersey—is empowered to weigh the economic impact of such a move, a question over which it has been agonizing for months. Now residents of Bristol, Plymouth, Nantucket, Dukes and Barnstable counties 
effect becoming a PAC. PCM, which is trying to raise money—perhaps disingenuously—through GoFundMe, describes itself as a “group dedicated to community awareness. We are in favor of a casino/resort and other progressive establishments for the growth and development of Pope County.” Complainant Teresa Russell says she’s against a casino, at least one that’s a grind joint.
in tribal-casino exclusivity fees 
savings back somewhere. Potential sales of Caesars Entertainment‘s branded sports-betting operation and Internet gambling have already been reported. Ditto selloffs of the Colosseum and Caesars Forum convention center (Sheldon Adelson will take your call, Mr. Reeg). Now comes 
bourses are taking it hard, too, worse than American ones. Like Ron Swanson on Parks & Recreation, investors are putting their money in gold. Airlines, computer companies, even shoe manufacturers are preparing for their bottom lines to catch the flu. Oil prices are down 4.5% (rare good news for consumers) but your overseas purchases—like that Alpine Symphony CD I just ordered from Amazon—are going to take longer. While most of the infection is confined to China, some 79,000 cases have been chalked up worldwide. So bad is the situation that a Thursday Chinese bulletin of 
believes that the company will put more emphasis on share buybacks and dividend increases in the second half of the year. Plus it won’t have to pay any taxes this year. The company expects cash flow derived from Las Vegas locals to grow 3%, while the Midwest and South regions should be up at least 2.5%. Boyd narrowly beat Wall Street expectations for 4Q19 cash flow ($227.5 million vs. $225 million) and posted total revenue of $833 million. Recent acquisitions continue to pay off, as cash flow at Ameristar– and Belterra-branded casinos was