Quote of the Day

“Good riddance. It’s not like Mr. Trump paid taxes here anyway.”—New York State Gov. Andrew Cuomo (D), reacting to the news that Donald Trump is moving to Florida to take advantage of its lack of state income tax.

Posted in Current, Donald Trump, Florida, New York, Taxes | Comments Off on Quote of the Day

Vegas tourists, locals flex economic muscle

Both the Las Vegas Strip and Nevada casinos as a whole were up 7% in September, with locals action up a bullish 9.5%. “We think this data suggest less potential gaming-related risk to MGM’s 3Q19 results as well as [Station Casinos‘] LV Locals Core (i.e., ex. Palms) 2% top-line growth expectation,” wrote J.P. Morgan analyst Joseph Greff. The Strip’s buoyancy was driven by baccarat win, vaulting 56%. Slot win was up 7.5% on 2% higher coin-in. Looking ahead to the October report, it will be difficult for the Strip to repeat these numbers, seeing as 2018 saw 12% growth (but 11% less baccarat win). Non-baccarat table games were down 11% on 10.5% less betting, underscoring the importance of baccarat. Locals slot revenue rose 12% on 1% more coin-in and furthermore benefited from some end-of-August slot win being rolled into September.

The Strip performance was all the more remarkable when you consider that Las Vegas visitation was Continue reading

Posted in Boulder Strip, Conventions, Downtown, Lake Tahoe, Laughlin, MGM Resorts International, Reno, Station Casinos, The Strip, Tourism, Wall Street | Comments Off on Vegas tourists, locals flex economic muscle

MGM: Everything must go

MGM Resorts International reported 3Q19 results and they were good enough to make the lion roar. Macao contributed $738 million, a 22% surge reflecting the ramp-up of MGM Cotai surely with $80 million in revenue. Also, CityCenter may be sucking wind, judging by a 30% decline in “Managed Operations/Other.” Good as the Macanese numbers were, the were dwarfed by the Las Vegas Strip, good for $1.5 billion, a 4% gain. MGM Grand Detroit brought in $146 million, a 2% slip, Borgata was flat at $234.5 million and MGM National Harbor snared $206 million, up 5%. No year/year comparisons were available for MGM Springfield ($76 million), MGM Northfield Park ($64.5 million) or Yonkers Raceway ($52 million).

Along the Strip, Bellagio was the leader with Continue reading

Posted in Atlantic City, Caesars Entertainment, CityCenter, Detroit, Eldorado Resorts, Golden Gaming, Macau, Maryland, Massachusetts, Melco Resorts & Entertainment, MGM Resorts International, New York, Ohio, Philippines, Sports, Sports betting, The Strip | Comments Off on MGM: Everything must go

Churchill Downs in expansive mood; Cannery security faulted

Churchill Downs‘ third-quarter cash flow of $88 million was $7 million shy of Wall Street‘s expectation. The shortfall extended across all segments of CHDN business, although increased casino competition in Maine was one of the contributing factors. In terms of revenue, Churchill Downs achieved $306 million, higher than the Street’s expectation ($300 million). Not only are 2,500 “historical racing” machines planned for Turfway Park but 3,000 more will be divided between CHDN’s titular racetrack and nearby Derby City. In other news, $100 million in capex improvements are slated for Miami Valley Gaming in Ohio. Booming Rivers Casino Des Plaines contributed $20 million worth of cash flow. We’ll know more after CHDN execs hold their earnings call.

* Las Vegas Sands dodged a $12 billion Continue reading

Posted in Baseball, Boyd Gaming, California, Churchill Downs, Kentucky, Las Vegas Sands, Macau, Maine, Mississippi, Ohio, Oklahoma, Pennsylvania, Racinos, Rush Street Gaming, Security, Sports betting, Tribal, Wall Street | Comments Off on Churchill Downs in expansive mood; Cannery security faulted

Quote of the Day

“The small part of ignorance that we arrange and classify we give the name of knowledge.”—Ambrose Bierce

Posted in Uncategorized | Comments Off on Quote of the Day

Station fixation; MGM Grand for sale (again)

Citing its own study, the Culinary Union is accusing Station Casinos of running unsafe workplaces. Sample: “Nearly one-fifth (18%) of survey respondents who have not received training in biohazards said they clean biohazards.” The study targets Boulder Station, Green Valley Ranch, Palace Station and Palms Casino Resort, which happen to be—coincidence, yes?—casinos where union elections have been held. While we find a contention such as “Over half (53%) of respondents said they have experienced violence at work (physical, verbal, and/or emotional)—80% said that their supervisor was the source of the violence” cause for concern, we wonder if this is a case of selective outrage.

Where was the Culinary when superannuated Steve Wynn was behaving like Continue reading

Posted in Caesars Entertainment, CityCenter, Culinary Union, Dubai, GLPI, MGM Resorts International, Penn National, Station Casinos, Steve Wynn, Wall Street | Comments Off on Station fixation; MGM Grand for sale (again)

Case Bets

Jottings: Bart Blatstein wants to subdivide the Showboat lot into five parcels. The idea appears to be to build a casino where the volleyball court currently sits, making an end run around the gaming restriction placed on the property by former owner Caesars EntertainmentYahoo Sports will be the platform of choice for a new joint venture between Verizon and MGM Resorts International. Promised are “unique content experiences and live events.” Note to Big Gaming: When it comes to sports betting, MGM is eating your lunch … The Cosmopolitan of Las Vegas‘ whales-only, Daun Curry-designed villa is getting the casino some good press. Take the tour … Much-in-the-news Ukranian Prime Minister Vladimir Zelensky is lending his support to the idea of casinos in Crimea. He also might Continue reading

Posted in Atlantic City, Baseball, Caesars Entertainment, Colorado, Cosmopolitan, Election, International, Internet gambling, MGM Resorts International, Movies, Sports, Sports betting, The Strip, Wall Street | 1 Comment

Massachusetts: No more casinos; Gilbert sells again

Citing an obvious saturation (already) in the Massachusetts market and the possibility of a tribal casino in Taunton or on Martha’s Vineyard, the Massachusetts Gaming Commission punted the award of the state’s final casino license into the indefinite future. In the words of the Boston Globe, “regulators were in no rush to add more variables to the equation.” As Commissioner Enrique Zuniga put it, “I currently feel no sense of urgency. We have not seen the levels that the applicants themselves predicted, because they did predict certain revenues from year one, and they’re not currently seeing those revenues.” The MGC may authorize a Continue reading

Posted in Atlantic City, Caesars Entertainment, Dan Gilbert, Donald Trump, Genting, Indiana, International, Internet gambling, Las Vegas Sands, Maryland, Massachusetts, Neil Bluhm, Ohio, Penn National, Politics, Problem gambling, Racinos, Regulation, Singapore, Tribal | Comments Off on Massachusetts: No more casinos; Gilbert sells again

Quote of the Day

“I play the stock market of the spirit—and I sell short.”—Ellsworth M. Toohey (Robert Douglas), Mephistophelean architecture critic in The Fountainhead.

Posted in Movies | Comments Off on Quote of the Day

Air guitar; Forgiveness urged for Steve Wynn

The much-anticipated opening of Hard Rock International‘s guitar-shaped hotel-casino in Hollywood, Florida, drew celebrities from Hollywood, California (Johnny Depp), as well as ones who would

attend the opening of an eyelid (Kim Kardashian). Hard Rock hopes to recreate the iconic architecture in Hokkaido, should it land a Japan casino concession. Said Hard Rock CEO Jim Allen, “My analogy has always been, everyone who trains for the Olympics wants to win the gold medal. But there’s nothing wrong with a silver or a bronze. We felt we has a better chance to plant our flag in Hokkaido than either Osaka or Tokyo, so we’ve spent a lot of time working with local government, vendors and communities.”

Allen’s Las Vegas Strip wish list has also expanded to include Paris-Las Vegas. As for The Cosmopolitan of Las Vegas, which he jilted in high-profile fashion, he says the asking price is Continue reading

Posted in Architecture, Australia, Baseball, Boyd Gaming, Caesars Entertainment, Churchill Downs, Cosmopolitan, Florida, Genting, Hard Rock International, Hooters, Illinois, International, Japan, Massachusetts, MGM Resorts International, Mississippi, Nevada, New York, Politics, Regulation, Rush Street Gaming, Scott Butera, Sexual misconduct, Sports, Sports betting, Steve Wynn, Taxes, The Strip, Tribal, Wynn Resorts | 1 Comment

Quote of the Day

“The real reason that we can’t have the Ten Commandments in a courthouse: You cannot post ‘Thou shalt not steal,’ ‘Thou shalt not commit adultery,’ and ‘Thou shalt not lie’ in a building full of lawyers, judges and politicians. It creates a hostile work environment.”—George Carlin

Posted in Politics | Comments Off on Quote of the Day

State of 888

Recently we sat down with Yaniv Sherman, senior vice president for business development at 888.com. The following are some outtakes from our conversation.

How is your sponsorship of the New York Jets doing and will we see similar partnerships in the near future?

It’s been going great. It’s the second year. We’ve been growing that as well. There’s a great match there between two organizations that are innovators in blue-chip brands that are interconnected. We were the first and only pure digital operator that partnered with an NFL team. We’re sort of a case study there and it’s been going great. We are now heading into Monday Night Football. [The game, held Oct. 21, was a wipeout, with the New England Patriots crushing the Jets 33-0.]

This Monday, 888 will be the official game sponsor. So we’ll be in the pre- and postgame shows, and we’re also visible through the games. We’ve been very focused on using the assets and creating a lot of online presence around this partnership. It’s an important step. It also gave us a great invitation to the U.S. sports organizations, the NFL being the leading one. About 60 percent of all sports bets are NFL bets, so it’s important at several levels and we’re definitely looking to additional sponsorships. The fact that we partnered with the Jets put us on the radar for almost every sports organization you can think of and we’re in almost constant contact with a variety of them, and as the business grows we will be seeing additional deals. We are unique in that space because we are looking to monetize these assets and not just Continue reading

Posted in Internet gambling, New York, Problem gambling, Sports, Sports betting, TV | Comments Off on State of 888

This just in …

Somebody just drove their RV through the front doors of the Cannery. We don’t know if this was a demand for 3/2 blackjack or simply an accident. Judging by a photo of the scene, the doorway was insufficiently barricaded against rogue motorists. According to KTNV-TV, one Cannery customer suffered “serious injuries” and the female driver of the RV has been taken into custody. We should hope so.

Posted in Boyd Gaming, Current | 1 Comment

Quote of the Day

“Unlike the corrupt practices referenced by those diplomats in Sofia, the actual result of a sports game has become semantic to cyber-criminals. There is no need to fix a game, when you can dupe a gambler in to betting with your site. If the gambler makes a losing bet, he loses what he wagered. That’s gambling. But if he wins the bet, cyber-criminals don’t care. They can charge an extortionate percentage of the win to make the pay-out, or refuse to pay-out completely. Match-fixing becomes irrelevant when the criminal just takes your winnings anyway.”—attorney Nick Wooldridge, on match-fixing in Eastern Europe.

Posted in International, Internet gambling, Sports betting, The Mob | Comments Off on Quote of the Day

Louisiana gets soaked; Surrender flag waved

Boyd Gaming warned us that Deep South results would be weak, following two hurricanes, and they didn’t exaggerate. Flood-affected Louisiana casino receipts plummeted 11% in September. Boyd casinos got the worst of it, down 10.5%. New Orleans was flat but Lake Charles took a bashing, plunging 18%. Baton Rouge‘s mere 3.5% decline looks like a triumph. Golden Nugget slid 23.5% to $21 million, as L’Auberge du Lac squeaked past with $22 million, down 10%. Isle Grand Palais shed 15% ($7 million gross) and Delta Downs was 21% off the pace with $12 million. L’Auberge Baton Rouge actually gained 5%, clocking in with $12 million, while Casino Rouge dropped 9% to $4 million. That was far better than Belle of Baton Rouge, a sorry $2 million and 29% freefall.

Land-based casinos bested riverboats in New Orleans, with Harrah’s New Orleans grossing Continue reading

Posted in Boyd Gaming, Caesars Entertainment, China, Churchill Downs, Crown Resorts, Economy, Eldorado Resorts, GLPI, Illinois, Isle of Capri, Japan, Las Vegas Sands, Louisiana, Macau, MGM Resorts International, Money laundering, Penn National, Regulation, Resort fees, Sheldon Adelson, Singapore, The Mob, The Strip, Tilman Fertitta, Wall Street | Comments Off on Louisiana gets soaked; Surrender flag waved

Cosmo does it again; Georgia ponders casinos

It happened again. Smoke billowed over the Las Vegas Strip from an electrical fire at The Cosmopolitan of Las Vegas last night. No one was injured, thank God, and the damage appears to be minor. But it’s the second fire at the Cosmo, something which is always concerning.

Speaking of the Cosmo, it suffered a PR blow when Hard Rock International CEO Jim Allen said he wasn’t interested in buying it. Snap! However, he did express his interest in Bally’s and Planet Hollywood. It’s unclear whether Allen realizes that if you buy Bally’s you have to take Paris-Las Vegas along with it. Both properties share the same physical plant, which is why Arthur Goldberg was able to build it for a relative bargain back in 1998, when everybody else was passing the billion-dollar mark (pocket change now). Vici Properties has right of first refusal on any two property sales, so Eldorado Resorts may find it more difficult to reduce its Strip exposure than it thought.

As for Allen and that collapsed New Orleans hotel, he said he was “hopeful” that it would go forward pending an investigation but added, “First thing, our prayers go out to the families and those that were injured and also the supporting businesses around the site. That is really where our focus is right now.”

* “I have never seen so much energy and so much enthusiasm about this issue. I think there is a momentum to Continue reading

Posted in Atlantic City, Baseball, Caesars Entertainment, Churchill Downs, Cosmopolitan, Eldorado Resorts, Election, Foxwoods, Georgia, Greenwood Racing, Hard Rock International, Horseracing, IGT, Illinois, International, Lotteries, Louisiana, MGM Resorts International, Mississippi, Politics, Scientific Games, Sports betting, Taxes, The Strip, Transportation | 1 Comment

Quote of the Day

“A world where news outlets categorically refuse to contact certain kinds of sources—a world where news outlets let third-party groups dictate the terms of their coverage—is a less informed, less accurate, and ultimately less democratic world.”—the editors of the Harvard Crimson, defending getting both sides of the story in their coverage of an ICE protest on campus.

Posted in Current | Comments Off on Quote of the Day

Big Brother challenged in Joliet

If rampant facial recognition is such a good thing, how come music festivals like Coachella and SXSW are banning it? The casino industry could take a hint from this, especially as the rejection seems to be coming from much-coveted Millennials. As BuzzFeed puts it, “If we accept ubiquitous biometric monitoring, and normalize the idea of getting our faces scanned to get on a plane or pick up our kids from school, the experiment works and our fate is sealed. But if we organize—if we refuse to be lab rats in a digital panopticon—we can avert a future where all human movements and associations are tracked by artificial intelligence algorithms trained to look for and punish deviations from authoritarian norms.”

Some are already fighting back. Two Harrah’s Joliet customers are suing the casino for Continue reading

Posted in Caesars Entertainment, Hard Rock Hotel, Hard Rock International, Horseracing, Illinois, Japan, Massachusetts, Oklahoma, Penn National, Racinos, Regulation, Technology, Tribal, Warner Gaming, Wynn Resorts | 1 Comment

Scientific rebuffed in R.I.; Golden, Boyd deliver

Rhode Island Gov. Gina Raimondo (D) doubled down on her commitment to International Game Technology to run the state’s lottery by rebuffing an offer from Scientific Games, in tandem with Twin River Casinos. The Scientific proposal promised 1,100 jobs or $100 million if the job-creation number wasn’t met. It provided a useful distraction from Raimondo, whose sweetheart contract with IGT is being queried by the state Senate Finance Committee. Taking a potshot at IGT’s British leadership, Twin River characterized Scientific as “the only full-service lottery company headquartered in Continue reading

Posted in Boyd Gaming, Conventions, Downtown, Environment, Golden Gaming, Hawaii, IGT, Lotteries, North Las Vegas, Palms, Rhode Island, Scientific Games, Sports, The Strip, Wall Street | Comments Off on Scientific rebuffed in R.I.; Golden, Boyd deliver

Quote of the Day

“There are bright people who work there, but they are not equipped to do deep-dive investigations. This is one small example. Put that on steroids. It won’t be just people from Illinois. They’ll be coming from Ukraine. They’ll be coming from Macao. You see private equity companies and funds being set up to take advantage of gaming. If the people and sources of funds are known on Day One, those people and sources of funds could change on Day 30.”—former U.S. Attorney Jeff Cramer, on the Rick Heidner scandal and its ramifications.

Posted in Illinois, International, Law enforcement, Macau, Money laundering, Regulation, Wall Street | Comments Off on Quote of the Day