Hard Rock debacle; Mohegan Sun reaches from Grecian sky

When I first heard the phrase “Hard Rock Hotel collapse” over the weekend, I thought something had gone awry in the final stages of Hard Rock Hollywood, set to open Oct. 24. But no, it was a Hard Rock project in New Orleass that tragically crumpled, killing two and injuring 30. So precarious was the situation in the Big Easy (feeling more than a bit uneasy) that search-and-rescue operations were Continue reading

Posted in Architecture, Cordish Co., Hard Rock International, International, Law enforcement, Louisiana, Maryland, Mohegan Sun | Comments Off on Hard Rock debacle; Mohegan Sun reaches from Grecian sky

Wall Street rates Vegas, Macao; Tribes skirmish in Illinois

Credit Suisse analyst Ben Combes turned his attention to three major Las Vegas companies, starting with MGM Resorts International. He’s staying neutral on the giant, writing, “We see Las Vegas as a cyclical but long-term growth market, given strong leverage to US and global travel. We see defensive, domestic growth in Regional markets, with some supply growth. We are positive on the long-term outlook for Macau but think the next few months could be volatile, given macro, geopolitical, and licensing risks.”

On the upside, Las Vegas is seen as “a bright spot in gaming” and proprietary survey data is overwhelmingly positive: 10% room-rate growth in 3Q19 and 8% in 4Q19; convention attendance up 22% the rest of the year and airline capacity could be up as much as 6%.

Over in Macao, “China macro risks are well flagged, and China is easing Continue reading

Posted in China, Conventions, Economy, Illinois, Indiana, Las Vegas Sands, Macau, MGM Resorts International, Pennsylvania, Politics, Tourism, Transportation, Tribal | Comments Off on Wall Street rates Vegas, Macao; Tribes skirmish in Illinois

Big Hoosier handle; Caudill empire expands

Indiana sports books generated $35 million in handle last month, translating to $8.5 million in revenue, taxed at 9.5%. “Indiana’s sportsbooks are in their infancy, but their ability to capitalize on the Chicago market did not take long to produce dividends,” said Dustin Gouker, lead analyst for PlayIndiana.com. “This is the largest handle we’ve seen in a state’s first month of legal sports betting, and it happened without the benefit of online sports betting, which didn’t launch until October. Participating casinos were Continue reading

Posted in AGA, Boyd Gaming, Caesars Entertainment, Derek Stevens, Diversity, Downtown, El Cortez, Eldorado Resorts, Illinois, Indiana, Massachusetts, Penn National, Real Estate, Sports betting, Taxes, Technology, Terry Caudill, The Mob, The Strip, Wayne F. Newton, Wynn Resorts | Comments Off on Big Hoosier handle; Caudill empire expands

Quote of the Day

“I was extremely disappointed by the comments that I heard in the way that I understood them.— Tiburon Strategic Advisors Managing Partner Chip Roame, banning aging billionaire Ken Fisher from future Tiburon conferences, after Fisher stunned an audience with a graphic sexual analogies.

Posted in Sexual misconduct, Wall Street | Comments Off on Quote of the Day

What’s in a day?

Ohio and Illinois weathered a September with one less weekend day just fine. Indiana and Missouri, not so much. The Hoosier State was down 2.5% (on a weak comparison). The gross was $173 million. There were some big swings and roundabouts, but too isolated to allow for generalizations. In the northern tier, Horseshoe Hammond continued to be a powerhouse, up 7% to $34 million. Majestic Star I was also revenue-positive, up 1% to $7 million. No such luck at Majestic Star II, tumbling 9% to $4.5 million. Blue Chip (pictured) was flat at $13 million and Ameristar East Chicago shed 5.5% to gross $17 million.

In southern Indiana, Boyd Gaming got absolutely hammered at Continue reading

Posted in Boyd Gaming, Caesars Entertainment, Eldorado Resorts, Full House Resorts, Indiana, Missouri, Penn National, Racinos, Spectacle Entertainment, Tropicana Entertainment | Comments Off on What’s in a day?

Quote of the Day

“I regret I accepted that speech invitation because it was kind of a pain in the neck.”—money manager Ken Fisher, after he shocked a San Francisco audience by likening landing a client to “trying to get into a girl’s pants.”

Posted in Sexual misconduct, Wall Street | Comments Off on Quote of the Day

Suncoast for sale?; Downtown, Trump Int’l stuck in 20th century

In a cryptic real estate listing, LoopNet has Suncoast emblazoned across the top of its splash page. However, the company says “This listing is not currently being advertised on LoopNet.com” So what the Sam Hill is it doing there? Is Boyd Gaming trying to flash a bit of ankle at potential buyers (even archnemesis Station Casinos would be interested)? Only CEO Keith Smith knows for sure. Also, Tony Hsieh appears to be cashing out of some of his Downtown Project agglomeration of motels, if my eyes don’t deceive me. The conversion of Downtown into Hsiehville has stalled in recent years, so a liquidation would not come as a surprise. (Thanks to an eagle-eyed S&G reader for the tip.)

* New York State‘s Seneca Nation has been playing hardball with state and local governments, ending revenue-sharing payments on the grounds that there was no Continue reading

Posted in Boyd Gaming, Caesars Entertainment, Connecticut, Donald Trump, Downtown, Foxwoods, Las Vegas Sands, MGM Resorts International, Mohegan Sun, New York, Real Estate, Resort fees, Taxes, Technology, The Strip, Tilman Fertitta, Tribal | 2 Comments

Quote of the Day

“I have just been all round the world and have formed a very poor opinion of it.”—Sir Thomas Beecham

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Hard Rock ratified; Get high at Grand River

Rockford‘s city council ratified Mayor Tom McNamara‘s selection of Hard Rock International, 11-1. Even casino opponent Alderman Frank Beach voted aye, saying, “My vote tonight is really not for a casino in Rockford. But it’s the best way to block the unregulated [read: tribal] casino from moving forward in Beloit.” Alderwoman Venita Hervey requested a bit of old-fashioned Illinois graft, asking Hard Rock to spread some money in her ward, even though the casino isn’t going there. The recommendation now Continue reading

Posted in Hard Rock International, Illinois, Law enforcement, Regulation, South Dakota, Tribal | Comments Off on Hard Rock ratified; Get high at Grand River

Bad news all around

Oyo, owner of the former Hooters Casino Hotel, is trying to get out of debt by … incurring more debt. The company raised $2 billion in debt last summer, including a $700 million infusion from company founder Ritesh Agarwal. Oyo’s strategy is to stay in front of the collection agency by expanding as fast as it can. Most of the company’s market presence is in timeshares but it vowed that its Hooters purchase was only its first in Sin City. We shall see. In the meantime, Oyo is heavily dependent on the India and China markets, from which it gets 80% of its revenue. It also raises money through Continue reading

Posted in China, Colorado, Hooters, International, Internet gambling, Law enforcement, New York, Problem gambling, Sexual misconduct, Station Casinos, Tribal, Wall Street, Washington State | Comments Off on Bad news all around

MGM beats Maryland malaise

Maryland officially hit the saturation point last month, as revenues dipped 1%. MGM National Harbor ($58 million) wasn’t hurting, up 6%—with slots and table games gaining equally—and with 40.5% market share. Maryland Live ($48 million) was second with 33.5% but it came at a price: a 5% decline in gaming revenue. Horseshoe Baltimore ($18.5 million) fell 1o%, Hollywood Perryville ($6 million) ceded 5% while Churchill Downs managed to eke out a flat month—and $7.5 million—at Ocean Downs. That left Rocky Gap out in the burbs, where Golden Entertainment gained 3% for $5 million. In West Virginia, gaming revenue was Continue reading

Posted in Boyd Gaming, Caesars Entertainment, Churchill Downs, Cordish Co., Dan Gilbert, Eldorado Resorts, GLPI, Golden Gaming, Hard Rock International, Horseracing, Illinois, Maryland, MGM Resorts International, Ohio, Penn National, Racinos, West Virginia | Comments Off on MGM beats Maryland malaise

Big casino bust in Biloxi

In a Mississippi bribery scandal, the crime in question took place—how fittingly—in a lavatory. Four men fessed up to bribing Department of Corrections Commissioner Christopher Epps with casino chips in return for such concessions as inmate phone services, unwittingly highlighting the corruption that runs rampant in the American penal system. After Epps was caught and pleaded guilty (he’s presently doing time), the quartet of malefactors moved on to Kemp County Sheriff James Moore.

Little did they know that Moore was the principal actor in an FBI sting. Busted! Although casinos are a popular vehicle for laundering money, the Biloxi casino that was Continue reading

Posted in Galaxy Entertainment, Genting, Japan, Las Vegas Sands, Law enforcement, Louisiana, MGM Resorts International, Mississippi | 4 Comments

Quote of the Day

“I don’t want to achieve immortality through my work; I want to achieve immortality through not dying. I don’t want to live on in the hearts of my countrymen; I want to live on in my apartment.”—Woody Allen

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Caesars: What sauce!; Macao underwhelms

With more than a bit of nerve, Caesars Entertainment is jacking up resort fees again. Caesars Palace and Nobu Hotel will have $51.01 in levies (the highest on the Las Vegas Strip, I think; is this a status thing?), while The Rio‘s impost will be $39.68. Resort fees seem to have become—pardon our language—a dick-measuring contest between rival CEOs. We sure wish they’d leave the consumer out of it. Of course, you can always stay at the Four Queens or Binion’s Gambling Hall and avoid this resort-fee madness altogether.

On a happier, Caesars-related note, Diamond members who achieve 25,000 tier credits are elevated to Diamond Plus status. This entitles them to Laurel Lounge access and a rewards card. But if you get to 75,000 tier credits, you become Diamond Elite and earn Continue reading

Posted in Baseball, Caesars Entertainment, China, Economy, Macau, Michael Gaughan, Mississippi, Mohegan Sun, Nevada, New Jersey, Politics, Problem gambling, Resort fees, Sports betting, Terry Caudill, Wall Street | 1 Comment

Wynn sued … twice

Steve Wynn is the gift you wish wouldn’t keep on giving. Wynn Resorts has been slammed with two lawsuits in a week, thanks to Wynn’s libidinous proclivities. According to Casino.org, “Steve Wynn, pressured [women] to not talk with the media, only to later joke about kissing female employees.” Former company president Maurice Wooden is quoted in the lawsuit as having told nine Jane Does not to speak with the press, which was taken as a threat. As for the anonymity of the plaintiffs—each of whom seeks $50,000—“Plaintiffs belief that public disclosure of their identities will subject them to further retaliation, humiliation and scorn, will invade their solitude and privacy and that of their families if it becomes known what lurid and abusive conduct was directed at them by Steve Wynn.”

No such trepidation for massage therapist Brenna Schrader, who is suing both the company and Wynn himself for fostering a Continue reading

Posted in Dan Gilbert, Dining, Economy, Entertainment, Greenwood Racing, Hard Rock International, Marketing, Massachusetts, Mohegan Sun, Ohio, Pennsylvania, Regulation, Security, Sexual misconduct, Sports, Steve Wynn, Transportation, Wynn Resorts | 1 Comment

MGM: Magnanimity, not culpability

The Associated Press has an hour-by-hour account of the MGM Resorts International settlement for the Mandalay Bay Massacre, the third-largest such outlay in U.S. history. Victims are generally happy with the outcome but the real bottom line is given by widow Heather Melton, who says no
amount of money can make up for the loss of her husband. Nothing has been said about MGM’s preemptive lawsuit against potential litigants but here’s hoping that bad idea has been dropped amid the general outpouring of magnanimity.

Although MGM admitted no culpability in the settlement, plaintiffs’ attorney Robert Eglet took the high road, telling CNN that  Continue reading

Posted in Atlantic City, Charity, Columbia Sussex, DFS, Entertainment, Law enforcement, Mandalay Bay Massacre, MGM Resorts International, Mohegan Sun, PokerStars, Sports, Technology, The Strip, TV | 1 Comment

This and that

Restaurant checks nationwide rose 3% last year but that didn’t keep Las Vegas out of WalletHub‘s #6 spot for foodies (cue operatic outrage from Sin City restaurant critics). Las Vegas hit the #1 spot for “affordability and accessibility of highly rated restaurants” but was pulled down by being 26th in average beer and wine price (well earned, sad to say) and 26th in craft breweries and wineries per capita—Ellis Island can’t do it alone. Sin City was also 26th in number of grocery stores per capita. On the upside, Vegas ranked #1 in coffee and tea shops per capita and fourth in restaurants per capita, as well as Continue reading

Posted in Dining, Downtown, Downtown Grand, James Packer, Steve Wynn, Terry Caudill, The Strip, Wynn Resorts | 1 Comment

Quote of the Day

“Against the insidious wiles of foreign influence, the jealousy of a free people ought to be constantly awake, since history and experience prove that foreign influence is one of the most baneful foes of republican government.”—George Washington, from his farewell address, 1796.

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This just in …

It took two years but there is finally justice for the victims and survivors of the Mandalay Bay Massacre. They have reached a $735 million settlement with MGM Resorts International. That tab could exceed $800 million if more plaintiffs opt in. So far, the families of 58 victims are covered. Their lead attorney, Robert Eglet, said “While nothing will be able to bring back the lives lost or undo the horrors so many suffered on that day, this settlement will provide fair compensation for Continue reading

Posted in Colony Capital, Election, Mandalay Bay Massacre, MGM Resorts International, Resort fees | Comments Off on This just in …

Dog ate Parx’s homework; Atlantic City Hilton sold … again

Parx Casino is out $1 million after overpaying its taxes and missing the deadline to file for a refund. So says a Pennsylvania judge. Parx had three years to rectify the overpayment and missed the deadline by a whopping six months. Hey, when you’re rolling in dough as Pennsylvania’s top casino it’s easy to get amnesiac like that. The overage was $1,122,654.89, Parx having apparently miscalculated its slot revenue. It was an error that stretched over a two year period, 2009-11. Parx parent Greenwood Racing belatedly came around an applied for a refund in mid-2014, too late to get its money back.

Ruled Commonwealth Court Judge Kevin Brobson, “As reflected in the Court’s Memorandum Opinion, we sided Continue reading

Posted in Atlantic City, Caesars Entertainment, Colony Capital, G2E, Genting, Greenwood Racing, history, Japan, Mandalay Bay Massacre, MGM Resorts International, Politics, Resort fees, Rush Street Gaming, Security, Singapore, Sports, Sports betting, Taxes, Technology, Wall Street | 3 Comments