Caesars surprises Wall Street; Rincon defects; Bluhm to NYC?

Posted on January 23, 2023 by David McKee

Since the Roman Empire is not given to pre-announcing earnings (it leaves that to MGM Resorts International), its tribunes must have had some pretty good end-of-year numbers to trot out, which they did this morning. The headline, at least as far as J.P. Morgan analyst Joseph Greff was concerned was that the results were pretty much as expected and Caesars Entertainment is reducing its digital losses. That’s all favorable news for investors, so let’s read on, shall we? The Las Vegas Strip continued to boom but, due to “harsh December weather” (tell us about it), regional revenues were a trifle squishy, negatively impacting cash flow by as much as $15 million. Caesars Sportsbook would have posted positive ROI—were it not for a $30 million bad beat delivered by John “Mattress Mack” McIngvale. Win some, lose some.

Continue reading →
Posted in Caesars Entertainment, California, Hard Rock International, Internet gambling, Mattress Mack, New York, Real Estate, Regulation, Rush Street Gaming, Sports betting, The Strip, Tribal, Wall Street | 1 Comment

‘Fight’ club; New Horseshoe powers Louisiana

Posted on January 20, 2023 by David McKee

Having experienced buyer’s remorse on DFS site Monkey Knife Fight, and now trying to re-sell it, Bally’s Corp. finds itself with a ton of Monkey Knife Fight-branded merchandise that it must unload. After all, if it finds a pigeon, er, purchaser for the DFS brand, all rights will revert to said pigeon, leaving Bally’s with a bunch of junk it can’t move. Hence the scene above in the Bally’s Atlantic City gift shop. You can practically hear the sales pitch: “Prices like these? I must be crazy! Sale ends Sunday (maybe)!” Seriously, the acquisition of Monkey Knife Fight was symptomatic of Bally’s swing-at-everything business strategy. It probably seemed like a good idea at the time.

Then again, Bally’s was late to the DFS party and the purchase always seemed to us like an afterthought. Now the company is hurting in the digital sphere, having expanded too much too soon, and Monkey Knife Fight is being flung overboard to trim the ship. Good luck finding takers. Maybe Bally’s Chairman Soo Kim can drop by Bally’sAtlantic City (the casino that quality forgot) and pick up sportswear that reads, “I bought Monkey Knife Fight and all I got was this lousy T-shirt.”

Continue reading →
Posted in Atlantic City, Bally, BetMGM, Boyd Gaming, Caesars Entertainment, Canada, Churchill Downs, CQ Holdings, DFS, FanDuel, Golden Nugget, Internet gambling, Law enforcement, Louisiana, Marketing, Massachusetts, New York, Ohio, Penn National, PointsBet, Politics, Problem gambling, Regulation, Resorts World LV, Security, Silverton, Sports betting, Station Casinos, Taxes, The Strip, Wall Street | Comments Off on ‘Fight’ club; New Horseshoe powers Louisiana

Pennsylvania soft; Gray Lady panics; Smooth criminal

Posted on January 19, 2023 by David McKee

Gambling revenues in the commonwealth of Pennsylvania slipped just a bit last month, as 2022 continued to go out mostly quietly. The $298 million haul was 1% off December 2021’s pace. While there was some softening of the market, we attribute that to continued saturation, as more mini-casinos continue to come on line. The biggest winner was Parx Casino with $48.5 million, but it was 5.5% down, which we chalk up to its (utterly praiseworthy) smoking ban. Close behind was Wind Creek Bethlehem, reporting $42 million and up 3%. Rivers Pittsburgh was third with $31.5 million, a 2% gain. Its immediate rivals also fared well, with Meadows Hollywood flat at $14 million and Pittsburgh Live hopping 5% to $10 million.

Continue reading →
Posted in Barstool Sports, BetMGM, Boyd Gaming, Caesars Entertainment, Churchill Downs, Cordish Co., DraftKings, FanDuel, Internet gambling, Law enforcement, Marketing, Mohegan Sun, Nevada, New York, Penn National, Pennsylvania, Rush Street Gaming, Sports betting, WInd Creek | 2 Comments

Solid finish in Atlantic City; Tough love elsewhere

Posted on January 18, 2023 by David McKee

Casinos closed out 2022 up 2% in December in Atlantic City. Before any gaming bosses start wringing their hands over higher costs, let it be known that this is 3% better than December 2019, before the latest collective-bargaining agreement. The monthly gross was $215.5 million. For the entire year, it was an apex in Boardwalk history, thanks to i-gaming and sports-betting contributions. This did not pass unnoticed by Americans for Nonsmokers Rights. “Imagine how much more revenue the casinos would have generated if the awful stench of dangerous secondhand smoke didn’t keep a meaningful number of guests from walking through their doors,” acidly remarked ANR President Cynthia Hallett. She added, “In-person visitation has recovered to pre-pandemic levels. So what’s the excuse now for the casinos? This revenue report should give legislators yet another green light to advance bipartisan bills that more than half of all senators and assembly members are co-sponsoring to close the casino smoking loophole.”

Continue reading →
Posted in Atlantic City, Bally, Barstool Sports, BetMGM, Caesars Entertainment, Diversity, DraftKings, FanDuel, Golden Nugget, Hard Rock International, Health, Internet gambling, Macau, Maine, Marketing, Massachusetts, MGM Resorts International, Mohegan Sun, Ocean Resort, Palms, Regulation, Resorts World LV, Sports betting, The Strip | Comments Off on Solid finish in Atlantic City; Tough love elsewhere

Massachusetts jumps; Bally’s sags; Century flees

Posted on January 17, 2023 by David McKee

Defying a larger trend, Massachusetts closed out 2022 with strength, its casino revenues up 8% to $103 million. The big dog, Encore Boston Harbor, leapt 10% to a boffo $68.5 million, beating Wall Street expectations. MGM Springfield‘s gain was more modest, 1% that pushed it to $22.5 million for the month. Plainridge Park jumped 11.5% and grossed $12 million, continuing to manifest a recovery against the inroads made by nearby Encore.

Continue reading →
Posted in Arkansas, Bally, Century Casinos, Dining, Indiana, International, James Packer, Massachusetts, MGM Resorts International, Nevada, Penn National, Regulation, Resort fees, Singapore, Tribal, Wall Street, Wynn Resorts | Comments Off on Massachusetts jumps; Bally’s sags; Century flees

The tax that ate Las Vegas; Dr. King misremembered

Posted on January 16, 2023 by David McKee

A horrible idea for the taxpayer, the economy and for gaming in particular has been resurrected in Congress. Yes, it’s the “national sales tax,” which would lay a double-digit impost on all goods and services, and which only could be rebated to us if we fill out onerous, monthly paperwork—much more burdensome than dealing with the IRS once a year. As formerly championed by disgraced ex-lawmaker Steve King, the root of the bill is the “strong father” model of government, in which the sales tax would be intended to A) make people resent government itself and B) curb consumer spending. An especially odious carve-out in the 2004 iteration of the bill—and this bears close watching—is that all businesses would qualify for tax refunds … except casinos and gambling-related businesses, which would get nothing. It’s a dagger aimed straight at the heart of the Big, Bad Casinos.

Continue reading →
Posted in AGA, Cretins, DraftKings, Economy, history, Marketing, Michael Gaughan, Movies, Nevada, Politics, Station Casinos, Taxes | 2 Comments

Indiana dims; Sands: Make mine Nassau; Mega-Jottings

Posted on January 13, 2023 by David McKee

Gaming revenues dipped last month in Indiana, achieving $204 million, a 3.5% year/year decline. Hard Rock Northern Indiana ($34 million, +4%) continues to ransack its competitors. Horseshoe Hammond was closest, grossing $26 million but down 13.5%, while Ameristar East Chicago tumbled 13.5% to $16.5 million and Blue Chip (above) slipped 10.5% to $10.5 million. Caesars Entertainment‘s two Hoosier State racinos headed in opposite directions. Horseshoe Indianapolis was up 2% to $28.5 million, while Harrah’s Hoosier Downs was down 6.5% to a still-healthy $20 million. Defying the downward trend was Bally’s Evansville, jumping 9.5% to $15.5 million, while Belterra Resort was flat at $8 million and French Lick Resort was also level at $7 million. Caesars Southern Indiana was also steady at $21 million, while Hollywood Lawrenceburg slid 11% to $13.5 million. Rising Sun didn’t rise: -8% to $4 million.

Continue reading →
Posted in Animals, Architecture, Arizona, Atlantic City, Bally, Barstool Sports, BetMGM, Boyd Gaming, Caesars Entertainment, Churchill Downs, Culinary Union, Dining, DraftKings, FanDuel, Fontainebleau, Full House Resorts, Genting, Greenwood Racing, Hard Rock International, Illinois, Indiana, International, Internet gambling, Las Vegas Sands, Louisiana, New York, Penn National, Pennsylvania, PointsBet, Politics, Resorts World LV, Rush Street Gaming, Sports betting, Texas, Wall Street | 1 Comment

Atlantic City focus

Posted on January 11, 2023 by David McKee

Since we’re heavily occupied today with “Question of the Day” submissions, Sports Betting Operator features, a CDC Gaming Reports story and Casino Life page proofs, we’ll turn most of the S&G space over to our East Coast bureau, who has a variety of reports …

Above is the Bally’s Atlantic City slot floor, seen last Monday. Yes, the casino was open. Below is their ‘high limit slot’ room, with one customer seen cashing out a ticket.

Continue reading →
Posted in Arizona, Atlantic City, Bally, BetMGM, Caesars Entertainment, Chicago, Dining, DraftKings, Entertainment, FanDuel, Golden Nugget, Hard Rock International, Marketing, Movies, Ocean Resort, Security, Sports betting, Wayne F. Newton | Comments Off on Atlantic City focus

New F-blue CEO; Illinois mostly upbeat, Missouri not

Posted on January 10, 2023 by David McKee

Who in the world is Brett Mufson? Well, he’s the new president and CEO of Fontainebleau Las Vegas. Other than that, Jeffrey Soffer‘s company ain’t tellin’ much. We are informed that “Mufson’s instrumental leadership helped steer the company’s re-acquisition of the property along with the reinvigoration of Soffer’s original strategic vision for Fontainebleau’s brand and Fontainebleau Las Vegas.” Yes, but how does that qualify Mufson to steer the Las Vegas Strip‘s most expensive megaresort, particularly in such a cutthroat market? That question is begged.

Continue reading →
Posted in Bally, Boyd Gaming, Caesars Entertainment, Canada, Century Casinos, Chicago, Churchill Downs, Cosmopolitan, Dining, DraftKings, Economy, FanDuel, Florida, Fontainebleau, Hard Rock International, history, Illinois, Las Vegas Sands, Macau, Mandalay Bay Massacre, MGM Resorts International, Missouri, Penn National, Regulation, Sports, Sports betting, The Strip, Tourism, Tribal, Vici Properties, Wynn Resorts, Wyoming | 1 Comment

Station scores; New York OSB boffo … for state, that is; Kosar sacked; Renegade slots reconsidered

Posted on January 9, 2023 by David McKee

Station Casinos is $62 million richer after unloading $56.5 acres of land near South Point to HCA Healthcare, a hospital chain. Don’t worry about Station’s plans to challenge Michael Gaughan for sub-Strip supremacy: It’s still harboring 126 acres of scrubland near the locals-casino behemoth (South Point, not Gaughan). Despite the flurry of Cactus Lane dealmaking, we still expect Station’s next thrust to be deeper into Henderson, with its much-bruited Inspirada resort.

Continue reading →
Posted in Animals, Bally, BetMGM, Caesars Entertainment, Diversity, DraftKings, FanDuel, Las Vegas Sands, Macau, Michael Gaughan, Missouri, Movies, New York, Ohio, PointsBet, Politics, Real Estate, Regulation, Rush Street Gaming, Slot routes, Sports, Sports betting, Station Casinos, Taxes, Transportation, TV, Wynn Resorts | 2 Comments

Maryland sags; Dustup at Red Rock; Sands’ big NY play; The dangers of Fanatic-ism

Posted on January 6, 2023 by David McKee

Whilst 2022 may have come in like a lion for casinos, it’s going out like a lamb, despite an extra weekend day last month. Revenues in Maryland dipped 4.5% to $165 million statewide in December, still 11% better than the comparable period in 2019 (i.e., Just Before the Shyte Hit the Fan). Two casinos gained traction: Hollywood Perryville was up 1.5% to $7 million and Ocean Downs galloped 7% to $7 million. Everyone else was revenue-negative, even MGM National Harbor, down 7% to $69.5 million. Maryland Live ceded 4.5% but stayed close at $60 million. Horseshoe Baltimore was 1.5% down for its usual $17 million, seemingly the hard ceiling for this snakebitten property. Rocky Gap Resort slipped 4% to $5 million.

Continue reading →
Posted in Barstool Sports, BetMGM, Caesars Entertainment, Churchill Downs, Culinary Union, Dining, Diversity, DraftKings, Genting, Golden Gaming, Las Vegas Sands, Maryland, Massachusetts, MGM Resorts International, New York, Ohio, Penn National, Problem gambling, Regulation, Sports betting, Station Casinos, Transportation | 2 Comments

NFL bettors sacked; Strip resort folds; Caesars plan panned

Posted on January 5, 2023 by David McKee

Life at S&G HQ is seriously clouded by the critical illness of a beloved fur baby. Nevertheless, we shall endeavor to gather our thoughts, starting with the consequences for bettors of the life-threatening Damar Hamlin injury on Monday Night Football. Those who placed their wagers on the Buffalo Bills/Cincinnati Bengals tilt via WynnBet have had their action refunded swiftly. Not so lucky are Circa punters, as Derek Stevens is hanging onto the money until or unless the NFL reschedules the game within eight days of the Hamlin tragedy. Other slackers include DraftKings, which is keeping bettors in on call waiting, piously claiming its thoughts were with the Hamlin family instead. PointsBet and Caesars Sportsbook also took the ‘thoughts and prayers’ line, diving under the table alongside Circa and DraftKings. Since the game wasn’t replayed by yesterday, BetRivers patrons got their money back, though.

Continue reading →
Posted in Arizona, Atlantic City, Caesars Entertainment, Chicago, Derek Stevens, DraftKings, Economy, Entertainment, Failsinos, FanDuel, Florida, Genting, Georgia, Hard Rock International, Horseracing, International, Las Vegas Sands, LVCVA, Macau, MGM Resorts International, Nebraska, New Jersey, New York, Ohio, PointsBet, Politics, Racinos, Riviera, Rush Street Gaming, Sports, Sports betting, The Strip, Tribal, TV, Wall Street, Wynn Resorts | 1 Comment

And now for some fun

Posted on December 31, 2022 by David McKee
Is the second time the charm for James Cameron?

Back on Dec. 21, we reported on nascent Oscar odds. What a difference 10 days makes. Babylon, “an early favorite to take home hardware at the 95th Academy Awards” according to one betting site, is spiraling from contention, thanks to its total implosion at the box office. Award-mooching Empire of Light also collapsed, meaning that both its star (adorable Academy fave Olivia Colman) and Babylon termagant Margot Robbie can kiss their Best Actress chances goodbye. Honors momentum continues to fill the sails of Everything Everywhere All At Once, Irish dramaThe Banshees of Inisherin and—I dread to say it—the pompous Women Talking. The first and third should receive last-minute Oscar tailwinds from the March 4 Independent Spirit Awards, and Banshees will likely get a Golden Globes lift on January 10.

Continue reading →
Posted in Current, DraftKings, Movies | Comments Off on And now for some fun

No ‘M’ in ‘Penn’; A Royal mystery; See Vegas and die

Posted on December 30, 2022 by David McKee

Scarcely had the hot air cooled on Penn Entertainment‘s announcement that it was doubling the capacity of M Resort than word trickled out—via Vital Vegas—that Penn is in talks too sell the locals-oriented property to MGM Resorts Entertainment. It would be a radical shift in direction for Leo the Lion, who specializes in category-killer destination properties. But it’s more interesting in what it says about Penn, a company that has apparently lost its stomach for Sin City. It flailed and failed at the Tropicana Las Vegas and is now set to quit town altogether, it would appear. The sale proceeds would undoubtedly be channeled into Penn property upgrades in Illinois and Ohio. And M Resort is a relatively minor contributor to Penn’s overall coffers. But to quit Las Vegas at this juncture in order to double down on Joliet and Aurora seems like a questionable business decision indeed.

Continue reading →
Posted in Barstool Sports, Conventions, Downtown, Failsinos, Illinois, Las Vegas Raiders, Law enforcement, M Resort, Marketing, MGM Resorts International, Nevada, Ohio, Penn National, Real Estate, Regulation, Sports betting, The Strip | 3 Comments

Strip’s good times waning

Posted on December 29, 2022 by David McKee

A big touché to the uncredited wag at the Las Vegas Review-Journal who came up with today’s banner headline: CARR PARKED. Yes, the Las Vegas Raiders have had enough of underachieving QB Derek Carr and are benching him for long-shot games against the playoff-bound Kansas City Chiefs and San Francisco 49ers. As for the gambling sphere, you’d need a microscope to find relevant news, except for …

Continue reading →
Posted in Boulder Strip, Downtown, Lake Tahoe, Las Vegas Raiders, Laughlin, Mesquite, Nevada, North Las Vegas, Reno, The Strip, Wendover | Comments Off on Strip’s good times waning

A Boardwalk Christmas; Mega-Jottings

Posted on December 27, 2022 by David McKee

Most people wouldn’t spend Christmas Day in a casino or two but our East Coast correspondent did. He reports, “At the Golden Nugget on Christmas, Chart House, Lillie’s Asian, the Grotto (Italian), Michael Patrick’s coffee shop, Bean & Bread for breakfast sandwiches and light bites, and the Chairman’s Club lounge were open. At Bally’s, the valet parking closed to the intake of vehicles at noon, rather than the usual 5 p.m. Sunday. Their (alleged) VIP lounge was closed all of the weekend. The three restaurants on their sixth floor were closed. The pizza place was closed. If you want Dunkin Donuts or a simple sandwich, you’re in luck, otherwise go somewhere else for food.

“We had our ‘strange’ Christmas this year,” our reporter explains. “For the first time, we stayed in Atlantic City for Xmas, starting Friday for three nights. Friday started off with rain and strong wind, then our first snow of the season, followed by a ‘flash freeze’ in the afternoon (good reasons to not live in New Jersey). When we got to Golden Nugget, the valet intake was like a wind tunnel. A visit to Hard Rock included early dinner at their lounge. We went back to Golden Nugget and went to their Chairman’s Lounge at 10 p.m. as it was open until 11 p.m. on Friday. It was almost completely empty, as the photo shows, and it was so very cold due to to all of the windows.

Continue reading →
Posted in Animals, Atlantic City, Bally, Caesars Entertainment, Churchill Downs, Dan Lee, Dining, DraftKings, Fontainebleau, Full House Resorts, Golden Nugget, Hard Rock International, International, Kentucky, Mohegan Sun, New York, Ohio, Sports betting, The Strip, Tribal, Virgin Hotels, Virginia, Wall Street | 1 Comment

Ho Ho H2O

Posted on December 26, 2022 by David McKee

It’s a good thing that news in the casino industry is virtually nonexistent today. S&G has been sidelined by a ruptured pipe that burst midday on Christmas, dampening our Yuletide spirit literally and figuratively. Whilst we wait for the plumber, here’s a bit of Christmas spirit from MGM Resorts International. Besides, where else …

Continue reading →
Posted in Current, MGM Resorts International | 1 Comment

Christmas wishes

Posted on December 23, 2022 by David McKee

It’s time to reward those who have been nice and offer appropriate gifts to the naughty. So, without further ado, we play Santa Claus to the casino industry …

Continue reading →
Posted in AGA, Alabama, Alex Meruelo, Atlantic City, Bally, Barstool Sports, Boyd Gaming, Caesars Entertainment, California, Card rooms, Chicago, China, Crown Resorts, Culinary Union, Dan Lee, Derek Stevens, Downtown, DraftKings, Fontainebleau, Full House Resorts, Genting, Georgia, Hard Rock International, James Packer, Japan, Kazuo Okada, Las Vegas Sands, Macau, Massachusetts, Mattress Mack, MGM Resorts International, Michael Gaughan, Missouri, Moulin Rouge, Movies, Nevada, New York, Oklahoma, Pahrump, Palms, Penn National, Phil Ruffin, Politics, Real Estate, Regulation, Resort fees, Resorts World LV, Sahara, Scott Butera, Sports betting, Star Entertainment, Station Casinos, Steve Wynn, The Rio, The Strip, Tilman Fertitta | Comments Off on Christmas wishes

Christmas on the Boardwalk; Miller smacks Gray Lady

Posted on December 22, 2022 by David McKee

We begin today with kudos to a non-casino entrepreneur, Bart Blatstein, who has erected a 150-foot Christmas tree in front of the Showboat. It’s said to be the first large-scale tree in Boardwalk history. Thank you, sir. And to get the comedy relief out of the way, our Atlantic City correspondent paid a visit to Bally’s Atlantic City and discovered another reason why it’s mired in last place. His visit began well: “We asked for a room close to the elevator with a shower (not a bathtub). We got the first room close to the elevator, with excellent ocean-front views.”

Things started to unravel from thereon. “On Sunday, I went up to their sixth floor restaurant level. Longo’s had hours posted, Sunday opens at 5 p.m. Their (alleged) VIP lounge closes at 5 p.m. but my wife refuses to go there after our last experience, so we missed the choice of ham & cheese or a hamburger. We went up at 5:30 and Longo’s never opened. Guy Fieri’s was closed. Their other restaurant closes at 2 p.m. So, the only choices for food on Sunday at 5:30 are Dunkin Donuts, their pizza place or their sandwich shop. Is Bally’s supposed to be a ‘major casino’? Not to us it’s not.” Chicagoans, be afraid. Be very afraid.

Continue reading →
Posted in AGA, Atlantic City, Bally, Barstool Sports, Caesars Entertainment, Dining, Golden Nugget, Indiana, Politics, Problem gambling, West Virginia | 3 Comments

Penn problems; Maryland sports bets boffo; Oscar pix

Posted on December 21, 2022 by David McKee

Regulators in Massachusetts struck an unsatisfactory compromise with Penn Entertainment. The latter’s Plainridge Park was granted a sports book license, conditional upon a suitability investigation of Barstool Sports founder—and the new face of Penn—Dave Portnoy. “We are very comfortable with there being an investigation,” Penn CEO Jay Snowden told regulators, somehow managing to keep a straight face. Snowden probably left his Barstool T-shirt, which he wears around the office (it’s a fact), in the dungeon where he plays submissive to Portnoy’s dominatrix. Why the Massachusetts Gaming Commission should need to probe into Portnoy is a mystery to us. His unsuitability is out in the open for everyone to see. How is it that Steve Wynn could not get a Bay State gaming license but Portnoy might? We sense a double standard at work. A license, once issued to Penn, will be very hard to claw back.

Continue reading →
Posted in Barstool Sports, BetMGM, Caesars Entertainment, DraftKings, FanDuel, Indiana, Kansas, Marketing, Maryland, Massachusetts, MGM Resorts International, Movies, New Jersey, Ohio, Penn National, Regulation, Sports betting, Steve Wynn | Comments Off on Penn problems; Maryland sports bets boffo; Oscar pix