Don’t ever accuse Las Vegas Sands of not thinking big. It’s going to the banks for a $5.9 billion loan, primarily for expansion of Marina Bay Sands. That shouldn’t be much of a risk for financiers because nobody makes good on huge 
financial commitments quite so much as Sheldon Adelson. Sands will scrape together the money from a quartet of banks, the first time in seven years that Marina Bay Sands has needed new underwriting. Still, one banker warned, “The borrower has not raised such a size before and it is also unprecedented for the market in Singapore.” Adelson’s last big loan was for $5.1 billion and it took 28 lenders to pull that one off. The maturity on that debt (of which $4 billion remains) has been been pushed out to 1Q20. One Chinese banker was enthusiastic, saying “We are keen to participate. There’s no issue for us to join a casino deal, and take large take-and-hold positions in the sector.” Still another bank offered, “As much as the credit is attractive, there’s a known restriction in terms of liquidity from the market towards the casino sector.”
Sheldon is keeping up with the Joneses, or rather with Continue reading
responded that it would be equally prompt in building $350 million Saracen Casino Resort. In the meantime 
never seems to stop changing hands, Isle of Capri Cape Girardeau and Lady Luck Caruthersville … in other words, the low-hanging fruit of the Eldorado orchard. This lessens competition with Harrah’s Metropolis and reduces Eldorado’s potential exposure in the Show-Me State, going from a possible market share of 33% to 28%, which might be enough to make the Federal Trade Commission happy. Operation of the properties goes over to Century Casinos (no, I’ve never heard of them before), which paid $107 million for that prerogative.
C&W icon. It’s booked Twain into the cavernous Zappos Theater at Planet Hollywood, starting Dec. 6, although you can start buying tickets on Friday. As the Caesars publicity blat puts it, “Shania will serve as creative director for her new Las Vegas show, combining her three decade-long career with inspiration from her iconic videos and elements from her 2018 sold out global NOW tour. This country rebel at heart will push the boundaries in Vegas, just as she always has done, taking fans on a journey of nostalgia and blowing them away with outside-the-box concepts and visual spectacles.” Given the comparative limitations of the Planet Ho venue, it’s a good question whether Twain will be able to offer the high-tech flourishes of her previous residency.
but will last for an as-yet-unspecified length of time into the next decade. Franco Dragone remains artistic director but Melco is taking over management of the show, which will probably enable some cost savings. By contrast, “Elēkrŏn,” a car-stunt show at Studio City will close next month after lasting barely half a year. The House of Magic, also at Studio City, was another dud. No wonder Lawrence Ho was so happy to ink a new pact with Dragone, saying, “I feel privileged that Melco Resorts has had the opportunity to work with Dragone’s talented team for the last decade and I believe we will continue to deliver even more exhilarating performances for years to come.”
very large VIPs continue to travel but they don’t take as many risks as they have in the past,” said Star CEO Matt Bekier. It’s not that they’re hurting in the wallet from Trumpian tariffs but “The potential trade wars have just created a level of uncertainty and they’re not as aggressive in their outlook as they might have been in the past.” Star shares took a 17% beating (Star’s worst decrease ever) after the company revised profit guidance from $390 million down to $377.5 million, well below consensus expectations of $413 million. “The update from the company has been quite poorly received,” said one analyst, displaying masterful understatement.
Atlantic City‘s two heaviest hitters had a not-so-merry month of May. Borgata fell 15%, to $52 million, and Tropicana Atlantic City tumbled 18%, landing at $25 million and ceding second place for the first time to Hard Rock Atlantic City (guess that business plan is paying off), which grossed $28.5 million. Other revenue-negative casinos were Bally’s Atlantic City, off 2.5% to $15.5 million, Harrah’s Resort, down 7% to $25.5 million and Golden Nugget sliding 13% to $17 million. Gainers were Resorts Atlantic City, up 14% to $16 million and a tie with Ocean Resort, and Caesars Atlantic City, up 3% to $23 million. Citywide, slot revenues were 14% higher (down 8% on a same-store basis) while table game win was 20% up (down 7.5% same-store). Borgata saw 13.5% less table, a very unlucky month, while slot win slid 9% on 10% less coin-in. The Caesars Entertainment trio managed 4% more table win despite 11% less wagering.
undertaken in an Eldorado Resorts takeover. Either way, we’re glad to see somebody on Wall Street telling it like it is with the Roman empire, whose best years appear to be behind it. Meanwhile, having subjugated Caesars, Carl Icahn is 
bill to authorize a tribal casino in Bridgeport, something sure to send MGM Resorts International into a hot conniption fit. Indeed, the proposal—which would call for $100 million in state and civic subsidies—seems certain to draw litigation, at least from Gov. Ned Lamont‘s point of view. “Instead of resolving outstanding litigation, it puts the state at increased and immediate litigation risk from multiple parties,” said Lamont’s spokeswoman. Responded a tribal representative, “Litigation is part of the cost of doing business, whether you’re building a mall, a church or a casino.” This cautious stance comes as a reversal for Lamont, who had previously expressed support for the idea. Both Mohegan Sun and Foxwoods Resort Casino, who would presumably run the Bridgeport casino jointly, are banking so heavily on it that they continue to 
posted a record $41.7 billion last year. That’s a 3.5% increase from 2017. State and local governments had to be happy, as they were rolling in $9.7 billion in direct taxes, not counting sales and income taxes, a “force multiplier” for the industry’s economic impact. In addition to the national record, 
almost $18 million. As for the tracks, Hollywood Dayton gained 13% for $9.9 million while Hollywood Mahoning Valley rocketed 18% upward to $11 million. Boyd Gaming was up 9.5% at Belterra Park ($8 million) and Eldorado Resorts hopped 12% ($17 million) at Scioto Downs. At erstwhile Hard Rock Rocksino, now MGM Northfield, $22 million was grossed on a 9% increase. Churchill Downs was 15% higher at Miami Valley Gaming, grossing $15.5 million. Jack Thistledown galloped 17% ahead to $13 million. In the major cities, Jack Cleveland pulled in 15% ($18 million) and Jack Cincinnati grossed $19 million, up 11%. When the news is this good there’s not much need to say anything more.
Hampshire and other states whose 
and reportedly planning to replace Rodio et. al. with Eldorado management. The deal would happen by June 30 “assuming talks don’t fall apart.” Caesars 
than auspicatory. At $118 million, they were down 2%, even with an extra weekend day to bolster the takings. In fairness to the industry, numbers were roughly flat once Argosy Belle, rendered hors de combat due to flooding, is subtracted from the mix. The Belle was down 69%, bringing in an uncool million. Customers evidently took their business to Casino Queen, up 15% to $9 million. Harrah’s Metropolis may have also picked up some business lost elsewhere, up 10.5% to $7 million. At Par-A-Dice, owner Boyd Gaming clawed back business lost to slot routes, rising 4% to $6.5 million. So there’s room for hope, at least in the near term.
evidently helped Tamares to see its way clear to capex maintenance, budgeted at $15 million. (Tamares may have opened its fist a bit but it’s not going whole hog.) “We listened to our guests, and one of their biggest issues were with the old-style key card systems for the rooms. We upgraded all of that to RFID last year. We’re using our own resources through our profits to reinvest in the property,” Jossel told the Las Vegas Weekly. The new room product should be ready by next month. As for competitor-to-be Circa, Jossel—like Boyd Gaming CEO Keith Smith—welcomes it as a tide that will lift all boats, part of a larger Downtown renaissance.