“The Old Farmer’s Almanac suggests that sometimes the mind can be taken off the debilitating effects of prolonged illness by trying to memorize an impossibly long text, such as the Constitution or the list of Democratic presidential candidates.” — Farmer’s Almanac Managing Editor Jack Burnett, in get-well-soon advice to Boston Globe columnist Teresa Hannafin.
hang onto $2.6 billion Encore Boston Harbor. In one of the most precipitate decisions in memory, Wynn has entered talks with MGM Resorts International to 
Vermont. States that have rejected sports wagering include Maryland, Georgia, Virginia, Arizona, Kansas, the Dakotas and Hawaii (the latter rather surprisingly, given its residents’ fever for betting). Online sports betting has yet to go live in Pennsylvania but that may change in a couple of weeks. Parx Casino says it’s 
Sunshine State. We’re talking serious dollars: $321 million last fiscal year. The Seminoles have enormous economic clout and aren’t shy about wielding it, which may be the only language Florida politicians understand. According to tribal attorney Barry Richard, a promised crackdown on non-Seminole blackjack “absolutely did not occur … Actually the state stopped all enforcement efforts. And as you know, the Session ended without the Legislature doing anything … There was a negotiation that resulted in some agreement in principle between the Tribe [and the Senate] but nothing was completed.”
when it comes to compensation. On top of his $1 million base salary, his compensation package grew by only $200K last year, putting him just under $2 million and at a 63-to-1 ratio to median Station employee pay. (As the 86% owner of Station, Fertitta benefits directly from good stock performance.) That might sound like a lot but it’s sackcloth and ashes compared to what other CEOs were making. True, Caesars Entertainment‘s compensation committee spanked then-CEO Mark Frissora by cutting his stock awards by almost $12 million, leaving him to eke out a living on $13 million (360-to-1).
thin, as same-store revenues fell 12%. Casinos grossed $207.5 million with slots up 6% (but down 13% same store) and tables won 15% more, but 8% less same-store. Despite a sensational month at the tables (64% higher win, despite 21.5% less wagering), Borgata was flat as slot win plunged 13.5% on 15% less coin-in. It grossed $53.5 million overall. The Caesars Entertainment cluster was 13.5% lower, driven by a 20% decline at the tables—where wagering was 10.5% and a 10% slippage at the slots, on 9% less coin-in. Harrah’s Resort is projected to have the roughest 2Q19, down a forecast 14%.
gambling sphere. Wynn got a nod because of “several key growth pillars in 2020,” including Encore Boston Harbor, the Las Vegas convention center and an increased focus on the mass market in Macao—where VIP play 
understandably balking at Gov. J.B. Pritzker‘s proposal to raise the current 30% tax rate to a 50/50 split with the state. Video gambling interests counterpropose doubling the bet limit from $2 to $4, raising the amount of potential winnings per bet from $500 to $1,199, and increasing the number of VLTs allowed per route by 20%. These measures, Ivan Hernandez of the Illinois Gaming Machine Operators Association promised, would bring the Land of Lincoln $210 million more revenue in two years.
kind of sell-down to deleverage an Eldorado Resorts or Tilman Fertitta acquisition of the Roman Empire. However, Ruffin is clearly looking for fire-sale prices: He’s only willing to pay 6X cash flow and that just doesn’t cut it for a Strip asset. (Fun fact: Ruffin himself paid 7X for Treasure Island.) He told the Las Vegas Review-Journal he’s looking for casinos that generate $200 million-$300 million in annual cash flow. We don’t know which Caesars properties do that, as the company doesn’t bust out individual-property numbers, but can say, sorry Cromwell. No Ruffin for you.
be open in time for the 2025 World Expo. Among the entrants, Las Vegas Sands, MGM Resorts International, Galaxy Entertainment Group, Melco Resorts & Entertainment, Wynn Resorts and Genting Group. But the first two companies are 
on WYNN, given macro uncertainty and policy risk in Macau and China. Our forward macro indicators are suggesting Macau revenue growth could decelerate further over the next 9-12 months, but could rebound early next year. The Las Vegas [first-half] outlook is strong, with our forward room rate, convention attendance and air capacity all positive.”
fevered acquisition and spectacular collapse.” During a two-year period in the middle of that decade, Trump’s business losses “were more than double those of the nearest taxpayers in the I.R.S. information for those years.” The Trump White House has hunkered down, challenging the NYT‘s veracity and adding “I.R.S. transcripts, particularly before the days of electronic filing, are notoriously inaccurate.” When 
important mobile betting is approved in the legislation.) Acknowledging competition from neighboring states, Holcomb said, “By modernizing our laws, this legislation will spur positive economic growth for our state and for an industry that employs over 11,000 Hoosiers. Additionally, it will bring in new revenue and create hundreds of new jobs—both permanent and in construction.” The state Senate prevailed on the issue of mobile betting, saying that to do otherwise would be “unreasonable.” I don’t know about that but you’d make a hell of a lot less money. An additional spur to sports betting will be the NCAA‘s abolition of a previous policy that kept championship events out of states with sports betting, a stance that fast-moving events were quickly rendering obsolete.
more coin-in. Baccarat was “softer than expected” according to JP Morgan analyst Joseph Greff, pulling all table games down 28%—quite a precipice, especially for a casino as predicated on high-roller business as Wynncore. Room revenues slipped 2% on 82.5% occupancy. Looking ahead, the convention center is due for early 2020 completion, whereupon management will use the reconstructed golf course to “run special events as well as enhance casino play.” Nothing was said about the old New Frontier site other than that it was in the early design stages (please, no more curved, green skyscrapers).
through 2030. The city-state also has reason to be happy with its -
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