Cadesha Michelle Bishop‘s callous murder of fellow Las Vegas bus passenger Serge Fournier can now be seen in all its horror, thanks to the British press’ acquisition of security-camera footage. The age of civility really is over in America when you can be pushed to your death in return for asking for a modicum of politeness.
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 
grossed $160 million, with MGM Northfield still tops in the state ($20 million) despite an 11.5% falloff—a consumer vote of no-confidence in new management? Hollywood Columbus came up just shy of $20 million, riding a 2% gain, while Hollywood Toledo slid 6% to $17 million. That was also the gross at the two Jack Entertainment casinos, with Cleveland up 2% and Cincinnati down 4.5%. Jack Thistledown vaulted 12% to $12 million. Scioto Downs fell 8.5% to $14 million, while Belterra Park crept 1.5% ahead to $7.5 million. Churchill Downs‘ investment in Miami Valley Gaming continues to pay off, up 12.5% to $15 million. Hollywood Casino Dayton galloped 6% ahead to $10 million and Hollywood Casino Mahoning Valley gained 3% to $11 million.
surprise, was second with 33% and $48 million (+2%). Horseshoe Baltimore grossed $20 million (-9.5%), Hollywood Perryville was off 10% to $6 million, Ocean Downs gained 7% to $6 million and Rocky Gap Resort was flat at $5 million. West Virginia casinos and racinos were flat, despite a 3% bump in table winnings. A 9% surge in table games at Hollywood Casino in Charles Town made up for a 2% decline in slot win.
and considering the full range of our next steps. We will not have further comment until we have thoroughly reviewed and considered the [Massachusetts Gaming Commission’s] decision,” said company spokesman Michael Weaver, ominously. Wynn 
come up $5 million short. For instance, Reno (pictured) had snow in 24 of February’s 28 days and construction in Black Hawk provided another overhang. In Illinois, Eldorado expects to hit its $55 million cost-savings target at Grand Victoria by the end of this month. Wrote JP Morgan analyst Daniel Politzer, “we believe ERI has positioned itself for multiple years of meaningful EBITDA growth.” How? Operating and marketing efficiencies at its legacy properties, and a Pompano Park joint venture with Cordish Gaming, for starters. Oh, and there’s the little matter of “M&A optionality” read: Caesars Entertainment.
“[There] is a deeply wrongheaded habit to project today’s norms, values, ideals backwards in time to find our ancestors inevitably falling short. It betrays a very troubling intolerance of art and the ambiguity of art and the aspirations of art.” — historian Fergus M. Bordewich on the effort to 
begin with), with prices escalating in direct ratio to hotel occupancy. The more people who stay, the more you pay. This is an abomination and yet another indication that Big Gaming thinks you are a bunk of marks who are to be taken for everything they’ve got. Mind you, if the geniuses behind this idea chafe at the sight of patrons bringing pallets of bottled water to their room, just wait, it’s only going to become more prevalent. MGM is test-flying this odious new concept at the bottom of its food chain, i.e., Excalibur.
regional-gaming performance. “On a same-store basis Regionals were down 11.5% with AC and bad weather again a factor,” wrote Combes. “Regional EBITDA down 13% y/y excluding Centaur, given Atlantic City weakness and bad weather.” However, he noted, “Management sounded optimistic about the outlook for Vegas in 2019, calling out the group convention and non-group room nights already on the books.” Combes thinks Caesar can offset its Atlantic City vulnerability with single-digit [2.5%] revenue growth in Las Vegas and continued strength from Centaur’s two racinos in Indiana, even if the health of Las Vegas is somewhat dependent upon that of Caesars’ hub-and-spoke casino network.-
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