“The point is, anyone can state an opinion about a line with great confidence and authority when it is accompanied with complete financial immunity. It takes a truly talented group of people to put up numbers day after day knowing that people would be trying to take all of the money away from that book. Truly a case of money talks and bullshit walks.” — Richard Schuetz, late of the Stardust sports book, on the phenomenon of “Jimmy the Greek” Snyder.
found the Promised Land in Las Vegas, where he hopes to take a run at the boutique-hotel concept. His planned Astral would sit opposite Mandalay Bay (where Motel 8 is now) and rise 34 stories. Budgeted at $350 million, tops, it would Astral would feature a rooftop pool and sky lobby, as well as the de riguer nightclub. No word on gaming amenities, though we’re sure they’d be needed to make this gamble pay. Gabay is planning to launch Astral after the arrival of the nearby Las Vegas Raiders, prompting HREC Investment Advisors broker Josh Smith to tell the Las Vegas Review-Journal, “If he times it just right and has the right business model, it’ll have some success.”
think the larger point just goes to the fact that a couple of things: No. 1, this is such a massive part of our culture. People enjoy betting on sports and I think that’s why you’ve seen such a wide range of acceptance throughout the United States to see legalized sports betting. And then secondarily, it highlights the fact that, yes, while it may be illegal, there is the opportunity now to make it legal and to regulate it and to recapture that revenue.” — American Gaming Association Vice President for Public Affairs Sara Slane on the AGA’s shining of a spotlight on illegal sports betting. Incidentally, Utah has highest percentage of sports bettors — 26%.
imposition of a smoking ban in Red Stick, casinos’ business has been 17% lower, a business catastrophe. Belle of Baton Rouge collapsed 43%, hitting $2.6 million and putting Eldorado Resorts in a world of hurt. By that measure the other casinos could be almost said to be doing well: Casino Rouge shed 15% ($4.5 million) and L’Auberge Baton Rouge tumbled 12% ($12 million gross).
at $8.56. That’s a pretty good deal for a junk stock that has always traded below its IPO price because Gary Loveman had put Caesars into a world of hurt before deciding to go public. Under Politzer’s scenario, each CZR share would be traded for 0.09 of an ERI one. Let’s face it: Caesars shareholders would be getting a much better stock in this deal and should consider themselves lucky to have it. Eldorado would assume $10.9 billion in Caesars debt and could achieve up to $300 million in synergies, whether from merged marketing, labor cutbacks or “culled corporate expenses” (read: deadwood).
ability to more adequately compensate me. as other organizations have done with players who have similar achievements to mine. The Rays chose the former.” — defending American League Cy Young winner Blake Snell on the measly (by MLB standards) raise he got from the Tampa Bay Rays, one of many teams 
properties up to speed in terms of revenue performance, 3) the MGM 2020 cost-cutting plan and 4) allocate capital appropriately. #1 could be taken to mean “We’re not buying Caesars,” as it emphasizes growth within the existing MGM empire. The company anticipates 15% or so returns on MGM Cotai and Park MGM. As for MGM Springfield, which has been a disappointment so far, management sees room for improvement in midweek slot play. Half of MGM 2021’s cost savings are to be extracted from the workforce, while marketing efficiencies are also expected to contribute as well.
McCain family deserves better. I don’t care if he’s president of United States, owns all the real estate in New York, or is building the greatest immigration system in the world …. Nothing is more important than the integrity of the country and those who fought and risked their lives for all of us.” — Georgia Sen. Johnny Isaakson (R), defending the reputation of the late Sen. John McCain (R) against a recent Donald Trump smear campaign.
daily. In the grand scheme of things, lodging with your pooch at a Vegas pet-friendly hotel is a two-way street. You not only want a hotel that is ready to accommodate your furry friend but you want to be certain your dog is ready for his her stay at a Vegas property. There are five tips to keep in mind when it comes to making sure you pooch is Vegas-hotel ready.
idea, risking a second bankruptcy. In a 
ever before.” With those words American Gaming Association President Bill Miller strove to throw a light on the rampant nature of illegal betting in this country. Using a Morning Consultant study, the AGA estimates that 47 million Americans will bet on the NCAA roundball tourney, with only $3.9 million of the estimated $18.5 million wagered going through sports books and other legal channels. According to the AGA, 2.4 million will go to the neighborhood bookie while 5.2 million will use illegal offshore sites.
seen 2018.” Furthermore, Penn is “seeing good growth at the high-end (VIP is solid, single-digit growth), better unrated play, as well as growth in the low-end/retail segment.” The Pinnacle Entertainment assimilation is a work in progress: Half of the projected $100 million in synergies have been realized to date. Penn execs said all the surprises have good ones, such as the strength of Pinnacle’s loyalty program, 2 million members strong. There were few, if any, deferred-maintenance issues in the Pinnacle portfolio, although Penn has had to reinvest some in slot machines.
and renovation of its older Macao casinos. Wrote Joseph Greff, “WYNN will likely maintain a requisite level of dry powder as it evaluates capex, Macau investment is viewed as the best use of capital longer term, and it will also exercise discretion in buying back stock when it becomes dislodged … WYNN was upbeat on the prospects for Macau, and encouraged investors not to overthink the short-term choppiness inherent in that market. The large, well-capitalized junkets feel fine.” While it sees some long-term benefit from the HKZM Bridge, it believes it is a more convenient way of bringing gamblers in from Hong Kong, not a fundamental game-changer.
against the Federal Trade Commission by running a purchase of Caesars Entertainment through MGP?) The company “views pricing as reasonably full relative to historic levels, but commented there are only a handful of bidders in most of the deals they look at and that the best deals are still in gaming (as opposed to non-gaming).” MGP wants to diversify but does not see that as an end in itself. “And while the best deals to be had are still within gaming, MGP has come close to a handful of non-gaming deals,” Morgan analysts wrote. The REIT is looking at an acquisition of MGM Springfield and possibly of CityCenter which, while it would be complex, is hardly impossible.
for completion of Grand Lisboa Palace. In return, MGM and SJM have to pay $24,746,000 apiece for the extension. An asymmetrical compensation will be that each will probably get 25 more table games. “Overall, the Macau government believes this should allow (1) a synchronised rebidding process of the concession for the next term of the Macau government; and (2) more public discussions and consultations for the future development of the gaming industry as a whole,” wrote Credit Suisse analyst Cameron McKnight.
who’s a seasoned executive, someone who has certainly managed through turbulent times, adversity and been able to be tested,” he said during the most recent earnings call, which must have been painful for him to reveal. Also, after indicating that it wasn’t interested in a Caesars takeover, MGM Resorts International has reversed field and is playing Monopoly with its REIT, MGM Growth Properties, shuffling properties and cash back and forth to make room on the books for a Caesars takeover.
The market overall was up a (pleasantly) surprising 16%, raking in $197 million. Slots were up 12.5% and tables vaulted 24.5%. (On a same-store comparison, the table-game number was even more impressive.) Borgata — grossing $50.5 million — missed out on all the good fortune. Down 8% overall, table win dropped 15% and slots were 5% lower than last year. At the Caesars Entertainment triumvirate, the overall decrease was 6%, with table win down 9% on 7% less wagering and slots 5% off their feed, as coin-in dropped 6.5%.-
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