One of the few CEOs to grace JP Morgan‘s hotel-and-leisure forum was Penn National Gaming‘s Tim Wilmot. He reported that the “regional consumer remains solid and trends are largely consistent with that 
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.
Penn finds itself caught between looking for acquisitions that “move the needle” while also Continue reading
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%.
Gaming had a good result at River City, up 3% ($17.5 million), offset by declines at Hollywood St. Louis ($18.5 million, -1%) and Argosy Riverside ($12.5 million, -9.5%). Boyd Gaming gained 2% at Ameristar St. Charles ($21 million) but yielded 2% at Ameristar Kansas City ($12.5 million). Eldorado Resorts had a really bad month at Lumiere Place, down 12% to $12 million. Harrah’s North Kansas City slipped 5%, finishing at $12 million. Affinity Gaming also had some adversity at Mark Twain Casino, down 7.5% to $2.5 million.
action after receiving advice from our legal counsel, and the necessary assurances from investigators that this commission will receive all material and substantive information required to make a fully informed decision” on the fate of Encore Boston Harbor, said MGC Chairwoman Cathy Judd-Stein, 
logo going up on the Green Monster, giving me visions of doubles plonking off the MGM lion. At least it’s a step up from sponsoring the perennially hopeless New York Jets. Other kudos go to MGM for making the list of Fast Company‘s “Most Innovative Companies.” And happy anniversary to Beau Rivage on the 20th anniversary of its rather shaky start in Biloxi. MGM’s 
will explore these opportunities. Independent of strategic alternatives, I believe Caesars should also be focused on leadership succession, disciplined capital allocation, improving operating performance and optimizing real estate and other assets.” — Carl Icahn, 
rose 3% to $19 million. Hollywood Dayton was also up 3% to $9 million. Hollywood Mahoning Valley leapt 7% to $10 million. That was nothing compared to a 38% vault at Belterra Park, up to $6 million. The Boyd Gaming property is tracking well ahead of Wall Street projections for the quarter. Scioto Downs was up 2% to $14 million, while Hard Rock Rocksino was 1.5% higher at $20 million. Churchill Downs’ Miami Valley Gaming jumped 14% to $14 million. Even Dan Gilbert‘s mix of casinos and racinos was 
32% precipice in revenue, grossing $4 million. The only comparably bad performance hailed from Casino Queen, off 13% to $7 million. Alton Belle dipped 3% to $3.5 million while Jumer’s Casino Rock Island was off 5% to $5 million. At Par-A-Dice, long besieged by slot routes, revenues were only 3% down, to almost $6 million. The best performers in the northern tier were Hollywood Aurora, flat at $9 million, and Harrah’s Joliet, almost flat at $13.5 million, one of the handsomest grosses of the month.
seems like