Today the Massachusetts Gaming Commission meets to finalize its disgraceful prostration, er, litigation settlement with Steve Wynn and presumably to lay the 
groundwork for levying some manner of fine on Wynn Resorts now that Nevada has set a $20 million precedent. However, if CEO Matt Maddox thinks he’s out of the woods he’s reckoned without Attorney General Maura Healey, who’s not sufficiently impressed with Encore Boston Harbor to give the company a free pass: “The fact that this structure is built or near-built should not be what drives the decision-making of the commission,” she warned and very aptly, as the MGC seems to have allowed a $2.6 billion fait accompli on the banks of the Mystic River to send it down the path of least resistance.
However, Steve Wynn may have broken Massachusetts law, putting him squarely in Healey’s cross-hairs. Explained Continue reading
daughters not involved in the gaming biz. Now, i
Vegas. It makes you wonder what J-Mur’s got cooking. Anyway, McKnight deemed Murren’s outlook to be the “right amount of optimism.” He found the company concerned with cost increases but “We’re positive on the outlook, given very good forward indicators in 1H and easy [comparisons] in 3Q … We see $200-300mm in efficiencies over the next 12-24 months as achievable,” McKnight said MGM’s cost-cutting plan, which could be interpreted as pushback against higher labor costs. Nothing was said about Macao but a MGM Growth Properties purchase of Bellagio and/or MGM Grand “may be tricky.” Ironically, given its complex ownership, a sale of CityCenter was deemed “possible.” What does McKnight know that we don’t?
permanent-Green Card provision but have quietly had a change of heart after judging its job-creation aspects … but still we might be more closely aligned to King (an anti-casino pest) than we’d like. Given his history of statements on behalf of white supremacy, he’s probably trying to keep more Chinese out of the country. Kneecapping small casino projects would just be lagniappe for him. EB-5 has been a blessing for gaming both in successful casinos (Maryland Live) and unsuccessful ones (Lucky Dragon), as well as those on which the jury is still out (SLS Las Vegas, 
the hearing, is that all of the truly culpable parties are getting off scot-free, having left or been asked to leave Wynn Resorts. Prime malefactor and 
and I like a lot MGM’s chances.” So said MGM Resorts International CEO Jim Murren, pushing all of his companies chips onto Osaka, as it seeks a foothold in Japan. Given the amount of heat around Osaka, two competitors, Groupe Barriere and Bloomberry Resorts, have turned their focus to little-spoken-of Wakayama. Meanwhile Yokohama and long-shot Tokyo are the backup choices of Las Vegas Sands, which is also pursuing an Osaka-first strategy. That included Managing Director for Global Development George Tanasijevich dangling the prospect of a joint venture, adding with a squirt of flattery that the company needed what was described as “Japanese business savvy.”
Nugget had a bad month, declining 12% to $22 million. L’Auberge Lake Charles shot past it, grossing $24 million, a 6% increase. Isle Grand Palais was down 10.5% to $7.5 million while Delta Downs cantered 3.5% faster to $14.5 million. The Baton Rouge problem is no mystery: the smoking ban. Gaming & Leisure Properties‘ Casino Rouge seems to have fallen as far as it can: flat at $4.5 million. Belle of Baton Rouge careened 39% down to $2.5 million, raising existential questions about its ability to continue as a going concern, while L’Auberge Baton Rouge plummeted 13% to $10.5 million.
1.5% cost increases, adding “Regionals dragged down by A.C. (not a surprise.” Indeed not. McKnight later elaborated on this bulletin, writing that 4Q18 was “A very good quarter, against reasonably muted expectations.” Certainly an 18% increase in Las Vegas cash flow would come as a pleasant shock. Such trends, he said, were looking good for early 2019. “Regional results were impacted by Atlantic City, where supply growth impacted results more than had been built into guidance.” Analysts will have even less to go on this year, as Caesars is following MGM Resorts International‘s example and withholding 2019 guidance.
legalized. Losers so far are the state’s horse racing industry and the Iowa Lottery. Lawmakers have to sift through 
tickets. To be clear, Florida does not have an online lottery per se but third-party vendors have been selling lottery tickets via phone and Internet, after giving themselves a tidy markup. It’s this practice on which Robinson wants to crack down. “These fraudulent websites are, in my view, illegally advertising when they are not related to the lottery system at all,” Robinson told Florida Politics. “Once you start allowing mobile devices, you are expanding the scope of the lottery.”
people are going to start to become more and more comfortable with insects and consuming them … And I think that this is the next evolution of adventurous eating, where people are savvier about where their food is coming from, what’s in their food, and just being generally accepting of trying new things.” — Benchmark Vice President for Food & Beverage Patrick Berwald on 
(outgoing CEO, underperforming stock, stable cash flow, real estate optionality, to name a few), we do not necessarily see any obvious/easy fix, given (1) a shortage of buyers to create a competitive bidding situation, (2) CZR’s size/scale is a competitive advantage and the hub/spoke model make it difficult to divest/separate assets, and (3) monetizing LV Strip real estate to raise capital has its drawbacks (i.e., effectively adds long-term, high cost capitalized lease debt),” he wrote. He did cite a “relatively strong” 4Q18 as a rationale for slightly raising his cash-flow forecast ($568 million), while noting that his figure remained lower than Wall Street‘s consensus. He expected today’s call to provide some insight into the seemingly never-ending search to replace Mark Frissora and maybe touch upon the maneuverings of Carl Icahn and Tilman Fertitta to put the company in play.
4% in its regional properties and 8% in all-important Macao. Analyst Cameron McKnight of Credit Suisse wrote that management “sounded cautious on the 1Q and 1H, given cost inflation, reduced Chinese visitation and a more uncertain leisure customer. That said, the outlook for convention attendance is strong, non-gaming revenue growth should remain solid, and MGM noted full year Vegas estimates ‘seem reasonable.'” JP Morgan‘s Joseph Greff stayed on positive on the stock, noting “reasonably good operating fundamentals in the U.S. (both LV Strip and regionals),” among other reasons.
Entertainment and Icahn suddenly holds 10% of your stock, 
“It is your character, and your character alone, that will make your life happy or unhappy. That is all that really passes for destiny. And you choose it. No one else can give it to you or deny it to you. No rival can steal it from you. And no friend can give it to you. Others can encourage you to make the right choices or discourage you. But you choose.” — the late Sen. John McCain (R).