Newcomers lose ground in Atlantic City

November was good for Atlantic City, up 12.5% and down only 5% on a same-store basis. The $209 million haul was propelled by a 12.5% increase in slot win and a 13.5% jump in table revenues. A 17% drop in table win at Borgata helped pull its revenues down 7%, while Borgata slots slipped 3%. Caesars Entertainment caught a break, down 7.5% but with 3% higher table win (despite 13% less wagering) but slot win tumbled 11%. A 6% falloff in slot win at the Tropicana Atlantic City helped pull it down 4%, although table win was 3% higher. Only Resorts Atlantic City posted a gain (10%), grossing $16.5 million.

Ocean Resort slipped further into last place, booking less than Continue reading

Posted in Atlantic City, Australia, Boyd Gaming, Bruce Deifik, Caesars Entertainment, Eldorado Resorts, Genting, Greenwood Racing, Hard Rock International, Internet gambling, Las Vegas Sands, MGM Resorts International, Mohegan Sun, Nevada, New Jersey, New York, Penn National, Pennsylvania, PokerStars, Rush Street Gaming, Sports betting, Tilman Fertitta | Comments Off on Newcomers lose ground in Atlantic City

Xi caught in the act; Vegas economy looking up

If Donald Trump wants to get tough on Chinese President Xi Jinping, he may just have been handed an excuse courtesy of Starwood. Indeed, White House retaliation may already be teed up like a golf ball at Mar-A-Lago. According to HotelsMag.com, “Marriott International is now facing the possibility that the [2014-18] hack may be attributed to Chinese who potentially may have been using the data for the country’s government intelligence services and the military, according to multiple sources.” Passport data was among the information plundered during the long-undiscovered hack. Investigation of the hacking has found similarities to other Chinese data raids, although China may have been only one of several culprits. “Think of the depth of knowledge they could now have about Continue reading

Posted in Caesars Entertainment, Donald Trump, Economy, history, International, Law enforcement, The Strip, Wall Street | 1 Comment

Where Raiders go, trouble follows

It was announced today that the 2020 NFL draft will be held in Las Vegas. However, it could be like a ship stranded in a sand dune. The City of Oakland is suing the league and the Oakland Raiders for alleged collusion in engineering the move of the silver and black to Sin City. The team could find itself homeless for the 2019 season, banished from Oakland and with no ready stadium in Las Vegas. According to Sports Illustrated, Oakland “argues that Raiders owner Mark Davis, along with other NFL owners and league officials, have formed an illegal ‘cartel.’ This so-called cartel is accused of violating federal antitrust law and California civil laws by attempting to facilitate the Raiders’ planned relocation to Las Vegas in 2020,” motivated by greed for relocation fees.

Oakland is seeking damages which, while they would not Continue reading

Posted in California, Reno, Sheldon Adelson, Sports, Texas, The Strip | Comments Off on Where Raiders go, trouble follows

New strategy at Ocean Resort; What’s in your wallet?

Stuck in last place in the Atlantic City casino scene, Ocean Resort is going to try a new tack by supersizing its entertainment lineup, in what as described as a “cutthroat Atlantic City nightlife market.” Performers booked for Ocean’s 5,500-seat concert hall range from the big (Brooks & Dunn, Frank Caliendo) to the nostalgic (Kenny Loggins) to the Whatever Happened to Them (The Monkees) in a resort whose biggest performer to date has been Ke$ha. Said owner Bruce Deifik, “We are ecstatic that we finally have an entertainment announcement of real consequence. We have another 110 to 120 offers out to artists.”

Deifik is obviously trying to emulate Hard Rock Atlantic City‘s entertainment-first marketing strategy and has Continue reading

Posted in Atlantic City, Bruce Deifik, Dan Gilbert, Entertainment, Hard Rock International, International, Iowa, Ohio, Problem gambling, Warner Gaming | Comments Off on New strategy at Ocean Resort; What’s in your wallet?

Moderate-sized trouble in Little China

There’s trouble ahead for Macao but the casino industry has plenty of time to brace for impact. Credit in China is down 6% year over year. As Credit Suisse analyst Cameron McKnight reports, “Weak credit data is likely to exacerbate China macro concerns. There is a significant lag (12-15 months plus) between Macau and credit growth. If Macau revenue growth decelerates, it likely reflects macro conditions at least a year ago — when credit growth was slowing. Secondly, credit growth is very volatile m/m and q/q.”

However, McKnight sees positives in Continue reading

Posted in Dining, Economy, Galaxy Entertainment, Las Vegas Sands, Macau, Melco Resorts & Entertainment, MGM Resorts International, Sociedade de Jogos de Macau, Tourism, Transportation | Comments Off on Moderate-sized trouble in Little China

Quote of the Day

“The floor of Congress is now going to look like an Islamic republic. We are a Judeo-Christian country. We are a nation rooted and grounded in Christianity and that’s that.” — Rev. E.W. Jackson, decrying the wearing of hijabs on Capitol Hill. How does he feel about yarmulkes?

Posted in Cretins | Comments Off on Quote of the Day

SJM: Aren’t we special?

Sociedade de Jogos de Macau must think it’s pretty special. While its straggling Grand Lisboa Palace will stock some table games via the ‘cap-and-trade’ formula used by other operators, it has loftily informed the press that it expects the Macao government to give it 300 fresh-to-market tables. That’s far more than any other Cotai operator has received since the government-imposed slowdown on new gambling inventory. The $4.6 billion megaresort certainly needs all the tables it can get, especially since they will have to help support three hotels, including a Palazzo Versace and a Karl Lagerfeld-branded hostelry. SJM might be better advised to keep its eye on finishing the project by the end of 2019, coming in just under the wire of concession renewal — or rebidding — in 2020.

Macanese casino owners hoping for concession renewal might want to look to their customer service, which was Continue reading

Posted in Economy, Galaxy Entertainment, Las Vegas Sands, Macau, Melco Resorts & Entertainment, MGM Resorts International, Movies, Regulation, Sheldon Adelson, Singapore, Sociedade de Jogos de Macau, Tourism, Wynn Resorts | Comments Off on SJM: Aren’t we special?

18 Fremont unveiled

Continue reading

Posted in Architecture, Derek Stevens, Downtown | 4 Comments

Vegas ranks high for New Year’s Eve; MGM Springfield initiates bus service

WalletHub is out with a New Year’s Eve survey that ranks Las Vegas as the fifth-best city in which to celebrate the holiday, New York City (of course) led the list, followed by Los Angeles, Atlanta (see, we need casinos here) and San Diego. Factors propelling Las Vegas into the #5 spot included “nightlife options per capita” (#1), “music venues per capita” (#1) and, not to be gainsaid, “legality of fireworks” (#1). Vegas was #4 in restaurants and #6 when it came to “Luxury Shopping & Gourmet-Food Stores per Capita.” It scored badly (#41) on ticket affordability and an abysmal #55 for walkability. Look on the bright side, Las Vegas: Reno was #52 overall and Atlantic City didn’t even make the list.

* Faced with disappointing early numbers at MGM Springfield, the casino is reaching out to Continue reading

Posted in Atlantic City, California, Connecticut, Foxwoods, Georgia, Japan, Lawrence Ho, Marketing, Massachusetts, Melco Resorts & Entertainment, MGM Resorts International, Mohegan Sun, New Hampshire, New York, Philippines, Problem gambling, Reno, Sports, The Strip, Transportation, Tribal | Comments Off on Vegas ranks high for New Year’s Eve; MGM Springfield initiates bus service

Ruffin over Miami; Satre to state Wynn’s case

“I look forward to entering the Miami gaming market through this acquisition. We have exciting plans for Casino Miami that we will be revealing in the near future.” With those words Phil Ruffin took possession of the $155 million casino, unloaded to him in reaction to the November election results that went well for the Seminole Tribe and badly for everyone else in the casino biz. While Ruffin’s new place holds 1,012 slot machines, Phil can upsize that to 2,000 one-armed bandits. The casino, which is on pace to gross $72 million this year, also contains a jai alai fronton. Other than adding a hotel Ruffin plans no radical changes to the property.

According to Ruffin spokeswoman Michelle Knoll, Ruffin “felt Continue reading

Posted in Election, Florida, International, Internet gambling, Las Vegas Sands, Macau, Massachusetts, MGM Resorts International, Mohegan Sun, New Jersey, New York, Phil Ruffin, Politics, Regulation, Seminole Tribe, Sexual misconduct, Sports betting, Steve Wynn, Wall Street, Wynn Resorts | Comments Off on Ruffin over Miami; Satre to state Wynn’s case

18 Fremont’s cover blown; Resorts World LV delayed yet again

Last week, Ryan Hess stole Derek Stevens‘ thunder, posting a stunning rendering for 18 Fremont on Twitter and linking to an EB-5 visa Web page that included more sexy pictures — six swimming pools — of the Stevens brothers’ upcoming hotel-casino (slated for 2021 completion), pictures which have subsequently removed. TravelZork.com was also quick to pick up on the 18 Fremont disclosure. Funding from Wall Street must be hard to come by if Stevens is reduced to going the EB-5 route. The Stevens promise “18 Fremont will create 48 to 50 Jobs per investor. Significant number of jobs have already been created.” To ameliorate any fears of EB-5 investors  being left out in the cold (Lucky Dragon, anyone?), they explain that “Ownership generates approximately $130-140 Million USD annually from their other businesses, which creates cash flow that can be used to payback [sic] EB-5 investors.” (emphasis added) It just figures that Continue reading

Posted in Affinity Gaming, Ameristar, Architecture, Boyd Gaming, Caesars Entertainment, Dan Gilbert, Derek Stevens, Dining, Downtown, Eldorado Resorts, Full House Resorts, Genting, Indiana, International, Isle of Capri, Lucky Dragon, LVCVA, Majestic Star, Missouri, Ohio, Penn National, Steven Witkoff, The Strip, Tribal, Wall Street, Wynn Resorts | 1 Comment

MGM, Cordish clean up in Maryland; Pennsylvania a cash cow

It was another good month at MGM National Harbor, which grossed almost $2 million per day in November, an above-average take for the pleasure palace. Slots were up 15% (to $31 million) while table games leapt 46%, grossing $26 million. MGM took 41% of market share in the Free State. The prosperity was shared with Maryland Live, up 12% to $49 million. Table games continued to propel Ocean Downs, up 34% to $5 million. Everybody else faced some form of decline. Hollywood Perryville ($5 million) was down 6%, Rocky Gap Casino slipped 3% to $4 million. Perhaps the biggest disappointment was Horseshoe Baltimore, down 14% for a $19.5 million haul.

Over in West Virginia, the state continues to hold off competition fairly well, with slots Continue reading

Posted in Boyd Gaming, Caesars Entertainment, Churchill Downs, Cordish Co., DFS, Economy, Eldorado Resorts, GLPI, Golden Gaming, Illinois, Internet gambling, Japan, Macau, Maryland, MGM Resorts International, New Jersey, Penn National, Pennsylvania, Rush Street Gaming, Sports betting, Taxes, Tourism, Transportation, Wall Street, West Virginia | Comments Off on MGM, Cordish clean up in Maryland; Pennsylvania a cash cow

Big Beaver and other Case Bets

Sands China has upped its capital commitment to Sands Cotai (aka The Londoner) as its Four Seasons is scheduled for a $450 million upgrade. The Sands Cotai makeover is now budgeted at $2.2 billion, a hefty vote of confidence in the Macao market. Said Las Vegas Sands COO Rob Goldstein, “We see our hotel rooms are knocking out numbers we never anticipated. We think there’s a demand in that market for all kinds of different things including quality hotel rooms.” A $571 million third-quarter profit will give you that kind of faith.

* There’s not much of a NIMBY problem for Mounty Airy Casino‘s satellite facility in Pennsylvania. “Sparsely populated” Big Beaver saw residents Continue reading

Posted in Environment, Hard Rock International, Las Vegas Sands, Macau, MGM Resorts International, Pennsylvania, Transportation | 1 Comment

Resorts World LV delayed (again); Lady Gaga reigns supreme

Resorts World Las Vegas has reached the 39th of a projected 60 floors. However, Genting Group is cautiously hedging its bet, telling Credit Suisse analyst Cameron McKnight the resort will be finished “by 2020,” not late 2019, as stated previously. Somehow it just wouldn’t be Genting without yet another project postponement. However, by skipping 2019, the company may be doing itself a mitzvah: An unidentified UNLV economist has projected flat gross gaming revenue for Las Vegas next year. It’s getting harder and harder to get Americans to come gamble in Vegas when they can do it close to home — and without paying resort fees.

In an interesting side note, McKnight writes, Continue reading

Posted in CityCenter, Derek Stevens, Downtown, Dubai, Economy, Entertainment, Genting, Macau, MGM Resorts International, Wall Street | 2 Comments

Casino comes to Arkansas; Luxury comes at a cost

That was quick. Downstream Development Authority, a branch of the Quapaw Tribe, has been tapped by local officials to develop a casino in Pine Bluff, Arkansas. If you think the decision precipitate, don’t worry: The Quapaw have been doing outreach for five years now and a news reports states that “it seems unlikely that another applicant will emerge.” Anyone who does will have to have both local backing and casino experience. We can think of a lot of people with the latter but without the former. (Considering that Caesars Entertainment is drawing down its operations in Tunica was it was of them to have dynamited all their bridges to Arkansas?)

For now, everyone involved is treating the benediction of the Continue reading

Posted in Arkansas, Caesars Entertainment, Connecticut, Economy, Illinois, Internet gambling, Macau, Marketing, MGM Resorts International, New York, Politics, Sports betting, Technology, Tribal, West Virginia | Comments Off on Casino comes to Arkansas; Luxury comes at a cost

Quote of the Day

“We’re actually offended by that concept. Our whole business model is based on integrity. We don’t feel we need to pay a fee to do what we do every single day. But we are willing to pay and pay well for data and for sponsorship and co-branding.” — MGM Resorts International CEO Jim Murren on the idea of licensing sports data from the major leagues. MGM’s new sponsorship deal with Major League Baseball carries no such clause.

Posted in Baseball, MGM Resorts International, Sports, Sports betting | 2 Comments

Case Bets

Taking its own sweet time, Hard Rock Atlantic City will finally have a sports book in early 2019. Malta-based Gaming Innovation Group has been tapped to handle the nuts and bolts. The lack of sports betting in what should be a high-traffic casino might help to explain why Hard Rock hasn’t been able to break out of third place in Atlantic City. Maybe the nearby Tropicana could offer a few helpful hints.

* Centaur Gaming principals John Keeler and Rod Ratcliff didn’t stay out of the gambling business for long after Continue reading

Posted in Atlantic City, Caesars Entertainment, California, Centaur Gaming, Hard Rock International, history, Indiana, Macau, Majestic Star, New Mexico, Sports betting, Tourism, Transportation, Tribal | Comments Off on Case Bets

Quote of the Day

“It started out to give a man a back rub, but in many cases it turned into something far worse than that, elevated to a serious crime, in some cases sexual batteries.” — former Palm Beach police chief Michael Reiter, discussing the sexual predations of hedge fund manager and “friend of Bill” Jeffrey Epstein, who got off with a slap on the wrist.

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Quote of the Day

“I don’t do odds.” — failed casino owner Donald Trump.

Posted in Donald Trump | Comments Off on Quote of the Day

Station loses again; Starwood data raided

Station Casinos continues to be at cross-purposes with the National Labor Relations Board. Its latest misstep was stonewalling the Culinary Union with regard to labor talks at Green Valley Ranch. NLRB Chairman John Ring ruled, By failing and refusing since July 23 to recognize and bargain with the Union as the exclusive collective bargaining representative of employees in the appropriate unit, the Respondent has engaged in unfair labor practices…” Ring ordered that Station stop stalling and initiate good-faith talks with the Culinary. By this time it should be clear that Station was talking up its sleeve when it claimed it would honor the results of secret-ballot elections.

S&G supported Station’s insistence on such votes instead of Continue reading

Posted in Arizona, Culinary Union, Donald Trump, Economy, Macau, Station Casinos, Taxes, Technology, Transportation, Tribal, Wall Street, Wisconsin | 1 Comment