18 Fremont unveiled

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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.

Posted in Florida, Law enforcement, Sexual misconduct | Comments Off on Quote of the Day

Quote of the Day

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

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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

Quote of the Day

“Protecting vulnerable consumers is our prime concern, and it must be the priority for gambling operators too. There are robust
requirements to safeguard players and prevent money-laundering which all businesses must adhere to if they wish to operate in the British market. I am pleased to see the Gambling Commission taking the strongest possible action when companies fail to meet their obligations.” — Secretary of State for Digital, Culture, Media & Sport Jeremy Wright, commenting on a wide-ranging crackdown on Internet sites which had insufficient anti-money-laundering and problem-gambling provisions on their Web sites.

Posted in International, Internet gambling, Problem gambling, Regulation | Comments Off on Quote of the Day

Scratch one casino; Adios, Megabus

Tunica continues to hemorrhage casinos. The latest casualty is Tunica Roadhouse. Owner Caesars Entertainment is terminating gambling at the property, although the 135-room hotel will be kept operational. This makes Horseshoe Tunica Caesars’ only remaining casino in the market. The move may have been in response to the November election, which saw voters in Arkansas approve racinos in the eastern part of the state. As Caesars said, the “difficult decision follows persistent declines in business levels in the area stemming from increased competition.” The casino will cease doing business at the end of January, although it’s unlikely the 377 employees will be able to find jobs elsewhere in the besieged Tunica market. (The hotel is run with a skeletal staff of Continue reading

Posted in AGA, Arizona, Arkansas, Caesars Entertainment, Eldorado Resorts, Election, Hard Rock International, International, MGM Resorts International, Mississippi, Mohegan Sun, Movies, Regulation, Sports betting, Tilman Fertitta, Transportation, Trump Entertainment Resorts, Wynn Resorts | 2 Comments

Las Vegas approaches record height; José Andres hailed

Despite stagnant revenues on the Las Vegas Strip, the state of Nevada is enjoying its best year for gaming revenue in a decade. This is translating to leading economic indicators such as home prices (up 5%) and consumer confidence (6% higher). Nevada has surpassed the $1 billion/month mark five times in 2018. Another month like October would put the state within shouting distance of the all-time high-water mark ($1.165 billion), achieved in October 2007. Visitation was up 2% despite a 3% decline in conventioneers. Hotel occupancy ran at 91.5%, boosting room rates 2.5% to $142/night. Possibly boosted by new I-11 access from Arizona, vehicular traffic into Las Vegas was up 7.5%. All of this has been accomplished in a year in which visitation lags last year by 1%, making the results all the more impressive.

* “There’s been a huge change in public opinion,” said Major League Baseball Commissioner Rob Manfred, rationalizing his sport’s new pact with Continue reading

Posted in Arizona, Baseball, Charity, Dining, Economy, International, Massachusetts, MGM Resorts International, Nevada, Sports, Sports betting, The Strip, Wynn Resorts | Comments Off on Las Vegas approaches record height; José Andres hailed

MGM teams with MLB; Brass Ass gets bigger

MGM Resorts International continues to rack up partnerships with the major sporting leagues, the latest being Major League Baseball. The American Gaming Association‘s Sara Slane was understandably giddy at the news. “Agreements between sports leagues and the gaming industry enable all sports stakeholders to work together to eliminate the illegal sports betting market,” she enthused. “With MLB’s announcement today, three major sports leagues now have official sports betting partners – evidence of our continued commitment to protecting the integrity of both consumers and sporting competitions and that contracts remain preferential to statutes in all sports betting deals.” Amen to that.

But it’s small consolation to Monmouth Park, which is still suing the major leagues for sports-betting revenue lost while the Bradley Act was being litigated. The latter comes to Continue reading

Posted in Colorado, Eldorado Resorts, International, Internet gambling, Mississippi, Nevada, New Jersey, Pennsylvania, PokerStars, Sports betting, West Virginia | 1 Comment

Uncle Sam wants your sports bet; Strip outperforms Nevada

Credit Suisse analyst Cameron McKnight had an ominous take on sports betting, as regards federal intervention and “integrity fees.” “Federal action on sports betting sounds more likely, though our contacts disagree on scope,” he warned, adding, “On integrity fees, we think the sports leagues’ efforts are only beginning – and they may concentrate on achieving federal oversight and outcomes in larger states like New York, Massachusetts and Illinois.” The Empire State is shaping up as a key battleground, as the Lege is expected to grapple with sports betting next year. “New York is a key catalyst and stocks could rally if sports betting is included in the early 2019 state budget … We think investors are more likely to seriously ascribe value for sports betting when it is legal in NY.”

DFS operators, already having quasi-sports-betting infrastructure in place, have gobbled up as much as 90% of the sports-betting marketplace outside Nevada. The only curb on growth could be Continue reading

Posted in Boulder Strip, DFS, Downtown, Economy, Illinois, Lake Tahoe, Laughlin, Mandalay Bay Massacre, Massachusetts, Mississippi, Nevada, New Jersey, New York, North Las Vegas, Sports betting, The Strip, Transportation, Wall Street | Comments Off on Uncle Sam wants your sports bet; Strip outperforms Nevada

Sin City still sinful; Pot comes to the Strip

Las Vegas beat out Los Angeles by a comfortable margin to nab the top spot on WalletHub‘s survey of America‘s most-sinful

cities, a category dominated by such activities as pathological gambling and smoking. Casino-enhanced cities dominated the list, with North Las Vegas logging in at #14, elbowing aside Phoenix (#15) but preceded by Detroit (#12), Philadelphia (#8), Miami (#7) and St. Louis (#5). Note to Georgia governor-elect Brian Kemp (R): If you get off your high horse about gambling, Atlanta (#6) has a serious shot at the top of the list. Metrics of sinfulness were, shall we say, unusual and not exactly quantifiable.

Vegas was 16th in anger and hatred (just read the comment threads on Continue reading

Posted in Arizona, CityCenter, Cordish Co., Detroit, DFS, Dubai, Election, Florida, Galaxy Entertainment, Georgia, Greenwood Racing, Japan, Macau, Marijuana, MGM Resorts International, Missouri, North Las Vegas, Pansy Ho, Pennsylvania, Regulation, Slot routes, Société des Bains de Mer, Sports betting, Taxes, The Strip | Comments Off on Sin City still sinful; Pot comes to the Strip

Quote of the Day

“They feel they have been mistreated, and no one in the state seems to care.” — former California gaming regulator Richard Schuetz on tribal litigation to stop ‘banked’ games in the Golden State’s card rooms.

Posted in California, Regulation, Tribal | Comments Off on Quote of the Day