{"id":11598,"date":"2013-09-25T11:09:21","date_gmt":"2013-09-25T19:09:21","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=11598"},"modified":"2023-08-16T06:03:27","modified_gmt":"2023-08-16T14:03:27","slug":"penn-boyd-take-the-hot-seat","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/penn-boyd-take-the-hot-seat\/","title":{"rendered":"Penn, Boyd take the hot seat"},"content":{"rendered":"<p>Continuing its series of &#8220;fireside chats,&#8221; <strong>Deutsche Bank<\/strong>&#8216;s <strong>Carlo Santarelli<\/strong> met with <strong>Penn National Gaming<\/strong> executives. They reported that high-end play was pretty much normal but that small-fry players (who represent a quarter of their <a href=\"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2010\/11\/penn-national-gaming.jpg\"><img loading=\"lazy\" class=\"alignleft size-full wp-image-5083\" src=\"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2010\/11\/penn-national-gaming.jpg\" alt=\"penn-national-gaming\" width=\"195\" height=\"45\" srcset=\"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2010\/11\/penn-national-gaming.jpg 195w, https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2010\/11\/penn-national-gaming-150x34.jpg 150w\" sizes=\"(max-width: 195px) 100vw, 195px\" \/><\/a>database) are wagering less these days. As for struggling <strong>Hollywood Columbus<\/strong>, Penn is taking the long view, saying it faced a similar situation in <strong>Kansas City<\/strong> and it could be look at a three-to-five-year ramp up of business. <strong>Internet<\/strong> cafe users in <strong>Ohio<\/strong> overlap about 10% of Penn&#8217;s player base and a ballot initiative to keep the cafes legal has a poor <!--more-->chance of making the ballot. Beyond opening its <strong>Ohio<\/strong> racinos, Penn&#8217;s priority is to deleverage its balance sheet.<\/p>\n<p>Santarelli also met with <strong>Boyd Gaming<\/strong> CEO <strong>Keith Smith<\/strong>. The latter spoke of a difficult <strong>Las Vegas<\/strong> locals market, although Boyd maintains it can increase cash <a href=\"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2011\/04\/boyd-gaming-200.jpg\"><img loading=\"lazy\" class=\"alignright size-full wp-image-6232\" src=\"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2011\/04\/boyd-gaming-200.jpg\" alt=\"boyd-gaming-200\" width=\"80\" height=\"80\" \/><\/a>flow through fewer promotions and other cutbacks. &#8220;<em>Spend per visit remains roughly 20% off 2008 peak levels (~$50)<\/em>,&#8221; wrote Santarelli. Midwestern and Southern results were characterized as &#8220;sluggish.&#8221; Boyd identified debt repayment as Job One but Santarelli wasn&#8217;t completely buying it. &#8220;<em>[I]\u00a0believe management\u00a0continues to evaluate select growth oriented acquisitions<\/em>,&#8221; provided the deal comes with some means for paying the acquisition price down posthaste.<\/p>\n<p><strong>Smith was &#8220;bullish&#8221;<\/strong> on Downtown and sanguine regarding Internet gambling in <strong>New Jersey<\/strong>, confident the Nov. 26 deadline would be met. The market itself is estimated as being worth $400 &#8230; and the brand equity of <strong>Borgata<\/strong> could ensure a very big chunk of that for Boyd.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Continuing its series of &#8220;fireside chats,&#8221; Deutsche Bank&#8216;s Carlo Santarelli met with Penn National Gaming executives. They reported that high-end play was pretty much normal but that small-fry players (who represent a quarter of their database) are wagering less these &hellip; <a href=\"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/penn-boyd-take-the-hot-seat\/\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[23,60,51,37,39,71,69,38],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/11598"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/comments?post=11598"}],"version-history":[{"count":3,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/11598\/revisions"}],"predecessor-version":[{"id":32851,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/11598\/revisions\/32851"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=11598"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=11598"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=11598"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}