{"id":12805,"date":"2014-02-21T11:02:21","date_gmt":"2014-02-21T19:02:21","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=12805"},"modified":"2021-11-28T08:44:04","modified_gmt":"2021-11-28T16:44:04","slug":"case-bets-glpi-macao-louisiana-ely","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/case-bets-glpi-macao-louisiana-ely\/","title":{"rendered":"Case Bets: GLPI, Macao, Louisiana, Ely"},"content":{"rendered":"

\"Cowpoke\"<\/a>Gaming & Leisure Properties<\/strong>, parent company of Penn National Gaming<\/strong>, held its first conference and discussed what Deutsche Bank<\/strong>‘s Carlo Santarelli<\/strong>, in a Freudian slip, called “key tenants [sic<\/em>] of the … bull case.” We’re already seeing how GLPI intends to operate, 61 days into business. It’s closed its acquisition of the Casino Queen<\/em> in East St. Louis<\/strong>, leased it back to ownership at $14 million a year and lent its new tenants $43 million.\u00a0“For our part, we continue to believe that GLPI’s strategy is sound<\/em>,” wrote J.P. Morgan<\/strong> analyst Joseph Greff<\/strong>. “We believe the pertinent question for investors is at what pace and size will the acquisitions occur, which of course remains to be seen<\/em>.” Yes, considering the aggressive noises made by GLPI prior to its going into business, there’s much that remains to be seen.<\/p>\n

If the Macao<\/strong> government is really going to shorten casino concessions on the major operators it’s got a damned funny way of showing it. In a move intended to shovel business toward the big casinos (and remove gambling from residential parts of town), it’s banning slot parlors and parimutuels<\/a>. “Our goal is to eliminate all slot parlours not situated in casinos,”\u00a0Secretary for Economy & Finance Francis Tam<\/strong> told legislators. As for those rumors that concessions would be cut to five years, it’s so much poppycock<\/a>, experts say. Besides, it would put a chill on new investment in Macao, who economy is predicated on more and bigger megaresorts.<\/p>\n

Gaming revenue grew a bit last month in Louisiana<\/strong> but it did so at the expense of some of the state’s casinos. Statewide, it was up 2% but — on an apples-to-apples basis — it fell 3%. That’s because new Margaritaville<\/strong> casino cut in on the action. Even normally stout El Dorado<\/em> fell 6% and Horseshoe Bossier City<\/strong> dropped 8% but remained the market leader. For instance, Pinnacle Entertainment<\/strong>‘s Boomtown Bossier City<\/em> was off by 24.5%. Sam’s Town<\/strong>, in the same market,\u00a0beat Wall Street estimates and finished the month up 4%. Wild variations in casino performance like these make it impossible to generalize. In Lake Charles<\/strong>, Isle of Capri Lake Charles<\/em> grew revenue 8%, double the pace of L’Auberge du Lac<\/strong>, although the latter vastly outgrossed Isle, $26 million to $10 million.<\/p>\n

L’Auberge Baton Rouge<\/strong> is outgrossing its two competitors combined, growing its revenue 7%. Boomtown New Orleans<\/em> and Boyd Gaming<\/strong>‘s Treasure Chest<\/em> were both off 10% in the New Orleans<\/strong> market, and the state’s racinos posted similarly uninspiring numbers. By the smallest of increments, Harrah’s New Orleans<\/strong> nosed past L’Auberge du Lac<\/strong> to be the highest-grossing casino in the Pelican State last month. Meanwhile, Margaritaville’s early success shows us there’s a smidgen of demand for new product that doesn’t involve cannibalization, which is a reassuring sight.<\/p>\n

Every time you<\/strong> turn around there’s another Gaughan popping out of the works. This time it’s John Gaughan<\/strong>, who’s been approved<\/a> by the Nevada Gaming Control Board<\/strong> to run the Hotel Nevada<\/strong> in Ely<\/strong>, along with owning half the pint-sized Postal Palace<\/strong>, and two taverns in the Vegas area. Built in 1929 and boasting all of 67 rooms, the six-story Hotel Nevada was actually the tallest building in the Silver State for some time. It’s always nice to see an historic property getting some love, rather than going to the dogs.<\/p>\n

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Gaming & Leisure Properties, parent company of Penn National Gaming, held its first conference and discussed what Deutsche Bank‘s Carlo Santarelli, in a Freudian slip, called “key tenants [sic] of the … bull case.” We’re already seeing how GLPI intends … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[60,7,85,84,62,39,69,30,25,38],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/12805"}],"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=12805"}],"version-history":[{"count":6,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/12805\/revisions"}],"predecessor-version":[{"id":24482,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/12805\/revisions\/24482"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=12805"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=12805"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=12805"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}