{"id":18582,"date":"2016-07-28T12:53:52","date_gmt":"2016-07-28T20:53:52","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=18582"},"modified":"2016-07-28T13:00:41","modified_gmt":"2016-07-28T21:00:41","slug":"analysts-buy-penn-veteran-columnist-calls-it-quits","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/analysts-buy-penn-veteran-columnist-calls-it-quits\/","title":{"rendered":"Analysts: Buy Penn!; Veteran columnist calls it quits"},"content":{"rendered":"

According to J.P. Morgan<\/strong> analyst Joseph Greff<\/strong>, “meaningful contributions” from the Tropicana Las Vegas<\/strong>, Plainridge Park<\/strong> Casino<\/strong> and Illinois<\/strong> slot route Prairie State Gaming<\/strong> drove a 14.5% improvement in Penn National Gaming<\/strong>‘s cash flow last \"Pennquarter. M Resort<\/strong> hit a record level in that department and Greff reported continuing improvement at the Trop, all this despite “economic and political uncertainty that is weighing on discretionary spend.” Penn management also noted positive results from a tweaked casino floor and new marketing strategy at Plainridge. At the Trop, room revenues are up 6.5% and volume of slot play has increased 30% (although some of the latter could reflect a winnowed-out slot inventory). Penn continues to wean the old gal off online travel agencies, getting OTA room nights down to 36% from 52% a year ago. It credits 10,000 room nights in May and June to incorporation of the Marquee Rewards<\/strong> loyalty program. As for the oft-mooted Phase II, customer feedback has Penn looking at investing in more non-gaming amenities rather than adding hotel rooms.<\/p>\n

In the San Diego<\/strong> area, Hollywood Casino Jamul<\/strong> continues to plod toward a vaguely late-summer opening. In addition to getting 30% of pre-tax revenue, Penn is going to collect double-digit interest on the $390 million, by dint of having financed it on behalf of Jamul Indian Village<\/strong>.\u00a0“Stock is cheap, next catalysts likely positive” added Deutsche Bank<\/strong>‘s Carlo Santarelli<\/strong> cutting right to the chase. “Buy” recommendations don’t come much blunter than that.<\/p>\n

* Alabama<\/strong> Gov. Robert Bentley<\/strong> (R) may have added one more gaming question to the November ballot. He’s calling a special session of the Lege<\/a> in hopes of creating a referendum on a Cotton State lottery. Voters confronted the issue 17 years ago and shot it down, but that’s a long time and Bentley’s found tax increases to be a tough sell with lawmakers. So they will, as the New York Times<\/em> put it, “weigh the politics of public finance, poverty and piety.” “Shortfalls every year hurt our children in poverty, elderly, even law enforcement” Bentley Tweeted his constituents. “Why I called the Special [Session].” Hey, not every political issue can be reduced to 140 characters.<\/p>\n

Without offering any specifics, the scandal-besieged Bentley<\/a> predicts a lottery could raise $225 million a year. Aside from predictable religious objections, Bentley’s proposal is being faulted as “failed government policy.” However, lotteries are not as toxic in Dixie as \"Delthey used to be: next-door neighbors Georgia<\/strong>, Tennessee<\/strong> and Florida<\/strong> all have them. Bentley is positing a lottery as a more-attractive alternative to casinos, an idea that has traction<\/a> within the GOP caucus. As state Senate President Del Marsh<\/strong> (R, right<\/em>) put it,\u00a0\u201cRepublicans, by and large, aren\u2019t big advocates of gaming.\u00a0But they sure as hell don\u2019t like taxes.\u201d That’s good news for Bentley, who can count on the support of Democrats and “george” donors like racetrack\u00a0owner Milton MacGregor<\/strong>, but who needs to win over GOPers who just kicked his package of cigarette and vehicle-sales taxes in the teeth. Marsh had floated the idea of compacting with the Poarch Band of Creek Indians<\/strong> for a steady flow of gaming revenue but got nowhere. As for Bentley’s new lottery push, odds are long and time is short.<\/p>\n

* A couple of our “Rumors du jour” haven’t exactly proven blue-plate specials. That’s a nice way of saying we’re working an\u00a00-and-2 count. Station Casinos<\/strong> denies that it has any designs on Fontainebleau<\/strong>, according to the ever-reliable Scott Roeben<\/strong>, author of Vital Vegas<\/a>. (Given the number of balls Station is juggling at the moment, it’s hard to imagine the company tossing one more.) And MGM Resorts International<\/strong> firmly denies that it’s going to implode Excalibur<\/strong>, although they were good sports about the story. That being the case, we’ll look forward to our annual Tournament of Kings<\/em> pilgrimage.<\/p>\n

* S&G<\/em> got one prediction right when we forecast that Las Vegas Review-Journal<\/em> columnist Norm(!) Clarke<\/strong> would be squeezed out by the arrival of the golem known as Robin Leach<\/strong>. Clarke is citing health and family concerns<\/a> for stepping down, so perhaps the signing of Jabba the Gutt was done in anticipation of Clarke’s impending absence. Either way, the R-J<\/em> had one gossip columnist too many — and has been going out of the way to promote its newest acquisition. I’ll miss Clarke: His columns were fun to read, prescient and devoid of sycophancy. Vaya con dios<\/em>, Norm. As for the R-J<\/em>, it continues to shed marquee talent at a prolific rate since falling into Sheldon Adelson<\/strong>‘s grasp. Pace<\/em> Clarke, I suggest you read John Katsilometes<\/strong> in the Las Vegas Sun<\/em>, who’s been on quite a roll of late.<\/p>\n","protected":false},"excerpt":{"rendered":"

According to J.P. Morgan analyst Joseph Greff, “meaningful contributions” from the Tropicana Las Vegas, Plainridge Park Casino and Illinois slot route Prairie State Gaming drove a 14.5% improvement in Penn National Gaming‘s cash flow last quarter. M Resort hit a … 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":[135,34,14,26,4,59,58,63,53,112,11,69,33,12,92,57,9,20,38],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/18582"}],"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=18582"}],"version-history":[{"count":4,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/18582\/revisions"}],"predecessor-version":[{"id":18586,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/18582\/revisions\/18586"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=18582"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=18582"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=18582"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}