{"id":20149,"date":"2017-09-01T09:27:27","date_gmt":"2017-09-01T17:27:27","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=20149"},"modified":"2017-09-01T09:27:27","modified_gmt":"2017-09-01T17:27:27","slug":"galaxy-dominates-macao-costners-casino-flops","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/galaxy-dominates-macao-costners-casino-flops\/","title":{"rendered":"Galaxy dominates Macao; Costner’s casino flops"},"content":{"rendered":"

For a company that entered Macao<\/strong>\u00a0with zero casino experience, Galaxy Entertainment<\/strong> is taking the veterans to school. In 2Q17, its \"\"cash flow grew 45%, to $420 million<\/a>, a figure not seen since 2012. Galaxy is also leading\u00a0the pack in terms of market share. According to JP Morgan<\/strong> analyst Joseph Greff<\/strong>, Galaxy has 24%, followed by Wynn Resorts<\/strong> (22%), Melco Resorts & Entertainment<\/strong> and Sociedade de Jogos de Macau<\/strong>\u00a0(17% each), Las Vegas Sands<\/strong> way back at 13% and MGM Resorts International<\/strong>‘s lone casino bringing up the rear with 7% — not so bad perhaps when you consider how heavily MGM is outnumbered in terms of physical properties.<\/p>\n

Galaxy’s surge has been driven largely by VIP play (up 5%), even as the company tries to pivot toward the mass market (up 15%). And its older properties are pulling their weight, according to Union Gaming Group<\/strong> analyst Grant Govertsen<\/strong>:\u00a0\u201ctheir StarWorld<\/strong> property on the peninsula continues to show strong growth, making it a significant outperform in that geography.\u201d Despite the disruption caused Typhoon Hato<\/strong>, Macanese casinos are expected to post 16% revenue growth for last month. We’ll know shortly, as the government is always quick to report gaming revenues, God bless them.<\/p>\n

*\u00a0Buried near the tail end of an interminable feature story<\/a> in Global Gaming Business<\/em> is a casual remark that Diana Bennett<\/strong> and business partner Scott Menke<\/strong> sold the Sahara<\/strong> to SLS<\/strong> for $1 billion. Yes, billion with a “B.” If Sam\u00a0Nazarian<\/strong> paid that much for the old rattletrap he’s an even bigger dunce than anyone ever suspected.<\/p>\n

* Say goodbye to the old Rhythm City<\/strong> casino barge. It’s about to set sail<\/a> from Davenport<\/strong>, destination Keokuk<\/strong>. It’s the (partial) end of an anachronistic era in Iowa gambling.<\/p>\n

*\u00a0Deadwood<\/strong> is becoming just that. Not only is gaming revenue down for the year but the decline has claimed another casualty<\/a>: Kevin Costner<\/strong>‘s Midnight Star<\/strong> casino (which seems to have done as well as most of his recent movies). Deadwood has gone from $107 million five years ago to $99 million last year in gaming receipts. City fathers are pinning their hopes on “empty nesters” flooding the city this month.<\/p>\n","protected":false},"excerpt":{"rendered":"

For a company that entered Macao\u00a0with zero casino experience, Galaxy Entertainment is taking the veterans to school. In 2Q17, its cash flow grew 45%, to $420 million, a figure not seen since 2012. Galaxy is also leading\u00a0the pack in terms … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":14714,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[14,201,86,62,222,11,10,212,54,162,12,195,213,182,32,38],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/20149"}],"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=20149"}],"version-history":[{"count":1,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/20149\/revisions"}],"predecessor-version":[{"id":20150,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/20149\/revisions\/20150"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media\/14714"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=20149"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=20149"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=20149"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}