{"id":22907,"date":"2018-11-13T12:00:52","date_gmt":"2018-11-13T20:00:52","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=22907"},"modified":"2018-11-13T12:00:52","modified_gmt":"2018-11-13T20:00:52","slug":"stasis-in-missouri-steve-wynns-got-a-secret","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/stasis-in-missouri-steve-wynns-got-a-secret\/","title":{"rendered":"Stasis in Missouri; Steve Wynn’s got a secret"},"content":{"rendered":"

Missouri<\/strong> casinos grossed $138 million last month, essentially flat with 2017. The big winner was Eldorado Resorts<\/strong>, up 19% at Lumiere Place<\/strong> (shown<\/em>, $13 million) but 9% lower at \"\"Isle of Capri\u00a0Kansas City<\/strong> ($5 million). Boyd Gaming<\/strong> had an inauspicious start to its return to the Show-Me State, down 1% at both Ameristar Kansas City<\/strong> ($15 million) and Ameristar St. Charles<\/strong> ($21 million). Eldorado’s outstate properties delivered a very mixed performance with Lady Luck Caruthersville<\/strong> 1.5% down ($3 million), Isle of Capri Boonsville<\/strong> up 1.5% ($6 million) and Isle of Capri Cape Girardeau<\/strong> down 4.5% ($5 million). Penn National Gaming<\/strong> was absolutely flat — $18 million — at Hollywood Casino St. Louis<\/strong> but up 5% in Kansas City<\/strong>, where it grossed $14 million. Harrah’s North Kansas City<\/strong> did almost $15 million in business, a 2% gain. One of Penn’s new trophies, River City<\/strong>, dove 6%, to $17 million, while Affinity Gaming<\/strong>‘s Mark Twain Casino<\/strong> was down 1% to $2.5 million.<\/p>\n

* There’s something — maybe a lot of somethings — in the Massachusetts Gaming Commission<\/strong>‘s dossier on Steve Wynn<\/strong> that El Steve doesn’t want you to see<\/a>. He’s suing his former company and the MGC to block the release of the latter’s investigation<\/a>\u00a0(or at least force significant redactions) into \"\"his conduct, which includes concealment of a $7.5 million paternity settlement from Massachusetts<\/strong> regulators. Citing Wynn’s “litigious tendencies” (paging John L. Smith<\/strong>, Mr. Smith come to the white courtesy phone), the MGC claims to be undeterred. \u201cThe commission has retained legal representation in Nevada to mount a vigorous defense against his effort to block the release of our months-long investigatory report and to defend against Mr. Wynn\u2019s baseless claims for damages. It is our intention to bring this matter to a swift resolution. The commission\u2019s investigative arm remains focused on its preparations to soon present the commission with the full extent of its findings,\u201d said commission spokeswoman Elaine Driscoll<\/strong>.<\/p>\n

Global Gaming Business<\/em> predicts a further delay of the wrap-up of the MGC investigation, already pushed into December, meaning that the eventual fate of Encore Boston Harbor<\/strong> continues to hang in the balance. Casino prexy Robert DeSalvio<\/strong> must come in to work some days wondering if he’s building that $6.2 billion\u00a0dollar pleasure palace all for nothing.<\/p>\n

* Macao<\/strong> casinos had a solid third quarter, with cash flow\u00a0up 9%, mass-market revenue\u00a0gaining 17% and VIP win 4% higher. Sequentially, Melco Resorts & Entertainment<\/strong>\u00a0took \"\"a fraction of mass-market play away from Galaxy Entertainment<\/strong> and Sociedade de Jogos de Macau<\/strong>, while Wynn Resorts<\/strong> gained\u00a04% of VIP share at\u00a0Galaxy’s expense. Even so, Galaxy’s 23% overall share was good enough for second place behind Sands China<\/strong> (35%) and ahead of Wynn’s 19%. Melco hung in there with 11%, MGM China<\/strong> had its usual 7% and SJM, fading fast, clung to 5%. As for coveted VIP play, Galaxy was tops, with 26% to Wynn’s 22%. Sands was well back, with 16%, while SJM had 15%, Melco 14% and MGM trailed the pack with 7%.<\/p>\n

Looking ahead, Credit Suisse<\/strong> analyst Cameron McKnight<\/strong> cites declining credit within China<\/strong>, combined with “forward indicators pointing to a marked deceleration of revenue \"\"growth in the next 12 months, and October revenues inline with weakened expectations” for a flat 2019-20. “Weak credit data is likely to exacerbate China macro concerns.\u00a0There is a significant lag (12-15 months plus) between Macau revenue\u00a0and credit growth. If Macau revenue growth decelerates, it likely reflects macro conditions at least a year ago \u2014 when credit growth was slowing. Secondly, credit growth is very volatile m\/m and q\/q,” he explains.<\/p>\n

* If you’ve ever wondered what became of Penn National Gaming<\/strong>‘s much-litigated Sioux City<\/strong> riverboat, you’ll find it in Goa<\/strong>, where it will serve as a temporary floating casino<\/a> until new operator Casino Pride Group<\/strong> repairs its other vessels. Casino Pride is just one of the many operators fighting the government’s stated desire to bring all gambling onshore. It’s already thrown in the towel<\/a> on a 2020 deadline and is looking hopefully toward 2022. It is also at war with itself over whether to grandfather existing casino licensees into a special gambling sector around Mopa International Airport<\/strong> or hold an auction.<\/p>\n","protected":false},"excerpt":{"rendered":"

Missouri casinos grossed $138 million last month, essentially flat with 2017. The big winner was Eldorado Resorts, up 19% at Lumiere Place (shown, $13 million) but 9% lower at Isle of Capri\u00a0Kansas City ($5 million). Boyd Gaming had an inauspicious … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":8510,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[173,40,60,14,199,201,22,86,85,241,62,112,93,245,39,69,25,213,32,233],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/22907"}],"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=22907"}],"version-history":[{"count":1,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/22907\/revisions"}],"predecessor-version":[{"id":22913,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/22907\/revisions\/22913"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media\/8510"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=22907"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=22907"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=22907"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}