{"id":27803,"date":"2020-08-21T08:30:47","date_gmt":"2020-08-21T16:30:47","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=27803"},"modified":"2020-08-25T05:26:28","modified_gmt":"2020-08-25T13:26:28","slug":"dispatch-from-louisiana-generosity-at-wynncore","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/dispatch-from-louisiana-generosity-at-wynncore\/","title":{"rendered":"Dispatch from Louisiana; Generosity at Wynncore"},"content":{"rendered":"\n
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Gaming revenue was down 11% last month, not bad considering. The gross was $177.5 million. Lake Charles<\/strong> was easily the most popular market, with $72 million overall. Golden Nugget<\/strong> snared $27.5 million of that (-1%), followed by L’Auberge Lake Charles<\/strong>‘ $23.5 million (-5%), then Delta Downs<\/strong>‘ $15 million (-1.5%), then perpetual laggard Isle Grand Palais<\/strong> with $6 million (-26%). New Orleans<\/strong> wasn’t nearly as popular, drawing $36 million, with a weak $13 million from Harrah’s New Orleans<\/strong> (-36%) against rival Boomtown New Orleans<\/strong>‘ upstart $10 million (+13.5%). Treasure Chest<\/strong>‘s $7 million was a 16% slippage, while Fair Grounds<\/strong> racino booked $3 million (-13%) and Amelia Belle<\/strong> was down 26% at $2.5 million. The Baton Rouge<\/strong> market posted $19 million, the vast majority of that\u2014$13 million\u2014coming from L’Auberge Baton Rouge<\/strong>, up 12.5%. Casino Rouge<\/strong> gained a point and grossed $4.5 million whilst unwanted Belle of Baton Rouge<\/strong> eked out $1.5 million, a 28.5% decline. Customers know a stinker when they see one.<\/p>\n\n\n\n\n\n\n\n

Second-strongest market in the state was Shreveport<\/strong>\/Bossier City<\/strong>, where Margaritaville<\/strong> ($15 million) continues to haul Horseshoe Bossier City<\/strong> ($12 million) off to the woodshed. The former was 6% up, the latter 19.5% down. At $5.5 million, Eldorado Shreveport<\/strong> took a 43.5% thwacking, while Boomtown Bossier<\/strong> was down 6% to $4 million. That leaves Sam’s Town<\/strong> and its $4.5 million (-32%) and Harrah’s Louisiana Downs<\/strong>, which grossed $4 million for flat finish with last year. Out in the sticks, Evangeline Downs<\/strong> pulled in $6 million for a 12% setback.<\/p>\n\n\n\n

In a “george” move, Wynn Resorts<\/strong> is offering (some) employees WYNN shares to stay with the company, 176,247 shares worth. CEO Matt Maddox<\/strong> led by example<\/a>, renouncing 140,000 in order to incentivize 240 key employees. \u201cI want you to be an owner in the company,\u201d Maddox wrote of the grant, which vests in one year’s time. He said that “unprecedented … really does not describe the situation at all: this year is treacherous … But this is what I do know: it will end, and when it does, I believe we will be booking conventions, filling our nightclubs and theaters, and will return to high occupancy in the back half of next year.\u201d You heard the man: He’s not predicting recovery until next July at the earliest<\/em>. There’s a realist for you. He admitted to investors that Wynncore<\/strong> is running at 30% occupancy midweek and half-full on weekends. What a way to launch your new convention center.<\/p>\n\n\n\n

\"\"In an SEC<\/strong> filing, the company explained, \u201cMr. Maddox\u2019s original incentive grant contained certain performance metrics that are no longer relevant in light of the extremely challenging conditions stemming from the COVID-19 pandemic. Mr. Maddox asked the Compensation Committee instead to recognize the efforts of top leadership during an extraordinarily difficult time through the retention award.\u201d Observed Las Vegas<\/strong> chronicler Scott Roeben<\/strong>, “Interesting a company would have to do anything to retain employees right now.”<\/p>\n","protected":false},"excerpt":{"rendered":"

Gaming revenue was down 11% last month, not bad considering. The gross was $177.5 million. Lake Charles was easily the most popular market, with $72 million overall. Golden Nugget snared $27.5 million of that (-1%), followed by L’Auberge Lake Charles‘ … 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":[60,244,176,14,190,287,84,69,269,233],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/27803"}],"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=27803"}],"version-history":[{"count":1,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/27803\/revisions"}],"predecessor-version":[{"id":27804,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/27803\/revisions\/27804"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=27803"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=27803"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=27803"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}