{"id":28162,"date":"2020-10-14T07:41:26","date_gmt":"2020-10-14T15:41:26","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=28162"},"modified":"2020-10-16T09:23:49","modified_gmt":"2020-10-16T17:23:49","slug":"missouri-wilts-encore-closes-sorta-station-upgraded","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/missouri-wilts-encore-closes-sorta-station-upgraded\/","title":{"rendered":"Missouri wilts; Encore closes (sorta); Station upgraded"},"content":{"rendered":"\n
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Pent-up demand and stimulus checks appear to be sputtering across the Midwest. Missouri<\/strong> casinos were down 7.5% last month, grossing $129.5 million. Slots ($112 million) were off 6% and table games tumbled 17%. Top grosser in the state was Ameristar St. Charles<\/strong>, down 5% to $20.5 million. Penn National Gaming<\/strong> slid 21% at Hollywood St. Louis<\/strong> ($15 million) and 11% at River Cit<\/strong>y ($16.5 million). Caesars Entertainment<\/strong> did comparatively well at problem child Lumiere Place<\/strong>, off 6% to $11.5 million. Twin River Holdings<\/strong> was actually revenue-positive at Isle of Capri Kansas City<\/strong>, up 5.5% to $5.5 million, while supposedly impoverished Harrah’s Kansas City<\/strong> was steady at $15 million. Ameristar Kansas City<\/strong> skidded 12% to $13.5 million and Argosy Riverside<\/strong> dipped 3% to $12.5 million. Outstate, Isle of Capri Boonville<\/strong> did Caesars no favors, falling 8% to $6 million, while Century Casinos<\/strong> was flat in Caruthersville<\/strong> and off 2% in Cape Girardeau<\/strong>. Independent Mark Twain Casino<\/strong> was revenue-positive, up 4.5% to $3 million.<\/p>\n\n\n\n\n\n\n\n

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How bad is it on the Las Vegas Strip<\/strong>? So bad that Encore<\/strong> is partially re-closing. According to KLAS-TV<\/strong>, “The resort closed at noon on Monday, and will reopen at 2 p.m. every Thursday.” “Low demand” was blamed for the drastic measure. Poker players will have to migrate to the Wynn Las Vegas<\/strong> poker room, near the parking garage. No other changes have been announced.<\/p>\n\n\n\n

Getting better news was Station Casinos<\/strong>, whose price target was raised by JP Morgan<\/strong> analysts to $23\/share. Joseph Greff<\/strong> cited “continued relative spending strength in the locals market (locals GGR is, remarkably, tracking flattish year over year), a benign marketing\/promotional spending environment there, and relatively static labor opex.” He predicted Station would beat consensus estimates for cash flow with $105 million in 3Q20 and $106 million in 4Q. Food and beverage margins are significantly better now that they don’t have carry Palms Casino<\/strong>. No cash-flow valuation was attached to closed casinos (obviously) or Station’s bank of real estate.<\/p>\n\n\n\n

We didn’t log the amount of camera time received by the enormous BetMGM<\/strong> billboard in the end zone at last night’s decisive victory by a theoretically inferior Tennessee Titans<\/strong> team over the Buffalo Bills<\/strong>\u2014but it was significant. You couldn’t point a camera toward the goal posts without seeing “BetMGM.” We don’t know how much the latter paid for the prime spot but it was money extremely well spent. Titan Stadium<\/strong> has just gone 100% smoke-free, too. Good on them.<\/p>\n\n\n\n

Jottings<\/em><\/strong>: Contrary to expectations, Elon Musk<\/strong> is looking to head north, not south, on Las Vegas Boulevard<\/strong>. He’s submitted an application to the City of Las Vegas Planning Commission<\/strong> to route his light-rail project into a Downtown<\/strong> loop. The project is on the Nov. 3 agenda … James Packer<\/strong> thinks he’s too special to answer questions from the New South Wales<\/strong> gaming commission in person. Instead, he did it via video link from his $200 million yacht, “reported to be floating somewhere near Tahiti<\/strong>.” Despite Packer<\/strong>‘s willful ignorance of Crown Resorts<\/strong>‘ internal workings and its ties to organized crime, it appears that the fix is in for its $1.6 billion Sydney<\/strong> mega resort to be approved … It’s all over for Hard Rock International<\/strong> in Greece<\/strong>. The Hellenic Gaming Commission<\/strong> has awarded its casino license to Mohegan Gaming & Entertainment<\/strong>. The latter expects to create 7,000 construction and permanent jobs at Inspire Athens<\/strong>, as the casino-based resort is now called.<\/p>\n","protected":false},"excerpt":{"rendered":"

Pent-up demand and stimulus checks appear to be sputtering across the Midwest. Missouri casinos were down 7.5% last month, grossing $129.5 million. Slots ($112 million) were off 6% and table games tumbled 17%. Top grosser in the state was Ameristar … 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":[103,60,244,281,51,14,165,22,96,53,245,39,167,159,69,25,74,243,57,9,100,269,233],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/28162"}],"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=28162"}],"version-history":[{"count":4,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/28162\/revisions"}],"predecessor-version":[{"id":28416,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/28162\/revisions\/28416"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=28162"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=28162"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=28162"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}