{"id":28940,"date":"2020-12-17T08:28:00","date_gmt":"2020-12-17T16:28:00","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=28940"},"modified":"2020-12-22T06:46:22","modified_gmt":"2020-12-22T14:46:22","slug":"goodbye-trump-plaza-vaccine-news-boosts-big-gaming","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/goodbye-trump-plaza-vaccine-news-boosts-big-gaming\/","title":{"rendered":"Goodbye, Trump Plaza; Vaccine news boosts Big Gaming"},"content":{"rendered":"\n
\"\"<\/figure><\/div>\n\n\n\n

Atlantic City<\/strong> Mayor Marty Small<\/strong> (D) has found a nifty way to raise money for the Boys & Girls Club of Atlantic City<\/strong>: Auction off the right to push the button that implodes Trump Plaza<\/strong> on Jan. 29. Small hopes it will bring in big bucks, a million dollars or more. Hey, if we had it, we’d pay it. The top bidder gets the right to demolish<\/a> the Boardwalk’s worst eyesore and end the Trump Era in Atlantic City once and for all. \u201cSome of Atlantic City\u2019s iconic moments happened there,” Small allowed, “but on his way out, Donald Trump<\/strong> openly mocked Atlantic City, saying he made a lot of money and then got out.\u201d The dilapidated edifice has been periodically crumbling onto the thoroughfares below and implosion is in the nature of a mercy killing, Trump Dump having been closed for six years now. And when it was still open its revenues would barely fill a Dixie cup. A new use for its site has yet to be determined but Small is going to pitch owner Carl Icah<\/strong>n on some kind of family attraction.<\/p>\n\n\n\n

The release of Covid-19<\/strong> vaccines is boosting gaming stocks, according to JP Morgan<\/strong> analyst Joseph Greff<\/strong>, who says the gaming group is trading as much as 26% higher. “How 2020 started, evolved, and finished was manic and startling, with fundamentals and valuations settling on a more optimistic note at year-end, where our coverage universe is ending 2020 with broadly strong share price performance,” he writes, noting that Big Gaming is exponentially outperforming the S&P index. In Macao<\/strong> he sees a “gradual” recovery, redounding most to the benefit of Melco Resorts & Entertainment<\/strong>, Wynn Resorts<\/strong> and Sands China<\/strong>. For its “under appreciated” sports betting and regional gaming strength, Greff likes Boyd Gaming<\/strong> best, better even than Penn National Gaming<\/strong>.<\/p>\n\n\n\n\n\n\n\n

Also getting an appreciative nod is Station Casinos<\/strong>, expected to benefit from migration to Las Vegas<\/strong> from California<\/strong> and the ability to “more than offset near-term challenges related to softer visitation to the LV Strip.” Admittedly, Greff urged caution on Vegas-centric operators (which Station certainly is) “given the uncertain outlook for convention\/group business due to COVID-19 concerns. With recent positive vaccine developments, we could envision getting more bullish on Las Vegas if\/when it seems convention\/group bookings are beginning to pick up and\/or stick (as opposed to conventions simply getting pushed out 3 – 6 months), along with mid-week occupancy trends (many properties are closed mid-week).” As far as Las Vegas locals play, Greff prefers Boyd and Station, “given the region\u2019s strong economy, which is underpinned by population growth and less dependent on the health of the LV Strip (vs. 12 – 15 years ago, when the correlation was fairly high).” He cited housing prices, which continue to creep upward, and a preponderance of job creation outside of the hospitality industry. Limited\/restricted gaming supply doesn’t hurt the market dynamics, either.<\/p>\n\n\n\n

On the regional front, the analyst predicted that Covid-motivated cost cuts will be sustainable, and that both sports betting and i-gaming will continue to be a boon. “Near term, however, will likely be choppy given the potential for mandated casino closures\/restrictions, but we believe the favorable backdrop remains in place for regional gaming revenues to continue along their recovery trajectory in 2021.”<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Jobs may soon be scarce at Harrah’s Louisiana Downs<\/strong> and Horseshoe Bossier City<\/strong>. 1,200 employees have been warned (or WARN Act-ed) that their jobs are at risk. No such peril for the workforce at Caesars New Orleans<\/strong>, which Caesars Entertainment<\/strong> has pledged to maintain at full strength. The pledge comes as the hotel-casino seeks a second hotel tower, destined for high rollers, along with additional entertainment venues. $225 million has been earmarked for the new-look casino, which is enjoying a 58% tax cut, saving as much as $2 million a year. We do think the property could do without the planned, new portico which looks like the progeny<\/a> of Jay Sarno<\/strong> and not in a good way.<\/p>\n\n\n\n

“We want them infected,” wrote White House<\/strong> advisor Paul Alexander<\/strong>, urging the subjection of the U.S. population to ‘herd immunity.’ “Infants, kids, teens, young people, young adults, middle aged with no conditions etc. have zero to little risk\u2026.so we use them to develop herd … [I]t may be that it will be best if we open up and flood the zone and let the kids and young folk get infected,” read his e-mail, which urged keeping colleges open: The more students infected, the better<\/a>. “So the bottom line is if it is more infectiouness [sic<\/em>] now, the issue is who cares? If it is causing more cases in young, my word is who cares\u2026as long as we make sensible decisions, and protect the elderely [sic<\/em>] and nursing homes, we must go on with life\u2026.who cares if we test more and get more positive tests.” Monstrous.<\/p>\n\n\n\n

Jottings<\/em><\/strong>: As of 5 p.m. yesterday, MGM National Harbor<\/strong> halted indoor food and beverage service until Jan. 16 (at minimum). Also, the parking garage is off-limits on weekends unless you’re an MLife<\/strong> member. “And ‘outdoor dining, will be expanded, so you can (today) experience the snow fall on your food,” says our source … Not to worry, gourmets: Joel Robuchon<\/strong>‘s eponymous restaurants will return but not until<\/a> the pandemic abates. Rushing in where angels fear to tread, Guy Fieri<\/strong> looks to open a junk-food restaurant<\/a> at Las Vegas North Premium Outlets<\/strong>, date unspecified … Massachusetts<\/strong> Speaker of the House Robert DeLeo<\/strong> (D) is rumored to be contemplating retirement<\/a>. If he goes, he’ll be remembered in part as the father of legalized gambling in the Bay State … Phil Ruffin<\/strong> is reinvesting in Circus Circus<\/strong>. Exhibit A: NebulaZ<\/strong>, a new thrill ride<\/a> in Adventuredome<\/strong>. “The thrill ride consists of eight gondolas that can hold four riders, up to 32 guests per cycle, and reach speeds of 14 rotations per minute,” reports KTNV-TV<\/strong> … Iowa<\/strong> sports-betting handle reached $87 million last month. If the number seems anemic, it’s because Gov. Kim Reynolds<\/strong> (R) will not allow online registration until Jan. 1.<\/p>\n","protected":false},"excerpt":{"rendered":"

Atlantic City Mayor Marty Small (D) has found a nifty way to raise money for the Boys & Girls Club of Atlantic City: Auction off the right to push the button that implodes Trump Plaza on Jan. 29. Small hopes … 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":[65,23,60,244,82,24,274,133,18,42,14,4,283,37,86,241,84,62,72,112,222,245,69,119,33,243,57,38,233],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/28940"}],"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=28940"}],"version-history":[{"count":3,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/28940\/revisions"}],"predecessor-version":[{"id":28950,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/28940\/revisions\/28950"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=28940"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=28940"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=28940"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}