{"id":31927,"date":"2022-11-15T08:26:18","date_gmt":"2022-11-15T16:26:18","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=31927"},"modified":"2022-11-22T07:12:23","modified_gmt":"2022-11-22T15:12:23","slug":"wynn-cools-massachusetts-china-dance-monkey-dance","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wynn-cools-massachusetts-china-dance-monkey-dance\/","title":{"rendered":"Wynn cools Massachusetts; China: “Dance, monkey, dance!”"},"content":{"rendered":"\n
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Casinos in Massachusetts<\/strong> mostly did well last month, especially by pre-pandemic standards (+24%). Unfortunately, none of that lift came from Encore Boston Harbor<\/strong>, which had a disappointing October, down 1% and grossing $62 million. By contrast, MGM Springfield<\/strong> (above<\/em>) impressed with a 7% increase to $23 million. Also not doing badly, not least by its own standards, was Plainridge Park<\/strong>, which hopped 5% to $12.5 million. As a consequence of the Wynn Resorts<\/strong> underperformance, gross gaming revenues ($97 million) were up just 1.5% from last year.<\/p>\n\n\n\n\n\n\n\n

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China<\/strong> has six major casino companies dancing to its tune, even if they haven’t learned all the steps. The incumbent Macao<\/strong> gambling concessionaires plus one aspirant have pledged a collective $12.5 billion<\/a> in investment over the next 10 years. Las Vegas Sands<\/strong> and Galaxy Entertainment<\/strong> have made the biggest pledges ($2.5 billion each). Wannabe entrant Genting Group<\/strong> ponied up approximately $1.9 billion. However, the proposed capital outlays were too gaming-centric, with the Macanese government icily remarking that it would not allocate any more land for casinos. Did Big Gaming not get the memo that Peking<\/strong> wants non-gaming amenities and lots of them? Evidently not. <\/p>\n\n\n\n

J.P. Morgan<\/strong> analyst D.S. Kim<\/strong> called the size of the proposed investments “very reasonable,” suggesting that major renovations and big-ticket investments were part of the grand plan. \u201cThis level of investment should be gladly accepted by the six incumbents,\u201d Kim added. \u201cThe question, however, remains for Genting, which does not have any assets in Macau. This means it will have to acquire existing assets and commit to additional capital expenditures if it receives the concession.\u201d Genting is still considered a long shot but never underestimate the Chinese government’s capacity for springing unpleasant surprises on the casino industry.<\/p>\n\n\n\n

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Our East Coast bureau paid a visit to Atlantic City<\/strong> last weekend and found Ocean Casino Resort<\/strong> “very busy,” as this view of the sports book (above<\/em>) attests. Meanwhile, time sure flies at Bally’s Atlantic City<\/strong>, which was already celebrating the two-year anniversary of its new ownership. “It was really nicely done with a good bar band, open bar, prime rib, shrimp, pasta, salad, chicken, pizza, etc., followed by $20,000 in cash prizes and free slot play.” That’s more like it, Bally’s. The jubilant event can be glimpsed below:<\/p>\n\n\n\n

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Jottings<\/strong>: The undistinguished tenure of Nevada Gaming Control Board<\/strong> Chairman Brin Gibson<\/strong> (pictured<\/em>) is over. He’s stepped down to pursue bigger bucks<\/a> in the private sector. The resignation comes at an awkward moment for the NGCB, which is about to consider the Hard Rock International<\/strong> purchase of The Mirage<\/strong> … How big of a bust were the Proposition 26<\/strong> and Proposition 27<\/strong> campaigns? Successful, pro-choice Proposition 1<\/strong> expended fewer than $3 per vote. Prop 27 splurged over $100\/vote<\/a> and couldn’t even must 17 percent support. To add to the craziness, Prop 27 backers are pledging to reprise this nightmare in 2024. Talk about throwing good money after bad … Potowatomi Carter Casino<\/strong> in Wabeno<\/strong> just unveiled a renovated hotel<\/a>. The Wisconsin<\/strong> tribe also invested in new slot machines and unspecifed “gaming opportunities” … Another week, another California<\/strong> casino. This one is Eagle Mountain Casino<\/strong> in Porterville<\/strong> and it’s hiring<\/a> … Who else but disgraced baseball player Pete Rose<\/strong> should place the first sports bet<\/a> at Hard Rock Cincinnati<\/strong> on New Year’s Day? Maybe one of the rival sports books can bring in ex-MLB degenerate gambler and confessed felon<\/a> Yasiel Puig<\/strong> for an appearance, seeing as he also was a Cincinnati Reds<\/strong> player.<\/p>\n","protected":false},"excerpt":{"rendered":"

Casinos in Massachusetts mostly did well last month, especially by pre-pandemic standards (+24%). Unfortunately, none of that lift came from Encore Boston Harbor, which had a disappointing October, down 1% and grossing $62 million. By contrast, MGM Springfield (above) impressed … 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":[23,293,113,34,275,201,120,165,241,62,112,245,207,257,71,69,33,25,243,20,38,170,233],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/31927"}],"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=31927"}],"version-history":[{"count":2,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/31927\/revisions"}],"predecessor-version":[{"id":31931,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/31927\/revisions\/31931"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=31927"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=31927"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=31927"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}