Fortune, in the sense of “destiny,” supposedly favors the bold. Fortune, the magazine, holds no great affection for Boyd Gaming. Since the company is one for which I’ve long had high regard, it gives me no pleasure to report this. In its newest ranking of the most- and leased-admired companies in the U.S., Boyd comes out at the absolute bottom of the “Quality of Products & Services” category (with Penn National Gaming deemed the 10th-worst). While Las Vegas Sands and Penn are frequent visitors (more…)

“Political pundits cast aspersions on candidates and incumbents by labeling their policies and beliefs ‘communist’ or ‘socialist. I have noticed many of these exchanges recently and wanted to bring them to light in a humorous way by placing them here alongside Hollywood celebrities and musicians. We are all ultimately the same before the flash of the mug shot bulb.”– German-born artist Rachel Schmeidler (whose interpretation of Benjamin “Bugsy” Siegel appears above) on the subject matter of (more…)

Steve Wynn hasn’t done his homework on the tortured history of Foxwoods‘ vagabond casino project and if his aides at Wynn Resorts tried to bring him up to speed, they’ve obviously failed miserably. Still — and quite understandably — chafing from a Philadelphia Inquirer editorial that was dopey and flirted with anti-Semitism, Wynn takes it out (more…)

Despite having the highest-grossing “slot parlor” (now don’t that sound genteel?) in Pennsylvania, racino Parx Casino is making a gingerly entry into the uncharted waters of table-game play. While state law would allow Parx to put in as many as 250 tables, it’s going to be content with (more…)

The Great Recession continues to weed out the sick and the lame of the casino industry. As with Missouri’s loss-limit repeal, similar measures in Colorado (detailed above) came along too late in the game. There’s only so much state governments can do to prop up the casino industry — and to think that is used to be the other way ’round.

While principle dictates that Las Vegas Sands ought to be held to the terms of its agreement with the State of Pennsylvania, recent developments give one pause. Namely, why should Steve Wynn get favorable treatment enjoyed by no other casino developer in the Keystone State?

It’s not a done deal … yet. Although Wynn can charm the birds out of the trees, his famous smile didn’t dazzle the Pennsylvania Gaming Control Board. Understandably skittish after a series of self-inflicted wounds, the PGCB told Wynn to come back when he has a concrete plan. However, even in its present sketchy state, “Wynnwoods” would be a much smaller entity than the Foxwoods-led casino which was approved over two years ago. (If he makes good on his threat to give the place by the pretentious handle “SW,” I SWear I’m going to start referring to it as SW: Based on the casino “Penn’s Landing” by Foxwoods.)

The most obvious reduction is the budget, which would be downsized from $950 million (plus inflation, spread across three phases) to $600 million. As well as Pennsylvania’s casino are doing, there’s been no indication to date that the state can support costs on the order of a Las Vegas megaresort. Adelson’s $724 million Sands Bethlehem is eking out quite modest ROI and Neil Bluhm’s $800 Rivers Casino in Pittsburgh looks like a serious candidate for bankruptcy. Economic pragmatism argues weightily in favor of a budgetary cutback.

Even at $600 million, Wynn’s outline represents (more…)

“There will undoubtedly be tough sledding ahead for Atlantic City, especially in light of the increasing competition from neighboring states. However, I believe that Atlantic City, with its beautiful beaches, can again become a premier destination resort.” — Carl Icahn, upon taking control of the Tropicana Atlantic City. Thus ends a three-year ordeal for the property, one year under the mismanagement of Columbia Sussex and two being shopped around as a ward of the New Jersey Casino Control Commission. S&G wishes Icahn and his new employees the best of luck.

Well, not literally in it but damn close. From our rear windows we can see the former Liberace mansion that now goes by the name of Las Vegas Villa. It’s a large but otherwise unobtrusive neighbor in a very quiet Las Vegas neighborhood … quiet, that is, except with the northeast runway and the heliport at McCarran International Airport are in heavy employment, much to the fascination of our cats.

Anyway, while I was minding God knows what business, Steve Friess beat me to a story taking place right under my nose. It seems that the King of Bling’s former abode is in foreclosure, which could mean dire things for one of the relatively few historic sites Las Vegas possesses. That’d be a shame, because it brings a lot of cachet to (more…)

“No transaction in our modern society is completely free of government involvement. The food we eat costs less because of farm subsidies. Students attend private universities with the help of Pell Grants and Stafford loans. Our churches and temples can afford to operate in part because they are tax-exempt. And employers who offer health insurance do so because of tax incentives … Either there is no such thing as indirect funding or everything receives indirect funding, but there is no in between.” — Jessica Arons, in an essay entitled, “The World According to Stupak.” Unfortunately, it deals with the philosophy of Rep. Bart Stupak (D-MI) and not that of casino maverick Bob Stupak.

… or was that the skeleton of Echelon which was used to illustrate Nevada’s economic woes in the TV spot that Sen. Harry Reid (D-NV) is running this week? That’s no outrage in and of itself: Echelon was a casualty of the Great Recession, even if that wasn’t the main reason it was put into a coma. General Growth Properties‘ bankruptcy and Morgans Hotel Group’s attempted withdrawal were the primary causative events. However, the ad (which I’ve not been able to find on either YouTube or Reid’s campaign site) then shifts to cheerful footage of CityCenter, for whose completion Reid takes credit.

Whoever crafted the spot appears willing to push Boyd Gaming under the campaign bus whilst throwing in a big-ass product placement for MGM Mirage. Since Sheldon Adelson has publicly endorsed (more…)