“The gaming industry in particular viewed itself as nearly invulnerable, and Las Vegas … viewed itself as a place that could continually transform and develop a new destination that would be successful. This time around, it just didn’t work.” — William Eadington, director of the Institute for the Study of Gambling & Professional Gaming, at UNR, on the “Like I’ve been saying …
… strength in hotel rates is a top-down proposition, with such “recovery” as we’re seeing being driven by high-end product. The renewed strength in the business-travel sector also jibes with reports we’ve been getting from Las Vegas Sands and MGM Resorts International of increased convention business in late 2010, extending into next year. However, this phenomenon is being seen mainly on the coasts and looks as though it will take its time trickling down to the Strip.
Nice try but … there’s little wrong with Gov. Chris Christie’s rescue plan for Atlantic City — other than its timing, for which one can’t blame Christie. He’s been in office fewer than seven months, after all.
However, Moody’s bond analyst Margaret Holloway suggests that Christie is racing the clock and Time is winning. She faults Harrah’s Entertainment for being so levered up that major capex investments are off the table. (Another triumph for Continued >>
Barbour’s futile tilt?
It’s not just Mississippi Gov. Haley Barbour who opposes a planned Choctaw Indian casino in upstate Laurel (birthplace of soprano Leontyne Price). Several other Bayou State bigwigs have expressed displeasure. Now the governor’s taking the Choctaws to court, although it’s looking like a futile gesture.
Barbour’s challenge rests upon the assertion that “the policy of this state [is] to develop destination gaming for the economic benefit of all Mississippians.” Unfortunately for the governor, the Indian Gaming Regulation Act doesn’t give a tinker’s damn Continued >>
Quote of the Day
“I found a business that has a good story. Despite all the attacks on the business, this is a business that’s never held its hand out, never asked for subsidies.” — former Penn National Gaming executive and would-be Gettysburg casino developer Joseph Lashinger, speaking in defense of the industry. The accompanying article provides valuable perspective on the Gettysburg casino controversy.
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