IGT: Don’t cry for them Argentina

By David McKee ~ April 23rd, 2014 @ 1:34 pm No Comments »

HartA 66% drop in profits for International Game Technology was one of yesterday’s headline events. Net revenues were off 15%. That $30 million in workforce cuts didn’t come soon enough to save the quarter, evidently. Wall Street analysts were remarkably further sanguine, even when IGT said it was trimming earnings projections still further. Instead of a year-end range of $1.28-$1.38, they’ll be $1-$1.10 or thereabouts. IGT isn’t just losing floor space to smaller competitors. it’s also seeing inroads made in progressive games. IGT CEO Patti Hart, however, continues to be vindicated by her acquisition of DoubleDown Casino. It drove 86% of IGT’s comparatively measly revenue growth and will shortly be augmented with the ever-popular Wheel of Fortune game. Hart also did a virtuosic job of managing Wall Street‘s expectations.

Noting the 20 cents per share earnings, Deutsche Bank‘s Carlo Santarelli was unfazed: “The result compared favorably to our and Continued >>

Caesars: The day after

By David McKee ~ April 23rd, 2014 @ 12:14 pm No Comments »

New York resort developers may be reeling from the sudden entry of Caesars Entertainment into the picture, but that doesn’t mean they’ve given up the fight. After all, Caesars’ move only impacts the Catskills region, not the Capital one nor the Southern Tier. A direct Caesars rival, Genting Group stalking horse Empire Resorts has sent its $1 million in earnest money to the state. Several other groups, including Foxwoods Resort Casino, could do so before the end of business today. The owners of the Nevele resort are reported as having sent in their check, too.

Two Southern Tier contenders, Tioga Downs and Traditions at the Glen Resort are getting into it, too. Not doing so are the Visram Brothers, whose Vista Hospitality Group was flirting with two sites in Binghamton. The Visrams have thrown their support to Continued >>

Case Bets

By David McKee ~ April 23rd, 2014 @ 10:32 am No Comments »

Carroll JenniferFormer Florida Lt. Governor Jennifer Carroll‘s troubles with the law haven’t ended with her resignation from public office. Tens of thousands of dollars of unreported income from Internet-cafe casino operators went unreported and now Carroll has some explaining to do. She’s already refunded some “overpayment” to Allied Veterans of the World, the controversial gaming operator she represented. She also threw an aide under the bus for submitting a “placeholder” legislative bill that would have redounded to Allied’s benefit. The legality of Carroll’s activities now goes to the Sunshine State’s ethics commission, which may be able to shed some sunlight into her murky dealings.

Selection of a megaresort casino for Philadelphia has gone into silent mode, as regulators appear paralyzed by indecision … Table games at Rhode Island‘s Twin River Casino, taxed at 18%, have put another $7 million in Continued >>

Gambling: It’s not what it used to be

By David McKee ~ April 23rd, 2014 @ 9:36 am No Comments »

DSCN1276Nevada‘s casino industry is still in the Great Recession, if profits and losses are anything by which to go. Posting their fifth consecutive year of losses, they were $1.35 billion in the red, on $24 billion in revenues. No surprise, slots and tables produced a two-to-0ne mix of revenues. The losses themselves may be explicable by the Strip’s drift away from gambling as a revenue generator, down to 37% of the total. Downtown’s $18 million loss was chicken feed compared to the $1.4 billion in red ink on the Strip. The big winner was Laughlin, whose profits shot up 289%. Profits in “rest of Clark County” were down 100% but still $120 million. Reno also had a 100% revenue decline but eked out the tiniest of profits (less than $1 million). Lake Tahoe was not so fortunate, as casinos there lost $90 million.

It’s what’s for dinner. Craving a steak in Las Vegas? Here are 10 recommendations and I can Continued >>

Further Reading

IGT: Don’t cry for them Argentina

Caesars: The day after

Case Bets

Gambling: It’s not what it used to be

Why is this man smiling?

Last-minute scramble in New York

Smurf this!

The right amount of wrong ideas

Quote of the Day

Look out, Macao, here comes Crimea

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