Packer sparks protests; Heads roll at Zynga

By David McKee ~ April 24th, 2014 @ 12:14 pm No Comments »

james_packerJust the prospect of a James Packer-owned casino was enough to spur a Buddhist-driven protest march in Sri Lanka. Packer’s Crown Resorts has concessions to develop three resort properties and the Sri Lanka government has been talking out of both sides of its mouth as to whether they’d  have gambling or not. The country already has gambling, albeit on a small scale. That could change. Between them, Sri Lankan entrepreneurs Ravi Wijeratne and Dhammika Perera have been granted five casino concessions. Whether they are successfully developed remains to be seen: Although the current government holds a two-thirds majority, opposition to casinos cuts across party lines.

Mind your own business. That’s the message from New Jersey lawmakers to Continued >>

Quote of the Day

By David McKee ~ April 24th, 2014 @ 10:32 am No Comments »

wilmott“We’ve done some research out there with regard to these consumers. And clearly, we’ve talked about a new norm. The customers are saying that they’re not fully employed. They don’t have the discretionary budget that they had either because they have made large ticket purchases last year or they’re not getting enough employment. I think households under $75,000 out there in our regional markets are still hurting and making a conscious decision not to engage in our products for budgetary reasons.” — Penn National Gaming CEO Timothy J. Wilmott, on current market trends among his bread-and-butter players.

Penn manages expectations

By David McKee ~ April 24th, 2014 @ 9:56 am No Comments »

Penn National Gaming lowered estimates for cash flow and other metrics today, as well as releasing 1Q14 results that J.P. Morgan analyst Joseph Greff wrote were “generally in line with our … estimates.”  According to Penn, player spending has been generally consistent, hollywood-casino-penn-nationalthough its lower-income players are “challenged.” (I would imagine so.) Full-year revenue and cash-flow projections were lowered, partly to take in a worst-case scenario for Argosy Sioux City, which could be forced to close July 1 — not likely, but it’s best not to assume. The difference was not enormous: Morgan had projected $2.6 million in revenue for the year, which Penn has marked down to $2.5 million.

Carlo Santarelli of Deutsche Bank characterized the first-quarter results as “in line.” Sioux City aside, he attributed some of the forthcoming writedown to Continued >>

New York embraces casinos; Wynn disses Clooney

By David McKee ~ April 24th, 2014 @ 9:23 am No Comments »

Seal_of_New_York.svgTwenty-two. That’s how many applicants paid a $1 million application fee to vie for four casino licenses in upstate New York. That’s more than Massachusetts, far more than Kansas, neither of which matches the allure of the Empire State (to cite two recent examples). ““This isn’t going to be a conversation about whose neon sign is bigger. This is going to be about creating the attractions that is going to drive tourism from downstate to upstate,” said Empire Resorts spokesman Charles Degliomini, in a dig at Las Vegas. (Empire parent Genting Group isn’t exactly a blushing violet.)

In addition to Empire, applicants include Genting itself (despite lacking a location), Caesars Entertainment, Trading Cove New York, Foxwoods Resort Casino, Nevele resort, Saratoga Casino & Raceway (which is pursuing a backup site in Newburgh, closer to New York City), Traditions at the Cove Resort, Howe Caverns, Tioga Downs, to name but a few. Caesars may have bigfooted Continued >>

Further Reading

Packer sparks protests; Heads roll at Zynga

Quote of the Day

Penn manages expectations

New York embraces casinos; Wynn disses Clooney

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

©2007-2014 Stiffs and Georges | powered by WordPress | Theme Design:Fat Cat Designs| Privacy Policy