Regulators to Walsh: Not so fast, friend

By David McKee ~ July 25th, 2014 @ 11:38 am No Comments »

WalshBoston Mayor Martin Walsh isn’t getting off the hook so easily. He tried to fob the negotiation of a mitigation agreement with Wynn Resorts off on the Massachusetts Gaming Commission. The latter said ‘not so fast’ and ordered the city back to the bargaining table. And if that doesn’t work, the MGC will appoint an independent arbiter to cut the Gordian knot. “The city’s basically, without telling us why, said they’re … just abandoning that [Charlestown] section of the city,” explained Commissioner James McHugh. “We have some obligation to protect it. At the same time, we’ve got to maintain our neutrality.”

While somewhat craven, Walsh’s refusal to go to arbitration and risk the 50-50 chance of being stuck with the Wynn offer is understandable. While (010914 Everett, Ma) Renderings for the proposed Wynn Casino in Everett.Mohegan Sun is offering an extra-george $30 million upfront and $18 million a year, Wynn has only put $6 million and $2.6 million, respectively, on the table. There’s no comparison, so one can see why Walsh would fear to be stuck with the Wynn offer, if that were the case — especially if Continued >>

Great month for the Strip, for Louisiana not so much

By David McKee ~ July 25th, 2014 @ 9:35 am No Comments »

Dice-in-crapsBuoyed by heavy baccarat play, the Las Vegas Strip registered a 22.5% gain in June. The house played very lucky, too, with win up a staggering 155%. At the other end of the gaming spectrum, those slots must have been pretty tight, as casinos won 9% more on 13% less coin-in (with a day of May weekend revenue thrown in). Baccarat carried the rest of the table games, which were 2% down despite 6% higher drop. Strip gaming revenues are up over 3% for the year so far. June’s numbers shot past Deutsche Bank analyst Carlo Santarelli‘s projections for the Strip, which were ‘only’ a 10% gain.

It was mostly good news elsewhere. Downtown Las Vegas was up 12% and North Las Vegas 23%. The Boulder Strip gained Continued >>

Quote of the Day

By David McKee ~ July 24th, 2014 @ 3:14 pm 1 Comment »

Penny pinchers; Tribal warfare in New Mexico; Who’s tops in Macao?

By David McKee ~ July 24th, 2014 @ 12:52 pm 1 Comment »

slot machineAlthough the hold on penny slots in Illinois casinos is grotesquely higher than that for quarter slots/video poker, the imaginary value of penny machines makes them by far the most popular genre in the state. Punters dropped $41 million into penny slots, compared to $14 million into far looser quarter machines. Most “george” of the casinos surveyed was Penn National Gaming‘s Hollywood Joliet, which returned 95% on quarter slots/VP versus only 87% on penny machines. The penny hold was incrementally the highest at Rivers Casino (13%+), while the quarter machines aboard Grand Victoria were the least generous.

* “The terms requested by the Pueblo of Pojoaque are characteristic of its reckless and unreasonable approach to negotiations. These terms raise serious questions about Continued >>

Further Reading

Regulators to Walsh: Not so fast, friend

Great month for the Strip, for Louisiana not so much

Quote of the Day

Penny pinchers; Tribal warfare in New Mexico; Who’s tops in Macao?

Has tribal gaming peaked?

Glimmers of hope on the Boardwalk

Adelson goes soft on Communism; Wynn befriends oysters

Megaflop at the Trop

Gaming industry gets mixed notices

Forced to gamble?; SugarHouse goes big

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