Boston 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 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 >>
Buoyed 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 >>