Hawkeye State showdown

By David McKee ~ July 28th, 2014 @ 12:37 pm No Comments »

That Iowa Racing & Gaming Commission keeps going from the frying pan to the fire. Former Linn County attorney Gene Kopecky is suing the regulatory body for an unfair restraint of trade. His action is prompted Cedar Crossingby the denial of a license in Cedar Rapids due to fears of canibalization. That’s outside the IRGC’s purview, argues Kopecky, who contends that licenses are granted for an individual county not a specific site (a tenuous argument in this site-specific case). “Following possible appeals, the decision would not throw out the IRGC’s rejection of the Cedar Rapids casino project, but Kopecky hopes it would spur a group to re-apply.”

The IRGC did not help its case by promptly following up the Cedar Rapids denial with Continued >>

Would you let this man rob your casino?

By David McKee ~ July 28th, 2014 @ 10:53 am No Comments »

ChahineDespite 14 arrests for cheating at a couple dozen Las Vegas casinos, the Nevada Gaming Control Board never saw fit to nominate hall-of-fame cardshap Jubreal Chahine for inclusion in the Black Book, not even after it publicly characterized him as “a frequent cheater.” Chahine must have thought he had some guardian angel looking out for him. His favored forms of trickery involve jiggery-pokery with chips, like past-posting, where you slip a bet onto the felt after the cards have been dealt or the dice have stopped rolling. (Doesn’t that douchey look just scream “suspicious”?)

“It doesn’t take a whole lot of sleight-of-hand ability. But it does take guts,” Worldwide Gaming Consulting President George Joseph told the New York Times. Whether because he bet small or Continued >>

Enormous changes at the last minute

By David McKee ~ July 28th, 2014 @ 9:56 am No Comments »

sweeney_colorAfter years of hand-wringing about the future of Atlantic City, there is a sudden imperative to do something about the seaside resort. It’s gone from a leadership vacuum to possibly having too many chefs in the kitchen. State Senate President Stephen Sweeney (D, left) is proposing the creation of a private-sector version of the CRDA to channel money from theoretical Meadowlands and Jersey City casinos. (“I just don’t want to give money to government, because I know what they do with it.”) From the point of view of Sweeney and others, Gov. Chris Christie‘s five-year grace period for Atlantic City but the sudden collapse of the casino market there calls for extraordinary measures.

Even Christie seems to be softening towards elements of Sweeney’s scheme, saying, “any expansion of gaming to other parts of the state would have to have, as an element to that plan, Continued >>

Pinnacle pestered; Penn profits; Pokies pilloried

By David McKee ~ July 25th, 2014 @ 12:55 pm No Comments »

Orange Capital, calling itself “unsatisfied,” has renewed its pestering of Pinnacle Entertainment to convert itself into a REIT. Orange claims that share value could be increased 60% to 90%. Unfortunately for Pinnacle customers, REITs are required to return 90% of taxable earnings to shareholders, which could have a deleterious effect on Pinnacle’s casinos, known for their quality.

Ameristar East ChicagoIt’s not like Pinnacle is on its uppers. Net revenue in the most recent quarter grew 108%, thanks to the absorption of Ameristar Casinos and to some recent cost-saving measures. (Not enough to stave off a $2.3 million loss, though.) “While so far trends are looking better than the second quarter, the change has not been meaningful,” said Continued >>

Further Reading

Hawkeye State showdown

Would you let this man rob your casino?

Enormous changes at the last minute

Pinnacle pestered; Penn profits; Pokies pilloried

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

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