“The initial proposal from the developers was that this is going to be a world-class destination resort. Now we all know no one is flying into East Greenbush or Rensselaer County to go gambling. This is not a resort area.” — Save East Greenbush activist Cara Benson on the downsizing of casino projects proposed for the Capital Region of New York State.
Better get to Argosy Sioux City by 4:59 p.m. if you want to lay down one final bet. The casino will be closing permanently at 5 p.m., in compliance with an Iowa Supreme Court order. The Supremes declined to hear Penn National Gaming‘s appeal of an Iowa Racing & Gaming Commission edict that the casino — which was in noncompliance with a law requiring a local nonprofit partner — be closed. So the slot and roulette wheels will stop spinning, and the dice will no longer bounce across the green felt.
Penn is being pretty “george” to its employees, who will obtain $464,000 in bonuses and $1.7 million in severance pay: “Hourly workers employed for at least a year are eligible for one week’s pay for every year of service, up to 52 weeks, while salaried employees can receive two weeks’ pay for every year, according to the court documents.” Since the workforce is becoming unemployed because their workplace went out of business, they’ll also qualify for 39 weeks unemployment from the state. The top 10 “key employees” will split a pot of $286,635 in “close bonuses.” (What a concept: Close a business, collect a bonus!) Continued >>
We’ve gotten to inured to headlines that say such-and-such a quarter was “rescued by Macao” that I did a double-take today. The lead item on a newsletter was “Wynn Resorts Q2 results boosted by Las Vegas.” It’s nice that the Strip is something other than an afterthought, even if Steve Wynn greeted the news with apparent ingratitude. Atypical Las Vegas Strip levels of staying and dining (up 12.5% from Q213) helped propel earnings 57% upward. “I never had a $50 million in July [in Las Vegas] in my business career, 40 odd years in gaming,” said an apparently astonished Wynn. In spite of all this success, Wynn still managed to miss Wall Street‘s demanding revenue expectations, even if profit overshot analysts’ target. The culprit was a soft June in Macao, where World Cup betting fever sapped casino revenues. Even so, Wynn’s Macanese casinos managed a small quarterly increase of 3%.
The oldest part of Wynn Macau is currently seeing a $60 million renovation, to give the company Continued >>