When titans wed; Cupidity at Revel

By David McKee ~ August 1st, 2014 @ 10:41 am No Comments »

Just when you thought the manufacturing sector had engaged in enough consolidation that it would take a pause to pay down debt (or at least scientific-games-corp-logoburp) comes a mega-consolidation. International Game Technology‘s two biggest rivals will become one. Ronald Perelman‘s Scientific Games is scarfing up Bally Technologies for $3.3 billion plus $1.8 billion in debt assumption. That’s a lot of nickels. The $83.30/share acquisition price is a 38% premium to where the stock was trading and should be a big enough markup to scare off other would-be buyers … although, Continued >>

Shakeup at Downtown Grand

By David McKee ~ July 31st, 2014 @ 11:08 am No Comments »

I’ll be staying at the Downtown Grand this weekend and it looks like I won’t be the only novitiate. Ownership has installed a new management team, too, casting a wide net. CFO Marie Ramsey comes over from the Downtown GrandTropicana Las Vegas, and is an alumnus of Station Casinos and MGM Resorts International. Casino financial analyst Jeffrey Rabinowitz held the same position at wildly successful Maryland Live! Also new to his role at the Grand is veteran director of table games Ken Mumby, latterly veep of casino operations at Planet Hollywood. Lastly, the Grand has looked to someone with locals expertise to be the new director of marketing and picked Anthony Bender, late of the Riviera and American Casino & Entertainment‘s properties.

Given not only the size and timing of the shakeup but the positions affected one can only conclude that Continued >>

Illiterate and accused; Revel: Rewarding failure

By David McKee ~ July 31st, 2014 @ 10:17 am No Comments »

People who state their career goal as “trynna get rich” should probably be arrested for crimes against the English language. In the case of Izyiah Plummer (right), though, the charges are much more grave: the July 21 armed Caesars robbersrobbery of Caesars Atlantic City. The butter-fingered perpetrators grabbed three cash boxes but dropped one, lowering their take to $181,200. Plummer, a fired security guard at the casino, was allegedly the de facto inside man. The menu of charges includes robbery, aggravated assault, weapons offenses and receiving stolen property.

Four accused accomplices have also been arrested in connection with the smash-and-grab raid. One is a Tropicana Casino & Resort convention attendant. Another is a cashier at Harrah’s Resort. I’ll bet those casinos are feeling Continued >>

Clouds over Macao

By David McKee ~ July 30th, 2014 @ 1:08 pm No Comments »

HotelLisboaForbesMuhammad Cohen has been reading the latest tea leaves from the world’s gambling capital and doesn’t like what he sees: a 1H14 revenue increase of 13% (“heady for anywhere but Macau“) but a sequential decline from 1Q to 2Q14 of 11%. VIP play has, as a percentage of the total, been on the decline for four quarters now. “Union Gaming analysts in Macau Grant Govertsen and Felicity Chiang attribute VIP softness to China’s anti-corruption campaign. The corruption investigation into China’s former internal security chief Zhou Yongkang, announced Wednesday, adds to the cautious mood among VIP players and promoters.”

Cohen concludes, however, that “the main factor may be simply that the VIP market has matured – all the big money mainland players that want
MarinaBay Sandsto come to Macau are already coming as frequently as they can, and increases will be more in line with China’s economic growth rather than double or triple that number in recent years.” The opening of new casinos on the Cotai Strip next year — which will require 32,000 new dealers and other employees could spark a mass exodus from existing casinos, with a too-small Macanese population to replace them.

Another problem is rival, overseas jurisdictions with Continued >>

Further Reading

When titans wed; Cupidity at Revel

Shakeup at Downtown Grand

Illiterate and accused; Revel: Rewarding failure

Clouds over Macao

Quote of the Day

Argosy Sioux City: 2003-2014

Wynn: Most happy fella

Wall Street: Viva Las Vegas

Flake-ing out over tribal gambling

Hawkeye State showdown

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