July was a mixed blessing for Nevada. Gambling revenue was up 5% along the Strip, down 4% among locals and essentially flat statewide. Strip casinos won big at baccarat, with player losses increasing 16% on 24% heavier play. Non-Strip baccarat play was down 5%, with win of almost 1%. Wrote J.P. Morgan analyst Joseph Greff, ” we maintain our positive outlook for the LV Strip and believe the overall recovery will continue as 2014 progresses.”
Except for the nebulous “Balance of Clark County” and “Other” categories, all outlying gaming jurisdictions were down or flat: Downtown (-3%), Laughlin (flat), Reno (-2%), Boulder Strip (-10%), North Las Vegas (-2%), Lake Tahoe (-22.5%), Elko (-10%) and Carson Valley (-4%). It’s rough out there in the boonies.
Some Wall Street analysts, however, Continued >>
“You’re in Baltimore, baby, it says so right there, in big gray block letters on a smokestack at the trash plant just past the entrance.” Caesars Entertainment CEO Gary Loveman, long celebrated as the wizard of database market, also finds himself on the leading edge of the urbanization of gambling. He’d probably be comfortable with that description, considering that his stated vision for the casino industry is for it to be as omnipresent as McDonalds. The latest step in that direction is Horseshoe Baltimore, a gambling house whose biggest problem is that it has more would-be players than it can hold. Continued >>
Even though it’s still on pace to close Aug. 31, Showboat‘s last chapter may have yet to be written. Caesars Entertainment spokesman Gary Thompson told reporters that multiple expressions of interest in the property have been received. He added that the proverbial “interested party” was getting a tour of the place. Having reclassified Showboat with the SEC as a “discontinued operation,” there’s no chance that Caesars will keep the Showboat open on an interim basis. However, for those who work there there is now the slim but tangible chance that they’ll be able to come back under different ownership.
Revel, meanwhile, is packing away the food and drink as Continued >>