When a loss is a gain

By David McKee ~ September 12th, 2014 @ 12:45 pm No Comments »

Come this time next month, we could easily be reporting year/year gains in Atlantic City. Last month, as Revel and Showboat were winding down atlantic-cityoperations, the Boardwalk was only 1% off last year’s pace. Internet gambling played a role in that, obviously (to the tune of $10.5 million), but fortune favored the casinos, too, their table revenues up 12% in spite of a 10% drop in play. At the slots, coin-in (-6%) roughly matched a revenue decline. Tighter hold helped Borgata report 5% more in slot play. Table play rose 5%, as did the house’s winnings, for an overall gross of $66 million.

With players fleeing Revel ($12 million, -41%), Showboat ($15 million, -24.5%) and Continued >>

Wynn battles Boston

By David McKee ~ September 12th, 2014 @ 11:44 am No Comments »

Steve-Wynn-201198-1-402Despite leading Mohegan Sun on points, Steve Wynn seems far from a TKO for a Boston casino. (For the full monty on both projects, the Massachusetts Gaming Commission provides heavy detail.) For one thing, Mayor Martin Walsh‘s administration appears to be laying the groundwork for a lawsuit. Wynn is also required to “obtain all permits required by the city of Boston for traffic mitigation” but midsummer of 2015 or risk losing his license.

Wynn also has to agree to a litany of conditions worth $20 million by later today and, if he doesn’t, he becomes the underdog for getting a license. Opines the Boston Globe, Continued >>

He came to buy Atlantic City

By David McKee ~ September 12th, 2014 @ 10:34 am No Comments »

Just when you thought Atlantic City had shed several casinos, they’re coming right back. Would-be Revel buyer Glenn Straub would include casino gambling in his larger strategy for the property but make it incidental to other revel-resort-in-atlantic-city“hobbies.” “Who in the hell wants to go where there’s not something more than
just gambling? You can only gamble for so many hours, maybe eight hours a day. You’ve still got 16 hours longer to eat, sleep and have fun,” he groused to The Press of Atlantic City. “We’re not going to let a building be dominated by a casino,” he added, vowing to put the casino in the hands of a third-party operator. His focus, meanwhile, will be on converting Atlantic City into a sporting destination. (Womens’ basketball and skateboarding have been mentioned.) He’s already thinking big, talking about high-speed rail to New York and Philadelphia.

Straub, whose Revel bid seems to have caught Mayor Don Guardian off-guard, is just starting an Atlantic City white-tag-sale spree, expressing interest both Continued >>

Macao’s loss is Vegas’ gain

By David McKee ~ September 12th, 2014 @ 9:33 am No Comments »

There is discernible evidence that the anti-corruption crackdown in China is redounding to Las Vegas‘ benefit. According to a report by Deutsche Bank‘s Venetian MacaoCarlo Santarelli, “we do see a relatively compelling empirical case that supports the view that anti-corruption crackdowns have, at the very least, temporarily diverted VIP flow from Macau.” For one thing, international traffic into McCarran International Airport is up 13% for April through July — coinciding with the anti-corruption push. This also parallels a 6% dropoff in rolling chip volume (the primary metric of VIP play) in Macao, as VIP rooms see less action.

“Beginning in April, when VIP drop decelerated significantly but remained positive, we saw a Continued >>

Further Reading

When a loss is a gain

Wynn battles Boston

He came to buy Atlantic City

Macao’s loss is Vegas’ gain

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