Quote of the Day

By David McKee ~ September 15th, 2014 @ 1:39 pm No Comments »

revel_0409“This is the first time in this case there seems to be a buzz going on.” — Bankruptcy Court Judge Gloria Burns, on an acrimonious hearing for Revel, marked by “threats of litigation if the auction was postponed, complaints that [buyer Glenn Straub] was being secretive about his plans for the massive complex and the appearance of a potential competing bidder.”

Cycle of futility; Hard luck in Indian Country

By David McKee ~ September 15th, 2014 @ 1:30 pm No Comments »

As the casino industry braces itself for Global Gaming Expo, this could hardly be a worse moment to be hawking slot machines. Not only is it undergoing a slotspainful contraction but new markets (like Boston and Washington, D.C.) are a long way off from opening. As the U.S. casino industry does the unthinkable — remember the days when it was “recession proof”? — and downsizes, that makes for a lot of orphaned slots … 9,675 according to analyst Todd Eilers. Roughly 3,600 of the idled machines can be found in defunct Caesars Entertainment casinos, another 2,200 just in Revel, more still in Biloxi‘s Margaritaville and Atlantic City‘s Trump Plaza. Almost certainly, in the case of Caesars, a significant number of these boxes will find new homes in other casinos, further depressing a Continued >>

Case Bets: Wisconsin, Nebraska, Alabama

By David McKee ~ September 15th, 2014 @ 11:26 am No Comments »

Jumping the gun, the Menominee Nation has launched a site for job-seekers at its hoped-for Dairyland Park casino. The landing page promises “Opening Soon Kenosha sitePending Approval.” (Did you notice how they jumped over that pesky construction phase?) The Forest County Potowatomi aren’t amused, withholding $25 million from the state to, in essence, coerce it into nixing the Menominee project.

“It’s not a question of whether we want the casino here or not or whether we want the jobs or not. I want jobs in Kenosha,” said Gov. Scott Walker (R), who continues to study the issue. He ought to like the aggressive job projections being made by the Menominee: Continued >>

‘I’m poorer than you are’

By David McKee ~ September 15th, 2014 @ 10:00 am No Comments »

KennedyThat’s the argument being reiterated in New York State, as impoverished cities and their would-be casino saviors fight for over one or (more likely) two casino licenses. Case in point: Newburgh, where Mayor Judy Kennedy (left) has become a media celebrity of sorts in her crusade to bring a casino to town by badmouthing local economic conditions. The New York Times describes Newburgh thuslyBoarded up rowhouses and vacant storefronts line the streets north of City Hall and Broadway, the city’s main thoroughfare. Drug dealers rule some corners. The sound of gunfire occasionally echoes through the streets.

Damn, it makes Las Vegas sound bucolic by comparison.

New York’s casino-licensing process has fallen into Continued >>

Further Reading

Quote of the Day

Cycle of futility; Hard luck in Indian Country

Case Bets: Wisconsin, Nebraska, Alabama

‘I’m poorer than you are’

When a loss is a gain

Wynn battles Boston

He came to buy Atlantic City

Macao’s loss is Vegas’ gain

Quote of the Day

Boston: Another agonizing delay; Loveman: Don’t worry, be happy

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