Boyd, Pinnacle speak

By David McKee ~ September 29th, 2014 @ 11:07 am No Comments »

boyd-gaming-200Both Boyd Gaming and Pinnacle Entertainment met with Wall Street analysts this week, everybody being in town for Global Gaming Expo. Boyd CEO Keith Smith and CFO John Hirsberg said they saw an abatement in negative business trends, now confined to specific markets  instead of company-wide. Positive trends in the Las Vegas economy and less comping were seen as shoring up business on Boyd’s home turf, although spend-per-player is still 20% off peak levels.

“[M]anagement remains surprised by its ability to continue to extract operating costs from the business,” wrote Deutsche Bank‘s Carlo Santarelli. He added that the company will be investing in more infrastructure and information technology with an eye to even greater cost savings. As for the Atlantic City Massacre’s impact on Borgata business, Continued >>

Quote of the Day

By David McKee ~ September 29th, 2014 @ 9:49 am No Comments »

Straub“It just gives you a dirty feeling, like you want to take a shower.” — Glenn Straub, on the interminable bankruptcy auction for Revel, now adjourned until Sept. 30.

Rocky Mountain low; Crouching Tiger, hidden ownership

By David McKee ~ September 26th, 2014 @ 1:03 pm No Comments »

A study by — you guessed — proponents of a racino in Colorado is projecting some hard-to-believe numbers,  contingent upon Arapahoe Park being approved for Coloradocasino gambling in November. They’re predicting $418 million in statewide economic impact, including $114 million in tax revenue. Mind you, the state’s existing casinos have struggled to generate new tax dollars after a 2008 gambling expansion in the mountains. Amendment 68 supporters are also forecasting 2,300 new, direct and indirect jobs stemming from a racino.

When pressed, pollster Thomas Zitt allowed that Arapahoe Park would drain 15% of business off the casinos in mountain cities like Black Hawk. However, the bipartisan Legislative Council projects a Continued >>

USA Today: Those evil casinos!

By David McKee ~ September 26th, 2014 @ 10:03 am No Comments »

Carrie NationWith the gaming industry temporarily exhausted from over-expansion and saturation, USA Today has chosen this moment to pounce with an anti-gambling editorial. The graybeards on the USA Today editorial board clearly haven’t been paying close attention — racinos in Delaware, for instance, are hardly a ‘recent’ phenomenon. And they do make a couple of good points, such as: “The farther gambling spreads, the less likely it is to produce the gusher of revenue that entices states to approve it in the first place.”

However, the paper’s solution would do Carrie Nation proud. “Ultimately, states with gambling will be primarily be extracting money from their own residents. At best, this is Continued >>

Further Reading

Boyd, Pinnacle speak

Quote of the Day

Rocky Mountain low; Crouching Tiger, hidden ownership

USA Today: Those evil casinos!

Quote of the Day

Pacific overtures

Wynn basks in victory

Taking it to the streets in Massachusetts, New York

Icahn to rescue Taj?

Wretched excess; Caesars’ good deeds

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