Sanguine at Penn; Serrano goes Italian

By David McKee ~ October 1st, 2014 @ 9:47 am No Comments »

Penn logoExecutives from Penn National Gaming were hosted by J.P. Morgan analysts this week at Global Gaming Expo and gave a fairly mellow outlook on business. Nationally, commerce is seen as stabilizing but not having bottomed out yet, although Penn is “holding up very well.” Horseshoe Baltimore is having little impact to date on Penn’s Charles Town Races & Slots. The company’s two new racinos in OhioHollywood Dayton and Hollywood Mahoning Valley — are meeting expectations, although there are only four days of data on the former from which to prognosticate.

Penn seemed impressed with the speed of the New York State casino-licensing process, which could come to a head by Continued >>

KOA gets the boot

By David McKee ~ September 30th, 2014 @ 9:28 am No Comments »

MGM Resorts International is obviously planning something — we don’t know what — for the KOA Campground site at Circus Circus. That’s the logical conclusion to be drawn from yesterday’s announcement that KOA is packing up and taking over campsite operations at Circus-Circus-picSam’s Town. “Effective October 1, the park will be renamed the Las Vegas KOA at Sam’s Town, and become KOA’s new, exclusive home in Las Vegas,” reads the press release.

From this we can glean two things. One, Boyd Gaming is unloading the cost and responsibility of running a large RV park onto an outside operator. Second, KOA Campground and Rock in Rio, which is Continued >>

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.

Further Reading

Sanguine at Penn; Serrano goes Italian

KOA gets the boot

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

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