Clashing views on MGM; Shotgun wedding in Pennsylvania

By David McKee ~ October 30th, 2014 @ 10:10 am No Comments »

MGM Resorts International‘s third quarter was “better than expected” if you were J.P. Morgan analyst Joseph Greff and “disappointing” if you are Deutsche Bank‘s Carlo Mandalay-Bay-picSantarelli. It’s a matter of how MGM performed relative to analyst forecasts. While the Las Vegas Strip properties arrived $42 million below Greff’s prediction, including an $18 million miss on table hold, he cited several extenuating circumstances, including construction disruption at Mandalay Bay and Monte Carlo. Santarelli was unforgiving, although MGM only missed his cash-flow projection by $31 million. He wrote, “unfortunately, the goodwill built up in the Strip margin story likely took a hit with this print. While disruptions were present, including construction and table hold, the result … is rather difficult to ignore.”

Santarelli conceded some praise to MGM for a 6% increase in Continued >>

Impatience in Philly; Big sting at Caesars

By David McKee ~ October 29th, 2014 @ 1:35 pm No Comments »

NutterIt’s been eight months since the Pennsylvania Gaming Control Board held suitability hearings for awarding Philadelphia‘s second and final casino license. Those deliberations seem to have receded in the hazy yon of the past. It’s a situation that’s not sitting well with Mayor Michael Nutter, who wants action. “The record’s been closed for some time,” he told the International Association of Gaming Regulators. In response, board member Gregory C. Fajt could promise nothing better than “We’re still deliberating and hopefully, we’ll make a decision soon.” Fajt didn’t define “soon” and, given the PGCB’s idea of a timeline, we’ll be lucky to be alive when D-Day finally occurs. The board only meets twice more this year.

* Further west, having committed $465 million to buy the Meadows racino from Cannery Casino Resorts, REIT Gaming & Leisures Properties Inc. is having buyer’s remorse on a grand scale. It has (somewhat belatedly) decided that Continued >>

The village idiot; Knuckle-dragging in Maryland

By David McKee ~ October 29th, 2014 @ 12:30 pm No Comments »

Every city has its cross to bear. In the case of Las Vegas, it’s former steroid user, baseball player and serial dumbass Jose Canseco. He obviously skipped firearm-safety class the day they told you to make sure your gun is empty before cleaning in it. Luckily for Canseco, no vital organs were injured, just a finger in his left hand. (Had he shot himself in the head, would the bullet have found anything to hit?)

* On a distantly related note, Caesars Entertainment continues to burn through cash. It offered Toby Keith $325,000 to perform one show at Planet Hollywood and make an in-person appearance at Toby Keith’s I Love This Bar & Grill. Still, that pales next to the $4.5 million put before Kanye West to perform nine shows at The Axis, at Planet Hollywood. If I were Celine Dion, I’d be a bit miffed, since the Kanye payday exceeds the $476,000/concert she pulls down at Caesars Palace. And who does more for Vegas tourism?

* Card-counting may be legal in Maryland but nobody told Continued >>

Wynn confounded; Sands gets tough

By David McKee ~ October 29th, 2014 @ 11:05 am No Comments »

??????????????????????????????????????????????????????????????????During yesterday’s call with gaming analysts, Steve Wynn admitted to being “confused” by a Macao gaming market where revenues in October could fall 20%-23%. “The new regulations in smoking, the turmoil in Hong Kong lately, in the month of October, and of course, the policy of the central government in being very aggressive about what appeared to be misconduct and corruption in the government… has had an impact in Macao on October – we all noticed it … I don’t know if it is a squall or if we are in the rainy season, or how long it will last, but we are still very bullish on Macao.”

You know things are serious when Wynn Macau President Ian Caughlan says an impending smoking ban is the least of the casino’s concerns. Still, Wynn said, “Generally speaking, we were happy with the third quarter.”

Wynn’s ill fortune was compounded by Continued >>

Further Reading

Clashing views on MGM; Shotgun wedding in Pennsylvania

Impatience in Philly; Big sting at Caesars

The village idiot; Knuckle-dragging in Maryland

Wynn confounded; Sands gets tough

Story time with Grandpa Sheldon

Fighting on in New Jersey; One-armed banditry

Election Special: What’s at stake; Fire sale at Trump

Players take Vegas to the cleaners

Freeman strikes again

N.Y.: Accentuate the negative; Sheldon’s change of heart

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