Big Ease; The Mirage, 25 years later

By David McKee ~ November 20th, 2014 @ 11:47 am No Comments »

Even with 19 non-tribal casinos and racinos to support, the Louisiana market continues to rebound. It was up 4% last month, with even 2% growth in the crowded Louisiana_FlagShreveport/Bossier City marketplace. El Dorado was the second-highest grosser and the percentage leader (+7%), while Diamond Jacks (-6%) brought up the rear. Horseshoe Bossier City was the top grosser, at $15.5 million.

In the Baton Rouge area, Pinnacle Entertainment‘s L’Auberge du Lac Baton Rouge continues to be responsible for over 50% of all the dollars grossed therein. It raked in $11 million million, while Tropicana Entertainment‘s Belle of Baton Rouge and Continued >>

Revel: Brookfield bails, Straub back in; A few good men

By David McKee ~ November 19th, 2014 @ 4:43 pm No Comments »

Like its predecessors at Revel, management at Brookfield US Holdings found itself with an albatross around its neck: the cost-intensive Inlet District Energy Center. The Revel_0947standalone power plant cost the resort $1.25 million a month. Brookfield hoped to reduce those costs but couldn’t. The interest rate, 12% on bonds and as much as 18% on equity, was too onerous. The bondholders want to be paid what they were promised when the plant was built and Brookfield evidently doesn’t have the scratch. Finding Revel too rich for its blood, it’s scrapping the purchase.

Spurned Revel bidder Glenn Straub, who’s been challenging the outcome of the bankruptcy auction. was quick to take credit. “Obviously Continued >>

Forcible restraint in Massachusetts; The big winners in Philadelphia

By David McKee ~ November 19th, 2014 @ 2:06 pm No Comments »

As you’ve read here earlier, the Massachusetts Gaming Commission is eyeing the concept of “play management.” It’s a somewhat paternalistic concept wherein players Crosbypre-set a loss limit and are rewarded with free-play credits, points or other incentives for staying within that limit. “It’s to let people go to casinos and enjoy themselves instead of walking out with that horrific feeling of regret because they spent more than they wanted to,” rationalized MGC consultant Judith Glynn. MGC Chairman Stephen Crosby adds that it targets “maybe 10 percent to 20 percent” of players.

The American Gaming Association is pushing back, bombarding the MGC with a four-page letter which, among other arguments, says that it’s “disproportionate to Continued >>

Everybody’s doing it

By David McKee ~ November 19th, 2014 @ 12:45 pm No Comments »

Building conference centers in Atlantic City, it seems. Add Resorts Atlantic City to the brief list of casino trying to diversify their appeal by going for the meeting business. ResortsIt won’t be as grand as the one as Harrah’s Resort but, at a $9 million budget, will be wallet-friendly for Mohegan Tribal Gaming Authority, which runs Resorts. “This project speaks to a specific niche,” said consultant Cory Morowitz, referring to small business meetings. Resorts hopes to have the project finished by July, when the appeal of Atlantic City is at its peak. Speaking for owner Morris Bailey, Morowitz said, “The project completes the repositioning of Resorts.”

The project will be funded either entirely or at least in part in redevelopment credits from the  Continued >>

Further Reading

Big Ease; The Mirage, 25 years later

Revel: Brookfield bails, Straub back in; A few good men

Forcible restraint in Massachusetts; The big winners in Philadelphia

Everybody’s doing it

Flat at the Strat and other Case Bets

The sport of kings in cyberspace

Philadelphia: No surprise here

The Philadelphia experiment; Wynn mellows

Paul pounds Sands; Caesars’ Eight

Quote of the Day

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