Quote of the Day

By David McKee ~ November 25th, 2014 @ 1:28 pm No Comments »

harrahsnightsign“I maintained this status for about 10 days, working about 14 hours a day. Several times during this effort, I would email my supervisor back in Kansas with the message, ‘I have fallen in Harrah’s financials and can’t get up.'” — former Kansas regulatory consultant Richard Schuetz, on the Harrah’s Entertainment leveraged buyout.

Good news from the Boardwalk; Leven leaves

By David McKee ~ November 25th, 2014 @ 1:13 pm No Comments »

Rid of the Atlantic Club Hotel, Showboat, Trump Plaza and Revel, cash flow at Atlantic City casinos shot upward 7%, or $147.5 million. Once that unhappy quartet is Resorts ACremoved from the year-over-year comparison, the percentage increase falls to 3% but the dollar growth goes to $152 million in gross operating profit. Of course that’s before interest, taxes, depreciation and all that good stuff — and the Caesars Entertainment properties are carrying particularly heavy interest. Mohegan Sun, meanwhile, is working wonders at Resorts Atlantic City, increasing cash flow 600%, to $5 million. Tilman Fertitta‘s people also did well at the Golden Nugget, generating 156% EBITDA growth. By contrast, the maladroit Robert Griffin administration at Trump Taj Mahal saw operating profit fall 39%. The Caesars trio of casinos also had declines, but none that severe.

Would-be Taj owner Carl Icahn doesn’t want Griffin around — can you blame him? — if and when he takes over. So he’s looking to former magician Herbert L. Becker, Continued >>

SLS struggles to find its niche; Cordish knows its one

By David McKee ~ November 25th, 2014 @ 11:44 am No Comments »

Granted, Sam Nazarian had to do something with the Sahara, but so far when SLS Las Vegas makes the headlines it’s with another piece of bad news. F&B offerings have sls_rendering_cleo_restaurantbeen cut back and the nightclub program is struggling. Rationalizes former Revel prexy Scott Kreeger, who now holds the same position at SLS, “we opened the property and the nightlife program heading into a slow season.” (Why?) According to Kreeger, SLS is already regrouping to “come into 2015 with some really strong offerings.”

SLS, which opened targeted to SoCal trust-fund babies and with little understanding of locals casinos is now rather naively counting on Continued >>

Paid to not play?; More trouble for Trump, Caesars

By David McKee ~ November 24th, 2014 @ 3:59 pm 1 Comment »

Although the American Gaming Association came down against Massachusetts‘ proposed “managed play” system of regulating losses, casino companies are saying, Chips and cardsNot so fast.” Wynn Resorts, MGM Resorts International and Penn National Gaming are all in favor of the idea of allowing players to cap their losses in advance. However, they are opposed to rewarding it with future free-play incentives, fearing that players will set exaggeratedly high limits they have no intention of hitting, qualifying them for free play. Said Wynn’s Robert DeSalvio, “If someone has a problem the worst thing is to give him incentives to come back.” He wasn’t opposed, however, to programming the limits into loyalty cards. Penn and MGM representatives had their own reservations about the program’s feasibility.

The industry representatives seemed more concerned, overall, about players gaming the system to get free goodies than whether or not Continued >>

Further Reading

Quote of the Day

Good news from the Boardwalk; Leven leaves

SLS struggles to find its niche; Cordish knows its one

Paid to not play?; More trouble for Trump, Caesars

Failure in Japan … on to South Korea

New Jersey cuffed; Adelson stirs controversy

Are the feds scrutinizing Wynn … and why?

Case Bets

Big Ease; The Mirage, 25 years later

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

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