Adelson keeps coming; Eternal frustration in Florida

By David McKee ~ November 26th, 2014 @ 12:01 pm No Comments »

Let’s face it: Sheldon Adelson is old, distrusts computers and clearly fears Internet gambling’s encroachment on his mammoth brick-and-mortar casinos. Which means Sheldon pashathat even if he fails to get the Restore America’s Wire Act bill passed in Congress’ lame-duck session, he won’t be satisfied until he’s come between you and your legal right (where applicable) to gamble online. As chief lobbyist Andy Abboud says, “He’s a man of great conviction. He doesn’t waver.”

Emissaries from Adelson have been meeting with Speaker of the House John Boehner (R) and outgoing Senate Minority Leader Harry Reid (D). It’s well known that Reid would trade away games of chance in order to preserve online poker. But it’s doubtful that Adelson would even consider such a compromise. It’s his way Continued >>

Slots drive Vegas; Big change at Foxwoods

By David McKee ~ November 26th, 2014 @ 10:57 am No Comments »

Las Vegas Strip casino revenues fell 6% last month, largely thanks to soft table play. Deutsche Bank analyst Carlo Santarelli characterized slot play as “encouraging
Liberace slotand driven primarily by volume,” as the Strip recorded its sixth consecutive month of increased coin-in, up 7%. Since Santarelli had been expecting a flattish 4Q14 he termed the results not “all that meaningful relative to our Company forecasts.” Baccarat revenue plunged 35.5% on 15% lower play. This is a change from 2013, when baccarat carried the Strip. Despite lighter play, non-baccarat table games did 4% than October previous. Over at J.P. Morgan, analyst Joseph Greff was comparably sanguine, writing, “we maintain our positive outlook for the LV Strip and believe the overall recovery will continue for the balance of the year and into 2015.”

Reno posted an 8% increase in a month in which non-Strip revenues tended to seesaw violently. Downtown Las Vegas was stable, with a 1% bump and the unclassified parts of Clark County had a 2% boost. Lake Tahoe shot up 53%. The Boulder Strip plunged 24% and North Las Vegas fell off 15%. Laughlin got off easy, with a 5% decline. Whatever else the locals customer is, he is cautious with his money these days.

* “We think we have too much gaming.” When was the last time Continued >>

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 >>

Further Reading

Adelson keeps coming; Eternal frustration in Florida

Slots drive Vegas; Big change at Foxwoods

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

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