“JP Morgan analyst Matt Ryan questioned Crown‘s, timing given it is ramping up its exposure to the wagering industry at a time when increased racing fees are eating bookmakers’ margins.” What? Would James Packer ever make a bad business decision? Heresy!
Felix Rappaport continues to unveil a new strategy for Foxwoods Resort & Casino. Operations weren’t predecessor Scott Butera‘s strong suit, by the latter’s own profession.
So, the restructuring having been done, enter Rappaport to commence the rebranding. Of oncoming competition from Boston, Rappaport said, “We’ll certainly lose some people altogether, and we’ll lose some people in terms of frequency. But if we do our jobs properly, I think we can become even more compelling.” And he’s got two or three years to entrench. Both Foxwoods and Mohegan Sun are cutting back on slot inventory dramatically, prompting one pundit to say, “They have, in a sense, already closed the equivalent of two casinos.”
While Mohegan Sun has been targeting nearly every new casino market that comes along and, closer to home, is ramping up its concert program, Foxwoods is being a bit choosier with its comeback strategy. Gambling is still, far and away, the cash cow, but Continued >>
After endless months of maneuvering and legal posturing, MGM Resorts International and Tutor Perini arrived at a settlement on what was to have been the opening day of an epic trial. (That’s seven weeks of jury selection down the drain.) The case revolved around the defectively constructed Harmon hotel and came down to where the finger for the fiasco should be pointed. Although the settlement was nominally confidential, Deutsche Bank analyst Carlo Santarelli got the nitty-gritty via the SEC. CityCenter will receive $110 million from contractors, insurers, MGM and sundry third parties. In addition to paying CityCenter $20 million, MGM lays Continued >>