Station Casinos is doing as well as it ever has since the Great Recession, fueling speculation that an IPO might be on the way. Granted, this is mostly speculation by investors and the media but Deutsche Bank‘s 25% stake in the locals-casino company gives it the option to initiate a public offering in June 2016. CFO Marc Falcone is trying to douse the fire, saying, “We’ve enjoyed being their partner, and we think they’re all happy with the performance of the company since we’ve emerged from the restructuring. I don’t really anticipate any change.”
But an IPO would make a lot of sense (a lot more than Continued >>
First, it was the corruption crackdown. Now, the Chinese government is reviewing visitation levels to Macao. As Macanese Secretary for Social Affairs & Culture Alexis Tam put
it, “[T]oo many tourists impact residents’ quality of life.” That’s not music to casinos’ ears and gaming stocks reacted predictably. None of the declines were precipitous (Wynn Macau had the worst of it, down 4%), but all Macao gaming operators were negatively impacted.
We probably should have seen this coming, between visa restrictions from the Mainland and President Xi Jinping‘s calls for greater economic diversity in Continued >>
Glenn Straub‘s abusive/co-dependent relationship with Revel AC continues, even though federal bankruptcy court has driven a stake through his $95 million purchase agreement for the beached whale of a casino. As Judge Gloria Burns, who has presided over the soap opera, put it, “The history of this case is long and tortured.” However, Revel knows that Straub is the only game in town, despite vague talk of ‘interested parties.’ “I would be very surprised if Straub came back and offered $95.4 million and we turned it down,” said Revel attorney Michael Viscount. As though to Continued >>