Midwest casino follies

By David McKee ~ February 25th, 2015 @ 1:05 pm No Comments »

Indiana municipalities caught a break when the state House of Representatives voted against scrapping the state’s $3 admission tax, which goes to casino-hosting localities. That Dermodykeeps $200 million in the kitty of jurisdictions like LaPorte County, home to Boyd Gaming‘s Blue Chip riverboat. State Rep. Tom Dermody (R, right) vowed to revisit the issue in 2016. However, the House did pass a bill chockful of goodies for casinos, including permission to move on land, an extension of a tax cut on free play, tax incentives for new construction and live dealers for the state’s two racinos. The bill passed overwhelmingly, although it still faces the obstacle that is Gov. Mike Pence‘s veto pen. (The prospect of live dealers at the tracks is one of the aspects that sticks in Pence’s gubernatorial craw.) The bill must also survive one more vote by the full House.

In a peculiar flip-flop, the House initially amended the bill to remove the live table dealers, 96-1, then put them back in, 76-22. Hoping against hope, Continued >>

Could Station go public?; Straub buys Revel again

By David McKee ~ February 25th, 2015 @ 11:18 am 4 Comments »

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 red_rockmedia 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 >>

Macao casinos squeezed again; Isle’s clean sweep

By David McKee ~ February 25th, 2015 @ 9:59 am No Comments »

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
venetian-macao-bridgeofsighit, “[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 >>

Straub still hearts Revel; Setback in Indiana

By David McKee ~ February 24th, 2015 @ 12:25 pm 2 Comments »

revel_0494Glenn 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 >>

Further Reading

Midwest casino follies

Could Station go public?; Straub buys Revel again

Macao casinos squeezed again; Isle’s clean sweep

Straub still hearts Revel; Setback in Indiana

Bigamy in New York; Bluster in New Jersey

Quote of the Day

Florida tribe: Casinos or pot. Choose!

Trump wins battle against himself; Riviera’s fate sealed

Caesars foe now its BFF; Suffolk Downs returns

Building a better Cosmopolitan

©2007-2015 Stiffs and Georges | powered by WordPress | Theme Design:Fat Cat Designs| Privacy Policy