Caesars quits Ohio; Adelson’s Iran problem

By David McKee ~ March 2nd, 2015 @ 3:00 pm No Comments »

Caesars Entertainment‘s portfolio is lighter to the tune of two Ohio casinos and a racino. The beleaguered company sold its 20% in Horseshoe Cleveland, Horseshoe Cincinnati and danielgilbertThistleDown Racino to majority shareholder Rock Ohio Ventures, giving Dan Gilbert full control of all three properties. The precipitous move was obviously not the outcome of acrimony between the two parties: Caesars will continue to run the casinos at Gilbert’s behest and you can still win Total Rewards points at them. Perhaps Caesars had soured on the Ohio market, where it was becoming an also-ran among the state’s quickly expanding casino-and-racino market. Or perhaps it needed the cash, pronto. Given that Caesars is in the midst of an expensive bankruptcy, I vote for Theory B.

If this Gilbert partnership has been dissolved, is a selloff of Continued >>

Straub’s new plan for Revel; Elaine Wynn gets rude treatment

By David McKee ~ March 2nd, 2015 @ 1:40 pm 1 Comment »

Glenn Straub may be America’s newest casino owner but he’s quickly emerging as its most unpredictable. While he plans to reopen the gambling component of Revel, his latest Revel_lobbypatio_PANObrainwave is to add an anti-aging institution. Details are sketchy at present, but we can glean a few ideas from Straub’s own regimen, which involves multivitamins, among other things. (Weekly polo games probably won’t happen, though — although, given the preposterous bulk of Revel, anything is possible.) “We’ll give you a week of knowledge and maybe extend your life,” Straub says of his concept. Off the wall as it may sound, it would diversify the Atlantic City economy and give tourists a new reason to visit the Boardwalk.

“Clearly, with two bankruptcy filings in less than two years, Continued >>

Las Vegas’ robust January; Measles in a casino

By David McKee ~ March 2nd, 2015 @ 11:48 am No Comments »

January was good for the State of Nevada (+8%) but especially powerful for the Las Vegas Strip, up 15%. The casinos played lucky, with baccarat winnings up 68.5%, despite 13.5% less Baccaratbeing wagered. Strip slot revenues were up 4%, even if they didn’t quite keep pace with a 6% increase in coin-in. Table play was a bit anemic. Casinos won 6.5% more on the felt but players wagered big, 21% more than last year. Casino Electronics Show was credited with helping to drive the strong business.

The locals market stubbornly refuses to recover, down 6%. Downtown was off 11% and the Boulder Strip slid 15%. (According to Deutsche Bank, proxy Boyd Gaming was 6% off.) North Las Vegas was down 6% and the remainder of Clark County was flat. Laughlin pancaked as well but Continued >>

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 >>

Further Reading

Caesars quits Ohio; Adelson’s Iran problem

Straub’s new plan for Revel; Elaine Wynn gets rude treatment

Las Vegas’ robust January; Measles in a casino

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!

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