First big hurdle in Indiana cleared

By David McKee ~ March 2nd, 2015 @ 5:02 pm No Comments »

Both the Indiana state Senate and Gov. Mike Pence (R) could still nix the deal, but the Indiana House of Representatives voted 76-19 to put riverboat casinos ashore and OK live dealers at the state’s Indiana Grand and Hoosier Park racinos. Pence is hung up on the CasinoAztarlive-dealer provision, which he incomprehensibly deems an “expansion” of gambling in the state. Maybe it will have to be sacrificed to get the other casinos off the rivers, something that should have been done years ago. (God forbid it should take a calamitous tornado to open Pence’s eyes.)

Referring to the landslide vote for the bill, state Rep. Tom Dermody (R) held out hope of changing Pence’s mind, saying,  Continued >>

Caesars quits Ohio; Adelson’s Iran problem

By David McKee ~ March 2nd, 2015 @ 3:00 pm 1 Comment »

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 >>

Further Reading

First big hurdle in Indiana cleared

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

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