Archive for the 'Pennsylvania' Category
Foxwoods Resort Casino CEO Scott “Woody” Butera didn’t close the sale with Milford voters earlier this week, but they didn’t slam the door on him either. Rather than prejudice the issue with a town-meeting vote, local sentiment favors a city-wide referendum. Although casino opponents have dominated the argument so far, hearing from Foxwoods-in-Milford supporters seems [...]
Score one for Colony Capital: It took Rational Group to the cleaners to the tune of $11 million and there’s nothing Rational can do about it. A New Jersey court ruled that the PokerStars parent company had no one to blame for itself, having agreed to the surrender in black and white: If Rational wasn’t [...]
Penn National Gaming has filed paperwork with the SEC for an IPO that would enable you to buy into 19 Penn casinos, including flop Hollywood Perryville (shown). This Penn stalking horse would go by the incredibly generic name of Gaming & Leisure Properties (ticker symbol GLPI), a moniker so dull it must have been conceived [...]
When last seen, Caesars Entertainment CEO Gary Loveman was telling his brethren that a stale property is an endangered property. To prove his point, he need look no farther than Philadelphia, where new kid on the block Valley Forge Casino Resort (left)was up in largely “down” April, its revenues increasing 29%. At $8 million last [...]
We don’t know how it managed it but congratulations to The Cosmopolitan of Las Vegas. It finally realized how to market to those hitherto-elusive creatures known as “gamblers.” Casino revenue shot up 33%, winning $41 million from players, partly due to better-than-expected hold. Room rates ($273) and 88% also continued to be some of the [...]
Subtract one casino from the Tropicana Entertainment portfolio: The River Palms Resort & Casino, in Laughlin, just went for $7 million today. TropEnt CEO Anthony Rodio isn’t pulling out of the Colorado River market altogether. He says the company will continue to maintain its presence at the Tropicana Express (a former Ramada), which has been [...]
Break out a flagon of whatever Derek Stevens is drinking and put it on my tab, lads. To commemorate the first leg of the Triple Crown, he’s holding a May 3-4 Sigma Derby tournament. Buy-in starts at $50, so starting emptying your piggy banks for some of the best time-on-device action in Las Vegas. To [...]
Decimation of the slot floor at Hollywood Columbus proved to be just what the doctor ordered, “given the initial lackluster start and relatively low investor expectations,” as J.P. Morgan analyst Joseph Greff writes. Minus 515 machines, revenues at H’wood Columbus last month were now $21 million, including $173/day/slot — not ideal but getting there and [...]
Philadelphia casino-applicant frontrunner Bart Blatstein has a new sidekick. He’s ditched Hard Rock International in favor of … Isle of Capri Casinos. It’s a big win for Isle and a very embarrassing public setback for the Seminole Tribe, which Blatstein characterized as too slow-moving for his needs. The new alliance also has sentimental ties for [...]
Today’s top story is the rumor, first aired on LasVegasAdvisor.com that Binion’s Gambling Hall & Hotel will close in July, lock, stock and million-dollar display. This dovetails with an earlier report that a detailed makeover is in the works. So Binion’s could follow the lead of the Plaza and go the short-term-closure route, rather than [...]
That idyllic scene above is not Massachusetts but Vermont. However, the Green Mountain State is not only shaped like a funnel, it is one, an untapped market just waiting to be drained by whichever casino lands the coveted western Massachusetts concession, even it might have to wait until 2016 or even 2018. (A couple of [...]
“The twilight’s last reaming”?!?!? Christina Aguilera said it, I didn’t.
Of all the proposition bets being made on Sunday’s “Big Game” (the favored Vegas euphemism), my favorite is how long it will take Alicia Keys to crawl through the National Anthem. Admittedly, Jennifer Hudson’s Wagnerian 2:10, at 2009’s Super Bowl, gives Keys a high bar to [...]
Penn National Gaming trimmed its 2013 revenue projections today by 3% — not surprising, given the “headwinds” represented by recent tax changes that will eat into Americans’ discretionary income. Sluggish early slot performance in the Columbus and Toledo markets was blamed on a lack of marketing and comping “into underpenetrated submarkets,” as Joseph Greff of [...]
Sheldon Adelson being too busy trying to dictate American foreign policy, it was left to his Number Two Man, COO Michael Leven (left) to go to Toronto and make the case for a Las Vegas Sands megaresort. Leven soft-pedaled the gambling stuff and talked up conventions instead. Leven’s unconcern about having only 2,000 parking spaces [...]
Back when Las Vegas Sands was waffling over the completion of Sands Bethlehem and rattling its tin cup for joint-venture partners, I suspected that Sheldon Adelson had lost his stomach for the project and would probably sell it. Sands has even been hinting at it for the past 18 months. At a rumored $1 billion, [...]
After a long (17 years) and eventful tenure at the top of the American Gaming Association, President Frank J. Fahrenkopf is calling it a day. On June 30, he hands over the reins to a successor as yet to be named. Although this decision was taken over a year ago, the AGA is only now [...]
For those of us who missed it this year, the best Christmas tradition of which I know.
First and most importantly …
To you, the reader, who makes this possible, a year of happiness, health and wealth, whether material, intellectual or spiritual.
Atlantic City: Good luck in a year that will end with ‘13.’
Boyd Gaming: New TV commercials.
We’ve learned two important things today. One, that the Mayan calendar is not the most reliable predictor of events. Two, that Ameristar Casinos‘ on-again/off-again talk about putting itself up for sale was back in “on” mode. Before hardly anybody got wind of what was happening, Ameristar cut a deal to be purchased by Pinnacle Entertainment. [...]
Despite several months of doom-and-gloom economic predictions from Steve Wynn, the mogul has decided to “buy American” again, not only returning to the site of previous skirmishes (Philadelphia) but also taking a second run at Massachusetts. S&G was no fan of Wynn’s decision to call it quits after being essentially voted out of Foxborough by [...]
Update: Seeking Alpha’s Brad Thomas has run the numbers on the Penn split and doesn’t like the risk/reward scenario.
Fifteen years and many consolidations ago, the casino industry was seized by a brain fever. It was set off by the bidding war between Hilton International (led by Steve Bollenbach) and Starwood Resorts (then run by current [...]