June 26, 2009
Table Games Could be Coming to Pennsylvania
That's right - Blackjack, baccarat, craps, and roulette could be coming to PA. The money that could be generated would far outweigh any potential problems, according to an analyst, but we think there's always a few problems. The state believes it could bring in $165 million annually if table games were allowed.
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June 19, 2009
MGM Mirage CEO Doesn’t Plan to Sell Vegas Casinos - Good News for Us
We love the MGM, and would find it sad to be in anyone else's grubby little hands. Looks like MGM is not getting the money it wants for offers, and we expect they won't for awhile.
MGM Mirage Chief Executive Officer Jim Murren doesn’t plan to sell any casinos on the Las Vegas Strip because of low offers.
“As it relates to Strip properties we haven’t engaged in any discussions on those,” Murren said yesterday in a telephone interview. “We don’t feel like we could come close to what we believe the values are worth. The multiples are low, it seems like the wrong time.”
The company, the largest operator of casinos on the Las Vegas Strip, will probably decide “within the next month” whether to sell three properties in Michigan and Mississippi, and is in a fresh round of bidding, Murren said. Prospective buyers are offering more “now that we’re not as forced a seller,” he said. “Bid valuations are rising.”
At MGM Mirage CEO Doesn’t Plan to Sell Vegas Casinos
May 22, 2009
Sands Opens New Casino in Bethehem Steel Mill
Pennsylvania is in for a treat because nearly 14 years after a century of steelmaking ended in south Bethlehem, PA, gambling will step into the void left by the death of Bethlehem Steel. At 9 a.m. today, Bethlehem will become Pennsylvania's eighth casino town.
The $743 million gambling hall in the former Bethlehem Steel ore field at the south end of the Minsi Trail Bridge features four restaurants and two lounges.
At A new era to begin at the old Steel site
May 9, 2009
Nevada Gaming Revenue Slips 11.6% in March
That's right - the numbers are still slipping, but we predict a Summer and Fall turn around.
Numbers from the Nevada Gaming Control Board released on Thursday show that the recession's hold on Las Vegas could be loosening.
Although gaming win on the Strip fell 12 percent year over year, there was an uptick in revenue when compared to February 2009.
For Las Vegas, March revenue came in at $456.1 million -- up 6.7 percent from $427.4 million in February. In February, year-over-year Las Vegas casino win dipped 23 percent.
At Nevada Gaming Revenue Slips 11.6% in March
May 1, 2009
MGM Mirage Gets Full Funding for City Center Project
Looks like it's a go!
Shares of MGM Mirage skyrocketed Thursday, gaining as much as 50% after the company cut a deal with a joint-venture partner -- and its lenders -- that will apparently ensure the completion of its massive CityCenter project.
After the close of trading Wednesday, MGM Mirage (MGM:MGM 7.97, -0.41, -4.9%) and Dubai World, co-owners of CityCenter, ended more than a month of turmoil and infighting with a pact under which they will fund their remaining contributions to CityCenter via letters of credit, while current lenders will fully fund a $1.8 billion senior secured credit facility.
Furthermore, Dubai World said it will dismiss a lawsuit it filed last month against MGM Mirage, which charged that the casino giant was mismanaging the project.
"CityCenter is now fully funded and on track to open in December 2009," the two companies said in a joint statement.
At MGM Mirage shares soar on CityCenter pact - MarketWatch
April 27, 2009
Sands to sell Macau casino
Las Vegas Sands plans to put the Sands Macao (left) up for about US$1.3 billion (S$1.95 billion) after failing to sell its luxury shopping centres in the southern Chinese territory. This is more bad news for the already troubled Las Vegas Sands corporation.
At Sands to sell Macau casino
April 10, 2009
N.J. Casinos Post Biggest Monthly Revenue Drop Ever
Ouch - blame it the recession? Maybe blame this one on stiff competition from neighboring Pennsylvania slots and other factors.
Atlantic City topped itself for all the wrong reasons yesterday, and posted a monthly revenue decrease that outdid its record 19.2 percent drop in February compared with the same month a year ago.
The seaside resort's 11 casinos reported a 19.4 percent decrease in March, the largest year-over-year decline in Atlantic City gambling's 31-year history, according to the New Jersey Casino Control Commission.
The casinos took in $318.4 million in March, compared with $395 million a year earlier.
At N.J. casinos post biggest monthly revenue drop | Philadelphia Inquirer | 04/10/2009
March 20, 2009
Pennsylvania's No-frills Casinos Pay big
A great article that shows with a little dialing down of the amenities, you can still make money from slots and entertain some people. We think Massachusetts should look into something similar.
It's a little past 6 o'clock on a vanilla Monday night in March and Philadelphia Park is slammed. There are men in sweat suits, women with cigarettes dangling from their mouths, senior citizens with canes - all hoping the numbers and symbols on the screens in front of them match up just right.
They haven't come for the $3.50 hot dog at Grab-N-Go. They're not here to shop at the only store on the premises, a gift shop selling candy, cigarettes, and hats.
Read more at The Boston Globe
March 13, 2009
Woman Wins $5 Million for $4 bet On A Slot Machine
How about some good news? Wait - how about some great news? A woman playing a slot machine at a casino in Florence, OR won $5 million last Friday night. That's right - pull the lever - $5 million bucks.
The woman, who chose to remain anonymous, had been playing the Penny Wheel of Fortune machine at Three Rivers Casino and Hotel.
According to the casino, the woman initially thought she won $60 or possibly $600 when three Wheel of Fortune symbols lined up. The machine indicated she should call an attendant.
A casino spokesman said the woman had been in the casino for less than an hour and won the $5 million using a $4 bet.
Full Read at Ore. Woman Wins $5 Million On Slot Machine
February 20, 2009
Trump Casino Group Files for Bankruptcy - Trump Quits Casino Business
This is bad news, and really bad news for Donald Trump. It seems the group behind the Trump Casino decided to go for bankruptcy, and Trump was so mad about the move - he quit his own casino.
Well, no bailouts, with the Donald Trump Entertainment Resorts filing for Chapter 11 bankruptcy, rather than seeking any sort of a bailout, and actually having very little to do with the Donald himself.
Not only did Donald Trump oppose the bankruptcy move and quit the company last week ahead of it, he owns only a quarter of the casino operator, unlike the Trump Organization, which he does control.
Full read at FOXNews.com
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