Harrah’s Entertainment plans to go public again, but not for a few years. This isn’t really a surprise, but the timeline is noteworthy, as are the “developments” that the company awaits. From Reuters: Harrah's Entertainment, which was taken private by TPG and Apollo Management in January 2008, could launch an initial public offering five to […]
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news about gamblingI think that’s me, when my legit first response to this article is, “Boy oh boy! The 2009 Nevada Gaming Abstract’s out at last! It’s gonna be a great week!” Mostly, it’s because now I’ll be able to update Nevada pages over at http://gaming.unlv.edu, but I’ve actually been looking forward to this for months. You
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news about gambling, what's newThis is one of those moment of ambivalence that we all face at some time or another. On one hand, I’m pretty happy to be finished working on the 2009 Nevada gaming breakdown (pdf) and the Nevada Gaming Revenue:Long-term trends report (pdf). On the other, the actual data in those reports aren’t really happy fun
A decade of decline? Read More »
life in vegas, news about gamblingIt’s Thursday, which means another Green Felt Journal column in Vegas Seven. Here’s the crux of what I call the “split-level strategy”: So casinos are pursuing a “split-level” strategy that harks back to the 1970s and earlier—keeping prices low for bargain hunters while pursuing high-end play at the baccarat tables. It’s not the mid-1980s approach
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news about gambling, writingThe centerpiece casino of the Lake Las Vegas development announced today that it will be closing. Following the news that the Ritz Carlton is soon to close, this raises even more questions about the future of the development–and ties into a Nevada gaming trend that pre-dates the recession. From the LV Sun: Casino MonteLago at
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life in vegas, news about gamblingThe 2009 Nevada gaming numbers are in, and they are not exactly encouraging. From the LVRJ: Gaming revenues in Nevada fell 10.4 percent in 2009, the largest single year decline in state history. Casinos statewide collected almost $10.392 billion from gamblers during the year, the lowest one-year total since 2003 according to figures released this
…at least as far as the LVCVA is concerned. The December and year-end visitor numbers, minus the gaming figures for now, was just released. Here are some highlights from the executive summary: December: Visitor volume up 1.5%, room inventory up 6% compared to December 2008. 2009 (total): Visitor volume down 3%, room inventory up 6%
Checking the headlines in the AC Press as of 2PM Pacific time, I couldn’t find a word about the seemingly-momentous decision of MGM Mirage to sell its stake in Borgata. This is curious, since you would think that having one of the biggest casino companies in the world, which at one point had billions of
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atlantic city, news about gamblingRussians no longer have to worry about being without casinos–a new one has opened up in the south of the massive county. From Fox News: Half a year after Russia closed all of it's gambling casinos and slot-machine halls, the first new casino opened Saturday under a plan to limit legalized gambling to four comparatively
According to a WSJ report, MGM Mirage has decided to sell its interest in the Borgata and presumably close the door on any future developments in Atlantic City: For years, New Jersey regulators have raised concerns about the suitability of casino company MGM Mirage's business partner in China. Now, MGM Mirage has an answer: cash
Other shoe about to drop in AC? Read More »
atlantic city, news about gambling…is working the casino circuit, and at Caesars Palace, no less: President Bill Clinton will speak at The Colosseum @CaesarsPalace on Mon., Feb. 22 at 7:30pm. Tickets go on sale Monday! via The Colosseum ColosseumatCP on Twitter. Why do I say “another?” About a year and a half ago, Mikhail Gorbachev played the Seminole Hard
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gambling & culture, news about gamblingThere are a lot of corporate and property newsletters out there, and most of them promote upcoming deals, salute big winners, and generally promote the fun that’s going on. Wynn’s newsletter, though, takes it a step further–you actually learn more about the properties in some of the articles. Instead telling you when you can get
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news about gamblingA few weeks ago, I started talking about a tiered pricing model for Strip hotels on the Vegas Gang. I took some time to On one side, pro-fee advocates argue that they offer convenience. On the other, resort fee opponents maintain that fees are poorly advertised and shock the customer. There may be a way
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news about gamblingFor several reasons, the political landscape in Florida has now shifted, and the expansion of commercial casinos is more likely than it has been in years. From the Miami Herald: Ellyn Bogdanoff has given up. Once one of the most ardent opponents of gambling expansion in the Florida House, the Fort Lauderdale legislator is now
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news about gamblingA few more thoughts about Atlantic City, culled from a few Advisers to Gov. Chris Christie have called for casino regulatory reform, a public-private Atlantic City marketing initiative and possible state intervention in city government as ways to save New Jersey’s casino industry from competition and its “failed” business model. On Friday, Christie released 19
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atlantic city, news about gamblingThere’s another negative milestone for Atlantic City slots: in December, they got less play than slots in Pennsylvania. From the AC Press: Gamblers are putting more money into slot machines in Pennsylvania than they are in Atlantic City.The Gaming Industry Observer says December was the first month ever that slot-machine handle in Pennsylvania surpassed Atlantic
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atlantic city, news about gamblingBreaking news from the LVRJ: Penn National Gaming will not submit a bid for next week’s planned bankruptcy court auction of the shuttered Fontainebleau project, a company spokesman said Thursday. via Penn won’t pursue Fontainebleau – Breaking News – ReviewJournal.com. What? I don’t believe this. It was supposed to be a sure thing! This is
Things are looking up in Nevada for the first time in a long time. The state’s casinos won more money from gamblers this November than they did last November. Yet there may be another story that isn’t as positive lurking beneath the numbers. From the LVRJ: For the first time in 23 months, Nevada gaming
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news about gamblingThe Atlantic City gaming numbers are in, and 2009 was definitely not pretty. From the AC Press: Casino revenue plunged for the third straight year in 2009, falling below $4 billion for the first time since 1997 as the soft economy and competition from neighboring slot parlors continue to erode the Atlantic City market. Year-end
Great news for Pennsylvanians who like to play table games, bad news for Atlantic City, as Pennsylvania has, to no one’s surprise, approved table gaming. Here’s the reaction from the AC Press: Pennsylvania’s slot parlors won’t stop at table games as they prepare to evolve into Atlantic City-style resort casinos in a fierce battle with