Posts Tagged ‘MGM Resorts’

Inside Gaming: Boardwalk Bruises

by , Mar 3, 2013 | 1:00 pm

Atlantic CityAtlantic City can’t catch a break.

The gaming market has seemingly been covered by dark clouds for much of the past six years. Last week’s announcement that Revel, the Boardwalk’s newest resort, was filing for bankruptcy less than a year after opening, didn’t shock anyone.

Bad news has become expected.

Atlantic City gaming revenues have declined more than 40 percent over the last six years. The Boardwalk suffered through labor strife, competition from resorts in neighboring states, casino closures, stalled investments and the recession.

When Hurricane Sandy washed ashore in October, shutting down portions of the Boardwalk for as long as to a week, several analysts quietly wondered whether the freakish storm was a warning sign from above.

More…


Vegas Grinders: All the Presidents Day Men

by , Feb 22, 2013 | 1:46 pm

VegasGrinderImageOur little low-stakes show continues to take shape. In this episode Andrew talks about making the shift to daytime play, Dave looks for Presidents Day booziness at his tables, and I learn too much about Planet Hollywood after not taking a proper piss break during the iGaming North America conference going on upstairs.

Also this week: Our favorite Vegas grinder poker apps, with a special look at the new addition of MGM Resorts to Bravo Poker Live; a preview of the upcoming Wynn Classic and its opening $250k guarantee; a $10k early morning freeroll at the Palms; and various jackpot promos and bonus offers that may or may not be floating your boat any particular casino’s way.

All this (more or less) for only some 30ish minutes of your time!

Vegas Grinders 1.2
[audio: https://pokerati.com/podcast/VegasGrinders/LVGrinders20130220-b.mp3]


MGM Resorts Seeks Re-Entry Into Atlantic City

by , Feb 18, 2013 | 3:00 pm

MGMResortsMGM Resorts International, which gave up its ties to Atlantic City’s casino market nearly three years ago to settle a dispute with New Jersey gaming regulators, is seeking to regain a piece of the action.

The Las Vegas casino giant, which still owns 50 percent of Atlantic City’s market-leading Borgata, petitioned the New Jersey Casino Control Commission on Monday to reinstate the company’s gaming license in Atlantic City.

In a statement, MGM Resorts officials said the company “would welcome the opportunity to once again be an active, contributing member of the New Jersey gaming marketplace.”

MGM Resorts placed its Borgata ownership in trust in 2010 following settlement of a complaint filed by the New Jersey Division of Gaming Enforcement.

The agency said MGM Resorts’ joint-venture partner in Macau, Hong Kong businesswoman Pansy Ho, was unsuitable because international law enforcement alleged casinos controlled by her father, billionaire Stanley Ho, were influenced by Chinese organized-crime triads.

More…


Modest Recovery Continues to Show in Gaming

by , Feb 12, 2013 | 10:00 am

Welcome-to-Nevada-pokerNevada’s casino industry posted its third straight annual gaming revenue increase in 2012 as the industry continues its modest recovery amid a sluggish economy.

Analysts noted the results were helped by high-end baccarat play, the game that has bolstered the industry’s bottom line since Las Vegas companies began doing business in Macau in 2004.

Statewide, casinos collected $10.86 billion in gaming revenue in 2012, a 1.5 percent increase over $10.7 billion in 2011.

“We are slowly increasing revenues,” said Michael Lawton, senior research analyst for the Nevada Gaming Control Board. “We are still 15.5 percent below the peak in 2007, but we are gradually moving in the right direction.”

Nevada gaming revenues were $12.8 billion in 2007, Lawton said. On the Strip, gaming revenues increased 2.3 percent over 2011 with casinos collecting $6.2 billion, marking a second straight year revenues topped $6 billion.

More…


MGM Resorts Joins Fray Competing for Toronto Casino Development

by , Feb 5, 2013 | 10:00 am

MGMResortsMGM Resorts International entered into a partnership with a Canadian real estate developer to bid on, build and operate a hotel-casino complex in downtown Toronto.

In a statement, MGM Resorts Chairman Jim Murren said the 50/50 joint venture with The Cadillac Fairview Corporation Ltd. gives the Las Vegas-based casino giant a partner with extensive Canadian development experience.

In Cadillac Fairview we are partnering with the industry leader in developing high quality properties across North America and a company with whom we share a common vision for the development of an iconic integrated resort in Toronto,” Murren said.

MGM Resorts, along with Las Vegas Sands Corp. and Caesars Entertainment Corp., are exploring a potential casino development in Toronto. The Ontario Lottery Corp. has selected Toronto, Canadas largest city, for a single casino destination. But the concept still needs the approval of city leaders and residents.

More…


Borgata Group could Benefit if New Jersey Legalizes Net Bets

by , Jan 31, 2013 | 10:00 am

borgatalogoIt hasn’t been the best of times for Atlantic City.

The question now is whether intrastate online gaming is the panacea that revives the Boardwalk.

Union Gaming Group managing director Bill Lerner believes the state’s Internet gambling bill sitting on Gov. Chris Christie’s desk could benefit the two Las Vegas gaming companies that own Atlantic City’s largest resort.

But the bill, which would allow Atlantic City casinos to operate a full catalog of online games — not just poker — would have different results for Boyd Gaming Corp. and MGM Resorts International.

The Borgata, which is now 50-50 owned by Boyd and MGM Resorts, is the market leader in Atlantic City — collecting roughly 20 percent of Atlantic City’s $3.05 billion in gaming revenues in 2012 — and figures to hold the same role in a potential Atlantic City Internet gambling space.

More…


Nevada GCB Heads to Macau for Gaming Regulator Summit

by , Jan 21, 2013 | 10:00 am

Macau CasinoNevada’s three Gaming Control Board members traveled to Macau [last] week in an effort to re-establish the relationship with their regulatory counterparts in the world’s largest gambling market.

Control Board Chairman A.G. Burnett characterized the trip as a “fact-finding’ mission and called the series of meetings, including talks with law enforcement officials in Hong Kong, “a complete success.”

He said the relationship between Nevada regulators and Macau’s Gaming Inspection and Coordination Bureau – often referred to at the DICJ – had not been very strong in recent years.

“We’ve established a good rapport with the DICJ and will lead to a good era of cooperation and discussions amongst the two agencies,” Burnett said late Thursday. “We were well-received and, as with all things in Asia, these relationships take time to nurture.”

More…


Macau Gaming Revenues Hit Record $38 Billion in 2012

by , Jan 14, 2013 | 10:00 am

Macau CasinoLet’s put some perspective on the record $38 billion in gaming revenues collected by Macau’s casino industry in 2012.

The figure is higher than the $35.64 billion collected by the entire U.S. commercial casino industry in 2011.

During December, Macau’s 35 casinos collected a single-month record of $3.5 billion in gaming revenues, more than half of what the Strip’s casinos collected in all of 2011.

Macau’s $38 billion gaming revenue take was a 13.5 percent increase from the $33.5 billion the market collected in 2011. However, Macau casinos grew gaming revenues 42 percent between 2010 and 2011.

“By and large, we believe the calendar year 2012 gross gaming revenue growth was ahead of most Wall Street estimates, the majority of which were ratcheted down throughout the year and conservative leaning, in our view,” Stifel Nicolaus Capital Markets gaming analyst Steven Wieczynski said.

More…


Texas Gambling Expansion Faces Big Hurdles

by , Jan 7, 2013 | 1:00 pm

TexasGamblingTexas lawmakers will again take up the issue of gaming expansion during the state’s biannual legislative session that begins next week.

And, as in previous years, a gaming bill has as much chance of passing through both Lone Star State legislative houses as the Dallas Cowboys have of winning the Super Bowl with Tony Romo at quarterback.

Slim and none.

“There are a host of detractors and hurdles standing in the way of Texas passing gaming expansion anytime soon, from religious groups, out-of-state gaming interests, a conservative Legislature, and animal rights groups,” Union Gaming Group managing director Bill Lerner told investors.

National gaming expansion talks always focus on Texas when that state’s Legislature convenes for roughly five months in odd-numbered years.

More…


Fiscal Cliff Shmiscal Cliff

by , Jan 2, 2013 | 1:00 pm

gaming-stocks-dec12What fiscal cliff?

Gaming stocks were oblivious to investor worries that the lack of a year-end agreement in Congress to avoid wide-ranging tax increases and spending cuts would push the economy over the edge.

The sector closed out 2012 on a positive note in December.

Of the 12 gaming companies followed by Las Vegas financial adviser Applied Analysis, 11 showed marked increases in their average daily stock prices during the month.

Eight of the companies finished 2012 with a higher average daily stock price than in 2011.

Applied Analysis principal Brian Gordon told the firm’s clients Monday in a research report that investors believed a compromise would likely take place in Congress concerning federal revenue enhancements and other measures.

More…


Gaming Insider: Macau a Cash Cow for Nevada Casinos


Macau CasinoDespite a slowing Asian economy and changes in the Chinese government, Macau casinos continue to churn out record gaming figures, a fact for which investors in three Nevada gaming companies are forever thankful.

Clearly, Macau wasn’t going to match 2011’s 42 percent revenue increase over 2010’s results. But 2012 did provide the highest single-month revenue figure in the gambling market’s history — $3.5 billion in October.

For investors in Wynn Resorts Ltd., Las Vegas Sands Corp. and MGM Resorts International, the monthly gaming revenue figures released by Macau’s Gaming Inspection and Coordination Bureau continue to bring welcome results.

Nomura Securities gaming analyst Harry Curtis, who is based in New York, favors Las Vegas Sands over Wynn and MGM Resorts.

More…


Zynga Seeks Stamp of Approval from Nevada Gaming Regulators

by , Dec 17, 2012 | 10:00 am

ZyngaSocial gaming giant Zynga Inc. filed an application for a preliminary finding of suitability with Nevada gaming regulators [last] week as the San Francisco-based company looks to break into real money online gambling.

The company, which makes free-play social games such as Words with Friends, FarmVille and Mafia Wars, has been hinting at finding a way to jump into the potential U.S. regulated online gaming industry. The company operates the free-play Zynga Poker.

Zynga Chief Revenue Officer Barry Cottle said in a statement that his company is looking beyond Nevada. Zynga recently signed a partnership agreement with European online gaming giant Bwin.party to provide games that can be played for real money online by the company’s customers in the United Kingdom. The first games are expected to launch next year.

More…


New Poker World Order [Maps]

by , | 5:44 am

The World Poker Tour made its Chinese debut this weekend at the MGM Grand in Sanya. That’s some 400 miles down shore from Macau, where PokerStars recently hosted the inaugural “Asia Championship of Poker”, and next month will hold something similar called the Red Dragon. These events come just as Caesars, unable to get properly licensed in China, is officially retreating from the Communist gamblers’ promised land.

Meanwhile, Stars is apparently trying to  get (back?) into North America by buying a distressed brick-and-mortar casino in storm-ravaged New Jersey — this according to an announcement that may or may not have been conveniently timed to steal buzz from a WSOP circuit event going on in Atlantic City.

Game of Risk: Live Poker in an Online Age
Redrawing the Battle Lines

Game of Risk: Live Poker at the Dawn of the 21st Century

Check out how the three biggest brands in poker (and the online gaming sites behind them) stack up against each other. I make no claims of these maps being to scale nor anything more than “pretty accurate, I think,” but look past my amateur cartography to see how three Poker World superpowers — the biggest American casino corporation, the biggest European internet gaming company, and the biggest “offshore” online poker operator — have been competing fiercely to corner your neighborhood tournament market.

 WSOP / Caesars / 888
 WPT / BwinParty / MGM Resorts
 PokerStars.net / PokerStars.com

See below to for some historical perspective on how the current live-tourney landscape took shape over the first decade of the 21st century.

More…


Welcome (Back?) to America

by , Dec 12, 2012 | 1:00 pm

The idea that online gaming giant PokerStars would buy the struggling Atlantic Club Hotel-Casino in Atlantic City brings additional intrigue into the ongoing Internet gambling legalization debate.

The Wall Street Journal reported Thursday that PokerStars is negotiating to purchase the Boardwalk property from private equity group Colony Capital for less than $50 million.

This part is not a surprise. For that price, acquiring the casino originally built by Steve Wynn in the 1980s as the Golden Nugget and most recently operated as the Atlantic City Hilton is practically a steal.

One question, however, supersedes all others. Can PokerStars which agreed to pay $731 million to the federal government in August to settle a nine-count criminal indictment actually gain licensing approval from the ultra-strict New Jersey gaming regulators?

More…


From Vegas to Macau to Toronto?

by , Nov 19, 2012 | 10:00 am

A study by UNLV’s International Gaming Institute concluded a resort complex featuring a hotel, casino, convention space and other entertainment amenities in the heart of Toronto could stimulate the economy of Canada’s largest city.

Instead of cannibalizing the market, the complex would spur growth for any surrounding businesses.

Meanwhile, the worldwide accounting firm Ernst & Young found that Toronto could collect almost $200 million a year from a casino complex in the form of tax revenues, on top of a one-time sale or lease of city-owned land.

So it wasn’t a surprise last week that Toronto city leaders, following the public release of the two reports, decided to ask residents if they favor a casino.

It’s also no wonder that Caesars Entertainment Corp. Senior Vice President Jan Jones and MGM Resorts Senior Vice President Alan Feldman are bumping into each other more often in Toronto than on the Strip.

Nevada’s biggest casino companies view Toronto as the industry’s next major battleground.

“It’s truly a potential destination we can’t ignore,” Jones said.

More…