Friday, April 26, 7:56 AM
It won't be seen on the transcript (read it here), but Steve Wynn seemed to literally slam the table as he brought home the point during Wynn Resorts' (WYNN) earnings call that regional casinos are nothing but "boxes of slots." The exec is convinced that the premium Wynn experience will play well in new markets such as Boston and Philadelphia where the firm is vying for licenses to pressure regional operators. The burning sector question: How much of a hit will regional casino operators (PENN, MCRI, ASCA, ISLE, BYD, CNTY, PNK) take as big Vegas companies expand more into their turf?
Thursday, April 4, 8:58 AM
Gaming companies in Nevada are asking the state legislature to restrict the growth of strip mall slot machine parlors and sports betting kiosks as the proliferation of smaller gambling outlets starts to threaten the casino model. The big picture: Though they still hold most of the cards, look for intensified lobbying from casino execs as online ventures and looser gambling laws continue to chip away at the industry.
Friday, March 22, 1:20 PM
Is casino growth tapped out in the U.S? Documents filed in the bankruptcy case of Atlantic City's Revel estimates the casino property is now worth only $246M-$331M after costing close to $2.4B. The development follows other news from regional players across the U.S. of casino companies taking market share from each other as saturation becomes a factor. Another fly in the ointment for future brick-and-mortar growth is the tantalizing prospect for online gambling.
Friday, March 22, 5:28 AM
As expected, Nevada has granted 888 Holdings (EIHDF.PK) a gambling license to operate in the state, making the U.K.-listed company the first online gaming firm to receive a permit in the U.S. The move could have repercussions for Caesars Entertainment (CZR) and WMS Industries (WMS) - both of which have a partnership with 888 - Century Casinos (CNTY), Zynga (ZNGA), International Game Technology (IGT) and others.
Friday, March 8, 10:08 AM
Revenue at Las Vegas Strip casinos fell 18.7% Y/Y in January after rising 13.5% in December. Though the sector sees a lot of monthly volatility, the +30 percentage swing is raising some eyebrows. The timing of the Chinese New Year could be a factor due to the intense high-stakes baccarat play it brings in, but revenue also slipped in areas outside of Vegas indicating some underlying weakness. Vegas-oriented casinos stocks (LVS, MGM, CZR, WYNN) are underperforming regional players (BYD, ASCA, CNTY) and Macau-focused Melco Crown (MPEL +1.8%) for the day.
1 Comment[Consumer, On the Move]
Monday, September 26, 2011, 1:55 PM
Select casino stocks (BJK -1.9%) see a wave of momentum selling on high volume, as concerns in the sector focus on high debt, consumers' discretionary spending, and sustained revenue growth in Macau. Decliners: WYNN -5.3%, MPEL -6.7%, CNTY -6.4%, LVS -4.7%.
Comment![On the Move]