Fri, Jul. 24, 1:51 PM
- Execs with Penn National Gaming (PENN -0.3%) discussed future initiatives during the firm's post-earnings conference call last night.
- The new property in Massachusetts and potential revisions for the recently-acquired Tropicana in the heart of the Las Vegas Strip are being analyzed. The company is expected to take control of the Tropicana property later this year.
- It's also making strategic investments in social gaming and has an eye on Pennsylvania where a budget impasse could lead to new gambling regulations.
- Earnings call transcript
- Previously: Penn National beats by $0.06, beats on revenue (July 23)
Thu, Jul. 23, 7:02 AM
Mon, Jul. 20, 8:15 AM
- Bank of America Merrill Lynch has raised estimates on the regional gaming sector.
- Regional casinos saw solid year-over-year traffic increases in April and May, leading to optimism that Q2 profit estimates will be topped.
- Related stocks: ISLE, PENN, PNK, BYD, GLPI, CHDN, MCRI, OTCQB:TPCA, CNTY, ERI, NYNY, DDE, UWN, FLL, LACO.
Mon, Jun. 29, 11:34 AM
- MGM Resorts (MGM -2.5%) wants to delay the opening of its casino in Springfield, Massachusetts back to September of 2018.
- The casino operator wants to wait for a major viaduct construction project in the region to be completed before the opening.
- Penn National Gaming (PENN +0.1%) launched the first casino in Massachusetts last week with the Plainridge Park Casino opening.
- Previously: First casino in Massachusetts opens (June 24)
Wed, Jun. 24, 10:01 AM
Wed, May 20, 9:33 AM
- Penn National Gaming's (NASDAQ:PENN) acquisition of the Tropicana Las Vegas gives it a new option to market to its 3M member customer database as it will be the first Las Vegas Strip property it operates.
- Penn COO Jay Snowden says 25% of the company's customers visit Las Vegas on a regular basis.
- Previously: Penn National Gaming lands Tropicana in Vegas (Apr. 30 2015)
Mon, May 18, 8:03 AM
Fri, May 15, 4:07 PM
- Senate Bill 9 has been passed by both legislative chambers in Nevada, clearing the way for skills-based casino floor games.
- The development also opens a door for videogame sellers to create or license casino versions of their popular titles.
- The casino industry has its eyes on attracting millennials after seeing the group show tepid demand for classic table games and slot machines.
- New Jersey and Mississippi have also set the stage for casino floor innovation with similar legislation.
- Previously: Paging Steve Nash to the Borgata (Feb. 13)
- Related stocks: CZR, WYNN, SGMS, ISLE, PNK, PENN, MCRI, CNTY, IGT, MGM, BYD, OTCQB:TPCA, ATVI, TTWO, EA.
- Related ETFs: BJK
Fri, May 15, 11:44 AM
- JPMorgan digs through the gaming sector to name its top three picks.
- None of the three selections are pure-play Macau stocks and only has operations in the gambling mecca.
- Penn National Gaming (NASDAQ:PENN): The strategic buy of the famed Tropicana on the Las Vegas Strip could pay off for this regional gaming stock, predicts the investment firm.
- MGM Resorts (NYSE:MGM): Positive factors on MGM include the company's debt continuing to be refinanced at lower rates and the nicely-hedged mix of Las Vegas and Macau revenue. JPMorgan has a $25 price target on MGM.
- Gaming and Leisure Properties (NASDAQ:GLPI): JP calls Gaming and Leisure the best REIT play in the sector. A distribution rate of 6% helps to make an investment attractive.
Thu, Apr. 30, 6:54 AM
- Penn National Gaming (NASDAQ:PENN) says it will fund its $360M acquisition of Tropicana Las Vegas Casino Hotel Resort with cash on hand.
- The addition of the property will give the company a larger presence on the Las Vegas Strip.
- The Tropicana is expected to benefit in the near future from its proximity to a new 20K-seat arena being built by MGM Grand.
- Previously: Las Vegas gaming revenue drops in March (Apr. 29 2015)
Wed, Apr. 29, 12:09 PM
- Gaming revenue fell 3.15% to $951.25M during March, according to the latest report from the State Gaming Control Board.
- The Las Vegas Strip saw a sales decline of 9.58% during the month.
- Fiscal YTD LV Strip revenue is -4.81%.
- Last night, Steve Wynn gave a bleak assessment of demand in Las Vegas during the Wynn Resorts earnings call.
- Gaming Control Board report (.pdf)
- Wynn Resorts conference call transcript
- Related stocks: Caesars Entertainment (CZR -0.7%), Penn National Gaming (PENN -2%), Wynn Resorts (WYNN -16.1%), MGM Resort (MGM -4.9%), Boyd Gaming (BYD -0.6%), Tropicana Entertainment (OTCQB:TPCA).
Thu, Apr. 23, 7:06 AM
Fri, Apr. 17, 7:31 AM
Tue, Mar. 31, 11:41 AM
- Nevada gaming revenue fell 1.1% to $916.1M during February, according to figures released by the Gaming Control Board.
- Las Vegas Strip casinos saw a 4.4% Y/Y decline to $531.3M during the month
- A poor month for baccarat play was behind much of the tail-off in Las Vegas, although it's not clear if soft traffic or a dismal hold percentage was behind the drop.
- The casino sector is seeing some buying action today on yet more REIT speculation.
- Advancing stocks against a weak tape include Penn National Gaming (PENN +2.2%), Las Vegas Sands (LVS +1%), Wynn Resorts (WYNN +0.7%), Caesars Acquisition (CACQ +2.7%), Caesars Entertainment (CZR +3.4%), Boyd Gaming (BYD +0.7%), Century Casinos (CNTY +1%), Empire Resorts (NYNY +1.1%), and Pinnacle Entertainment (PNK +0.3%).
- Full Nevada Gaming Control Board report (.pdf)
- Previously: A warning on casino REITs (Mar. 28 2015)
Mon, Mar. 30, 1:25 PM
Tue, Mar. 10, 8:00 AM
- The casino industry is starting to make some noise about an IRS proposal to drop the reporting level of casino winnings to $600.
- The IRS wants to lower the threshold on slots and bingo to $600 from $1,200.
- Keno would be taken down to the $600 level from $1,500.
- The new levels would create more work for gaming companies and could cut into hold rates as winners are slowed down.
- Casino lobbyists plan to argue that the thresholds should be raised to adjust for inflation instead of dropped.
- Previously: The IRS eyes casino winnings (Mar. 06 2015)
- Related stocks: NYNY, FLL, DDE, OTCQB:TPCA, CHDN, CNTY, PNK, BYD, PENN, MCRI, MGM, CZR, UWN, LACO.
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