The challenge for Station Casinos in opening Aliante Station is to not scare away the customers. In other words, the $662 million North Las Vegas hotel-casino may resemble Red Rock Resort in Summerlin, but it better not have Red Rock prices.
Business Columns
Like a mistress who has lost her allure, the gaming industry is getting the cold shoulder from Wall Street.
Maybe we’ve become jaded in Las Vegas. Or maybe Midwest residents are little uptight.
The delay of a $734 million expansion at the Mohegan Sun casino in Connecticut says as much about the economic state of the gaming industry as the Aug. 1 announcement by Boyd Gaming Corp. that it was halting construction of the $4.8 billion Echelon.
The public relations machine for the $9.2 billion CityCenter was churning this week. Aria, the project’s centerpiece, topped off. Restaurants and high-tech hotel room enhancements were unveiled.
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A filing with the Securities and Exchange Commission in August gave Wall Street the impression that International Game Technology had acquired 22.5 percent of casino technology provider Progressive Gaming International.
Twelve months ago, Wall Street analysts never imagined having concerns about International Game Technology. The Reno-based company, which has a large corporate presence in Las Vegas, controls the lion’s share of the worldwide slot machine market.
Las Vegas Sands Corp., faced with paying a lawsuit judgment of $58.6 million to a Hong Kong businessman, told investors it hasn’t recorded any reserves or contingencies for the legal matter.
Boyd Gaming Corp. continues to receive accolades from Wall Street for putting the brakes on its $4.8 billion Echelon project. The company hopes to resume construction on the Strip development sometime next year.
Visa restrictions imposed by the Chinese government that curtail mass-market visitation to Macau hurt Las Vegas Sands Corp. more than any other casino operator.
Casino operators in Macau aren’t expecting much of a revenue bump from the Beijing Summer Olympic Games, which begin Aug. 8. Wall Street thinks the numbers may even dip.
The poker community is abuzz over what some believe was special treatment Harrah’s Entertainment officials gave superstar Phil Hellmuth during the World Series of Poker’s main event.
Wall Street is giving Penn National Gaming a fresh look after the casino operator’s $6.1 billion private equity buyout collapsed July 3.
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