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May 19, 2014

Casino City Times Weekly Newsletter
May 19, 2014

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arrowJohn Grochowski: Slot machine payback ranges

Slot machine payback ranges
Gaming guru John Grochowski explains how multiple versions of the exact same slot machine can have different payback percentages.  read more

Featured Story

Cosmopolitan sold to Blackstone Group for $1.73 billion

Analysts quickly praised the sale of the 2,995-room hotel-casino as a positive sign for the Las Vegas market. JP Morgan gaming analyst Joe Greff told investors Blackstone is paying almost 17 times The Cosmopolitan's 2013 cash flow of $103 million, which bodes well for the valuation of other upscale Strip casino companies.  read more
Cosmopolitan sold to Blackstone Group for $1.73 billion



Casino City Gang: Conflicting interests edition

The Gang discusses the news from the World Series of Poker media conference call, the exit of Americas Cardroom from Nevada, New Jersey and Delaware, and conflicts of interest in the Massachusetts casino debate.  read more

Stutz: Don't bet against more growth in Macau gaming

Macau casinos fell just short of reaching a third straight $4 billion revenue month in April, but still reported a 10.6 percent increase. March's revenue total was $4.4 billion, Macau's third-highest-ever monthly gaming revenue figure.  read more

Weight of Caesars' $21 billion debt will not go away

According to Moody's gaming analyst Keith Moody, refinancing debt will be more costly in coming years. Without sufficient earnings growth for casino operators, concern over debt maturities will increase.  read more

Cannery Casino Resorts sells Pennsylvania racetrack casino

Gaming and Leisure Properties, Penn National Gaming's real estate investment trust spin-off, has acquired The Meadows Racetrack and Casino near Pittsburgh for $465 million.  read more

Weather issues tied to Affinity Gaming's revenue slide

The Las Vegas-based company said its revenue dropped 4.4 percent to $96.6 million in the first quarter because of extreme weather and its cash flow also declined 22.9 percent.  read more

Removal of Fontainebleau construction crane signals doom

The activity is the latest chapter in the sad history of the shuttered Strip hotel, which was to have been a 3,889-room hotel-casino with a price tag of $3 billion before the development was halted in April 2009.  read more

Pure nightclub to close, reopen with new name, concept

The Hakkasan Group announced it will close the nearly 10-year-old club May 26 for an extensive renovation and expansion that will be completed in 2015.  read more

Breaking down Ohio's casino laws

Regulatory Management Counselors, P.C. provides a detailed analysis of the laws and regulations that govern the gaming industry in Ohio.  read more

Stratosphere parent reverses loss, sees revenue rise

American Casino said the company had a net income of $4.5 million for the quarter that ended March 31, compared to a $3 million loss a year ago.  read more



Bally ousts CEO, taps former CEO for post

Company chairman Richard Haddrill returned to his role as CEO, which he held from 2004 to 2012, after Ramesh Srinivasan was removed from the job with no reason given.  read more

The Reel Life: Pizza sauce edition

At a North Carolina Subway restaurant, a woman decided that the difference between marinara sauce and "pizza sauce" was worth calling the police and eventually ending up in prison.  read more



WPN stops serving regulated U.S. markets

Americas Cardroom and the Winning Poker Network will no longer serve players in New Jersey, Nevada and Delaware, which now allow residents to play on state-licensed online poker sites.  read more

Did You Know
Did You Know?
World Series of Poker executives project that roughly 200 people will qualify for the 2014 Main Event through
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