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NORTON NOTES: It’s Not a Majestic Proposal
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By Steve Norton
CEO, Norton Management
Developer Gets OK to Build Luxury Majestic Las Vegas Near Strip
My comment:
A non-casino, deluxe hotel next to the new Las Vegas Convention Center expansion is good news for the convention and trade show events coming to the Strip in Las Vegas. But, I can't see any way that a 720
NORTON NOTES: Bet Your Boston Beans, Encore Will Bring Home the Bacon
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By Steve Norton
CEO, Norton Management
Are There Enough Gamblers to Keep Bay State Casinos in Business?
My comment:
After a close examination of the demographics, tax rates, nearby competition and facility amenities, I find it likely that Boston Encore will produce the highest gaming revenues of any North American commercial casino. There are several tribal casinos that exceed a billion dollars in casino win, but I can't find one commercial property that even reaches $800 million.
Foxwoods Blames MGM Springfield for EBITDA Decline
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EBITDA fell 21.6 percent in the second quarter as net revenues fell 6.9 percent and margins fell 3 points to 15.7 percent. This was partially offset by a 3.6 percent decline in operating costs.
Table drop fell 11.1 percent to $241.186 million in the quarter and slot handle 7.2 percent to $1.280 billion. Table hold rose 0.66 points to 18.3 percent.
RevPAR fell 5 percent in the quarter to $85. Occupancy rate was 90.5 percent, down 0.9 points.
NJ Trying to Smoke Out Adelson
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New Jersey Atty. Gen. Gurbir Grewal brought suit in a US District Court in New Jersey saying the department failed to respond within the required 20 days to his Freedom of Information Act requests filed in February.
According to Grewal, the department acknowledged receiving the request in March and promised expedited processing but has not provided any records or reasons for the delay.