“MGM has been a perennial underperformer for years, most poignantly indicated in the mere 88 percent in total shareholder return since the appointment of Jim Murren as Chairman and CEO.”
—Jonathan Litt, founder and chief investment officer, Land and Buildings, desperately trying to get four board members removed from MGM, while replacing them with himself and fellow associates
“I believe that internet gaming is not going to happen in any way that is meaningful for Las Vegas.”
—Steve Wynn, CEO of Wynn Resorts LTD., letting his opinion on online gambling be known
“I will do everything in my power to make it happen and during this term of office.”
—Larry Romanelli, Ogema, Little River band of Ottawa Indians, on a development in Fruitport Township, which he feels will play a very significant role in the Little River Band of Ottawa Indians’ future
“It looks like what they’ve been able to accomplish is buying the legislation that the Senate committee passed.”
—Chairman Ned Norris Jr. of the Tohono O’odham Nation, commenting on a bill that would prevent his tribe from operating a casino in Glendale, Arizona passing a key Senate vote
“This legislation feels like an old-school earmark – a narrowly structured gift for two wealthy casino operators. Giving little hint of its purpose and only 40 lines in length, it’s built to slip unnoticed into an unrelated bill.”
—Melanie Sloan, writing for Roll Call on The Keep the Promise Act working its way through Congress that would prevent the Tohono O’odham Nation from operating a casino in Glendale, Arizona
“Let’s use gambling to fund our really big capital infrastructure projects. But here’s the brilliant part. Let’s dedicate each machine to a specific project, that way everyone can actually support—and contribute to—only those projects they want to see completed.”
—David Rafferty, president of the Old Greenwich Association, commenting satirically on the move in the Connecticut legislature to authorize additional casinos to fight out-of-state competition
“This is about allowing an industry to remain competitive,” said Kevin P. Brown, chairman of the Mohegan Tribal Council, at a presentation sponsored by the MetroHartford Alliance. “It’s not a last-ditch effort, it’s a smart move.”
—Kevin P. Brown, chairman of the Mohegan Tribal Council, speaking on the need to approve of more casinos in Connecticut to protect existing tribal casinos
“They’re certainly going to go after us with a bull’s-eye on our backs. It’s really about jobs and the economic impact for the entire state.”
—Felix Rappaport, chief executive office of Foxwoods Resort Casino, commenting on a move to legalize more casinos in Connecticut
“He was one of the least competent and potentially destructive executives I had in over 50 companies in my 69-year business career.”
—Las Vegas Sands Chairman Sheldon Adelson, testifying on why he fired former Sands China President Steve Jacobs, in a hearing for Jacobs’ wrongful termination lawsuit
“Unregulated online gaming is going on in front of us right now. The issue is not will we legalize it, it is will we protect customers and derive revenue from it.”
—David Licht of the All American Poker Network, testifying before the Pennsylvania House Gaming Oversight Committee, which is considering bills to legalize online gaming
“When you think back to that period of time, this place was a diamond in the rough. It had all the things that everybody says you need to have to succeed in the new Atlantic City, including plenty of non-gaming amenities. It was just a matter of polishing the diamond up.”
—Tony Rodio, Tropicana Atlantic City president to the Associated Press on the casino’s profitable turnaround since losing its license in 2008 and being taken over by Carl Icahn
“I think there are a few reasons why horse racing continues to struggle, but the main reason is bettors haven’t been able to win enough. The takeouts are too high, and the fields are way too small. That combination makes it difficult for a horse handicapper to win.”
—Jay Kornegay , executive vice president of race and sports for the Westgate Las Vegas Superbook to covers.com on what ails the horse-racing industry
“These hospitals in the country aren’t doing what they’re supposed to. I’ll extend your quality of life by an extra 20 years, guaranteed. If we don’t extend your life and you don’t feel more comfortable, don’t pay.”
—Glenn Straub, owner of the closed Revel casino in Atlantic City to Bloomberg News on his plans for futuristic medical facilities at the property
“In the beginning, a lot of people said, ‘You are crazy; why do you do this? It will never work. This is a gambling destination; there is nothing else we can do.’”
?Joseph Dolp, managing director, St. Regis Macao, who says Macau will bounce back as it diversifies
“He was very direct and not elegant.”
?Unnamed source, who told the Business Mail that Sheldon Adelson is threatening to slash operations in Macau if the gaming slump continues
“Yay, dividends. I forgot to say that, I think.”
?Sheldon Adelson, CEO, LV Sands, who had to be prompted to give his signature shoutout on a recent investor call. Many Macau operators are cutting their dividends in response to the slump
“What we will do is to strengthen the supervision of casinos to increase their management transparency and nurture the industry as Jeju’s new cash cow.”
?Unnamed official, Jeju Island, South Korea, on efforts to bring greater transparency to casino ownership
“Singapore has succeeded with a strategy of providing casinos in two types of integrated resorts so as to attract a wide range of tourists, not only gamblers. One type is for business travelers going for meetings, conventions and exhibitions. The other, an entertainment complex with a theme park, is for holidaymakers. The strategy has worked well, helping Singapore reach out to visitors from Europe, the U.S. and the Middle East, in addition to Asia.”
?Eishi Harada, Daiwa Institute of Research, on Singapore’s successful casino industry. From 2009 through 2013, visitation grew 60 percent and tourism revenues more than doubled
