Marc Falcone
Marc Falcone
addition business expect help impressed maintain remain results strong vegas
Overall, we remain impressed with results from the high-end business and expect that the addition of Wynn Las Vegas will help maintain the strong momentum.
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We continue to like Shuffle Master's longer-term outlook and remain comfortable with the company's business model and revenue mix.
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Broadly speaking, there is limited tourism in the French Quarter, as opposed to the population in the suburbs. It's encouraging for the local economy and I think they'll do a good business with construction workers.
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Much of the surrounding area and feeder markets suffered considerable damage, which could certainly depress business in the near term. Pinnacle has the largest exposure to the market, which is a concern considering the recent impact to the company from Katrina.
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Plus, Las Vegas will be the beneficiary of displaced convention business (from New Orleans), which will help stimulate demand.
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Conversations with Strip operators indicate that business volumes over New Year's Eve in Las Vegas were up significantly year over year. Additionally, we believe expectations for the fourth quarter on the whole are low and operators could exceed them.
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In all likelihood, operators will start getting business interruption insurance in the fourth quarter, which would add upside to our forecasts.
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If Lake Charles avoids a direct hit, devastation to the primary feeder market could have a negative impact as coverage from business interruption insurance is not certain.
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I think every major casino company wants to get into online gaming but without access to the U.S. market it becomes a costly venture.
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We believe this is likely the first of several projects of similar size and scope, which we anticipate could Include Reno and Durango. We expect Station Casinos to provide a more detailed development outlook on the company's fourth-quarter earnings call (in January).
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Overall, it was a pretty good quarter given the concerns that existed at the beginning of the summer. Overall, the summer turned out to be stronger than Wall Street investors had been anticipating.
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While Harrah's may have the most exposure in terms of the number of properties and total dollar amount of cash flow in the Gulf region, the impact for the company is not significant as a percent of total cash flow.
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This will certainly open up the sport to a lot of people who might not just go directly to a track to bet on horses. That's where we see significant growth opportunities.
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The opening of Red Rock is a highly anticipated event. We think it will do exceptionally well due to its location and quality.