VanEck Vectors Gaming ETF

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  • uploads///China GDP
    Macroeconomic Analysis

    How China’s Weakening Economy Could Hurt Macao Casinos

    The Macao region relies heavily on the Chinese mainland, as it garners the huge majority (about 67%) of its visitors and VIP gamers from China and its neighboring countries.

    By Ally Schmidt
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    Consumer

    Wynn’s share price drops immediately post 4Q14 results

    Wynn Resorts’ (WYNN) share price plummeted 6.1% immediately after its 4Q14 results. However, the share price should gain momentum once new resorts are open.

    By Shawn Bolton
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    Consumer

    Melco Crown is positioned to exploit mass market growth in Macau

    Melco Crown Entertainment’s mass market table games segment is still the major driver in Macau. In 2014, Macau’s visitation increased by 7.5% YoY.

    By Shawn Bolton
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    Consumer

    Melco Crown is returning capital to its shareholders

    On February 25, 2014, MPEL’s board declared a special dividend of $0.1147 per share. The dividends were paid to shareholders on April 16, 2014.

    By Shawn Bolton
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    Consumer

    Why Melco Crown’s rolling chip volume decreased in 4Q14

    Rolling chip volume refers to the amount of non-negotiable chips wagered and lost by the rolling chip market segment. It’s largely represented by VIP players.

    By Shawn Bolton
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    Consumer

    Melco Crown Entertainment’s 4Q14 revenue decreased

    For the full year ending December 31, 2014, Melco Crown Entertainment reported net revenue of $4.8 billion—down 5.9% YoY.

    By Shawn Bolton
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    Consumer

    Melco Crown Entertainment’s operations are focused on Asia

    Established in 2004, Melco Crown Entertainment (MPEL) owns, develops, and operates casino gaming and entertainment resort facilities. It’s focused on Asia.

    By Shawn Bolton
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    Consumer

    Baccarat gambling declined heavily on the Las Vegas Strip

    On the Las Vegas Strip, the total casino revenue fell 16.4% to $555 million in December 2014. Baccarat gambling accounted for the largest share of the decline.

    By Shawn Bolton
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    Consumer

    Las Vegas experienced record annual visitors in full-year 2014

    Las Vegas’ lodging market occupancy level remained well above the US historical norm. The average occupancy at the Las Vegas Strip was ~78.4% in December 2014.

    By Shawn Bolton
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    Consumer

    Why the US casino market performed well

    Today, a number of US-based casino companies have operations in foreign markets—like Macau. Also, they’re developing new properties in Macau.

    By Shawn Bolton
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    Consumer

    Hotel occupancy is way up at Wynn Macau and Wynn Las Vegas

    WYNN’s hotel occupancy increased at Macau and Las Vegas in 4Q14. Macau had 98.6% and Las Vegas had 82.1% compared to 96.7% and 80.8%, respectively, in 4Q13.

    By Shawn Bolton
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    Consumer

    Wynn Resorts’ EBITDA takes its biggest nosedive since 2009

    WYNN’s adjusted property EBITDA fell a whopping 29.3% year-over-year to $352 million, the biggest year-over-year fall since the second quarter of 2009.

    By Shawn Bolton
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    Consumer

    VIPs are cautious as Wynn Resorts’ table games win suffers

    WYNN’s VIP table games drop in 4Q14 was $20.7 billion, 39.9% lower than 4Q13. Drop is cash and net markers issued and deposited in a gaming table drop box.

    By Shawn Bolton
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    Consumer

    Wynn Resorts: A leading operator of destination casino resorts

    Wynn Resorts (WYNN) operates Wynn Macau and Wynn Las Vegas, with casino hotel resorts in Macau, China, and Las Vegas, Nevada.

    By Shawn Bolton
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    Consumer

    Las Vegas Sands’ adjusted property earnings double in Singapore

    Las Vegas Sands’ adjusted property EBITDA at Marina Bay Sands in Singapore doubled, reaching a property record of $518.5 million, up ~100% year-over-year.

    By Shawn Bolton
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    Consumer

    What does the future hold for Las Vegas Sands?

    Las Vegas Sands (LVS) has a huge potential for future growth in Japan, which could be as big as Macao. It also may expand to South Korea and Vietnam.

    By Shawn Bolton
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    Consumer

    Share price of Las Vegas Sands plunges post 4Q14 but bounces back

    Las Vegas Sands’ (LVS) share price plunged immediately after its 4Q14 earnings announcement last week, but it gained 3.1% as of February 3.

    By Shawn Bolton
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    Consumer

    What are Wall Street analysts saying about Las Vegas Sands?

    Three Wall Street analysts have rated Las Vegas Sands (LVS) stock neutral or hold, and eight have assigned the stock a buy or overweight rating.

    By Shawn Bolton
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    Consumer

    Las Vegas Sands beats S&P 500 on forward dividend yield

    Las Vegas Sands has a greater forward dividend yield than the S&P 500’s (SPY). As of January 27, LVS’s 2015 forward dividend yield was 4.6%. SPY’s was 2.1%.

    By Shawn Bolton
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    Consumer

    Las Vegas Sands dominates hotel market in Macao

    Sands China Ltd. (or SCL), a subsidiary of LVS, dominates the hotel market in Macao with 9,277 hotel rooms, or 38% of Macao’s four- and five-star hotels.

    By Shawn Bolton
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    Consumer

    Why Las Vegas Sands will burn huge cash in 2015

    Las Vegas Sands will burn huge cash in 2015 to fund development of The Parisian Macao in 2015 and 2016 and the St. Regis property at Sands Cotai Central.

    By Shawn Bolton
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    Consumer

    Why Las Vegas Sands’ revenues decreased

    Las Vegas Sands’ revenues for 4Q14 were $3,416 million, down 6.6% year-over-year, mainly due to a 15.9% year-over-year decrease in the Macao operations.

    By Shawn Bolton
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    Consumer

    An important overview of Las Vegas Sands, a casino company giant

    An overview of Las Vegas Sands (LVS) shows that the company currently owns 70.1% of Sands China Ltd., which operates LVS’s four Macao properties.

    By Shawn Bolton
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    Consumer

    Why Casinos Rely On Disposable Income

    On a year-over-year basis, real disposable income increased 2.9%. More disposable income boosts consumer buying power.

    By Shawn Bolton
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    Consumer

    Impact On Casinos – Has Macau Entered Into Disinflation?

    Macau’s annual inflation rate was recorded at 6.05% in December 2014. Macau’s inflation rate was 5.59% for December 2014.

    By Shawn Bolton
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    Consumer

    Why China’s Disposable Income Could Drive Leisure Demand

    China’s disposable income per capita remained almost flat at 6,800 Chinese yen on a YoY basis for the three months ending in December 2014.

    By Shawn Bolton
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    Consumer

    Melco Crown’s Future In Macau

    In 2006, Macau overtook the Las Vegas Strip as the world’s largest gaming market.

    By Shawn Bolton
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    Consumer

    Must-Know: Melco Crown’s Major Shareholders

    Members of management owning shares of their company shows confidence in the firm’s direction and outlook.

    By Shawn Bolton
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    Consumer

    Melco Share Price Drops, But Outperforms In The Long Run

    Price performance Let’s explore the five-year share price performance of Melco Crown Entertainment (MPEL) relative to its peers, as well as the broader market that includes SPDR S&P 500 ETF (SPY). Share prices of gambling stocks collapsed heavily over the last three to six months. This drop largely resulted from the Chinese government’s crackdown on corrupt officials, which negatively […]

    By Shawn Bolton
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    Consumer

    Melco Crown Developing Tourism For Macau

    Melco Crown Entertainment’s City of Dreams fifth tower is in progress and is anticipated to open in the first half of 2017.

    By Shawn Bolton
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    Consumer

    Melco’s City Of Dreams Gaining Market Share In Mass Tables

    Net income attributable to Melco Crown Entertainment for 3Q14 was $132.2 million, as compared to net income of $179.4 million in 3Q13.

    By Shawn Bolton
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    Consumer

    Why Melco Crown Employs Gaming Promoters

    Gaming promoters generate most of Melco Crown Entertainment’s rolling chip play amounts, contributing a major portion of MPEL’s casino revenue.

    By Shawn Bolton
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    Consumer

    Melco Crown’s Huge Capital Expenditures

    Melco Crown’s increased capex primarily resulted from the development of Studio City and various City of Dreams projects, including the fifth hotel tower.

    By Shawn Bolton
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    Consumer

    Why Melco Crown Is Profitable In The Casino Space

    MPEL derives ~94% of revenues from casino operations. Its casino business gross margin is 50% for the trailing 12-month period ending September 30, 2014.

    By Shawn Bolton
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    Consumer

    A Business Overview Of Melco Crown Entertainment

    Melco Crown Entertainment has two casino-based operations—City of Dreams and Altira Macau—and noncasino-based operations at its Mocha Clubs.

    By Shawn Bolton
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    Consumer

    Scientific Games Shares Take The Typical Merger Hit

    Scientific Games shares fell by ~15% in the three days following the merger. That’s typical when a company acquires another company for a premium.

    By Shawn Bolton
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    Consumer

    Consolidated Scientific Games: A Stronger Management Team

    The executive management team of SGMS includes President and CEO Gavin Isaacs and Executive Vice President and CFO Scott Schweinfurth.

    By Shawn Bolton
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    Consumer

    Bally Offers Figures To Assess Pre-merger Operating Performance

    Bally provided internal financial projections estimating its unlevered free cash flow to help Macquarie Capital assess its discounted cash flow.

    By Shawn Bolton
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    Consumer

    Macquarie Capital finds Scientific Games, Bally Merger Fair

    Macquarie Capital’s opinion was provided to Bally’s board of directors in connection with its financial evaluation of the merger consideration.

    By Shawn Bolton
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    Consumer

    Why The Merger Was Attractive To Bally’s Board

    Merger evaluation The Bally Technologies, or Bally, board of directors closely evaluated the proposed merger with Scientific Games (SGMS) and the transactions contemplated by the merger agreement. The board considered a range of factors before approving the merger agreement and recommending that Bally’s stockholders vote to approve it. Merger consideration The $83.30 per share offered to holders of Bally’s common stock […]

    By Shawn Bolton
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    Consumer

    Scientific Games And Bally Technologies: Stronger Together

    Scientific Games, WMS Industries, and Bally each have unique portfolios with a wide variety of player preferences that could help drive revenues.

    By Shawn Bolton
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    Consumer

    Scientific Games Merger Expected To Yield Cost Synergies

    Scientific Games expects to achieve ~$220 million in cost synergies and $25 million in capital expenditure savings by consolidating operations.

    By Shawn Bolton
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    Consumer

    Acquisitions Help Casinos Grow Inorganically

    Scientific Games agreed to buy WMS Industries for $1.5 billion, emerging as a global supplier of lottery equipment and slot machines to casinos.

    By Shawn Bolton
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    Consumer

    A Key Guide To Scientific Games

    New York City-based Scientific Games offers customers a fully integrated portfolio of technology, platforms, content, and services.

    By Shawn Bolton
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    Consumer

    Background On Bally Technologies

    In 1975, slot manufacturer Bally Technologies became the first gaming company to be publicly traded on the New York Stock Exchange.

    By Shawn Bolton
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    Consumer

    Scientific Games: Strategic Acquisition of Bally Technologies

    In its merger agreement with Bally Technologies, Scientific Games agreed to acquire all outstanding Bally common stock for $83.3 cash per share.

    By Shawn Bolton
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    Consumer

    A Quick Guide To The Bifurcation Of Caesars’s Operating Leases

    The initial term of each lease will be for 15 years with four five-year renewals. CZR will guarantee payments and performance of the OpCo’s obligations.

    By Shawn Bolton
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    Consumer

    Caesars Entertainment Debt Holders Could Recover Their Investment

    These creditors of CEOC could recover their investment through a combination of cash and new debt issuances of the restructured entity.

    By Shawn Bolton
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    Consumer

    Caesars Entertainment’s New Corporate Structure and Governance

    On December 22, 2014, CZR and Caesars Acquisition Company (CACQ) entered into a definitive agreement to merge in an all-stock transaction.

    By Shawn Bolton
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    Consumer

    Rising Public Debt Is A Threat To Casinos

    The increase in US public debt threatens the nation’s economic growth. The country would have to increase taxes. This would decrease personal disposable income.

    By Shawn Bolton
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    Consumer

    Disposable Income Drives Demand For Casinos

    An increase in disposable income boosts consumers’ buying power. It increases the probability that consumers will spend on leisure activities.

    By Shawn Bolton
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    Consumer

    US Consumer Sentiment Hit 7-Year High—Could Drive Casino Demand

    In the US, consumer sentiment is tracked by the Consumer Sentiment Index, or CSI. The final reading on the overall CSI was 88.80 in November 2014.

    By Shawn Bolton
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    Consumer

    Online Gambing Generated Over $100 Million In New Jersey

    New Jersey allows gambling on casino games and poker. Currently, it dominates the market. It has ~90% of total US online gaming revenue.

    By Shawn Bolton
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    Consumer

    Casinos Depend On Baccarat Gambling

    Baccarat gambling is a high-stake table game. It’s more popular in the Asian markets than in the US. VIP Baccarat represents nearly two-thirds of the gaming revenue in Macau.

    By Shawn Bolton
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    Consumer

    Casino REITs Are Becoming Popular In The US

    US casino operators are considering REIT spin-offs to achieve higher valuations. Real estate is a main income source. REITs distribute at least 90% of their taxable earnings to shareholders.

    By Shawn Bolton
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    Consumer

    Casinos May Look To Expand Non-Gaming In 2015

    Casino operators may want to add more non-gaming amenities in 2015. This will strengthen customer spending after a year of slow casino revenues.

    By Shawn Bolton
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    Consumer

    Why Macau’s Visitors Are Increasing

    According to Macau’s Statistics and Census Service, or DSEC, visitors increased by 11% year-over-year, or YoY, to 2,654,180 in October 2014.

    By Shawn Bolton
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    Consumer

    Macau Casinos’ Forward EV/EBITDA Multiple Is Declining Slowly

    Macau’s gaming forward EV/ EBITDA multiple has been declining since January 2014. Analysts started to reduce the EBITDA estimates due to key issues in Macau.

    By Shawn Bolton
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    Consumer

    Macau Casinos May Struggle In Early 2015

    Macau’s gaming slowdown may continue into 2015. It’s due to a lack of new resorts. Macau’s casino gambling revenue is expected to keep declining until mid-2015.

    By Shawn Bolton
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    Consumer

    Key Indicators And Recent Trends In The Casino Industry

    Casino gambling is spread across major destinations around the world. Casinos, at major destinations, are being influenced by certain factors. This is hampering industry growth.

    By Shawn Bolton
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    Company & Industry Overviews

    Key management executives at Pinnacle Entertainment

    Anthony Sanfilippo is the chief executive officer of Pinnacle Entertainment (PNK). He has more than 30 years of gaming entertainment experience.

    By Shawn Bolton
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    Fund Managers

    Institutional investors dominate at Pinnacle Entertainment

    Pinnacle Entertainment (PNK) has approximately 59.2 million outstanding shares, with free float of 57 million shares. Institutional investors hold around 122% of the float.

    By Shawn Bolton
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    Company & Industry Overviews

    Shorting Pinnacle’s stock could be difficult to cover

    The short-interest ratio for Pinnacle Entertainment (PNK) dropped from 13 days as of October 31, 2014, to five days as of November 14, 2014.

    By Shawn Bolton
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    Consumer

    Pinnacle Entertainment’s use of capital

    Capital employment Casino companies fund their acquisitions with a significant amount of debt capital. ROIC (return on invested capital) is an important metric that shows how effectively a company makes use of its capital. To calculate ROIC, divide EBIT (earnings before interest and tax) by the employed capital. A higher ratio denotes that more profit […]

    By Shawn Bolton
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    Company & Industry Overviews

    Why Pinnacle’s leverage ratio could be a concern for investors

    Pinnacle Entertainment (PNK) has a massive debt-to-equity ratio of 15.4. This indicates that PNK is very aggressive in financing its operations with debt.

    By Shawn Bolton
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    Company & Industry Overviews

    Liquidity analysis for Pinnacle Entertainment

    The current ratio for Pinnacle Entertainment (PNK) had declined severely to 0.7 as of September 30, 2014, from 2.9 as of December 31, 2012.

    By Shawn Bolton
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    Earnings Report

    Key financials for Pinnacle Entertainment

    Wall Street analysts expect Pinnacle Entertainment’s adjusted net profit for 2015E to be about $92 million with a growth rate of 34.9%.

    By Shawn Bolton
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    Company & Industry Overviews

    How Pinnacle Entertainment earns its gaming revenues

    Revenues for Pinnacle Entertainment (PNK) are mostly cash-based. Customers wager with cash or pay for non-gaming services with cash or credit cards.

    By Shawn Bolton
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    Company & Industry Overviews

    Profitability analysis of Pinnacle Entertainment

    Pinnacle Entertainment’s compounded annual growth rate of adjusted property EBITDA over a three-year period ending on December 31, 2013, stood at 20.2%.

    By Shawn Bolton
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    Company & Industry Overviews

    Pinnacle Entertainment’s cost structure

    Pinnacle Entertainment (PNK) incurs direct costs in gaming, food and beverage, lodging, retail, entertainment, and other areas.

    By Shawn Bolton
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    Consumer

    Revenue breakdown for Pinnacle Entertainment

    Pinnacle Entertainment’s gaming revenues represented 89% of total revenues generated by the company for the trailing twelve months ending September 30, 2014.

    By Shawn Bolton
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    Company & Industry Overviews

    Pinnacle Entertainment’s revenue-generating properties

    Pinnacle Entertainment (PNK) recently completed the acquisition of Ameristar Casinos for a total consideration of $2.8 billion. This transaction added eight properties to PNK’s portfolio.

    By Shawn Bolton
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    Company & Industry Overviews

    Business overview of Pinnacle Entertainment

    Pinnacle Entertainment owns and operates a poker tour as well as various gaming entertainment properties. The company also manages a racetrack.

    By Shawn Bolton
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    Consumer

    What is Pinnacle Entertainment’s forward valuation?

    As of November 28, 2014, Pinnacle Entertainment’s one year forward EV/EBITDA stood at 9.2x compared to its peer group average of 7.6x.

    By Shawn Bolton
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    Consumer

    Pinnacle Entertainment pays debt from efficient cash flow

    During 3Q14, Pinnacle Entertainment (PNK) repaid ~$116 million of total debt from its cash flow from operations. It accomplished this with the help of efficient cash flow and working capital management as well as reductions in its growth capital commitments.

    By Shawn Bolton
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    Consumer

    Overview of Pinnacle Entertainment’s 3Q14 results

    Pinnacle Entertainment reported financial results for the third quarter ended September 30, 2014. The company had net revenues of $568.3 million, up 35.7% year-over-year.

    By Shawn Bolton
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    Consumer

    Wynn Resorts protected from rising interest rates to service floating debt

    Wynn Resorts (WYNN) has entered into floating-for-fixed interest rate swap arrangements in order to manage interest rate risks related to certain of its debt facilities.

    By Shawn Bolton
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    Consumer

    Wynn Resorts could impress investors with its dividend track record

    During the years ended December 31, 2013, 2012, 2011, 2010, and 2009, Wynn Resorts paid cash dividends totaling $7.00, $9.50, $6.50, $8.50, and $4.00 per share, respectively.

    By Shawn Bolton
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    Consumer

    Why Wynn Resorts saves a lot of tax on casino profits

    Wynn Resorts was exempted from Macau’s 12% complementary tax on casino gaming profits taxes for the years ended December 31, 2013, 2012, and 2011. For 2014 year-to-date, Wynn Resorts was exempted from the payment of such taxes totaling $80.4 million.

    By Shawn Bolton
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    Consumer

    Wynn Resorts: A revenue breakdown

    Wynn Resorts (WYNN) earns its revenues through casinos, hotels, food and beverages, and entertainment and retail operations.

    By Shawn Bolton
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    Consumer

    The evolution of Wynn Resorts

    Wynn Resorts derives 71% of its revenues from Asia, while casino companies like Las Vegas Sands (LVS) and MGM Resorts International (MGM) derive 80% and 34% of their revenues, respectively, from Asia.

    By Shawn Bolton
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    Consumer

    Caesars plans to restructure its largest operating unit as a REIT

    REITs generate income by collecting rent and pay out at least 90% of taxable income in the form of dividends to shareholders. By converting CEOC into a REIT, the beneficial holders of CEOC’s senior secured credit facilities would receive a 100% recovery in cash and debt.

    By Shawn Bolton
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    Consumer

    Why Caesars Entertainment’s stock jumped over 45% in two days

    The market reaction may have been caused by what CZR’s share price could be based on its standalone capacity, after it becomes detached from its highly leveraged unit, CEOC. Offloading the unit could serve as a boon to CZR’s profits after interest expenses, and possibly boost its earnings per share.

    By Shawn Bolton
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    Consumer

    Funding Caesars Entertainment’s capital expenditures

    CZR’s estimated total capital spending for 2014 is expected to be between $990.0 million and $1,105.0 million. Future capital spending will be primarily related to renovations for The LINQ Hotel.

    By Shawn Bolton
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    Consumer

    Caesars’ food and beverage revenues up in 3Q14

    Caesars Entertainment Corporation (CZR) derives ~36% of its revenues from non-gaming operations including hotel, food and beverage, entertainment, and other non-gaming amenities.

    By Shawn Bolton
  • Consumer

    Why MGM’s food and beverage revenues increased

    Food and beverage revenues decreased by 3.9% quarter-over-quarter to $396 million. The revenues increased by ~9% YoY for the three months ending September 30, 2014.

    By Shawn Bolton
  • Consumer

    Why MGM Resorts’ gaming revenues decreased

    Casino revenues contribute ~58% to MGM’s total revenues. Main floor, or mass-market table games, recently dominated at major casino resorts.

    By Shawn Bolton
  • Consumer

    Why MGM Resorts’ 3Q14 revenues didn’t grow

    Net revenues for 3Q14 increased by 0.9% on a year-over-year (or YoY) basis. On a YoY basis, quarterly revenues were driven by mass market growth.

    By Shawn Bolton
  • Consumer

    Key management executives at Penn National Gaming

    The management of a publicly traded company is responsible for creating shareholder value. Strong management is the backbone of any successful company.

    By Shawn Bolton
  • Consumer

    Why online gambling helps Atlantic City

    Currently, New Jersey dominates the online gaming market. About 90% of the total U.S. online gaming revenue is derived from the state. Nationally, poker represents about one-third of the total online gaming winnings.

    By Shawn Bolton
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    Consumer

    Why Baccarat gambling provides revenue for the Las Vegas Strip

    The casinos in the Las Vegas Strip clearly benefit from high-end Baccarat play. Over the last four years, Baccarat revenue ranged from 43.5% of table games revenue in 2011 to 48.2% in 2013.

    By Shawn Bolton
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    Consumer

    Why China’s anti-corruption campaign hurts Macau

    Xi Jinping—the Chinese President and General Secretary of the Communist Party—recently launched an unprecedented anti-corruption campaign. This campaign investigated and prosecuted hundreds of officials across the nation.

    By Shawn Bolton
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    Consumer

    Why Caesars Entertainment has a massive $24 billion debt

    Texas Pacific Group and Apollo Management took Harrah’s Entertainment, now Caesars Entertainment, private in a leveraged buyout deal valued at $30.7 billion in 2008.

    By Shawn Bolton
  • Consumer

    Why Caesars Entertainment shut down its Atlantic City casino

    Recently, Caesars Entertainment (CZR) closed down its profitable Atlantic City casino Showboat, which had operated for 27 years.

    By Shawn Bolton
  • Consumer

    Must-know: Caesars’ performance since its memorable IPO

    Caesars Entertainment’s first trade day was one of the best initial public offering performances in the history of the U.S. stock market.

    By Shawn Bolton
  • Must-know: The most popular casino games
    Consumer

    Must-know: The most popular casino games

    Casinos’ popularity is growing. This suggests that people like to gamble occasionally. Unfortunately, they don’t always win. For most of the people, the real fun is playing the game—not necessarily winning.

    By Shawn Bolton
  • Consumer

    Why the casino industry has huge growth potential

    The development of gaming entertainment can create tens of thousands of jobs. It can generate substantial amounts of tax revenue. Gaming can attract massive amounts of foreign investment. It can also create tourist destinations. The market is expected to grow in the future.

    By Shawn Bolton
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    Consumer

    Why governments want to encourage and legalize casino operators

    Casino tourism revenues can provide major benefits for cities and entire countries. As a result, governments want to encourage and attract casinos. The potential for tax revenues is one of the main drivers behind the growth in the casino industry. National and state governments worldwide are more willing to legalize and license online gaming operators.

    By Shawn Bolton
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