Tag: commercial gaming

Boyd Sets Implosion Date for Las Vegas’ Eastside Cannery – Casino.org
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Posted on: February 17, 2026, 10:28h.

Last updated on: February 17, 2026, 10:28h.
- Boyd Gaming scheduled the 16-story hotel tower’s implosion for March 5, 2026
- No public viewing areas will be designated
- Due to low demand, Boyd never reopened the property following the 2020 pandemic shutdown
Las Vegas’ long line of casino resort implosions will get longer on March 5, 2026. That’s when the Eastside Cannery’s hotel tower gets dynamited to dust at 2 a.m.

When the $250 million Eastside Cannery opened in August 2008, it was the first new hotel-casino on Boulder Highway since Boulder Station opened in 1994. (Image: Shutterstock)

Construction workers have demolished sections of the Boulder Strip property since October 2025, but its hotel tower, gutted and stripped of windows, is too tall (16 stories) to come down any other way. The Eastside Cannery has remained closed since the beginning of the COVID-19 outbreak.

The implosion will not be a public event, however, and no public viewing areas will be designated.

Cannery Opener

The Eastside Cannery opened on August 28, 2008 on Las Vegas’ Boulder Strip, a less desirable tourism corridor patronized almost entirely by locals. It was a replacement for the aging Nevada Palace.

The casino hotel included 64,876 square feet of gaming space occupied by over 2,000 slots, 26 table games, a poker room, keno, and a race and sports book. It also had an 18-story hotel tower with 307 rooms, 20,000 square feet of meeting and ballroom space, a private club on the 16th floor, three restaurants, and a lounge.

In December 2016, Boyd paid Cannery Casino Resorts, co-founded by Bill Wortman and Bill Paulos, $230 million for the operating rights to the Eastside Cannery and the original Cannery Casino and Hotel in North Las Vegas.

However, Cannery Casino Resorts retained ownership of the land on which the Eastside Cannery sat.

In February 2025, Boyd purchased those 30 acres for $45 million from Cannery Casino Resorts, to whom Boyd had been already been paying millions in rent every year.

When then-Gov. Steve Sisolak allowed Nevada’s casinos to reopen following the COVID-19 shutdown in June 2020, Boyd reopened the Cannery but not the Eastside Cannery, instead directing customers to visit its nearby other property, Sam’s Town.

Boyd is basically following the lead of its most direct rival, Red Rock Resorts, with whom it is locked in a turf war over Las Vegas’ neighborhood gamblers.

In July 2022, Red Rock announced the permanent closures of Fiesta Rancho and Texas Station in North Las Vegas, and Fiesta Henderson in Henderson. Those venues were ultimately demolished and Red Rock sold the real estate to nongaming entities. (The North Las Vegas properties are becoming a mixed-use retail and residential development called Hylo Park. The Fiesta Henderson was supposed to become an indoor sports complex, but those plans fell through and now the city of Henderson is soliciting new proposals.)
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Corey Levitan

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February 17, 2026
VICI Admits Caesars Regional Casinos Lease Has Been ‘Overhang’
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Posted on: November 1, 2025, 04:45h.

Last updated on: November 1, 2025, 04:45h.
- Landlord admit issues with Caesars regional casino master lease are among factors weighing on its stock
- REIT mentions possibility of acquiring Caesars Convention Center on Las Vegas Strip
- Says its working with Caesars resolutions to regional lease concerns
Shares of VICI Properties (NYSE: VICI) dropped 8.43% in October and are off 11.61% over the past 90 days. Concern within the investment community about the state of the property owner’s regional master lease agreement with Caesars Entertainment (NASDAQ: CZR) are among the reasons the real estate stock is faltering.

The Caesars Forum convention center on the Las Vegas Strip. VICI Properties said there’s an opportunity to acquire that property. (Image: Network in Vegas)

On the real estate investment trust’s (REIT) third-quarter earnings conference call, management admitted as much, though executives stopped short of blaming the stock’s recent weakness on issues stemming from the relationship with Caesars.

We do think it’s a confluence of factors between, yes, this Caesars focus, but also at the same time, when there’s been a positioning rotation out of some winners, out of some long positions as the market has rotated into the end of the year,” said Moira McCloskey, vice president of capital markets, in response to analyst question. “So, the timing has been unfortunate, but we do think it’s a combination of factors, not just the one particular overhang.”

VICI, which was spun out of Caesars in 2017, is the largest owner of the casino operator’s real estate — holdings that include Caesars Palace on the Las Vegas Strip.

Caesars, VICI Working Towards Resolution

Amid another quarter of disappointing results and increasing likelihood that Caesars will miss its 2025 debt reduction target of $1 billion, there’s been increasing chatter on Wall Street that the gaming company may be strained by its regional master lease accord with VICI and that’s looking for some relief on that front.

The landlord didn’t discuss its tenants financial issues, but CEO Edward Pitoniak noted the REIT is willing to work with its client to find favorable resolution.

“We would look across the portfolio on our own and with them determine where do they want to be, where they want to continue to be, where do we want to continue to be, what are the various levers that we can work on our side, on their side to make sure that we end up with an outcome that is a genuine win-win for both parties,” he said in response to an analyst query.

The most effective avenue would be for Caesars to the operating rights on some of the casinos where VICI owns the real estate, which could happen if interest rates continue falling, but no official announcements have been made to that effect. Outside of Las Vegas, VICI owns the real estate of more than 15 Caesars-operated casinos.

Caesars Convention Opportunity ‘Live,’ Says VICI

Earlier this year, speculation surfaced that VICI could bid for Caesars Forum convention center on the Las Vegas Strip. Nothing has come of that rumor as of yet, but the REIT confirmed there is an opportunity to acquire that property.

“We obviously have a variety of things that we evaluate. You are correct that the opportunity to buy the Caesars Forum Convention Center is live right now,” said President John Payne on the conference call. “And we’re fitting it into all the other things that we look at when is the right time. Is there the right time?”

Located behind the Flamingo, Harrah’s, and LINQ casino resorts, the convention center cost $375 million when construction started in 2018. It’s not clear if Caesars would sell it and lease it back from VICI or outright wash its hands of the meeting space.
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Todd Shriber

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November 1, 2025
MGM Stung by Weak Las Vegas Results, $256M New York Charge
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Posted on: October 29, 2025, 09:01h.

Last updated on: October 29, 2025, 09:01h.
- Another operator confirms Q3 was a disaster in Las Vegas
- MGM took a $256 million charge and $93 million in write-downs related to decision to withdraw from New York casino race
- CEO admits to Las Vegas pricing gaffes
Shares of MGM Resorts International (NYSE: MGM) faltered in after-hours trading Wednesday after the company reported a third-quarter loss due in large part to weakness at its Las Vegas Strip casino hotels and one-off charges related to its decision to pull out of the New York City casino competition.

Bellagio on the Las Vegas Strip. Operator MGM delivered disappointing Q3 results. (Image: Instagram/@bellagio)

The Bellagio operator generated revenue of $2 billion on the Strip, down from $2.1 billion a year earlier, on earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (EBITDAR) $601 million. Year-earlier EBITDAR was $731 million. Weakness on the Strip where MGM is the largest operator was widely expected after rival Caesars Entertainment (NASDAQ: CZR) sank today following a downbeat third-quarter report in which Strip softness was the primary culprit.

Further hampering MGM’s September quarter results was a non-cash goodwill impairment charge of $256 million and $93 million worth of non-cash write-downs stemming from the company’s decision to no longer pursue a license to convert Empire City Casino in Yonkers, NY to a traditional casino.

MGM ‘Lost Control of the Narrative’

Reasons abound for slumping visitation to Las Vegas this year with President Trump’s trade tariffs stymying international visitation and high unemployment in California — the largest domestic feeder market to the casino center — among the reasons 2025 will be a forgettable year for Strip operators.

However, MGM hasn’t helped itself. Already saddled with a reputation for nickel-and-diming customers, that situation really came to light in the second quarter – another period of dismal Las Vegas results for the company – amid reports of $26 bottles of water at the Aria. For the bad press that generated, MGM didn’t learn its lesson over the summer months.

When we think about pricing and things that got everyone’s attention, whether it’s the infamous bottle of water, where a Starbucks coffee Excalibur cost $12, shame on us,” said CEO Bill Hornbuckle on a conference call this evening. “We should have been more sensitive to the overall experience at a place like Excalibur to those customers. You can’t have a $29 room and a $12 coffee.”

He acknowledged MGM “control of the (pricing) narrative” during the summer months, adding the company has evaluated its pricing strategies and corrected some of the prior gaffes.

MGM Not Leaving New York

When MGM said it was exiting the New York casino competition, it was one of the most stunning announcements in years in the industry, particularly because Empire City was widely viewed as one of the leaders to land one of three licenses.

Obviously, MGM’s withdrawal is good news for Bally’s, Hard Rock, Resorts World New York, but Hornbuckle said the company isn’t abandoning Yonkers.

“We have been and continue to be a proud partner of the city of Yonkers and the State of New York,” he said on the conference call. “We remain committed to operating the property in its current format and believe it will continue to enjoy success serving customers in the Yonkers and surrounding communities.”
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Todd Shriber

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October 29, 2025
Times Square Casino Hopes Not Entirely Dead, Says SL Green
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Posted on: October 16, 2025, 07:17h.

Last updated on: October 16, 2025, 07:17h.
- Times Square casino plan was first in New York rejected by a CAC
- SL Green CEO says it’s not “completely dead”
Caesars Palace Times Square was the first of the New York City casino proposals to be rejected by a community advisory committee (CAC), signaling appetite for a gaming venue in Manhattan may be limited, but it’s possible the plan isn’t entirely six feet under.

Crowds in Times Square. SL Green said hopes of bringing a casino there aren’t completely dead. (Image: Shutterstock)

Marc Holiday, chairman and chief executive officer of SL Green (NYSE: SLG), said on that company’s third-quarter earnings conference call earlier today that the plan to bring a casino hotel to 1515 Broadway isn’t entirely in the grave.

No, I don’t think, by any means, it’s to use your term completely dead,” said Green in response to a question from Bank of Montreal analyst John Kim. “I think the whole process and the outcome is still unknown. How many bidders will there be? How many licenses will be awarded — and whether, if any are held back, there’ll be another shot for casinos in Manhattan or otherwise to come into play.”

SL Green owns the building at 1515 Broadway and is the real estate partner of Caesars Entertainment (NASDAQ: CZR) and Jay-Z’s Roc Nation. The consortium proposed a $5.4 billion gaming venue in the heart of Manhattan aimed at creating jobs and rejuvenating the theater district.

Hope Burns Eternal for Times Square Casino

With Tuesday’s surprise news that MGM Resorts International (NYSE: MGM) is abandoning its quest to land a permit to convert Empire City Casino in Yonkers to a Las Vegas-style gaming venue, the downstate casino competition has been pared to three contenders.

That rapid attrition has stoked speculation, albeit faint, that the New York Gaming Facility Location Board (NYGFLB) might not award all three licenses or that the regulator could override the votes of Manhattan CACs to resuscitate efforts to bring a casino hotel to that borough. Caesars Palace Times Square was one of several Manhattan casino proposals that were rejected and none of the three remaining bids are in that borough.

Green believes Manhattan should be home to at least one casino, though many locals beg to differ, adding that Times Square was the ideal location for a new gaming venue.

“There should be at least one casino in Manhattan. I think that’s obvious and Times Square was the exact right location, but the process was designed to make that impossible, at least for the time being,” said the SL Green CEO on the conference call.

SL Green Evaluation All Options

Green acknowledged the REIT is “keeping alive a hope for the future of a possible casino if a license remains available”, but made clear the company is open to all options for 1515 Broadway, gaming venue or otherwise.

It’s prime real estate and the primary tenant is CBS, which is being financially bolstered via an acquisition by Skydance, and Green noted the building could seamlessly convert to a hotel/leisure destination if that’s in the cards down the road.

“The beautiful thing is right now we’ve got so much flexibility because our debt per square foot is, I think, like $3.75 a foot or thereabouts. So we have complete financial flexibility,” he told analysts. “The buildings net leased through, I think, the middle of 2031 and the cash flow is significant from the property. And that’s a good scenario for us to sort of look at all options, commence multiple negotiations and try and end up in the best place.”
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Todd Shriber

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October 16, 2025
MGM Departure Stokes Concern on Resorts World New York Outlook
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Posted on: October 15, 2025, 08:24h.

Last updated on: October 15, 2025, 08:24h.
- MGM departure raises worries about returns on Resorts World New York
- Operator Genting already dealing with tepid performance at other North American gaming venues
- Genting New York proposal includes some of industry’s highest tax rates
MGM Resorts International (NYSE: MGM) rocked the gaming world Tuesday, announcing it’s bowing out of the New York City casino race and that’s raising concerns about the financial outlook for Resorts World New York in Queens.

A rendering of Resorts World New York City should it receive one of the three downstate New York casino licenses. Following MGM’s departure from the competition, there are concerns about RWNY’s proposal. (Image: Resorts World New York City)

Like MGM’s Empire City Casino in Yonkers was, the Genting-operated slots-only establishment is widely viewed as one of the frontrunners to land one of the three downstate permits. Still, analysts wonder if MGM’s departure from the competition signals that New York City-area casino licenses aren’t all they’re cracked up to be. They argue it’s a consideration Genting can’t overlook because the Malaysian company already owns a collection of scuffling North American properties.

Given that some of Genting Malaysia’s Resorts World assets like Resorts World Catskills, Resorts World Bahamas and Resorts World Las Vegas also have sub-par returns, one might also question the economics of a multi-billion dollar potential Resorts World NYC expansion,” observes Nomura analyst Tushar Mohata.

Genting has said that if it’s granted one of the three downstate permits, it will invest $5.5 billion in converting its Queens property to a Las Vegas-style casino, not including $2 billion in community perks. That’s significantly more than the company spent to build Resorts World Las Vegas.

Genting Agreeing to ‘Aggressive’ Terms

Among the reasons cited by MGM in its decision to withdraw from the New York competition were potentially unfavorable economics and a licensing term that was slashed to 15 years from 30.

That was licensing term was based on expectations of winning bidders shelling out $500 million for the permits. On that basis, Nomura calls Genting’s bid aggressive because it adds 20% to figure while proposing some of the highest tax rates in the US casino industry.

Genting’s supplemental bid “revealed aggressive terms, including a US$600 million license fee (versus the minimum requirement of US$500 million) and industry-leading tax rates of 56% on slots and 30% on tables. These rates significantly exceed those proposed by the other candidates,” adds Nomura’s Mohata.

In essence, Genting is volunteering to pay a higher licensing fee and elevated taxes despite not being prodded by New York regulators and as MGM questions the economic viability of such expenditures given the intensity of competition in New York.

Genting Has Geographic Considerations, Too

MGM also noted the geographic element in the New York casino competition and that’s relevant to Genting because the proposed $8 billion Metropolitan Park bid led by New York Mets owner Steve Cohen and Hard Rock International would be located just 10 miles away from Resorts World New York.

Metropolitan Park is one of three remaining bids and is considered a near lock to win one of the licenses. Mohata said that venue, if it comes to life, could cannibalize Resorts World New York.

“The full project return on invested capital impact will not be clear for several years given the staged nature of the capital deployment,” concludes the analyst. “Genting Malaysia’s phased development approach should better its capital management and help to mitigate risks.”
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Todd Shriber

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October 15, 2025
Casino M&A Likely Limited Until Interest Rates Decline Further
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Posted on: October 11, 2025, 05:04h.

Last updated on: October 11, 2025, 05:04h.
- Casino consolidation chatter is alive, but not as vibrant as in past years
- Still high interest rates weighing on Las Vegas Strip asset sales
- Bolt-on, not transformational deals expected
The casino industry is often a hotbed of consolidation rumors, but if chatter from the recently concluded Global Gaming Expo (G2E) is any indication, large-scale deal-making likely isn’t the near-term cards.

Las Vegas Strip M&A activity is likely to be slow until interest rates fall more. (Image: Shutterstock)

In a new report to clients, Stifel analyst Jeffrey Stantial notes that mergers and acquisitions (M&A) talk at G2E was subdued compared to prior years. That includes a muted outlook for asset sales on the Las Vegas Strip.

Given larger average purchase price, Strip M&A appetite seems limited until interest rates come in further,” observes Stantial.

That’s relevant to Caesars Entertainment (NASDAQ: CZR) and likely priced into the flailing stock. Caesars has long been rumored to be a candidate to offload one of its Strip properties — a move that would help reduce debt — but the pool of credible cash buyers is small, meaning prospective suitors likely need to finance deals and that’s an unattractive proposition when interest rates are high. The potential good news is that rates are expected to fall by 100 to 120 basis points by the end of 2026.

Slim Pickings for Regional Casino M&A, Too

Beyond the Strip, it’s also unlikely that there will be needle-moving transactions among regional casinos over the near-term. Stantial said the bulk of seller interest is for lower quality assets and that could result in limited interest among potential buyers.

That jibes with some operator commentary indicating that would-be buyers of regional casinos simply can’t find assets that meet their standards and that they won’t be rushed into deals just to increase the size of their portfolios.

The analyst noted a possible exception on the seller side is Century Casinos (NASDAQ: CNTY), which is currently in the midst of a strategic review. Stantial said that operator “seemed open to all options in the ongoing strategic review.” The company is holding talks about the long-awaited divestment of its two-thirds interest in Casinos Poland.

“We continue to see an outright sale as unlikely given the variety of assets/markets & challenges under-writing to expected ‘fully-ramped’ earnings power, though see potential for one-off divestitures – in particular CNTY’s Canadian portfolio given increasingly non-core nature & historically higher transaction multiples vs. U.S. assets,” observes the Stifel analyst. “We expect management to be thorough evaluating options, indicating more likely CY26 resolution.”

Eye on Prediction Markets, Sports Betting

Given the recent flurry of financing activity in the prediction markets space, it’s possible that online sports betting (OSB) take closer looks at acquisition candidates in that arena. However, OSB operators could be hamstrung regarding prediction market purchases because some state regulators have warned gaming companies licenses could be at risk if they earnestly move into event contracts.

Related M&A trends to monitor include “undetermined prediction markets strategies for incumbent OSB operators, and efforts to accelerate player deposits/liquidity for exchanges, and brand & odds provider tuck-ins for regulated OSB operators,” concludes Stantial.
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Todd Shriber

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October 11, 2025