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Monday, April 14

Atlantic City March revenues 

Monday, April 22

IGT FQ2 earnings:  , Passcode: IGT

Monday, April 24

PENN Q1 earnings:

Monday, April 24

HOT Q1 earnings:  , Passcode: 12049644


LVS - (The Morning Call) Tropicana Entertainment interested in LVS's Sands Bethlehem.  In the past, LVS had indicated it wants a high bid - around $1 billion.

TAKEAWAY:  Get it done. Not critical to the portfolio and we're sick of hearing about the transaction.

IGT - Installing Powerbucks (new WAP product) in CZR and BYD's casinos

TAKEAWAY:  In a secular declining demand environment, differentiation is key for operators.  Exclusivity won't last, however, as IGT needs to make a few power bucks.

PENN - Argosy Alton (IL) began closing one of its three gambling decks four days a week in early March.

TAKEAWAY:  More evidence of the tough environment for regional casinos


Lights dim for Japan's pachinko parlours FT 

Pachinko has been all but abandoned by younger Japanese.  Data from a Japanese research group show that the number of players has fallen by two-thirds over the past 20 years to 11m in 2013. 

Converting winning pachinko balls to cash is illegal but that violation is universally ignored by police.  Now, some pachinko groups are arguing that the looming acceptance of casinos means their industry should be brought out of the shadows too, gambling element included. Lawmakers who support them have formed a cross-party group to promote the idea – a development that has worried some in the casino lobby, who think it could increase public opposition to the pro-casino bill.

TAKEAWAY:  Pachinko lobbying would complicate Japan casino legislation 


Stomach illness that hit 83 people on Crown Princess may be linked to norovirus CNN

TAKEAWAY:  Media taking notice of the numerous norovirus cases.  Bad publicity for the cruise industry. 

Spain receives ~40% more cruise passengers thru February Hosteltur

In February, Spanish ports received 382 vessels, representing 62 more ships YoY or a 19.4% increase.  The number of cruise passengers who arrived in the Spanish ports surged 39.62% in the first two months of 2014 to 838,117 cruise passengers.

TAKEAWAY:  Spain recovering but capacity is rising as well


Hedgeye remains negative on consumer spending and believes in more inflation.  Following a great call on rising housing prices, the Hedgeye Macro/Financials team is turning decidedly less positive.

TAKEAWAY:  We’ve found housing prices to be the single most significant factor in driving gaming revenues over the past 20 years in virtually all gaming markets across the US.