Despite 14 arrests for cheating at a couple dozen Las Vegas casinos, the Nevada Gaming Control Board never saw fit to nominate hall-of-fame cardshap Jubreal Chahine for inclusion in the Black Book, not even after it publicly characterized him as “a frequent cheater.” Chahine must have thought he had some guardian angel looking out for him. His favored forms of trickery involve jiggery-pokery with chips, like past-posting, where you slip a bet onto the felt after the cards have been dealt or the dice have stopped rolling. (Doesn’t that douchey look just scream “suspicious”?)
“It doesn’t take a whole lot of sleight-of-hand ability. But it does take guts,” Worldwide Gaming Consulting President George Joseph told the New York Times. Whether because he bet small or Continued >>
After years of hand-wringing about the future of Atlantic City, there is a sudden imperative to do something about the seaside resort. It’s gone from a leadership vacuum to possibly having too many chefs in the kitchen. State Senate President Stephen Sweeney (D, left) is proposing the creation of a private-sector version of the CRDA to channel money from theoretical Meadowlands and Jersey City casinos. (“I just don’t want to give money to government, because I know what they do with it.”) From the point of view of Sweeney and others, Gov. Chris Christie‘s five-year grace period for Atlantic City but the sudden collapse of the casino market there calls for extraordinary measures.
Even Christie seems to be softening towards elements of Sweeney’s scheme, saying, “any expansion of gaming to other parts of the state would have to have, as an element to that plan, Continued >>
Orange Capital, calling itself “unsatisfied,” has renewed its pestering of Pinnacle Entertainment to convert itself into a REIT. Orange claims that share value could be increased 60% to 90%. Unfortunately for Pinnacle customers, REITs are required to return 90% of taxable earnings to shareholders, which could have a deleterious effect on Pinnacle’s casinos, known for their quality.
It’s not like Pinnacle is on its uppers. Net revenue in the most recent quarter grew 108%, thanks to the absorption of Ameristar Casinos and to some recent cost-saving measures. (Not enough to stave off a $2.3 million loss, though.) “While so far trends are looking better than the second quarter, the change has not been meaningful,” said Continued >>