Revel’s 21 grand goof

By David McKee ~ August 21st, 2014 @ 11:12 am No Comments »

revel_0594Revel‘s shutdown is descending into farce. Its armored-car contractor, GardaWorld, managed to lose $21,000 of long green. How? They — no kidding — left a cash bag on top of the truck. Security footage shows the cash still precariously in place by the time the truck reaches Resorts Atlantic City. Then the truck heads out on Pennsylvania Avenue and the money is never seen again.

Revel has private investigators working on the matter. We’ve all made similar goofs in our lives. But they usually involve a cup of coffee, not 21 grand.

On a more serious level, Atlantic City is facing an Continued >>

Quote of the Day

By David McKee ~ August 21st, 2014 @ 10:59 am No Comments »

IMG-20130507-00006“From an equity perspective, in our view it is becoming almost impossible to assign an intrinsic valuation to Caesars without knowing what’s going on behind the curtain within all three individual entities, particularly on the debt side.” — Macquarie Securities analyst Chad Beynon, in an investor report entitled, “The Shell Game Picks Up Speed.”

MGM, Garden State peace talks continue

By David McKee ~ August 19th, 2014 @ 2:32 pm No Comments »

A situation in which then-MGM Mirage and shareholder Kirk Kerkorian let sentiment trump common sense has long been causing lionthem trouble in New Jersey. But no longer. The Division of Gaming Enforcement has stipulated to an agreement whereby MGM will pay $150,000 (plus $75,000 from Kerkorian’s Tracinda Corp.) ” in recognition of the seriousness of the failures to address [Terry] Christensen’s ongoing and continued involvement in their affairs following first his indictment and then his conviction.”

Christensen, an attorney and (more to the point) four-decade Kerkorian crony got MGM in hot water. In 2002, while on the MGM board of directors, Christensen hired Continued >>

Cali Tribe goes rogue and other Case Bets

By David McKee ~ August 19th, 2014 @ 1:17 pm 1 Comment »

Legislative inaction be damned, the Iipay Nation of Santa Ysabel is going ahead with Internet poker. It’s already got a free play site but Internet casinoplans to go live with the real deal perhaps as early as next week. Isn’t that unconstitutional? Maybe not. The Iipay Nation cites its sovereign status and its own constitution to justify its action. It also points to the Indian Gaming Regulatory Act‘s permission of Class II games sans compact and poker is about as far from a house game as one can get. (The Iipay Nation no longer operates a physical casino.)

While the tribe could wait for the introduction of online-gambling legislation in December, it is not so inclined. “The current proposed legislation excludes all but the wealthiest gaming tribes from engaging in state-regulated online gaming. Smaller or remotely located tribes, like Santa Ysabel, would not be able to meet the financial prerequisites for participation in online gaming as currently proposed, in spite of their years of experience conducting and regulating brick-and-mortar Class II and Class III gaming,” said Santa Ysabel Interactive spokesman Dave Vialpando last month. We don’t think the State of California will take the Iipay Nation’s dare lying down, so brace yourself for the sound of a collision. Continued >>

Further Reading

Revel’s 21 grand goof

Quote of the Day

MGM, Garden State peace talks continue

Cali Tribe goes rogue and other Case Bets

The contradictions of Sam Nazarian

Life after Revel?

The return of the Strip; Panic over Macao

Pacifism in Alabama; Flop in Florida

Quote of the Day

Exit Revel, eight days early

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