Revel‘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 >>
“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.”
A situation in which then-MGM Mirage and shareholder Kirk Kerkorian let sentiment trump common sense has long been causing them 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 >>