Case Bets

By David McKee ~ August 21st, 2014 @ 1:15 pm No Comments »

Any fears of antitrust litigation in the Scientific Games/Bally Technologies merger were put to rest yesterday when the two
companies announced they had cleared the Hart-Scott-Rodino Antitrust Improvements Act waiting period ahead of schedule. This is Bally_logo1hardly equal to leaping the final hurdle but a high bar has been cleared. “The transaction remains subject to approval by Bally’s stockholders, receipt of certain gaming regulatory approvals and other customary conditions,” wrote Bally spokesman Mike Trask. “The news is not a surprise as we didn’t expect any major antitrust concerns given the increasing number of competitors in the space,” Union Gaming Group analyst Robert Shore told investors.

* Convicted felon Vaughan Perry hit the wrong sort of Continued >>

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 >>

Further Reading

Case Bets

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

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