When the punishment doesn’t fit the crime

By David McKee ~ August 21st, 2014 @ 2:21 pm No Comments »

Matthew Eisenberg is no Jean Valjean. Still, that’s no excuse for levying upon him a fine that is 375 times the amount he stole ($200 in Rivers Casinochips) from Rivers Casino. The fault lies not with Rivers but with Pennsylvania laws. In 2010, theft was added to the litany of casino-related crimes for which a first offense would result in a $75,000 fine. (Others included cheating and unauthorized operation of slot machines.) “What we’re doing here, we’re protecting the rights of the casino … the Legislature has placed the casino above everybody else in Pennsylvania,” Eisenberg’s lawyer argued unsuccessfully argued at trial.

However, he managed to get his case before the Pennsylvania Supreme Court, which unanimously found the 75K fine unconstitutional. The justices agreed with Continued >>

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 1 Comment »

revel_0594Revel‘s high-speed 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.”

Further Reading

When the punishment doesn’t fit the crime

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

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