Archon under fire again

By David McKee ~ September 2nd, 2014 @ 11:52 am No Comments »

Sue Lowden is back in the news, not for her political activities but as secretary and public face of Archon Gaming, whose 27 acres atop Sue Lowdenthe Strip are a hot property again, following the opening of SLS Las Vegas. Dissident investor and frequent thorn in the Lowdens’ side Esplanade Capital has made a purchase that ought to be the dream of a lifetime for an Archon shareholder: $21.65 a share — a 21% premium. That’s a fat price for Archon’s slim portfolio of assets, headlined by flagship Pioneer Hotel & Gambling Hall in Laughlin.

Taking its offer public, Esplanade fired off an open letter to the Lowdens. “ I was afforded the opportunity to speak with the Board of Directors … and reiterate our view that the Company should publicly commit to a sales process with a level playing field. While disappointed, I am not surprised that this demand and my follow-up since have been rebuffed,” writes Esplanade President Shawn W. Kravetz. Continued >>

Showboat, 1987-2014; Paris, 1999-????

By David McKee ~ September 2nd, 2014 @ 10:56 am 1 Comment »

Showboat_Atlantic_CityIn the end, the Showboat Atlantic City had a good run of it, lasting almost three decades on the Boardwalk. It succumbed, in part, to wounds inflicted by owner Caesars Entertainment, which cut into its customer base by building Harrah’s Philadelphia and, toward the end, shifting its priority to a New York State casino. A few years of that attitude and, the next thing you know, Showboat security is yelling, “Go home! We’re closed” at taxi drivers.

As 27-year Showboat veteran Arnoldo Leggi said between card tricks, “I opened this place, and now I’m going to close it. I’m not feeling Continued >>

Quote of the Day

By David McKee ~ August 29th, 2014 @ 1:37 pm 1 Comment »

Revel.jpgAs it pertains to Revel, management [of Boyd Gaming] believes that any buyer would have to spend significant time and money to make the asset viable going forward.” — J.P. Morgan analyst Joseph Greff, making it clear who won’t be bidding on Revel.

Illinois: Adding insult to injury; Sheldon’s nuisance

By David McKee ~ August 29th, 2014 @ 10:29 am No Comments »

Casino-based slot machines in Illinois are now outnumbered by ones in convenience stores, bars and truck stops. To make the challenge even worse, the Legislature — which goes out of its way to kneecap the Land of Lincoln’s existing casinos — is contemplating doubling the amount of machines allowed in convenience locations.

SlotTo some extent, the Illinois Casino Gaming Association is to blame, for having stood to one side when the initial enabling legislation went through, bringing truck-stop slots with it. “We underestimated the kind of impact it was going to have. We thought by putting a limit on the number of devices [five per site] it wouldn’t hurt us much,” says Executive Director Tom Swoik, a bit lamely.

The Lege’s priorities, of course, were to Continued >>

Further Reading

Archon under fire again

Showboat, 1987-2014; Paris, 1999-????

Quote of the Day

Illinois: Adding insult to injury; Sheldon’s nuisance

Strangest story of the year

Recovery in Vegas? It depends on where you stand

Loveman’s big score; Slots come to Dayton

Caesars has a live one, Revel not

Quote of the Day

Bad ideas never die; The Fugees; Left holding the bag

©2007-2014 Stiffs and Georges | powered by WordPress | Theme Design:Fat Cat Designs| Privacy Policy