Revel draws more interest; Risky business

By David McKee ~ September 16th, 2014 @ 12:50 pm No Comments »

Revel_0947Glenn Straub having put $130 million in escrow just in case his $90 million, all-cash bid on Revel doesn’t do the trick, other bidders are tipping their hands. Money doesn’t mean much to California developer Richard Meruelo, who forfeited a $5 million deposit on the defunct resort in favor of bidding on it at a bankruptcy auction. “We were of the belief that the shutdown of Revel could increase bidder interest, and that is exactly what happened,” Revel attorney John K. Cunningham told aforementioned court. Straub consigliere Stuart J. Moskovitz countered that his boss could have Revel back on its feet “within a few weeks,” although casino operations would be farmed out to a management company. Meruelo scrapped with Bankruptcy Judge Gloria Burns over Straub’s $3 million breakup fee, demanding a “level playing field.”

Cunningham shrugged off Meruelo, saying, “We don’t have another buyer standing in the wings.” Straub’s all-cash offer would have to Continued >>

Boston: Wynn takes a stand

By David McKee ~ September 16th, 2014 @ 11:43 am No Comments »

Wynn_fullFriday will go down as the day Steve Wynn told the Massachusetts Gaming Commission where it could get off. In a letter to the commissioners, Wynn “said Wynn Resorts would not alter the design of their proposed 27-story hotel tower in Everett. Wynn strongly defended the proposal in a letter to the commission though representatives of Wynn told reporters that they are actually open to redesigning the tower.” This has become an 11th-hour sticking point and it looks as though Wynn has decided if he has to jump through any more hoops it’s not worth it — although his surrogates are sending mixed signals. Wynn himself wrote that “There is no doubt that a glass curtain wall allowing for floor to ceiling wall to wall glass that looks upon the Mystic River and the Boston skyline is the most attractive solution for the guest experience.”

Representatives of Mohegan Sun and Suffolk Downs also had to take heart from attacks upon Continued >>

Quote of the Day

By David McKee ~ September 15th, 2014 @ 1:39 pm No Comments »

revel_0409“This is the first time in this case there seems to be a buzz going on.” — Bankruptcy Court Judge Gloria Burns, on an acrimonious hearing for Revel, marked by “threats of litigation if the auction was postponed, complaints that [buyer Glenn Straub] was being secretive about his plans for the massive complex and the appearance of a potential competing bidder.”

Cycle of futility; Hard luck in Indian Country

By David McKee ~ September 15th, 2014 @ 1:30 pm No Comments »

As the casino industry braces itself for Global Gaming Expo, this could hardly be a worse moment to be hawking slot machines. Not only is it undergoing a slotspainful contraction but new markets (like Boston and Washington, D.C.) are a long way off from opening. As the U.S. casino industry does the unthinkable — remember the days when it was “recession proof”? — and downsizes, that makes for a lot of orphaned slots … 9,675 according to analyst Todd Eilers. Roughly 3,600 of the idled machines can be found in defunct Caesars Entertainment casinos, another 2,200 just in Revel, more still in Biloxi‘s Margaritaville and Atlantic City‘s Trump Plaza. Almost certainly, in the case of Caesars, a significant number of these boxes will find new homes in other casinos, further depressing a Continued >>

Further Reading

Revel draws more interest; Risky business

Boston: Wynn takes a stand

Quote of the Day

Cycle of futility; Hard luck in Indian Country

Case Bets: Wisconsin, Nebraska, Alabama

‘I’m poorer than you are’

When a loss is a gain

Wynn battles Boston

He came to buy Atlantic City

Macao’s loss is Vegas’ gain

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