Case Bets: Multimedia, Philadelphia, Maryland

By David McKee ~ September 17th, 2014 @ 10:57 am No Comments »

Here’s a vivid account of Multimedia Games‘ reversal of fortune, how a company focused on B-level gaming markets established a presence in Nevada, Atlantic City and Pennsylvania, and improved its value sufficiently to make it a Multimediatakeover target for Global Cash Access. One of the keys to Multimedia’s turnaround is slot platform TournEvent, which allows for multiple tourneys to be run simultaneously. Having gobbled up PokerTek earlier this year, Multimedia finds itself on the verge of being swallowed itself.

Analysts, however, don’t think the $1.2 billion GCA offer — expected to save $30 million in synergies — to be the end of the story. “We would not consider Continued >>

Boston: Wynn wins!; Changing horses at Boyd

By David McKee ~ September 17th, 2014 @ 9:36 am No Comments »

Although the Massachusetts Gaming Commission put Wynn Resorts through the wringer this past week, when the chips were down Wynn emerged the steve-wynnwinner by a 3-1 vote. The positive verdict comes with some conditions, so a second vote will be held Wednesday, to ratify yesterday’s verdict. Though the process has been contentious, Steve Wynn was in a conciliatory mood, saying, “We expect that now that a decision has been made, everybody will find it much easier to relate to one another, get on with the job of creating jobs and building a better life for the citizens of Everett and the surrounding communities in the Greater Boston area.”

Or, as Everett Mayor Carlo DeMaria said, “We’ll no longer be the butt-end of Boston.”

“The process however is not over as the vote to repeal gaming remains on the ballot for November,” cautioned Continued >>

Revel draws more interest; Risky business

By David McKee ~ September 16th, 2014 @ 12:50 pm 1 Comment »

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 >>

Further Reading

Case Bets: Multimedia, Philadelphia, Maryland

Boston: Wynn wins!; Changing horses at Boyd

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

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