Why is this man smiling?; The daffy world of Glenn Straub

By David McKee ~ September 19th, 2014 @ 12:19 pm No Comments »

“Restructure! Restructure! Restructure! That’s all he ever does because that’s all he can do!” That was a friend of mine, speaking in exasperation of Donald Trump. Dr LovemanHowever, today the remark could be updated to refer to Gary Loveman. The CEO of Caesars Entertainment has kicked off another round of debt-structure talks and, if Bloomberg News is right, a prepackaged bankruptcy may be on the table. The discussions are swathed in confidentiality agreements, so it’s not clear what Loveman means when he talks about creating “a path toward a sustainable capital structure.” (Perhaps he should have thought about that before he put the company $25 billion in debt.)

Bondholders in discussions with Caesars include ubiquitous Brigade Capital Management, former partner in an abortive Boston casino bid. Reports Bloomberg, ” Continued >>

Inside Sands’ success; Furor in Fresno

By David McKee ~ September 19th, 2014 @ 11:24 am No Comments »

bethlehemThe most baccarat tables per casino in the U.S. are to be found at — no kidding — Sands Bethlehem. The casino, which fields 50 baccarat tables grossed $18 million in table game revenue last month, a record amount for Pennsylvania. Sands has been assiduously courting New York City‘s Asian-American population, and it’s paying off big. Fifty buses fan out into the Five Boroughs every day, scooping up players and delivering them to Las Vegas Sands‘ doorstep.

“Their table games business just keeps growing. It’s incredible. No one else is even close,” marvels Spectrum Gaming Group analyst Shawn McCloud. Sometimes Parx Casino gives Sands Continued >>

VLTs come to Texas; Slots inundate Illinois; Gomes honored

By David McKee ~ September 19th, 2014 @ 10:18 am 1 Comment »

Casino gambling has finally got its foot in the door of Texas (not counting a pair of tribal casinos on the Mexican border). Late last month, the Texas Racing horseCommission voted overwhelmingly to approve “historical racing” VLTs at Texas tracks, effective Sept. 28. Rep. Matt Krause (R) tried to block implementation with a lawsuit, which has just been dismissed for a lack of standing. However, Judge David Evans — even as he sent Krause’s suit packing — noted that the TRC didn’t have the authority to approve use of the devices, in which punters bet blind on the outcome of previously run races.

No, track owners aren’t in the clear yet, especially since they can’t unilaterally install the VLTs but must make their case to Continued >>

Caesars inspires legislation; Decision time for Wynn

By David McKee ~ September 18th, 2014 @ 11:18 am No Comments »

brown_chris_colorAs New Jersey forces the issue of sports betting, two lawmakers are offering the major leagues the one thing they can’t resist: money. State Sen. James Whelan (D) and Asm. Vincent Mazzeo (D) are propounding a quarter-of-a-percent tax on all wagers. As state Sen. Raymond Lesniak (D) said, “I believe sports betting leagues would be willing to stand down for a piece of the action.”

This “rake” would go to the leagues for the purpose of battling game fixing. Stroking pro-betting NBA Commissioner Adam Silver, the legislators wrote, “While we strongly support the legalization of sports betting in New Jersey and the economic benefits it will bring to Atlantic City, we are cognizant that sports leagues like the NBA need the necessary resources to protect the integrity and fairness of games.” Whelan proposes bypassing the legislative process and having agreements be made between leagues, and casinos and parimutuels.

In other casino-related lawmaking, assemblymen Mazzeo and Chris Brown (R, above) are Continued >>

Further Reading

Why is this man smiling?; The daffy world of Glenn Straub

Inside Sands’ success; Furor in Fresno

VLTs come to Texas; Slots inundate Illinois; Gomes honored

Caesars inspires legislation; Decision time for Wynn

Foxwoods: Woody exits; Eldorado’s big gains

Oh no, not him again!

As Iowa goes, so goes America

Case Bets: Multimedia, Philadelphia, Maryland

Boston: Wynn wins!; Changing horses at Boyd

Revel draws more interest; Risky business

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