“Boston’s a destination educationally, in terms of research, in terms of medical research and technology research. Boston is a little bit like Silicon Valley, and it’s a financial centre of major international proportions. Boston has got museums. It’s a serious place.” — Steve Wynn, on his newest casino market. It also turns out that Wynn may have jumped the gun when announcing Wynn Resorts‘ exoneration in a Macao anti-corruption probe.
Bids are in for Revel and the white elephant goes to … Brookfield Asset Management, owner of the Hard Rock Hotel in Las Vegas. (The fund is obviously fond of problem children.) Brookfield’s winning bid was $110 million, leaving stalking-horse bidder Glenn Straub in the dust. Straub has threatened to sue on the grounds that the bankruptcy-court process lacked transparency. He’s also offered to up his bid to $134 million. C’mon, boys: Is Revel really worth starting a fight? (Straub’s complaints will be heard on Oct. 20.)
We probably haven’t heard the last of Straub, who has lain covetous eyes upon the shuttered Showboat. However, his ideas for Revel spelled certain Continued >>
Executives from Penn National Gaming were hosted by J.P. Morgan analysts this week at Global Gaming Expo and gave a fairly mellow outlook on business. Nationally, commerce is seen as stabilizing but not having bottomed out yet, although Penn is “holding up very well.” Horseshoe Baltimore is having little impact to date on Penn’s Charles Town Races & Slots. The company’s two new racinos in Ohio — Hollywood Dayton and Hollywood Mahoning Valley — are meeting expectations, although there are only four days of data on the former from which to prognosticate.
Penn seemed impressed with the speed of the New York State casino-licensing process, which could come to a head by Continued >>