A renaissance for Atlantic City?

By David McKee ~ October 17th, 2014 @ 2:29 pm No Comments »

If Gary Green set out to stir debate with his Casino Journal polemic on Atlantic City, he could hardly have succeeded better. For Green, the glass is
Chalfonte_Hotel_Atlantic_City_1905_Advertisementconsiderably more than half-full and the Boardwalk is “healthy, viable and sound.” In a poke at Glenn Straub, he writes, “we don’t need to turn casino towers into a student dorms.” As Green points out, Atlantic City is a $2.9 billion a year market, no longer a $5.2 billion. However, that trend is extremely unlikely to reverse and Green puts too little stock, I think, into that long slump. Green allows that “Despite grandiose dreams of attracting new market segments or cannibalizing adjacent casino jurisdictions, any Atlantic City investment must be viewed in this context.” He sees the last several years as “the decline phase of a normal business lifecycle, where there is often both economic peril and promise.”

He argues, ” This is a great time to Continued >>

JFK returns to Vegas, poker comes to Philly

By David McKee ~ October 17th, 2014 @ 1:26 pm No Comments »

TROPICANA VIEW 1B_LO 042010Tourist attractions just haven’t been clicking for the New Tropicana Las Vegas. But it’s trying again with “The JFK Exhibition,” announced today. Although John F. Kennedy‘s connections to Las Vegas were part of the seamy underside of Camelot, that only makes the intersection of content and format the more apt. For all we know, the hit on JFK could have emanated from a Vegas boardroom in the heyday of Meyer Lansky.

It’s hard not to think first of Kennedy’s assassination when one of the centerpieces of the exhibit, curated by JFK obsessive Jim Warlick, is a 70-foot Air Force One fuselage, tricked out as it would have been seen on Nov. 22, 1963. (Warlick has a whole museum of this stuff in Continued >>

Caesars flirts with Chapter 11; MGM sells relic

By David McKee ~ October 17th, 2014 @ 11:40 am No Comments »

caesarscasino_1Caesars Entertainment CEO Gary Loveman has as much as said bankruptcy would happen over his dead body. Funeral services may be held in January. Caesars, y’see, has filed for an amendment on its debt that would give senior bondholders first dibs on the company’s cash. (Of which Caesars has quite a bit, believe it or not.) According to Bloomberg News, since a move like this would have to be done three months out from a Chapter 11 filing, “it “may raise the odds that the Las Vegas-based company files for a bankruptcy as soon as mid-January.” Added Alex Bumazhny of Fitch Ratings, “We think the bankruptcy is highly likely at this point.”

Caesars fairly conceded the inevitability of Chapter 11 on — aptly enough — Aug. 11, when it wrote Continued >>

Wynn blocked in Boston?

By David McKee ~ October 17th, 2014 @ 10:30 am 1 Comment »

While we wait for Boston Mayor Martin “McCheese” Walsh to pile on, the City of Revere and Local 103 of the International Brotherhood of Electrical Workers have done the inevitable and filed suit against the Massachusetts Gaming Commission, demanding that the Suffolk Superior Court strip Wynn Resorts of its casino license and award it to Mohegan Sun. Calling the MGC’s conduct arbitrary and capricious, Revere attorneys say it “gave Wynn unequal (and better) treatment than other gaming applicants.’’ This includes violation of open-meeting laws and exemption of Wynn from various statutory requirements.

Wynn EverettMohegan Sun isn’t a party to the suit but COO Chip Tuttle fumed, “The complaint filed today by the City of Revere and IBEW 103 is indicative of a pattern by the Gaming Commission of lowering its standards, subverting the intent of the gaming law and contorting the process for the benefit of the Wynn Everett applicant. The people who work here are Continued >>

Further Reading

A renaissance for Atlantic City?

JFK returns to Vegas, poker comes to Philly

Caesars flirts with Chapter 11; MGM sells relic

Wynn blocked in Boston?

Tying the knot in Vegas and other diversions

Packer’s complaint; Bally bloodbath

Atlantic City: Which way is up?; Sheldon Adelson, prophet

Steve Wynn, the early years

Life after Revel; Sheldon’s solid quarter

An Angry Bird in the hand …

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