Reading Loveman’s tea leaves

By David McKee ~ October 23rd, 2014 @ 10:35 am 2 Comments »

Loveman fluffyGary Loveman has made a lot of mistakes as Caesars Entertainment CEO but building a convention center in Atlantic City wasn’t one of them. In fact, it’s been one of his better ideas. While he was in town to put his John Hancock on the final beam of the $126 million Waterfront Conference Center, he shared several cryptic remarks with the media. While he said he wasn’t in any talks with Unite-Here, Loveman added “The challenge in Atlantic City is not simply revenue but cost.”

This could easily presage a contractual squeeze like the one Trump Entertainment Resorts put on its labor force (which may have bought them only three more weeks of employment), particularly if Continued >>

Memo from Macao

By David McKee ~ October 23rd, 2014 @ 9:28 am No Comments »

Quote of the Day

By David McKee ~ October 22nd, 2014 @ 3:07 pm No Comments »

sls-pic“I think this area south of Charleston [Boulevard] and north of Sahara [Avenue] is up and coming though, and some of that attention Fremont East is getting will turn here. If there were more residential development, something in the middle range, then we’d see real sustainable growth in the neighborhood with more retail and restaurants.” — RCG EconomicsJohn Restrepo on the early fiscal effects of SLS Las Vegas.

Working-class hero; Caesars courts Philippines

By David McKee ~ October 22nd, 2014 @ 12:02 pm No Comments »

SweeneyHaving thrown its workforce to the wolves as part of its bankruptcy plan — one that may not ultimately save any jobs — Trump Entertainment Resorts has pissed off the wrong guy: state Senate President Stephen Sweeney (D). Chief creditor Carl Icahn has pledged to invest $100 million in Trump Taj Mahal if New Jersey commits hundreds of millions more to a taxpayer bailout of TER and its dubiously competent management team. In a series of tweets, Sweeney laid out his opposition to the rescue plan …

I won’t allow Icahn to use any state grants, tax breaks, subsidies to help underwrite attempt to take away rights and benefits of workers … If the court’s ruling stands, then middle-class America has lost. We should be building economy from the bottom up by supporting workers … It’s unfair and un-American to allow billionaires like Icahn to exploit the financial difficulties of the casino industry to prey on workers. Continued >>

Further Reading

Reading Loveman’s tea leaves

Memo from Macao

Quote of the Day

Working-class hero; Caesars courts Philippines

Fire sale at Full House; Japan: Patience advised

Caesars’ shell game; Setback in Japan

Gross injustice; Let the sports betting begin!

A renaissance for Atlantic City?

JFK returns to Vegas, poker comes to Philly

Caesars flirts with Chapter 11; MGM sells relic

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