Are the feds scrutinizing Wynn … and why?

By David McKee ~ November 24th, 2014 @ 11:53 am No Comments »

Uncle Sam appears to be making a systematic sweep of the Strip, probing all the major players. The latest target, according to the Wall Street Journal, is Wynn wynn-picResorts, which denies knowledge of any federal probe. However, according to the WSJ, a trident of the U.S. Attorney’s office, the DEA and the IRS is aimed squarely at Wynn, investigating potential money laundering. This comes while Caesars Entertainment is under the microscope and Las Vegas Sands has recently ponied up $47 million for money-handling infractions.

“We are not aware of any criminal investigation of the company whatsoever and we have serious doubts that any such investigation is taking place,” said Wynn Resorts attorney Michael Weaver, who said that there had been no contact from the feds … and if there was, it wouldn’t necessarily be damning:  Continued >>

Case Bets

By David McKee ~ November 20th, 2014 @ 12:47 pm No Comments »

A California tribe is getting into Internet gambling in a somewhat roundabout way. The Pala Indians are beta-testing, which will be run off the online atlantic-city-borgata-hotelplatform of … Borgata. (Casinos in Atlantic City can host as many as five ‘Net casinos per property.) Pala’s 90-game package will go live on Monday, pending approval by the Division of Gaming Enforcement. Of course, it can only take action from Garden State punters. Pala Interactive Chief Marketing Officer Jeremy Clemons told media, “Our launch in New Jersey is a huge step for the company, and we want to make sure we’re rolling out one of the best, most user-friendly casino experience on the market.”

* Faced with the imminent approval of four new casinos, Turning Stone Casino, in Oneida, New York, is differentiating itself with Continued >>

Big Ease; The Mirage, 25 years later

By David McKee ~ November 20th, 2014 @ 11:47 am 1 Comment »

Even with 19 non-tribal casinos and racinos to support, the Louisiana market continues to rebound. It was up 4% last month, with even 2% growth in the crowded Louisiana_FlagShreveport/Bossier City marketplace. El Dorado was the second-highest grosser and the percentage leader (+7%), while Diamond Jacks (-6%) brought up the rear. Horseshoe Bossier City was the top grosser, at $15.5 million.

In the Baton Rouge area, Pinnacle Entertainment‘s L’Auberge du Lac Baton Rouge continues to be responsible for over 50% of all the dollars grossed therein. It raked in $11 million million, while Tropicana Entertainment‘s Belle of Baton Rouge and Continued >>

Revel: Brookfield bails, Straub back in; A few good men

By David McKee ~ November 19th, 2014 @ 4:43 pm No Comments »

Like its predecessors at Revel, management at Brookfield US Holdings found itself with an albatross around its neck: the cost-intensive Inlet District Energy Center. The Revel_0947standalone power plant cost the resort $1.25 million a month. Brookfield hoped to reduce those costs but couldn’t. The interest rate, 12% on bonds and as much as 18% on equity, was too onerous. The bondholders want to be paid what they were promised when the plant was built and Brookfield evidently doesn’t have the scratch. Finding Revel too rich for its blood, it’s scrapping the purchase.

Spurned Revel bidder Glenn Straub, who’s been challenging the outcome of the bankruptcy auction. was quick to take credit. “Obviously Continued >>

Further Reading

Are the feds scrutinizing Wynn … and why?

Case Bets

Big Ease; The Mirage, 25 years later

Revel: Brookfield bails, Straub back in; A few good men

Forcible restraint in Massachusetts; The big winners in Philadelphia

Everybody’s doing it

Flat at the Strat and other Case Bets

The sport of kings in cyberspace

Philadelphia: No surprise here

The Philadelphia experiment; Wynn mellows

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