Atlantic City: Fertitta wins, Taj too close to call

By David McKee ~ December 16th, 2014 @ 2:42 pm No Comments »

Score one for the Golden Nugget in Atlantic City and its peppery owner, Tilman Fertitta. Its threat to “blow up” a property-tax reform deal was sufficient to bring about a fertitta_webcompromise acceptable to all sides. Under the original bill and its fixed-payment system, annual levies would have risen for casinos that arguably need the help the most. Now, that overage will be credited toward their Casino Reinvestment Development Authority payments. Also subtract the $2 million a year the Nugget would have paid the defunct Atlantic City Alliance and you’ve got a package Fertitta can accept.

As Nugget corporate counsel Steve Scheinthal put it, “We’re protected for five years; that’s a good thing. At least we have some stability and we know our taxes aren’t going to rise.”

Elsewhere, negotiations have reached an impasse between Continued >>

Quote of the Day

By David McKee ~ December 16th, 2014 @ 1:31 pm No Comments »

James-Packer-030709L_0JP Morgan analyst Matt Ryan questioned Crown‘s, timing given it is ramping up its exposure to the wagering industry at a time when increased racing fees are eating bookmakers’ margins.” What? Would James Packer ever make a bad business decision? Heresy!

Fixing Foxwoods, Perryville

By David McKee ~ December 16th, 2014 @ 1:04 pm 2 Comments »

Felix Rappaport continues to unveil a new strategy for Foxwoods Resort & Casino. Operations weren’t predecessor Scott Butera‘s strong suit, by the latter’s own profession.

RappaportSo, the restructuring having been done, enter Rappaport to commence the rebranding. Of oncoming competition from Boston, Rappaport said, “We’ll certainly lose some people altogether, and we’ll lose some people in terms of frequency. But if we do our jobs properly, I think we can become even more compelling.” And he’s got two or three years to entrench. Both Foxwoods and Mohegan Sun are cutting back on slot inventory dramatically, prompting one pundit to say, “They have, in a sense, already closed the equivalent of two casinos.”

While Mohegan Sun has been targeting nearly every new casino market that comes along and, closer to home, is ramping up its concert program, Foxwoods is being a bit choosier with its comeback strategy. Gambling is still, far and away, the cash cow, but Continued >>

Much ado about Harmon

By David McKee ~ December 16th, 2014 @ 12:38 pm No Comments »

After endless months of maneuvering and legal posturing, MGM Resorts International and  Tutor Perini arrived at a settlement on what was to have been the opening day of an Harmoniniepic trial. (That’s seven weeks of jury selection down the drain.) The case revolved around the defectively constructed Harmon hotel and came down to where the finger for the fiasco should be pointed. Although the settlement was nominally confidential, Deutsche Bank analyst Carlo Santarelli got the nitty-gritty via the SEC. CityCenter will receive $110 million from contractors, insurers, MGM and sundry third parties. In addition to paying CityCenter $20 million, MGM lays Continued >>

Further Reading

Atlantic City: Fertitta wins, Taj too close to call

Quote of the Day

Fixing Foxwoods, Perryville

Much ado about Harmon

Captain Loveman’s sinking ship

Hope and change in Atlantic City

Reid’s treachery and Adelson’s myopia

Icahn: My way or the highway

Migratory patterns in Atlantic City

Et tu, Harry?

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