Naughtiness at Las Vegas Sands; Caesars makes bankruptcy plan official

By David McKee ~ March 4th, 2015 @ 11:50 am No Comments »

Sands China could have some stateside problems. Judge Elizabeth Gonzalez is mulling whether or not to slap Sands’ wrist for tampering with evidence. The documents in question Sands Cotaiare part of a wrongful-termination lawsuit brought by former Sands China CEO Steven Jacobs, a case entering its hit sixth year. Gonzalez ordered that documents not be redacted but Sands, which often takes a high-handed attitude toward the judicial process, did it anyway, having hid the material in question for two years.

“We are here today because of a long series of misrepresentations,” said Jacobs’ attorney, Todd Bice, in support of the potential sanctions. Gonzalez also decreed the Macao Personal Data Protection Act irrelevant to the case. Sands General Counsel David Fleming countered that Continued >>

Caesars’ wheel of pain

By David McKee ~ March 3rd, 2015 @ 2:30 pm 3 Comments »

“Loveman ‘fascinated’ by complexities of High Roller,” read one of today’s headlines. Perhaps he ought to be more fascinated by the complexities of Caesars Entertainment‘s Linq revisedbankruptcy, of which he is the undisputed architect. The company announced quarterly earnings yesterday, losing a mere billion dollars compared to last year’s $1.76 billion, helped by $9 million in unspecified cost cuts. The blow was softened by a 6% increase in revenue, though not much of that was attributable to gambling win, up 2%. Dining and drinking (+9%) and hotel rooms (+5%) were stronger drivers of financial performance. If there’s one thing Caesars has been successful at, it’s been in rebranding the “Four Corners” of the Las Vegas Strip as a dining/shopping/sightseeing destination, as the quarterly figures imply.

Caesars also credited “continuing strength in the company’s interactive business, new Continued >>

New problem for Straub; Broad casino push in Florida

By David McKee ~ March 3rd, 2015 @ 12:51 pm No Comments »

Whenever you think the Revel saga is done, a new complexity arises. Glenn Straub‘s $82 million purchase is set to be ruled upon in bankruptcy court tomorrow. But, slipping over the revel-resort-in-atlantic-citytransom at the last minute come Leo Pustilnikov and fellow developer Isek Shomof, brandishing $80 million. While Straub has placed $82 million in escrow, Pustilnikov and Shomof are making “an offer of funds.” Ooooooh, an offer of funds! How exciting. The duo argues that their seemingly lowball offer outdoes Straub’s because $10 million of his $82 million in cash comes from a forfeited deposit on his (since superseded) $95 million bid. They must be mighty enamored of Revel, since they’re making a purchase offer without ever having seen the place.

Shomof, “a prominent redeveloper of older buildings in Continued >>

Macao in freefall; A RAWA deal

By David McKee ~ March 3rd, 2015 @ 11:27 am No Comments »

Sheldon Adelson can call Macao‘s doldrums “cyclical” until he’s blue in the face but there’s no mistaking that the gambling enclave is having serious problems. Actually, that’s a bit of an Venetian Macaounderstatement when February revenue falls 49%. VIP play is especially hard to find, down 60% in sheer volume and 56.5% in revenue. Las Vegas Sands took an especially heavy hit, its VIP revenue down 66%. MGM Grand Paradise took a 59% haircut and Wynn Macau was walloped worst of all, its VIP revenue falling 70%. “During a recent visit … to four of the city’s glitziest casinos, VIP rooms were mostly desolate,” reports Reuters.

You can get on a conference call with Wall Street analysts and Continued >>

Further Reading

Naughtiness at Las Vegas Sands; Caesars makes bankruptcy plan official

Caesars’ wheel of pain

New problem for Straub; Broad casino push in Florida

Macao in freefall; A RAWA deal

First big hurdle in Indiana cleared

Caesars quits Ohio; Adelson’s Iran problem

Straub’s new plan for Revel; Elaine Wynn gets rude treatment

Las Vegas’ robust January; Measles in a casino

Midwest casino follies

Could Station go public?; Straub buys Revel again

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