Caesars wins some, loses some; Dotty’s drives Station batty

By David McKee ~ March 5th, 2015 @ 12:59 pm No Comments »

“I don’t have any authority to disband a committee that the U.S. trustee has appointed,” said Judge A. Benjamin Goldgar, handing a victory to the second-tier debtors in the caesarscasino_1Caesars Entertainment bankruptcy. Caesars had sought to have the creditors’ watchdog committee dissolved into one representing unsecured creditors. As the Wall Street Journal summarized, the committee has “challenged the legality of several prebankruptcy transactions [Caesars Entertainment Operating Co.] made with its parent company.”

At issue are transactions which transferred $6 billion in assets to other Caesars branches. Paradoxically, the second-tier lenders want to probe the matter on their own while Caesars has called for an independent examiner. So has a group of bondholders and unsecured creditors represented by Wilmington Trust. The second-tier bondholders allege that Continued >>

Straub spurned again; Union vs. Icahn, Round Two

By David McKee ~ March 5th, 2015 @ 11:48 am No Comments »

Revel has been snatched from Glenn Straub‘s grasp, at least for another week, even though Revel AC has switched its position from contentious opposition to Straub to support. Or, as Revel_1340Revel attorney John Cunningham said, they have “82 million reasons” to close the deal. However, Los Angeles-based DTLA Development Group is singing a siren song to Judge Gloria M. Burns. DTLA’s position is that Revel can keep Straub’s $10 million deposit, thereby making their $80 million “offer of funds” the superior bid. Fired back Straub attorney Stuart Moskowitz, “You have no bond, no guarantee, nothing submitted to the court. It’s illusory.” Despite not having been given access to Revel, rival bidder Izek Shomof proclaimed, “We love it, that’s why we’re very interested.”

Straub was not impressed, saying, “This guy from Los Angeles doesn’t know a thing, and I don’t believe he’s a real bidder. He was not there when Continued >>

IRS money grab; Nastiness at Wynn

By David McKee ~ March 5th, 2015 @ 10:25 am No Comments »

Gaming is a “soft target” for politicians and the Obama administration is looking into a backdoor method of engorging more gaming taxes. It is “considering” (but not yet imposing) Slot reelslower thresholds for the “IRS lockdown” on winnings at keno, bingo and slots. In the case of slots, the proposal is fiendishly clever: If you hit a $1,200 jackpot or higher, you would no longer be taxed on that win alone but on any other winnings from the same, 24-hour period. (Ah, the downside of the player’s card!) The official mumbo-jumbo is here.

The taxmen are also considering halving the Continued >>

Fear and loathing in Washington; New goodies at Borgata

By David McKee ~ March 4th, 2015 @ 1:58 pm 1 Comment »

Sheldon Adelson sock puppet Rep. Jason Chaffetz (R) would be holding his much-ballyhooed hearing on Internet gambling today, had Mother Nature not intervened and forced a postponement. When it Chaffetzhappens, it’ll be pretty much the kangaroo court you’d expect. His star witness is rabid and troglodytic University of Illinois boffin John Kindt, who has advocated for the federal seizure of all tribal casinos on the grounds of “allegations of misuse, non-accounting, and even malfeasance involving gambling revenues in Native American operations.” Blithely ignoring tribal sovereignty, he would convert them to “educational, cultural, and business facilities.”

But Kindt doesn’t just reserve his wrath for aboriginals. Known for his dodgy research claims, Kindt idolizes the anti-gambling policies of Vladimir Putin and advocates the criminalization of gaming. Compared to the despot-slurping Kindt, the other witnesses are practically Continued >>

Further Reading

Caesars wins some, loses some; Dotty’s drives Station batty

Straub spurned again; Union vs. Icahn, Round Two

IRS money grab; Nastiness at Wynn

Fear and loathing in Washington; New goodies at Borgata

Fly the friendly slots; New tax takes aim at slot routes

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

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