Foxwoods returns to Massachusetts … maybe

By David McKee ~ March 6th, 2015 @ 5:09 pm No Comments »

In the slow-simmering competition for a southeastern Massachusetts casino license, Foxwoods Resort Casino has just turned up the heat. It will wed spinster KG Urban, foxwoodswhich brings a waterfront New Bedford site to the nuptials, while Foxwoods will provide the operational expertise. “We couldn’t have found a better choice for an operator — no one knows the Massachusetts and New England regional market better than the Mashantucket,” effused a KG Urban statement. The seemingly good news comes as KG Urban is having a falling out with Mayor Jon Mitchell, who wants the project — slated for an abandoned power plant — redesigned.

“We are in discussions with the developer about whether a casino makes sense at Continued >>

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 1 Comment »

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 >>

Further Reading

Foxwoods returns to Massachusetts … maybe

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

©2007-2015 Stiffs and Georges | powered by WordPress | Theme Design:Fat Cat Designs| Privacy Policy