Elaine Wynn’s credibility problem; Caesars faces tough scrutiny

By David McKee ~ March 26th, 2015 @ 12:46 pm No Comments »

Elaine Wynn is starting to develop a credibility problem, at least if you read the Bloomberg story that characterizes various instances of Ms. Wynn either passing the buck or Elaine Wynnbeing in denial. For instance, she claims not to have known that Steve Wynn wanted to do a joint-venture development on the old New Frontier site with El-Ad Properties. Hell, everybody in the gaming world knew that, Mr. Wynn having broadcast it in an investor call. She also claims ignorance of a $9.5 million stock sale made during a “dark” period leading up to an earnings report. She puts the blame for the stock boner on her foundation. “I did not sell shares to put money in my pocket to go buy boats,” she said defensively. “After the fact they raise the issue this was a dark period.”

Ms. Wynn does have a good point, made previously, when she says that sharing insider information about any Wynn Resorts interest in the New Frontier parcel with nephew Andrew Pascal would have been detrimental to her own financial interest, which is deeply intertwined with that of Wynn Resorts itself. As for controversial perks, Continued >>

Saving souls on Capitol Hill

By David McKee ~ March 26th, 2015 @ 12:06 pm No Comments »

Rep. Jason Chaffetz (R) finally got to hold his dog-and-pony show on the eeeeeeevils of Internet gambling, after a previous date had been snowed out. As expected, the proceedings Chaffetz“broke little new ground” on the issue. Afterward, Chaffetz condescended to say, “We’re doing the hearing for a reason.” One hopes so, since taxpayers are bankrolling this spectacle. He also set off B.S. detectors everywhere when he denied being a minion of Sheldon Adelson, whose money keeps people like Chaffetz in office. Apparently having never heard of geolocation, Luddite and House Judiciary Committee Chairman Bob Goodlatte (R) blathered, “In other words, how would you ensure that online gambling, if legal in one state, wouldn’t bleed over into a neighboring state where it is not legal, particularly since the Internet doesn’t stop at state borders?”

But the Silly Catchphrase Award goes to  Continued >>

Quote of the Day

By David McKee ~ March 26th, 2015 @ 10:48 am No Comments »

“These guys don’t know a Manolo Blahnik from a … flip flop.” — Elaine Wynn, expressing her opinion of the Wynn Resorts board of directors.

Reid’s heavy hand; Staying the course in Macao

By David McKee ~ March 26th, 2015 @ 9:58 am No Comments »

Financing of SLS Las Vegas was made a little easier when Sen. Harry Reid (D) intervened on behalf of some of Sam Nazarian‘s all-important EB-5 visa investors. The inspector general of
Reid book jacketthe Department of Homeland Security has identified four SLS investors who benefited from special treatment when Deputy Secretary Alejandro Mayorkas overturned the rulings against applicants who had been denied. “Their allegations were unequivocal: Mr. Mayorkas gave special access and treatment to certain individuals and parties. They told us he created special processes and revised existing policies in the EB-5 program to accommodate specific parties. According to the employees, but for Mr. Mayorkas’ actions, the career staff would have decided these matters differently,” read the IG’s report, but the applicants were “politically connected.”

It gets better. Rory Reid was on retainer, providing his legal talents to Nazarian’s project. (Reid fils had no comment on the matter.) At the same time, Mayorkas “also took the extraordinary step of requiring staff to Continued >>

Further Reading

Elaine Wynn’s credibility problem; Caesars faces tough scrutiny

Saving souls on Capitol Hill

Quote of the Day

Reid’s heavy hand; Staying the course in Macao

War of words at Wynn; Resorts World a ‘go’

Case Bets: Okada, Massachusetts, Connecticut, Ruffin

Caesars: Total Rewards value is zilch

The wrath of Icahn; Cautious progress in Indiana

Nugget drives Louisiana; Sauce for the goose in Pennsylvania

Whither McCartney?; Distress at Caesars

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