By reaching an accord with Revel tenants, East Coast developers Howard Milstein and Carl Goldberg may have aced Glenn Straub for the dubious trophy that is Revel. They’re bidding $88 million for the property, potentially leaving Straub to fall back on sophistry that his $82 million bid is bigger than it looks because of a nonrefundable deposit. Milstein Group says it is “prepared” to put the whole 88 mil into escrow, seeing Straub’s offer and raising him. “The Milstein Group has reached an interim agreement with the Amenity Tenants under which they will not seek a sale free and clear of the Amenity Tenants’ leaseholds at this time,” they added.
Speaking of offers, Continued >>
Texas lacks the will to legalize casino gambling, yet it shrugs off a black-market version of it that is estimated to generate $1.9 billion a year. Under Texas law, you can own slot machines so long as their “payout” is in non-cash items. Yet a burgeoning — and increasingly brazen — number of operators are doing cash-and-carry business right out in the open. A “fuzzy animals” law, written to protect Chuck E. Cheese from prosecution, opened the door to “eight-liner” terminals that can be played for cash. And this is drawing the attention of the Department of Homeland Security, not least for its money-laundering potential.
It’s not a glamorous business. Renegade casinos “have turned up in spaces that from the outside appeared to be karate schools, car dealerships, lawn mower repair shops and, in the South Texas town of Alton last year, Continued >>
There’s one casino license left in Pennsylvania but favorite son Penn National Gaming won’t be the one developing it. “We are disappointed to be withdrawing from this project. However, given the continued softness in the economy and the level of market saturation — not just in Western Pennsylvania, but across the Commonwealth — we are regrettably unable to justify this investment at the statutorily required spending levels,” said Penn Chief Development Officer B.J. Fair, managing to throw shade on state policy in justifying the withdrawal from the Lawrence Downs Casino & Racing Resort project. The rest of the investment contains some familiar names, like Philadelphia Flyers owner Ed Snider and the estate of Lewis Katz, both of whom were deeply involved with Continued >>