Phua case goes “poof!”; Texas casinos a mission impossible

By David McKee ~ April 20th, 2015 @ 12:15 pm No Comments »

A federal case against an unlicensed, do-it-y0urself sports book collapsed like a pup tent when a federal judge tossed out both the premise of an FBI search and, by extension, the Caesars Palaceevidence gathered therefrom. In a warrantless search, G-men cut the Internet access to Paul Phua‘s high-roller villa at Caesars Palace, then took a peek at the premises under the pretense (and guise) of being repairmen. Simply put, “The government violated the defendant’s Fourth Amendment rights,” said U.S. District Judge Andrew Gordon. While the case against Phua is still alive, it’s on life support.

As Judge Gordon wrote, “Permitting the government to create the need for the occupant to invite a third party into his or her home would effectively allow the government to conduct warrantless searches of the vast majority of residences and hotel rooms in America.” The best the government could do by way of pushback was for the prosecution’s Kimberly Frayn to argue, “There is not a constitutional right to Continued >>

Caesars’ ordeal drags on; Adelson wants more

By David McKee ~ April 20th, 2015 @ 10:17 am No Comments »

Our long national nightmare — otherwise known as the Caesars Entertainment bankruptcy — will be with us a lot longer: six months, to be precise. Caesars has requested,
gary_loveman-copy_compand is expected to get, an extension until Nov. 15 to file its own reorganization plan without fear of it being superseded by rival parties. This is a relatively routine move and Judge Benjamin Goldgar is expected to grant Caesars’ request. “These Chapter 11 cases are also among the largest and most complex ever filed,” stated Caesars, in something of an understatement. The company also says it wants to wait for the outcome of an investigation into the company’s ledger-demain, whereby assets were shuffled between some of Caesars’ 173 subsidiaries.

The stock market reacted adversely to the news. TheStreetRatings went so far as to put a “sell” recommendation (very rare) on Caesars stock, citing “weak operating cash flow and generally disappointing historical performance in the stock itself … Despite any rallies, the net result is that it is down by 32.58%.”

On another front, Continued >>

Tightening the screws on Macao; While we were in recess

By David McKee ~ April 15th, 2015 @ 12:28 pm 2 Comments »

In what may come as bad news to casino operators, the Macao government is placing a quota on the number of mainland visitors the gaming enclave will allow per year: 21 million. On the HotelLisboaother hand, the government is pivoting towards a greater appeal to international visitors, giving with one hand what it takes away with the other. Having proposed this tourism cap, the Macanese government must send it to Peking for approval. Macao’s government is aiming for a 2:1 ratio of domestic to overseas visitors. Rationalized Secretary for Social Affairs & Culture Alexis Tam, “during the Chinese New Year there were 147,000 visitors per day. This number is well above the city’s capacity according to the [Institute for Tourism Studies] study and if this trend continues the quality of life of residents will be affected.”

The local government also remains set on Continued >>

Trump blocks progress in Atlantic City; Legal trouble for Penn

By David McKee ~ April 15th, 2015 @ 11:14 am No Comments »

Although they enjoyed a same-store increase of 1% last month, Atlantic City casinos pulled in 14% less than last year at this time, grossing $191 million (more than some entire Midwestern Resorts ACstates, it should be noted). Twelve percent less coin-in at the slots drove a 14.5% revenue decrease, while a sharp (22%) diminution in table play produced an 18% declivity. Borgata — grossing $56 million — spectacularly outperformed the slot market, with coin-in up 16% and table revenue off only 3.5%. Luck wasn’t with the house, as table play was incrementally up. Gambling revenue rose 9% for the month. Borgata also enjoyed the lion’s share (32%) of $13 million in Internet-gaming monies. Tropicana Atlantic City (23%) passed both the Golden Nugget (22.5%, but ascending rapidly) and Caesars Interactive (21%) for second place, as cyber-gambling continues to gain acceptance.

Over at Trump Taj Mahal, CEO Bob Griffin continues to Continued >>

Further Reading

Phua case goes “poof!”; Texas casinos a mission impossible

Caesars’ ordeal drags on; Adelson wants more

Tightening the screws on Macao; While we were in recess

Trump blocks progress in Atlantic City; Legal trouble for Penn

Freeman takes aim; Pinnacle commands high price

Revel: Crippled giant; Tough choice in Indiana

Pansy Ho on the campaign trail; Connecticut tribes optimistic

Quote of the Day

No megaresorts in Florida’s future; Big experiment at Sands Bethlehem

Good year for Atlantic City

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