Justice Gary Stein, conservator of the Atlantic City Tropicana, has set Feb. 18 as the kickoff date for the formal bidding process. Although only two cash offers are on the table so far, Stein — with assistance of Bear Stearns — is preparing to walk two-dozen or more companies through the process, with the goal of having a deal in place by May 1.
This is almost certainly going to require a deadline extension from the New Jersey Casino Control Commission, which had provided a 120-day window for selling the casino, while it looks as though Stein will require anywhere from two weeks to months longer. Meanwhile, Trop President Mark Giannantonio, a Columbia Sussex holdover, says, "We're not looking to be mediocre in our service levels. We're looking to stand out." Of course, the Trop has been standing out of late, but not in a good way.
At least Atlantic City denizens are still passionate about their cats and birds, two groups doomed to forever be at odds … sort of like regulators and Columbia Sussex.
Speaking of which … a Liz Benston analysis piece explains why the Nevada Gaming Control Board has relatively few options if Columbia Sussex is found to be running the same kind of renegade casinos in Nevada that the NJCCC deemed it to be operating in Atlantic City.
The rubbery Scylla and Charybdis between which Columbia Sussex may find itself are the "foreign gaming" rule, a lightly enforced provision which calls upon the NGCB to look into regulatory infractions incurred by in jurisdictions other than Nevada.
Then there are the penalties that can be invoked if you "reflect discredit" upon Nevada. Based on video and audio evidence gathered by the Culinary Union, some of which I've seen, Columbia Sussex might have a real problem here.
In a separate piece (second item), Benston reveals that Columbia Sussex's bean counters at Lake Tahoe's Horizon Casino Resort (the one from which the landlord is trying to evict Columbia Sussex) had been writing out incorrect paychecks, ignorant of Nevada's overtime rules. Benston notes that the problem is widespread. However, Columbia Sussex has been renting the Horizon for almost 19 years. You'd think somebody would have twigged to this sooner.
This just in … the Monte Carlo will reopen on Feb. 15. At least 1,200 rooms and most amenities will be back on line, with the remaining retail and restaurants — plus 1,300 more rooms — expected to be ready for business a week later. The other 500 rooms will be experiencing what is diplomatically described as "an extensive redesign."
