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Posted At : August 25, 2008 09:26 AM | Posted By : D McKee
Related Categories:
Regulation,Indiana,Harrah's,Kansas,Columbia Sussex
In the strongest sign to date that company owner William J. Yung III has been banished to the doghouse, Tropicana Entertainment formally reneged on its sale of Casino Aztar to Reno-based Eldorado Resorts. The latter could walk away with as much as $7.1 million for its troubles, but appears determined to enforce the sale. Tropicana, meanwhile, already has its bankers out beating the bushes for prospective buyers.
“We are committed to obtaining maximum value for our assets and doing what is right for all of our constituents,” declared Trop CEO Scott Butera, sounding for all the world like ornery debtholders have him at knife point. If they're convinced they can get more for the asset than the $220 million that Eldorado offered, they may right. After a full year of mostly horrendous year/year comparisons (as much as -19.5% at one point), Casino Aztar has been the only Indiana casino to post three straight months of year/year growth ... an improvement that occurred not long after Yung's people were shown the door in favor of trustee Robert Dingman. Coincidence? I think not.
Eldorado's best hope probably lies in the Indiana Gaming Commission, which might still say "nyet" to Butera's proposed re-bidding, according to one report. It could also restart its own probe into the way Yung ran Casino Aztar, something that seems even more likely now that Butera is making noises about Tropicana hanging onto the boat (which appears to be the endgame). Butera's considerable skills of persuasion will get a good workout as he tries to steer Casino Aztar past that shoal.
Vote of (limited) confidence. In this morning's news roundup from JP Morgan, analyst Joseph Greff notes a hiccup from the Kansas Lottery Gaming Facility Review Board that connotes fears about belt-tightening at Harrah's Entertainment. The company "was informed by the attorney for the board that it would be in default of its contract if it did not build the $560 million contract in full, including a development of a retail shopping area with hotels/residences."
Hmmmm ... Harrah's and the State of Kansas have just gotten hitched and we're already hearing the rustle of divorce papers. As the saying goes, even a majority of one vote is a mandate of sorts, but this goes a long way toward explaining why Harrah's wasn't a prohibitive favorite, winning its bid by a margin of 4-3.
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