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Posted At : January 6, 2009 10:18 AM | Posted By : D McKee
Related Categories:
Plaza,Cosmopolitan,Sheldon Adelson,Tropicana Entertainment,Fontainebleau
It wasn't good news when El Ad Properties asked its bankers for a second extension on a $625 million purchase loan for what used to be the New Frontier. Now (by way of TheMarker, Reuters and Howard Stutz) comes a report* El Ad is seeking money from Sheldon Adelson. If you really are rattling your tin cup in Adelson's direction -- he who just diluted his ownership stake in Las Vegas Sands and stopped its leaks with $1 billion of his own capital -- then you are desperate indeed. For the record, El Ad's partner, IDB Development, says talks with Adelson are neither being considered nor on the agenda.
*Update: Reuters has all parties involved denying everything, so this is looking like one of those news reports that's more entertaining than true. At the very least, it provides clarity as to how this rumor got started.
It's not clear what to make of the appointment of Ron Thacker as president of the Las Vegas Tropicana. The reconstituted Tropicana Entertainment is starting to looking like a reunion of the old Cosmopolitan gang, as CEO Scott Butera leapt from that sinking ship, as did TropEnt CFO Robert Kocienski. On the other hand, Thacker made the trip from the Cosmo to the Trop via an interval spent as VP of casino operations for Fontainebleau Resorts "where he was responsible for casino design, development, systems implementation and general casino operations" for a casino that hasn't been finished, let alone opened. So is Thacker going through a rough patch in his career or is his departure an ominous portent for the Vegas Fontainebleau?
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