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Posted At : May 5, 2009 12:53 PM | Posted By : D McKee
Related Categories:
Tropicana Entertainment,Regulation,Indiana,Alex Yemenidjian,Harrah's,Current,The Strip,Atlantic City
Congratulations -- I think -- to new Harrah's Entertainment General Counsel Timothy R. Donovan. A graduate of The Ohio State University, Mr. Donovan comes to Harrah's by way of the garbage industry. Considering that picking up the trash around Harrah's properties has sunk to a very low order of priority, maybe he can put CEO Gary Loveman in touch with an affordable waste-disposal provider. In any event, bringing a veteran of the garbage-removal business into a trashed company is priceless in its symbolism.
The man who wouldn't leave. In case you hadn't heard, not only is the bankruptcy auction for the long-suffering Tropicana Atlantic City expected to drag into the summer, that won't be the end of Gary Stein's dilly-dallying trusteeship. No, not by a long chalk! After all, the new buyer will have to be vetted by the New Jersey Casino Control Commission, which means that Stein's sinecure will become a two-year gig, extending into December ... at least.
In the meantime, the splitting of Tropicana Entertainment into components that can be termed "Las Vegas" and "Everything Else" continues apace. It's being underwritten by $150 million from Carl Icahn. But there are limits to Icahn's generosity, as his loan comes attached with a 15% interest rate.
Remember how S&G predicted that transfer of management of the Tropicana Las Vegas to former MGM Grand boss Alex Yemenidjian looked like the start of a sale. Sho' nuff! Yemenidjian's backers, Canadian Onex Corp. will control the majority of the board. The LV Trop has been a manifestly low priority for TropEnt CEO Scott Butera, who been's primarily fixated on Atlantic City (and secondarily on Indiana). A shift of directorship to a company whose first and only priority will be Las Vegas is to be welcomed.
What about the Laughlin properties owned by Trop group?
No word on their fate, other than that they'll be part of the Icahn-led portion of the company.
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