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Posted At : June 10, 2009 12:06 PM | Posted By : D McKee
Related Categories:
Cannery Casino Resorts,James Packer,Current,The Strip,Fontainebleau
James Packer sure knows how to pick 'em, doesn't he? He's just written off $250 million invested in (read: "wasted on") Fontainebleau. His Crown Ltd. also took the opportunity to kick F'bleau while it's down, stating it felt "no obligation and has no current intention to contribute any further equity or debt to Fontainebleau or participate in any restructuring under any bankruptcy arrangements." In other words, please excuse me whilst I push you under the nearest bus.
James Packer picked a peck of putrid portfolios.
Packer is on the Mendoza Line, now batting 1-for-5 in U.S. casino investments, with only a minority interest in Cannery Casino Resorts providing any ongoing yield. In baseball, a .200 average gets you a ticket to the minor leagues. S&G humbly suggests that, the next time Packer gets the urge to invest in American gaming companies, he ought to have a lie-down until the fit passes. Failing that, he might simply proceed to the water closet and "invest" his money straight down the crapper. The ROI should be about the same.
As for F'bleau, the significant storyline emerging from its bankruptcy appears to be the revelation that ex-CEO Glenn Schaeffer and associates spent $2.1 billion, performed years of construction ... and were only 70% finished when lenders pulled the plug. Which is significant because F'bleau execs maintained, right up to the bitter end, that they'd open in October -- giving them less than six months to do 30% of the work. I'm starting to have a glimmer of sympathy for the banks' point of view.
Welcome to Albania: Otherwise known as Post-Gibbons Nevada. And good riddance to the 2009 Lege for aiding in this debacle.
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- Why? Never heard of "due diligence"?
"Welcome to Albania: Otherwise known as Post-Gibbons Nevada. And good riddance to the 2009 Lege for aiding in this debacle."
- Welcome to Uzbekistan: Otherwise known as Post-Schwarzenegger California. And good riddance to the 2000-2009 Lege & voters for aiding in this debacle. You think you got problems? Try a $24billion deficit, and a gNOp legislature minority that wants a State government the size of the US's in 1781... except for their salaries & perks.