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They burned the Monte Carlo ... and may get away with it
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Posted At : June 19, 2009 02:48 PM | Posted By : D McKee
Related Categories:
Wall Street,Labor,MGM Mirage,Pennsylvania,Entertainment,Fontainebleau,The Strip,Slot routes,Atlantic City
Fontainbleau's grisly zillion-grievance bankruptcy has been sent to mediation. (I don't envy the mediator.) In the process, F'bleau has obliquely confirmed lenders' accusations of cost overruns. F'bleau has a union-affiliated financier lined up to provide funding above and beyond the final $656 million that the $2.9 billion (and climbing) resort's bankers have withheld.
One possible instance of profligacy involves F'bleau's on-hold condo component. Then-CEO Glenn Schaeffer had a handsome preview center erected along the Strip and staffed it up. But ... no matter how much you might want an F'bleau condo they wouldn't sell you one. No, they'd just take your contact information and get back to you -- sometime. With such half-assed decisionmaking, no wonder F'bleau alienated its backers.
And now the lawsuits pile up and contractor Turnberry West is being accused of featherbedding. This project really needs a third-party rescurer, but who would want it?
Burton is back? That's what Mike Weatherford is reporting. Lance Burton, it is hinted, will be returning to his Monte Carlo gig on July 1. Why all the delay and mystery? If I had to guess (and I do), my hunch would be that MGM Mirage is angling for a bigger slice of the gate receipts.
Atlantic City Death Watch: This is particularly worrisome -- Pennsylvania Gov. Ed Rendell is opening the door to full Class III status for the Keystone State's slot parlors. Sensibly, Rendell advocates waiting and seeing until all of Pennsylvania's planned slot houses are up and running before upping the ante.
However, he's also giving legislators his tacit blessing to force the issue. His advocacy of expanded video poker in Pennsylvania isn't going to do besieged Atlantic City any favors, either.
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