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Nevada: The Stupid State
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Posted At : June 8, 2009 12:35 PM | Posted By : D McKee
Related Categories:
Regulation,Station Casinos,Economy,Donald Trump,The Strip,MGM Mirage,Fontainebleau
Despite having publicly washed his hands of Trump Entertainment Resorts, timeshare pitchman Donald Trump has been quietly plotting an external takeover. But Trump's former company has no intention of quietly yielding to his embrace.
But they really mean it this time. Despite being not up to regulatory snuff "in every category," Las Vegas Gaming is receiving exceptional indulgence from the Nevada Gaming Control Board. Although, through his attorney, new CEO Jon Berkley basically admits to being overwhelmed and out of his element, he received the NGCB's blessing. True, Chairman Dennis Neilander promised "zero future tolerance. I’m at the end of my rope." But Las Vegas Gaming has been able to get pretty far out of compliance without any evident consequence. Neilander needs to show that his threat is not any empty one.
Satisfy them. A consortium of German lenders find themselves badly upside down on that never-very-likely Elvis-themed high-end resort. If you accept soon-to-be-ex-owner FX Real Estate & Entertainment's revised valuation of the property, center-Strip land has has fallen to $12.4 million/acre. Think what that acreage might have fetched when we were at the height of the Strip bubble.
Schreckliche idée, revisited. Prominent gaming attorney Frank Schreck continues to lug water for one of the less-potable ideas of recent years: Allow institutional investors to own as much as 25% of casino companies without deigning to subject themselves to Nevada scrutiny. In the course of shopping this around, Schreck has either revised his proposal or his sales pitch. He's now emphasizing that these companies would be passive investors.
That may be more palatable to both regulators and the public at large, but I'm not sure it will be much of an incentive to mutual funds, etc. Judging by the tugs of war we're seeing at Fontainebleau, CityCenter and Station Casinos, Wall Street isn't in the mood to fork over even more money to casino developers in return for being at management's mercy.
As for F'bleau, its owners have pressing problems to worry about on the home (i.e., Miami Beach) front.
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Doesn't look like bondholders want the headline to read 'Trump: Back in the Coop'.
Trump gives foxes a good rep.