David Mckee's Stiffs & Georges: Penn finally makes a move

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Penn finally makes a move

Posted At : July 14, 2009 10:31 AM | Posted By : D McKee
Related Categories: Riviera,Penn National,Tourism,Internet gambling,Donald Trump,Macau,Regulation

Well, let's not get all excited yet. Penn National has bought a puny stake in Morris Goldstein & Assoc., a slot distributor. It's a bit of kabuki theatre whereby Penn and executives CEO Peter Carlino, President Tim Wilmott, CFO Bill Clifford and veep Robert Ippolito can go through the licensing process now, just in case they feel like acquiring something significant down the road.

Mind you, Donald Trump did the same thing several years ago, by dint of a buying a stake in Rivieria Holdings. Nothing ever came of it.

Clouds over Macao. Hey, dictatorial Chinese Communist overlords in Peking, feel free to loosen up those visa restrictions to Macao anytime now. Visitation was down 42.5% in May. Hotel occupancy was also off 18%. One small bright spot was that Taiwanese visitation continues to ramp up, however modestly (i.e., 3%).

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"Mind you, Donald Trump did the same thing several years ago, by dint of a buying a stake in Rivieria Holdings. Nothing ever came of it."
I suppose nothing came of it because he didn't make any money on the deal. He probably said, "I only lent my name to the depressed shares, so they don't have any claim on me as a supposed owner".

# Posted By Kerr Mudgeon | 7/15/09 1:27 AM

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