Having been handed a virtual monopoly on the Mesquite casino market by Nevada regulators, blowhard Randy Black proceeded to run it and his company into the ground. So he entered prepackaged bankruptcy this week and proclaimed victory. And why not? He gets to remain CEO and his primary sidekicks are allowed to keep their jobs, too. “I’m not selling and I am not going anywhere,” he gloats. This does not inspire confidence in Reorganized Black Gaming (yes, that’s what it’s called).
But he has to surrender 90% of the company, with secured creditors getting both cash and equity in the deal. Subordinated debtors have to choose between either the dough or the stock. Either way, they’re getting pennies on the dollar — taking a 72% haircut. Also, the deal broker turns out to be a certain Michael Gaughan. So while Randy Black gets to keep his office, his title and (presumably) his face on TV, it sounds for all the world as though the fate of the Mesquite market is now in the hands of the man behind South Point. If so, that’s a very good thing.
Thank you, dear readers, for the positive holiday wishes you sent to Fasolt, my gargantuan kitty and steadfast pal of nearly 15 years standing. Today, as the gloaming stretched over Las Vegas, I composed S&G Twitter bulletins with Fasolt in my lap and his step-brother, Mr. Bit, sleeping between the keyboard and the computer screen. Life doesn’t get much better than that.
