In a positive omen for Tuesday’s casino vote in New York, shares of Castkills-based Empire Resorts (NYNY) leapt 29%, closing at $5.30/share. The company hopes to bring casino gambling to the Concord Hotel, although jostling for the probable two Catskills resorts is expected to be fierce. Even rival developer Louis Cappelli is hedging his bet, holding onto a million shares of Empire, which is majority owned by Kien Huat Realty III Limited, a Malaysian company … better known to some as Genting Group.
Steve Wynn won a round with Kazuo Okada when a count of extortion in the latter’s lawsuit against Wynn Resorts was tossed on a technicality. That still leaves 19 counts in Okada’s litigation and Okada himself continues to be under an FBI microscope. This case promises to keep us entertained for some time to come.
James Packer has a skein of new casino investments in train, in Macao, Sri Lanka, the Philippines and Australia. He reports that Melco Crown Entertainment‘s $600 million investment in Macao is now worth $6.2 billion. Having covered so many of Packer’s failures in the American market, it’s only fair to acknowledge his success elsewhere.
Florida-based TJM Properties will unload the Claridge Hotel in Atlantic City from Caesars Entertainment and is promising to redo the rooms, restaurant and check-in area. The purchase price remains undisclosed and, strangely, TJM didn’t want (or couldn’t get) the casino. That’s good for Caesars, which needs the revenue, but it makes you wonder how TJM plans to make ends meet.
Update: Caesars’ official position is that TJM will “remove the gaming.”
Having done about as much damage to the Reno market as possible, tribal casinos in the greater Sacramento area are now going to turn on one another. $800 million, soon-to-open Graton Resort & Casino has blockbuster Thunder Valley Resort Casino squarely in its cross-hairs. Forty minutes’ drive from San Francisco, Graton Resort also could siphon Bay Area play. Ironically, Graton is being managed by Station Casinos, which developed Thunder Valley.
Illinois casinos continue to die the death of a thousand cuts. Village trustees in Cary have reversed their 2010 stance and approved slot routes. The routes “can be located in bars and restaurants with liquor licenses, fraternal and veterans organizations and truck stops. An establishment can have up to five terminals,” quoth the Northwest Herald, and you only have to pay City Hall $25 a year. Not a bad deal.
Kien Huat Realty III Limited, a Malaysian company. (aka Genting; right?)
“TJM Properties operates 10 hotels in the Tampa Bay area, including three under the Quality Inn, Baymont Inn and Howard Johnson flags.” Just what AC needs! This should be real interesting!
Thanks, Guru. Interesting to see Genting protecting its Aqueduct flank by investing in the Catskills, hmmm?
They made that investment before Aqueduct, I am pretty sure. At one point Empire had some pretty ambitious casino goals in the Catskills. I dont think anyone really knows they own both! Anyway, I think NY politicians have their head in the clouds on all the potential windfall from gaming expansion in the state. Why would I go to the Catskills when Aqueduct, Empire City, AC, Sands etc are closer or essentially equidistant. It all makes zero sense to me that this is going to be some type of savior for the Catskill region. But then again, I have been wrong on many occasions.