Category Archives: Atlantic City

Pinnacle: "We're the boss here!"

Posted on September 26, 2008 by David McKee

“Pinnacle tells store owner to lower his price” reads the headline in the Press of Atlantic City, and it’s no exaggeration. Although the owner of the Atlantic City News Agency (a bookstore) has dropped the asking price for his property … Continue reading →

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$150 million

Posted on September 25, 2008 by David McKee

That’s at least how much money was left on the table by Tropicana Atlantic City‘s state-appointed conservator, Justice Gary Stein, when he chucked out all the first-round bids last spring. One of the lower known offers at that time was … Continue reading →

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Kansas, Round 2: It's Cordish!

Posted on September 19, 2008 by David McKee

OK, I was wrong. Incredibly wrong. As you’ll hear on the next Vegas Gang podcast, I stuck by my prediction that Kansas‘ largest casino contract, the one for the greater Kansas City area, would go to Mohegan Sun. Why? Biggest … Continue reading →

Posted in Atlantic City, Columbia Sussex, Current, Golden Gaming, Kansas, Mississippi, Penn National, Pinnacle Entertainment, Sheldon Adelson, Tribal, Tropicana Entertainment | Comments Off on Kansas, Round 2: It's Cordish!

More Trop tomfoolery

Posted on September 16, 2008 by David McKee

Justice Gary Stein's trusteeship of the Atlantic City Tropicana continues its slide toward disaster. The UAW has filed a charge with the National Labor Relations Board, accusing Stein of a lack of good-faith bargaining. Stein has said in the past … Continue reading →

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Penn impresses analysts

Posted on September 12, 2008 by David McKee

Penn National threw open its doors to Wall Street and JP Morgan, for one, came away impressed by what it heard. Basically, management is charting a fiscally conservative course, even though it could eventually reap $1.2 billion from its busted … Continue reading →

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Quote of the Day

Posted on August 19, 2008 by David McKee

“The foundation of every successful company is its employees. We certainly recognize the value and hard work that each employee at the Tropicana has provided throughout the years and continues to provide every day. I look forward to getting to … Continue reading →

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Trop sale stumbles forward … sorta

Posted on August 18, 2008 by David McKee

If Justice Gary Stein, the state-appointed trustee for the Atlantic City Tropicana Casino & Resort, isn’t the most inept public servant in America, it’s not for lack of effort. Add nepotism to his string of failings, as his ever-less-credible pronouncements … Continue reading →

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Trop turnaround?

Posted on August 12, 2008 by David McKee

While the New Jersey Casino Control Commission continues to bobble the sale of the Atlantic City Tropicana, at least its stewardship has arrested and perhaps finally the property's decline. While a 5.5% decline in business is nothing to crow over, … Continue reading →

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Don't tax me, bro!

Posted on August 6, 2008 by David McKee

Guess who's kvetching about his property tax bill? Why it's our old buddy, Columbia Sussex CEO William J. Yung III — or at least his surrogates at Horizon Vicksburg. It's been the better part of a year since Yung announced … Continue reading →

Posted in Atlantic City, Columbia Sussex, Kansas, Mississippi, Morgans Hotel Group, Pennsylvania, Pinnacle Entertainment, Sheldon Adelson, Taxes, Tribal | Comments Off on Don't tax me, bro!

Harrah's: Just as predicted

Posted on July 2, 2008 by David McKee

… it's servicing its debt by issuing more debt. This isn't necessarily a bad thing, as it will save the company $100 million. "What is more curious, if not troubling, is the reference to retiring debt taking advantage of current … Continue reading →

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Court smacks down ColSux; Pinball and Dragons

Posted on July 1, 2008 by David McKee

This just in: The legal appeal by Columbia Sussex of its New Jersey license denial has been ashcanned by an appellate court. In a 44-page ruling, the court sided with the New Jersey Casino Control Commission, writing — in part … Continue reading →

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Tripped up by Trop

Posted on July 1, 2008 by David McKee

State-appointed conservator Justice Gary Stein continues to trip over his shoelaces in his efforts to sell the Atlantic City Tropicana. Amazingly, the New Jersey Casino Control Commission still backs him, even though Stein has given commission members precious little reason … Continue reading →

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"Raking" it in at Trump

Posted on June 27, 2008 by David McKee

Once I'd read that Trump Plaza had gone to automated no-dealer poker, my first thought was, "What becomes of the 'rake'?" Not to worry: The machines have taken care of it. Or, as Casino Manager Anthony Spagno was kind enough … Continue reading →

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Quagmire at the Trop

Posted on June 23, 2008 by David McKee

So the feckless — and costly — Tropicana conservatorship of Justice Gary Stein is to drag on still further. Let’s see: Bids that were supposedly “unreasonably lower” but which Stein refuses to share with the public. A wholesale chucking-out of … Continue reading →

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Good news for the Boardwalk

Posted on June 11, 2008 by David McKee

May 2008 was only the fourth-best May in Atlantic City’s 30-year history of casino gambling, but it was good enough to qualify as cause for celebration. The New Jersey Casino Control Commission has the full breakout, from which a few … Continue reading →

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"Casino Bonds Crush Harrah's"

Posted on June 3, 2008 by David McKee

That’s Bloomberg, bearing the dire news that casino junk-bond debt is “generating the worst return for investors as companies from … Harrah’s Entertainment Inc. to Herbst Gaming Inc. risk bankruptcy under the weight of their debt.” With a return of … Continue reading →

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This just in …

Posted on May 30, 2008 by David McKee

So Tropicana Atlantic City trustee Justice Gary Stein wants to toss the existing bids for the property … possibly because better ones are being dangled before him. As a consequence, he wants to restart the clock, which would push the … Continue reading →

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Bargains? Shhhhhhhhhhhh!

Posted on May 28, 2008 by David McKee

Liz Benston takes a look today at the newest message from the Las Vegas Convention & Visitors Authority and finds the LVCVA “thinks it’s bad form to make references to ‘affordable’ and ‘cheap.’” Oh yes, God forbid anybody should think … Continue reading →

Posted in Atlantic City, California, Downtown, Harrah's, LVCVA, Marketing, MGM Mirage, Sheldon Adelson, Station Casinos, The Strip | Comments Off on Bargains? Shhhhhhhhhhhh!

Harrah's: Digging to China

Posted on May 23, 2008 by David McKee

Given the recent freeze-out on new casino operators in Macao, executives at Harrah’s Entertainment might as well be sporting T-shirts that read, “I spent $577.7 million in Macao and all I got was this lousy golf course.” And, in light … Continue reading →

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R-J to Vegas: "We're Podunk"

Posted on May 23, 2008 by David McKee

Warning: The following blog post contains ridicule of the Las Vegas Review-Journal and a Republican senator with good hair. No actual copies of the R-J were harmed in the writing of this post. ***** There I was, thinking that I … Continue reading →

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