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Category Archives: Carl Icahn
Icahn to rescue Taj?
Always unpredictable, Carl Icahn has thrown Trump Entertainment Resorts a lifeline. He’s talking about making a $100 million purchase of the failing property, rolling his $286 million marker into equity … but he’s demanding what are described as “sizeable concessions” from … Continue reading
Posted in Atlantic City, Carl Icahn, Colorado, Election, Harrah's, Isle of Capri, Louisiana, Maryland, Massachusetts, MGM Mirage, Mississippi, Pinnacle Entertainment, Tropicana Entertainment, Trump Entertainment Resorts
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Atlantic City: The good, the bad and the very ugly
Taking a glass-half-full view of Atlantic City, CEO of MGM Resorts International Jim Murren wanted back in. Why not, when it means having half of by far the dominant joint in town, Borgata? Now that MGM has been vetted and … Continue reading
Posted in Atlantic City, Boyd Gaming, Carl Icahn, Donald Trump, Glenn Straub, Harrah's, Internet gambling, Japan, Massachusetts, Mohegan Sun, Revel, Trump Entertainment Resorts
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Oh no, not him again!
Donald Trump is posturing as the potential rescuer of Trump Plaza and Trump Taj Mahal, provided he can get them dirt cheap. (Principal creditor Carl Icahn will have a thing or two to say about that.) In true Trump fashion, he … Continue reading
When a loss is a gain
Come this time next month, we could easily be reporting year/year gains in Atlantic City. Last month, as Revel and Showboat were winding down operations, the Boardwalk was only 1% off last year’s pace. Internet gambling played a role in … Continue reading
Atlantic City: MGM returns, Revel sold
There was a happy ending for MGM Resorts International in its long soap opera with New Jersey gaming regulation. The New Jersey Casino Control Commission voted unanimously to relicense the company, reuniting it with Borgata — and with 86 million … Continue reading
Oh no, not again!
Trump Taj Mahal is heading back to a familiar bookmark: Chapter 11 bankruptcy. The casino is in violation of certain loan covenants and talks with creditors have proven unfruitful. The one creditor who really matters is Carl Icahn and he’s … Continue reading
The return of the Strip; Panic over Macao
Las Vegas‘ recovery from the Great Recession is all but official. To be truthful, a number of us — myself in particular — thought we were being played for suckers when Sam Nazarian closed the Sahara and promised to be … Continue reading
Enormous changes at the last minute
After years of hand-wringing about the future of Atlantic City, there is a sudden imperative to do something about the seaside resort. It’s gone from a leadership vacuum to possibly having too many chefs in the kitchen. State Senate President … Continue reading
Posted in Atlantic City, Carl Icahn, Churchill Downs, Economy, Hard Rock International, Harrah's, Mississippi, Penn National, Revel, Tilman Fertitta, Trump Entertainment Resorts
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Take my casino, please; Nail-biter in Iowa
Rather than accept three potential casino closings as a fait accompli, Unite-Here is out beating the bushes for potential buyers. Given, the casinos aren’t Unite-Here’s to sell but there’s no law that says the union can’t play matchmaker. “We want the world … Continue reading
Camptown Races; Concord in Boston
What if they gave a casino and nobody came? That’s what happened to Kansas, which drew nary a bidder on its fourth and final casino license, deemed by many to be too close to Oklahoma (rife with casinos) to be … Continue reading
Good news from Atlantic City; F-blew: This is the end
OK, so the Boardwalk was down 2% last month but, on a same-store basis (i.e., minus Atlantic Club), business was up 3%, given a shove over the top by $11 million in online-casino revenue, which is looking like a difference maker, … Continue reading
Tropicana Bethlehem?; One acre and a casino
Las Vegas Sands‘ waving of the white flag over its Sands Bethlehem casino may have finally yielded a buyer. Having stated publicly, however, that $1 billion was the asking price may have limited Sands flexibility to negotiate (not to mention … Continue reading
Rebottling a genie
One would hate to think how many businesses in Clark County get by on the revenue from slot routes, rather than from their primary purpose. But county commissioners didn’t think to define “incidental” — an understandable oversight — when making … Continue reading
Making the grade
Congratulations to the following casino industry figures for making it onto the Forbes 400 … #11: Las Vegas Sands CEO Sheldon Adelson. He’s richer than you are. #18: Fontainebleau owner Carl Icahn #27: Scientific Games lead owner Ron Perelman #36: … Continue reading
Posted in Carl Icahn, Donald Trump, Fontainebleau, MGM Mirage, Phil Ruffin, Scientific Games, Sheldon Adelson, Station Casinos, Steve Wynn, Tilman Fertitta, Wall Street
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Adelson’s new BFF; Icahn’s pricey purchase; Fertitta out of A.C.?
Politics making strange bedfellows and all that, S&G woke up to find Sheldon Adelson enjoying connubial bliss with President Barack Obama. Both are pushing for military intervention in Syria, swimming against the tide of American public opinion. And to think … Continue reading
Posted in Atlantic City, Carl Icahn, Current, International, Internet gambling, Missouri, Pinnacle Entertainment, Politics, Sheldon Adelson, Singapore, Tilman Fertitta
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St. Louis: Pinnacle out, Icahn in; Cosmo’s death wish
After fielding several offers, Pinnacle Entertainment has liquidated Lumiere Place Casino and its affiliated Four Seasons hotel to … Carl Icahn. Uncle Carl spent $260 million to close the deal. Considering that the book value of Lumiere Place is $401.5 … Continue reading
Buyer for Trump Plaza found?
That was my first thought upon seeing that online casino 2UP Gaming, based in London and backed by Asian money men, wants into the Boardwalk. Bravo to that and to the $330 million 2UP says it would invest. It shouldn’t … Continue reading
Tilman Fertitta, stiff; PokerStars’ desperation; Parrotheads in Shreveport;
I can visit the Fremont Street Experience anytime I want, for free. So can guests at any Downtown hotel … except the Golden Nugget. In a vile new variation on the “resort fee” phenomenon, owner Tilman Fertitta is now tacking … Continue reading
PokerStars blows it; Wynn woos Philadelphia
Score one for Colony Capital: It took Rational Group to the cleaners to the tune of $11 million and there’s nothing Rational can do about it. A New Jersey court ruled that the PokerStars parent company had no one to … Continue reading
PokerStars: Sell … or else!
What do you do if you’ve got a purchase agreement with Colony Capital and the latter allegedly reneges on you? If you’re Rational Group, which thought it had a $15 million deal in place to purchase the Atlantic Club Hotel, … Continue reading