Category Archives: Columbia Sussex

MTR in retreat

Posted on July 7, 2008 by David McKee

If MTR Gaming is still afloat today, it’s almost certainly thanks to the fact that its two remaining casinos — racinos in Chester, W.V., and Erie, Penn., enjoy oligopolistic market conditions where competitors are few and far between. A long … Continue reading →

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Denial in the suites

Posted on July 1, 2008 by David McKee

Gary Loveman must be working on his stand-up act. In today’s Wall Street Journal, he calls the present economic pickle “the toughest environment we’ve faced.” It might not be quite so difficult had Loveman not steered Harrah’s Entertainment (and its … 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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"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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Trop Trojan Horse barred from gates

Posted on June 2, 2008 by David McKee

Much to the dismay of senior debtholders, perhaps, a Delaware bankruptcy judge OK'd $67 million in additional borrowing by Tropicana Entertainment, money the company says it needs for operational expenses. However, the court backhanded an even bigger loan offer from … 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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The curse of Columbia Sussex

Posted on May 30, 2008 by David McKee

Unsecured Tropicana Entertainment creditors are opposing Columbia Sussex's effort to borrow $67 million in operating capital (which would push existing creditors even further toward the back of the queue). The Wilmington, Del., bankruptcy court has yet to rule. Whoops. By … Continue reading →

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The promo from Hell

Posted on May 28, 2008 by David McKee

In a radical departure from hallowed Columbia Sussex tradition, the Las Vegas Tropicana has discovered the concept of the promotional allowance. Presumably Tropicana Entertainment co-prexy Scott Butera gets credit for talking boss William J. Yung III into doing some risky, … Continue reading →

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Cliché of the Year

Posted on May 20, 2008 by David McKee

"It's hard to pinpoint which one it is, but it's like the perfect storm — they all hit you at the same time." — Harrah's Entertainment Eastern Division President J. Carlos Tolosa. Nothing against Mr. Tolosa but this is becoming … Continue reading →

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Quote of the Day

Posted on May 9, 2008 by David McKee

“Tropicana [Entertainment] did not view workers as a valuable commodity and I think they regret it now.” — Culinary Union supremo D. Taylor, on the collapse of Columbia Sussex‘s heavily leveraged casino portfolio.

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Columbia Sussex quickies

Posted on May 7, 2008 by David McKee

Tropicana Entertainment Co-President Scott Butera has really been working the phones — a salutary, welcome change from the truculence and stonewalling reporters came to expect from Columbia Sussex. (Apparently Las Vegas Tropicana execs were among those left in the dark about … Continue reading →

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Earth to NYT, Earth to NYT …

Posted on May 7, 2008 by David McKee

They don't call the New York Times "the gray lady" for nothing. Today, she seems a little more hard of hearing and out of touch than usual. Four of the six "New Titans" pictured in this story haven't been in … Continue reading →

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Tahoe: Scratch one casino

Posted on May 6, 2008 by David McKee

Part of the ongoing fallout from the Tropicana Entertainment bankruptcy is an even more dire forecast for the Lake Tahoe market. How bad is it? Well, even though Columbia Sussex has an option to renew its lease on the Horizon, … Continue reading →

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Quote of the Day; More MGM and Trop news

Posted on May 6, 2008 by David McKee

Cher: “[a] well-preserved diva-saur.” — The New York Post (Props to Jessica Roe for spotting this gem.) MGM Mirage 2.0? Two separate companies, one in hotels and one in gaming? Makes sense, especially with so much non-casino expansion into Dubai … Continue reading →

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Still more updates!

Posted on May 6, 2008 by David McKee

Another day, another default. Tucked snugly at the bottom of Tropicana Entertainment‘s notice of default is another news nugget. Seems that the City of Evansville has informed the Columbia Sussex subsidiary that it’s defaulted on certain terms of its lease … Continue reading →

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More updates (or, Trouble with Trolls)

Posted on May 6, 2008 by David McKee

First, a correction: The Tropicana Casinos & Resorts Web site is here, finally up and running after languishing in a half-finished state for an entire year. I don’t know why Columbia Sussex has left the Tropicana Entertainment domain name sitting … Continue reading →

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Update!

Posted on May 5, 2008 by David McKee

The previous blog entry has been updated to reflect new disclosures regarding the Tropicana Entertainment bankruptcy. (Yes, it's official.) Also, the "Casinos" link has been removed from the Columbia Sussex Web site. The disowning begins … (And is Tropicana Entertainment … Continue reading →

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