Gary Loveman, not so visionary

Here’s a hypothesis for why the lenders holding the note on Colony Capital‘s underwater (more like submerged in Davey Jones’ Locker), market-lagging Atlantic City Hilton believe they can get as much as $75 million for the old place. If state Sen. Raymond Lesniak‘s bill to permit intrastate Internet betting makes it past the desk of Gov. Chris Christie (R), it’s good news for the Hilton. The measure could repose there until March 4, then be signed, vetoed — or simply allowed to become law without Christie’s signature. Only owners of Atlantic City casinos can have Garden State online gambling, so the A.C. Hilton — or rather, its license — could become considerably more valuable.

The ant at the picnic is, perversely, the biggest casino stakeholder on the Boardwalk, Caesars Entertainment President, Chairman, CEO & Pontifex Maximus Gary Loveman, Ph.D. He’s apparently been leaning on Christie to veto the bill, thinking that a federal-level solution is preferable. Quoth the New York Post, “Caesars believes that New Jersey is getting in the way of potential Federal legislation legalizing online gaming, the source noted. It believes the Federal measure is a bigger priority.” What are they sniffing at Caesars HQ? Sounds like Sportin’ Life just dropped off a big shipment of “happy dust.”

Seriously, is Democratic Party donor Loveman having problems with his arithmetic? The House is a lost and Sen. Harry Reid (D-NV) presides over an emaciated and eroding majority in the Senate. In other words, Loveman is willing to take money off the table in Atlantic City in the foolish — yes, foolish — hope that nationwide Internet gambling is just around the corner somewhere, next to the unicorn petting zoo and legalized-hashish dispensary.

Loveman’s lucky he doesn’t have to answer to shareholders anymore because this just wouldn’t wash. But since the good professor has extensive ties to overseas Internet-gaming and online-poker interests, he’s undoubtedly averse to the idea (and, horror of horrors, the cost) of setting up  a Caesars-owned-and-operated Internet casino in New Jersey … and Lesniak’s bill makes offshore involvement strictly taboo.

So if the Lesniak bill goes into the dumper, everybody who loses out on the chance to garner extra revenue should address their thank-you notes to Mr. Gary Loveman at One Harrah’s Court. Not that he cares what you think. (Sheldon Adelson may talk big and get on people’s nerves, but he can back it up, too. You have to respect that.)

On the subject of Gov. Christie, he seems to have shot toward the top of the wish list for 2012 presidential candidates. I dig it, man. But there’s a soon-to-appear I. Nelson Rose column that questions whether the Tea Party types really know what they’d be getting. Christie’s a stone fiscal conservative but not one of those in-your-face blowhards when it comes to social issues. Also, as the de facto mayor of Atlantic City (and much preferable to the nominal one, I might add), he’s Mister Casino. That’s going to give hot conniption fits to all those old maids in the Religious Right who think gambling is shooting dice with Satan Incarnate.

They seem to prefer pious hypocrites like former Alabama Gov. “Bingo Bob” Riley (R, left, perfectly coiffed for a Ronald Reagan Lookalike Contest), who publicly denounce gambling at every opportunity but quietly pocket casino donations — and consort with scumbag Jack Abramoff — to further their holier-than-thou ambitions. “Christie for President” has a good beat and you can dance to it, but I dunno how carefully some folks are reading the lyric sheet.

However, as someone who’s carrying about 20-25 extra pounds, I cotton to the notion of putting a fellow waistline-challenged American in the Oval Office. We haven’t had one since the 19th century and it’s high time we rectified that oversight!

(I don’t need to put a smiley face after that, do I?)