Move over, Tolstoy: MGM Resorts International has submitted its formal application for a Massachusetts casino … and it’s 7,000 pages long. The Massachusetts Gaming Commission had better clear its calendar. But that’s nothing compared to 16,034-page Mohegan Tribal Gaming Authority pitch for Suffolk Downs. Hoping to impress with its characteristic flair, Wynn Resorts submitted “more than 18,000 pages in leather-covered, gold-embossed notebooks and flash drives. The shipment to the commission weighed more than 440 pounds.” Gives a whole new meaning to ‘heavy reading,’ no? For their part, applicants had to fill out 236-page questionnaires. Oh, and there’s a 90 oral exam. Whoever wins this thing will definitely have earned it.
There’s no new license — yet — for Penn National Gaming‘s Argosy Sioux City. The boat is in an odd limbo. It will probably be superseded by a Hard Rock International property and has severed its ties with local nonprofit, Missouri River Historical Development, putting it out of compliance. A new nonprofit alliance, with the Greater Siouxland Improvement Association might yet be improved, but regulators are in no hurry to act. In the meantime, 3% of nonprofit-dedicated casino proceeds continue to accrue.
Greeheads. Blame for closure of the Atlantic Club Hotel is being placed on Colony Capital. (Capital greedy? Heaven forfend!) So argues Rational Group, who Colony clipped for $11 million. Rational’s argument is moot, alas, the court system having split ownership between Tropicana Entertainment and Caesars Entertainment, both of whom intend to close the ACH. Besides, Rational’s license application is on a two-year suspension, so it can’t do much besides recriminate. However, it’s hard to argue its point that Colony was guilty of “vulture-like management practices.” You don’t lose your Hilton flag by being a good operator.
Meanwhile, Sobe Holdings is protesting the bankruptcy sale of the Atlantic Club. It would have, it contends, have continued running the ACH as a casino hotel. It also argues that, since its offer was the highest one on the table, the court should have taken that into account.
Another lawsuit, accusing MGM Resorts International board members — including Bobby Baldwin and James Murren — of insider trading and self-dealing at the height of CityCenter‘s troubles, got smacked down again. The devil was in the details. Dissident shareholders didn’t first take their case to the MGM board itself. The litigants contended that would have been a futile errand, but the Nevada Supreme Court quashed the suit just the same.
