Weidner returns; Casinos win tax fight

Y’all remember Baha Mar, that multi-billion-dollar project in the Bahamas that then-Harrah’s Entertainment exited during its IPO? At the time, Harrah’s insisted that there was no connection, but Baha Mar was one of several initiatives — including Margaritaville in Biloxi and a resort in Spain — that were ceased and never heard from again. $3.5 billion later. Baha Mar is slated for an end-of-2014 opening and it will be run by Global Gaming Asset Management, which is a four-word way of saying William Weidner, the former #2 man of Sheldon Adelson, though they haven’t been BFFs for the past three years.

Although Weidner supposedly sought a casino posting in Macao and couldn’t get one, he’s making a big comeback. Global Gaming is also managing $1.2 billion Solaire Manila, in a market where angels fear to tread. Weidner’s top lieutenants are fellow exiles from Las Vegas Sands, President Brad Stone and executive veep Garry Saunders. At 150 tables and 10 times as many slots, Baha Mar is small by Las Vegas Strip standards. But the project itself (30 restaurants, three hotels) is of Sands-like ambition. And the Weidner-Stone-Saunders troika has plenty of experience opening overseas markets. If they succeed at Baha Mar, it’s difficult to decide who will be more galled … Caesars Entertainment CEO Gary Loveman … or Adelson.

Whenever some Nevada governor promises “no new taxes,” what he really means is that he’s going to make the casino industry bend over and grab its ankles while all other industries get off scot-free. Well, when then-Gov. Jim Gibbons (R) made a grab for the sales-tax value of comped meals, the industry fought back. Gov. Brian Sandoval (R) carried on Gibbons’ crusade for about a legislature today before waving the surrender flag today. Kudos to John Ascuaga’s Nugget (above) for being the little-ish casino that said, “no more.” (Caesars and Boyd Gaming were other litigants.)

The negative consequences of the tax increase were obvious: “Promotional allowances” (comps) would cost casinos more, creating a disincentive to reward customers as generously. Either the bottom line or employees’ standard of living would have taken a hit if casinos, respectively, ate the higher cost of workers’ dining rooms or passed it along to the workforce. Everybody lost. As it now stands, the only thing Big Gaming will eat is $200 million, perhaps more, already paid to the state. Sandoval (right) and the Lege could still double-cross the industry by writing a tax-the-comps law, but it would have to return at least some of that $200 million, too.

For those who may have wondered or worried, S&G contributor Jeff_in_OKC came through the recent tornado bombardment unscathed. His business was about five miles from the epicenter of destruction and he witnessed “the heaviest lightning I had ever seen” at close proximity but, except for a brief loss of power, had no complaints. Dunno about you, but I’m breathing a sigh of relief.