{"id":10663,"date":"2013-04-19T14:45:09","date_gmt":"2013-04-19T22:45:09","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=10663"},"modified":"2023-11-25T15:34:03","modified_gmt":"2023-11-25T23:34:03","slug":"massachusetts-loses-patience-as-so-archon-shareholders","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/massachusetts-loses-patience-as-so-archon-shareholders\/","title":{"rendered":"Massachusetts loses patience … as do Archon shareholders"},"content":{"rendered":"

\"\"As the Mashpee Wampanoag<\/strong> tribe and Gov. Deval Patrick<\/strong> (D, right<\/em>) continue to try and convince the federal government that their prepackaged arrangement for the Mashpee Wamps to get a casino in southeast Massachusetts<\/strong> isn’t usurious (17% of gross revenues to the state), Deval’s regulators have run out of patience<\/a>. Yesterday, they unanimously voted to start taking bids for the region rather than let the region lay fallow, if you will. In terms of progress, the Mashpee tribe isn’t that much farther off the pace than other regions in the state<\/a>. But as Massachusetts Gaming Commission<\/strong> Chairman Stephen Crosby<\/strong> pointed out, the state ought to be entertaining potential suitors from the private sector … just in case, you know. He characterized it as making the best of a bad situation<\/a>. A multi-media strike by the Mashpee tribe against the MGC is likely to create needless ill-will. Tribal chairman and regulatory gadfly<\/a> Cedric Cromwell<\/strong> nonsensically railed, “At a time when we need to create thousands of jobs in every corner of the state and put people back to work, this is a major step backward<\/em>.” Nothing personal, Cedric, but how is four casinos as “step backward” from three? Do please explain. It’s actually a better deal for the tribe — and much worse for the state — since it gets the Mashpee Wampanoags out from having to paying any<\/em> revenue-sharing dollars. As for that federal approval, it’s still the Hail Mary pass of regulatory approval<\/a>, into a stoutly defended end zone.<\/p>\n

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Not making a good case for itself<\/strong> either was MGM Resorts International<\/strong>, which gave the impression of a lion cowering before a mouse. MGM sent William Hornbuckle<\/strong> (left<\/em>) forth to pout that the \"\"Mashpee federal recognition into a fourth casino, at the opposite end of the state<\/em>, one not approved by the Massachusetts Legislature. Cowboy up, Bill. The risk of a fourth, tribal casino was always a risk and MGM only missed that if it wasn’t paying attention. Anyway, with approval by the City of Springfield<\/strong> still ahead, this is a ill-judged moment for MGM to threaten to take its ball and go home. (Not so terrible if you’re immediate rival Penn National Gaming<\/strong>, however.) In other business, the MGC firmly chained the cart before the horse<\/a> by permitting municipalities to vote up or down on casino applicants prior to completion of the background-check process. So, if the City of East Springfield<\/strong> discovers something untoward in Hard Rock International<\/strong>‘s past after having its casino project the democratic thumbs-up, well, too bad. They’re stuck, with only the MGC standing between haste and “voter’s remorse.”<\/p>\n

OK, it comes as a shock<\/strong> that anybody would think Archon Corp<\/strong>. was worth buying, even if the hostile \"\"acquirer would be longtime Paul & Sue Lowden<\/strong> nemesis Esplanade Capital<\/strong>. The deal sounds good on its face for Archon shareholders, for whom the do-nothing Lowdens haven’t accomplished tiddly twat. And it’s almost good for a joke that anybody would think Archon’s Laughlin grind joint, the Pioneer Hotel & Gambling Hall<\/strong>, was worth even a tiny fraction of $101.5 million. But put that money toward the Lowdens’ vacant and idle Las Vegas Strip<\/strong> land (27 acres) and you’re talking $3.8 million\/acre … right in line with Strip values as reset by the Echelon<\/strong> sale. Anybody who isn’t beholden to the Lowdens ought to lend Esplanade their ears.<\/p>\n

Do you not think it odd<\/strong> that a company which has put itself up for sale<\/a> would choose this moment to \"\"drop a cool $7 million on new corporate headquarters<\/a>? Ameristar Casinos<\/strong>‘ nascent offices, on the Hughes Center<\/strong> campus, would put it close to cool kids like Boyd Gaming<\/strong>. It certainly makes sense if Pinnacle Entertainment<\/strong> is already (and covertly) calling the shots and wants to move closer to the Strip and away from virtual exile out at the far southwest reaches of the 215 Beltway<\/strong>, the Land That Development Forgot.<\/p>\n

Seen last night<\/strong> … former Boyd President Dan Snyder<\/strong>, enjoying a stroll through The Venetian<\/strong>. It must be nice for someone like Snyder to go out for dinner and no longer have his movements read like tea leaves.<\/p>\n","protected":false},"excerpt":{"rendered":"

As the Mashpee Wampanoag tribe and Gov. Deval Patrick (D, right) continue to try and convince the federal government that their prepackaged arrangement for the Mashpee Wamps to get a casino in southeast Massachusetts isn’t usurious (17% of gross revenues … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[40,46,60,14,49,11,69,30,33,25,31,9,20],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/10663"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/comments?post=10663"}],"version-history":[{"count":5,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/10663\/revisions"}],"predecessor-version":[{"id":32954,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/10663\/revisions\/32954"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=10663"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=10663"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=10663"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}