{"id":11933,"date":"2013-10-29T12:06:25","date_gmt":"2013-10-29T20:06:25","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=11933"},"modified":"2023-02-19T06:08:16","modified_gmt":"2023-02-19T14:08:16","slug":"third-degree-for-cantor-suffolk-moves-ahead","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/third-degree-for-cantor-suffolk-moves-ahead\/","title":{"rendered":"Third degree for Cantor; Suffolk moves ahead"},"content":{"rendered":"

Cantor Gaming<\/strong> finds itself in the midst of a giant pincer movement, under investigation by at least five federal agencies<\/a> and the Nevada Gaming Control Board<\/strong>. When ex-bookie-in-chief Colbert got a slap on the wrist from the feds, I figured he was singing like a canary and, sure enough, he’s giving a stool pigeon serenade, according to the Wall Street Journal<\/em>. The federal action appears to be part of a rolling crackdown on money laundering<\/a> on the Las Vegas Strip<\/strong>. (Don’t forget that Cantor affiliate Las Vegas Sands<\/strong> settled with the G-Men for a relatively modest fine and was praised for its cooperation, to boot.)<\/p>\n

Cantor’s attitude is not unlike that of the Warren Commission<\/strong>: Colbert acted alone. But there’s always been a filmy coating of sleaze surrounding Cantor, which got into Nevada<\/strong> action via a self-penned bill that got through the Lege without sponsorship. The conception of Cantor may have been immaculate but its cleanliness is very much in doubt these days.<\/p>\n

We’ve had a Neil Bluhm<\/strong> sighting at Suffolk Downs<\/strong>, meaning that Rush Street Gaming<\/strong> is in the hunt to supplant Caesars Entertainment<\/strong> as the \"neil-bluhm\"<\/a>racino’s operator (if Suffolk gets the nod<\/a> from the Massachusetts Gaming Commission<\/strong>). Emissaries from Hard Rock International<\/strong> have also been seen at the track<\/a>. But whereas Rush Street is fully vetted and approved, Hard Rock would have to resume the approval process that was so rudely interrupted by West Springfield<\/strong>‘s rejection of the casino company.<\/p>\n

It’s not believed that the Downs itself will have any trouble getting licensed, with Gary Loveman<\/strong> out of the picture, which leaves it in the hands of the voters. Be warned that some of the ‘antis’ are pretty highly motivated. Their supporters in the media are not shy about making assertions that “most casino employees get paid minimum wage and depend on tips” either.<\/p>\n

The whales of October<\/strong>. A seemingly eccentric — but apparently reliable<\/a> — indicator of economic health are casino markers. In good times, high rollers are more wont to pay up. During the Great Recession, however, Wynn Resorts<\/strong> was so pessimistic that it wrote off more than \"china\"<\/a>50% of markers as bad debt. Now it’s down to 35% or less. We’re still talking about $100 million but, in the context of how much money the Big Four are now making, it’s not so bad. China<\/strong> is both a curse and a blessing. Once somebody defaults on a marker there, that money’s gone. But the market is so lucrative that Las Vegas Sands can write off $492 million in bad debt and still report $9 billion in gross revenue and $1.5 billion in net income. It seems crazy to write markers to high rollers by whom you don’t expect to get repaid but it somehow works in the fly-by-the-seat-of-your-pants world of high-stakes gambling. Besides, you’ve got thousands of low-rollers out on the slot floor, from whom you can make back a good chunk of whatever your just lost at baccarat.<\/p>\n","protected":false},"excerpt":{"rendered":"

Cantor Gaming finds itself in the midst of a giant pincer movement, under investigation by at least five federal agencies and the Nevada Gaming Control Board. When ex-bookie-in-chief Colbert got a slap on the wrist from the feds, I figured … 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":[148,14,165,7,62,112,91,25,12,32],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/11933"}],"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=11933"}],"version-history":[{"count":5,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/11933\/revisions"}],"predecessor-version":[{"id":32374,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/11933\/revisions\/32374"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=11933"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=11933"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=11933"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}