{"id":11951,"date":"2013-10-30T11:17:50","date_gmt":"2013-10-30T19:17:50","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=11951"},"modified":"2020-08-11T04:59:14","modified_gmt":"2020-08-11T12:59:14","slug":"case-bets-new-york-wynn-packer-atlantic-city-reno","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/case-bets-new-york-wynn-packer-atlantic-city-reno\/","title":{"rendered":"Case Bets: New York, Wynn, Packer, Atlantic City & Reno"},"content":{"rendered":"

In a positive omen for Tuesday’s casino vote in New York<\/strong>, shares of Castkills-based Empire Resorts<\/strong> (NYNY) leapt 29%, closing at $5.30\/share<\/a>. The company hopes to bring casino gambling to the Concord Hotel<\/strong>, although jostling for the probable two Catskills resorts is expected to be fierce. Even rival developer Louis Cappelli<\/strong> is hedging his bet, holding onto a million shares of Empire, which is majority owned by\u00a0Kien Huat Realty III Limited<\/strong>, a Malaysian company … better known to some as Genting Group<\/strong>.<\/p>\n

Steve Wynn<\/strong> won a round with Kazuo Okada<\/strong> when a count of extortion in the latter’s lawsuit against Wynn Resorts<\/strong> was tossed on a technicality<\/a>. That still leaves 19 counts in Okada’s litigation and Okada himself continues to be under an FBI microscope. This case promises to keep us entertained for some time to come.<\/p>\n

\"packer\"<\/a>James Packer<\/strong> has a skein of new casino investments in train, in Macao<\/strong>, Sri Lanka<\/strong>, the Philippines<\/strong> and Australia<\/strong>. He reports that Melco Crown Entertainment<\/strong>‘s $600 million investment in Macao is now worth $6.2 billion<\/a>. Having covered so many of Packer’s failures in the American market, it’s only fair to acknowledge his success elsewhere.<\/p>\n

Florida<\/strong>-based TJM Properties<\/strong> will unload the Claridge Hotel<\/strong> in Atlantic City<\/strong> from Caesars Entertainment<\/strong> and is promising to redo the rooms, restaurant and check-in area. The purchase price remains undisclosed<\/a> and, strangely, TJM didn’t want (or couldn’t get) the casino. That’s good for Caesars, which needs the revenue, but it makes you wonder how TJM plans to make ends meet.<\/p>\n

Update<\/strong>: Caesars’ official position is that TJM will “remove the gaming.”<\/em><\/p>\n

Having done about as much damage to the Reno<\/strong> market as possible, tribal casinos in the greater Sacramento<\/strong> area are now going to turn on one another<\/a>. $800 million, soon-to-open Graton Resort & Casino<\/strong> has blockbuster Thunder Valley Resort Casino<\/strong> squarely in its cross-hairs. Forty minutes’ drive from San Francisco<\/strong>, Graton Resort also could siphon Bay Area play. Ironically, Graton is being managed by Station Casinos<\/strong>, which developed Thunder Valley.<\/p>\n

Illinois<\/strong> casinos continue to die the death of a thousand cuts. Village trustees in Cary<\/strong> have reversed their 2010 stance and approved slot routes. The routes “can be located in bars and restaurants with liquor licenses, fraternal and veterans organizations and truck stops. An establishment can have up to five terminals,” quoth the Northwest Herald<\/em>, and you only have to pay City Hall $25 a year. Not a bad deal.<\/p>\n","protected":false},"excerpt":{"rendered":"

In a positive omen for Tuesday’s casino vote in New York, shares of Castkills-based Empire Resorts (NYNY) leapt 29%, closing at $5.30\/share. The company hopes to bring casino gambling to the Concord Hotel, although jostling for the probable two Catskills … 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":[23,34,28,120,7,58,22,96,93,101,79,92,57,32,20],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/11951"}],"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=11951"}],"version-history":[{"count":5,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/11951\/revisions"}],"predecessor-version":[{"id":27717,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/11951\/revisions\/27717"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=11951"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=11951"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=11951"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}