{"id":12315,"date":"2013-12-20T11:50:19","date_gmt":"2013-12-20T19:50:19","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=12315"},"modified":"2013-12-20T11:50:19","modified_gmt":"2013-12-20T19:50:19","slug":"is-loveman-insane","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/is-loveman-insane\/","title":{"rendered":"Is Loveman insane?"},"content":{"rendered":"

There are two bids on the table for Colony Capital<\/strong>‘s grind-joint Atlantic Club Hotel<\/strong> and one of them is from — wait for it — Caesars Entertainment<\/strong>. Now you’re \"loveman\"<\/a>saying to yourself, “Hey, David, isn’t Caesars in the process of selling the Claridge Hotel<\/strong>?” Why it sure is, so why it suddenly wants more<\/em> rooms after recently wanting fewer defies ready explanation. As for gaming positions, Caesars plans to remove them. Why Caesars is suddenly hot for this charity case? A bid from Tropicana Entertainment<\/strong> is also supposedly reposing in the bankruptcy court’s “in” box, by the way.<\/p>\n

The real losers in this are the casino’s employees, all of whom will be without jobs as of an especially lucky Jan. 13<\/a>. If they’re fortunate, they’ll get rehired, but Caesars could always disperse its workforce through five hotels instead of four. And thanks a lot, Colony Capital<\/strong> CEO Tom Barrack<\/strong>, for taking the former Atlantic City Hilton<\/strong>, and thoroughly crashing and burning it. When it comes to casinos, you might be the biggest screw-up in industry history.<\/p>\n

Irony alert<\/em>: It was then-Harrah’s Entertainment<\/strong> that sold the A.C. Hilton to Colony Capital, part of a mandatory divestiture of assets when Harrah’s took over Park Place Entertainment<\/strong>, almost a decade ago.<\/p>\n

The final indignity is the price: Less than $15 million, the smallest tab ever paid for an Atlantic City casino.<\/p>\n","protected":false},"excerpt":{"rendered":"

There are two bids on the table for Colony Capital‘s grind-joint Atlantic Club Hotel and one of them is from — wait for it — Caesars Entertainment. Now you’re saying to yourself, “Hey, David, isn’t Caesars in the process of … 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":[23,3,28,7,140,21],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/12315"}],"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=12315"}],"version-history":[{"count":1,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/12315\/revisions"}],"predecessor-version":[{"id":12316,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/12315\/revisions\/12316"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=12315"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=12315"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=12315"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}