{"id":14224,"date":"2014-07-31T10:17:14","date_gmt":"2014-07-31T18:17:14","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=14224"},"modified":"2014-07-31T10:17:14","modified_gmt":"2014-07-31T18:17:14","slug":"illiterate-and-accused-revel-rewarding-failure","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/illiterate-and-accused-revel-rewarding-failure\/","title":{"rendered":"Illiterate and accused; Revel: Rewarding failure"},"content":{"rendered":"

People who state their career goal as \u201ctrynna get rich\u201d should probably be arrested for crimes against the English language. In the case of Izyiah Plummer <\/strong>(right),\u00a0though, the charges are much more grave: the July 21 armed \"Caesars<\/a>robbery of Caesars Atlantic City<\/strong>. The butter-fingered perpetrators grabbed three cash boxes<\/a> but dropped one, lowering their take to $181,200. Plummer, a fired security guard at the casino, was allegedly the de facto<\/em> inside man. The menu of charges includes\u00a0robbery, aggravated assault, weapons offenses and receiving stolen property.<\/span><\/p>\n

Four accused accomplices have also been arrested<\/a> in connection with the smash-and-grab raid. One is a Tropicana Casino & Resort<\/strong> convention attendant. Another is a cashier at Harrah’s Resort<\/strong>. I’ll bet those casinos are feeling nice and secure today. According to The Press of Atlantic City<\/em>, “more arrests are expected.” Meanwhile, Plummer and his two alleged prime accomplices, Dwayne Morgan<\/strong> and Aaron Evans<\/strong>, are cooling their heels in lockup. The latter, at least, could afford a lawyer, if not bail.<\/p>\n

The cops are also on the lookout for “a 2011 to 2014 Hyundai Sonata<\/strong> Model SE or Limited in harbor gray or graphite.” The car is still at large but police have recovered most of the cash, as well as the clothes worn by the perpetrators.<\/span><\/p>\n

* Back in Las Vegas<\/strong>, Caesars Entertainment<\/strong> continues to subdivide itself. Forty-four casinos are being herded into Caesars
\n\"Loveman<\/a>Entertainment Operation Co<\/strong>., which will carry the preponderance of the parent company’s enormous debt. An IPO for the new entity is being contemplated. The good news is that veteran executive John Payne<\/strong> is being installed as CEO, with Mary Elizabeth Higgins<\/strong> — late of Herbst Gaming<\/strong> — his CFO. (If Higgins worked at Herbst she should be quite well versed in Chapter 11.) \u00a0Assets of CEOC will include both the Las Vegas and Atlantic City<\/strong> Caesars.<\/p>\n

Caesars continues to sequester its assets from a potential bankruptcy. Caesars Growth Partners<\/strong> has: a minority interest in Horseshoe Baltimore<\/strong>, Caesars Interactive<\/strong>, Harrah’s New Orleans<\/strong> and a stretch of the Strip from The Quad<\/strong> to Planet Hollywood<\/strong>. Then there’s\u00a0Caesars Entertainment Resort Properties<\/strong> division, which has a crazy quilt\u00a0of assets: Flamingo Las Vegas<\/strong>, The Rio<\/strong>, Paris-Las Vegas<\/strong>, three Harrah’s<\/strong>-branded casinos and the Linq<\/strong>. And, as debt is moved back and forth it’s like trying to follow the old ball-and-three-cups trick.<\/p>\n

* Despite having gone into bankruptcy twice, executives at Revel<\/strong> believe they should be rewarded for their efforts. (Unlike their employees, who have visions of pink slips dancing in their heads.) The newly approved bonuses are pegged to achieve certain resale-price targets<\/a> — not specified \"revel_0494\"<\/a>— and while\u00a0U.S. Bankruptcy Judge Gloria M. Burns<\/strong> may be “satisfied that it’s an incentive plan and it’s good,” it’s a big ‘screw you’ to Revel employees. They’re fighting to put food on the table and their bosses are raiding the larder.<\/span><\/p>\n

We’re not talking chump change: The minimum bonus is a quarter of a million dollars and they escalate as the bidding for the casino increases. Some might say that this will incentivize the Revel braintrust [sic] to get the best possible bid, but they get paid to do that already, instead of slurping the cream off the top of the sale price.<\/p>\n

Prospective buyers aren’t going for it. Their offers are\u00a0“significantly below the first threshold” according to an attorney for Revel’s unsecured creditors. He added that\u00a0“even the lowest of the thresholds, while attainable, is not easy.” It’s too bad that a sale is being imperiled by greed in the executive suite.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

People who state their career goal as \u201ctrynna get rich\u201d should probably be arrested for crimes against the English language. In the case of Izyiah Plummer (right),\u00a0though, the charges are much more grave: the July 21 armed robbery of Caesars … 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":[23,7,123,37,84,72,6,157,9,21,38],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/14224"}],"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=14224"}],"version-history":[{"count":1,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/14224\/revisions"}],"predecessor-version":[{"id":14226,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/14224\/revisions\/14226"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=14224"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=14224"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=14224"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}