{"id":14484,"date":"2014-09-04T09:57:42","date_gmt":"2014-09-04T17:57:42","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=14484"},"modified":"2014-09-04T10:14:08","modified_gmt":"2014-09-04T18:14:08","slug":"oh-no-not-again","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/oh-no-not-again\/","title":{"rendered":"Oh no, not again!"},"content":{"rendered":"

\"Taj<\/a>Trump Taj Mahal<\/strong> is heading back to a familiar bookmark: Chapter 11 bankruptcy<\/a>. The casino is in violation of certain loan covenants and talks with creditors have proven unfruitful. The one creditor who really matters is Carl Icahn<\/strong> and he’s not interested in converting his debt into ownership. (Smart fella.) Majority owner Marc Lasry<\/strong> now has to engage in the Sisyphean labor of restructuring the Taj’s debt yet again. (And again and again.)<\/p>\n

And Imperial Capital<\/strong> analyst Gregg\u00a0Klein <\/strong>warns,\u00a0\u201cThere is a real good chance [others] could be forced to file.\u201d But none is in the state of Trump Taj, which can’t even pay some of its bills<\/a>. Nor can the Taj ensure that restructuring talks will be successful. So much for yesterday’s wisdom that Atlantic City<\/strong> had seen the worst of it and was in for a two-year lull.<\/span><\/p>\n

Since Revel<\/strong>‘s HQ Night Club<\/strong> and HQ Beach Club<\/strong> have dedicated entrances, separate from the casino, operator Idea Boardwalk<\/strong> is suing to have them kept open<\/a>. (Shouldn’t they have had this particular idea sooner?) The clubs are described as being popular, even if the casino was not. HQ also wants a continuance of its liquor license, since that was the bedrock of its business plan.<\/p>\n

* Mohegan Sun<\/strong> got caught in a fib, according to public records<\/a> obtained by the Boston Globe<\/em>. While the Mohegan Tribal Gaming Authority<\/strong> has
\n\"Mohegan<\/a>implied that it was barred from marketing the Connecticut<\/strong> casino to Bostonians, it turns out that it will be offering high rollers comps in Uncasville<\/strong> of value equal to what they could get in Revere<\/strong>. This applies to the “Greater Boston” area, which is not only defined as including The Hub but southerly parts of New Hampshire<\/strong>. Chalk up one for Steve Wynn<\/strong>, who has long argued that Mohegan Sun will try to export customers to Connecticut, where gaming taxes are lower.<\/p>\n

\"mohegan005\"<\/a>\u201cThis assures we will not market in excess of what is appropriate to any customers in that zone, to over-market to them to send them to Connecticut,\u201d said MTGA CEO Mitchell Grossinger Etess<\/strong>, trying to spin the deal as a plus for Boston<\/strong>. Replied local casino analyst Carl Jenkins<\/strong>,\u00a0\u201cMohegan Sun may try to pooh-pooh it, but how can you not look at the fact that $1 gambled by a customer in Connecticut is worth more to them than $1 in Massachusetts?\u201d<\/span><\/p>\n

In Mohegan’s defense, it will be mandated to pollinate its Boston customer database with information on its existing customers. Etess, however, stretched a point when he tried to argue that Wynn Resorts<\/strong> would feed his Las Vegas casinos with customers from Everett, as though a cross-country trip were the equivalent of a 45-minute drive.\u00a0\u201cWe are the only applicant that provides any protection whatsoever in how we\u2019re going to market to the Commonwealth,\u201d he claimed, but it’s a tough sale.<\/span><\/p>\n

\"Coakley\"<\/a>Meanwhile, pro-casino forces are starting to put some daylight<\/a> between themselves and the opposition, according to a new poll. It shows 59% of
\nthe electorate favoring casinos and 36% opposed, a decisive margin to be sure. Despite opposition by Sen. Elizabeth Warren<\/strong> (D) and other high-profile political figures, it looks like the industry will pull this one out. And even if the repeal effort should somehow pass, both gubernatorial candidates Martha Coakley<\/strong> (D, pictured<\/em>) and Charlie Baker<\/strong> (R) favor a legislative solution to create a loophole for MGM Springfield<\/strong>, so close to the verge of starting construction. Two other gubernatorial aspirants would just let it die.<\/p>\n","protected":false},"excerpt":{"rendered":"

Trump Taj Mahal is heading back to a familiar bookmark: Chapter 11 bankruptcy. The casino is in violation of certain loan covenants and talks with creditors have proven unfruitful. The one creditor who really matters is Carl Icahn and he’s … 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":[23,82,26,4,53,112,167,157,32,169,38],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/14484"}],"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=14484"}],"version-history":[{"count":5,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/14484\/revisions"}],"predecessor-version":[{"id":14489,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/14484\/revisions\/14489"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=14484"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=14484"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=14484"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}