{"id":15372,"date":"2015-01-21T13:47:16","date_gmt":"2015-01-21T21:47:16","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=15372"},"modified":"2020-12-11T08:13:02","modified_gmt":"2020-12-11T16:13:02","slug":"straub-holds-revel-hostage-caesars-cutbacks-begin","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/straub-holds-revel-hostage-caesars-cutbacks-begin\/","title":{"rendered":"Straub holds Revel hostage; Caesars cutbacks begin"},"content":{"rendered":"<p><script src=\"https:\/\/www.nbcphiladelphia.com\/portableplayer\/?cmsID=289315681&amp;videoID=3Lirz8UgIhhm&amp;origin=nbcphiladelphia.com&amp;sec=news&amp;subsec=business&amp;width=450&amp;height=253\" type=\"text\/javascript\" charset=\"UTF-8\"><\/script><\/p>\n<p><strong>Revel<\/strong> continues to be a bone of contention. Utility supplier\u00a0<strong>ACR Energy Partners<\/strong> is leading a group of creditors attempting to block the sale of Revel to <strong>Glenn Straub<\/strong>. The <a href=\"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2014\/08\/revel_0601.jpg\"><img loading=\"lazy\" class=\"alignleft size-medium wp-image-14296\" src=\"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2014\/08\/revel_0601-300x199.jpg\" alt=\"revel_0601\" width=\"300\" height=\"199\" srcset=\"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2014\/08\/revel_0601-300x199.jpg 300w, https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2014\/08\/revel_0601-150x99.jpg 150w, https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2014\/08\/revel_0601.jpg 620w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/a>latter, they assert, <a href=\"http:\/\/www.businessweek.com\/news\/2015-01-20\/revel-sale-remains-in-limbo-as-judge-weighs-creditor-challenge\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"broken_link\">could simply walk away<\/a> from all contracts, claims, liens and leases on the property. In turn, Straub attorney <strong>Stuart Moskowitz<\/strong> argues that, for $10 million, his client could just scuttle the deal.\u00a0\u201cMy client would say, \u2018I\u2019d rather lose $10 million now than bleed $5, $6, $7 million a month for the next three\u00a0years\u2019,\u201d he explained. Revel nightclub tenant <strong>Idea Boardwalk<\/strong> counters that it will lose its whole $16 million investment if Straub&#8217;s purchase is consummated.<\/p>\n<p>ACR&#8217;s <strong>Craig Martin<\/strong> contends that, with Revel in hand, Straub would <!--more-->hold the edge in any negotiations with creditors and <a href=\"http:\/\/casinoconnectionac.com\/issue\/vol-12-no-1-january-2015\/article\/straub-awarded-revel-deal-could-build-a-waterpark\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"broken_link\">their tenancy would be at his mercy<\/a>. Straub, in turn, is playing his eternal trump card, <a href=\"http:\/\/www.nbcphiladelphia.com\/news\/business\/Revel-Buyer-Threat-289304411.html\" target=\"_blank\" rel=\"noopener noreferrer\">threatening to walk away<\/a> and leave Revel <a href=\"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2014\/09\/Straub.jpg\"><img loading=\"lazy\" class=\"alignright size-full wp-image-14550\" src=\"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2014\/09\/Straub.jpg\" alt=\"Straub\" width=\"80\" height=\"89\" \/><\/a>ownerless. To add steel to his threat, he asserted that this would inflict further economic harm on the Boardwalk.\u00a0&#8220;It is common knowledge, of which the Court can surely take judicial notice, that <strong>Atlantic City<\/strong> is in trouble &#8230;\u00a0Anything that delays the opening of this property to positive commercial utilization does serious harm to the public, to the city itself, to the people yearning to go back to work, to the small businesses who are on the verge of bankruptcy themselves,&#8221; Moskowitz declared.<\/p>\n<p>* <strong>Carl Icahn<\/strong>, meanwhile, prepares to disclose his plan for taking over what&#8217;s left of <strong>Trump Entertainment Resorts<\/strong>. On the same day (Jan. 28) that his $200 million loan to TER comes up for court approval. Unsecured Trump creditors are considerably less than thrilled by what they&#8217;ve seen of the Icahn plan. <a href=\"http:\/\/www.bloomberg.com\/news\/2015-01-21\/icahn-acquisition-of-trump-casinos-delayed-two-weeks-bankruptcy.html\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"broken_link\">They&#8217;d have to settle for a million in cash<\/a> and the right to sue for half of one percent of $232 million in unsecured debt. Icahn, meanwhile, would roll $286 million of debt into ownership. It&#8217;s definitely a wily scheme\u00a0to become one of the dominant casino owners in town.<\/p>\n<p><a href=\"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2010\/03\/Icahn-pensive.jpg\"><img loading=\"lazy\" class=\"alignleft size-medium wp-image-2687\" src=\"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2010\/03\/Icahn-pensive-300x225.jpg\" alt=\"Icahn pensive\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2010\/03\/Icahn-pensive-300x225.jpg 300w, https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2010\/03\/Icahn-pensive-150x112.jpg 150w, https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2010\/03\/Icahn-pensive.jpg 488w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/a>That&#8217;s presuming Icahn\u00a0takes a less combative stance with <strong>Unite-Here Local 54<\/strong>, which he continues to antagonize. Icahn continues to characterize the union&#8217;s preferred terms (to which he briefly agreed) as &#8220;suicidal&#8221; and &#8220;suffocating.&#8221; That&#8217;s hardly the path to achieving his stated goal of &#8220;labor peace&#8221; &#8212; which seems to consist of the union giving him everything he wants. <a href=\"http:\/\/casinoconnectionac.com\/issue\/vol-12-no-1-january-2015\/article\/atlantic-citys-taj-mahal-makes-it-to-year-end-faces-uncertain-future\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"broken_link\">Legislators have taken notice<\/a>.\u00a0\u201cThe problem is that right now the <strong>Taj Mahal<\/strong> employees don\u2019t have a contract. Icahn is actually holding up property-tax reform for the City of Atlantic City,\u201d Assemblyman <strong>Vincent Mazzeo<\/strong>\u00a0(D) said. Icahn claims he doesn&#8217;t need state help to stay open but that&#8217;s a big 180 from his previous stance on the subject.<\/p>\n<p>* The era of the <strong>Caesars Entertainment<\/strong> bankruptcy has begun and the cutbacks are being felt where you most suspected they would fall: customer service. According to our research department, <a href=\"https:\/\/www.lasvegasadvisor.com\/referenceguide-buffetdetail.cfm?BuffetID=35\">Flavors<\/a> at <strong>Harrah&#8217;s Las Vegas<\/strong> only will serve lunch on weekends while the <strong>Flamingo<\/strong> has cut its buffet <a href=\"https:\/\/www.lasvegasadvisor.com\/referenceguide-buffetdetail.cfm?BuffetID=27\">to a brunch-only amenity<\/a>. The first belt to be tightened at Caesars will be yours.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Revel continues to be a bone of contention. Utility supplier\u00a0ACR Energy Partners is leading a group of creditors attempting to block the sale of Revel to Glenn Straub. The latter, they assert, could simply walk away from all contracts, claims, &hellip; <a href=\"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/straub-holds-revel-hostage-caesars-cutbacks-begin\/\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[23,82,18,185,7,157,9,169],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/15372"}],"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=15372"}],"version-history":[{"count":4,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/15372\/revisions"}],"predecessor-version":[{"id":28917,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/15372\/revisions\/28917"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=15372"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=15372"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=15372"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}