{"id":15382,"date":"2015-01-22T14:51:00","date_gmt":"2015-01-22T22:51:00","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=15382"},"modified":"2020-05-25T06:42:43","modified_gmt":"2020-05-25T14:42:43","slug":"15382","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/15382\/","title":{"rendered":"Straub wins again; Delaware, racinos at an impasse"},"content":{"rendered":"

Revel<\/strong> is Glenn Straub<\/strong>‘s — if he wants it. HQ<\/strong> nightclub, ACR Energy Partners<\/strong> and other Revel tenants saw their objections swept aside<\/a> at a bankruptcy hearing yesterday. Judge Jerome \"revel-appeal-720x340\"<\/a>Simandle<\/strong> wrote that \u201cthe court notes that, the palpable risk of losing a ready buyer demonstrates, without more, a risk of substantial harm\u201d when there was a bid on the table, a risk\u00a0too great to take. The plaintiffs fear that an earlier ruling by Judge Gloria Burns<\/strong> that Revel can be sold\u00a0\u201cfree and clear of liens, claims, encumbrances and interests,\u201d means they could be evicted and their investments eradicated<\/a>. But Straub’s Polo North Country Club<\/strong> said it would rather forfeit a $10 million deposit than humor the dissidents.<\/p>\n

\u201cThe land that we have the right to occupy would have been sold to another party, which would have the right to kick us off it,\u201d complained ACR attorney Craig Martin<\/strong>, raising the specter of ACR being forced to dismantle its own building. Simandle was unmoved, calling the relationship between Revel and ACR “symbiotic,” since the former is the latter’s sole customer. Revel attorneys are antsy for a resolution to the impasse, saying it’s costing the defunct megaresort $8 million a month simply to be kept in mothballs.\u00a0\u201cRight now, it\u2019s not an asset. It\u2019s a liability,\u201d Revel attorney Jason Zakia<\/strong> said.<\/p>\n

* Faced with a racino industry that’s struggling, Delaware<\/strong> lawmakers are reaching the somewhat illogical conclusion that people need more places to play slots. Using a plan \"markell\"<\/a>previously trotted out by Gov. Jack Markell<\/strong> (D, right<\/em>), the proposal would create “satellite” casinos<\/a> in which the existing racinos could place their unused slot quota. However, Dover Downs<\/strong> CEO Denis McGlynn<\/strong> is already against the idea. He’s probably be more amenable to alternatives that include a lower tax on table games and tax credits for facility upgrades. Still another idea is a tiered tax structure<\/a> where racino payments are indexed to revenue received instead of a fixed rate.<\/p>\n

However,\u00a0House Majority Leader Valerie Longhurst<\/strong> said,\u00a0“There’s not a big appetite for this General Assembly to do something the third year in a row.\u00a0I think you need to look very carefully at what, if anything that we do \u2026 to sit here and say that we’re going to go back and give them $12 million, I’m just not prepared to do that.”<\/p>\n","protected":false},"excerpt":{"rendered":"

Revel is Glenn Straub‘s — if he wants it. HQ nightclub, ACR Energy Partners and other Revel tenants saw their objections swept aside at a bankruptcy hearing yesterday. Judge Jerome Simandle wrote that \u201cthe court notes that, the palpable risk … 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":[23,164,185,33,111,157,31],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/15382"}],"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=15382"}],"version-history":[{"count":3,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/15382\/revisions"}],"predecessor-version":[{"id":27143,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/15382\/revisions\/27143"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=15382"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=15382"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=15382"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}