{"id":15499,"date":"2015-02-12T11:55:41","date_gmt":"2015-02-12T19:55:41","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=15499"},"modified":"2015-02-12T11:55:41","modified_gmt":"2015-02-12T19:55:41","slug":"more-trouble-for-taj-revel-sale-hangs-by-a-thread","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/more-trouble-for-taj-revel-sale-hangs-by-a-thread\/","title":{"rendered":"More trouble for Taj; Revel sale hangs by a thread"},"content":{"rendered":"

It seems that Trump Taj Mahal<\/strong> has been rather cavalier about reporting large transactions and suspicious financial activities to FinCEN<\/strong>. For instance, when customers’ names and Social \"trump-taj<\/a>Security numbers didn’t square, Taj management still didn’t pursue\u00a0the discrepancies. The Taj ‘fessed up to violations of the Bank Secrecy Act<\/strong>‘s\u00a0\u201cprogram, reporting and record-keeping requirements,\u201d triggering a $10 million fine<\/a>, which is the largest in casino history<\/a>.\u00a0The naughty activity occurred between 2010 and 2012, so there may be more where that came from. “During a three-month period of examination in 2010, Trump Taj Mahal failed to file 56% of required suspicious activity reports, regulators concluded. During a similar period in 2012, the casino\u2019s reporting failure rate was 44%,” reports the Wall Street Journal<\/em>.<\/p>\n

Since litigating the matter with the Justice Department<\/strong> would probably have triggered the Taj’s financial demise, it has instead agreed to make Uncle Sam one more unsecured creditor<\/a> in its ongoing bankruptcy. Hey, look on the bright side, Taj: This puts you up there with big boys like Las Vegas Sands<\/strong>, Caesars Entertainment<\/strong> and Wynn Resorts<\/strong>, one of which has confessed to FinCEN violations and two others are in the hot seat. Some days Carl Icahn<\/strong> must wonder what he’s gotten himself into as godfather to the Taj.<\/p>\n

* Glenn Straub<\/strong>‘s bid to buy Revel<\/strong> isn’t dead but it’s doing a convincing interpretation of a corpse. A string of bankruptcy court rulings went against him<\/a> this week and the possible dissolution of the sale itself could occur next week. Straub’s pleas to Judge Gloria Burns<\/strong> fell \"revel_0323\"<\/a>on deaf ears.\u00a0\u201cEvery party that has appeared before the court today has asked the court not to grant the extension. The contract speaks for itself; the time has expired.”<\/p>\n

A Revel attorney professed himself “bitterly disappointed” with Straub:\u00a0\u201cThey\u2019ve had two months to close, and they didn\u2019t do it.\u201d Straub surrogate Stuart Moskowitz<\/strong> fired back,\u00a0\u201cThe attorneys will keep billing.\u00a0The building will sit there producing nothing.\u201d Straub confronted a Revel attorney and complained<\/a>,\u00a0“Why do we want to deal with $15 million in legal fees, power being shut off? What you guys are doing is affecting a lot of people’s lives.” This quickly devolved into a shouting match<\/a>, with Revel attorney John Cunningham<\/strong> getting in one last jab, saying,\u00a0“We hope to close with a real buyer who will put their money where their mouth is,” an obvious reference to Straub’s irrepressible\u00a0verbiage.<\/p>\n

In the meantime, gentlemen, ready your bids for Sale Number Three, coming soon.<\/p>\n

* New Caesars Entertainment<\/strong> CEO Mark Frissora<\/strong> received remarkably speedy (and at least provisional) approval to take charge<\/a> of the company’s Atlantic City<\/strong> properties. Frissora will be \"Frissora\"<\/a>operating at least temporarily without a New Jersey<\/strong> casino license. Frissora was a no-show for the procedure. He’s said to be wanting “to get his bearings a little more\u201d before talking to the media and that could also hold true for regulators.<\/p>\n

“We want to see more investment in the Caesars properties, as well as all of the properties on the Boardwalk and in Atlantic City,\u201d New Jersey Casino Control Commission<\/strong> Chairman Matthew Levinson<\/strong> said, rather pointedly. Considering that Caesars is in hock up beyond its ears, hoping for major reinvestment other than the new Harrah’s Resort<\/strong> convention center may be taking optimism a bit far.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

It seems that Trump Taj Mahal has been rather cavalier about reporting large transactions and suspicious financial activities to FinCEN. For instance, when customers’ names and Social Security numbers didn’t square, Taj management still didn’t pursue\u00a0the discrepancies. The Taj ‘fessed … 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":[23,185,7,25,157,169],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/15499"}],"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=15499"}],"version-history":[{"count":1,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/15499\/revisions"}],"predecessor-version":[{"id":15501,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/15499\/revisions\/15501"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=15499"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=15499"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=15499"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}