{"id":15640,"date":"2015-03-04T11:50:41","date_gmt":"2015-03-04T19:50:41","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=15640"},"modified":"2015-03-04T14:44:27","modified_gmt":"2015-03-04T22:44:27","slug":"naughtiness-at-las-vegas-sands-caesars-makes-bankruptcy-plan-official","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/naughtiness-at-las-vegas-sands-caesars-makes-bankruptcy-plan-official\/","title":{"rendered":"Naughtiness at Las Vegas Sands; Caesars makes bankruptcy plan official"},"content":{"rendered":"

Sands China<\/strong> could have some stateside problems. Judge Elizabeth Gonzalez<\/strong> is mulling whether or not to slap Sands’ wrist for tampering with evidence<\/a>. The documents in question \"Sands<\/a>are part of a wrongful-termination lawsuit brought by former Sands China CEO Steven Jacobs<\/strong>, a case entering its hit sixth year. Gonzalez ordered that documents not be redacted but Sands, which often takes a high-handed attitude toward the judicial process, did it anyway, having hid the material in question for two years.<\/p>\n

\u201cWe are here today because of a long series of misrepresentations,\u201d said Jacobs’ attorney, Todd Bice<\/strong>, in support of the potential sanctions. Gonzalez also decreed the\u00a0Macao Personal Data Protection Act<\/strong> irrelevant to the case. Sands General Counsel David Fleming<\/strong> countered that the company had no choice but to censor the documents, lest company officials get thrown into the calaboose by “furious” Macanese authorities:\u00a0\u201cAt the end of the day, I came to the conclusion that I could not, under any circumstances, breach Macao<\/strong> law.\u201d<\/p>\n

The whole process didn’t come cheap. It cost Sands $2.4 million to comb through 7,900 pages of material and censor it. Citing the financial resources arrayed against his client, Bice lamented,\u00a0\u201cThey will spend us all into the grave.\u201d<\/p>\n

* In Las Vegas Sands<\/strong> news, the company has found a successor to Venelazzo<\/strong> President \"george-markantonis\"<\/a>John Caparella<\/strong> (another example of the high executive turnover at Sands). The usual corporate euphemism for a sudden or involuntary departure — “to pursue other opportunities” (like the opportunity to file for unemployment) — was deployed to explain Caparella’s departure. Sands reached out the Atlantis<\/strong> casino-resort in the Bahamas<\/strong> to pluck George Markantonis<\/strong>\u00a0(right<\/em>) from the CEO’s chair and install him on the Strip. The Westin<\/strong> veteran isn’t short on casino experience either, having held two vice presidencies at Caesars Palace<\/strong>, now one of his new adversaries.<\/p>\n

* Caesars Entertainment<\/strong>‘s bankruptcy plan is official and it’s mostly what we anticipated. First-tier creditors will own all of\u00a0Caesars Entertainment Operating Co<\/strong>.\u00a0and 70% of \"Loveman<\/a>the property-owner subsidiary, which securitizes them — at least to a degree, considering how low Caesars values its assets. Second-tier creditors get 30% of the property company, a much larger crumb than expected<\/a>. In a new development, a $750 million debtor is suing Caesars for reimbursement plus damages. The case will hinge on whether Caesars’ removal of debt guarantees is deemed proper or not.<\/p>\n

CEO Gary Loveman<\/strong> sounded as out of touch as ever when he called slot machines “antiquated” … remember, this is the man who dissed casinos as “boxes of slots” that depreciate rapidly but who keeps building more of them. There has, however, been a lot of talk lately about incorporating game-of-skill elements into slot machines, making them more attractive to video gamers of today. International Game Technology<\/strong>\u00a0is held out as one example of a company that’s moving with the times<\/a>, leveraging games like Wheel of Fortune<\/em> over multiple content platforms — slots, the Web, lotteries and social games. Of course, it doesn’t hurt to have such a powerful brand name to act the leading edge of your marketing push.<\/p>\n","protected":false},"excerpt":{"rendered":"

Sands China could have some stateside problems. Judge Elizabeth Gonzalez is mulling whether or not to slap Sands’ wrist for tampering with evidence. The documents in question are part of a wrongful-termination lawsuit brought by former Sands China CEO Steven … 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":[7,29,22,62,12,8,9],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/15640"}],"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=15640"}],"version-history":[{"count":3,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/15640\/revisions"}],"predecessor-version":[{"id":15653,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/15640\/revisions\/15653"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=15640"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=15640"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=15640"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}