{"id":1566,"date":"2009-12-11T12:09:18","date_gmt":"2009-12-11T20:09:18","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=1566"},"modified":"2009-12-14T13:23:14","modified_gmt":"2009-12-14T21:23:14","slug":"bonuses-for-f-bleau-mgm-plants-flag-in-india","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/bonuses-for-f-bleau-mgm-plants-flag-in-india\/","title":{"rendered":"Bonuses for F-bleau; MGM plants flag in India"},"content":{"rendered":"

When your hopelessly over-budget resort project is bankrupt, stuck in the mud, mired in lawsuits and is basically a total writeoff, there’s only one thing to do. Award year-end bonuses<\/a>, that’s what. Fontainebleau<\/strong> Chief Restructuring Officer Howard Karawan<\/strong> wants to play Santa Claus, lavishing $1 million in bonuses on what’s left of the F-bleau staff. Karawan would cross his own palm with silver to the tune of $300K (pushing his annual F-bleau compensation past the $1 million mark). It makes you wonder what kind of freaking dream world Karawan is inhabiting that he would demand such largesse.<\/p>\n

\"fontainebleau-resort\"Creditors are understandably less than enthusiastic about Kris Kringle Karawan’s proposed munificence — nor is his offer to waive his own bonus all that impressive when one considers that he also draws a salary from F-bleau’s corporate parent, Turnberry Associates<\/strong>. Mrs. Karawan and the kiddies aren’t going to lack for Christmas presents this year. As for other F-bleau staffers, if they pitch a tantrum and leave because they didn’t get Santa Karawan’s promised bonus, there’s no shortage of unemployed casino professionals from whom he could find replacements with the necessary skill set, although a Las Vegas Sun<\/em> reader summed it up best:<\/p>\n

\n

“‘I can’t get this job done without these people,’ Karawan said.”<\/em><\/p>\n

“Apparently you couldn’t get the job done WITH them either.”<\/em><\/p>\n

Lastly,<\/strong> I’m calling B.S. on Karawan’s claim of 17-20 prospective buyers. There aren’t many casino or resort investors with serious scratch right now and the big two — Penn National Gaming<\/strong> and Carl Icahn<\/strong> — have already shown their hands. Unless Genting Bhd<\/strong> has taken a sudden interest in F-bleau, these attempts to chum the waters will continue to lack credibility.<\/p>\n

Today CityCenter, tomorrow Bangalore?<\/strong> An “advanced stage of talks” is where MGM Mirage<\/strong> says it’s at for expanding its hotel brands into<\/a> India<\/strong>. It’s promising that, in a few months time, Bellagio<\/strong>– and MGM Grand<\/strong>-branded hotels (what, no Vdara<\/strong>?) will be announced. However, with eight cities still in the running, it looks like there’s a lot of whittling down left to do. Also, MGM Mirage Hospitality<\/strong> veep Rishi Kapoor<\/strong>‘s oh-so-very-casual mention of Goa<\/strong> — the one city in India where casinos are permitted — raises the question of whether this is really a hotel-only play after all. MGM wouldn’t be performing its fiduciary duty if it didn’t at least kick around the prospect of an Indian casino.<\/div>\n","protected":false},"excerpt":{"rendered":"

When your hopelessly over-budget resort project is bankrupt, stuck in the mud, mired in lawsuits and is basically a total writeoff, there’s only one thing to do. Award year-end bonuses, that’s what. Fontainebleau Chief Restructuring Officer Howard Karawan wants to … 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":[82,28,14,59,120,22,11,69,9],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/1566"}],"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=1566"}],"version-history":[{"count":3,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/1566\/revisions"}],"predecessor-version":[{"id":1573,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/1566\/revisions\/1573"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=1566"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=1566"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=1566"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}