{"id":15729,"date":"2015-03-17T11:44:49","date_gmt":"2015-03-17T19:44:49","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=15729"},"modified":"2015-03-17T11:44:49","modified_gmt":"2015-03-17T19:44:49","slug":"paradox-at-revel-further-delay-in-massachusetts","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/paradox-at-revel-further-delay-in-massachusetts\/","title":{"rendered":"Paradox at Revel; Further delay in Massachusetts"},"content":{"rendered":"

Florida<\/strong> developer Glenn Straub<\/strong> remains thwarted in his attempts to purchase Revel<\/strong>. His primary obstacle is Judge Gloria Burns<\/strong>, who seems bent upon charting a course for \"Revel_lobbypatio_PANO\"<\/a>Chapter 7 liquidation. Although, out of 20 bids, Straub’s is the only one with money on the table, Burns continues to balk at closing a sale<\/a>. Her defense is that her hands are tied so long as Revel tenants are appealing Straub’s attempted eviction of them.<\/p>\n

In the latest of his delphic utterances, Straub brushed away the court’s inaction as though it were a minor annoyance: \u201cIt doesn\u2019t mean anything.\u00a0There are all kinds of ways to get properties sold.\u201d Given the option of paying his original offer of $95.4 million, Straub understandably said no. He also shot down the idea of negotiating with the vexatious tenants, saying,\u00a0\u201cThey are trying to get something they are not entitled to.\u201d (Don’t expect a honeymoon period if Straub eventually prevails.)<\/p>\n

Also breathing down the neck of everyone involved is Wells Fargo<\/strong>, which has run up quite \"Revel_0966\"<\/a>a tab whilst underwriting the bankruptcy process. It’s out $150 million (half of which predates the Chapter 11 filing) and has made it known that it won’t pay for another round of bidding. Wells Fargo maintains it is opposed to a Chapter 7 proceeding, but pulling the plug on Revel’s financing would seem to force Judge Burns’ hand and trigger just what the bank says it doesn’t want.<\/p>\n

According to the Wall Street Journal<\/em>, “Judge Burns has consistently pressed Revel and its creditors to try to find mutually agreeable solutions,” but the one agreed-upon solution — a sale to Straub — is the one that she’s gone out of her way to block. It is a paradox.<\/p>\n

* Even with two extensions of the deadline for submitting casino bids, two applicants in Massachusetts<\/strong> still need more time to get their act together<\/a>. So KG Urban<\/strong> and Somerset on the Move<\/strong>\/Crossroads Massachusetts<\/strong> are asking for yet another extension. The Massachusetts Gaming Commission<\/strong> took the requests under \"massachusetts_flag\"<\/a>advisement but is letting the applicants stew at least until a Thursday hearing on the matter. While the MGC will probably give KG Urban and Somerset\/Crossroads what they want, the temptation must be strong to cut them off and let\u00a0Mass Gaming & Entertainment<\/strong>, its Brockton<\/strong> application already filed, have a clear shot at the last license.<\/p>\n

In KG Urban’s case, it now has a partner in Foxwoods Resort Casino<\/strong>, but rather inconveniently lacks a host-community agreement with New Bedford<\/strong> Mayor Jon Mitchell<\/strong>, who’s not been a fan of the project. Mitchell is asking for design changes, which will likely retard the process further still, especially with KG Urban calling Mitchell’s request a “non-starter.”<\/a> Of course, it’s not clear sailing for Brockton, which holds a referendum on the casino May 12. Foxwoods could tell Brocktonians a thing or two about being unpleasantly surprised at the ballot box.<\/p>\n

Meanwhile, for the time being,\u00a0the state Senate pruned from an appropriations bill a House-approved requirement that slot jackpots\u00a0be reported for taxation when they hit $600, not the prevalent $1,2oo. Don’t celebrate yet: The lower threshold could be restored when the two spending bills are reconciled.<\/p>\n

* Speaking of jackpots, Westgate Las Vegas<\/strong> got hit for almost $11 million last weekend<\/a>. That must have hurt.<\/p>\n

* Hard Rock Rocksino<\/strong>, near Cleveland<\/strong>, has been beating the tar out of Caesars Entertainment<\/strong>‘s ThistleDown Racino<\/strong>. Rocksino boss Jon Lucas<\/strong> is being rewarde<\/a>d by parent company Hard Rock International<\/strong> with the post of executive vice president of hotel and casino operations. His successor at the Rocksino is veteran exec Mark Birtha<\/strong>. The latter has held casino postings everywhere from the tribal sphere to Macao<\/strong> to Station Casinos<\/strong>, so he’ll have a lot of ideas to bring to the table. S&G<\/em> congratulates both gentleman.<\/p>\n","protected":false},"excerpt":{"rendered":"

Florida developer Glenn Straub remains thwarted in his attempts to purchase Revel. His primary obstacle is Judge Gloria Burns, who seems bent upon charting a course for Chapter 7 liquidation. Although, out of 20 bids, Straub’s is the only one … 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":[166,185,165,7,62,112,71,25,157,57,184],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/15729"}],"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=15729"}],"version-history":[{"count":1,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/15729\/revisions"}],"predecessor-version":[{"id":15730,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/15729\/revisions\/15730"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=15729"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=15729"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=15729"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}