{"id":16125,"date":"2015-05-27T13:11:07","date_gmt":"2015-05-27T21:11:07","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=16125"},"modified":"2015-05-27T13:11:07","modified_gmt":"2015-05-27T21:11:07","slug":"caesars-pays-some-denies-others-adelsons-blunderbuss-bill","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/caesars-pays-some-denies-others-adelsons-blunderbuss-bill\/","title":{"rendered":"Caesars pays some, denies others; Adelson’s blunderbuss bill"},"content":{"rendered":"

Who knew that Gary Loveman<\/strong> was a creditor of Caesars Entertainment<\/strong>? His compensation package has been identified as \"Loveman<\/a>among those adversely affected by Caesars Entertainment Operating Co<\/strong>.’s\u00a0bankruptcy. The Chapter 11 proceeding has impacted five deferred-compensation plans<\/a>, two of which will resume payouts since they overlap between Caesars and CEOC.\u00a0\u201cBased on a review of plans and related documents, we determined Caesars Entertainment is likely to be jointly liable with CEOC for certain deferred compensation liabilities.\u00a0As a result, we recorded and disclosed the liability and resumed the related payments that had been discontinued<\/em>,\u201d said Teneo Strategy<\/strong>‘s Steven Cohen<\/strong>.<\/p>\n

The Nevada Gaming Control Board<\/strong> had made the well-intentioned but impractical suggestion that the cut-off pensioners be made whole out of Loveman & Co.’s salaries and bonuses. It sounds like this latest resolution still leaves a lot of creditors out in the cold. Those who are will need to scramble to get their claims heard in bankruptcy court, especially since Judge Benjamin Goldgar<\/strong> has already rejected Caesars’ request for a six-month continuance.<\/p>\n

It’s unclear where the new compensation is coming from. Cohen denies that Caesars is putting money into CEOC — and\u00a0“we are not aware of any government investigation into our deferred-compensation program.” Well, if the Justice Department<\/strong> were on the case, you’d think Caesars would be aware of it by now.<\/p>\n

* Gaming & Leisure Properties<\/strong> is doing some major bet-hedging<\/a> in Illinois<\/strong>. It’s made a deal to buy nearby horse track Fairmount Park<\/strong>. However, the sale is contingent on the Legislature approving slots at the state’s racing ovals. GLPI already owns the Casino Queen<\/strong> riverboat in the East St. Louis<\/strong> market, but would obviously like to protect its flank against what looks like a done deal to bring racinos to Illinois.<\/p>\n

* Greg Gemignani<\/strong> isn’t just another Las Vegas<\/strong> attorney. He cut his teeth at Lionel, Sawyer & Collins<\/strong>, that erstwhile\u00a0font of gaming \"Sheldon<\/a>expertise. To pass the time one day, he took a look at Sheldon Adelson<\/strong>‘s pride and joy, “Restoring America’s Wire Act.” Being more of an Internet<\/strong> expert than the Las Vegas Sands<\/strong> CEO, Gemignani immediately glommed onto several problems with the proposed law.\u00a0\u201cThis could stunt the growth of technology that has been so important to gaming as it exists today in Nevada<\/strong>,” he says. “That\u2019s why I imagine we will have a number of Nevada companies all over this thing before everything is said and done. The gaming manufacturing and design companies will be interested. They will get involved.\u201d<\/p>\n

The way Gemignani figured it, the bill was a piece of hackwork thrown together by some Capitol Hill<\/strong> staffer with little knowledge of the gambling industry, pandering to the anti-casino crowd. For an example \"Internet<\/a>of the havoc RAWA could wreak, Gemignani says,\u00a0 \u201cThe box players sit at when they are playing a downloadable slot connects to a server in a room that connects to a computer wherever it may be. As information is passed back and forth between the server, the computer and the box on the casino floor there is no telling how many cell towers it might cross in locations outside the state.\u201d All a casino transaction has to do is cross one state line and you’re fair game for prosecution.<\/p>\n

Gemignani points to the reluctance of banks to process legal Internet-\"venetian-pic\"<\/a>gambling transactions, made gun-shy by the Unlawful Internet Gambling Enforcement Act<\/strong> of 2006, a bit of legislative sausage-making that was rushed out of the kitchen\u00a0without debate. In a fitting irony, if RAWA passes, Adelson might have to shut down CG\u00a0Technology<\/strong>‘s mobile-gambling operations at the Venetian<\/strong> and Palazzo<\/strong> unless he can prove that every play and transaction stays within Nevada state lines. Better start saving up for some geolocation technology, Sheldon.<\/p>\n","protected":false},"excerpt":{"rendered":"

Who knew that Gary Loveman was a creditor of Caesars Entertainment? His compensation package has been identified as among those adversely affected by Caesars Entertainment Operating Co.’s\u00a0bankruptcy. The Chapter 11 proceeding has impacted five deferred-compensation plans, two of which will … 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":[148,190,7,58,22,33,111,25,12,8],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/16125"}],"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=16125"}],"version-history":[{"count":1,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/16125\/revisions"}],"predecessor-version":[{"id":16126,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/16125\/revisions\/16126"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=16125"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=16125"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=16125"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}