{"id":16428,"date":"2015-07-21T09:06:54","date_gmt":"2015-07-21T17:06:54","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=16428"},"modified":"2019-04-16T09:02:38","modified_gmt":"2019-04-16T17:02:38","slug":"pinnacle-deal-done-christies-tribal-blind-spot","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/pinnacle-deal-done-christies-tribal-blind-spot\/","title":{"rendered":"Pinnacle deal done; Christie’s tribal blind spot"},"content":{"rendered":"

After playing hard to get, Pinnacle Entertainment<\/strong> management finally succumbed to the embrace of Gaming & Leisure Properties<\/strong>. \"Sanfilippo\"<\/a>It’s a great deal on Pinnacle’s part: It sells its real estate to GLPI for 12.5 times cash flow, an unheard-of multiple for regional casino properties. Since Pinnacle will still be managing the casinos, the onus remains on them to justify GLPI’s (over)payment. However, CEO Anthony Sanfilippo<\/strong> and his team extracted a sweet deal for their shareholders, who will receive 0.85 shares of GLPI stock for every share of Pinnacle they hold.<\/p>\n

“We believe PNK management did a superb job maximizing value for shareholders, while leaving the OpCo on largely solid ground for the near to medium term. In short, PNK holders are getting a GLPI stock component with a present value of ~$30, with upside,” wrote Deutsche Bank<\/strong> analyst Carlo Santarelli<\/strong>. Were this an outright sale, one would fear for the future of the Pinnacle casinos, given GLPI CEO Peter Carlino<\/strong>‘s reputation at Penn National (grubby, second-rate properties that sweat comps) but, granted sufficient financial backing, Sanfilippo & Co. should be able to keep doing their heretofore excellent job, provided that GLPI doesn’t squeeze them for higher return on investment.<\/p>\n

* Having ridden Cirque du Soleil<\/strong> about as far as it will go, MGM Resorts International<\/strong> is trying to promote kabuki theater … on an \"Carp\"<\/a>appropriately Vegas-big scale. (This wouldn’t have anything to do with trying to get into Japan<\/strong>, would it?) For three days in August, actor\u00a0Ichikawa Somegoro<\/strong> will fight giant, evil carp projected onto the Bellagio<\/strong> fountains in the Koi Tsukami<\/em> spectacular. And if you don’t think this is part of a full-press courtship of Japan, what’s that large-scale Japanese floral arrangement doing in the Bellagio Conservatory<\/strong>?<\/p>\n

*\u00a0\u201cThey are denying the way we exist.\u201d So says\u00a0Nanticoke Lenni-Lenape Tribal Nation<\/strong> Chairman Mark Gould<\/strong> of Gov. Chris Christie<\/strong>‘s attempt to revoke state recognition of it and two other tribes. The tribes, which have not sought federally protected status, \"chris-christie-cnbc\"<\/a>were recognized by the state in the early 1980s. Now, says Gould, Christie is trying to strip the tribes of their status<\/a> according to what The Press of Atlantic City<\/em> describes as “an irrational, stereotype-driven fear of an Indian casino. But the tribe\u2019s charter and religious tenets expressly prohibit gaming.”<\/p>\n

Although it won’t be deprived of gaming, the Lenni-Lenape stand to lose hundreds of thousands of dollars in state and federal grants if Christie prevails. This includes scholarships and …<\/p>\n

* $600,000 in federal health grants<\/p>\n

* $260,000 from losing the right to label tribal products as “American Indian made”<\/p>\n

* $650,000 in tribal wages<\/p>\n

… and so on. Tribal attorney Greg Werkheiser<\/strong> charges that Christie “is pretending select minorities out of existence.\u201d Since the Lenni-Lenape aren’t pursuing a casino — and what would be the harm if they did? — S&G urges the Christie administration to take a chill pill.<\/p>\n","protected":false},"excerpt":{"rendered":"

After playing hard to get, Pinnacle Entertainment management finally succumbed to the embrace of Gaming & Leisure Properties. It’s a great deal on Pinnacle’s part: It sells its real estate to GLPI for 12.5 times cash flow, an unheard-of multiple … 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":[4,190,171,11,30,9,20,38],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/16428"}],"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=16428"}],"version-history":[{"count":2,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/16428\/revisions"}],"predecessor-version":[{"id":23946,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/16428\/revisions\/23946"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=16428"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=16428"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=16428"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}