{"id":16700,"date":"2015-09-09T12:14:14","date_gmt":"2015-09-09T20:14:14","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=16700"},"modified":"2018-08-01T08:53:24","modified_gmt":"2018-08-01T16:53:24","slug":"case-bets-caesars-detroit-new-york-steve-wynn","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/case-bets-caesars-detroit-new-york-steve-wynn\/","title":{"rendered":"Case Bets: Caesars, Detroit, New York & Steve Wynn"},"content":{"rendered":"

In one of the industry’s more bizarre developments, Harrah’s Tunica<\/strong> will become an assisted-living facility if buy TJM \"HarrahsTunicaExterior\"<\/a>Properties<\/strong> has its druthers. Caesars Entertainment Operating Co<\/strong>. has asked a bankruptcy court to approve the sale. It won’t bring in that much<\/a> — $3 million — but now that CEOC is in Chapter 11, it’s been turning modest profits every month, so each little bit helps. If the court OKs the sale, could we see other asset liquidations from CEOC? And how would creditors feel about the potential diminution of the asset base?<\/p>\n

In other news, Caesars Entertainment<\/strong> has managed to barter a $20 million FinCEN<\/strong> fine down to $8 million<\/a>, topped off by a $1.5 million penalty to the Nevada Gaming Commission<\/strong>. Those regulatory bodies presumably preferred to have a lesser amount of money now rather than take a spot at the back end of the unsecured-creditor queue at Caesars. Caesars ‘fessed up to the feds’ allegation that it\u00a0“maintained highly deficient internal controls,” particularly involving Asian players and promised to do better. So, with l’affaire Caesars<\/em> wrapped up, which Strip company will be the next one under the federal microscope?<\/p>\n

* Give Greektown Casino-Hotel<\/strong> CEO Matt Cullen<\/strong> the Stand-Up Guy of the Year award. Although he could understandably\u00a0have protested $530,000 in fines for 25 infractions of casino regulations — including the concealment of a real estate broker fee — that occurred under previous owner Greektown Superholdings<\/strong>, Cullen is stepping forward and committing<\/a> current owner Rock Gaming<\/strong> to pick up the entire tab. That’s regulatory compliance above and beyond the call of duty.<\/p>\n

August saw the dog days<\/a> for Detroit<\/strong> casinos, down 6% as a group. Although MotorCity<\/strong>‘s winnings slipped 2%, it closed the gap on MGM Grand Detroit<\/strong> ($37 million to $44 million) as the latter declined 8%. Greektown ($27 million) only dropped 3%.<\/p>\n

* In New York State<\/strong>, the\u00a0Senate Standing Committee on Racing, Gaming &\u00a0Wagering<\/strong> will be holding hearings on \"Bonacic\"<\/a>Internet poker, at the prodding of state Sen. John Bonacic<\/strong>. We don’t know if Bonacic has been monitoring anemic i-poker revenues in Nevada<\/strong>, New Jersey<\/strong> and Delaware<\/strong> but both proponents — who include MGM Resorts International<\/strong> — and opponents seem to be exaggerating the amount of money it will generate. Expect a mix of blue-sky financial projections and Chicken Little alarmism.<\/p>\n

* According to Howard Stutz<\/strong>, this year’s Global Gaming Expo<\/strong> will be the revenge of the nerds<\/a>.<\/p>\n

* Steve Wynn<\/strong> will be making precedent in Massachusetts<\/strong> by subsidizing ‘T’ service to the tune of $7 million. According to Boston Globe<\/em> columnist Shirley Leung<\/strong>, he’s the first private developer to \"Steve<\/a>do so. “Others have sprung for capital improvements, but Wynn\u2019s plan would keep the trains running on time,” she writes. The state asked Wynn to pitch when, after urging him to have his employees and players use the Orange Line<\/strong>, it realized that the artery would be heavily taxed in off-peak hours. The Wynn Resorts<\/strong> braintrust looked at it, thought it made sense and it was a done deal<\/a>. Wynn’s trying to help Massachusetts, no matter how many politicians want him to take his casino and go home.<\/p>\n","protected":false},"excerpt":{"rendered":"

In one of the industry’s more bizarre developments, Harrah’s Tunica will become an assisted-living facility if buy TJM Properties has its druthers. Caesars Entertainment Operating Co. has asked a bankruptcy court to approve the sale. It won’t bring in that … 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":[44,14,104,7,22,37,112,11,35,101,25,32,8,100],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/16700"}],"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=16700"}],"version-history":[{"count":2,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/16700\/revisions"}],"predecessor-version":[{"id":22188,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/16700\/revisions\/22188"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=16700"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=16700"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=16700"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}