{"id":16966,"date":"2015-10-12T10:02:11","date_gmt":"2015-10-12T18:02:11","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=16966"},"modified":"2019-07-13T10:19:21","modified_gmt":"2019-07-13T18:19:21","slug":"mccheese-baffles-wynn-straub-thwarted-again","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/mccheese-baffles-wynn-straub-thwarted-again\/","title":{"rendered":"McCheese baffles Wynn; Straub thwarted again"},"content":{"rendered":"

Boston<\/strong> Mayor Martin “McCheese” Walsh<\/strong> has Wynn Everett<\/strong> President Robert DeSalvio<\/strong> “baffled” with his schizoid approach to \"martinjwalsh-headshot\"<\/a>the hotel-casino. After having an apparently conciliatory meeting with Walsh, DeSalvio was bushwhacked by a McCheese-launched lawsuit to halt construction on Wynn Everett.\u00a0\u201cWe were somewhat baffled by the resulting litigation that followed and I really can\u2019t answer for it. I don\u2019t know why that \u2028action was taken,\u201d DeSalvio told Boston Herald Radio<\/strong>.<\/p>\n

Although he risks driving off $1.7 billion in development, Walsh’s rule-or-ruin approach<\/a> is polling well in Boston<\/strong>, where it enjoys 57% approval. While one would think that Walsh would want to try and negotiate a more lucrative surrounding-community arrangement with Steve Wynn<\/strong>, his objective seems to be to drive the mogul out of Beantown altogether. He obviously figures that, should that happen, the state would have no choice but to bring back the Suffolk Downs<\/strong>\/Mohegan Sun<\/strong> project, for which Walsh’s preference is no secret.<\/p>\n

* Glenn Straub<\/strong> may not be able to get his hands on the ACR Energy Partners<\/strong> power plant for Revel<\/strong> after all. A pair of bondholders,\u00a0Rosemawr Municipal Partners Fund<\/strong> and Rosemawr Capital I<\/strong>, are suing ACR. They assert that they have \"Revel_0947\"<\/a>preemptive rights to the plant, ACR having allegedly lied to them about defaults on its bonds, which lost 70% of their value after Rosemawr’s purchase.\u00a0\u201cDefendants fraudulently misrepresented \u2014 indeed, flatly lied about \u2014 material matters and purposefully concealed information that they knew was material to plaintiffs and the other bondholders in order to enrich themselves,\u201d reads the lawsuit. Whenever Straub seems to have the power plant securely in his grasp, some complication springs up to keep it away from him.<\/p>\n

* Its coffers fattened with slot-machine lucre, Yonkers Raceway<\/strong> is bringing back harness racing, with an eye to the European simulcast \"harness\"<\/a>market. Reviving the Sunday meets last fall,\u00a0Yonkers’\u00a0handle often reached or exceeded $1 million<\/a> a Sunday\u00a0from overseas bettors, who are said to be mad for trotters. In cooperation with France<\/strong>‘s\u00a0Pari Mutuel Urbain<\/strong>, Yonkers is now looking to revive the $1 million International Trot<\/strong>, which draws trotting horses from across the Western Hemisphere. While hardly chump change ($500,000) the U.S. handle for Yonkers’ trotting races pales next to the European action. The races, which average a $10,000 a purse, had been discontinued. And without casino gambling at Yonkers, I seriously doubt we’d be discussing international harness racing today.<\/p>\n

* Another day, another restructuring plan<\/a> at Caesars Entertainment<\/strong>. This one would see still split the company into a management unit and a REIT. Bank owners would trade in their \"CAESARS-ENTERTAINMENT-LOGO\"<\/a>$5.35 billion in existing debt for new debt plus $3.2 billion in cash, while senior bondholders, who are owed $6.3 billion, would get a slightly less “george” offer: Equity plus $1.45 billion in cash … and new debt. That’s still better than what junior bondholders are offered in a take-it-or-leave-it deal; 18% recovery and a 17.5% share of the REIT if they say yes, 5% recovery if they say no. Caesars says it has the senior creditors on board with this new debt, but it is still dogged by a junior-debtor lawsuit over allegedly fraudulent transfers of assets, such as the one that saw Total Rewards<\/strong> change hands for free.<\/p>\n

* Troglodytes love to demonize tribal gaming but a recent analysis of Arizona<\/strong> shows the multi-dimensional benefits<\/a> it has wrought.<\/p>\n","protected":false},"excerpt":{"rendered":"

Boston Mayor Martin “McCheese” Walsh has Wynn Everett President Robert DeSalvio “baffled” with his schizoid approach to the hotel-casino. After having an apparently conciliatory meeting with Walsh, DeSalvio was bushwhacked by a McCheese-launched lawsuit to halt construction on Wynn Everett.\u00a0\u201cWe … 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":[109,23,185,7,67,112,167,101,111,157,32,20,38],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/16966"}],"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=16966"}],"version-history":[{"count":4,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/16966\/revisions"}],"predecessor-version":[{"id":24524,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/16966\/revisions\/24524"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=16966"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=16966"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=16966"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}