{"id":17985,"date":"2016-03-24T11:44:37","date_gmt":"2016-03-24T19:44:37","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=17985"},"modified":"2016-03-24T11:44:37","modified_gmt":"2016-03-24T19:44:37","slug":"setback-for-penn-new-problem-for-atlantic-city","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/setback-for-penn-new-problem-for-atlantic-city\/","title":{"rendered":"Setback for Penn; New problem for Atlantic City"},"content":{"rendered":"

\"PennIt was Iowa Racing & Gaming Commission<\/strong> 1, Penn National Gaming<\/strong> 0 in an Iowa<\/strong> appellate court. Penn had been trying to get the license of its Belle of Sioux City<\/strong> reinstated, claiming it was deprived of due process. That argument continued to fall on deaf ears<\/a>, with the Iowa Court of Appeals<\/strong> ruling that the IRGC was within its rights to reassign the Sioux City<\/strong> license to a Hard Rock<\/strong>-branded project when Penn was unable to cut a new deal with Missouri River Historical Development<\/strong>. (Iowa law requires that all casinos partner with a local nonprofit.) Penn will undoubtedly take this matter to the Iowa Supreme Court<\/strong> but it’s been on a long losing streak and should probably quit while it’s behind.<\/p>\n

*\u00a0MGM Resorts International<\/strong>‘s REIT, MGM Growth Partners<\/strong> is rolling out an initial public offering that’s conservatively expected to raise $100 million<\/a>. What does it plan to do with the money? It might buy MGM properties that currently fall outside the REIT — although that would cost a lot more than $100 million. Or “will also actively seek to identify additional entertainment and gaming-related properties for potential acquisition from non-MGM entities.\u201d So if you’ve got a low-cost casino that you’d like to unload, MGM Growth Properties will probably take your call.<\/p>\n