{"id":21053,"date":"2018-01-31T07:45:19","date_gmt":"2018-01-31T15:45:19","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=21053"},"modified":"2018-01-31T07:45:19","modified_gmt":"2018-01-31T15:45:19","slug":"new-investigation-of-wynn-eldorado-on-the-prowl","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/new-investigation-of-wynn-eldorado-on-the-prowl\/","title":{"rendered":"New investigation of Wynn; Eldorado on the prowl"},"content":{"rendered":"

After several days of uncertainty, it’s definitive: The Nevada Gaming Control Board<\/strong> will investigate the allegations<\/a> of sex abuse against Steve Wynn<\/strong>. In the past the NGCB has been only too willing to look the other way \"\"when prominent Nevada<\/strong> casino figures got into trouble elsewhere, whether it was Clifford Perlman<\/strong> being found too mobbed-up to operate in New Jersey<\/strong> or Station Casinos<\/strong> being chased out of Missouri<\/strong> with regulators nipping at its heels. Not so this time.\u00a0“After completing our review, the Nevada Gaming Control Board is conducting an investigation with regard to the allegations of sexual misconduct involving Steve Wynn. The Nevada Gaming Control Board will conduct its investigation in a thorough and judicious manner,” stated Chairwoman Becky Harris<\/strong>, enduring a trial by fire in her first month on the job.<\/p>\n

Meanwhile, the Massachusetts Gaming Commission<\/strong> is meeting to discuss the matter today. Gov. Charlie Baker<\/strong> (R) has already taken a forceful stand<\/a>, saying that if Wynn is found culpable he would\u00a0“fail to meet the suitability standard under the state gaming law.” (A gaming \"\"license is a “revocable privilege” in the Bay State.) Wynn Boston Harbor<\/strong> is proceeding with all deliberate speed<\/a> but there’s already speculation about dropping the “Wynn” moniker from the resort, inspired by “the primordial forces of life” (such as Popeye<\/strong>) according to its namesake. In the MGC review, Wynn will be required to manifest “the requisite integrity, honesty and good character,” a high bar to clear. By contrast, the MGC’s 2013 investigation of Elaine Wynn<\/strong> concluded,\u00a0“She is further characterized as someone who is straight forward [sic<\/em>] and honest with an impeccable reputation.”<\/p>\n

Regardless of whether Wynn recovers his reputation, the damage may have been done. The Wall Street Journal<\/em>, noting the tremendous falloff in the value<\/a> of WYNN shares, opined the company might have to “sell, or to break up, regardless of whether Mr. Wynn stays.” And if Macao<\/strong> authorities find against Wynn, then the fat is really in the fire.<\/p>\n

* In other Wynn news, James Packer<\/strong> didn’t come out too<\/i> badly against Wynn Resorts<\/strong>, selling his Alon<\/strong> site for $8.7 million an acre<\/a>. \"\"However, that’s still a comedown from the $400 million that Packer wanted, proving again that Wynn is an astute dealmaker, even if the future of the parcel became clouded again almost as soon as Wynn West<\/strong>\u00a0was announced. Packer wrote down the value of the asset to $200 million, another kick in the pants to his aspirations of being a U.S. gaming mogul.<\/p>\n

* On an altogether favorable note, Eldorado Resorts<\/strong> met with JP Morgan<\/strong> analysts, who came away impressed by the company’s presentation. Salient points included the decision to keep Isle Grand Palais<\/strong> in Lake Charles<\/strong>, a tribal sale having fallen through. Why Eldorado wanted out of Louisiana<\/strong>‘s top casino market was always a puzzler, especially as it generates high ROI. The company expects to achieve an \"\"unspecified amount of synergies from the Isle of Capri Casinos<\/strong> purchase and to see $50 million in tax cuts, which will be reinvested in capex maintenance in its Reno<\/strong> properties, in Black Hawk<\/strong>, at Scioto Downs<\/strong> and at Pompano Park<\/strong> (pictured<\/em>). The cost of bringing Isle Grand Palais’ casino onshore is pegged at another $55 million.<\/p>\n

Nor has Eldorado gone off the prowl. “Despite the flurry of recent activity, management notes the environment remains active, with potential for sizable deals still to be done with some portfolios of $200m+ EBITDA and even single assets of $30m+ EBITDA still out there,” wrote Daniel Politzer<\/strong>. Eldorado “expects its next deal to involve a REIT as a source of financing, though does not plan to sell any of its existing real estate, which it still fully owns.” Reno and Columbus<\/strong> (Scioto Downs) are identified among the stronger properties, with Vicksburg<\/strong> and Shreveport<\/strong> constituting the company’s soft underbelly.<\/p>\n

*\u00a0If the Neon Museum<\/strong>‘s collection of iconic neon signs are seen to glow again in the gloaming, it’s not because they’ve been re-tubed or electrified. No, a digital technology called “projection mapping”<\/a> is \"\"creating the illusion of the good old days. As museum CEO Rob McCoy<\/strong> told The Associated Press<\/em>,\u00a0\u201cThis is Las Vegas<\/strong> as it was. It is very emotional. Even people who don\u2019t live here, but live around the United States<\/strong> or around the world, they all have in their heads a romantic image of Las Vegas, and it\u2019s usually that vintage, neon Las Vegas.\u201d As visitors take the tour, the signs are musically highlit\u00a0to songs like “Mr. Sandman.” Eventually, “Historical footage of this gambling oasis will also be projected onto the signs, showing Liberace<\/strong> playing the piano and gamblers playing table games.” As ever, the Neon Museum is upping its game, making the #1 visitor attraction in Sin City.<\/p>\n","protected":false},"excerpt":{"rendered":"

After several days of uncertainty, it’s definitive: The Nevada Gaming Control Board will investigate the allegations of sex abuse against Steve Wynn. In the past the NGCB has been only too willing to look the other way when prominent Nevada … 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":[23,27,51,199,4,36,140,85,84,62,112,35,39,25,79,232,57,32,38],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/21053"}],"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=21053"}],"version-history":[{"count":1,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/21053\/revisions"}],"predecessor-version":[{"id":21054,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/21053\/revisions\/21054"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=21053"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=21053"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=21053"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}