{"id":21240,"date":"2018-02-23T11:31:53","date_gmt":"2018-02-23T19:31:53","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=21240"},"modified":"2018-02-23T12:18:19","modified_gmt":"2018-02-23T20:18:19","slug":"adelson-subsidizes-foreign-policy-packers-comeback","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/adelson-subsidizes-foreign-policy-packers-comeback\/","title":{"rendered":"Adelson subsidizes foreign policy; Packer’s comeback"},"content":{"rendered":"

Sheldon Adelson<\/strong>‘s at it again. This time, in the cause of escalating Mideast<\/strong> tensions, he’s putting his money where his mouth is. The toupee-crowned supermogul is reported to be offering to foot the bill<\/a> for at least some of a permanent U.S. embassy in Jerusalem<\/strong> \"\"(probable cost: $500 million). American diplomats are on the verge of operating out of temporary offices in the ancient city, but Adelson and Donald Trump<\/strong> are committed to giving them something more permanent. The potential sticking point is whether a private citizen like Adelson can just whip out his checkbook and foot the cost of a government project. This is a more constructive — pun intended — Adelson foray into diplomacy than his last one, in which he advocated nuclear genocide<\/a> on Iran<\/strong>. Adelson isn’t the instigator: The Trump administration, which is sorting out the legal niceties, is reported to be rattling its tin cup “in the evangelical Christian and American Jewish communities.” Since an American embassy in Jerusalem would supposedly bring us one step closer to Armageddon<\/strong>, you can expect the Religious Right to wet its pants over the idea.<\/p>\n

Adelson’s contribution could be generically given to the U.S. government with a wink-wink, nudge-nudge about where the money should go. Given the size of Adelson’s ego, other questions present themselves. Asked Kathy Bethany<\/strong>, a former cost-management boffin at the State Department,<\/strong>\u00a0“Would we be beholden to putting their name on the building? I’ve never heard of that.” It’s Sheldon Adelson we’re talking about. Damn straight his name’s gonna be on that building.<\/p>\n

In a domestic setback for Adelson, thanks to a geographical blunder<\/a>, its acquisition of Pennsylvania<\/strong>‘s fourth mini-casino had to be invalidated by state regulators. Why? When \"\"Adelson’s minions drew their maps, they placed their satellite casino within a radius already promised to Mount Airy Casino<\/strong>. Had they been successful, Sands would have had a clear shot at the Youngstown<\/strong>, Ohio<\/strong>, market — but now the $9.9 million bid goes back into the kitty and the (undisclosed) runner-up offer from Parx Casino<\/strong> is presumably the winner by default<\/a>. \u201cWe\u2019ve got to go draw some circles on a map,\u201d said Monroe County<\/strong> Commission Chairman Matt McConnell<\/strong> of Sands’ blunder. Speaking of winners, although the price for licenses is coming back to earth, the commonwealth of Pennsylvania is already past its $100 million fundraising goal by $11 million and change.<\/p>\n

Given its focus on megaresorts, some are baffled by Sands’ assiduous pursuit of a mini-casino.\u00a0\u201cThis is a real departure for Las Vegas Sands<\/strong> in terms of the type of facility they\u2019re developing,\u201d said Spectrum Gaming Group<\/strong>‘s Joe Weinert<\/strong>. But Sands Bethlehem<\/strong> President Brian Carr<\/strong> responded,\u00a0\u201cPennsylvania remains a great gaming market, and we believe some parts of the state are actually underserved.\u201d<\/p>\n

* Yesterday’s foreclosure auction of Lucky Dragon Casino<\/strong> has been forestalled by Andrew Fonfa<\/strong>‘s Chapter 11 filing. It looks as though the disposition of the property will be pushed into late March, according to Scott Roeben<\/strong>, giving Fonfa more time to craft a rescue plan, although it sure looks like long odds. Alex Meruelo<\/strong> will just have to possess his soul in patience for the time being.<\/p>\n

* “Last year, Mr [James<\/strong>] Packer<\/strong> conceded that his ambition of expanding Crown [Resorts] into an international casino and hotel empire had failed, and said Crown would \"\"turn its focus squarely on its operations in Melbourne<\/strong> and Perth<\/strong>,” writes an Australian newspaper. Indeed, following the arrest of The Crown 18, Packer ceased direct-marketing efforts to China<\/strong>, liquidated his positions in Melco Crown Entertainment<\/strong> and Internet sports book CrownBet<\/strong>, and sold the Alon<\/strong> site to Steve Wynn<\/strong>, all in the cause of raising $548 million. (Who ever thought James Packer would outlast Steve Wynn in the casino business?) Well, the strategy is paying off<\/a>: VIP play is back up at Crown’s flagship properties by 37.5% — or $205 million from 2H16.<\/p>\n

Packer’s CFO, Ken Barton<\/strong>, said “youre seeing that globally the VIP market has probably been stronger than people have expected ….\u00a0we are obviously significantly under where our peak market share was if you go back to sort of 2015.” Anti-gambling crusader Tim Costello<\/strong>, meanwhile, carped about a supposed lack of transparency in Crown’s financial report, saying it “should not be allowed to operate like a secret state in the heart of Melbourne. And if the controlling shareholder won’t play ball, the government should use its licencing power to force through some changes.”<\/p>\n

* Developer Bart Blatstein<\/strong> continues to play it cool<\/a> about his possible casino plans for the Showboat<\/strong>. But, given the excitement certain to be generated by neighbor Hard Rock Atlantic City<\/strong> and (maybe) Ocean Resort<\/strong>, he’d be almost crazy not to go for a casino license. Note to Glenn Straub<\/strong>: This is how you win friends and influence people.<\/p>\n","protected":false},"excerpt":{"rendered":"

Sheldon Adelson‘s at it again. This time, in the cause of escalating Mideast tensions, he’s putting his money where his mouth is. The toupee-crowned supermogul is reported to be offering to foot the bill for at least some of a … 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":[235,23,103,42,185,172,165,22,37,96,206,62,93,71,95,33,25,157,12,74,32,214,9],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/21240"}],"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=21240"}],"version-history":[{"count":4,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/21240\/revisions"}],"predecessor-version":[{"id":21244,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/21240\/revisions\/21244"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=21240"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=21240"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=21240"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}