{"id":21670,"date":"2018-05-10T10:07:02","date_gmt":"2018-05-10T18:07:02","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=21670"},"modified":"2018-05-10T10:07:02","modified_gmt":"2018-05-10T18:07:02","slug":"how-much-for-a-used-dragon-indiana-good-missouri-meh","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/how-much-for-a-used-dragon-indiana-good-missouri-meh\/","title":{"rendered":"How much for a used Dragon?; Indiana good, Missouri ‘meh’"},"content":{"rendered":"

Believe it or not, there is\u00a0\u201ca lot of interest in the property at this time\u201d according to Lucky Dragon Casino<\/strong> owner Andrew Fonfa<\/strong>, a contention independently verified<\/a> by the Las Vegas Review-Journal<\/em>. That being said, a Lucky Dragon sale is far from imminent, given the vast difference \"\"between Fonfa and his creditors as to what the boutique casino is worth. He says $143 million, they say $60 million or thereabouts. Fonfa hopes to sell the Lucky Dragon via a foreclosure court auction, although such a turnover has been postponed at least once. Fonfa’s explanation of the widely varying valuations was a cryptic,\u00a0\u201cIt doesn\u2019t take a genius to figure that out.\u201d Snow Covered Capital<\/strong> is exposed to the extent of $50 million in loans to Lucky Dragon and a $60 million sale price would cover its nakedness nicely.<\/p>\n

Contradicting Fonfa’s narrative, Snow says it has been shopping the Lucky Dragon around and should \u201cconsider abandoning the property.\u201d That’d pretty up Sahara Avenue<\/strong> nicely, one more failsino in an already blighted area. Other creditors range from International Game Technology<\/strong> to Clark County<\/strong>, which has a looming \"\"property-tax tab. In danger of being left out in the cold are the Lucky Dragon’s EB-5<\/strong> investors, who are at the back of the payment queue. Their attorney would like to see Fonfa retain control and, with an infusion of new capital — a real long shot — make the EB-5ers whole. Otherwise they’ll lose their nut and their hopes of U.S. citizenship. As risky as it is for the EB-5 bunch, neither new investors nor prospective owners are likely to show their cards unless the foreclosure auction proceeds — a prospect rife with risk for the parties involved but seemingly a necessary hazard.<\/p>\n

* Ho-Chunk Gaming Dells<\/strong> in Baraboo<\/strong>, Wisconsin<\/strong>, gets it where customer comfort is concerned. As part of a $50 million remodel, it has doubled the amount of gaming floor that is smoke-free. But this isn’t the kind of empty gesture of the sort made by, for one, Sheldon Adelson<\/strong>. The smoke-free section has its own discrete air-filtration, so guests can breathe clean oxygen. Ho-Chunk Gaming is to be commended and you can read about its other upgrades here<\/a>.<\/p>\n

* Indiana<\/strong> gambling revenues inched upward last month, rising 2.5% to $190.5 million. Foot traffic was 12% down but players wagered freely — 16% more.\u00a0Four Winds Casino<\/strong> (Class II) didn’t blow too hard on \"\"Blue Chip Casino<\/strong>, which was 4% off, for $13 million. Racinos in the southern part of the state (it is<\/em> racing season, after all) seem to have pulled business away from Horseshoe Southern Indiana<\/strong>, minus 2% for $21 million grossed, and Hollywood Casino Lawrenceburg<\/strong>, down 2% to $14 million. Hoosier Downs<\/strong> was up 1.5% to $16 million while Indiana Downs<\/strong>\u00a0rose 2% to $21 million. Belterra<\/strong> struggled, declining 7% to $9.5 million, while Tropicana Evansville<\/strong> had another blockbuster month, up 13.5% to $13 million. French Lick Resort<\/strong> slid 4% to $8 million and Rising Sun<\/strong> survived a 1% nip to bring in $4.5 million.<\/p>\n

Up in the northern tier, Horseshoe Hammond<\/strong> did about as one expects, rising 3.5% to $36 million, while Ameristar East Chicago<\/strong> leapt 18% to $21.5 million. Majestic Star I<\/strong> was up 2% to $9 million while the ghost of Donald Trump<\/strong> continues to haunt Majestic Star II<\/strong>, down 1.5% and bringing in $5 million.<\/p>\n

* At the very least, Indiana was revenue-positive last month. Missouri<\/strong> casinos were flat, as visitation declined 4.5%. Star performer was Tropicana Entertainment<\/strong>‘s Lumiere Place<\/strong>, up 7.5% to $14.5 \"\"million. Pinnacle Entertainment<\/strong>‘s properties generally underperformed analyst expectations, even when they posted gains. River City<\/strong> was down 5% to $19 million, Ameristar St. Charles<\/strong> raked in $22.5 million, up 2% while Ameristar Kansas City<\/strong>‘s $16.5 million represented a 1.5% improvement. Rival Penn National Gaming<\/strong> made small gains: 1% at Argosy Riverside<\/strong> ($14 million) and 2% at Hollywood St. Louis<\/strong> ($21 million).<\/p>\n

Eldorado Resorts<\/strong> had modest gains at its outlying Isle of Capri<\/strong>– and Lady Luck<\/strong>-branded resorts, offset by an 11% tumble at Isle Kansas City<\/strong> ($6 million). Affinity Gaming<\/strong>‘s Mark Twain<\/strong> resort was down 3% to $3 million, closing the month with a note of symmetry.<\/p>\n","protected":false},"excerpt":{"rendered":"

Believe it or not, there is\u00a0\u201ca lot of interest in the property at this time\u201d according to Lucky Dragon Casino owner Andrew Fonfa, a contention independently verified by the Las Vegas Review-Journal. That being said, a Lucky Dragon sale is … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":16606,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[173,40,65,60,229,199,117,198,190,7,67,29,68,85,206,191,39,69,30,111,31,9,20,38,170],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/21670"}],"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=21670"}],"version-history":[{"count":1,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/21670\/revisions"}],"predecessor-version":[{"id":21675,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/21670\/revisions\/21675"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media\/16606"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=21670"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=21670"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=21670"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}