{"id":24263,"date":"2019-06-03T10:02:05","date_gmt":"2019-06-03T18:02:05","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=24263"},"modified":"2020-10-19T06:55:26","modified_gmt":"2020-10-19T14:55:26","slug":"more-ho-less-packer-at-crown-wynn-pays-the-piper","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/more-ho-less-packer-at-crown-wynn-pays-the-piper\/","title":{"rendered":"More Ho, less Packer at Crown; Wynn pays the piper"},"content":{"rendered":"

More Lawrence Ho<\/strong> at Crown Resorts<\/strong> means less James Packer<\/strong>, as the publishing heir sold down his stake to 25%<\/a>, spinning the decision thusly: “I \"\"am still vitally interested in Crown\u2019s success as a world-class resort and gaming business. The sale allows me to continue my long term involvement with Crown and at the same time to better diversify my investment portfolio.” One news report said<\/a> that recent photos of Packer showed him to be “in better mental and physical shape.” How do you quantify mental health from a photograph? The younger Ho has previously been licensed in Australia<\/strong>, so the grinning ghost of Stanley Ho<\/strong> should not be a problem. The deal got a favorable notice from Roth Capital Partners<\/strong> analyst David Bain<\/strong>, who wrote,\u00a0\u201cWe view Melco\u2019s transition toward a fully international entertainment resort company as helpful to its stock multiple and beneficial for its competitive bid for a casino concession in Japan<\/strong>.\u201d (Wynn Resorts<\/strong>, having tried and failed to buy Crown, is tipped as a potential takeover<\/a> candidate in the Pacific Rim.)<\/p>\n

Speaking of Japan, Osaka<\/strong> Mayor Ichiro Matsui<\/strong> blasted the Shinzo Abe<\/strong> government’s fainthearted delay of the “Fundamental Policy on Integrated Resorts,” calling it “bad policy and weak politics.” We agree.<\/p>\n

* It was eye-to-eye in Massachusetts<\/strong> and Wynn Resorts blinked. It will pay the $35.5 million in fines assessed by the Massachusetts Gaming Commission<\/strong> rather than fight it in court. This removes a cloud from the imminent opening of Encore Boston Harbor<\/strong>. Also, it would have been difficult for Wynn to make the argument, having already paid $20 million in Nevada<\/strong>, that it was too special to pony up the Bay State levies.<\/p>\n

* Undeterred by the failure of the Lucky Dragon<\/strong>, another developer is going the boutique-hotel route, this time on the Las Vegas Strip<\/strong> itself. The former Croyden Arms<\/strong> motel will give way to a 620-room, $350 million hotel, to be named Astral<\/strong>. Details are scanty at this time but he hope to have more details for as the story unfolds.<\/p>\n

\"\"

Photos By Denise Truscello<\/p><\/div>\n

* Derek Stevens<\/strong> may have to try a little harder. An S&G<\/em> source visited the Golden Gate<\/strong> sports book and reports: ” That sports book has no seating except for one place you fill out a ticket and is a counter against the wall. The pluses is it\u2019s clean and very nicely done with large odds board and if anything over staffed. It is also going to offer mobile gaming and the William Hill<\/strong> machines have been stripped of their logos and are non operational right now. [It’s] small rather not what the publicity led one to believe truthfully.” Alas, it will have to do until Circa<\/strong> opens.<\/p>\n

* The de-Steveing of Wynncore<\/strong> continues. Next out is Andrea’s<\/strong>, the restaurant named in honor of Steve Wynn<\/strong>‘s latest wife. Rumor has it that a Mexican or Latin American-themed eatery will replace it. Considering the amount of business Las Vegas<\/strong> draws from south of the border, that would be a smart move.<\/p>\n

* Sands Bethlehem<\/strong> is officially the property of the Poarch Band of Creek Indians<\/strong> after the Pennsylvania Gaming Control Board<\/strong> approved its transfer from Las Vegas Sands<\/strong>. Sands CEO Sheldon Adelson<\/strong> always blew hot and cold on Bethlehem<\/strong> and cold eventually won<\/a>. The sale proceeds will be reinvested in Singapore<\/strong> instead. In addition to ponying up $1.3 million for the casino, the tribe will make a capex investment of $250 million. Already the Sands name has come off the complex, which is to be renamed Wind Creek Bethlehem<\/strong>. Along with some deferred historical preservation, the Poarch Band has promised a water park, to be built in\u00a0Bethlehem Steel No. 2 Machine Shop<\/strong>. A 276-room hotel will also be added, bringing the resort’s room capacity to 558 rooms.<\/p>\n

* The Cosmopolitan of Las Vegas<\/strong> has walked back its treatment of rapper Meek Mil<\/strong>l. An official statement reads, “We apologize to Meek Mill for how we handled the situation on Saturday, May 25, as we did not act in a respectful manner and were wrong.” The Cosmo must have been very wrong indeed because you almost never see a Vegas casino eating such a large portion of crow.<\/p>\n","protected":false},"excerpt":{"rendered":"

More Lawrence Ho at Crown Resorts means less James Packer, as the publishing heir sold down his stake to 25%, spinning the decision thusly: “I am still vitally interested in Crown\u2019s success as a world-class resort and gaming business. The … 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":[103,66,219,155,18,51,96,171,94,112,207,33,25,243,9,38,252,233],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/24263"}],"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=24263"}],"version-history":[{"count":4,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/24263\/revisions"}],"predecessor-version":[{"id":28549,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/24263\/revisions\/28549"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=24263"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=24263"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=24263"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}