{"id":25312,"date":"2019-11-08T09:02:21","date_gmt":"2019-11-08T17:02:21","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=25312"},"modified":"2020-10-19T06:56:34","modified_gmt":"2020-10-19T14:56:34","slug":"mgm-springfield-deal-or-no-deal-more-kaos-chaos","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/mgm-springfield-deal-or-no-deal-more-kaos-chaos\/","title":{"rendered":"MGM Springfield: Deal or no deal?; More KAOS chaos"},"content":{"rendered":"

As reported earlier this week, MGM Resorts International<\/strong> is considering monetizing disappointing MGM Springfield<\/strong> via a sale to MGM Growth Properties<\/strong>. The company sought to reassure customers<\/a>, saying the deal \"\"\u201cfocus exclusively on the transfer of real estate and have no bearing whatsoever on the property\u2019s management or operations … These transactions have no impact on employees, partners or the guest experience.\u201d Springfield<\/strong> Mayor Dominic J. Sarno<\/strong> intends to hold MGM to that, saying he would enforce MGM’s host-community agreement. Also, it’s not as simple as transferring the deed to MGP. The Massachusetts Gaming Commission<\/strong> has to approve the REIT sale, as it did earlier with Plainridge Park<\/strong>.<\/p>\n

Since nothing has been formally proposed, the MGC does not presently know what permissions will have to be required. However, Boston College<\/strong>‘s Richard McGowan<\/strong> regards the sale as unlikely. “I really doubt that the MGC will approve unless it can be shown that this will allow MGM to reinvest in its Springfield property. I doubt anyone believes that this is\u00a0going to happen,\u201d he told Casino.org<\/strong>. McGowan added, “MGM\u2019s figures are very disappointing and Encore<\/strong>\u2019s numbers are also not up to expectations because of the amount of casino gambling that is available.\u201d Selling MGM Springfield would certainly be a speedy way to reduce MGM’s outlay on the resort.<\/p>\n

* After a good, 20-year run, Red Square<\/strong> at Mandalay Bay<\/strong> is closing<\/a>. We’ll miss it, to say nothing of the headless Lenin<\/strong> statue that provided a convenient point of orientation in the sprawling resort. If you’re unhappy about this turn of events, blame Sam Nazarian<\/strong>. His SBE Entertainment<\/strong> got its claws into Red Square earlier this year. Nothing associated with Nazarian can be all good.<\/p>\n

* Convicted felon O.J. Simpson<\/strong> is suing The Cosmopolitan of Las Vegas<\/strong> for alleged defamation of character. Really? Does the Juice have any character left to defame?<\/p>\n

* In the Preposterous Claim of the Week, a Genting Group<\/strong> exec asserts that\u00a0the company could quadruple the financial performance of Resorts World Catskills<\/strong> by taking it private. Before\u00a0we all fall down laughing, let it be \"\"known that Resorts World Catskills is making less than 50% of projected revenue is presently losing money. So going from $12 million in the red per month to $36 million in the black maybe isn’t out of reach. “We concluded that we [would] need to take it over, take it private, and operate it with the type of optimization that we utilize downstate now in Queens<\/strong>,” an anonymous source told Casino.org<\/strong>, “which continues to be highest-grossing and most efficient video lottery terminal facility on the planet, bar none. We [want to] bring that upstate to Empire.\u201d<\/p>\n

Well, at least it’s easier than bringing Empire downstate to the New York City<\/strong> area. Bankruptcy is still an option in the Catskills, although maybe less so now that Kien Huat Realty<\/strong> has put $129 million into the company.<\/p>\n

* Scarcely had Station Casinos<\/strong> shut the doors of KAOS<\/strong> than it was hit with a class-action lawsuit<\/a>, filed by lead plaintiff Alyssa Faulstick<\/strong> and other employees. It charges Station with having terminated the KAOS staff without proper notice or recompense. Federal law requires 60-day notice. Station gave KAOS employees two week’s pay plus wages owed.<\/p>\n","protected":false},"excerpt":{"rendered":"

As reported earlier this week, MGM Resorts International is considering monetizing disappointing MGM Springfield via a sale to MGM Growth Properties. The company sought to reassure customers, saying the deal \u201cfocus exclusively on the transfer of real estate and have … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":21164,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[66,18,120,112,245,101,159,69,25,162,57,233],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/25312"}],"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=25312"}],"version-history":[{"count":3,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/25312\/revisions"}],"predecessor-version":[{"id":28654,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/25312\/revisions\/28654"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media\/21164"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=25312"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=25312"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=25312"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}