{"id":27546,"date":"2020-07-17T08:49:07","date_gmt":"2020-07-17T16:49:07","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=27546"},"modified":"2023-08-05T05:12:29","modified_gmt":"2023-08-05T13:12:29","slug":"colony-crapital-strikes-out-again-adelson-nixes-mets","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/colony-crapital-strikes-out-again-adelson-nixes-mets\/","title":{"rendered":"Colony Crapital strikes out again; Adelson nixes Mets"},"content":{"rendered":"\n
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Bumbling CEO and key White House<\/strong> economic advisor Tom Barrack<\/strong> is doing what he does best … or most … failing miserably<\/a>. Barrack, who disgraced the Las Vegas Hilton<\/strong> and sundry other casinos, is now in danger of losing 137 over-leveraged hotels, having defaulted on loans and blown through forbearances. The $3.2 billion in loans secured 89 hotels formerly owned by motel mogul Gary Tharaldson<\/strong> (who some will remember as the former owner of the Westward Ho<\/strong> and sister property The Ho<\/strong>, for which he took Gary Loveman<\/strong> to the cleaners). Forty-eight Inland<\/strong>-branded hotels are also at risk. Trustee Wells Fargo<\/strong> is suing Barrack over a defaulted $768 million loan on the Tharaldson properties, which have run an operating deficit of as much as $25 million over the last three months. Colony is being charged with being \u201cunwilling or unable to fund\u201d aforesaid deficit.<\/p>\n\n\n\n\n\n\n\n

Reports The Real Deal<\/em>, “Once in receivership, the Tharaldson portfolio properties would then be foreclosed on or sold, according to the suit. That process could take several months, given the scores of hotels in nearly two dozen states.” The Inland properties, meanwhile, are slipping quietly in receivership, another ignominious retreat for Barrack, who was practically hounded out of gaming. Investing in Barrack’s mismanaged funds is an invitation to kiss your money goodbye.<\/p>\n\n\n\n

The good news coming out of Venelazzo<\/strong> is that it is donating 50,000 room nights to first responders and other essential workers<\/a>. This is all part and parcel of Las Vegas Sands<\/strong>‘ more-than-commendable history of community support<\/a> during the ongoing Coronavirus<\/strong> pandemic. But it’s also indicative of how soft demand for rooms on the Las Vegas Strip<\/strong> is. In normal times Venelazzo wouldn’t have 50K room nights to give away. Nor would it be halting reservations at Palazzo<\/strong> for midweek dates, as it recently did. The generosity is not unconditional: “Guests booking a stay in one of The Venetian<\/strong>\u2019s luxurious suites through the Give LOVE<\/a><\/em><\/strong> offer will receive a discount of 25% off their suite.  The resort will then donate a complementary suite night … to eligible first responders and frontline workers.  This offer is valid for stays through December 29 and must be booked by August 31.” Also, if you’re an essential worker, you have to book a two-night package to qualify for a free room night. So it’s a “george” gesture but not without some attached strings.<\/p>\n\n\n\n

Speaking of Sheldon Adelson<\/strong>‘s business ventures, he’s tipped as a potential buyer of the New York Mets<\/strong>, who would presumably vacate Flushing<\/strong> in favor of Las Vegas<\/strong> … or stay put to give Adelson leverage<\/a> to build a megaresort in Manhattan<\/strong> in 2023. Adelson was “revealed<\/a>” as the mystery fourth member of a consortium bidding for Mets, casino ownership presumably no longer being anathema to Major League Baseball<\/strong>. However, the story didn’t have enough traction to leg out a single. “No interest, no bid,” stated Sands spokesman Ron Reese<\/strong>, leaving no room<\/a> for equivocation. So you might say that Sheldon won’t be playing ball. It’s just as well. The Mets are +2200 underdogs to make the World Series<\/strong>, way behind the David Price<\/strong>-less Los Angeles Dodgers<\/strong> (+350) and the New York Yankees<\/strong> (+375).<\/p>\n","protected":false},"excerpt":{"rendered":"

Bumbling CEO and key White House economic advisor Tom Barrack is doing what he does best … or most … failing miserably. Barrack, who disgraced the Las Vegas Hilton and sundry other casinos, is now in danger of losing 137 … 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":[113,24,3,241,101,12,38],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/27546"}],"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=27546"}],"version-history":[{"count":4,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/27546\/revisions"}],"predecessor-version":[{"id":32817,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/27546\/revisions\/32817"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=27546"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=27546"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=27546"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}