BJ21.com Newsletter
May 8, 2008 080508
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Compiled by Al
Rogers
Al@bj21.com
TROPICANA
BANKRUPTCY
Owner
of Tropicana casinos files for Chapter 11 protection
ATLANTIC CITY - The owner of Tropicana casinos in Atlantic City and Las
Vegas has filed for Chapter 11 bankruptcy protection, nearly five
months after New Jersey regulators stripped the Tropicana Casino and
Resort of its license.
Tropicana Hits Bottom
Tropicana Entertainment overplayed its hand in a high-stakes game that
involved Chapter 11.
Tropicana
officials calm fears in wake of bankruptcy filing -- Hotel manager:
It's business as usual on Strip
LAS VEGAS - "I know the 'B' word sometimes scares a few people," said
John Sevilla, general manager of the Tropicana. "This is really a good
thing for us. We are doing this from a position of strength, and it
will be business as usual."
Tropicana
Entertainment makes money but still files for bankruptcy
Today’s news that Tropicana Entertainment is filing for Chapter 11
bankruptcy protection comes on the heels of a much-publicized slowdown
that has uncovered the myth that gaming is a recession-proof industry
Tahoe casinos'
owner in trouble -- Parent of Horizon, MontBleu seeking Chapter 11
protection.
Two of Lake Tahoe's four big casinos are headed into bankruptcy
protection, putting further pressure on a resort area struggling
against Northern California's Indian casinos.
More
trouble for Vegas
The Tropicana resorts will continue to operate, owners say, but this is
not a good sign for either gambling mecca, where gaming revenues are
down.
Chapter
11 threat at Tropicana made some bidders wait -- Conservator believes
they saw steal coming
ATLANTIC CITY — The looming threat of a bankruptcy filing made some
potential bidders for the Tropicana Casino and Resort hold back on
their offers, thinking they might be able to buy it on the cheap, the
conservator overseeing the sale said Tuesday.
Tropicana
bondholders ask for trustee control
NEW YORK - Some noteholders of Tropicana Entertainment LLC, which has
filed for bankruptcy, asked for it to be placed under a court-appointed
trustee's control, saying CEO William Yung had come close to destroying
the casino operator's prospects, according to court filings.
Bankruptcy
won't affect Aztar workers
EVANSVILLE, IN - Casino Aztar employees won’t be affected by the
bankruptcy declared Monday by the owner of the casino.
LAS VEGAS
Long Gaughan: El
Cortez owner sells stake in downtown casino
Longtime Las Vegas casino owner Jackie Gaughan is finally walking away
from the tables. During a process that took just a few minutes on
Wednesday, the Nevada Gaming Control Board approved a request by the
downtown casino owner to sell his stake in the El Cortez, Gaughan's
signature property since 1963.
Barden
to unload Sin City casino to fund Majestic Star ...
Businessman Don Barden always said his planned Majestic Star Casino in
Pittsburgh would be the flagship of his gambling empire.
Thanks to Green Chip member Joliet Jimmer for providing the
above link.
... 'For sale'
sign could be headed for Fitzgeralds
Fitzgeralds owner Don Barden is pledging his downtown Las Vegas
property to generate a $35 million equity stake in a slots-only casino
in Pittsburgh, making a sale likely for the Fremont Street hotel.
Down on Its Luck -- Las Vegas used to be a recession-proof oasis. Not
anymore.
According to the Las Vegas Convention and Visitors Authority (LVCVA),
Las Vegas has seen gambling revenues fall only once since 1970: in the
aftermath of the Sept. 11 terror attacks they dropped 1 percent in 2002
from 2001. So far this year they've fallen 4 percent, the number of
conventions held has dropped 10.4 percent, and average daily room rates
were off 3.8 percent in the first two months of 2008, according to the
most recent data available
MGM Mirage profits
slide -- Suggestion that company may split in two lifts stock despite
lower results
MGM Mirage Chairman and Chief Executive Officer Terry Lanni's
suggestion that the gaming company could be split in two sent the
company's stock up the most in eight months despite news that its
quarterly earnings were down 30 percent.
Yes,
that dust-coated guy at Gold Spike really is the owner
A "hard hat tour" is one of the easiest gimmicks available to keep a
casino construction project in the spotlight.
Economic
Troubles Affect the Vegas Strip
“It’s accelerating to the downside,” said Bill Lerner, a senior
gambling analyst at Deutsche Bank who lives in Las Vegas. “Las Vegas’s
economy is more reflective of the general economy than ever.”
Atlantic
City Trumps Las Vegas
"Compared to the Las Vegas Strip, Atlantic City guests are more
satisfied with their hotel and casino experience," said the survey,
published in Hotel & Motel Management magazine.
Herbst Gaming
shuffling managers -- SEC filing reveals brothers
flipping roles
Family-controlled Herbst Gaming shook up its management structure
Friday afternoon, replacing Chairman and CEO Ed Herbst with his two
brothers.
Gaming
school opens to solve staff deficits
VICKSBURG — Employee turnover and short staffs are problems already
facing Vicksburg casinos, and the demand for skilled workers is about
to get higher as a fifth casino begins hiring and another nears
completion of a gaming room expansion.
Mohegan
Sun linked to corrupt Wisconsin developer
Pennsylvania gaming regulators didn't know about Wilkes-Barre slots
operator Mohegan Sun's relationship with a corrupt developer in
Wisconsin.
Gas
or gamble? Economy forces some to choose
The pressures of a weak economy — concerns about job security and
rising prices for gas, food, home heating oil and other goods and
services — are causing many gamblers to cancel or reduce the number of
casino trips.
Thanks to Green Chip member handymn for
providing the above link.
Detroit-area
investors buy into Greektown -- State to review plan to purchase 40% of
struggling casino for $100 million
DETROIT - A racetrack owner and bank founder and four local real estate
investors have teamed up to buy a 40% stake in the cash-strapped
Greektown Casino.
House Snuffs Out Proposal To Ban Smoking At Casinos
HARTFORD, CT - The House of Representatives will not take up a proposal
that could have extended the state smoking ban to the Foxwoods and
Mohegan Sun casinos, the chamber's leader said Tuesday.
Different Ideas about First Nations Casino Development
WINNIPEG - Dreams to develop a First Nations-owned casino in western
Manitoba are not dead, despite the latest setback which occurred when
57 per cent of the people who voted in a plebescite in Brandon rejected
the idea.
Casinos beat the cheats -- State-of-the-art surveillance monitors action
BILOXI - It's been years since a camera was allowed into a surveillance
room at a Mississippi casino.
Illinois
says no to 24-hour gambling
It's a no-go on 24-hour gambling in the state of Illinois. Last
week, the Illinois Gaming Board met to consider a proposal from
Illinois' nine casinos to remain open around the clock. But according
to spokesman Gene O'Shea, the board members didn't even vote on the
proposal, due to lack of support.
Smoke-free
trend spreading; Nevada casinos may be next
Anti-smoking forces are on the march, and nowhere -- not even the
casino -- is safe. Although Nevada casinos may think they are
sacrosanct, it is only a matter of time before they, too, go smokeless.
Casino
workers offered buyouts; Uncertain economy brings cutbacks
NIAGARA FALLS - Full-time employees at Niagara's two casinos have less
than two weeks to decide whether to take a buyout package or hold onto
their jobs. "We're offering our permanent full-time employees a
financial compensation package," said Greg Medulun, a spokesman for
Niagara Fallsview Casino Resort and Casino Niagara.
Slot cheat to be
considered for entry in Black Book -- Gaming Control Board regulator:
Steps need to be taken
It's been almost four years since Nevada gaming regulators added a name
to the state's List of Excluded Persons, commonly referred to as the
Black Book. On Thursday, the Gaming Control Board will consider the
newest nominee.
Horse
racing needs to put someone in charge
LEXINGTON, Ky. - When the NBA suffered the embarrassment of a referee
involved in a gambling scandal, Commissioner David Stern stepped
forward to issue proclamations, answer questions and take the heat.
Top
gaming lobby group stays neutral on Internet betting
LAS VEGAS – Even though the Unlawful Internet Gambling Enforcement Act
is coming under fire, don’t expect legalized online wagering in the
United States anytime soon.
Hotel-casino
planned near V&T
Work could begin as early as next year on a new hotel-casino that would
be among the largest in Carson City, planners say.
Steve Wynn's Bad Dream -- Vegas mogul sues Lloyd's over $54 million
damaged Picasso claim
Months after he accidentally poked a hole in a Picasso painting, casino
magnate Steve Wynn sued Lloyd's of London for failing to pay off a $54
million insurance claim.
Thanks to Green Chip member Tony Dalben for
providing the above link.
Gaming
win expected Friday
Nevada's gaming win report for March is expected to be released Friday
by the Nevada State Gaming Control Board. And after two months of
a downward trend on the Las Vegas Strip, Control Board members are
hoping for better numbers in March.
The Bear Growls: Worthless mail offer from
Fandango Casino
Long-time Las Vegas-based advantage player, casino critic, and frequent
BJ21.com
contributor LVBear offers his opinions on things that sometimes go
wrong in the world of casinos.
Current and past growls can be read and comments posted at LVBear's
website, TheBearGrowls.com
By LVBear
LVBear584@cox.net
I received a nice, slick, multi-colored mailer from Fandango in Carson
City. On the front it reads, Be our guest at the new Courtyard
Hotel. I assumed this meant free rooms -- but it was an offer of a ten
percent discount from the best available rate. LOL -- I can
probably get that with my auto club card or my AARP card.
Everything
offered in the mailer was worthless except for a whopping ten dollar
discount at any restaurant. Other items listed include:
Lush
tropical jungle environment
Biggest and most jackpots
Newest hottest games
Best player's club
Tropical storm slots
Volcano slots
Spacious new high limit area (I assume it means slots, not table
games -- maybe $1 is "high limit" there?)
Race and sports book (But it won't take reasonable-sized bets)
More live poker payouts
Generous monthly mail offers ($10 food discount is "generous"?)
Exciting monthly promotions (Haven't seen one yet that I'd
bother with)
600 parking spaces (Guess I'll go count them)
Free valet (Where is valet NOT free?)
I
wonder why this Navegante Group-managed casino spends a lot of money
doing a mailing, but makes
the mailer worthless. How many "good customers" could this nonsense
attract? Maybe the ad agency and/or mailing house owner is related to
someone in the casino?
Has
anyone ever received a decent offer from Fandango? The most I have ever
received is $10 free play, for which I would have had to stand in line
at the player's club. I guess I've been downgraded to no longer
receiving even that tiny scrap. Why clutter my mailbox with this?
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