BJ21.com Newsletter
November 26, 2008 081126
Presented as a public service
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Compiled by Al
Rogers
Al@bj21.com
US Casino Bankruptcies Test State Regulatory Oversight Powers
Recent developments in ongoing casino bankruptcy cases have underlined
legal experts’ assertions that Chapter 11 processes involving casino
companies can present a unique jurisdictional conflict between
bankruptcy courts and state gaming authorities.
Colo. casino
operator files Ch. 11 bankruptcy -- Tough times hit Cripple Creek's
Imperial Gaming. Majestic Star mulls its options.
DENVER - As gambling revenues in Colorado and nationwide continue to
plummet, one operator in Cripple Creek has filed bankruptcy while
another in Black Hawk is exploring its options.
Web
betting is wedge for Big Gaming -- Casino trade group hurrying to nail
down its position
After more than a decade of hit-and-miss efforts by individual casino
companies and interest groups to develop lobbying strategies, the
American Gaming Association — the industry’s premier trade group — is
rushing to clarify its position on Internet betting.
How Online Gamblers Unmasked Cheaters
A collaboration by two of the world's most respected news organizations
reveals how online poker players suspecting cheating were forced to
successfully ferret out the cheaters themselves. That's because
managers of the mostly-unregulated $18 billion Internet gambling
industry failed to respond to their complaints.
Financial problems
hit Resorts Atlantic City, Tropicana
The worsening economy continues to batter Atlantic City casinos, with
Resorts Atlantic City missing a crucial loan payment that could
jeopardize the future of Atlantic City's first casino and the Tropicana
Casino and Resort laying off 50 supervisors.
NJ Supreme Court ruling clears way for Tropicana bankruptcy auction
ATLANTIC CITY — The New Jersey Supreme Court upheld the state’s
decision last December to strip Tropicana Casino and Resort’s former
owner of its license and put the troubled gaming hall up for sale. The
ruling today removes the last legal impediment holding up the sale. A
state-appointed conservator who has been overseeing the casino since
Tropicana Entertainment LLC lost its license is planning a bankruptcy
auction in coming weeks.
At expo, talk of leaner times replaces bombast
The three-day event, which wrapped up Thursday at the Las Vegas
Convention Center, sounded more like a group-therapy session. Amid the
economic downturn of a lifetime, it was a chance for industry leaders
to commiserate.
Thanks to Green Chip member dogman
for submitting the above link.
MGM Mirage chief Lanni needs a lesson in building a truthful resume
Imagine how uncomfortable it would have been if MGM Mirage boss Terry
Lanni had been standing before Nevada gaming regulators Thursday urging
them to allow Dubai World to invest billions more in the gaming
company. Would the Nevada Gaming commissioners have felt compelled to
ask Lanni if he fudged about his academic degrees? Or would they have
played nice and ignored the Wall Street Journal story questioning
discrepancies between his official resumé and his alma mater's
records? (Lanni's official biography claimed a master's degree in
business administration from the University of Southern California, but
university officials said he didn't get one. They even denied he had an
honorary degree, as he claimed. Nor could they find evidence he had a
bachelor of arts degree in speech as his bio claimed. They did find a
1965 bachelor of science degree in business.)
Cantor
seeks to expand scope of games; MGM shuffling deck?
LAS VEGAS - Cantor Gaming’s Lee Amaitis believes his company has found
a significant opportunity in the economic storm that is forcing other
gaming companies to bring their capital spending down to almost nothing.
Casino
players clubs eye non-gaming members
One of the recurring themes at last week’s G2E was that casinos need to
step up their marketing efforts in order to maximize their business as
patronage has slipped along with the economy.
Kane
concerned about impact of Rosemont casino
GENEVA, IL -- Kane County wants to make sure state gaming officials are
considering the big picture in awarding the 10th and final riverboat
gambling license.
Sports
betting may be possible in Delaware
A new governor, more competition from a neighbor and an economic slump
may be enough to get Delaware lawmakers to approve sports betting.
Station Casino
owners consider cash infusion
LAS VEGAS - Station Casinos' owners are contemplating putting more of
their own money into the company to weather the current economic storm.
Red Flags Fly After Big Buyouts
NEW YORK - Some of the mega-buyouts that private equity shops labored
to assemble during the go-go years of the credit boom are coming apart
at the seams. These $10 billion-plus deals were usually predicated on
expectations that asset prices would rise and debt markets would remain
welcoming.
Eldorado
ends deal to buy Indiana riverboat casino ...
RENO - Eldorado Resorts pulled out of a $245 million deal to buy an
Indiana riverboat casino late last week because the Reno-based gaming
resort company could not get a viable financing package, an Eldorado
executive said Monday.
... EDITORIAL: Casino Aztar
EVANSVILLE, IN - The nation's faltering economy, especially in regard
to the credit crunch, may have had a direct impact on the entertainment
business in Evansville.
Harrah's
sued over Bahamas resort venture-filing
NEW YORK - Casino firm Harrah's has been accused by its joint venture
partner in a $2.6 billion Bahamas resort project of fraud in trying to
end their deal to build the resort, according to a court filing.
What
is a ‘nonprofit’ casino?
CARSON CITY, NV - According to a recent story by Nevada Appeal business
reporter Dave Frank, an unidentified buyer wants to turn the Nugget
into a “nonprofit” enterprise designed to benefit local charities. Huh?
After more than 45 years in Nevada, including three years with the
State Gaming Control Board, this is the first time I’ve heard of a
casino that wasn’t in business to make a profit. Of course the Nugget
and other local casinos contribute to charities, but profit is the name
of their game, and always has been.
$3,000 Las Vegas promotion turns out to be a dud
The promotion letter began, "Looking for the ultimate Vegas getaway?
You can always bet on Paris and Bally's!" Except when you can't.
Thunder Valley
to scale back planned casino expansion
SACRAMENTO - The Thunder Valley Casino will be scaling back a planned
expansion in light of the current economic downturn, a casino spokesman
said Tuesday.
Jillian's ends
six-year run -- Neonopolis anchor makes way for restaurant amid renewed
interest in complex
LAS VEGAS - Jillian's, a
longtime anchor tenant
at the Neonopolis mall, has closed to make way for a new restaurant,
mall developer Rohit Joshi said Friday.
The Bear Growls
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
Casino-ology
by Bill Zender
Casino-ology
provides contrarian solutions to common gaming management issues.
It is must reading for
patrons and casino employees.
Bill Zender knows the art of casino management. In addition to having
worked in, managed, and owned casinos for decades, Zender has also been
an enforcement agent for the Nevada Gaming Control Board, as well as
spent time as an advantage player, exploiting the vulnerabilities of
casinos from the civilian side of the tables. Today, he travels the
globe consulting for the international casino industry.
In Casino-ology, Zender argues against excessive card-counter and
shuffle-tracker countermeasures in favor of hand production to increase
profits, and concludes that rhythmic dice rollers aren.t the threat
they.re made out to be. He details the dangers of customer-service
breaches; ill-conceived non-negotiable-chip programs; and past-posting,
marked-card, and false-shuffle scams. He addresses player tracking
systems, 6-5 payouts for blackjacks, the subtleties of marketing to
Asian customers, nuances of the derivative pit games, even the science
of turning around a distressed casino.
By challenging long-cherished conventions, Casino-ology provides
contrarian and radical, but proven, solutions to common gaming issues.
The price is $39.95 plus shipping (plus sales tax if sent to a Nevada
address). Order Casino-ology by Bill Zender.
BJ21.com
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