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Tracking the progress of Atlantic City 2.0 : if it happens, that is.

The New Rooms at The Golden Nugget


» posted by Chuckmonster
  on 19 Apr 2012

Atlantic City Golden Nugget Rooms

The Golden Nugget is scheduled to have their entire hotel room collection completely renovated this month. Judging by the photo gallery on their website... these rooms are quite the catch.

Smart, hip, clean, sharp... you can barely see the remnants of Donald Trump's horrible taste!

These rooms are priced to move if you are heading to the shore mid-week ($65/nt) and priced to cause sticker shock ($139-529) on weekends. With Revel already softly open and great stuff happening at the Golden Nugget this might be a great summer to plan that long delayed trip to Atlantic City.

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The Golden Nugget Returns to Atlantic City

» posted by Chuckmonster on 14 Feb 2011

Landry's Restaurants has bought Trump Marina for the low low low low price of $38M and plans on turning it into a Golden Nugget.

Looks like Landry's were kicking the tires of Atlantic City after all. I love what Landry's has done with the Golden Nugget in Las Vegas and can't wait to see the transformation of Trump Marina to Golden Nugget over the coming year!









Trump CEO: Marina Still For Sale

» posted by Chuckmonster on 27 Oct 2010

Incoming Trump Entertainment Resorts CEO Robert Griffin told New Jersey Regulators that Trump Marina is still for sale and that under his leadership the company is looking to expand to diversify its holdings beyond the confines of Atlantic City.

We believe there are a lot of distressed assets out there beyond Atlantic City. Atlantic City is the core of the company, but for any one company to put all its eggs in one basket is dangerous.

Finally, a Trump hires a CEO with a vision beyond pacifying the Donald and his queue of creditors. That being said, vision without the liquidity to make it happen is little more than a Bozo without a wig.









Boyd Passes Its Option On Borgata

» posted by Chuckmonster on 25 Oct 2010

Boyd Gaming, holder of the non MGM 50% of Borgata bid on by Leonard Green and Associates has decided to pass on their first refusal option.

RateVegas.com offers response we are in complete agreement with.









Mr. Green At The Borgata With The Wrench

» posted by Chuckmonster on 19 Oct 2010

Bloomberg is reporting that Leonard Green & Partners, L.P. a Los Angeles Based private equity firm that manages $9B in equity capital are the mystery bidder for MGM Resorts International's 50% of Borgata.

Leonard Green & Partners current investments include The Container Store, Del Taco, Equinox, Meiman Marcus, Petco, RiteAid, Sports Authority, Tourneau and Whole (Paycheck) Foods.

Boyd Gaming, owner of the other 50% of Borgata has the right of first refusal for any offers. We fully expect Boyd to buy the other half.









MGM Has An Offer For Borgata

» posted by Chuckmonster on 12 Oct 2010

MGM Resorts International released preliminary third quarter results today, which contains some tidbits about their planned sale of Borgata.

The Company recently received an offer for its 50% economic interest in the Borgata Hotel Casino & Spa ("Borgata") based on an enterprise value of $1.35 billion for the entire asset. The Company's Board of Directors has authorized submission of this offer to Boyd Gaming Corporation, which owns the other 50% interest, in accordance with the right of first refusal provisions included in the joint venture agreement. Based on Borgata's September debt balances, the offer equates to slightly in excess of $250 million for the Company's 50% interest. This is less than the carrying value of the Company's investment in Borgata; therefore, the Company will record a pre-tax impairment charge of approximately $128 million in the third quarter of 2010. The consummation of any such transaction as a result of the offer is subject to negotiation of final documents, due diligence, and regulatory approval.

So the "enterprise value" of Borgata is $1.35B. The offer for 50% is a $250M, which values the "enterprise" at $500M, giving MGM the ability to simply write off $128M in "impairment" losses.









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Recent Comments:

hail2skins posted: "Friend of mine stayed at the Nugget a few months ago in one of the new rooms and while he..."
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