Home » CityBOOM : Atlantic City 2.0

CityBOOM : Atlantic City 2.0

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

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!

More from The Press of Atlantic City

» Permalink | Comments (1)



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.









The Return of the Son of The Golden Nugget Atlantic City

» posted by Chuckmonster on 22 Sep 2010

With Colony Capital swimming - make that drowning - in debt and unable to keep their AC operations afloat, the company's properties are being picked off from lien holders by whomever wants them.

Just three weeks ago, AC casino veteran Dennis Gomes bought Resorts International with the promise "we are going to bring it back to life."









« Archive | Page 2 »

Subscribe via RSS







Recent Comments:

StudiodeKadent posted: "This sounds like it will be good for AC.Borgata, Harrah's and the new GN will thus form a casino cluster..."
» on The Golden Nugget Returns to...
vzboyle posted: "Local paper reports today that sale to Golden Nugget is about to close, sometime this month (Feb)...."
» on Trump CEO: Marina Still For...
vzboyle posted: "Rumor has it there is a buyer for Hilton, and not anyone mentioned in print so far. Word is it's..."
» on The Return of the Son...
Antman73 posted: "Nice!!! Maybe I can use my 20 year old Golden Nugget Chip I found in the basement!!..."
» on The Return of the Son...
vzboyle posted: "Many residents of AC were hoping for a flat out takeover of the corrupt city government which is a money..."
» on New Jersey To Take Control...
Dave702 posted: "This is a great find!..."
» on Mirage Atlantic City...
Dave702 posted: "According to today's AC Press, the company is spending $12 million on the exterior and $7 million on renovations to..."
» on Claridge : Now With $20M...
Dave702 posted: "I don't see why something period specific like Art Deco wouldn't be a slam dunk. People aren't going to..."
» on Claridge : Now With $20M...



Friends:

Die Is Cast
Two Way Hard Three
Five Hundy