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 Donald Offers To Buy The Donald's Mess


» posted by Chuckmonster
  on 20 Jun 2009

Donald Trump, master of financial smoke and mirrors, has offered to buy Trump Entertainment Resorts Inc. out of bankruptcy.

Huh?

Some may remember that a few months ago, The Donald threw his hands up in disgust, quit the TER board of directors and severed all ties with the company that bears his name.

Now, in the middle of Trump Entertainment Resorts third spin of the bankruptcy wheel in recent memory, The Donald wants back in.

If there ever was an argument that directors and executives should be held responsible when they drive their companies into a ditch at the expense of bondholders and investors... Donald Trump is it.

How many chances should this guy have at the helm of Trump Entertainment Resorts before the NJCCC or whatever regulatory agency decides such things says "Don... you're fired."

» Permalink | Comments (2)



Tropicahna : Done Deal

» posted by Chuckmonster on 12 Jun 2009

One man's folly is to another man's $ale of the Century.

The long embattled Tropicana Atlantic City has been sold in New Jersey Bankruptcy Court to former Sands AC owner Carl Icahn for a paltry $200M smackers.









Jersey : Just Say No To Pansy Ho

» posted by Chuckmonster on 19 May 2009



Looks like those fancy renderings of the proposed MGM Grand Atlantic City (the third time) didn't persuade New Jersey Casino Control Commission to rubber stamp approval of MGM Mirage's partnership with Pansy Ho.

For those who don't know, Pansy Ho (center) is the daughter of Macau gaming tycoon Dr. Stanley Ho, and brother of Melco Crown CEO Lawrence Ho... the three of which own/operate the majority of casinos in Macau. Dr. Ho held monopoly over Macau's casino industry for almost a half century until the government opened up gaming concessions to other operators in 2001.









Revel, Half Baked On The Back Burner

» posted by Chuckmonster on 4 May 2009

If you've been watching Revel's construction slowly progress skyward as its curtain wall is being attached, don't fool yourself into believing that CEO Kevin DeSanctis and his team are talking opening dates any time soon.

In an interview with Philly.com DeSanctis says that the plan for Revel over the next few years is to completely finish the exterior, rendering the project looking "complete from the outside."









Tropicahna

» posted by Chuckmonster on 30 Apr 2009

As expected, a group of investors - including debt holders - led by Carl Icahn have essentially won the Tropicana Atlantic City auction for the Buy It Now, Bankrupt, As Is price of $200M bucks.

No word yet on whether the property will be rebranded as Tropicahna. Chances are it will have a similar fate as the Sands AC... wallow until sold to a starry eyed developer.









Icahn Almost Haz Tropicana

» posted by Chuckmonster on 24 Apr 2009

The P of AC is reporting that New Jersey Casino Control Commission is finalizing the paperwork that would sell the TropAC to former Sands AC owner Carl Icahn for a measly $200 million bucks.

The NJCCC will vote on the sale on Wednesday.









« Archive | Page 2 »

Subscribe via RSS







Recent Comments:

parchedearth posted: "The Donald is the very reason the casinos went into bankruptcy in the first place. He leveraged them with..."
» on The Donald Offers To Buy...
arthurtran posted: "I think TER will be more successful if The Donald gets it back. All these years, the company has been..."
» on The Donald Offers To Buy...
vzboyle posted: "http://www.nytimes.com/1993/07/10/nyregion/sports-betting-proposal-declared-dead-in-trenton.html?n=Top/Reference/Times Topics/Subjects/G/GamblingA good article on how and why sports betting died in New Jersey back in 1992...."
» on Atlantic City's Latest Challenge :...
Chuckmonster posted: "whoops! don't take it as your fault... i'm a complete boob and aren't afraid to admit it...."
» on Tropicana Sale Deadline Extended (Again)...
vzboyle posted: "Now I know what it feels like to write something and be totally misunderstood. My previous comment had to..."
» on Tropicana Sale Deadline Extended (Again)...
vzboyle posted: "What's so surprising. Maybe this was a deal that was never supposed to happen. Maybe they thought one of the..."
» on Pinnacle Abandons Ship...
Sperman508 posted: "what is, resorts atlantic city?..."
» on I'll take "Casino Foreclosures" for...
nullzero00 posted: "danny noonan. be the ball, danny. as the great philosopher Basho once said, "a flut with no holes is not..."
» on Two To A Flush...



Friends:

Die Is Cast
Two Way Hard Three
Five Hundy