CityBOOM : Atlantic City 2.0 - Page 2

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

Jersey : Just Say No To Pansy Ho

» posted by Chuckmonster
on 30 Nov 1999

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.

At issue is MGM Mirage's partnership with Pansy Ho (dba MGM Grand Paradise) in MGM Grand Macau. Pansy Ho, along with her dad, have long been accused of being in cahoots with Chinese organized crime outfit, The Triads.

New Jersey regulators have recommended that MGM Mirage end its partnership with Pansy Ho immediately... i.e. sell their stake in the lucrative Macau gaming market or potentially risk losing their license to operate in New Jersey. MGM Mirage holds half ownership of Borgata with partner Boyd Gaming.

Looks like decision time again for MGM Mirage.

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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."

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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.

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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.

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Atlantic City's Latest Challenge : Delaware

» posted by Chuckmonster on 23 Mar 2009

Not to be outdone by nearly every other Governor in the U.S., Delaware's Gov. Jack Markell has floated his own entrant into the 'expansion of gambling trial balloon race.'

Gov. Markell is eyeballing boatsinos, sports betting, and the addition of table games to the assortment of Delaware racinos.

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