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Cwasars to Close Showboat Casino in Atlantic City

Topic closed. 108 replies. Last post 2 years ago by eddessaknight.

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Posted: December 6, 2014, 6:52 pm - IP Logged

OVER REACH LEADS TO GREED !!!
Eddessa_Knight

 

Why the Heart of the Las Vegas Strip May Soon Be Bankrupt

 

The Las Vegas Strip could be heading to its largest bankruptcy ever. Image source: public domain

Las Vegas has made more than a few losers in its day but it's not usually the house that ends up going broke. But that may be exactly what's happening in the heart of the Las Vegas Strip.

One of the biggest buyouts ever attempted was pulled off in Las Vegas when Apollo Global and TPG Capital bought Harrah's Entertainment for $30.7 billion in 2008. Billions of dollars in debt was piled onto Harrah's -- or Caesars Entertainment (NASDAQ: CZR ) as it's known today -- balance sheet and before long the bet started going bad. The recession devastated Las Vegas' gaming revenue and an expansion of regional gaming around the country sank any recovery hopes Caesars had. Now, it's becoming apparent Caesars may succumb to over $25 billion in debt.

The impact on Las Vegas could be significant considering the fact that Caesars and its subsidiaries own nearly half of the Las Vegas Strip. Caesars owns its namesake Caesar's Palace as well as most of the property from Planet Hollywood all the way down to Harrah's Las Vegas. The properties make up the heart of the Las Vegas Strip and unless there's a solution worked out soon they may be in bankruptcy just after the turn of the new year.

How Caesars Entertainment got here
A highly leveraged balance sheet, the recession, and expansion of regional gaming was only part of the problem for Caesars Entertainment. After the company went public, it began splitting off subsidiaries like Caesars Acquisition Company (NASDAQ: CACQ ) to own its most valuable assets, leaving most of the debt with the "old" Caesars. The start of this dizzying structure can be seen in the image below from a presentation late last year.

A look at Caesars' corporate structure as proposed late last year. Image source: Caesars Entertainment

For Caesars, the problem creating so many subsidiaries is that debt holders who financed the company were intentionally cut out from the valuable assets as they were transferred to new companies. This would be like getting a mortgage to buy a home and then jacking up the home and moving to new land, leaving the bank with no collateral but the land where a house once sat.

Why Caesars is drowning in debt
None of this would be a problem if Caesars was able to pay its bills, but with $25 billion in debt and losses mounting every quarter the company can only pay its bills as long as it can get new debt. That's a problem now because at least four creditors have claimed Caesars defaulted when it transferred assets to new subsidiaries, which would trigger a default of all of its debt.

Caesars is aware of this and has been negotiating with creditors to refinance debt through new debt and equity offerings. But those talks reportedly broke down earlier this week and low level creditors were never happy with a proposed agreement.

Wynn Las Vegas and The Venetian Las Vegas are both more profitable than any of Caesars' resorts. Image source: The Motley Fool

If creditors don't agree to refinance debt Caesars could be forced into bankruptcy, the largest we've seen in Las Vegas. Given the massive debt load and questions surrounding the legality of the company's new legal structure I wouldn't doubt that's where we're heading.

How this will impact the Las Vegas Strip
The impact of a Caesars Entertainment bankruptcy on Las Vegas could be as small as a ripple or as big as a tidal wave.

There may be minimal short-term impact felt if creditors who Caesars owe money agree to restructure debt, take equity in the company, and don't force a protracted negotiation. But tensions between debt holders and Caesars are heating up and they may force a more complete breakdown of the company.

If Caesars is forced to break up into smaller pieces or sell off assets we could see a reshaping of The Strip. We could see valuable assets sold to rivals with strong balance sheets and underperforming assets could be sold to someone looking to demolish them for a new megaresort.

A bankruptcy of Caesars Entertainment could bring a wave of change to the Las Vegas Strip but no matter what happens the heart of The Strip will likely change forever. Caesars can't keep its business afloat with $25 billion of debt and by the end of 2015 the company will likely look very different than it does today.

New Jersey casino's closing pushed back 8 days and now counting ~Eddessa_Knight

ATLANTIC CITY, N.J. (AP) — The owner of the Trump Taj Mahal casino has pushed back the date it's scheduled to close a

    haymaker's avatar - Lottery-012.jpg
    Egg Harbor twp.south Jersey shore
    United States
    Member #112968
    June 29, 2011
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    Posted: December 8, 2014, 3:03 pm - IP Logged

    OVER REACH LEADS TO GREED !!!
    Eddessa_Knight

     

    Why the Heart of the Las Vegas Strip May Soon Be Bankrupt

     

    The Las Vegas Strip could be heading to its largest bankruptcy ever. Image source: public domain

    Las Vegas has made more than a few losers in its day but it's not usually the house that ends up going broke. But that may be exactly what's happening in the heart of the Las Vegas Strip.

    One of the biggest buyouts ever attempted was pulled off in Las Vegas when Apollo Global and TPG Capital bought Harrah's Entertainment for $30.7 billion in 2008. Billions of dollars in debt was piled onto Harrah's -- or Caesars Entertainment (NASDAQ: CZR ) as it's known today -- balance sheet and before long the bet started going bad. The recession devastated Las Vegas' gaming revenue and an expansion of regional gaming around the country sank any recovery hopes Caesars had. Now, it's becoming apparent Caesars may succumb to over $25 billion in debt.

    The impact on Las Vegas could be significant considering the fact that Caesars and its subsidiaries own nearly half of the Las Vegas Strip. Caesars owns its namesake Caesar's Palace as well as most of the property from Planet Hollywood all the way down to Harrah's Las Vegas. The properties make up the heart of the Las Vegas Strip and unless there's a solution worked out soon they may be in bankruptcy just after the turn of the new year.

    How Caesars Entertainment got here
    A highly leveraged balance sheet, the recession, and expansion of regional gaming was only part of the problem for Caesars Entertainment. After the company went public, it began splitting off subsidiaries like Caesars Acquisition Company (NASDAQ: CACQ ) to own its most valuable assets, leaving most of the debt with the "old" Caesars. The start of this dizzying structure can be seen in the image below from a presentation late last year.

    A look at Caesars' corporate structure as proposed late last year. Image source: Caesars Entertainment

    For Caesars, the problem creating so many subsidiaries is that debt holders who financed the company were intentionally cut out from the valuable assets as they were transferred to new companies. This would be like getting a mortgage to buy a home and then jacking up the home and moving to new land, leaving the bank with no collateral but the land where a house once sat.

    Why Caesars is drowning in debt
    None of this would be a problem if Caesars was able to pay its bills, but with $25 billion in debt and losses mounting every quarter the company can only pay its bills as long as it can get new debt. That's a problem now because at least four creditors have claimed Caesars defaulted when it transferred assets to new subsidiaries, which would trigger a default of all of its debt.

    Caesars is aware of this and has been negotiating with creditors to refinance debt through new debt and equity offerings. But those talks reportedly broke down earlier this week and low level creditors were never happy with a proposed agreement.

    Wynn Las Vegas and The Venetian Las Vegas are both more profitable than any of Caesars' resorts. Image source: The Motley Fool

    If creditors don't agree to refinance debt Caesars could be forced into bankruptcy, the largest we've seen in Las Vegas. Given the massive debt load and questions surrounding the legality of the company's new legal structure I wouldn't doubt that's where we're heading.

    How this will impact the Las Vegas Strip
    The impact of a Caesars Entertainment bankruptcy on Las Vegas could be as small as a ripple or as big as a tidal wave.

    There may be minimal short-term impact felt if creditors who Caesars owe money agree to restructure debt, take equity in the company, and don't force a protracted negotiation. But tensions between debt holders and Caesars are heating up and they may force a more complete breakdown of the company.

    If Caesars is forced to break up into smaller pieces or sell off assets we could see a reshaping of The Strip. We could see valuable assets sold to rivals with strong balance sheets and underperforming assets could be sold to someone looking to demolish them for a new megaresort.

    A bankruptcy of Caesars Entertainment could bring a wave of change to the Las Vegas Strip but no matter what happens the heart of The Strip will likely change forever. Caesars can't keep its business afloat with $25 billion of debt and by the end of 2015 the company will likely look very different than it does today.

    Eddessaknight,

    Good shot of the boulevard looking south @ Tropicana ave.

    Mount Potisi on upper right directly beyond the construction cranes.

    Extraordinary Popular Delusions & the Madness of Crowds    -- Charles Mackay  LL.D.

      eddessaknight's avatar - nw paladin.jpg
      LAS VEGAS
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      Posted: December 12, 2014, 4:13 pm - IP Logged

      Eddessaknight,

      Good shot of the boulevard looking south @ Tropicana ave.

      Mount Potisi on upper right directly beyond the construction cranes.

      Thanks haymaker, truly a great shot!

      Caesars in 22.5 Billion in debt, to miss interest payment, sources point to prepackaged bankruptcy

      Eddessa_Knight

        haymaker's avatar - Lottery-012.jpg
        Egg Harbor twp.south Jersey shore
        United States
        Member #112968
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        Posted: December 13, 2014, 2:39 pm - IP Logged

        Thanks haymaker, truly a great shot!

        Caesars in 22.5 Billion in debt, to miss interest payment, sources point to prepackaged bankruptcy

        Eddessa_Knight

        So they reduced debt by a whole 1.5 Bil.

        How many properties closed and how many Jobs lost, communities damaged etc.

        while the Havard guy lives high on the hog w/ his degree in economics ?

        Extraordinary Popular Delusions & the Madness of Crowds    -- Charles Mackay  LL.D.

          eddessaknight's avatar - nw paladin.jpg
          LAS VEGAS
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          November 22, 2006
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          Posted: December 14, 2014, 4:18 pm - IP Logged

          So they reduced debt by a whole 1.5 Bil.

          How many properties closed and how many Jobs lost, communities damaged etc.

          while the Havard guy lives high on the hog w/ his degree in economics ?

          "So they reduced debt by a whole 1.5 Bil."~H

          Sure, Sure they did using magic math and moving the walnut shells around faster then the eye can see

          Isn't all really a BAD joke?

           

          FORTES FORTUNA JUVAT

          Eddessa_Knight 

            eddessaknight's avatar - nw paladin.jpg
            LAS VEGAS
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            November 22, 2006
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            Posted: December 15, 2014, 5:36 pm - IP Logged

            "So they reduced debt by a whole 1.5 Bil."~H

            Sure, Sure they did using magic math and moving the walnut shells around faster then the eye can see

            Isn't all really a BAD joke?

             

            FORTES FORTUNA JUVAT

            Eddessa_Knight 

            Which Las Vegas Casino Could Win Most From Caesars Entertainment's Demise?

            The view from gambling ground zero are principally:

             1.MGM 

            2. Sands

             

            We'll see where the ball lands.....

            Eddessa_KNIGHT Sun Smiley

              eddessaknight's avatar - nw paladin.jpg
              LAS VEGAS
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              Posted: December 16, 2014, 5:26 pm - IP Logged

              Which Las Vegas Casino Could Win Most From Caesars Entertainment's Demise?

              The view from gambling ground zero are principally:

               1.MGM 

              2. Sands

               

              We'll see where the ball lands.....

              Eddessa_KNIGHT Sun Smiley

               

              Eddessa_KnightSun Smiley

              Caesars skips $225 million interest paymentCaesars Entertainment Corp. made good on previous predictions and skipped a $225 million interest payment Monday while the casino operator continued debt reduction talks with lenders.
                eddessaknight's avatar - nw paladin.jpg
                LAS VEGAS
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                Posted: December 18, 2014, 5:51 pm - IP Logged

                Sam Nazzarian & SLS several short month later after glitzy opening & just before gaming board hearing

                 

                Ran out of steam, & luck

                Eddessa_Knight Sun Smiley

                  eddessaknight's avatar - nw paladin.jpg
                  LAS VEGAS
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                  Posted: December 19, 2014, 5:24 pm - IP Logged

                   

                  Eddessa_KnightSun Smiley

                  Caesars skips $225 million interest paymentCaesars Entertainment Corp. made good on previous predictions and skipped a $225 million interest payment Monday while the casino operator continued debt reduction talks with lenders.
                  Caesars’ main unit to file for bankruptcy in JanuaryCaesars Entertainment Operating Co., the main operating unit of Las Vegas-based Caesars Entertainment Corp , said Friday it would file for Chapter 11 bankruptcy protection by mid-January to cut its burgeoning debt

                   

                  And away we GOOOoooooo >>>>>>>>

                  Eddessa_Knight Sun Smiley

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                    Posted: December 21, 2014, 3:19 pm - IP Logged

                    Caesars Entertainment Corp. said Friday it would close one of four casinos the Las Vegas-based company operates in Atlantic City, shutting down operations of the Showboat on Aug. 31. :-(

                     

                    Fortes fortuna juvat

                     

                    Eddessa_Knight

                    http://www.lvrj.com/rd-SHOWBOAT-JUN28-14.htm

                    Arab Money on losing bet in LV

                    Eddessa_Knight Sun Smiley

                    Las Vegas Mega-Flop: How Dubai Lost Billions Gambling on Vegas Hotels


                    December 21, 2014 

                    When the Dubai government's investment arm, Dubai World, rode into Las Vegas in 2007 with a multibillion-dollar plan to buy a big stake in The Strip, it seemed a brilliant move. It bought a large holding in MGM Resorts International (NYSE: MGM   ) and a 50% stake in the half-finished CityCenter complex, cementing its role as a central player in Las Vegas.

                    Dubai World paid nearly $5 billion for the assets, but the bet quickly soured. The recession ravaged Las Vegas, and CityCenter never performed as well as expected. Seven years later, the United Arab Emirates' leading city has lost billions in Las Vegas.

                    MGM Grand is MGM Resorts' flagship hotel and a cornerstone of the Las Vegas Strip. Image source:Wikimedia Commons.

                    MGM is a fraction of the company it once was
                    When Dubai World made its original deal with MGM, it intended to invest $2.7 billion in CityCenter and $2.4 billion in MGM stock, offering $84 per share for 28.4 million shares. But the stock ran well over its $84 tender offer price, so Dubai World didn't actually acquire 28.4 million shares. This might be the only silver lining in Dubai World's bet on Las Vegas, and it was unintentional.

                    Dubai World instead acquired 21.05 million shares for a total cost of $1.74 billion. The acquisitions were made between $80 and $84 per share, more than quadruple the stock's current price of $19.10. But the stock loss could pale in comparison to what CityCenter cost Dubai World.

                    CityCenter is one of the biggest resorts in Las Vegas, but also one of the least profitable. Image source: Wikimedia Commons.

                    CityCenter might be the biggest disappointment in Las Vegas history
                    CityCenter was supposed to be the next-generation megaresort, with condominiums, restaurants, nightclubs, shopping, a spa, and much more. But the project never quite lived up to its billing, and the financial results have been less than stellar for MGM Resorts and Dubai World.

                    Even if we gloss over the fact that the Harmon tower, which cost $400 million, is being torn down without ever having residents move in, the rest of CityCenter has been a disappointment. In the last 12 months, CityCenter has reported just $18.3 million in operating profit and $333 million in EBITDA "related to resort operations," which is a generous valuation metric.

                    If we use the reported EBITDA figure, a common valuation metric in gaming, the value of Dubai World's stake in CityCenter is a big loss. MGM as a company is trading at an enterprise value of 8.6; using the same multiple for CityCenter provides a total value of $2.86 billion, probably the right ballpark considering the recent $1.73 billion sale of the neighboring Cosmopolitan.

                    Pull out CityCenter's $1.55 billion in debt and MGM's 50% stake, and Dubai World's holding in CityCenter is only worth about $656.9 million. I think this is a reasonable valuation, but MGM has put the book value of Dubai World's stake at $1.325 billion, so I've used the range between the two figures below.

                     

                    2007

                    Today

                    CityCenter-50% Stake

                    $2.96 billion 

                    $656.9 million-$1.325 billion

                    MGM Stock

                    $1.74 billion

                    $520 million

                    Total

                    $4.68 billion

                    $1.18 billion-$1.85 billion

                    Source: MGM Resorts and author's calculations.

                    These values assume Dubai World could even sell its CityCenter stake, a transaction that would face significant scrutiny from MGM and regulators in Nevada. But even using these metrics, Dubai World has lost  60%-75% of its original investment. You might think this would have taught Dubai, and the rest of the UAE, a lesson about betting on Las Vegas.

                    Not the last lesson learned on the Las Vegas Strip
                    Despite Dubai's losses, other members of the UAE's inner circle continue to bet on Las Vegas. Hakkasan Group, funded by Abu Dhabi's Sheikh Mansour bin Zayed Al Nahyan, is taking over the Las Vegas restaurant and nightclub scene. It built the $100 million Hakkasan nightclub in the MGM Grand, bought Enlightened Hospitality Group this year, partnered with MGM to build nongaming resorts, and is rumored to be acquiring Morgans Hotel Group's stake in Light Group.  

                    Dubai World's acquisition of MGM shares and half of CityCenter was made at the peak of the real estate boom, and I can't help but wonder if Hakkasan is betting on Las Vegas at the peak of the party scene. At least this time around there aren't billions of dollars at stake, just a couple hundred million. That's a low-stakes gamble compared to Dubai World's bet on Las Vegas

                     

                     

                      eddessaknight's avatar - nw paladin.jpg
                      LAS VEGAS
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                      Posted: December 22, 2014, 6:34 pm - IP Logged
                      Caesars’ main unit to file for bankruptcy in JanuaryCaesars Entertainment Operating Co., the main operating unit of Las Vegas-based Caesars Entertainment Corp , said Friday it would file for Chapter 11 bankruptcy protection by mid-January to cut its burgeoning debt

                       

                      And away we GOOOoooooo >>>>>>>>

                      Eddessa_Knight Sun Smiley

                      Caesars Entertainment to buy affiliate

                      LAS VEGAS (AP) — Caesars Entertainment Corp. says it will buy an affiliate as it tries to smooth the reorganization of a struggling division and balance its debt over load.

                       

                      Eddessa_KnightSun Smiley

                        haymaker's avatar - Lottery-012.jpg
                        Egg Harbor twp.south Jersey shore
                        United States
                        Member #112968
                        June 29, 2011
                        3854 Posts
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                        Posted: January 5, 2015, 10:49 am - IP Logged

                        Arab Money on losing bet in LV

                        Eddessa_Knight Sun Smiley

                        Las Vegas Mega-Flop: How Dubai Lost Billions Gambling on Vegas Hotels


                        December 21, 2014 

                        When the Dubai government's investment arm, Dubai World, rode into Las Vegas in 2007 with a multibillion-dollar plan to buy a big stake in The Strip, it seemed a brilliant move. It bought a large holding in MGM Resorts International (NYSE: MGM   ) and a 50% stake in the half-finished CityCenter complex, cementing its role as a central player in Las Vegas.

                        Dubai World paid nearly $5 billion for the assets, but the bet quickly soured. The recession ravaged Las Vegas, and CityCenter never performed as well as expected. Seven years later, the United Arab Emirates' leading city has lost billions in Las Vegas.

                        MGM Grand is MGM Resorts' flagship hotel and a cornerstone of the Las Vegas Strip. Image source:Wikimedia Commons.

                        MGM is a fraction of the company it once was
                        When Dubai World made its original deal with MGM, it intended to invest $2.7 billion in CityCenter and $2.4 billion in MGM stock, offering $84 per share for 28.4 million shares. But the stock ran well over its $84 tender offer price, so Dubai World didn't actually acquire 28.4 million shares. This might be the only silver lining in Dubai World's bet on Las Vegas, and it was unintentional.

                        Dubai World instead acquired 21.05 million shares for a total cost of $1.74 billion. The acquisitions were made between $80 and $84 per share, more than quadruple the stock's current price of $19.10. But the stock loss could pale in comparison to what CityCenter cost Dubai World.

                        CityCenter is one of the biggest resorts in Las Vegas, but also one of the least profitable. Image source: Wikimedia Commons.

                        CityCenter might be the biggest disappointment in Las Vegas history
                        CityCenter was supposed to be the next-generation megaresort, with condominiums, restaurants, nightclubs, shopping, a spa, and much more. But the project never quite lived up to its billing, and the financial results have been less than stellar for MGM Resorts and Dubai World.

                        Even if we gloss over the fact that the Harmon tower, which cost $400 million, is being torn down without ever having residents move in, the rest of CityCenter has been a disappointment. In the last 12 months, CityCenter has reported just $18.3 million in operating profit and $333 million in EBITDA "related to resort operations," which is a generous valuation metric.

                        If we use the reported EBITDA figure, a common valuation metric in gaming, the value of Dubai World's stake in CityCenter is a big loss. MGM as a company is trading at an enterprise value of 8.6; using the same multiple for CityCenter provides a total value of $2.86 billion, probably the right ballpark considering the recent $1.73 billion sale of the neighboring Cosmopolitan.

                        Pull out CityCenter's $1.55 billion in debt and MGM's 50% stake, and Dubai World's holding in CityCenter is only worth about $656.9 million. I think this is a reasonable valuation, but MGM has put the book value of Dubai World's stake at $1.325 billion, so I've used the range between the two figures below.

                         

                        2007

                        Today

                        CityCenter-50% Stake

                        $2.96 billion 

                        $656.9 million-$1.325 billion

                        MGM Stock

                        $1.74 billion

                        $520 million

                        Total

                        $4.68 billion

                        $1.18 billion-$1.85 billion

                        Source: MGM Resorts and author's calculations.

                        These values assume Dubai World could even sell its CityCenter stake, a transaction that would face significant scrutiny from MGM and regulators in Nevada. But even using these metrics, Dubai World has lost  60%-75% of its original investment. You might think this would have taught Dubai, and the rest of the UAE, a lesson about betting on Las Vegas.

                        Not the last lesson learned on the Las Vegas Strip
                        Despite Dubai's losses, other members of the UAE's inner circle continue to bet on Las Vegas. Hakkasan Group, funded by Abu Dhabi's Sheikh Mansour bin Zayed Al Nahyan, is taking over the Las Vegas restaurant and nightclub scene. It built the $100 million Hakkasan nightclub in the MGM Grand, bought Enlightened Hospitality Group this year, partnered with MGM to build nongaming resorts, and is rumored to be acquiring Morgans Hotel Group's stake in Light Group.  

                        Dubai World's acquisition of MGM shares and half of CityCenter was made at the peak of the real estate boom, and I can't help but wonder if Hakkasan is betting on Las Vegas at the peak of the party scene. At least this time around there aren't billions of dollars at stake, just a couple hundred million. That's a low-stakes gamble compared to Dubai World's bet on Las Vegas

                         

                         

                        Good shot of MGM from a southwest perspective.

                        Remember when it first opened the main entrance facing the Blvd/ Trop intersection was a lion's mouth you walked into ?

                        The Asian players equated this w/ being consumed. LOL !

                        One of the biggest marketing mistakes since Chevy named a car "nova"

                        which in Spanish speaking countries meant "does'nt go" LMAO !

                        Extraordinary Popular Delusions & the Madness of Crowds    -- Charles Mackay  LL.D.

                          eddessaknight's avatar - nw paladin.jpg
                          LAS VEGAS
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                          November 22, 2006
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                          Posted: January 15, 2015, 3:57 pm - IP Logged

                          Good shot of MGM from a southwest perspective.

                          Remember when it first opened the main entrance facing the Blvd/ Trop intersection was a lion's mouth you walked into ?

                          The Asian players equated this w/ being consumed. LOL !

                          One of the biggest marketing mistakes since Chevy named a car "nova"

                          which in Spanish speaking countries meant "does'nt go" LMAO !

                          Caesars places largest operating division into bankruptcy

                          Caesars Entertainment Corp. placed its largest operating division into bankruptcy Thursday, taking the initial steps to eliminate almost $10 billion of debt and restructure the casino operator’s troubled balance sheet. Wi;; have to comply with gaming board restrictions

                          The balloon has finally popped !!!

                          Fortes Fortuna Juvat

                          Eddessa_Knight Sun Smiley

                            haymaker's avatar - Lottery-012.jpg
                            Egg Harbor twp.south Jersey shore
                            United States
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                            Posted: January 16, 2015, 10:00 am - IP Logged

                            Atlantic city race course simulcast will close today, the final nail in the coffin. Sad Cheers

                            Although I did'nt use the simulcast, it's what kept the track alive since they were required to run a live 6 day meet in the springtime

                            as a qualification for the simulcast licence.

                             

                            I will miss That springtime meet 8 miles from home as now the closest track to me is 70 some miles away.

                            Take your pick, Monmouth park 70 miles north, Philly park 70 miles NW, Delaware park 70 miles West.

                             

                            If I go to Delaware the one advantage is I can buy lottery in an anonymous state.

                            Extraordinary Popular Delusions & the Madness of Crowds    -- Charles Mackay  LL.D.

                              eddessaknight's avatar - nw paladin.jpg
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                              Posted: January 16, 2015, 3:54 pm - IP Logged

                              Atlantic city race course simulcast will close today, the final nail in the coffin. Sad Cheers

                              Although I did'nt use the simulcast, it's what kept the track alive since they were required to run a live 6 day meet in the springtime

                              as a qualification for the simulcast licence.

                               

                              I will miss That springtime meet 8 miles from home as now the closest track to me is 70 some miles away.

                              Take your pick, Monmouth park 70 miles north, Philly park 70 miles NW, Delaware park 70 miles West.

                               

                              If I go to Delaware the one advantage is I can buy lottery in an anonymous state.

                              haymaker, thank you for the latest sad update on Atlantic City closing simulcast Unhappy

                              Do you think they will close the BEACH for a grand finale? Wink

                               

                              Good Luck @ Delaware, etc

                              Fortes Fortuna Juvat

                              Eddessa_Knight Sun Smiley