7starinfo
7starinfo
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February 7th, 2018 at 1:26:00 PM permalink
You may want to note that the high end business was decent , you may not have seen it because it was upstairs and behind walls. As far as auction Iím told it was a forced auction not one by choice.
billryan
billryan 
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February 7th, 2018 at 1:33:35 PM permalink
Quote: Wizard

Thanks. Out of curiosity, why is this casino going to auction so quickly? Why isn't doesn't it sit idle for years like the Fountain Blue or Revel, waiting for a buyer? Not that I'm complaining. I just don't fully understand why some bankruptcies are handled one way and others another.



Just a half assed guess, but I'm thinking the casino doesn't own the land it's built on. Foreclosing on a casino that actually owns the land is different from doing so when the land is leased. I don't think the Dragon can make rent payments to the landlord while not paying its other debts.
GWAE
GWAE
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February 7th, 2018 at 1:44:24 PM permalink
They are also not fighting it. Most for closures have tenants that try to drag it out.
Expect the worst and you will never be disappointed. I AM NOT PART OF GWAE RADIO SHOW
TigerWu
TigerWu
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February 7th, 2018 at 2:02:35 PM permalink
When a casino closes, what do they do with all the branded equipment like tables, cards, dice, etc.?
7starinfo
7starinfo
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February 7th, 2018 at 2:06:21 PM permalink
I know the machines weee broken down and taken out almost immediately for the most part,
Dice and cards are usually sold at gift shop which is still open
GlenG
GlenG
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February 7th, 2018 at 2:09:03 PM permalink
Keep an eye on Nellis Auctions...They do sell casino stuff from time to time
billryan
billryan 
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February 7th, 2018 at 2:49:56 PM permalink
Quote: GlenG

Keep an eye on Nellis Auctions...They do sell casino stuff from time to time



Keep two eyes on your stuff after you win it. You pay for what was on the table when it sold, not for what is actually still there by the time you pick it up.
FleaStiff
FleaStiff
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February 7th, 2018 at 2:56:54 PM permalink
It is indeed the LAND PURCHASE and CONSTRUCTION LOANS that are being foreclosed. There are some mysteries about the entities involved and the source of the funds but it was nonpayment of the loan interest that allowed the creditor to step in and foreclose on the assets that were pledged as security for the loans, the hotel building, parking lot and casino. Here the casino is a different entity but obviously closely allied to those somewhat shadowy entities.

Card decks usually get sent to a private contractor who uses prison labor to re-assemble decks, shave an edge off and repackage them for sale in a casino's gift shop. I think its thirty cents an hour for the prisoners. Many casinos plug a die and then sell them in their gift shop but the Venetian to this day grinds their used dice down to smithereens. Casinos in New Mexico actually force their employees to sort and process used card decks and sure as shooting there is no one toking them for those hours.

Casinos that go out of business but are sitting on land they own free and clear often hire that firm that specializes in one day a year operations bringing in trained personnel, fire safety equipment and operating the casino just long enough to keep the license alive while pariahs scramble over the license. Before actual sale all unpaid progressives have to be either awarded or paid to the gaming board's trust fund. By the way, that specialized firm will also supply gamblers even though the law only requires that they be open for business a certain number of hours.
Wizard
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Wizard
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February 7th, 2018 at 3:51:23 PM permalink
Quote: FleaStiff

Many casinos plug a die and then sell them in their gift shop but the Venetian to this day grinds their used dice down to smithereens.



I have about 40 Venetian dice from when I worked there. I didn't know they were not available to the public. Maybe they're worth something.
It's not whether you win or lose; it's whether or not you had a good bet.
Hunterhill
Hunterhill
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February 7th, 2018 at 4:06:04 PM permalink
Quote: Wizard

I have about 40 Venetian dice from when I worked there. I didn't know they were not available to the public. Maybe they're worth something.


There are 4 or 5 sets on EBay right now from $4 to $20.
Don't teach an alligator how to swim.

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