Resorts World Vegas accused of accommodating illegal gambling
The Nevada Gaming Control Board filed a disciplinary complaint Thursday alleging that one of the largest casinos on the Las Vegas Strip welcomed illegal bookmaking, people with a history of gambling-related felony convictions and individuals linked to organized crime.
The board asked the Nevada Gaming Commission, which has authority over disciplinary action, to fine the company and take what experts say would be rare action against Resorts World’s gaming license.
(Including forcing out executives or even revoking their gaming license)
The complaint also alleges that Resorts World employees failed to report unusual or suspicious activity and violations of its anti-money laundering program to their superiors.
Quote: MDawgA big fine maybe. Revocation of license? Unlikely.
No chance it will be revoked.
If not I’ll interpret it as they know it’s not rare and is/has been happening elsewhere.
Quote: mcallister3200Unless they take into account Wynn and RW’s respective financial conditions at the time, I’d think it’s gotta be at least double Wynn’s fine if it’s based solely on merit. More if they take inflation into account.
If not I’ll interpret it as they know it’s not rare and is/has been happening elsewhere.
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It is not a good time even for gigantic businesses. Red Lobster has 1 billion in unpaid bills/loans. And filed bankruptcy.
Quote: jjjooogggQuote: mcallister3200Unless they take into account Wynn and RW’s respective financial conditions at the time, I’d think it’s gotta be at least double Wynn’s fine if it’s based solely on merit. More if they take inflation into account.
If not I’ll interpret it as they know it’s not rare and is/has been happening elsewhere.
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It is not a good time even for gigantic businesses. Red Lobster has 1 billion in unpaid bills/loans. And filed bankruptcy.
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It's a pretty typical story in the business world.
Beloved chain gets popular
Restaurants all over the country
Attracts a big company such as Thai Union borrowing billions to buy the business.
Now the business is saddled with huge interest payments making it unprofitable.
Business is down
Thai Union panics because of difficulty making payments and brings back endless shrimp for 20 bucks. They increase customers but lose money on the offer so it makes things worse losing even more money
Bankruptcy
Another leveraged buyout with poor management decisions ruins a perfectly good company
Quote: jjjooogggQuote: mcallister3200Unless they take into account Wynn and RW’s respective financial conditions at the time, I’d think it’s gotta be at least double Wynn’s fine if it’s based solely on merit. More if they take inflation into account.
If not I’ll interpret it as they know it’s not rare and is/has been happening elsewhere.
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It is not a good time even for gigantic businesses. Red Lobster has 1 billion in unpaid bills/loans. And filed bankruptcy.
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It mentions reasonable priced shrimp. I find that funny as now I live in Florida and shrimp is so affordable here poor people eat it.
Quote: terapinedIt's a pretty typical story in the business world.
Beloved chain gets popular
Restaurants all over the country
Attracts a big company such as Thai Union borrowing billions to buy the business.
Now the business is saddled with huge interest payments making it unprofitable.
Business is down
Thai Union panics because of difficulty making payments and brings back endless shrimp for 20 bucks. They increase customers but lose money on the offer so it makes things worse losing even more money
Bankruptcy
Another leveraged buyout with poor management decisions ruins a perfectly good company
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The shrimp had nothing to do with it. Red Lobster was a case of sale-leaseback when it was sold by Darden. The company that was not making a killing was now responsible for rent. If you owned a restaurant--plus the property it sat on--that was barely making money, you would never sell the property with condition of 25 year lease (triple net) with 2% annual increase. Big business do stuff like that though.
Quote: itsmejeffOrganized crime, huh? Does that mean free parking will return?
Quote: terapinedIt's a pretty typical story in the business world.
Beloved chain gets popular
Restaurants all over the country
Attracts a big company such as Thai Union borrowing billions to buy the business.
Now the business is saddled with huge interest payments making it unprofitable.
Business is down
Thai Union panics because of difficulty making payments and brings back endless shrimp for 20 bucks. They increase customers but lose money on the offer so it makes things worse losing even more money
Bankruptcy
Another leveraged buyout with poor management decisions ruins a perfectly good company
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The shrimp had nothing to do with it. Red Lobster was a case of sale-leaseback when it was sold by Darden. The company that was not making a killing was now responsible for rent. If you owned a restaurant--plus the property it sat on--that was barely making money, you would never sell the property with condition of 25 year lease (triple net) with 2% annual increase. Big business do stuff like that though.
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Long Johns went bankrupt in 1999. Sea Island bankrupt 2010. Rubio’s Seafood bankrupt 2024 with 100-500 mil in debt. Red Lobster bankrupt 2024. Crawdaddy closed 2022. Two George’s seafood bankrupt 2013 and both owners committed suicide by gun.
Quote: DRichQuote: jjjooogggQuote: mcallister3200Unless they take into account Wynn and RW’s respective financial conditions at the time, I’d think it’s gotta be at least double Wynn’s fine if it’s based solely on merit. More if they take inflation into account.
If not I’ll interpret it as they know it’s not rare and is/has been happening elsewhere.
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It is not a good time even for gigantic businesses. Red Lobster has 1 billion in unpaid bills/loans. And filed bankruptcy.
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It mentions reasonable priced shrimp. I find that funny as now I live in Florida and shrimp is so affordable here poor people eat it.
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Shrimp is not affordable for restaurants who buy from vendors like Sysco and Ben E Keith. These vendors that buy food, store food and distribute through salesmen increase costs passed to the restaurants. Walmart does not buy from wholesalers or distributors. They buy direct from a manufacturer and store in walmart warehouses.
Quote: itsmejeffOrganized crime, huh? Does that mean free parking will return?
Quote: terapinedIt's a pretty typical story in the business world.
Beloved chain gets popular
Restaurants all over the country
Attracts a big company such as Thai Union borrowing billions to buy the business.
Now the business is saddled with huge interest payments making it unprofitable.
Business is down
Thai Union panics because of difficulty making payments and brings back endless shrimp for 20 bucks. They increase customers but lose money on the offer so it makes things worse losing even more money
Bankruptcy
Another leveraged buyout with poor management decisions ruins a perfectly good company
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The shrimp had nothing to do with it. Red Lobster was a case of sale-leaseback when it was sold by Darden. The company that was not making a killing was now responsible for rent. If you owned a restaurant--plus the property it sat on--that was barely making money, you would never sell the property with condition of 25 year lease (triple net) with 2% annual increase. Big business do stuff like that though.
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Irony is many fastfood franchisees open locations under these conditions.
Franchise fast food X has a start up cost of 2 mil. Annual profit 150k. This profit is before triple net lease and corporate mandatory periodic remodeling. True ROI isn't 7.5%. And the restaurant building including equipment expires or depreciates in 35 years. The only hope is that the franchisee owned the land with a appreciation of 2% which is negated by the property tax. Closing before 20 year contract will incur penalties for lost royalties. 28% of franchisees transferred ownership or shut down.
Franchise Fastfood Y has start up of 250k. Profit is 50k before rent and taxes. Somehow they will make unexpected repairs.
Local franchise location A opened. 2 years later for sale. Local franchise location B opened. 2 years later for sale.
Quote: darkozWhat does all this have to do with resorts world?
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Previous poster said the fine should be more than double based on revenue and inflation.
Big companies are not immune to a losing year. A new company is still recouping start up cost. But this is all theory. No one really knows.
Quote: mcallister3200Unless they take into account Wynn and RW’s respective financial conditions at the time, I’d think it’s gotta be at least double Wynn’s fine if it’s based solely on merit. More if they take inflation into account.
If not I’ll interpret it as they know it’s not rare and is/has been happening elsewhere.
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Quote: jjjooogggQuote: darkozWhat does all this have to do with resorts world?
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Previous poster said the fine should be more than double based on revenue and inflation.
Big companies are not immune to a losing year. A new company is still recouping start up cost. But this is all theory. No one really knows.Quote: mcallister3200Unless they take into account Wynn and RW’s respective financial conditions at the time, I’d think it’s gotta be at least double Wynn’s fine if it’s based solely on merit. More if they take inflation into account.
If not I’ll interpret it as they know it’s not rare and is/has been happening elsewhere.
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No, I didn’t. I said UNLESS they consider that. Based on merit alone considering nothing else would be at least double to me.
Quote: mcallister3200Quote: jjjooogggQuote: darkozWhat does all this have to do with resorts world?
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Previous poster said the fine should be more than double based on revenue and inflation.
Big companies are not immune to a losing year. A new company is still recouping start up cost. But this is all theory. No one really knows.Quote: mcallister3200Unless they take into account Wynn and RW’s respective financial conditions at the time, I’d think it’s gotta be at least double Wynn’s fine if it’s based solely on merit. More if they take inflation into account.
If not I’ll interpret it as they know it’s not rare and is/has been happening elsewhere.
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No, I didn’t. I said UNLESS they consider that. Based on merit alone considering nothing else would be at least double to me.
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Double based on inflation and what Wynn financial number? I just now read Resort World is owned by someone else.
I just read it is owned by Genting Group. Maybe the original owner went bankrupt?
Was saying only way I can see it being less is because RW has struggled they might go “easy” on them rather than bury them, Wynn was perceived as doing well at the time.
You are nuts.
Quote: mcallister3200Based on the merit of the case ALONE I think it’s at least double. At least third time I’ve repeated that.
Was saying only way I can see it being less is because RW has struggled they might go “easy” on them rather than bury them, Wynn was perceived as doing well at the time.
You are nuts.
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I just read that in 2013, Boyd Gaming sold to Genting Group. I shouldnt care. I dont know who they are.
Company Man
Quote: jjjoooggg. Why would corporate care if the franchisee absorbs any losses.
In theory, franchises are about consistency. If a customer orders a fish sandwich at one restaurant then orders one at a different restaurant and they don't have it it reflects poorly on the franchise.
Quote: DRichQuote: jjjoooggg. Why would corporate care if the franchisee absorbs any losses.
In theory, franchises are about consistency. If a customer orders a fish sandwich at one restaurant then orders one at a different restaurant and they don't have it it reflects poorly on the franchise.
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Exactly. When I'm driving all day, I almost always eat at Mcdonald's because I know how my system will handle it.
