buzzpaff
buzzpaff
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April 1st, 2011 at 8:13:34 AM permalink
ATLANTA | Fri Mar 12, 2010 10:26am EST

ATLANTA (Reuters) - MGM Mirage (MGM.N) said on Friday it will sell its 50 percent interest in the Borgata Hotel in Atlantic City in a settlement with New Jersey, which objects to the casino owner's partner in a separate venture in Macau.

MGM Mirage said it will cease business as a gaming licensee in New Jersey, if the settlement be approved by the New Jersey Casino Control Commission.

updated 10/10/2007 4:09:22 PM ET 2007-10-10T20:09:22

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ATLANTIC CITY, N.J. — MGM Mirage Inc. plans to build a mega-casino resort worth up to $5 billion that will dwarf anything Atlantic City has seen before, the company said Wednesday.

The move is part of an ongoing gamble by casino operators to polish Atlantic City's image and attract upscale customers who want to do more than just bet money.

No Not April Fool either
FleaStiff
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April 1st, 2011 at 8:32:20 AM permalink
Quote: buzzpaff

ATLANTA | Fri Mar 12, 2010 10:26am EST

Thank you for your timely posting of this news release. I believe there is a dormant thread that already discusses the issue of Pansy Ho in Macau.
buzzpaff
buzzpaff
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April 1st, 2011 at 8:41:53 AM permalink
Sorry Where is the delete button ?
pacomartin
pacomartin
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April 1st, 2011 at 9:24:14 AM permalink



ATLANTIC CITY, N.J.— Five years from now, you might not even recognize this place.

A burst of new, luxurious mega-casino projects to be built by 2012 will transform the face of Atlantic City into a more futuristic — and crowded — gambling resort.

At least four companies are betting a combined $9 billion that the makeover will help Atlantic City catch up with Las Vegas as a
place to come — and stay — for more than just gambling.

In early November, Revel Entertainment Group unveiled drawings of its new $2 billion casino-resort, to be called simply "Revel." Due to open in the second half of 2010, at 710 feet, it will
be the tallest building in Atlantic City — at least for a while.

It will feature two thin towers standing perpendicular to the ocean, with as many as 3,900 rooms, and even Atlantic City's first
casino wedding chapel. The interior complex, between the towers, is curved and rounded so that it looks as if it has been shaped by gentle ocean waves.

Revel is partnering with investment firm Morgan Stanley on the project.

It will become Atlantic City's 12th casino, and the first new one to open since the Borgata Hotel Casino & Spa debuted in 2003 and
redefined the public's image of what the Las Vegas experience should look and feel like in New Jersey.

....
buzzpaff
buzzpaff
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April 1st, 2011 at 10:02:53 AM permalink
First time I took my wife to AC, the steel pier was the main attraction. Although I did not know it at the time, we saw one
of the last performances of the diving horse. When casino's hit ac, we would vacation in Wildwood NJ
DJTeddyBear
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April 1st, 2011 at 10:19:30 AM permalink
Quote: pacomartin

In early November, Revel Entertainment Group unveiled drawings of its new $2 billion casino-resort, to be called simply "Revel." Due to open in the second half of 2010....


You're quoting old news.

It won't open until sometime in 2012.
I invented a few casino games. Info: http://www.DaveMillerGaming.com/ ————————————————————————————————————— Superstitions are silly, childish, irrational rituals, born out of fear of the unknown. But how much does it cost to knock on wood? 😁
pacomartin
pacomartin
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April 1st, 2011 at 11:51:40 AM permalink
Quote: DJTeddyBear

You're quoting old news.It won't open until sometime in 2012.



It was something for April Fool's day. It's hopelessly optimistic, but it shows you how radically things changed in four years.
Nareed
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April 1st, 2011 at 12:43:48 PM permalink
Quote: pacomartin

It was something for April Fool's day. It's hopelessly optimistic, but it shows you how radically things changed in four years.



So there really is a Revel Entertainment company? I recall a line of plastic model kits called Revel sold in hobby shops long ago.

That makes for a good joke too, come think of it. Imagine a vacant lot labeled "Atlantic City" with a HUGE cardbaord box with the Vegas skyline painted on it, plus the legend "Las Vegas Model Kit (some investment required)." And of course the plastic model Revel trademark in the corner.
Donald Trump is a fucking criminal
FleaStiff
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April 1st, 2011 at 1:21:39 PM permalink
Where are the artist's rendition of the surrounding crack houses, hookers and vandalized cars? Or are those problems going to be solved by "investments"?
Why is there no traffic jam or toll booth indicated in the background?
pacomartin
pacomartin
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April 1st, 2011 at 2:18:05 PM permalink
My understanding is that Boyd did not purchase MGM's half of the Borgata for only $250 million, because in addition to the purchase price they would have to assume the other half of the propertie's $820m debt. They thought that they could do better by reducing debt.

What is happening with this deal? From Howard Stutz's LVRJ column, he indicates that Lloyd Green can still back out of the agreement. If it goes into receivership, will Boyd get the entire property for little more than simply assuming the entire debt?
kp
kp
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April 1st, 2011 at 2:33:45 PM permalink
Quote: pacomartin

will Boyd get the entire property for little more than simply assuming the entire debt?


They might get it by making a deal with the bank to pay just a portion of MGM's debt if the bank will absorb the rest.
FleaStiff
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April 1st, 2011 at 2:38:49 PM permalink
What is the debt worth? Not what is its nominal amount, but what is its net present value absent the foreclosure rights?
pacomartin
pacomartin
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April 1st, 2011 at 2:50:52 PM permalink
Quote: FleaStiff

What is the debt worth? Not what is its nominal amount, but what is its net present value absent the foreclosure rights?



I think they just refinanced last July, so the $820m is the entire debt load. They've only been paying down for 9 months.
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