This page contains a Flash digital edition of a book.
CR87-p12-NAmerica1:SJC-Casino Review 23/12/09 14:57 Page 1
Horseshoe gambles on higher limits
Horseshoe Casino and Hotel in Bossier City,
Louisiana, is gambling on new $25,000 limits on
Blackjack and Baccarat. Geno Iafrate, senior vice
president of Horseshoe Casino and Hotel, said: “The
Horseshoe was built by a gambler for gamblers, and
we are raising the stakes by taking the highest limits
and best odds to the next level. Horseshoe is the
original gambling joint, offering odds and limits that
no other casino will match, and that includes the
most liberal casinos in Las Vegas and Atlantic City.”
Beal Bank and Icahn aim to
Trump Donald at his own game
A battle for control of Trump Entertainment Resorts could get personal with Carl Icahn joining forces
with a Texas banker, Andrew Beal, a former friend of Donald Trump, who dropped him recently as a partner
to focus on a bondholder plan that would give Trump up to 10 per cent of the reorganised company.
Silver Dollar
friendorfold casinos to form American
UNITED STATES Casino & Entertainment,
out of
(which was sold in 2008 for
A ruling by a US bankruptcy more than a $1bn profit) and
judge will see billionaire am currently involved in the
investor Carl Icahn go head restructuring of Tropicana
to head with Donald Trump Entertainment and the silverstreak
for control of casino opera- Fontainebleau Las Vegas. I CANADA
tor Trump Entertainment believe that, while Trump’s
Resorts. operations in Atlantic City Century Casinos is buying
Judge Judith Wizmurhas have potential, the economic the Silver Dollar casino in
allowed a restructuring plan uncertainty, changing com- Calgary, Alberta, Canada,
from the casinos’ bondhold- petitive landscape, and for around US$10.65m.
ers which is being backed by Trump’s two bankruptcies The Silver Dollar is a
Trump and his daughter in five years demands a meas- 93,000 square foot casino
Ivanka, and will now compete ured and conservative facility located on approxi-
with another takeover bid approach, including min- mately seven acres of land
from Beal Bank who has imising both outstanding in Calgary and includes
teamed up with Icahn. debt and the likelihood of a 504 slot machines, 16 table
Wizmur said: “I fully recog- third bankruptcy. This con- games, 15 video lottery ter-
nise the need to move servative approach, which is minals, two restaurants, a
forward promptly and to the path suggested by the lounge, a 5,000 square foot
avoid or minimise uncer- Beal Plan, combined with an showroom, an 18,000
tainty to give each plan a full experienced operator, will square foot convention
and fair consideration. The create the best outcome for centre and a 38-lane
way to do that is to move all stakeholders, including bowling alley.
forward as competing plans.” the properties after claiming Atlantic City, New Jersey. nies. We think that this team customers, employees and In April 2009, Evergreen
Creditors will vote on each the name may be more of a Icahn and Beal Bank will now has all of the tools nec- Atlantic City itself. Therefore, Gaming Corporation, the
of the plans early next year. ‘disadvantage’ given the jointly prosecute the Plan of essary to quickly and suc- we will support, and do company that acquired
Trump Entertainment company’s hat trick of bank- Reorganization which Beal cessfully emerge from everything we can to ensure the Silver Dollar in 2007,
filed for Chapter 11 bank- ruptcy filings. Bank has proposed to the bankruptcy and rebuild a the success of the Beal Plan. filed for protection from
ruptcy in February 2008 Icahn confirmed that his court. The addition of Icahn best in class operation." The Ad Hoc Committee’s creditors under the Com-
marking its third such move, affiliated entities have to the Beal team aims to allay Icahn commented: Plan, on the other hand, is a panies’ Creditors Arrange-
blaming the onset of local entered into an agreement concerns and criticism over “Despite the current prob- ‘roll of the dice’ to re-lever- ment Act in Vancouver. On
competition and a decline in with Beal Bank and Beal Bank the ability of the Beal Plan to lems in Atlantic City, I con- age these operations which June 24, 2009, a receiver
consumer spending. Nevada, to buy a majority of move forward. tinue to have great faith in may well turn into a round- was appointed by the
Whilst the bondholders’ the outstanding first lien Beal said: “We reached the city’s future. I have suc- trip ticket to bankruptcy courts to manage the
restructuring would allow bank debt of Trump Enter- out to Mr Icahn to capitalise cessfully invested in, oper- court. The Beal Plan offers a assets of FSSD and EGC.
Trump a 10 per cent stake in tainment Resorts Holdings. on his extensive experi- ated and restructured new Trump Casino with no We believe its current per-
the company and would Trump owns the Trump ence both in the gaming troubled gaming companies debt that will be able to formance is not indicative
leave his name on the Taj Mahal, Trump Plaza and industry and in turning in the past, including com- weather the current eco- of its real potential.
casinos, Beal could rename Trump Marina properties in around troubled compa- bining several bankrupt nomic turmoil.” Century Casinos
already owns and oper-
ates a casino in Alberta,
Canada, namely the
New Jersey votes to safeguard
Century Casino & Hotel
in Edmonton.
casinos against smoking ban
The company’s Co-
CEOs Erwin Haitzmann
and Peter Hoetzinger, said:
“We are excited about
cigaretteback the local council for years to ban the will to go against the financial expanding in Alberta,
UNITED STATES smoking completely. Despite a 2007 well-being of the city.” Canada, by entering the
council vote to ban smoking on 75 Joseph Corbo, president of the Calgary gaming market
Atlantic City’s casinos will stay percent of gaming floors and an Casino Association of New Jersey, with the addition of the
exempt from a smoking ban for at agreement to pass a full smoking ban added: “The current Atlantic City Silver Dollar to Century’s
least another two years with it taking in 2008, Atlantic City officials have smoking ordinance was wisely portfolio of casino hotels.
at least that long for the topic to even agreed that the downturn in the approved by City Council a year ago Once we have made
begin being debated again. economy coupled with a smoking after careful deliberation and consid- experiencing the most challenging certain improvements at
Councilman Dennis Mason said ban would stub out any remaining eration of all of the factors affecting set of circumstances in its history, the property and refined
that the city will not continue discus- hope for the city’s casinos. the Atlantic City marketplace in an the Casino Association of New Jersey its market position, we
sions about banning smoking in “I have to think in practical terms effort to minimise the loss of employ- agrees with City Council that there believe the Silver Dollar
casinos until the end of 2011. rather than be saddened by this,” ment opportunities for Atlantic City could not be a worse time than now has the potential to sub-
Several resort casino workers and Ward said. “In this economy, I didn’t residents. Given the fact that the for it to consider a more restrictive stantially contribute to our
health groups have put pressure on feel council would be able to have casino industry is now, a year later, smoking ordinance.” overall performance.”
12 January 2010 • northamericannews
Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80
Produced with Yudu -