Casinos

Billionaire Poker Player Battles For Trump Casinos

Donald Trump's Atlantic City casinos might not belong to Trump anymore if billionaire banker and high-stakes poker player Andy Beal has anything to say about it. Beal and Trump were once partners doing battle against another group of bondholders to take control of the three bankrupt Trump Entertainment Resorts Inc. casinos. But now Beal has split from Trump and his Beal Bank has offered to convert its $486 million mortgage on the casinos into majority owner equity. The offer drew criticism from attorneys representing Trump Entertainment bondholders, who have offered to buy the casinos for $225 million. Previously Trump and Beal Bank had offered $114 million in cash for the company but last week Trump withdrew from that deal and instead agreed to back the bondholders in return for an ownership stake in the casinos.

Beal might love the art of the deal even more than Trump. After all, this is a man who won more money in a single day than any other poker player: $11.7 million at the Las Vegas Bellagio casino in 2004. Because of Beal's mortgage on the Trump casinos his bank is first in line among bankruptcy creditors.

U.S. Bankruptcy Court Judge Judith H. Wizmur has given both sides until December 3 to try to negotiate a deal. Wizmur has scheduled hearings to start in January to pick the company's new buyer.

Tags: andy beal, AndyBeal, atlantic city, AtlanticCity, casinos, donald trump, DonaldTrump, trump atlantic city, TrumpAtlanticCity

Majestic Star Casinos Files For Bankruptcy

by Deidre Woollard (RSS feed) —

The tough times for casinos continue. Casino operator Majestic Star Casino LLC filed for bankruptcy this week. The move was an a last ditch move after months of talks to restructure debt failed. Majestic Star owns casinos in Indiana, Mississippi and Colorado. The Majestic's parent, Barden Development Inc, is not part of the bankruptcy. Court documents show that the Majestic Star and its affiliates have assets of $402.1 million and liabilities of $771.1 million as of October 31.

The company has said that increased competition and the ongoing recession are to blame for the company's woes. The two casinos and hotel along Lake Michigan in Gary, a casino-hotel in Tunica County, Mississipi, and a casino in Black Hawk, Colorado are all still open for business.

The company operates two casino boats on Lake Michigan in Gary, Indiana and has been working on getting a land-based casino in Gary. Last summer, Indiana lawmakers voted down a measure to allow this. The Majestic Star owes the city of Gary $7.4 million but the mayor of Gary, Rudy Clay has said he still plans to work with casino owner Don Barden to change Indiana law to allow a land-based casino in the city.

Tags: bankruptcy, casinos, majestic star casinos, MajesticStarCasinos, michigan

Will Donald Trump Get His Atlantic City Casinos Back?

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

Donald Trump is eager to once again have control of Atlantic City casinos but the road to ownership might be a bit challenging. The Wall Street Journal says that while Trump has reached an agreement with Trump Entertainment Resorts Inc., which is in Chapter 11, the deal is fraught with difficulty. Trump's sale must first get the approval from a bankruptcy court judge and he will also have to appease bondholders who the WSJ says hold about $1.25 billion in second-lien debt and could lose that money if Trump's deal goes through. Trump and the firm's top lender, Beal Bank, agreed to invest $100 million in the company and Beal will extend the terms of a $486 million loan until December 2020 from 2012. The question of what the casino company is actually worth may be key to figuring out what its future will be. Trump is a savvy businessman and may have chosen to act now because he thought he could get his company back for a low price.

Source

Tags: atlantic city, AtlanticCity, casinos, donald trump, DonaldTrump

When Havana Was the "Paris of the Caribbean"

by Jared Paul Stern (RSS feed) —

Filed under: Books

It's now somewhat synonymous with decay of both a socioeconomic and physical nature, but there was a time before the Socialist revolution when Havana was known as the "Paris of the Caribbean," a place where Americans came to hang out in nightclubs, gamble, smoke cigars, hit on showgirls and drink copious quantities of rum. This prelapsarian paradise is celebrated in Peter Moruzzi's brilliant new book, Havana Before Castro: When Cuba Was a Tropical Playground (Gibbs Smith, $30), filled with hundreds of photos, brochures, postcards, artifacts and other ephemera.

From Hemingway hangout La Floridita, where the daiquiris flowed like water, especially during Prohibition, to the Tropicana and other casinos that were cutting edge in the 1950s thanks to the interest of American mobsters, Moruzzi provides a gorgeous and engaging glimpse of an all but forgotten era. See the gallery for a preview.

[via Men.Style]

Gallery: Havana Before Castro

Ernest Hemingway celebrates his Nobel Prize in 1954 with a daiquiri

Tags: Casinos, Cigars, Cuba, Daiquiri, Ernest Hemingway, ErnestHemingway, Fidel Castro, FidelCastro, Havana, Prohibition, Rum

The Most Expensive Casino Suites Not Just for High Rollers

by Rigel Celeste (RSS feed) —

Filed under: Journeys

Everything changes, even in Vegas (or especially in Vegas?) when it comes to big name casinos and how they divy out their best suites. They used to be reserved exclusively for only the highest of high rollers on a comp basis, but these days more and more casinos are catering to a different crowd: those who just want to pay to party and not necessarily spend all day and night gambling.

Flat rates and outrageous luxury perks are the latest trend, with prices easily skyrocketing into 5 digits. The top of the line? The Fantasy Towers at Palms, Hugh Hefner Sky Villa, available for only $40,000/night.

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Tags: casino, casinos, gamble, gambling, high roller, high rollers, HighRoller, HighRollers, las vegas, LasVegas, most expensive, MostExpensive, vegas

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