[vpFREE] Re: winpoker for iphone?

 

There used to be a Winpoker for iPhone/I Pod, and a separate one for ipad.


Do not know if still true.    I have iPod on my iPad and it has a button to click and it expands to fill up the screen for the iPad and works very well.

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[vpFREE] Bob Dancer's LVA - 8 APR 2014

 

Bob Dancer's LVA - 8 APR 2014

Musings About Dishonesty in Casinos

http://www.lasvegasadvisor.com/bob_dancer/2014/0408.cfm

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Re: [vpFREE] CET is getting tight on the freeplay

 

Some of us just don't speculate.  We don't have time for it.    We are too busy scouting, networking, find good plays – and then playing them like mad!!!!
 
------------------------------------------
Jean $¢ott, Frugal Gambler
http://queenofcomps.com/
You can read my blog at
http://jscott.lvablog.com/
 
From: James Beam
Sent: Tuesday, April 08, 2014 9:57 AM
Subject: [SPAM]Re: [vpFREE] CET is getting tight on the freeplay
 
 

I suppose we can all infer opinions from different sources.
 
Some of us read the papers
 
Some of us have CET email addresses.
 
Some of us can just do match and know things are unsustainable
 


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Re: [vpFREE] CET is getting tight on the freeplay

 

I suppose we can all infer opinions from different sources.

Some of us read the papers

Some of us have CET email addresses.

Some of us can just do match and know things are unsustainable



On Tue, Apr 8, 2014 at 9:45 AM, <lee.crowell@sbcglobal.net> wrote:
 

James Beam-


Respectfully- you are not understanding the situation correctly.  What the poster pointed out were expenses from last year- not the actual debt.  That added expense is caused by the debt, but does not represent 20% of the actual debt as you state.  You are mixing balance sheet items (debt) with income statement items (expenses).  If you take a close look at the financial statements, you will see that in general, even in AC, the properties make money- specifically look at the property EBITDA statistics- Earnings Before Interest, Taxes, Depreciation and Amortization.  Las Vegas is actually doing pretty well, but AC is hurting them from an operations standpoint.  But in a highly leveraged company, expenses are created by more than just operations.

I have no love for Gary Loveman, but operationally the company is not doing too bad- it is the debt load and the expenses related to that that is causing the problems  Part of that $3 billion expense appears to be from them writing down the value of their AC assets- again, caused by the over-payment during the buyout, not from ongoing operations. The LBO was done at the top of the market- they thought the revenue streams could pay the interest expense and pay down the debt.  Bad timing.  Why do you think Loveman still has a job in a company that is loosing so much money? Because the Board knows he is dealing with a difficult situation fairly well. Don't you think they would get rid of him in a heartbeat if they could find someone better to do the job?  Yes- politics plays a part- he helped then get through the buyout, which has earned him some goodwill, but ultimately it is the bottom line that matters.
.     
Just my .02- Lee.


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Re: [vpFREE] CET is getting tight on the freeplay

 

James Beam-


Respectfully- you are not understanding the situation correctly.  What the poster pointed out were expenses from last year- not the actual debt.  That added expense is caused by the debt, but does not represent 20% of the actual debt as you state.  You are mixing balance sheet items (debt) with income statement items (expenses).  If you take a close look at the financial statements, you will see that in general, even in AC, the properties make money- specifically look at the property EBITDA statistics- Earnings Before Interest, Taxes, Depreciation and Amortization.  Las Vegas is actually doing pretty well, but AC is hurting them from an operations standpoint.  But in a highly leveraged company, expenses are created by more than just operations.

I have no love for Gary Loveman, but operationally the company is not doing too bad- it is the debt load and the expenses related to that that is causing the problems  Part of that $3 billion expense appears to be from them writing down the value of their AC assets- again, caused by the over-payment during the buyout, not from ongoing operations. The LBO was done at the top of the market- they thought the revenue streams could pay the interest expense and pay down the debt.  Bad timing.  Why do you think Loveman still has a job in a company that is loosing so much money? Because the Board knows he is dealing with a difficult situation fairly well. Don't you think they would get rid of him in a heartbeat if they could find someone better to do the job?  Yes- politics plays a part- he helped then get through the buyout, which has earned him some goodwill, but ultimately it is the bottom line that matters.
.     
Just my .02- Lee.

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Re: [vpFREE] Re: CET is getting tight on the freeplay

 

It's not realistic to make these comparisons. Here's why:

1 - There have been very, very few bankruptcies that would compare to CET. There's not many companies that have been allowed 23B in debt, so it's going to be a bankruptcy on a grand scale. Most of the large magnitude bankruptcies have also involved some sort of Gov intervention (GM, Ford, etc) - that is unlikely to happen here. 

2 - Airline miles are not redeemable for cash, while comp points are (among other things) so that would introduce you as a creditor. So not only is there debt, there's also liabilities (i.e. you, the comp holder). That definitely makes you a creditor.

3 - Most of the debt that CET has is real estate notes (and other lines of credit), most likely held by large hedge funds, massive pension funds, etc. The new holders of Caesars Growth are the same crowd, including George Soros. Do you really think all those companies are going to put themselves second so that you can get your free meal at Nobu first? C'mon . . . They will find a way.




On Tue, Apr 8, 2014 at 5:47 AM, baccarat_guy <baccarat_guy@me.com> wrote:
 

"But I would think that it puts comps into jeopardy - at bankruptcy you
would be a "credit holder" of CET.”

I highly doubt such a scenario.  Look at all the (large) airlines that entered into bankruptcy.  Frequent flyer miles were (almost) always protected; and that’s a very similar liability.  




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[vpFREE] horseshoe cincinnati

 
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[vpFREE] Re: winpoker for iphone?

 
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[vpFREE] Scot Krause's Real Deals - 8 APR 2014

 

Scot Krause's Real Deals - 8 APR 2014

Las Vegas Casino bargains and promotions

http://gamingtoday.com/articles/article/46550-A_little_more_for_those_IRS_refund_checks_at_Cannery_Resorts#.U0P_7vldW1w

or

http://tinyurl.com/ph6sgp7

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Re: [vpFREE] Re: CET is getting tight on the freeplay

 

On 4/8/2014 8:45 AM, Barry Glazer wrote:
> I am neither an accountant nor an attorney, let alone one that
> specializes in bankruptcy, and I don't even know if Nevada statute can
> affect this differently than in other states, nor do I know if there
> are previous examples in Nevada, but...
>
> I DO know that at least one casino chain in another state HAS filed
> for bankruptcy, and that it continued to have a license, to operate,
> and it honored its comps, eventually emerging from bankruptcy.
>
> I believe there are many kinds of bankruptcy, and if operations cease
> and assets are distributed to creditors, I'm pretty sure that comps
> and other benefits of being a frequent player would not only have to
> "stand in line" with other creditors, but would likely disappear
> altogether, since most programs have fine print that they can be
> changed or discontinued at the whim of the casino. But if it's
> "operating bankruptcy" as was the case of which I am aware, emergence
> from bankruptcy is the ultimate goal, and honoring earned comps and
> benefits seems to be a critical element in maintaining an existing
> customer base in order to recover - although, as happens all the time
> without bankruptcy, the conditions of the program can be changed.
>
> At the same time, a HISTORY of bankruptcy, especially a recent
> history, is VERY likely to adversely affect any new applications for a
> casino license, as I understand it - again, not only in Nevada, but in
> other states as well.
>
> --BG
> =================
>
>
> 1d. Re: CET is getting tight on the freeplay
>
> ...I have no idea what this does to the gaming licenses but I doubt
> that being
> in bankruptcy re-structuring would immediately disqualify them from
> holding
> one. But I would think that it puts comps into jeopardy - at
> bankruptcy you
> would be a "credit holder" of CET.
The most well-known example of licensing broke corporations comes from
the multiple bankruptcies of Donald Trump. Nothing about him and his
pathetic business model and practices ever seemed to bother either the
NJ Casino Control Commission or the Division of Gaming Enforcement. Both
of them focused on the really big problems like the square footage of
bathrooms.

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[vpFREE] Re: CET is getting tight on the freeplay

 

"But I would think that it puts comps into jeopardy - at bankruptcy you
would be a "credit holder" of CET."

I highly doubt such a scenario.  Look at all the (large) airlines that entered into bankruptcy.  Frequent flyer miles were (almost) always protected; and that's a very similar liability.  



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[vpFREE] Re: CET is getting tight on the freeplay

 

I am neither an accountant nor an attorney, let alone one that specializes in bankruptcy, and I don't even know if Nevada statute can affect this differently than in other states, nor do I know if there are previous examples in Nevada, but...

I DO know that at least one casino chain in another state HAS filed for bankruptcy, and that it continued to have a license, to operate, and it honored its comps, eventually emerging from bankruptcy.

I believe there are many kinds of bankruptcy, and if operations cease and assets are distributed to creditors, I'm pretty sure that comps and other benefits of being a frequent player would not only have to "stand in line" with other creditors, but would likely disappear altogether, since most programs have fine print that they can be changed or discontinued at the whim of the casino.  But if it's "operating bankruptcy" as was the case of which I am aware, emergence from bankruptcy is the ultimate goal, and honoring earned comps and benefits seems to be a critical element in maintaining an existing customer base in order to recover - although, as happens all the time without bankruptcy, the conditions of the program can be changed.

At the same time, a HISTORY of bankruptcy, especially a recent history, is VERY likely to adversely affect any new applications for a casino license, as I understand it - again, not only in Nevada, but in other states as well.

--BG
=================


1d. Re: CET is getting tight on the freeplay

...I have no idea what this does to the gaming licenses but I doubt that being
in bankruptcy re-structuring would immediately disqualify them from holding
one. But I would think that it puts comps into jeopardy - at bankruptcy you
would be a "credit holder" of CET.


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[vpFREE] Fw: kobj21@aol.com

 
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