GLG News by Lawyers (Australia)

On Dec. 31, 2007, I posted an analysis here that Columbia Sussex's bondholders would probably get paid.  This was based on Nevada not revoking its license.  Now, new trouble at the Tropicana and River Palms might mean the company cannot meet the state's financial standards.  The properties...

Federal law outlawed sports betting, except in states where it was legal in 1992.  For a state, or a tribe in a state, which did not have legal sports betting then, either Congress would have to change the law, which will not happen, or a court would have to throw out the ban, which is possibl...

"Junkets" in Macau are not like junkets to U.S. casinos.  This could be a major blow, and shows that competition is heating up sooner than expected.  It also raises questions of competing in Macau against experienced locals.

The loss of the New Jersey license for the Atlantic City Tropicana technically put the company into default on its bonds.  However, Credit Suisse and the other lenders have agree to hold off bankruptcy for one year.   This means the bondholders will probably get paid off 100%, but...

The $31.5 million fine is not significant.  But the DOJ has subtly expanded the war, by including claims of violating "municipal" laws.  This is bad news for anyone who is thinking about placing or taking ads.

The private equity buyout of Harrahs has been approved by the most important regulator.  Other state and tribal approvals will come quickly.  This also makes it easier for buyouts of smaller casino companies in the future.

It's nice to be optimistic. But Congress won't pass, and Pres. Bush won't sign, any bill legalizing Internet gambling during an election year. There are also issues involving online security and states' rights that will take time to resolve. Meanwhile operators, including the biggest, are looking at...

Of course there are similarities, but the differences may be of greater importance.  Growth in Macau will continue to be as spectacular, for a few years, as it was in Las Vegas in the 1990s, until it, too, will be oversupplied.  But California could never require its citizens...

Private equity deals are being probed by the Australian Tax Office. The Commissioner has signaled his key concerns in a speech intended for maximum coverage. There are some surprises, given recent Australian law changes intended to free up capital gains for non-residents of Australia.  

The Gaming Board is asking that the court order losing casino applicants to post enormous bonds to continue their suits.  This forces courts to decide whether casino openings should continue to be held up.