SL Green Seeking Loan Extension for Site of Proposed Caesars Casino
Posted on: November 13, 2024, 09:43h. Last updated on: November 13, 2024, 09:43h. SL Green (NYSE: SLG), the real estate partner in a proposed effort to bring a casino hotel to Times Square, is looking to get an extension on a $743 million loan tied to the New York City property. Times Square in New York City. SL Green is seeking a loan extension for 1515 Broadway — the proposed home of a Caesars casino. (Image: Shutterstock) A recent report from Morningstar indicated the loan on 1515 Broadway entered special servicing in late October, implying default is imminent. However, the real estate investment trust (REIT) is seeking an extension on the loan, which comes due in March. The Morningstar report noted the property is fully leased, generating ample cash flow, calling its overall performance “stellar.” Loan data confirm SL Green is current on its mortgage payments on the property and that the landlord is not be strained by its debt obligations there. In October 2022, SL Green announced it is partnering with Caesars Entertainment in a quest to open a casino in Times Square. Jay-Z’s Roc Nation entertainment agency joined the consortium the following month. The group pitched at a $4 billion casino hotel at 1515 Broadway. SL Green Has Big Debt Burden Real estate is a capital-intensive industry and as is the case with most of its counterparts, SL Green carries significant debt. The company’s share of debt which also includes its share of unconsolidated joint venture debt, was $10.5 billion, and the company had approximately $0.4 billion of excess cash and investments on its balance sheet, resulting in net debt of $10.1 billion as of the end of the second quarter of 2024,” wrote Morningstar analyst Suryansh Sharma. The research firm pointed out that SL Green’s current interest rate on 1515 Broadway is below 4% and a refinance of the property could result in a higher rate. A potential increase could be buffered by declining interest rates and the expectation that the Federal Reserve will continue cutting borrowing costs in the months ahead. As for when New York will award the three downstate casino licenses — something that could help SL Green should Caesars win one — that’s unlikely to happen prior to the end of 2025. Drama at 1515 Broadway SL Green’s overall tenant base is diversified, but that’s not the case at 1515 Broadway. CBS News parent Paramount controls nearly all the space at the property and that company announced layoffs in August, including some pertaining to workers at the SL Green buildings. Additionally, Paramount is in the midst of a testy takeover battle. It’s possible potential creditors may demand to see more tenants at the building or “tax” SL Green for the property’s dependence on Paramount. As for the proposed Caesars casino, should that project win approval from New York regulators, SL Green has said the gaming venue would occupy the space currently used by the Miskoff Theater. That’s home to “The Lion King” — one of the longest-running shows in Broadway history. Source link
Hard Rock Casino’s charitable impact felt in Northeast Tennessee and Southwest Virginia
BRISTOL, Va. (WCYB) — As the Hard Rock Casino prepares to open its doors, its impact on local charities in Northeast Tennessee and Southwest Virginia is already being felt. The casino has been actively involved in community outreach, providing monetary donations and volunteer support to various organizations. “Our team members are really invested in giving back to our community. It’s part of the culture we build here in Hard Rock Bristol,” said Michelle Fick, the community outreach manager. One way patrons can contribute is by donating in the casino ticket boxes on the gambling floor. The casino also supports local organizations through direct monetary donations and volunteer efforts. Feeding Southwest Virginia is one organization that has benefited from this partnership. “We’ve been blessed from the beginning to have a partnership with the casino,” said Lisa Claytor, chief development officer of Feeding Southwest Virginia. The organization feeds 114,000 people per month, with one in five children and one in seven adults experiencing food insecurity. “Three years ago, the United Way of Southwest Virginia gave us the children’s backpack program. Whenever there’s a transition like that, there’s a worry that it will be less than it was. After we began taking it over, the casino stepped up and said that’s something we’d like to support,” Claytor said. Through their partnership with the casino, Feeding Southwest Virginia has been able to distribute 7,500 backpacks filled with food to children in need. “It’s made a big difference. Plus, they’re very generous with in-kind donations. This week, they are donating almost 200 turkeys for us to give out to families so they can have a turkey for the holiday,” Claytor added. Hard Rock team members have been actively volunteering, which Claytor said has encouraged others to get involved. “I think once people saw they were involved, they also became involved. So we’re very thankful for their strong stewardship,” she said. Source link
Judge Suggests Casino App Transfer Blunts Gamer’s Attack
By Greg Lamm ( November 13, 2024, 9:21 PM EST) — A Washington federal judge raised doubts Wednesday about whether a lead plaintiff accusing a casino app developer of offering illegal gambling can rope in the company’s subsidiary, which took over the online games in what the plaintiff calls a bid to avoid legal responsibility. … Law360 is on it, so you are, too. A Law360 subscription puts you at the center of fast-moving legal issues, trends and developments so you can act with speed and confidence. Over 200 articles are published daily across more than 60 topics, industries, practice areas and jurisdictions. A Law360 subscription includes features such as Daily newsletters Expert analysis Mobile app Advanced search Judge information Real-time alerts 450K+ searchable archived articles And more! Experience Law360 today with a free 7-day trial. Source link
Federal judge denies request to block measure revoking Arkansas casino license
LITTLE ROCK, Ark. (AP) — A federal judge has denied an effort to temporarily block enforcement of a constitutional amendment Arkansas voters approved that revokes the state’s license for a planned casino. Judge D. Price Marshall Jr. on Tuesday denied Cherokee Nation Entertainment’s request to block the measure voters approved last week that blocks its planned casino in Pope County. The county is one of four sites where casinos were allowed under a 2018 amendment approved by voters. Casinos have already been set up in the other three locations. Cherokee Nation has argued the measure violates its constitutional rights. BE PART OF THE CONVERSATION News Channel 3-12 is committed to providing a forum for civil and constructive conversation. Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here If you would like to share a story idea, please submit it here. Source link
Porn Deepfakes Sent to Casino-Opposed Illinois Dems by GOP Aide, Cops Say
Posted on: November 13, 2024, 06:19h. Last updated on: November 13, 2024, 06:19h. A former aide to ex-Illinois State Rep. Tim Ozinga (R-Mokena) has been charged with transmission of obscene messages, harassment, and obscenity for allegedly sending deepfake porn images to legislators opposed to a cacino project. Timothy Pawula, above, is accused of sending “disturbing images” to two state lawmakers and an aspiring mayor who opposed a plan for a casino in Tinley Park. The images depicted the alleged victims in sexually explicit Timothy Pawula was Ozinga’s chief of staff before the latter resigned from the Illinois House abruptly and without reason last April. Pawula was initially charged in May after State Sen. Michael Hastings (D-Frankfort) reported the alleged harassment. Pawula was subsequently hit with similar charges in September following allegations made by State Rep. Bob Rita (D-Blue Island) and former mayoral candidate for Tinley Park Ahleah Salefski, according to documents seen by Chicago’s WGN Investigates. Common Denominator The common denominator was that each of the alleged victims opposed a plan to transform a derelict former mental health center in the south Chicago suburb of Tinley Park into a casino and racetrack, a cause championed by Ozinga. The plan fell through in 2023 after Hastings pioneered a campaign to sell the land to the Park District for $1 so it could be repurposed into a sports center. The explicit images were sent late 2022 using the app TextFree, which the sender hoped would mask his identity, according to court documents. Rita, a longtime vice-chairman of the Illinois House committee which oversees gaming, told WGN he believed he was targeted because of his opposition to the casino plan. “[Tinley Park] Mayor [Michael] Glotz had an interest in building a racetrack casino in Tinley Park that residents did not want,” he said. “Sen. Hastings and I worked together to stop this.” Meanwhile, Salefski unsuccessfully challenged Glotz on an anti-casino ticket. Images Were ‘Disturbing’ Rita said he was sent fake porn images that depicted him in a sexually explicit situation with another elected official. “This is disturbing, that someone would actually create and distribute among anyone. Nobody should endure what’s going on here,” he told Patch.com. At around the same time, Hastings allegedly received sexually explicit images of himself, Gov. JB Pritzker, and other elected officials, according to a source who spoke to WGN. Salefski reported she had received harassing texts and similarly disturbing images. “It was something that really painted me in a negative picture,” Salefski told Patch. “I’m a mom who’s involved in a lot in our community. I wouldn’t want that to happen to anyone else in our community, especially another female … It’s gross and disgusting.” Neither Ozinga nor Glotz are accused of having any involvement in the alleged harassment. Source link
Judge Dismisses Attempt to Block Arkansas Casino Referendum
Posted on: November 13, 2024, 04:22h. Last updated on: November 13, 2024, 04:22h. A federal judge in Arkansas has dismissed a petition to delay the implementation of a statewide constitutional ballot referendum passed last week that repealed a casino license that had been issued for a gaming development in Pope County. A federal judge has allowed the outcome of Issue 2 in Arkansas to take effect. The 2024 statewide referendum repealed a gaming license for Pope County. (Image: Casino.org) On Wednesday, Judge D.P. Marshall Jr. in Arkansas’ Eastern District Court denied a temporary restraining order and preliminary injunction request from Cherokee Nation Entertainment (CNE), a fully owned subsidiary of the Cherokee Nation of Oklahoma. The tribe challenged Issue 2 on allegations that the constitutional amendment unconstitutionally violated its rights under the due process clause, contract clause, equal protection clause, and takings clause of the U.S. Constitution. Marshall refuted the Cherokees’ claims and denied the motion without prejudice. The Arkansas constitutional amendment that passed last week with almost 56% support became effective today, Nov. 13. Casino License Repealed Issue 2 asked voters if they think the Arkansas Racing Commission (ARC) should only be allowed to issue casino licenses to counties where local referendums in support of slot machines, table games, and sports betting are held. When state voters in 2018 authorized casinos in the counties of Pope, Crittenden, Garland, and Jefferson, Pope was one of only 11 counties among the 75 in Arkansas that voted against the gambling question. Issue 2, the so-called Local Voters in Charge referendum, was bankrolled by the Choctaw Nation. The rival tribe to the Cherokees funded the referendum campaign in hopes of preventing further competition for its tribal casinos in Eastern Oklahoma. Issue 2 removed Pope County as a permissible host locale for a commercial casino and rescinded the county gaming license that was awarded to CNE this past June. “Like a liquor-license holder, CNE knowingly and voluntarily applied for and took the casino license with its concomitant perils, including the right of the people to take it away with or without notice,” argued attorney Elizabeth Robben Murray on behalf of the Local Voters in Charge campaign, which motioned to intervene in the case. The ARC Casino Gaming Rules expressly warn that the license is ‘a revocable privilege’ and ‘no holder … shall be deemed to have acquired any vested rights therein or thereunder,’” Murray added. “This is the nature of the industry. CNE has no protected rights related to its license, and in turn, no legal basis to complain.” CNE had proposed investing $300 million in Russellville to build Legends Resort & Casino. The project was forecasted to deliver the region a 10-year economic impact of more than $5 billion, employ over 2,000 people, and direct almost $40 million through an Economic Development Agreement with Pope County to benefit the local government, community organizations, first responders, scholarship programs, and art associations. Case Continued Marshall’s ruling against the motion “without prejudice” allows the Cherokee lawsuit to continue. The judge ordered CNE to file its brief in response to Local Voters in Charge seeking to become an intervenor by Nov. 19. Local Voters in Charge will then have until Nov. 22 to reply. Marshall also ordered that CNE submit a proposed schedule for expedited discovery and a trial on injunctive relief and its merits by Nov. 15. The judge said a trial will be set by a separate notice at a later time. Source link
Casino Queen To Pay $7.1M To Wrap Up ESOP Suit
By Grace Elletson ( November 13, 2024, 4:40 PM EST) — The parent company of Illinois-based Casino Queen has agreed to pay a group of workers $7.1 million to shutter their proposed class action claiming their employee stock ownership plan paid too much in a $170 million deal to buy stock in the company, costing employees millions in benefits…. Law360 is on it, so you are, too. A Law360 subscription puts you at the center of fast-moving legal issues, trends and developments so you can act with speed and confidence. Over 200 articles are published daily across more than 60 topics, industries, practice areas and jurisdictions. A Law360 subscription includes features such as Daily newsletters Expert analysis Mobile app Advanced search Judge information Real-time alerts 450K+ searchable archived articles And more! Experience Law360 today with a free 7-day trial. Source link
Hard Rock Hotel & Casino Bristol employees prepare for opening day — CDC Gaming
Jayonna Scurry, WJHL Email, LinkedIn, and more With the grand opening of the Hard Rock Hotel & Casino Bristol on Thursday, employees are hard at work preparing for the doors to officially open to the public. On Tuesday, employees held a team member rally to get everyone pumped up for opening day. Lindsay Powers, Hard Rock Bristol’s Digital Marketing and Advertising Manager, said the rally was inspiring. “If you see everyone around here, there is not one person that has not been working extremely hard these past few weeks to try and make this a really great product to show off to the Bristol community,” Powers said. Powers started working at Hard Rock Bristol in May of 2022. She’s a local from Chilhowie and is proud to be a part of showcasing Hard Rock to the Region. Source link
Nelly’s Casino Drug Charges Dropped
Posted on: November 13, 2024, 01:51h. Last updated on: November 13, 2024, 01:55h. Nelly will not face charges following the rapper’s August arrest at a St. Louis casino for ecstasy possession, according to officials. Nelly will not be charged in his casino arrest this summer, though prosecutors declined to state why. (Image: (Image: Maryland Heights Police Department) A media release from St. Louis County prosecuting attorney Wesley Bell stated that prosecutors “don’t believe the facts in this case warrant the issuing of charges.” Nelly (whose real name is Cornell. I Haynes Jr.) was arrested by Maryland Heights police officers at 4:45 a.m. August 7 outside the Hollywood Casino St. Louis, where the “Hot in Herre” rapper had just tried to cash out several jackpots, including $50K he won on a slot machine. An officer supervising the transaction claimed that a background check was necessary for Nelly to collect that much money. And performing it turned up a bench warrant for driving without proof of insurance in 2018. That warrant has since been cleared. At the time, though, it triggered a search of the 49-year-old rapper’s vehicle, where four ecstasy pills were discovered. Ecstasy (MDMA) is considered a Schedule 1 substance, the Controlled Substances Act’s classification for the most illegal drugs possible. Nelly, who grew up in the area and is a local hero, was walked through the casino in handcuffs by the officers, who recommended a charge of felony possession of a controlled substance. He was released shortly after his arrest. Bell’s office didn’t elaborate on why the charges were dropped. However, Nelly’s attorney previously argued that both the background check and the search were illegal. In 2009, police conducting a traffic stop in Sierra Blanca, Tex. found methamphetamine, marijuana, and a loaded firearm on Nelly’s tour bus. Nelly wasn’t charged with drug possession himself, but was cited for having the contraband on his bus. In 2001, Nelly was arrested in St. Louis on drug-related charges, after he was reportedly found with a small amount of marijuana. He was briefly detained before being released. Source link
Nelly Not Charged After August Casino Bust And Arrest
Singer Nelly walks away free from all charges with extra dough to spare from that night! The prosecutors from his August arrest declared that they would not be issuing any charges after thoroughly reviewing every evidence related to the case. Nelly was taken into custody by the police for drug possession in the middle of a $50k slot win celebration at a machine in a Missouri casino where he was a regular customer. The singer’s mugshot from the night of the arrest went viral on the internet hours after he was paraded in handcuffs. Article continues below advertisement Nelly Will Not Be Going To Court For His Possession Of Ecstasy MEGA The St. Louis County Prosecuting Attorney’s Office spokesperson said they will not raise any charges against the celebrity, adding: “We don’t believe the facts in this case warrant the issuing of charges.” The singer’s attorney, Scott Rosenblum, further clarified that “Wesley Bell, the prosecuting attorney, and his office looked at all the circumstances and, after a fair and impartial review of the evidence, declined to prosecute.” TMZ broke the news of his arrest in August at his favorite Missouri casino on a warrant from 2018. He was ferried to jail after the police discovered four ecstasy pills and was overzealously paraded “through the casino in handcuffs,” according to his lawyer. Article continues below advertisement The Former BET Star Received His Thousand Dollar Jackpot Win Before Heading To Jail According to his attorney Rosenblum, Nelly’s arrest did not get in the way of collecting his 50k jackpot earnings. The Blast reported that the artist won the huge sum at the Hollywood Casino in St. Charles. His lawyer argued that his arrest was activated when he won the cash prize, as it attracted the arresting officer, who claimed they needed to run a background check before handing him the cash. Rosenblum noted that his client had won larger amounts at the exact location without going through the hassles of a background check. However, he still showed cooperation by agreeing to the investigation. To Nelly’s shock, the background check disclosed that he had an active warrant running from 2018 for a traffic stop violation. Article continues below advertisement The warrant led the arresting officer to conduct a closer search of Nelly’s bags, where they found Ecstasy. However, his attorney explained that prosecutors were yet to charge him with drug possession. Article continues below advertisement The Hip-Hop Artist Sold Off His Music Catalog A Year Before The Arrest The $50k win seemed like a quick cash grab for the artist as he finalized a massive deal with HarbourView Equity Partners to sell part of his iconic music catalog containing 50% of his recorded music. The catalog, worth $50 million, included some of his greatest hits, including “Ride Wit Me,” “Dilemma,” featuring Kelly Rowland, and “Hot in Herre.” Nelly released a statement on the sale. In his words: “As artists, we put our heart and soul into each track, and there comes a time when you consider preservation of that artistry.” The excited artist described his music as his legacy, which he wants to outlast and keep making his existing fans happy “while reaching new generations and new audiences.” Article continues below advertisement The ‘Dilemma’ Rapper Has A Controversial History With Law Enforcement The casino incident is not Nelly’s first run-in with the law. The Blast shared that he was arrested on drug-related charges in 2001 in St. Louis after he was caught carrying a small amount of marijuana. Nelly was held in jail briefly before getting out of prison, and he stayed out of trouble with the law until 8 years later, in 2009, when he was arrested during a traffic stop in Sierra Blanca, Texas. The authorities also reportedly discovered methamphetamine and a loaded gun alongside the marijuana on his tour bus. Like his August arrest, he also narrowly escaped drug possession charges but was flagged for having contraband in his vehicle. Nelly Was Named In A Rape Lawsuit Eight Years After His 2009 Contraband Case MEGA The superstar was arrested and charged with second-degree rape in October 2017 after a woman named Monique Greene accused him of assaulting her on his tour bus. The cops noted that the star had performed at the White River Amphitheater in King County hours after the call was made. Nelly was booked for investigation following the allegation but was released a few hours later without charges being filed, according to his attorney, Rosenblum. Greene claimed she was a 22-year-old college student when the assault happened. Her account joined two unnamed women in England who accused the singer of the same actions. Nelly denied all the allegations but settled with the accuser in 2018. Nelly can now focus on raising his new baby with partner Ashanti following this new development! Source link
