Quote:
Originally Posted by philcski
True- but in the case of PNG, it seems they wrote in riders to protect themselves in case there are sweeping changes in NYS gaming law causing massive competition (unlikely, of course). I get that- they just took a $125MM writedown on their flagship property in Cincy because of Ohio passing additional gaming (obviously since they own rights to an Ohio location they will recoup that amount) and want to protect their $300MM capital investment, which given they are a public company that has to answer to shareholders makes a lot of sense.
Yes- the Malaysians have the money and appear to comply, but it's concerning that yet another big money project goes offshore. Maybe it's because it's July 4th and I'm feeling patriotic but what will end up being a top 5 grossing casino possibly in the world should be American-owned, in my opinion. Maybe the project isn't as attractive financially for an operator as it appears on the surface which would explain the lack of qualified bids (on the 4th or 5th round.)
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Not to worry this has zero chance of going forward..