NY Lottery Disqualifies 2 of 3 bidders (UPDATE: Deal finalized)

[Kasept]

On the flip side, who's to say Genting doesn't get the OK? May not be a guarantee, but at least they played by the rules as laid out by the state and met every requirement asked to this point of the process.

Based on those laundry lists of what amounts to demands by SL Green and Penn, they can both drop dead. The Malaysians seem to understand the process, likely have the necessary money, and appear willing to comply with how Lottery wants it to go. That's a big plus.

[The Indomitable DrugS]

If I ever - at any time in my life - feel like I'm capable of crafting a decent take on a subject like what's being discussed in this thread .... I will do myself a favor and off myself.

[freddymo]

Originally Posted by Kasept

On the flip side, who's to say Genting doesn't get the OK? May not be a guarantee, but at least they played by the rules as laid out by the state and met every requirement asked to this point of the process.

Based on those laundry lists of what amounts to demands by SL Green and Penn, they can both drop dead. The Malaysians seem to understand the process, likely have the necessary money, and appear willing to comply with how Lottery wants it to go. That's a big plus.

Do you really think the commission is going to support the ONLY group which you hope is complaint?

[Kasept]

Originally Posted by freddymo

Do you really think the commission is going to support the ONLY group which you hope is complaint?

If only one candidate that fulfills the criteria is left at the end of the process, why wouldn't, and why shouldn't, they be supported?

If you were bidding on a big tee shirt deal that had a variety of hurdles and were the last bidder standing, wouldn't you deserve and expect the contract?

[freddymo]

Originally Posted by Kasept

If only one candidate that fulfills the criteria is left at the end of the process, why wouldn't, and why shouldn't, they be supported?

If you were bidding on a big tee shirt deal that had a variety of hurdles and were the last bidder standing, wouldn't you deserve and expect the contract?

They can not and will not award a single bidder the project when the entire free world either choose not to bid(remember a paultry 3 bidders surfaced) or bidded with caveats in place. The state(Lottery) put forth an RFP and from such the received 1 single potentially complaint bid that may or may not be licensible. Ask yourself this, Do ya think Green and Penn believe Genting is real competition? Why on earth would they submit non complaint RFP's IF they thought Genting was likely suitable partner? You think these groups didn't do their homework?

I suggest the current process will end fairly quickly and hopefully when the new Gov, is in place can re start in jan of 2011. In the mean time NYRA had better instutute Plan B:

No racing 1/1/2011 thru 3/15...Hedge Fund can race at Philly park or Penn Nat

[Cannon Shell]

Originally Posted by freddymo

They can not and will not award a single bidder the project when the entire free world either choose not to bid(remember a paultry 3 bidders surfaced) or bidded with caveats in place. The state(Lottery) put forth an RFP and from such the received 1 single potentially complaint bid that may or may not be licensible. Ask yourself this, Do ya think Green and Penn believe Genting is real competition? Why on earth would they submit non complaint RFP's IF they thought Genting was likely suitable partner? You think these groups didn't do their homework?

I suggest the current process will end fairly quickly and hopefully when the new Gov, is in place can re start in jan of 2011.

You may be right

[asudevil]

Originally Posted by freddymo

They can not and will not award a single bidder the project when the entire free world either choose not to bid(remember a paultry 3 bidders surfaced) or bidded with caveats in place. The state(Lottery) put forth an RFP and from such the received 1 single potentially complaint bid that may or may not be licensible. Ask yourself this, Do ya think Green and Penn believe Genting is real competition? Why on earth would they submit non complaint RFP's IF they thought Genting was likely suitable partner? You think these groups didn't do their homework?

I suggest the current process will end fairly quickly and hopefully when the new Gov, is in place can re start in jan of 2011. In the mean time NYRA had better instutute Plan B:

No racing 1/1/2011 thru 3/15...Hedge Fund can race at Philly park or Penn Nat

Spot on!! Penn has a billion in cash on it's balance sheet. They have been bottom feeding for a Vegas casino for over a year now. Penn has done massive due dilligence and there is no way they would take the demands of that RFP to heart. They just told the state to drop dead, as did Wynn, MGM, and Harrah's.

[richard]

Genting has a presence in NY allready . They own a piece of Monticello Raceway . http://www.timesunion.com/AspStories...ategory=REGION
About Kien Huat , they were major financiers of Foxwoods, MGM Mirage, etc... they have substantial interests in Genting...this group sure appears enormous and they have an established record of working closely with governments to get projects done... I also get a sense that this group is well positioned to expand their interest to Belmont , in conjunction with a tribe if it is called for , because their CEO G.Michael Brown was CEO of Foxwoods and Seneca gaming group and his law firm is expert in gaming law...
http://www.worldmarketmedia.com/2023...ty-iii-limited
Genting Group's largest hotel in the world and casino in Kuala Lumpor, Genting Highland (pictured) , among others ... and they've recently concluded phase I of Sentosa in Singapore by opening a casino and 4 of 6 planned hotels .


As they say in the pp notes "do not dismiss."

And the first article states in this thread Penn and SL Green are prohibited from any further bids if that comes to pass .
And as far as cancelling the inner track meet Mr Hayward just said that is not going to happen . That meet generates up to $10,000,000 in handle on good days , he said .

[freddymo]

Who said anything about them being without means? BTW have you been to Monticello? It isn't exactly the Wynn.

[philcski]

Originally Posted by Kasept

On the flip side, who's to say Genting doesn't get the OK? May not be a guarantee, but at least they played by the rules as laid out by the state and met every requirement asked to this point of the process.

Based on those laundry lists of what amounts to demands by SL Green and Penn, they can both drop dead. The Malaysians seem to understand the process, likely have the necessary money, and appear willing to comply with how Lottery wants it to go. That's a big plus.

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.)

[Kasept]

Lack of bidder interest may have more to do with being in business with the state. I'd guess Malaysians are far more familiar and comfortable with being in bed with a government.

[freddymo]

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.)

Not to worry this has zero chance of going forward..

[richard]

I don't see what difference it makes that foreign owned Genting is the last bidder standing. The state can use the $300,000,000 Genting has guaranteed on the state's terms. Genting has met all the requirements as defined by the refp. The project, as defined by the rfp, is located in the USA . The jobs are USA jobs, etc. It looks like a "go" for Genting to me .

[freddymo]

Originally Posted by Kasept

On the flip side, who's to say Genting doesn't get the OK? May not be a guarantee, but at least they played by the rules as laid out by the state and met every requirement asked to this point of the process.

Based on those laundry lists of what amounts to demands by SL Green and Penn, they can both drop dead. The Malaysians seem to understand the process, likely have the necessary money, and appear willing to comply with how Lottery wants it to go. That's a big plus.

Keep the Faith