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Las Vegas Business Press
Tuesday, October 7, 2008
Two former Atlantic City bosses to duke it out

By David McKee
June 28, 2006

No, it’s not a casino-exec cage match at the Trump Taj Mahal, alas. But two formerly dominant figures on the Boardwalk’s casino scene could be throwing down again soon. Ex-Caesars Entertainment CEO Wallace Barr is spearheading the $88 million acquisition of 11 acres of Boardwalk real estate, according to The Press of Atlantic City. Encompassing the former site of the Dunes Casino Hotel, the land represents the southern extremity of Atlantic City’s casino-enterprise zone, next door to the Atlantic City Hilton Casino Resort. Despite the Hilton name, it’s now owned by Colony Capital, headed up by Nicholas Ribis.

That means that Barr and reported equity partner Curtis Bashaw (former executive director of New Jersey’s Casino Reinvestment Development Authority) will be rubbing elbows with one of Barr’s old rivals. When Barr was looking after East Coast operations for Hilton Gaming (later Park Place Entertainment … still later Caesars Entertainment), Ribis was overseeing casino operations for Trump Hotels & Casino Resorts. So the two are used to tussling for Atlantic City market share and will apparently do so again, from neighboring casinos.

Heck, Ribis even facilitated his old rival’s re-entry into the Atlantic City market, by selling Barr the 11 acres adjacent to the A.C. Hilton. That means it’s curtains for the hotel-condo project Colony had proposed for the site. It also raises additional questions about Colony’s liquidity, coming hard on the heels of a $60 million bailout of the Las Vegas Hilton by Goldman Sachs affiliate Whitehall Fund.

Barr, who presided over a massive executive-suite purge when he deposed Tom Gallagher at the helm of Caesars Entertainment, in 2003, was himself shown the door when Harrah’s Entertainment engorged Caesars, two years later. Barr soon sued Harrah’s, claiming he’d been shortchanged with a mere $47 million buyout. Somehow, I doubt either party to that litigation will have to resort to clipping coupons in order to make ends meet.





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