Frank Fahrenkopf's American Gaming Association has announced the newest entrants to its Gaming Hall of Fame (why can't they just call it "Gambling"?), to be inducted on Sept. 20. Three of the choices should be non-controversial. For instance, I can't imagine anybody (except maybe rival illusionists) having a beef with the choice of David Copperfield. The importance of John Wilhelm in making Las Vegas a union town is inarguable. And I lift a cucumber martini to toast the choice of restaurateur Michael Mina, to my mind the most deserving amongst the inductees. I've eaten at his StripSteak (comped) and at NobHill (paid … man, oh man, did I pay!), and can think of no finer restaurants on the Strip. They may exist but I haven't eaten at them.
However, the love train is derailed by the truly deplorable selection of Clifford Perlman, former boss of Caesars World. Why? Because Perlman and his brother Stuart were run out of Atlantic City, due to their blatant and repeated Mob associations. It's a black mark against Nevada's supposedly rigorous regulatory system that Clifford Perlman continued to flourish on the Strip. He was even set to head up MGM Grand, when it was being erected around the framework of the old Marina hotel (a pinchpenny decision that haunts the property's West Wing rooms to this day).
However, Perlman vanished from MGM's plans and the Nevada Gaming Control Board says it has no record of him applying for a license at the Grand. Most recently, his name resurfaced in conjunction with the sordid Sahara Towers saga, though some who know him say it's inconceivable he would lend himself to such a shady venture.
Still, if the AGA is going to wax sentimental about mobbed-up old casino executives, there's a whole slew of them who could legimately apply to be future inductees. For 2008's Hall of Fame ceremony, I nominate Allen R. Glick. Or maybe Lefty Rosenthal.
Rumor of the Week: An East Coast source says Harrah's Entertainment is putting The Rio on the block yet again and tips Ameristar Casinos as the likely buyer. Then again, Pinnacle Entertainment is another Vegas-based company without a Vegas casino. Since Harrah's CEO Gary Loveman has identified Caesars, Harrah's and Horseshoe as the company's only brands going forward, that surely marksThe Rio as one of the "expendables." Not that Harrah's every seemed to figure out what to do with the place to begin with …
Question of the Week: First, James Packer's PBL gets 20% of Fontainebleau Resorts in return for $250 million, even though Fontainebleau has billions of dollars' worth of projects in train. Then, MGM Mirage buys a $160 million (23%) share of Anthony Marnell's M Resort, convertible to 50% ownership if the note goes unpaid. I haven't seen this much bargain shopping since the Significant Other and I went "thrifting" last Saturday. What gives? Are capital markets tighening up? Are Fontainebleau and M tapped out? Why are PBL and MGM able to dictate such favorable terms of entry?
