Free Trial Ad
Why Subscribe?
  • Player/Prospect News
  • Exclusive Insider Info
  • Members-Only Forums
  • Exclusive Videos
  • Subscribe Now!
Inbox
Reply to TopicPost New Topic
  Page of 3  Next >

Wilpons Eye Casino at Citi to Help Offset Madoff Losses

Avatar

Posted: 2/5/2013 7:54 AM

Wilpons Eye Casino at Citi to Help Offset Madoff Losses 


It’s an Amazin’ gamble!

The Mets’ owners want to roll the dice on building a Las Vegas-style casino next to Citi Field to recoup some of the $162 million for which team brass are still on the hook following the Bernie Madoff Ponzi-scheme debacle, plans obtained by The Post reveal.

While team owners Fred Wilpon and Saul Katz are still having trouble opening their tight pockets for high-priced free agents, that didn’t stop their development arm, Sterling Equities, from betting on a proposal that called for bringing a massive casino with gaming tables and slots, a 500-room, full-service hotel, 1.8 million square feet of retail and other amenities to the Willets Point development site in Queens.

The Southampton-based Shinnecock Indian Nation signed on to operate the casino, and the Wilpons and partners even offered the city $100 million for the 62-acre site, according to the development team’s proposal, which was first obtained by project opponents Willets Point United and NYC Park Advocates.

Read more at:

http://m.nypost.com/f/mobile/n...7y4cJtLtuqgMmkK

"Use your head.....that's that lump 3 feet above your arse." - Jimmy Dugan

Last edited 2/5/2013 7:55 AM by Walnutz15

Reply | Quote
Avatar

Posted: 2/5/2013 8:10 AM

RE: Wilpons Eye Casino at Citi to Help Offset Madoff Losses 


A casino next to Citi Field? This is going to cost me...


17 & 14 = Best Duo In NY Sports
Reply | Quote

Posted: 2/5/2013 8:16 AM

RE: Wilpons Eye Casino at Citi to Help Offset Madoff Losses 


Some interesting promotional ideas to come to mind:

1. Lose $100 at the casino and get half off tickets.

2. Take in a game and get $20 credit at the casino for one low price.

3. If a Met hits a HR in the 6th inning of a home game, save your ticket stub and get a $20 credit at the casino.

biggrinbiggrinbiggrin
Reply | Quote
Avatar

Posted: 2/5/2013 8:20 AM

RE: Wilpons Eye Casino at Citi to Help Offset Madoff Losses 




---------------------------------------------
--- omnimetfan wrote:

Some interesting promotional ideas to come to mind:

1. Lose $100 at the casino and get half off tickets.

2. Take in a game and get $20 credit at the casino for one low price.

3. If a Met hits a HR in the 6th inning of a home game, save your ticket stub and get a $20 credit at the casino.

biggrinbiggrinbiggrin

---------------------------------------------

Plus I'm sure they'll have players working shifts in the casino to cut costs!


17 & 14 = Best Duo In NY Sports
Reply | Quote
Avatar

Posted: 2/5/2013 8:24 AM

RE: Wilpons Eye Casino at Citi to Help Offset Madoff Losses 


It's almost inconceivable that a casino could lose money in that location...but if anyone could do it it would be the Wilpons!

(I jest.  Sort of)
Reply | Quote
Avatar

Posted: 2/5/2013 8:29 AM

RE: Wilpons Eye Casino at Citi to Help Offset Madoff Losses 


Somewhere Paul LoDuca just read this article and is calling his PED source to start his comeback out of retirement.


17 & 14 = Best Duo In NY Sports
Reply | Quote
Avatar

Posted: 2/5/2013 8:29 AM

RE: Wilpons Eye Casino at Citi to Help Offset Madoff Losses 


rolleyes


Well...maybe this was the plan they pitched to DW.... 


All kidding aside, if this gets them back to being capable of supporting near luxury tax threshold payroll for a significantly extended period of time, then I'm all for it.
Reply | Quote
Avatar

Posted: 2/5/2013 8:35 AM

RE: Wilpons Eye Casino at Citi to Help Offset Madoff Losses 



BelieveInMetsMagic wrote: rolleyes


Well...maybe this was the plan they pitched to DW.... 


All kidding aside, if this gets them back to being capable of supporting near luxury tax threshold payroll for a significantly extended period of time, then I'm all for it.
+1.  As far as I'm concerned Fred could go the Walter White route to make cash if that meant the Mets could act like a NYC team again.
Reply | Quote
  • tomjm5000
  • Resident Pessimist
  • 4067 posts this site

Posted: 2/5/2013 8:44 AM

RE: Wilpons Eye Casino at Citi to Help Offset Madoff Losses 


I don't like it. I feel like it contributes to the circus feel of the franchise. But I suppose if the Wilpons are going to continue torturing New York with their presence, they might as well not at least be completely broke. Really pathetic, though, that they are unable to turn one of the game's most valuable franchises (even when we are awful) into a self-sustaining entity.
_________________________________________________________
FTM
Reply | Quote
Avatar

Posted: 2/5/2013 8:44 AM

RE: Wilpons Eye Casino at Citi to Help Offset Madoff Losses 


Will this mean waitresses walking around asking for free drink orders during games?

John Adams: At a stage in life when other men prosper, I'm reduced to living in Philadelphia!
Mike "Doc" Emrick: THEY SCORE! HENRIQUE!! IT'S OVER!!!

Reply | Quote
Avatar

Posted: 2/5/2013 8:47 AM

Re: Wilpons Eye Casino at Citi to Help Offset Madoff Losses 


I do not see this at all realted to the Team.  It is a Real Estate owner looking to cash in on undeveloped land for over $600,000 an acre.  No construction risk.  No operational risk.  No regulatory risk.  Walk away with $100M.  Why would they not explore that opportunity.
“Every day is a new opportunity.  You can build on yesterday's success or put its failures behind and start over again.” - Bob Feller

Last edited 2/5/2013 8:48 AM by nevets72

Reply | Quote
Avatar

Posted: 2/5/2013 8:50 AM

Re: Wilpons Eye Casino at Citi to Help Offset Madoff Losses 



nevets72 wrote: I do not see this at all realted to the Team.  It is a Real Estate owner looking to cash in on undeveloped land for over $600,000 an acre.  No construction risk.  No operational risk.  No regulatory risk.  Walk away with $100M.  Why would they not explore that opportunity.
?? I think you read it wrong. 

The Wilpons and their partners are PAYING $100M for the site and seeking to own a casino which will be operated by Shinnecock Indian Nation
Reply | Quote
Avatar

Posted: 2/5/2013 8:55 AM

Re: Wilpons Eye Casino at Citi to Help Offset Madoff Losses 



BelieveInMetsMagic wrote:
nevets72 wrote: I do not see this at all realted to the Team.  It is a Real Estate owner looking to cash in on undeveloped land for over $600,000 an acre.  No construction risk.  No operational risk.  No regulatory risk.  Walk away with $100M.  Why would they not explore that opportunity.
?? I think you read it wrong. 

The Wilpons and their partners are PAYING $100M for the site and seeking to own a casino which will be operated by Shinnecock Indian Nation
That I did.

No way MLB allows that to happen.  Absolutely no way they can own the team and operate a gambling facility across the street.  I do not know the bylaws, but I guarantee there are restrictions within them that would prohibit this.

Having said that, it leads me to beleive there is much more to this than what was written by the Post.  I also thought the 'Pons had options/rights on the land surrounding the stadium already.  I can't beleive it would be their intent to have  an ongoing equity interest in a gambling operation.  There has to be alot more to the deal and the story.
“Every day is a new opportunity.  You can build on yesterday's success or put its failures behind and start over again.” - Bob Feller
Reply | Quote

Posted: 2/5/2013 8:58 AM

Re: Wilpons Eye Casino at Citi to Help Offset Madoff Losses 


If they have that much money to spend now (to make future money), that means they have it to spend on the team. Just a portion of that money could have brought in players who would increase attandance, thereby providing a more immediate return.
It seems they will do anything to avoid spending money on this team.

Later
"You spend a good part of your life gripping the baseball, and in the end it turns out it was the other way around all the time." Jim Bouton
Reply | Quote
Avatar

Posted: 2/5/2013 9:01 AM

Re: Wilpons Eye Casino at Citi to Help Offset Madoff Losses 


They can not simply put equity into the team.  I am sure the operating agreements with their partners, remember the $20M shares, have provisions on how and when capital calls can be made.

And yes, I know most of the minority shares are related to the principal owners, but there are a few unrealted entities with a share of the team.
“Every day is a new opportunity.  You can build on yesterday's success or put its failures behind and start over again.” - Bob Feller

Last edited 2/5/2013 9:01 AM by nevets72

Reply | Quote

Posted: 2/5/2013 9:01 AM

Re: Wilpons Eye Casino at Citi to Help Offset Madoff Losses 



NewMFS62 wrote: If they have that much money to spend now (to make future money), that means they have it to spend on the team. Just a portion of that money could have brought in players who would increase attandance, thereby providing a more immediate return.
It seems they will do anything to avoid spending money on this team.

Later

I am sure the $100 million is being financed through some sort of loan or partnerships.
Reply | Quote

Posted: 2/5/2013 9:02 AM

RE: Wilpons Eye Casino at Citi to Help Offset Madoff Losses 



StelOgStem wrote: Will this mean waitresses walking around asking for free drink orders during games?

You mean watered down drinks. biggrin
Reply | Quote
Avatar

Posted: 2/5/2013 9:05 AM

Re: Wilpons Eye Casino at Citi to Help Offset Madoff Losses 



omnimetfan wrote:
NewMFS62 wrote: If they have that much money to spend now (to make future money), that means they have it to spend on the team. Just a portion of that money could have brought in players who would increase attandance, thereby providing a more immediate return.
It seems they will do anything to avoid spending money on this team.

Later

I am sure the $100 million is being financed through some sort of loan or partnerships.
It also is part of the RE entities which may have cash on hand or can pull cash out of existing assets.
“Every day is a new opportunity.  You can build on yesterday's success or put its failures behind and start over again.” - Bob Feller
Reply | Quote
Avatar

Posted: 2/5/2013 9:11 AM

Re: Wilpons Eye Casino at Citi to Help Offset Madoff Losses 



nevets72 wrote:
BelieveInMetsMagic wrote:
nevets72 wrote: I do not see this at all realted to the Team.  It is a Real Estate owner looking to cash in on undeveloped land for over $600,000 an acre.  No construction risk.  No operational risk.  No regulatory risk.  Walk away with $100M.  Why would they not explore that opportunity.
?? I think you read it wrong. 

The Wilpons and their partners are PAYING $100M for the site and seeking to own a casino which will be operated by Shinnecock Indian Nation
That I did.

No way MLB allows that to happen.  Absolutely no way they can own the team and operate a gambling facility across the street.  I do not know the bylaws, but I guarantee there are restrictions within them that would prohibit this.

Having said that, it leads me to beleive there is much more to this than what was written by the Post.  I also thought the 'Pons had options/rights on the land surrounding the stadium already.  I can't beleive it would be their intent to have  an ongoing equity interest in a gambling operation.  There has to be alot more to the deal and the story.
I think you are getting Vegas casinos confused with all other casinos.  Las Vegas allows sports books all others do not due to sports betting being illegal in most states.  Having a partnership in a casino venture, no matter how close to the teams home venue, that only has table games and slots should have no bearing on MLB what so ever.  In fact I don't think they are askng permission from MLB at all but rather the state of NY.  No real downside to this if it comes to fruition.  Casinos make boat loads of cash and might just be what the doctor ordered to get the Wilpons out from under their financial mess. 

On edit:  the one downside is obviously feeding into ones addiction of gambling but those so inclined would find other avenues, legal or not, to satisfy their needs.
Reply | Quote
Avatar

Posted: 2/5/2013 9:14 AM

RE: Wilpons Eye Casino at Citi to Help Offset Madoff Losses 


Another potential downside... the possibility of a Philadelphia-esque crowd at Citi... would not be cool
Reply | Quote
Reply to TopicPost New Topic
  Page of 3  Next >