technology in addition to other assorted so-called high risk venture capital bets?â
Naomi Burns eased herself in front of Michael before he could respond. âAnd how does that lie within the purview of this commission, Mr. Kern?â
âBecause, Ms. Burns, this board is well aware of the fact that Tyrant Global Ltd., Mr. Tirannoâs holding company, is heavily in debt, continuously seeking capital to expand its business interests and by so doing disproportionately leveraging its assets in Las Vegas that include the Seven Sins Resort. That means any misjudgment or poor decision making at this stage could cost the city of Las Vegas and state of Nevada dearly in loss of revenue and jobs. I speak specifically of a part of the Seven Sins Resort shrouded in mystery far too long, known as the Forbidden City. Youâre familiar with that, arenât you?â
âI am.â
âAnd would I be correct in stating that this secret project has a price tag of one billion dollars and is now one year overdue, having endured constant delays and cost overruns estimated to be several hundred million dollars?â
âNot entirely, no.â
âWould you care to elaborate, Ms. Burns?â
This time it was Michael who seized the microphone before Naomi had the chance. âItâs difficult to put a price tag on vision, Mr. Kern. And I would think that an attraction capable of luring hundreds of thousands, if not millions, more visitors to Las Vegas would be in this committeeâs, and the cityâs, best interests.â
âPerhaps, Mr. Tiranno, providing the developer didnât find himself overextended and undercapitalized due to such pursuits, since his casino could fall beneath the proper reserve threshold to retain its gaming license. And this commission has reason to believe that is indeed the case with Tyrant Global.â
âSince when is debt a crime?â Michael asked him, fighting to remain calm. Didnât this man understand the fundamentals of how business gets done?
âIt isnât, of course. But the level of your leveraged holdings is a bit disconcerting to us, specifically your bond debt. At such a high interest rate, this commission is concerned it will be very difficult to pay it off in a timely manner, turning your debt into veritable junk bonds which is never good for the image of the gaming industry. As Iâm sure you agree, thatâs a very dangerous situation not only for your holdings, but the many Nevada families that rely on the Seven Sins Resort and Casino to make a living, the state of Nevada included which counts on its taxes. Not to mention the fact that even after all these years of construction there remains a veil of secrecy around this Forbidden City of yours that this commission finds extremely worrisome. We respectfully request the actual architectural plans in contrast to the ones filed to receive the necessary construction permits, since the original plans do not include the numerous changes and reconfigurations made by your own admission.â
âAll new plans and upgrades have been regularly filed and updated with the proper city officials. And, of course, it would be my pleasure to provide them to you regardless, Mr. Kern. Iâd just like to ask you while weâre on the record to maintain confidentiality to ensure no information is shared or leaked to the press. I donât need any more publicity.â
Michaelâs remark drew instant laughter and applause from those squeezed into the gallery, leading Kern to rap his gavel atop the table.
âAnd, for the record, I do indeed agree with you about the nature of my bond holdings,â Michael continued, not giving Kern the chance to jump in. âBut I would respectfully remind this commission that every casino, and their respective holding companies, are or have been dependent on those kind of bonds, Mr. Kern. We plan to refinance our debt soon