This item is an extremely rare American Bank Note Company working proof for a Bally's Park Place Funding mortgage backed bond.
Working proofs were used during the American Bank Note pre-production process. Each piece details the intricacies of the old fashioned cut-and-paste method in which the designs were developed. The proof was subsequently circulated amongst American Bank Note Company officials and the executives of the customer (in this case Bally's Park Place Funding) for editing and approval. The markings from this process are evident on the layers of the proof and the distribution board as detailed by the images below. Once the approval and editing process was completed, the mass production of the certificate occurred for distribution to eventual shareholders. This unique item offers a glimpse into the bank note approval and printing process.
Working proof (1 piece), mounted on a cardboard backing.
This item is presented on an oversized, rigid hard board that measures 12 1/2" (w) x 9 (h).
The main proof (pictured above) is a xerox of an original specimen, and is covered by a clear layer (tissue sheet) with the working markings from the editing process. Other original markings appear directly on the proof sheet.
The outside of the cardboard backing also contains approval notations as shown below:
Bally's Park Place Funding was a financial arm of Bally Entertainment
. Bally's started life in 1976 when gambling became legalized in Atlantic City. In 1977 Reese Palley bought the Marlborough-Blenheim Hotel and planned to preserve the Blenheim half of the hotel, along with adjacent Dennis Hotel. Palley was successful in getting the Blenheim part of the hotel placed on the National Register of Historic Buildings, while planning to raze the Marlborough to make way for a new modern hotel. However, he stepped aside after the Bally's Manufacturing Corporation purchased a controlling interest in the project.
After Bally's took control, they announced plans to raze the Marlborough, Blenheim, and the adjacent Dennis Hotel, despite protests, to make way for the new Park Place Casino and Hotel. However, in an effort to offset costs and get the casino opened as fast as they could they chose to keep the Dennis Hotel, which would serve as the hotel for Bally's. As part of the licensing process and investigation into alleged ties to the Mafia, the New Jersey Casino Control Commission stipulated that Bally's Chairman and CEO William O'Donnell would be required to step down and sell all interest in the company. This was the second time the commission took this action, the first was when Clifford Perlman, Chairman of Caesars World Inc.
and his brother were required to resign. - from: www.wikipedia.org
State Affiliations: NJ-New Jersey
See Additional American Bank Note Company Proofs