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Posted At : October 9, 2008 11:19 AM | Posted By : D McKee
Related Categories:
Cannery Casino Resorts,Regulation,Station Casinos
Waaaaaaaaaaay back in 2000, the Aladdin 2.0 was struggling into being, and Jack Sommer and London Clubs International were at each others' throats. Sommer's shallow pockets had forced LCI into taking a much bigger stake in the megaresort than it had ever envisioned. We all know what happened next: The Aladdin tanked massively, took LCI down with it and broke the health of the company's CEO.
Much of this handwriting was on the wall when the Aladdin went through its licensing hearings. Much Sommer/LCI dirty laundry was aired in public, providing ample reason to doubt the project's viability and solvency. Nevada regulators, however, saw no reason not to let the foredoomed project move ahead. It's that old "Too big to fail" thing.
Aliante Station: All the charm of a corporate HQ.
Perhaps they've learned better, though. The solvency of Aliante Station was front and center at its licensing hearing. Even if revenue projections are 66% overestimated, the new locals casino will still break even, we're assured.
On the other hand, what was Control Board member Randall Sayre smoking when he said it was "refreshing" to see a Vegas casino built for less than $1 billion? Only a fool would spend that much on a locals casino (which relies on a drastically different business model than a Strip resort). And Aliante's $662 million price tag is scarcely a badge of frugality.
Sayre might want to ask why Station had to spend so much when Eastside Cannery, a comparable property, was brought in for 38% of that budget. Station has the two poshest locals casinos in the Vegas area -- Red Rock Resort and Green Valley Ranch -- but its spending levels strongly suggest that Station's cost control isn't terribly stringent.
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