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Posted At : November 18, 2008 10:17 AM | Posted By : D McKee
Related Categories:
Harrah's,Pinnacle Entertainment,MGM Mirage,Isle of Capri,Missouri,International,Current,Ameristar,Shuffle Master,Economy
Tout le monde may be at G2E (albeit 10% less le monde than last year, I'm told) but the big news is happening elsewhere.
MGM Mirage has emerged as the "angel" for the Ho Tram Strip in Vietnam. It's a sweet deal for MGM, as Mike Aymong's Asian Coastal Development Ltd. ponies up the $4.2 billion construction cost, while MGM lends its brand name and operational expertise (in return for a fee) to an 1,100-room hotel but is spared any exposure. ACDL will also receive the benefit of MGM's marketing abilities. An empty stretch of Vietnamese beachfront suddenly looks a great deal more like a viable resort project.
Per Joel Bergman's remarks, given on Monday, about MGM putting property on the block, Marketwatch confirms it. MGM President Jim Murren says "non-core assets" are for sale, including undeveloped land on the Strip. So maybe City Center II, including "Atlantis Vegas" isn't happening after all.
Shuffle Master gets shuffled. The deck of executive cards at Shuffle Master just got run through the shoe. Senior VP Brooke Dunn is being placed on leave, at least for now. The SEC is recommending civil litigation against him pursuant to alleged insider trading. Dunn's accused of tipping an unidentified third party to Shuffle Master inside dope.
Splitting kings. The chairman and CEO roles at Shuffle Master are being cleaved apart, with board member (and former Greenspun Corp. exec) Phil Peckman assuming the chairman's gavel. Outgoing CEO Mark Yoseloff stays in that role, as the company's search for a replacement continues ... and continues. Presumably to further ensure stability, three veteran Shuffle Master execs -- Perry Lopez, General Counsel Jerry Smith, and Roger Snow -- have all been named executive veeps.
Ameristar Casinos continues to run up the white flag, laying off over 5% of its Missouri workforce. This is ironic, considering that Ameristar was the author and prime backer of the constitutional amendment that will remove the state's "loss limit" -- a change that will redound to Ameristar's financial benefit. Although the amendment's passage is expected to widen the gap between the "haves" (Ameristar, Pinnacle Entertainment, Harrah's Entertainment) and the "have-nots" (Isle of Capri and several independent operators), Ameristar is acting like it came out on the losing side.
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