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Posted At : December 10, 2008 03:18 PM | Posted By : D McKee
Related Categories:
Sheldon Adelson,International,MGM Mirage,LVCVA
Scroll through a "Comment" thread on a Las Vegas Review-Journal gaming story (if you're of a sufficiently masochistic disposition) and you're liable run across this sort of imbecility: "Mgm should be focusing on it's Vegas property's instead of pouring money in over sea's investment's."
The punctuation-challenged individual in question is railing uninformedly against MGM Mirage's licensing of its brand to a Ho Tram Strip hotel in Vietnam. (Similar fist-shaking by "ex gambler" can be found here.) If these persons would actually bother to read the stories they festoon with their cast-iron prejudices, they'd have noticed that MGM is getting paid to brand and manage a hotel. Which means that the company has devised a means of tapping an overseas revenue stream with minimal exposure, if any.
And guess what? A week after the MGM-Ho Tram story broke, developer Asian Coast was getting taken seriously by lenders, to the tune of nearly $800 million. Which may be coincidence, but I'd say it tells you a lot about the power of the MGM brand and the credibility of its management. I wouldn't call that "pouring money" overseas. It looks like astute and fiscally responsible leadership, at least from the peanut gallery.
LVCVA vs. NPRI. I don't want to open this can of worms now. I'll just say that I've covered the Las Vegas Convention & Visitors Authority long enough to say that skepticism of its spending practices is occasionally warranted and that, even if NPRI board member William Weidner has an ulterior agenda, that hardly invalidates the questions being raised. Weidner, in his capacity as president of Las Vegas Sands, has made little secret of his desire to de-fund the LVCVA. But while NPRI may be blowing a certain amount of smoke, there's some fire here, too.
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