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Posted At : December 16, 2008 10:44 AM | Posted By : D McKee
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Wall Street,Illinois,MGM Mirage,Atlantic City,Phil Ruffin,Mississippi,The Strip,Detroit,Harrah's
Never slow off the mark, Steve Friess has been digging into the Treasure Island deal and has found the following ...
Mystere stays. No surprise there, given Alan Feldman's comments about continued synergies between Phil Ruffin's newly acquired megaresort and MGM Mirage's other Strip properties.
17 acres. That, at most is what Treasure Island sits upon, but Ruffin won't be getting the whole enchilada. If we use Jake Fuller's $15 million/acre valuation from yesterday, we're looking at roughly $250 million for the land and $525 million for the hotel-casino, although I'm willing to bet it's closer to a 200/575 split.
What's next? On the auction block, that is. A strong and informed faction on the Internet argues that probably nothing more will be hawked, now that MGM Mirage is $775 million closer to putting the last few dollars into CityCenter -- the motivator that drove the deal. But we know that The Mirage was on the block and that Bellagio hasn't been.
Bill Lerner of Deutsche Bank suggests MGM Grand Detroit, which seems crazy to me, since MGM has absolutely owned that market since the place opened. (Only Penn National could afford to buy it, but Detroit hasn't been on Penn's radar.) As for the Elgin, Ill., casino being for sale, you'd have to be crazy to buy it, Gov. Rod Blagojevich (D-IL) having helped destroy the casino economy in the Land of Lincoln. But if Alex Yemenidjian is willing to pony up over $400 million just for a casino license alone, he could certainly scrape together the going price of MGM's Elgin riverboat.
Some of Lerner's other suggestions make sense, though. (He hints that the long-in-abeyance "Project Z," south of Mandalay Bay, may be toast.) I particularly latched onto his mention of MGM's 50% interest in Borgata. If MGM were shot of that, it would also not have to spend another minute worrying about how much longer the New Jersey Casino Control Commission was going to pore over the suitability of Pansy Ho. It looks like MGM has effectively given up on Atlantic City already and this would simply make it official. And if there's any casino in Atlantic City -- other than Harrah's Marina (or whatever they're calling it today) -- that has "curb appeal" in these straitened times, Borgata is It.
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