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They burned the Monte Carlo ... and may get away with it
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Posted At : December 19, 2008 01:32 PM | Posted By : D McKee
Related Categories:
Pinnacle Entertainment,Macau,Louisiana,James Packer,Phil Ruffin,Steve Wynn,MGM Mirage,The Strip,Harrah's
Harrah's Entertainment picked a heckuva time to put its Memphis campus on the market.
Robo-poker invades Bossier City and at a Pinnacle Entertainment property, no less. I expected better of Pinnacle. PNK'd again!
No answers from El Ad. I ran into a representative of El Ad Properties last night at Eastside Cannery. As much as I badgered the poor man, I could get little information on what's happening with the New Frontier site (or where $615 million of the advertised $1.24 billion purchase price went). El Ad's position is that it's content to sit upon its 18.4 acres until the market grows more propitious or Hell freezes over, whichever comes first. (OK, I made the second half of that statement up.) And why not when you've got Steve Wynn doing your landscaping for you.
Treasure Island employees had better snap to it when Phil Ruffin takes over. Other gems gleaned from this story: Jack Binion had been sniffing around certain MGM Mirage properties but was rebuffed. (Bad call -- Jack's pretty flush these days.) And if you think the El Ad/New Frontier situation is bad, it could have been far worse. Ruffin had James Packer, the single unluckiest investor in the casino industry, on the hook before El Ad brandished its billions.
"Asia's Las Vegas"™ is starting to sound like real, present-day Vegas in all the wrong ways.
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