David Mckee's Stiffs & Georges

Recent Entries

No recent entries.

Advertisement

Archives By Month




October 2009

September 2009

August 2009

July 2009

June 2009

May 2009

April 2009

March 2009

February 2009

January 2009

December 2008

November 2008

October 2008

September 2008

August 2008

July 2008

June 2008

May 2008

April 2008

March 2008

February 2008

January 2008

STAFF BLOGGERS

Robin Camacho
Las Vegas Real Estate



David McKee
Stiffs & Georges



Jean Scott
Frugal Vegas



Archives By Subject

ABBA (4) [RSS]


Alaska (7) [RSS]


Alex Yemenidjian (29) [RSS]


Ameristar (39) [RSS]


Animals (26) [RSS]


Architecture (48) [RSS]


Archon Corp. (1) [RSS]


Aristocrat (4) [RSS]


Arizona (2) [RSS]


Atlantic City (231) [RSS]


Australia (14) [RSS]


Bally Technologies (4) [RSS]


Baseball (17) [RSS]


Boulder Strip (35) [RSS]


Boyd Gaming (121) [RSS]


California (30) [RSS]


Cannery Casino Resorts (29) [RSS]


Carl Icahn (19) [RSS]


Charity (12) [RSS]


Cirque du Soleil (28) [RSS]


CityCenter (21) [RSS]


Cloverfield monster (5) [RSS]


Colony Capital (57) [RSS]


Colorado (18) [RSS]


Columbia Sussex (170) [RSS]


Cordish Co. (9) [RSS]


Cosmopolitan (19) [RSS]


Current (370) [RSS]


Detroit (46) [RSS]


Dining (39) [RSS]


Don Barden (24) [RSS]


Donald Trump (73) [RSS]


Downtown (113) [RSS]


Economy (309) [RSS]


Election (151) [RSS]


Encore (29) [RSS]


Entertainment (185) [RSS]


Environment (14) [RSS]


Florida (26) [RSS]


Fontainebleau (51) [RSS]


G2E (25) [RSS]


Gary Goett (7) [RSS]


Genting (6) [RSS]


George Maloof (15) [RSS]


Golden Gaming (4) [RSS]


Goldman Sachs (9) [RSS]


Harrah's (372) [RSS]


Harry Reid (13) [RSS]


Herbst Gaming (31) [RSS]


Holy Cow (1) [RSS]


Horseracing (32) [RSS]


IGT (18) [RSS]


Illinois (46) [RSS]


Indiana (46) [RSS]


International (149) [RSS]


Internet gambling (33) [RSS]


Iowa (8) [RSS]


Isle of Capri (44) [RSS]


Jack Binion (3) [RSS]


James Packer (67) [RSS]


Kansas (56) [RSS]


Kentucky (16) [RSS]


Labor (86) [RSS]


Lake Las Vegas (7) [RSS]


Lake Tahoe (13) [RSS]


Laughlin (17) [RSS]


Lawrence Ho (21) [RSS]


Louisiana (38) [RSS]


LVCVA (28) [RSS]


M Resort (17) [RSS]


Macau (172) [RSS]


Marketing (88) [RSS]


Maryland (8) [RSS]


Massachusetts (11) [RSS]


Melco Crown Entertainment (29) [RSS]


Mesquite (10) [RSS]


MGM Mirage (399) [RSS]


Michael Gaughan (10) [RSS]


Minnesota (4) [RSS]


Mississippi (34) [RSS]


Missouri (20) [RSS]


Monte Carlo fire (20) [RSS]


Morgans Hotel Group (32) [RSS]


Movies (57) [RSS]


Neil Bluhm (18) [RSS]


New York (9) [RSS]


North Las Vegas (3) [RSS]


Ohio (13) [RSS]


Oklahoma (3) [RSS]


Oscar Goodman (16) [RSS]


Pansy Ho (1) [RSS]


Penn National (95) [RSS]


Pennsylvania (102) [RSS]


Pets (21) [RSS]


Phil Ruffin (30) [RSS]


Pinnacle Entertainment (60) [RSS]


Planet Hollywood (58) [RSS]


Plaza (5) [RSS]


Politics (215) [RSS]


Problem gambling (15) [RSS]


Racinos (5) [RSS]


Regulation (190) [RSS]


Reno (12) [RSS]


Riviera (36) [RSS]


Sahara (11) [RSS]


Sheldon Adelson (268) [RSS]


Shuffle Master (5) [RSS]


Silverton (2) [RSS]


Singapore (30) [RSS]


Slot routes (5) [RSS]


South Carolina (2) [RSS]


Sports (26) [RSS]


Stanley Ho (64) [RSS]


Station Casinos (142) [RSS]


Steve Wynn (183) [RSS]


Tamares Group (23) [RSS]


Taxes (86) [RSS]


Technology (79) [RSS]


Texas (9) [RSS]


The Mob (9) [RSS]


The Strip (543) [RSS]


Tilman Fertitta (17) [RSS]


Tourism (37) [RSS]


Transportation (21) [RSS]


Tribal (103) [RSS]


Tropicana Entertainment (90) [RSS]


TV (111) [RSS]


Wall Street (241) [RSS]


WMS Industries (5) [RSS]


World Series of Poker (6) [RSS]


Recent Comments

Illinois: No country for big casinos
JohnTerez said: What your name? , <a href="http://pdabooks.org/membe... noir wine&l...   [More]

Nevada: The Stupid State
PortoM0n said: Don't go far away. , <a href="http://cool-wallpapers.ev... cool wall...   [More]

They burned the Monte Carlo ... and may get away with it
JohnTerez said: Try see it. , <a href="http://smart.fm/lists/152... glass supplies</a>...   [More]

Nevada: The Stupid State
PortoM0n said: Hi brothers and sisters! , <a href="http://boxesandarrows.com......   [More]

They burned the Monte Carlo ... and may get away with it
SoloJ3ss said: Great... , <a href="http://boxesandarrows.com... to make deer a...   [More]

Search

Subscribe

Enter your email address to subscribe to this blog.


TAGS

alex yemenidjian ameristar animals architecture atlantic city australia baseball boulder strip boyd gaming california cannery casino resorts carl icahn charity cirque du soleil citycenter colony capital colorado columbia sussex cosmopolitan current detroit dining don barden donald trump downtown economy election encore entertainment environment florida fontainebleau g2e george maloof harrah's harry reid herbst gaming horseracing igt illinois indiana international internet gambling isle of capri james packer kansas kentucky labor lake tahoe laughlin lawrence ho louisiana lvcva m resort macau marketing massachusetts melco crown entertainment mesquite mgm mirage michael gaughan mississippi missouri monte carlo fire morgans hotel group movies neil bluhm ohio oscar goodman penn national pennsylvania pets phil ruffin pinnacle entertainment planet hollywood politics problem gambling regulation reno riviera sahara sheldon adelson singapore sports stanley ho station casinos steve wynn tamares group taxes technology the strip tilman fertitta tourism transportation tribal tropicana entertainment tv wall street

Palazzo dealt self-inflicted wound

Posted At : March 31, 2008 09:51 AM | Posted By : D McKee
Related Categories: Sheldon Adelson,The Strip,Election

Palazzo's oh-so-soft opening is coming back to haunt it. According to GlobeSt.com, Las Vegas Sands was expecting a $500 million downpayment on its Palazzo retail mall last January -- but got only $290.8 million, as of a few weeks back. (Yes, a $209.2 million shortfall.) Previously, LVS had said it was anticipating $500 million upfront and an eventual total of $750 million. The sale of the mall to General Growth Properties, however, is pegged to actual retail performance.
 
 
Or, as GlobeSt puts it: "The purchase price will be equal to the property's net operating income in month 30 of operation divided by a capitalization rate ... An industry source familiar with the transaction tells GlobeSt.com that the decreased initial payment is due to the fact fewer stores than expected were up and running at the time of the initial close, so their rents were not taken into consideration."

Consequently, General Growth will have to make twice as many installment payments to LVS as originally. It already owns the nearby Grand Canal Shoppes, at The Venetian, purchased four years ago for $776 million. 

McCain's Vegas Quickie: I guess he just loves us for our money. In and out in an hour, long enough to embrace newfound enthusiast Sheldon Adelson and make a tacky joke about our reeling local economy. We're told John McCain made "an inspirational speech about his position on the economy," which we'll have to take on faith because neither the Great Unwashed nor their representatives in the Fourth Estate were allowed to hear any of it (and because nothing McCain has said about the economy lately has evinced either inspiration or a coherent position beyond guvmint doing "as little as possible").

According to Jon Ralston, McCain took two -- count 'em, two -- questions before skedaddling out a side door. Not that McCain's anti-collegiate sports betting, pro-Yucca Mountain and do-nothing economic stances would probably play well here. Still, none of the foregoing -- not even McCain's snub of local media yokels (compared to his chummy relationship with Beltway regulars) prevents a local publisher from falling in a maidenly swoon at McCain's feet (oh, and saying Republicans have "moved far beyond ... when it comes to honestly discussing matters of race"; yes, if by "moved far beyond" you mean "completely freaking ignored," then he's got it about right.)

Comments (Comment Moderation is enabled. Your comment will not appear until approved.)
Jeff in OKC's Gravatar The worst part for Las Vegans is that Sherm Fredrick's pro McCain editorial is positively mild compared to Brian Greenspun's pandering for Hillary. The most pathetic was Sunday's "Where I Stand" editorial, which looked like a grown-ups version of the "Leave Britney Alone!" rant on YouTube.
# Posted By Jeff in OKC | 4/1/08 6:16 PM
David McKee's Gravatar I'll take your word for it. Greenspun is so bloody boring I don't even read him. At least he's constant. Seems like just yesterday that Sherm had a man-crush on Bill Richardson.
# Posted By David McKee | 4/1/08 6:22 PM