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Posted At : May 27, 2008 10:17 AM | Posted By : D McKee
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The Strip
Uff da! What a Memorial Day weekend: Two days at Valley of Fire State Park, where we experienced the joys of peace and quiet in the wilderness, and the vicissitudes of trying to cook over charcoal (carne asada, si; ditto bacon; eggs and vegetables ... not so much). Chase that with a whirlwind day at Suncoast that included bowling (I lost, 81-90), bingo (total winnings: $0), the buffet and a showing of The Counterfeiters, one of the outstanding films of this or any year, a movie which almost never puts a foot wrong.
Forty veterans who were comped at the Venetian weren't just any group of soliders and their loved ones but wounded servicemen (this story makes it sound like an all-male contingent, except for the spouses). Some of them were getting a temporary reprieve from the Black Hole of Calcutta formerly known as Walter Reed Army Hospital (I almost typed "Animal Hospital," except that we'd never allow animals to be treated the way our soldiers were at Walter Reed).
Last week I wondered if I Sheldon Adelson would keep these mercy flights going when room demand starts climbing again. The Armed Forces Foundation says he will. Good for him, good for his company. The term "patriotism" has become so debased in recent years, it's almost a shock to see the real deal in action.
Speaking of Adelson, maybe he could solve the Blue Tape Mystery (see item #4). Is this some arcane superstitious gesture? BTW, Stiffs & Georges is included in a poll to determine the "coolest name of an only-in-Vegas entity?" I'm touched, even if my own votes went to O, Caesars Palace, Aria and Glass Pool Inn (R.I.P.). Like they say in Hollywood, it's an honor just to be nominated.
Congratulations, Columbia Sussex, you're first in something. Subsidiary Tropicana Entertainment leads all companies in the world in corporate defaults for 2007, per Standard & Poor's. Close behind is Linens 'n Things, run into the ground by Harrah's Entertainment co-owner Apollo (Mis)Management. All but one of the 28 corporate defaults listed by S&P were of U.S. companies, which is not the example we should be setting for the rest of the world, yes?
Linens' undoing? "(A)n unsuccessful overhaul attempt after the Apollo buyout," which once more raises the question of why Apollo (and TPG) would pursue Harrah's, considered the most efficient casino company in the business. Does Apollo have a compulsion to fix things which aren't broken?
Still, Linens 'n Things is a piker, with but $1.35 billion in debut. Tropicana has $2.93 billion outstanding. Never let it be said that CEO William J. Yung III didn't do things in a big way. It's the bondholders that, Bloomberg reports, will likely have to settle for chump change.
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