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Posted At : September 11, 2008 10:42 AM | Posted By : D McKee
Related Categories:
MGM Mirage,The Strip,Steve Wynn,Wall Street
When The Mirage first unveiled renderings of its to-be-revamped volcano, three-plus years ago, the penumbral and nearly impenetrable paintings made it look like spectators were being consumed by a lake of flames in the nethermost reaches of Hell. Yesterday, a cheerier vision of Volcano 2.0 was shown off, prefacing its reconstruction in bigger, more-fiery form, complete with music co-written by Mickey Hart, to say nothing of 120 jets' worth of propane shooting up from beneath the lagoon.
Speaking of hot gas, Robin Leach supplied some unintentional levity when he asked, in all seriousness, why The Mirage didn't just move the volcano indoors. Yes, you read that right: indoors. Hmmmm ... let's see: "120 fireball-throwing devices" plus "flames soaring more than 60 feet" and throw in a lava flow for good measure. The words "fire hazard" mean anything to you? No? How about "sprinkler system"? As in, "likely to trigger ..."?
Buried near the bottom of the column, and flagged "Detroit" for some inexplicable reason, is the news that now over half of Vestin Group's 67 loans are non-performing ($198.3 million out of $305.5 million). As much as Vestin was struggling, back when I researched it 2003-04 (during the time it was throwing money at the Castaways and Vernon Downs), its problems have doubled. Too bad Greenspun Media deep-sixed the project, for which all I have to show is a couple of boxes full of documents.
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