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Posted At : January 12, 2009 01:06 PM | Posted By : D McKee
Related Categories:
International,MGM Mirage,Economy,Harrah's,Atlantic City,Isle of Capri
Another weak month for Nevada casinos, another "It's the end of the world" story. Revenues are regressing, we're told, to levels not since -- like, OMG! -- the dusty, ancient days of July 2004.
Yeah, those really were some parched, hard-up times. If we take the Wayback Machine out for a spin to that desolate era, we'll find that MGM Mirage is following up on a June takeover offer to Mandalay Resort Group that would eventually cost $7.9 billion. And on 7/15/04, we'd see Harrah's Entertainment -- in an apparent effort to keep up with the Joneses -- make a $9.4 billion takeover play for Caesars Entertainment. Yes, times were so lean in July '04 that the big boys on the Strip were feeling their oats, flush with liquidity and ready to expand in a big way.
Several years -- and a few over-optimistic decisions later -- MGM Mirage is applying an icepack to a $1.2 billion Mandalay-related hangover and Harrah's (by piling additional LBO-related debt onto an already encumbered balance sheet) would regard just staying out of Chapter 11 as a great victory. But it's worth remembering that both companies were riding high in mid-2004. Had they not gotten subsequently carried away, sailing atop what proved to be an economic bubble, they'd be weathering the present crisis much better, with scant talk of bankruptcies or asset sales.
You wanna talk "bad"? Atlantic City, now that's bad. Shockingly so, in fact. But, with Pennsylvania racinos up 21% in December, not entirely surprising.
Speaking of companies that took a ride on the crazy train, Isle of Capri Coventry is up for two design awards. Unfortunately, neither comes with a cash prize that would erase this writeoff from Isle's ledger of bad business decisions.
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