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Nevada: The Stupid State
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They burned the Monte Carlo ... and may get away with it
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Posted At : January 2, 2009 04:14 PM | Posted By : D McKee
Related Categories:
Wall Street,Steve Wynn,MGM Mirage,Cosmopolitan,Current,Sheldon Adelson,The Strip,Economy,Station Casinos
Will it be a happy new year for the Strip? In terms of "supply shock," the timing could be a lot better, let's put it that way. Back on Aug. 14, JP Morgan issued an analyst report which showed 11,412 hotel rooms and 7,546 condos hitting the Las Vegas Valley in 2009. Aliante Station and Encore (an aggregate 2,235 rooms) relieved some of the pressure by opening sooner than Morgan analysts anticipated. But that still leaves a lot of product in the pipeline, headed right at us.
Persistent rumors have MGM Mirage's The Harmon, part of CityCenter, paralyzed by construction problems and perhaps deserted by operator Light Group. Even if that proves to be both true and a blessing in disguise, we're only talking 400 units. Seriously, we could stand to have a few more big projects (Cosmopolitan, anyone?) fall behind schedule.
After all, 2010 was to have been an absorption year, with only the St. Regis condo tower (300 units) at Palazzo slated to open. Now that's on indefinite hold, so the deck is clear for developers who'd like to push their opening date back. Any takers?
mgm didnt have enough clowns with cirque so they hired perini to oversee their biggest project ever.now they have plenty of clowns.
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