Industry leaders have had a near-death experience and seen the light ... or so they say. Considering that I paid $12.50 for a (mediocre) Bloody Mary at Encore last week, I'm going to believe "a back-to-basics approach that focuses on delivering a quality at good prices" when it manifests itself on a widespread basis.

Also, the timing of this 'come to Jesus' moment is problematic, seeing as the vast majority of incoming room inventory -- one estimate puts it at 85% -- is aimed at the luxury market. It's difficult to contemplate the looming form of Big Blue (aka Fontainebleau) and not brace oneself for a grinding collision between Supply and Demand.

Big Blue: brace for impact.

To give MGM Mirage CEO Jim Murren his due, he's been walking the walk. Kirk Kerkorian's portfolio of Strip properties has a plethora of value-oriented messages streaming through cyberspace these days. Interestingly, the only non-participant as of this week is Bellagio, so one can surmise nothing other than that Steve Wynn's grand dame continues to do bang-up business.

What's more, Murren endeavors to drive a stake through the Bellagio-is-for-sale talk by telling AP reporter Oskar Garcia that the Bellagio "brand" is underemployed and he's considering sublicensing it overseas (Bellagio Ho Tram anyone?), along with the titular MGM brand. Having set the completion of CityCenter as a do-or-die proposition, Murren openly puts other company assets on the table, including not only the Atlantic City acreage Jeff Simpson recently characterized as "low-hanging fruit" but also undeveloped property in Vegas.

Could this be the end of "Project Z" or even "City Center North"? If anybody foresaw the announcement of CityCenter and its all-in-one-big-gulp development as the moment that would make or break MGM, please step up to collect your Nostradamus Award cum laude.

As for Harrah's Entertainment, when its CFO is saying the U.S. casino market has reached saturation point, I guess that makes it official. Jonathan Halkyard, however, somewhat undercuts his credibility when he decries a "shocking lack of innovation" in slot machines. That's not only deeply unfair, it's an affront to the slot makers, who I've always found to be trying quite hard to innovate. (OK, so there was that addiction to themed slots but it's behind us now, much like collegiate "experimenting" with LSD and lesbianism.)

"I mean if you look at the slot machine, it's basically the same as it was 75 years ago," says Halkyard. By that yardstick, so's the automobile. Ditto the airplane ... or just about any casino game you could mention. It's probably best to write Halkyard's comment off for the hyperbole it clearly is, perhaps meant as another poke-in-the-eye provocation toward IGT and other Harrah's nemeses.

At least Harrah's is trying to keep its marketing messages in step with the era. While I didn't see the magic word Twitter, I'm sure that's the sort of thing Halkyard has in mind. The one company refusing to adjust to the times is precisely the one you'd expect: Las Vegas Sands. Yup, just keep building those big boxes and hang in there until the economy conforms to your strategy, not vice versa.