Robin Camacho
Las Vegas Real Estate
David McKee
Stiffs & Georges
Jean Scott
Frugal Vegas
Cannery Casino Resorts (29) [RSS]
Melco Crown Entertainment (29) [RSS]
Morgans Hotel Group (32) [RSS]
Pinnacle Entertainment (60) [RSS]
Tropicana Entertainment (90) [RSS]
World Series of Poker (6) [RSS]
Illinois: No country for big casinos
JohnTerez said: What your name? , <a href="http://pdabooks.org/membe... noir wine&l... [More]
Nevada: The Stupid State
PortoM0n said: Don't go far away. , <a href="http://cool-wallpapers.ev... cool wall... [More]
They burned the Monte Carlo ... and may get away with it
JohnTerez said: Try see it. , <a href="http://smart.fm/lists/152... glass supplies</a>... [More]
Nevada: The Stupid State
PortoM0n said: Hi brothers and sisters! , <a href="http://boxesandarrows.com...... [More]
They burned the Monte Carlo ... and may get away with it
SoloJ3ss said: Great... , <a href="http://boxesandarrows.com... to make deer a... [More]
Enter your email address to subscribe to this blog.
alex yemenidjian ameristar animals architecture atlantic city australia baseball boulder strip boyd gaming california cannery casino resorts carl icahn charity cirque du soleil citycenter colony capital colorado columbia sussex cosmopolitan current detroit dining don barden donald trump downtown economy election encore entertainment environment florida fontainebleau g2e george maloof harrah's harry reid herbst gaming horseracing igt illinois indiana international internet gambling isle of capri james packer kansas kentucky labor lake tahoe laughlin lawrence ho louisiana lvcva m resort macau marketing massachusetts melco crown entertainment mesquite mgm mirage michael gaughan mississippi missouri monte carlo fire morgans hotel group movies neil bluhm ohio oscar goodman penn national pennsylvania pets phil ruffin pinnacle entertainment planet hollywood politics problem gambling regulation reno riviera sahara sheldon adelson singapore sports stanley ho station casinos steve wynn tamares group taxes technology the strip tilman fertitta tourism transportation tribal tropicana entertainment tv wall street
Posted At : March 27, 2009 03:23 PM | Posted By : D McKee
Related Categories:
International,MGM Mirage,The Strip
"At night while you're asleep/Out of your tent they'll creep."
In the old song, the titular "Sheik of Araby" was sneaking into your tent but, in the case of Dubai World, it's skulking away from the nuptial bed now that the Middle Eastern Midas is turning out to be all caftan and no camel. By a hairsbreadth catastrophe was averted but Dubai World has made it clear that it has no compunction about playing "chicken" with 8,500 construction jobs, not to mention saddling MGM Mirage with a financial burden that would not only drag CityCenter into Chapter 11 but might kneecap the casino giant in the bargain.
While MGM reiterates that it's got enough cash on hand to keep CityCenter going, a source close to the project tells S&G, "there seems to be significant question as to whether or not DW can [do] the same." Indeed, it looks like the sheikdom may soon face a debt-load whammy much like that confronting MGM. It's sitting atop a rickety economy, at the mercy of Abu Dhabi's purse strings
While uttering pious hopes for the successful completion of CityCenter, Dubai World has gone out of its way to sabotage the project and not just by precipitating today's crisis. In both its legal filing and an extraordinary open letter to Nevada lawmakers, Dubai World has trash-talked MGM so harshly that a reconciliation seems extremely unlikely. (An armed truce is the probable modus vivendi.) MGM management's basic competence was called into question, as Dubai World accused its partner of giving it less product for more money than was originally agreed.
One line of argument is that Dubai World is trying to wrest control of the project for itself, but most indicators point to a company that's overextended and looking to cut off any further exposure in Nevada. As Hugh Jackson found, Dubai World has its fingers in an expensive and astonishing number of pies, including "a 46-mile canal with a whole new city of 2.5 million people on its banks." Las Vegas casino moguls look like risk-averse brahmins, comparatively. As for CityCenter, Dubai World's conduct is little short of scurrilous.
Print | 
Send to Friend | 
del.icio.us | 
Digg It! | 
Linking Blogs |
Alanna
http://www.craigslisthelper.info