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Posted At : March 4, 2009 01:37 PM | Posted By : D McKee
Related Categories:
Colony Capital,Wall Street,Politics,Goldman Sachs,Technology,Morgans Hotel Group
In today's Movable Buffet, Richard Abowitz speculates on the possible evolution (devolution?) of Las Vegas from a boomtown built on junk bonds to critical-care patient who's a ward of the banks. To Abowitz's mention of the bank-owned Cosmopolitan, I would add the Hard Rock Hotel, Stratosphere, two Arizona Charlie's and the Las Vegas Hilton. The first is owned by DLJ Merchant Partners, most of the others by Goldman Sachs.
Goldman has but a minority stake in Colony Capital's LVH. However, it enjoys veto power over any capital expenditures. Which is as good an excuse as any (or none) to mention that on my last visit to the Hilton the volume on the slot machines had "gone to 11." If it was a clever ploy to create the subliminal impression that the casino was busier than it actually was, it worked.
"Sin City Express": That mag-lev train that's causing Gov. Bobby Jindal (R-LA) and others of his ilk to lose sleep is a real juggernaut, consisting of one unpaid retiree living on the west side of Vegas. (For the record, LV lifeline I-15 has undergone regular midweek closings this winter, to facilitate blasting, as well as one snow-induced shutdown.) At least Jindal's a smart guy just pretending to be dumb, not an out-and-moron like Rep. Trent Franks (R-AZ), who fantasizes high-speed rail from Disneyland to a Carson City brothel. Whatever turns you on, Congressman.
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Republican politician + FOX "News" = lies + propaganda, leavened by dumb.