That's one of the implications of Colony Capital's potential cash infusion into CityCenter. Since Colony owns 3/4 of Station Casinos and might find itself with a big piece of CityCenter, it's an utter certainty that it wouldn't go along with the notion of Station building a fugly CityCenter knockoff on the other side of I-15. Of course, the Fertitta Bros. still control the Station board, so they could try and drag Colony down the Viva highway to hell if they want to force the issue.

But what does it say about CityCenter if Colony wants to buy in? The fund's track record in casino investing has been predominantly dreadful of late. A philosophy of acquiring "non-performing loans, distressed assets ... out-of-favor sectors," hasn't worked out so well. For instance, the REIT got a fire-sale price ($140 million) on Resorts Atlantic City, then saddled the dowager with a mortgage 160% excess of her market value.

When Resorts' sclerotic revenues caught up with Colony, it simply opted out of its "house payments." This nearly brought us the edifying spectacle of seeing a casino get repossessed by the bank. Between the venerable Resorts and the comparably ancient and non-performing Atlantic City Hilton, the fund's Boardwalk portfolio risks being dubbed "Colony Crapital."

Not only did Colony overpay (or, more accurately, over-borrow) for Station Casinos, it got further hornswoggled in the deal. Despite holding 76% of the equity, it only controls 40% of the board. Similarly, it let Goldman Sachs buy into the Las Vegas Hilton by dint of surrendering ultimate authority over capex decisions to Goldman.

It seems baffling from a common-sense standpoint that Colony could purchase a big stake in City Center, offer $850 million for the Tropicana Atlantic City (as it did last spring) or start a new fund to buy more yet distressed assets (as it's doing) when most of its casino properties are sucking wind. Shouldn't it be salvaging what it's already got?

Ethically, yes; realistically, no. For a fund like Colony, that'd be throwing good money after bad. ("Wanna buy a piece of this fund to bail out Resorts A.C.? No? How about putting some more into Station? Why not?!?") The way it's compartmentalized, Colony can keep buying shiny new silos, no matter how many of its existing silos are crumbling into barkdust, so long as there are takers for its fund offerings. Leave the bad investments to their fate and better luck next time.

One might be pardoned for thinking Colony couldn't run a lemonade stand profitably, as the company's gaming-sector strategy seems to consist of throwing money against a wall over and over again until some of it comes back. One of the questions raised by the CityCenter discussions is: How much control would Colony get in return for its money? Given that MGM Mirage is setting aside shutdown capital for the project, Colony appears to hold the leverage. It'd be smart to leave MGM in the driver's seat -- and besides, Colony is no stranger to dealing itself into a position of weakness.

Then again, Colony may well be a stalking horse for Saudi mogul Prince Alwaleed Bin Talal, one of its business partners. He's got deep pockets and grandiose plans ... just the sort of fellow who might fancy being the monarch of CityCenter.

Speaking of the Fertitta Bros. ... the president of their pride and joy, the UFC, a charming fellow by the name of Dana White is making headlines and not in a particularly good way.

Those [expletive] UFC [expletive] board meetings [expletive] must be [expletive] really something [expletive] else, [expletive]. Wouldn't you [expletive] want to [expletive] be a [expletive] fly on the [expletive] [expletive] [expletive] wall, mother[expletive]?

Should Colony take a stake in CityCenter -- thereby dooming Viva -- perhaps the Fertittas can send Mr. White to Colony HQ as their good-will ambassador.