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Posted At : April 22, 2009 12:39 PM | Posted By : D McKee
Related Categories:
Encore,Macau,MGM Mirage,Stanley Ho,Economy,Current,Steve Wynn,Wall Street
Why keep making fun of the Las Vegas Review-Journal? Because the R-J persists in making it so easy, that's why. For instance ...
Call the Sun. Columnist Jane Ann Morrison has some deep thoughts on MGM Grand Macau. Namely that co-owner MGM Mirage should consider "a reasonable offer" from partner Pansy Ho. Gadzooks! With that kind of insight, it's a wonder Morrison isn't running MGM in lieu of CEO James Murren.
Actually, she might want to put in a call to Las Vegas Sun/In Business Las Vegas veteran Jeff Simpson, who'd explain to her -- as he did to fellow panelists on a "Vegas Gang" podcast -- that Macanese subconcessions can only be sold back to their original concession-holder ... in this case paterfamilias Stanley Ho. Which would be one reason why "Morgan Stanley hasn’t been asked to screen offers for the [sic] MGM Grand Macau." But, hey, if Dr. Ho comes knocking, make sure it's with "a reasonable offer," 'kay?*
R-J to Sun, "Nyah-nyah!": Yeah, so what if the Sun won a little old Pulitzer Prize. The R-J nabbed a "Best of the West" from Arizona-based First Amendment Funding. So there! That Sun is, like, so totally spanked.
On the upside, today's R-J has a good exposition of why banks and other lenders are exercising so much forbearance (in both senses of the word) when confronted with insolvent casino companies. Money quote, as it were: "... the creditors are thinking the way things are now, we just might as well string them along for a little while thinking you'll get more of a return on the bonds that way." Forced asset sales will probably be remunerative a ways out, too ...
* -- Morrison is at least in good company here. Charlie Rose's recent 60 Minutes piece on Steve Wynn repeatedly committed the solecism of referring to Wynn's newest pleasure palace as "The Encore." If you see Rose, be sure to tell him how much you enjoyed his The 60 Minutes segment on The Steve Wynn, which you watched on The CBS.
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The Charlie Rose thing drove me completely freaking crazy and I laughed out loud when I saw this post.
Cheers,
The Hunter