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Posted At : April 3, 2009 09:22 AM | Posted By : D McKee
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Wall Street,Macau,Pennsylvania,Melco Crown Entertainment,Don Barden,James Packer,MGM Mirage,Lawrence Ho,Colony Capital,Neil Bluhm,Station Casinos
Credit-default swaps, some of those financial instruments that have played hob with the U.S. economy, are making a cameo appearance in the tortured saga of Station Casinos. If you insured Station's debt, that insurance is worth more than the paper your CDS is printed upon -- but not by much.
Congratulations, MGM Mirage. Your probable rescuer is a bottom-feeder who's preparing to root around amidst the dregs of the banking industry. However, with CityCenter as much as $3.8 billion shy of the finish line, MGM isn't in a position be picky about going into business with the K-Mart of casino owners.
Rivers Casino, the former Majestic Star, has some CityCenter-style construction problems. This project has been so vexed and hexed that nothing comes as a surprise anymore.
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Interesting business model. Halfway around the globe, Melco Crown Entertainment's got a lot riding on its City of Dreams megaresort. To bring back the whales, it's essentially promising that they can welsh on their markers with impunity. Or, as the company puts it, "Aggressive enforcement actions against a customer [may] unduly alienate the customer and cause the customer to cease playing at our casinos." And, gosh knows, nobody wants to alienate a deadbeat debtor.
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debt that was insured, not 68% of a previous CDS value which I think may be how you read it. Also,
bonds don't become worthless in a default. STN bonds still trade at 32 cents on the dollar so getting 68%
of face payout from the CDS + 32% of the face of the bond is in fact perfect insurance of the full par
amount owned.