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Posted At : August 14, 2009 03:57 PM | Posted By : D McKee
Related Categories:
Pinnacle Entertainment,Illinois,MGM Mirage,Alex Yemenidjian,Phil Ruffin,Current,The Strip,Economy,Columbia Sussex
If you're looking for a bargain on the Strip, what about buying the Tropicana Las Vegas? The Las Vegas Review-Journal found that Onex Corp. got $440 million worth of equity (or a 61% share) for a Filene's Basement price of $137 million. That would make the "street value" of the whole Trop $228 million, or $6.7 million an acre -- a fifth of what Wall Street valued it at the peak of the Aztar Corp. feeding frenzy. Columbia Sussex won, Pinnacle Entertainment lost ... and Pinnacle wound up being the lucky one, as ColSux toppled under insupportable debt.
The Trop's "paper" value would put it in the Treasure Island class, at $733 million. But you'd need an electron microscope to find the Trop's recent EBITDA, so nobody's going to pay Phil Ruffin-sized dollars for the place now. New owner Onex is a private equity firm that dabbles in real estate and sundry other industries. However, unlike some recent bunglers in the casino industry, Onex had the smarts to hire Alex Yemenidjian to head up its casino efforts, first in Illinois and now on the Strip. Compared to those private equity confreres who bought into the industry at its apogee, Onex's Trop move looks downright brilliant.
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