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Posted At : September 17, 2009 07:24 PM | Posted By : D McKee
Related Categories:
Harrah's,Planet Hollywood,Penn National,MGM Mirage,Fontainebleau,Current,The Strip,Detroit,Entertainment,Economy
So the much-bruited suitor for stalled, bankrupt Fontainebleau has been "outed" and it's ... Penn National Gaming. Ace reporter Alexandra Berzon, late of the Las Vegas Sun, broke the story. However, she notes that Penn and F'bleau have been dickering for three months: "Talks could still fall apart at any moment."
Given the criteria that Penn CEO Peter Carlino has been citing for any major casino purchase, F'bleau is an illogical choice. It's expensive, it's unfinished, it's location-challenged, it's a high-end property in a depressed market, it has a problematic condo component (read: units that will never sell) and, most of all, it's a snakepit of litigation. Plus, the cost of completion seems to escalate by the hour and is currently pegged at $1.5 billion.
Remember, Penn balked at paying $1 billion-plus for The Mirage, a turnkey, trouble-free resort. Meanwhile, Harrah's Entertainment is snatching Planet Hollywood right out from under Penn's nose and the company whiffed on a chance to acquire newly ascendant Greektown Casino in Detroit. Go figure.
A Penn spokesman "could not confirm or deny" the Wall Street Journal story. We'll take that as a "yes."
Aubrey has landed. As in "O'Day." Webmistress Jessica has forwarded the following from Holly Madison's Twitter feed: "@hollymadison123 Damn! I can't take one day off work without everything going to hell in a handbasket! Back to spreading the positive energy!" Like I said, word from the wise is that Madison and new Hitler-lovin' co-star Aubrey O'Day are anything other than BFFs.
Ooops! David, you gave credit in your column to the Las Vegas Sun as the source of the Penn National story. But the link goes to the Wall Street Journal. Given the pronouncements you've made about website/internet problems, we'll let this slide.
Sorry, but if you re-read it, it says "late of the Las Vegas Sun." Besides, the WSJ is credited in the final paragraph. But it'll be a frosty day in Hell when a Journal reporter is described as "late of the Las Vegas Review-Journal."
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