David Mckee's Stiffs & Georges

Recent Entries

No recent entries.

Advertisement

Archives By Month




October 2009

September 2009

August 2009

July 2009

June 2009

May 2009

April 2009

March 2009

February 2009

January 2009

December 2008

November 2008

October 2008

September 2008

August 2008

July 2008

June 2008

May 2008

April 2008

March 2008

February 2008

January 2008

STAFF BLOGGERS

Robin Camacho
Las Vegas Real Estate



David McKee
Stiffs & Georges



Jean Scott
Frugal Vegas



Archives By Subject

ABBA (4) [RSS]


Alaska (7) [RSS]


Alex Yemenidjian (29) [RSS]


Ameristar (39) [RSS]


Animals (26) [RSS]


Architecture (48) [RSS]


Archon Corp. (1) [RSS]


Aristocrat (4) [RSS]


Arizona (2) [RSS]


Atlantic City (231) [RSS]


Australia (14) [RSS]


Bally Technologies (4) [RSS]


Baseball (17) [RSS]


Boulder Strip (35) [RSS]


Boyd Gaming (121) [RSS]


California (30) [RSS]


Cannery Casino Resorts (29) [RSS]


Carl Icahn (19) [RSS]


Charity (12) [RSS]


Cirque du Soleil (28) [RSS]


CityCenter (21) [RSS]


Cloverfield monster (5) [RSS]


Colony Capital (57) [RSS]


Colorado (18) [RSS]


Columbia Sussex (170) [RSS]


Cordish Co. (9) [RSS]


Cosmopolitan (19) [RSS]


Current (370) [RSS]


Detroit (46) [RSS]


Dining (39) [RSS]


Don Barden (24) [RSS]


Donald Trump (73) [RSS]


Downtown (113) [RSS]


Economy (309) [RSS]


Election (151) [RSS]


Encore (29) [RSS]


Entertainment (185) [RSS]


Environment (14) [RSS]


Florida (26) [RSS]


Fontainebleau (51) [RSS]


G2E (25) [RSS]


Gary Goett (7) [RSS]


Genting (6) [RSS]


George Maloof (15) [RSS]


Golden Gaming (4) [RSS]


Goldman Sachs (9) [RSS]


Harrah's (372) [RSS]


Harry Reid (13) [RSS]


Herbst Gaming (31) [RSS]


Holy Cow (1) [RSS]


Horseracing (32) [RSS]


IGT (18) [RSS]


Illinois (46) [RSS]


Indiana (46) [RSS]


International (149) [RSS]


Internet gambling (33) [RSS]


Iowa (8) [RSS]


Isle of Capri (44) [RSS]


Jack Binion (3) [RSS]


James Packer (67) [RSS]


Kansas (56) [RSS]


Kentucky (16) [RSS]


Labor (86) [RSS]


Lake Las Vegas (7) [RSS]


Lake Tahoe (13) [RSS]


Laughlin (17) [RSS]


Lawrence Ho (21) [RSS]


Louisiana (38) [RSS]


LVCVA (28) [RSS]


M Resort (17) [RSS]


Macau (172) [RSS]


Marketing (88) [RSS]


Maryland (8) [RSS]


Massachusetts (11) [RSS]


Melco Crown Entertainment (29) [RSS]


Mesquite (10) [RSS]


MGM Mirage (399) [RSS]


Michael Gaughan (10) [RSS]


Minnesota (4) [RSS]


Mississippi (34) [RSS]


Missouri (20) [RSS]


Monte Carlo fire (20) [RSS]


Morgans Hotel Group (32) [RSS]


Movies (57) [RSS]


Neil Bluhm (18) [RSS]


New York (9) [RSS]


North Las Vegas (3) [RSS]


Ohio (13) [RSS]


Oklahoma (3) [RSS]


Oscar Goodman (16) [RSS]


Pansy Ho (1) [RSS]


Penn National (95) [RSS]


Pennsylvania (102) [RSS]


Pets (21) [RSS]


Phil Ruffin (30) [RSS]


Pinnacle Entertainment (60) [RSS]


Planet Hollywood (58) [RSS]


Plaza (5) [RSS]


Politics (215) [RSS]


Problem gambling (15) [RSS]


Racinos (5) [RSS]


Regulation (190) [RSS]


Reno (12) [RSS]


Riviera (36) [RSS]


Sahara (11) [RSS]


Sheldon Adelson (268) [RSS]


Shuffle Master (5) [RSS]


Silverton (2) [RSS]


Singapore (30) [RSS]


Slot routes (5) [RSS]


South Carolina (2) [RSS]


Sports (26) [RSS]


Stanley Ho (64) [RSS]


Station Casinos (142) [RSS]


Steve Wynn (183) [RSS]


Tamares Group (23) [RSS]


Taxes (86) [RSS]


Technology (79) [RSS]


Texas (9) [RSS]


The Mob (9) [RSS]


The Strip (543) [RSS]


Tilman Fertitta (17) [RSS]


Tourism (37) [RSS]


Transportation (21) [RSS]


Tribal (103) [RSS]


Tropicana Entertainment (90) [RSS]


TV (111) [RSS]


Wall Street (241) [RSS]


WMS Industries (5) [RSS]


World Series of Poker (6) [RSS]


Recent Comments

Illinois: No country for big casinos
JohnTerez said: What your name? , <a href="http://pdabooks.org/membe... noir wine&l...   [More]

Nevada: The Stupid State
PortoM0n said: Don't go far away. , <a href="http://cool-wallpapers.ev... cool wall...   [More]

They burned the Monte Carlo ... and may get away with it
JohnTerez said: Try see it. , <a href="http://smart.fm/lists/152... glass supplies</a>...   [More]

Nevada: The Stupid State
PortoM0n said: Hi brothers and sisters! , <a href="http://boxesandarrows.com......   [More]

They burned the Monte Carlo ... and may get away with it
SoloJ3ss said: Great... , <a href="http://boxesandarrows.com... to make deer a...   [More]

Search

Subscribe

Enter your email address to subscribe to this blog.


TAGS

alex yemenidjian ameristar animals architecture atlantic city australia baseball boulder strip boyd gaming california cannery casino resorts carl icahn charity cirque du soleil citycenter colony capital colorado columbia sussex cosmopolitan current detroit dining don barden donald trump downtown economy election encore entertainment environment florida fontainebleau g2e george maloof harrah's harry reid herbst gaming horseracing igt illinois indiana international internet gambling isle of capri james packer kansas kentucky labor lake tahoe laughlin lawrence ho louisiana lvcva m resort macau marketing massachusetts melco crown entertainment mesquite mgm mirage michael gaughan mississippi missouri monte carlo fire morgans hotel group movies neil bluhm ohio oscar goodman penn national pennsylvania pets phil ruffin pinnacle entertainment planet hollywood politics problem gambling regulation reno riviera sahara sheldon adelson singapore sports stanley ho station casinos steve wynn tamares group taxes technology the strip tilman fertitta tourism transportation tribal tropicana entertainment tv wall street

Please stand by ...

Posted At : September 14, 2009 10:27 AM | Posted By : D McKee
Related Categories: Current,Technology,Morgans Hotel Group

Technical problems continue to afflict our blogs. Those of you who are subscribers had many of your e-mail alerts bounced back to us last weekend. Also, *new* photos cannot be uploaded -- only ones that have been posted on the blog in days of yore. Hence, no photographs of the late Shadow, nor of Newt Gingrich's gavel, never mind something really important like the Hard Rock Hotel & Casino fire.

As a consequence, we're looking at moving to a different software (suggestions are appreciated). Hopefully, all of the 1,500+ existing S&G entries will make the transfer ... keep your fingers crossed. Maybe this will be the end of the Comment-Eating Server, too. We can only hope.

[Add Comment]

From the mailbag #4: California, tech troubles & 'resort fees'

Posted At : September 10, 2009 11:02 AM | Posted By : D McKee
Related Categories: Planet Hollywood,Steve Wynn,MGM Mirage,Boulder Strip,Marketing,Technology,Morgans Hotel Group,Current,Sheldon Adelson,The Strip,California,Harrah's,Boyd Gaming,Tourism,Station Casinos

Reader Kerr Mudgeon is less than amused by a recent dig at the cuisine offered by Commerce Casino to California firefighters. He writes: "The firefighters can go to numerous other nearby eateries if they don't like the FREE meals offered by the Commerce Casino -- same as paying casino customers can eat at other places if they choose. Sound like 'looking the gift horse in the mouth.'"

Good news from IT: Our "austerity regime" of no photos and no links will, it is promised, be ended today. I can think of several potential blog entries yesterday that went unwritten because no linking capability was available, so this should put some wind back in S&G's sails ... although some might say a lack of wind is the least of this blog's problems.

It's absolutely imperative that you read our 9/10/09 Question of the Day. No, I didn't write it. Our hard-working research duo of Jessica & Tanya did. (Also, Steve Friess recently mis-credited me with the Today's News column; that's a J&T Production, too, along with the occasional assist from Anthony Curtis himself.)

Aaaaaaaaannnnyyyyy-way, today's topic (and it's only online for one day) is the pernicious Vegas phenomenon known as the "resort fee." The winner of the Sustained Greed Award goes to longtime gouger Station Casinos. Station's Green Valley Ranch is also the premier resort-fee offender ($25).

Others who provide optional amenities -- of varying desirability -- in return for the fee include Bellagio ($25), The Mirage ($15), Planet Hollywood ($5) and Gold Coast ($3, which actually buys you quite a lot). The geniuses at Morgans Hotel Group get the Steal the Stripes out of Your Socks Award for charging you $7 for "in-room safe, parking, minibar (but not its contents), bath products, and a plasma TV."

There's a word for that Hard Rock Hotel & Casino practice and the word is "chintzy." As our researchers note, "For hotels to presume to charge guests for amenities that they have no intention of availing themselves of, but cannot avoid, seems a very counter-productive measure that can only generate ill-will."

Kudos to the following fee-eschewing properties: Venetian, Palazzo, Wynn Las Vegas, Encore and anyplace owned by Harrah's Entertainment. Yes, Harrah's. I tip my fedora to you, Gary Loveman.

[Add Comment]

Greek Isles sold, few care

Posted At : August 18, 2009 05:23 PM | Posted By : D McKee
Related Categories: Encore,Entertainment,Politics,Economy,Boyd Gaming,Morgans Hotel Group

Vegas' hardest-luck casino changed hands ... again. Short of another irrational spike in off-Strip land valuations, Canpartners Realty Holding Co. IV LLC is never going to see its $67 million again. The Greek Isles is in a dead zone, a block too far north (being a block away from Encore doesn't do you any good if you're on the wrong side of the block) and two blocks too far east.

Ah well, kinda serves Canpartners right for lending $56 million against a property that was never worth but a fraction of that amount. And until Canpartners gets a gaming license and captures the casino revenue, instead of leasing out the space as a big-ass slot route, it might as well buy a Motel 6 instead.

Had enough? You'd think that after spending six of the last eight years being used as a doormat by the opposition, congressional Democrats would be saying, "It's payback time." Not yet. If anything finally gets their back up, it may (ironically) be a President whose desire for comity too often translates into giving the store away.

There are still a few crumbs left upon the table for those of us who are uninsured, afflicted with pre-existing conditions or laboring under onerous co-pays. But that'll probably be bartered away, too, and we'll be left at the mercy of people like this s,o.b. M.D. who says it's a "privilege" to be healthy. So I'm guessing he's not down with that Hippocratic Oath stuff, either, huh?

Hard Rock overextended. Having doubled down on its costly purchase of the Hard Rock Hotel & Casino, manager/minority owner Morgans Hotel Group finds itself playing for time with its lenders. Reinventing The Joint proves to have been a good idea; ditto the new convention space -- both are helping to stave off catastrophe.

But it was sheer pigheadedness of Morgans to push ahead with not one but two new hotel towers amid declining ADRs and slippage in occupancy. When Boyd Gaming called a timeout on Echelon (partly due to partner Morgans' fecklessness), it should been a cue to "wrap" the megaresort-sized expansion of the Hard Rock, at least for the time being.

[Add Comment]

Quote of the Day

Posted At : August 1, 2009 04:45 PM | Posted By : D McKee
Related Categories: Economy,Morgans Hotel Group

"It's [the] wrong place, wrong time. They want to turn a boutique property into a megaresort. This is probably not the time to be doing that." -- Fine Point Group Vice President Randy Fine on the vast enlargement of the Hard Rock Hotel & Casino. Meanwhile, the Las Vegas Review-Journal takes a more rah-rah view.

[Add Comment]

Case Bets: Hard Rock, Puck, Station, Greek Isles

Posted At : July 29, 2009 04:55 PM | Posted By : D McKee
Related Categories: Harrah's,Labor,Wall Street,Marketing,Entertainment,Colony Capital,Current,Dining,The Strip,Architecture,Economy,Morgans Hotel Group,Tourism,Station Casinos

Morgans Hotel Group has never seemed able to make up its mind about what to do with the Hard Rock Hotel & Casino (one of the stranger acquisitions of recent years). Then-CEO Ed Scheetz came in talking big about classing the place up and raising ADRs. Fast-forward to '09 and the HRH is staking everything on its skanky Rehab parties (does the staff have to don hazmat suits when cleaning up afterwards?) and going for the mid-price market midweek.

One can't fault the latter half of that strategy, especially if you're in an off-Strip location and could use the traffic. However, if Morgans goal was to increase Hard Rock ADRs, perhaps it shouldn't have embarked on a ginormous expansion that practically obliterates Peter Morton's original hotel and dilutes the asking price per room. Also, I don't know whether to praise Morgans for doing the impossible and completing (sort of) its Paradise Tower well ahead of schedule ... or criticize it for being in such a hurry to churn some EBITDA that it's opening it in an unfinished state.

But here's hoping the business model works. The HRH is one of the few places in town that's hiring, not downsizing. At lot of people's jobs are riding on its success.

One less Wolfgang Puck restaurant on the Strip? That's hardly a culinary tragedy, given that he's still got -- what? -- five other places in town and has become the Ronald McDonald of haute cuisine. A laughable poster in McCarran International Airport uses Puck's visage to push the message, "Less celebrity, more chef." Uh, better put that the other way 'round.

The real tragedy here (aside from the loss of jobs) is the temporary demise of Poetry, one of the few venues in town to cater to an upscale African-American clientele. Harrah's Entertainment and the Forum Shops went out of their way to put the dagger in Poetry. Now they congratulate themselves on a job well done. Thanks for nothing, fellas.

Bondholders finally lost patience with Station Casinos, tripping the bankruptcy lever. Interestingly, all Station casinos (small "c") are shielded -- which implies that it's Station's imperial expansion plans which are are shot and that its considerable real estate holdings could be up for grabs. It looks like über-resort Viva, long-suffering Durango Station, Losee Station and umpteen other projects are kaput.

Too bad for Station partner Colony Capital; if the latter goes forward with its Neverland Ranch tourist-trap plans, it may have to disassemble the old Michael Jackson Xanadu and relocate it, lock, stock and menagerie. And what does/did Station have in abundance? Raw land. It was a marriage made in businss heaven but it surely won't reach the altar now.

Speaking of suffering, what's back on the auction block but the Greek Isles, which is $23 million underwater. Even at a revised valuation of $44 million, isn't that far too much to ask for this unremittingly unsuccessful property, the second coming of the Castaways? Perhaps it's time to exorcise this ghost which haunts the dead zone that is Convention Center Drive.

[Add Comment]

The dream is dying

Posted At : July 20, 2009 02:07 PM | Posted By : D McKee
Related Categories: Harrah's,Tourism,The Strip,Station Casinos,LVCVA,Fontainebleau,Encore,Labor,Colony Capital,Economy,MGM Mirage,Wall Street,Morgans Hotel Group,M Resort,Boyd Gaming,Plaza,Cosmopolitan,Steve Wynn

Just last week, UNLV's historical sage, Dr. Eugene Moehring, was taking a dim view of the fate of Las Vegas' working class. Now comes the Wall Street Journal to back him up with some sobering reportage.

Even at union salaries, Culinary Union-represented employees are hardly living on Easy Street. According to the WSJ's Tamara Audi, a hotel maid can expect to make slightly under $30K/year. She also finds a fry cook who was pulling in $36K annually, before he was laid off. (He's now making much less at union-free M Resort.) This goes to show not only the importance of union representation but also how close many of these people are to the economic precipice.

Many of the causes of our current plight (like real estate speculation) are outside my remit. However, a great deal of the blame falls upon casino CEOs who -- encouraged by banks that pushed too-easy credit like "happy dust" and by cheerleading Wall Street analysts -- succumbed severally and variously to a collective psychosis.

The Plaza: Rooms available, starting the 12th of Never.

The hyper-optimistic mentality that produced a rapid-fire succession of (in no particular order) CityCenter, Cosmopolitan, Fontainebleau, Echelon, Palazzo, Encore, the Hard Rock Hotel acquisition/expansion, and even will o' the wisps like Crown Las Vegas and Viva, rested upon a bizarre assumption. Namely, that the Las Vegas Strip could not only absord literally thousands upon thousands of new rooms (preponderantly at the high end) but could do in a compressed time frame.

A few companies even thought this could be done even after they'd glutted themselves with LBO debt. (True, Harrah's Entertainment now says it never intended to go the metaresort route but the available evidence testifies otherwise.) As I've written before, a bubble was mistaken for a baseline, thereby magnifying the consequences when the economic fundamentals began to crumple.

Distance evidently lends clarity, at least to Harvey Perkins of East Coast-based Spectrum Gaming Group. He calls for a complete rethinking of the luxury-based Vegas business model, repositioning the Strip's posh palaces slightly downmarket. It'll mean eating a lot of pride but what alternatives are there?

It's a glass half-full perspective, which is preferable to the overdose of gloom quaffed by MGM Mirage CEO Jim Murren. He darkly prophesies, "There won't be another property built in Las Vegas for a decade."

Just wait 'til the next economic upturn and see if Murren is still saying kaddish. There will be new casinos in Las Vegas before 2019, I'm fully confident -- but they'll be ones positioned around affordability and (hopefully) generating double-digit ROI. Because, frankly, Las Vegas isn't the investment it used to be.

The St(ump) Regis, as it was to have been.

Then there's the schizoid-sounding Sheldon Adelson, who harrumphs, "I don't see any opportunities for any development in Las Vegas." Emphasis added; the Las Vegas Sands CEO seems to swing from bullish to bearish by the day.) It'd be nice for Sands if Adelson had been vouchsafed this insight before he started work on the St(ump) Regis in the midst of a condo-market meltdown. Now it's big bloody nose right betwixt the eyes of the Venetian and Palazzo.

The polar opposite of Adelson is Culinary Union boss D. Taylor who sounds like a flack for the Las Vegas Convention & Visitors Authority, so giddy is his optimism. Hey, D., have you talked to your workforce lately -- you know, the ones who just had to defer a $710/year pay bump?

At least some amusement is to be had from the Strip map prepared for the WSJ by Bill Lerner's new outfit, Union Gaming Research:

I don't think I'd take investment advice from a firm that doesn't know the correct spellings of "Echelon" or "Caesars." City Center seems to fallen off the map entirely. It'd also take issue with the classification of many sites (like the in-foreclosure FX Real Estate plot) as "ceased or delayed" as there was never any work to cease or delay at, say Elad Properties' "Plaza" site or Crown Las Vegas (aka "Archon"). Ditto MGM/Kerzner, Africa Israel, etc. However, the Cosmo, which really is in limbo, doesn't make onto the map.

At any rate, as land prices on the Strip continue to return to earth, there's going to be plenty of prospective acreage for the company that's ready, willing and able to build a mid-market casino on the Strip.

[Add Comment]

Quote of the Day

Posted At : July 20, 2009 09:00 AM | Posted By : D McKee
Related Categories: Entertainment,Morgans Hotel Group

"I’m glad he’s keeping young and fresh somewhere, given what he eats when he’s at the Hard Rock" -- a reader's reaction to the news that Carlos Santana was "keeping young and fresh on his current tour in Europe." When in residence at the Hard Rock Hotel & Casino, Santana favors a diet of chicken-fried steak and eggs.

[Add Comment]

Case Bets: Midnight Jim, Sands, "Peepshow", Hard Rock, Reid

Posted At : July 16, 2009 10:50 AM | Posted By : D McKee
Related Categories: Technology,Politics,Oscar Goodman,Sheldon Adelson,Downtown,Entertainment,Regulation,Morgans Hotel Group,Planet Hollywood

Chronic ineptitude by Nevada's governor is endless fodder for comedy (like entrusting your re-election campaign to the former marketing director of a ski resort and political novice.)

But it also has perilous consequences. For instance, his thoughtless decision to pack the Nevada Gaming Commission with lawyers now threatens to hamstring the board. Jane Ann Morrison details how new Commissioner Joe Brown had to abstain from 24% of last month's votes. Seems he had conflict-of-interest issues with a couple of miniscule slot houses called Station Casinos and Harrah's Entertainment. Whoops. Brown's is the most egregious problem but it's hardly the only one.

Most of Jim Gibbons' appointments to the NGC and the Nevada Gaming Control Board have been solid but this was a real boner and somebody up in Carson City should have seen it coming.

Midnight Jim discovers Facebook. He also learns the need to think before you "friend." He sure won't be getting Bill Raggio's vote next year.

Rescue may be at hand for the beautiful and historic Boulder Dam Hotel, thanks to a mysterious benefactor. As for recent arrival Shear Madness, not so much. I hear that the "interactive" show may not have been interactive enough to ride the Vegas wave of Marriage Can Be Murder and Tony 'n Tina's Wedding.

In case you missed it ... Apparently eager to stanch the flow of exiting executives, Las Vegas Sands has given Rob Golstein a promotion to senior VP. The new title comes with a $535,000 raise. For those of you keeping score at home, that's $2,758 for each of the 194 workers Sands just pink-slipped.

Bean out, O'Day in: The producers of Peepshow are, more than anything else, great at generating publicity. It's official that Shoshana Bean will be supplanted in late summer by Playboy cover girl Aubrey O'Day. It sounds as though Bean was plugged into the cast on very short notice (with seven days or fewer of rehearsal), lending credence to the reports that Mel B.'s disappearing act came as an unpleasant surprise to the erstwhile Scary Spice. At present, Bean is the best thing Peepshow has going. How unfortunate it was but a brief fling. Shoshana, we barely knew ya.

Rushing in where angels fear to tread, Morgans Hotel Group will open 490 more Hard Rock Hotel rooms on July 27, well ahead of schedule. The timing seems odd but Morgans and financier/hostage DLJ Merchant Partners have to make their rash of expansions at the HRH start turning a buck.

Reid safe at home. The window of opportunity for unseating Sen. Harry Reid (D-NV) is closing fast. Thanks to Reid's support of assault weapons, the National Rifle Association has got his back. Avowed challenged Sharron Angle is woefully short of cash, while GOP dream candidate Rep. Dean Heller has even less financial traction. If Reid's unpopularity with the home crowd makes him a low-hanging piñata, the GOP just keeps flailing at empty air.

[Add Comment]

It's lonely in the bunker; Luxor gets its groove on

Posted At : July 15, 2009 03:35 PM | Posted By : D McKee
Related Categories: Labor,MGM Mirage,Marketing,Morgans Hotel Group,The Strip,Cirque du Soleil,Entertainment,Regulation,Boyd Gaming

Two resignations made the news today. First, the publicist for Criss F. Angel took a hike. Given the choice between the much-reviled Angel and unlikely rising star (and reportedly much, much nicer person) Holly Madison, Fantasy flack John Flynn left the sinking Angel ship.

With Guy Laliberté literally fleeing to outer space, defenders of Angel and his Believe debacle are growing fewer and fewer. (Hey, Cirque du Soleil, keep the title and redo the show as a Cher tribute. It can only be an improvement.)

"Would the last person to leave my office please turn out the lights?"

In an unrelated but symbolically parallel development, yet another high-ranking staffer has joined the exodus from the office of Gov. Jim Gibbons. Departing exec Mindy Elliott managed to drag Midnight Jim into yet another scandal when she persuaded the Gibber to exert influence on behalf of Boyd Gaming in a dispute with state OSHA. Unfortunately, the state's burgeoning jobless population will now have to deal with Elliott in her new role as head of the Dept. of Employment, Training & Rehabilitation. Is this a case of "failing upward"? "Sideways"?

Luxor? Sexy?!? It seems that the answer is, "Yes," judging by this creative marketing ploy: "Singles in Sin City." People come to Vegas to hook up, however briefly, so why not A) organize a promotion around it and B) class things up a bit? The four packages are, in ascending order of sexytime, "Get a Room," "Get Lucky," "PDA" and "The Player."

Well, it sure beats "First Base," "Second Base," etc., no? (If the funky vocal stylings of Robin Thicke don't make you want to get busy, nothing will.) And with the Strip currently floundering in disgrace -- and deservedly so -- Luxor's promotion is high heavens above, for instance, the cattle call that is Rehab at the Hard Rock Hotel. When they (foolishly, IMO) bought the place, Morgans Hotel Group claimed they were going to go upscale. Instead, by all accounts, they dove headfirst into the deep end of the cesspool.

[Add Comment]

Report from the Strat

Posted At : June 2, 2009 09:12 AM | Posted By : D McKee
Related Categories: MGM Mirage,Goldman Sachs,Carl Icahn,Steve Wynn,The Strip,Architecture,Morgans Hotel Group

A reader asked (possibly in jest) how the Hard Rock Hotel was vis-a-vis the Stratosphere. While I don't have the basis for an A:A comparison, I can comfortably say that if you can afford the Hard Rock, it's no contest. Under new owner Goldman Sachs, the Strat appears to have -- if you'll pardon the expression -- passed its peak and begun a slow descent into seediness.

The slot mix is very "blah" and decidedly third-tier, with lots of generic machines and ones you've probably never heard of before. And while the HRH's casino floor is designed so that it contains and heightens the energy, it's the opposite case at the Strat. The latter is an anachronism: a post-Mirage casino designed with a pre-Mirage "capture" mentality.* It's absurdly strung out, as though intentionally diffusing and minimizing the energy of the play that's taking place. The amount of action looked pretty respectable for a Monday night but was muted by the immensity and sparseness of the space itself.

It's like MGM Grand without any of the upside. If you're heading to the showroom be sure and pack water and provisions (or hire a rickshaw) because you're in for a long hike. While Goldman Sachs may have been cutting back on staff, the timeshare barkers -- a holdover from the Carl Icahn era -- continue to accost customers at will. By what twisted logic do casino executives convince themselves that allowing their patrons to be hassled in this fashion is actually good for business?

* -- for this we have Lyle Berman and Bob Stupak to thank, but they've long since left the building.

[Add Comment]

More Entries