Buried at the bottom of a J.P. Morgan analyst rep0rt on meetings with MGM Resorts International executives was a real corker: “[W]we would not be surprised to see MGM look to monetize some of CityCenter’s asset base, for example Crystals, its retail mall,” whose net operating income is a measly $40 million. Morgan’s Joseph Greff thinks the moribund, super-high-end, l0w-traffic mall could fetch $800 million at resale and boost MGM share values. Although Greff characterized customer spending and hotel bookings along the Strip as recovering in “modest, baby-step improvements,” that’s overshadowed by a 20% leap in visitation and unspecified growth in customer largesse at MGM Grand, all thanks to Hakkasan. As for Crystals, it was a bad idea whose time had gone before it opened. Be seeing ya.
Good news, better news at Sands. The company disclosed late yesterday that it would repurchase $2 billion in shares, over a multi-year period. It’s not clear what, if any, impact this will have on the company’s myriad capital-intensive projects. The money’s coming in hand over fist these days. (Although the dizzying, $35 billion cost of EuroVegas makes me wonder what Sands execs are snorting when they project a 20% ROI on it.) And, after being left dangling by the Macao government (as the latter loves to do, especially to U.S.-based firms), Sheldon Adelson finally got the green light to sell 286 condos at the Four Seasons, within Sands Cotai, eventually bringing in at least $775 million, analysts speculate, perhaps $1 billion. The abortive St. Regis “tower” on the Las Vegas Strip, however, remains an amputated stump with no resumption in sight. Ever. Which reminds me …
Yesterday, I was asked about the prospect for casino legalization in Japan. Well, it’s been “imminent” since at least 2005, to hear the experts tell it. And yet, the 
Japanese parliament has never shown a great appetite for casino gambling, even in times of dire economic need. Prospects were complicated further when the Japan Restoration Party rolled out a casino bill this week. The JRP is but a very small presence but its move makes casinos a hot-button issue ahead of July’s elections. Supporters had been hoping to keep the whole matter on the back burner until after voters went to the polls.
Gotta do a quarterly USA Today update for their online travel guides, so if my news coverage is spotty for the next 10 days or so, please be indulgent.
