MGM Mirage CEO Jim Murren is re-mulling asset sales of MGM Grand Detroit, Gold Strike (Tunica, Miss.) and Beau Rivage. But all Strip assets are definitively off the market (yes, even Slots A Fun). Since the Detroit and Tunica casinos are already encumbered with CityCenter-related debt, presumably Murren would transfer those mortgages to some or all of the “Mandalay mile.” As far as I know, those three casinos are still unencumbered. The Detroit resort would be a real “trophy asset” for any potential buyer … presuming that banks are more inclined to lend than they were(n’t) the last time Murren shopped this trio around.
The Las Vegas Review-Journal took a good look at MGM’s Giza deal — and it’s even better than initially thought. Not only will the company collect management and franchise fees, it also gets a cut of any profits. If there’s a downside here, I’m too myopic to see it.
MGM wouldn’t sell Monte Carlo when Jack Binion came calling. One presumes this had more to do with potentially being able to extend CityCenter into Monte Carlo, rather than Jack’s money not being good enough for MGM. However, if the company really cares about the property, why are they slowly letting it go to seed? The Brew Pub will close on July 12.
Also … our LVA research team has discovered that no further Lance Burton performances are scheduled. This seemingly writes finis to his long relationship with Monte Carlo. Is it just an expedient way to save money or was Burton’s unpardonable sin to get very good reviews from the local dailies right after Criss F. Angel laid an $85 million egg with Believe? Burton out and Angel in? That’s just not right.
“IUER”? WTF? Don’t call Melco Crown International‘s new City of Dreams a “casino.” Melcospeak for the new pleasure place is “integrated urban entertainment resort.” At least Steve Wynn‘s “casino-based destination resort” coinage rolled off the tongue a little more felicitously. On second thought, just call it “a casino.”
Holy cow! The husk of the late, lamented Holy Cow Brew Pub & Casino (home of the best beer in Las Vegas) is proposed for redevelopment — again. It was briefly the site-to-be of the phantom Ivana condo tower, one of the more egregious examples of condo “vaporware” during the recent bubble. Arizona– and New Mexico-based developers intend to tip the old Cow and replace her with a low-rise, low-cost (no hotel) casino.
The Strip needs some fresh mid-market casinos and this one could be it. But why make your anchor tenant a Walgreens when it’s the flagship retailer … of Palazzo. We sure could use the jobs, too, what with unemployment hitting record levels in Nevada. A good thing that Gov. Jim Gibbons was shamed into accepting federal funding for the jobless.
No Surprise Dept.: So the Moulin Rouge is (literally) toast and arson is suspected. The fire happened the day after a bankruptcy auction found no takers for the property.
Obama backpedals (sidepedals?) on gay rights. If he wants to give the country change it can believe in, how about revoking the profoundly un-American policy of throwing our LGBT brothers and sisters out of the military? If they’ve volunteered to lay down their lives for Old Glory, they’re better people than me. And if Harry Truman is remembered for nothing else, he’ll always be the president who integrated the military with a stroke of a pen. Does President Obama have Truman-like intenstinal fortitude?
One of the vilest of major-league baseball players back in the Eighties was slow-moving, philandering, showboating slugger Mel Hall. But we never knew just how loathsome he was. Good luck in the slammer, Mel.
