Quote of the Day

David, I refer back to my question of about a year ago when I asked, “wouldn’t it be wiser for some of these properties to take care of what they have rather than trying to acquire more burdensome properties under their belts?” Now with the slowdown, everyone is feeling it, even the upper tier places.

I read the Forbes article and was surprised to see Phil Ruffin coming out and saying he’d love to own the Bellagio or Mandalay Bay. Granted, he doesn’t have the cash (he alluded to having $500 million right now, nowhere near enough to purchase more than half of either), but who knows what kind of loan he could get in the next year or two. But I imagine any talk of MGM scuttling either hinges on the fate of CityCenter.

Interesting to read Maloof’s comments, after reading the item on the news section of LVA that Encore is building a beach club.

Two weeks ago I visited the Palms on a slow December day. At least Maloof is maintaining his property well. The buffet was excellent — and underrated. The gamble is fair and the place looked great. I hope Maloof takes over one of the tired strip properties in the new decade.