It’s another sad chapter, in the tattered and disgraceful saga of Sun Cruz Casinos. As you recall, this now-idled cruises-to-nowhere fleet was briefly owned by Jack Abramoff, by dint of a tiny bit of fraud. That’s one of the many crimes that landed Abramoff a well-deserved cell in the federal pen. Unfortunately, the removal of his douchebaggy taint has failed to improve Sun Cruz’s fortunes.
It should be a snap for Harrah’s Entertainment to pick up Planet Hollywood if it keeps holding rummage sales. The next one is tentatively slated for May, so book your rooms now.
Although he gets to continue suing various and sundry Pennsylvanians for denying him a gambling concession, it’s not total victory for Donald Trump. The obstreperous Trump has been enjoined from thwarting development of SugarHouse and the interminably delayed Foxwoods project. Philadelphia has lost years and countless millions, due to its inability to build its two allocated casinos in a timely fashion. The removal of a Trump-shaped obstacle, while hardly a decisive victory, is cause for relief nonetheless.
Higher ADRs and sold-out hotels mark an auspicious beginning to 2010. Locals properties are doing especially well — particularly those with proximity to the California drive-in market. (Not so good for Aliante Station and Red Rock Resort, sitting out there on the far northern periphery.) Although LVA‘s research department found the Flamingo to be an early sellout for for New Year’s Eve, the R-J says rooms are still to be had — and relatively affordable, too. No surprise that Caesars Palace and Bellagio are in heavy demand, but I suspect aggressive discounting and incentive packages have a lot to do with Aria being at capacity.
If one views the all-time-highs of 2007 as an aberration and not an entitlement, you could even make the argument that Vegas is back to something resembling normal — allowing for the recent dilution of the market with Aria, Vdara and Mandarin Oriental. Unfortunately, Consumer Electronics Show week, usually a tower of economic strength (I’ve heard of CES attendees having to stay as far out as Laughlin, God help them) is more like a kick in the ass … and not in a good way. We win some, we lose some.
