Ruffin on the prowl; Penn’s blown opportunity

So much for the conventional wisdom that Phil Ruffin was just hanging onto Treasure Island for a few years to help MGM Resorts International through a rough patch. Seems he’s subsequently made offers for The Mirage (whose infrastructure is symbiotic with Treasure Island’s) and Beau Rivage. The latter is a valuable hedge against MGM’s overexposure on the Las Vegas Strip and even if The Mirage goes onto the market, Ruffin’s not going to bite unless MGM CEO Jim Murren comes down off those blue-sky valuations (like 12X cash flow) he’s been tossing around.

Penn National Gaming, however, which bragged about not bidding on the pirate place and implied that Ruffin overpaid for it, must be laughing out of the other side of its face now. Even if additional MGM or Caesars Entertainment assets on the Strip became available, their prices will never be low enough for CEO Peter Carlino and they’re likely to start inching upward again. Soon. Carlino will be remembered as the CEO who offered too little and waited too long to try and get onto the Strip, and whose moment has probably passed. (Of course, there’s always the Westin Casuarina.) As for that abortive Fontainebleau caper, I can only try to channel Frank Caliendo‘s interpretation of Dr. Phil and ask Carlino, “What! Were! You! Think.Ing?”

Speaking of which … what is Steve Wynn thinking with this deal? (The question is not rhetorical.) A business venture that has one foot in the notorious tax haven that is Monaco and another in the notorious terrorist haven that is Qatar probably needs all the good advice it can get, so hopefully Uncle Steve can steer his new proteges clear of trouble.

Those who freak out about so-called “reservation shopping” might do well to take note. While it’s always good for a laugh to refer to certain Wisconsin casinos as “Blow-Chunk,” the reality is that the Ho-Chunk Tribe is propping up a goodly swath of the state’s economy. Ho-Chunk representatives like Anne Thundercloud are tactfully refraining from gloating over the fact that the white man is now reliant upon Native American largesse … though few could blame them if they took a victory lap.

Happy anniversary to one-year-old Boot Hill Casino, which took in $36 million in its initial 12 months of operation. Of all the Kansas casinos, this once seemed like the longest of long shots but instead it’s celebrating a birthday while one other casino (Penn’s) is still under construction, another (Peninsula Gaming‘s) awaits final approval and one license continues to go begging. Congratulations to Boot Hill. May the second year be as auspicious as the first.