Phil Hevener, the guy who was onto the Imperial Palace sale before anyone else, says Penn National pitched offers for not only The Mirage but also Caesars Palace … at insultingly low EBITDA multiples. The Strip has seen much better days but it’s not a flea market.
Et tu, F’bleau? It hasn’t even opened and already Fontainebleau‘s viability as a going concern is in doubt. Those thousand condos represent a giant millstone around the resort’s neck; the relationship between Vegas casino operators and the condo business has been akin to that between lemmings and the sea. Already, it’s looking like a rerun of the Harrah’s/Station scenario: Partial recovery for senior debtors and a dime on the dollar for junior ones.
See no evil, speak no evil. A robbery was committed at a casino “in the 4000 block of West Flamingo Road,” an address that just so happens to exactly coincide with the Gold Coast. (The Palms is in the 4300 block.) This is at least the third time that I can recall offhand in which the location of a casino robbery was obfuscated by local law enforcement — nor the first time that Las Vegas Metro has placed a higher priority on protecting casinos’ images than on solving crimes. It might be easier to find witnesses if you told the public where the crime took place, no?
I got a horse right here, his name is not Paul Revere and if you backed this horse you had quite a lot to fear. A quarter-century ago, literal also-ran Fine Cotton wound up at the center of a bizarre racing-fraud scandal involving a — get this — impostor horse. Could Dick Francis have dreamt up a better yarn than this?
Station to the rescue. With Thunder Valley execs given the chop and new managment parachuting in from Station Casinos, work has resumed at the Sacramento-area casino-resort — after some downsizing of the original expansion plans. Kudos, Station.
