Category Archives: MGM Mirage

A delicate balance

Posted on April 7, 2009 by David McKee

Another day, a little more movement in the CityCenter situation. Well, it's that or talk about tourism and gaming revenue numbers that are too depressing to contemplate for long. Time was that the American banking industry was practically giving away … Continue reading →

Posted in Colony Capital, Current, Detroit, Economy, James Packer, M Resort, MGM Mirage, Penn National, Station Casinos, The Strip, Wall Street | Comments Off on A delicate balance

MGM Mirage sells family jewels

Posted on April 6, 2009 by David McKee

Desperation has well and truly hit the fan at MGM Mirage. The company’s Strip casinos may not be priced to move … but it’s said to be quite a different story where MGM Grand Detroit and Beau Rivage are concerned. … Continue reading →

Posted in Atlantic City, Colony Capital, Current, Detroit, Economy, Illinois, James Packer, Macau, MGM Mirage, Phil Ruffin, Sheldon Adelson, Stanley Ho, The Strip, Wall Street | Comments Off on MGM Mirage sells family jewels

Mandalay Bay is best in LV

Posted on April 6, 2009 by David McKee

It may be tempting fate to mention this, but online voters like Mandalay Bay best among Strip casinos … or, at bare minimum, dislike it the least. Voters in the Steve Friess "Stripper Poll" on which casino most ought to … Continue reading →

Posted in Baseball, Harrah's, MGM Mirage, The Strip, Tropicana Entertainment | Comments Off on Mandalay Bay is best in LV

Case Bets: Kansas update, Cordish's push, Penn's prudence, taxing sex

Posted on April 3, 2009 by David McKee

Details of Lakes Entertainment‘s just-under-the-wire entry into the Kansas casino derby are beginning to emerge — and it looks a bit half-assed. Particularly non-confidence-inspiring was the admission, “We’re going to go find the cash.” If somebody as flush as Phil … Continue reading →

Posted in Cordish Co., Harrah's, Horseracing, Kansas, MGM Mirage, Taxes, Tropicana Entertainment | Comments Off on Case Bets: Kansas update, Cordish's push, Penn's prudence, taxing sex

Leper Colony

Posted on April 3, 2009 by David McKee

Or, in lieu of "Atlantic City Death Watch VII," maybe "Colony Death Watch." Scarcely had S&G dubbed Colony Capital's East Coast casino portfolio "Colony Crapital" than came affirmation in the form of the latest set of numbers from the Boardwalk. … Continue reading →

Posted in Atlantic City, Boyd Gaming, Colony Capital, Donald Trump, Economy, Harrah's, James Packer, MGM Mirage, Steve Wynn | Comments Off on Leper Colony

Case Bets: Station Casinos, CityCenter, Pittsburgh, James Packer

Posted on April 3, 2009 by David McKee

Credit-default swaps, some of those financial instruments that have played hob with the U.S. economy, are making a cameo appearance in the tortured saga of Station Casinos. If you insured Station's debt, that insurance is worth more than the paper … Continue reading →

Posted in Colony Capital, Don Barden, James Packer, Lawrence Ho, Macau, Melco Crown Entertainment, MGM Mirage, Neil Bluhm, Pennsylvania, Station Casinos, Wall Street | Comments Off on Case Bets: Station Casinos, CityCenter, Pittsburgh, James Packer

Case Bets: Station Casinos, CityCenter, Pittsburgh, James Packer

Posted on April 3, 2009 by David McKee

Credit-default swaps, some of those financial instruments that have played hob with the U.S. economy, are making a cameo appearance in the tortured saga of Station Casinos. If you insured Station’s debt, that insurance is worth more than the paper … Continue reading →

Posted in Colony Capital, Don Barden, James Packer, Lawrence Ho, Macau, Melco Crown Entertainment, MGM Mirage, Neil Bluhm, Pennsylvania, Station Casinos, Wall Street | Comments Off on Case Bets: Station Casinos, CityCenter, Pittsburgh, James Packer

The end of Viva

Posted on April 2, 2009 by David McKee

That’s one of the implications of Colony Capital‘s potential cash infusion into CityCenter. Since Colony owns 3/4 of Station Casinos and might find itself with a big piece of CityCenter, it’s an utter certainty that it wouldn’t go along with … Continue reading →

Posted in Atlantic City, Colony Capital, Goldman Sachs, International, MGM Mirage, Sports, The Strip | Comments Off on The end of Viva

Un-Believe-able discounts

Posted on March 30, 2009 by David McKee

Seen yesterday at the Luxor ticket booth: A video message promising 35% off Believe tickets if you stay at the King Tut place between Tuesday and Thursday (inclusive). Heck, just last week Luxor trotted out one of the most “george” … Continue reading →

Posted in Cirque du Soleil, Dining, Economy, Entertainment, MGM Mirage, The Strip | Comments Off on Un-Believe-able discounts

CityCenter contest!

Posted on March 25, 2009 by David McKee

While building the Stratosphere, maverick casino owner Bob Stupak ran out of money, leaving the tower only partially erect. Wags were quick to dub the stymied Stratosphere “Stupak's Stump.” Stupak, of course, eventually finished the tower — although it proved … Continue reading →

Posted in Architecture, MGM Mirage, The Strip | Comments Off on CityCenter contest!

Casino apocalypse

Posted on March 19, 2009 by David McKee

I'm deeply imbedded in other projects today. In the meantime, by way of In Business Las Vegas and GamingFloor.com (source of yesterday's Harrah's Entertainment time warp, too) here's the answer to the question, "How many casino failures can you pack … Continue reading →

Posted in Boyd Gaming, Cannery Casino Resorts, Colony Capital, Cosmopolitan, Current, Economy, Harrah's, Herbst Gaming, James Packer, MGM Mirage, Sheldon Adelson, Station Casinos, Steve Wynn, The Strip, Wall Street | Comments Off on Casino apocalypse

Death, taxes and Station Casinos

Posted on March 18, 2009 by David McKee

It’s all but certain that the unenviable steeplechase to be the first major gaming company to declare bankruptcy in 2009 will be won by … Station Casinos!* (On Tax Day, no less.) None of the company’s three rescue scenarios does … Continue reading →

Posted in Boyd Gaming, Donald Trump, Economy, MGM Mirage, Sheldon Adelson, Station Casinos, Steve Wynn, Taxes, Wall Street | Comments Off on Death, taxes and Station Casinos

Case Bets: MGM Mirage, Harrah's, Wynn, Shuffle Master, Taxes

Posted on March 17, 2009 by David McKee

As we wait for the MGM Mirage earnings report, signs of desperation mount. If the company is willing to cast away a pearl like new, costly and high-yielding MGM Grand Detroit, what isn’t sacred? Not even the corporate jet, provided … Continue reading →

Posted in Columbia Sussex, Current, Detroit, Economy, Goldman Sachs, Harrah's, Labor, Lake Tahoe, Louisiana, MGM Mirage, Mississippi, Pinnacle Entertainment, Shuffle Master, Steve Wynn, Taxes, Technology, Wall Street | Comments Off on Case Bets: MGM Mirage, Harrah's, Wynn, Shuffle Master, Taxes

A twist of Fator

Posted on March 17, 2009 by David McKee

We took in Saturday night’s opening of Terry Fator and his Cast of Thousands, as did quite a few C- and D-list celebrities, plus several MGM Mirage executives — no doubt enjoying 90 minutes’ respite from worrying about their company’s … Continue reading →

Posted in Cirque du Soleil, Current, Entertainment, Harrah's, MGM Mirage, The Strip, TV | Comments Off on A twist of Fator

Nationalize the casinos?

Posted on March 12, 2009 by David McKee

Some news stories are too far-out crazy to ignore. This week, it’s XinhauNet‘s prognostication that Uncle Sam will go into the casino business any day now. Or, as the over-imaginative reporter puts it, “some people are talking about the possibility … Continue reading →

Posted in Architecture, Economy, MGM Mirage, Sheldon Adelson, The Strip | Comments Off on Nationalize the casinos?

Scant love for Boyd, big love for M

Posted on March 5, 2009 by David McKee

I guess Fitch Ratings doesn’t have the stomach for Boyd Gaming‘s attempt to take over Station Casinos either. It’s downgraded Boyd, whose bonds sank “further into junk status.” Locals love M Resort, it would appear. The Anthony Marnell III property … Continue reading →

Posted in Boyd Gaming, M Resort, MGM Mirage, Station Casinos | Comments Off on Scant love for Boyd, big love for M

This is your industry on crack

Posted on March 3, 2009 by David McKee

Finally, someone (in this case, Liz Benston) has written the definitive user-friendly analysis of how the casino industry crashed and burned. To try and quote the salient points would require little short of reprinting the entire article (to say nothing … Continue reading →

Posted in Boyd Gaming, Colony Capital, Downtown, Economy, Harrah's, Herbst Gaming, Isle of Capri, Louisiana, MGM Mirage, Missouri, Station Casinos, The Strip, Wall Street | Comments Off on This is your industry on crack

Harrah's enjoys bailout

Posted on March 3, 2009 by David McKee

“Critics argue that the tax-law change rewards companies that took on too much leverage during the credit bubble, such as those that were bought by private-equity firms.” Sound like anybody we know? How about Harrah’s Entertainment, which played Russian roulette … Continue reading →

Posted in Colony Capital, Economy, Harrah's, James Packer, Macau, Melco Crown Entertainment, MGM Mirage, Politics, Sheldon Adelson, Station Casinos, Taxes, Wall Street | Comments Off on Harrah's enjoys bailout

MGM Mirage: Uh-oh; "Off the box"

Posted on February 27, 2009 by David McKee

Following in the footsteps of Station Casinos and Harrah's Entertainment, now MGM Mirage is drawing its revolver, so to speak, to fund operating expenses. This is never a good sign. Earlier this week we learnt that all of Kirk Kerkorian's … Continue reading →

Posted in Cirque du Soleil, Donald Trump, Economy, Fontainebleau, Harrah's, MGM Mirage, Station Casinos, Wall Street | Comments Off on MGM Mirage: Uh-oh; "Off the box"

Case Bets: Penn in Vegas, Fontainebleau, Fine Cotton R.I.P.

Posted on February 21, 2009 by David McKee

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 (see bottom of story). The Strip … Continue reading →

Posted in Australia, Boyd Gaming, Fontainebleau, Harrah's, Horseracing, MGM Mirage, Penn National, The Strip, Tribal | Comments Off on Case Bets: Penn in Vegas, Fontainebleau, Fine Cotton R.I.P.