Galaxy Cotai postponed; MGM stages a comeback

It’s not official but, seeing as two top executives at the Macao megaresort (including its COO) just got the chop, it appears pretty likely. A project that was expected to open in late March of next year now looks as though it will debut in May or June instead. Any delay at Galaxy Cotai redounds to the disadvantage of Venetian Oriental, which was expected to absorb much of the construction labor freed up by Galaxy’s completion. Incidentally, the recent departure of Harrah’s Entertainment‘s Pacific Rim viceroy, Michael Chan — whose portfolio consisted of a Macao golf course — inspired the brilliant headline,  “World’s Most Important Caddie Takes a Mulligan.”

While we’re in Macao …

… doesn’t Franco Dragone‘s new House of Dancing Water extravaganza at City of Dreams look an awful lot like Le Reve with bits of “Sirens of TI” intermingled? Dragone claims the show is targeted specifically for the Asian spectator but, aside from some bits of stereotypical chinoiserie around the edges (Ye Olde Pagoda here, an ornate bridge there), I’ve not seen evidence of this.

Casino revenues in Macao are on pace for a $2.3 billion October, according to Wells Fargo Securities. In terms of market share, Galaxy Entertainment has fallen into last place, as MGM Grand Paradise — now pursuing VIP play more aggressively — creeps up on Wynncore Macau. An influx of new, high-budget product has failed to dent Stanley Ho‘s market dominance. The ancient oligarch still controls fully one-third of the market, with Sheldon Adelson a distant second at 20%.

Having turfed out unauthorized Beatles tribute show, Penny Lane, Tropicana Las Vegas CEO Alex Yemenidjian has lined up a replacement, entitled The British Are Coming! The show, which has enjoyed a long run at the Tropicana Atlantic City, debuts locally on election night, which ought to guarantee an empty house. At least it will hold down the Tiffany Theatre which Yemendjian has been hard-put to fill. Previous CEO Scott Butera‘s thrift-based decision to shut down Folies Bergere has to rank as one of the biggest gaffes in the last dozen years at the Trop … which is really going some.

(Update: An official Trop press release restates the show’s title as Yesterday: A Tribute to the Beatles. It also announces that the Tiffany Theatre has been four-walled on an ongoing basis by Reno-based Eagle Group Holdings, owner of the Las Vegas Mob Experience, also slated for the Trop.)

Even Saturday Night Live can’t make Sen. Harry Reid (D-NV) funny, as this dud of a sketch demonstrates. Its only humor is unintentional, as when faux-Reid mispronounces “Nevada” and faux–President Obama says the local economy will get “a whole lot worse” if control reverts to “the same people who created the mess in the first place.” Trouble is, the culprits behind the real estate/construction/gaming meltdown never left and can’t be voted out of office. Las Vegas is definitely the victim of “borrow-and-spend” policies predicated upon the blue-sky forecasts, but the finger of blame must needs point to the private sector and the “growth pays for itself” crowd. How’s that working out for ya? Not so good for me, either.