Vegas' hardest-luck casino changed hands … again. Short of another irrational spike in off-Strip land valuations, Canpartners Realty Holding Co. IV LLC is never going to see its $67 million again. The Greek Isles is in a dead zone, a block too far north (being a block away from Encore doesn't do you any good if you're on the wrong side of the block) and two blocks too far east.
Ah well, kinda serves Canpartners right for lending $56 million against a property that was never worth but a fraction of that amount. And until Canpartners gets a gaming license and captures the casino revenue, instead of leasing out the space as a big-ass slot route, it might as well buy a Motel 6 instead.
Had enough? You'd think that after spending six of the last eight years being used as a doormat by the opposition, congressional Democrats would be saying, "It's payback time." Not yet. If anything finally gets their back up, it may (ironically) be a President whose desire for comity too often translates into giving the store away.
There are still a few crumbs left upon the table for those of us who are uninsured, afflicted with pre-existing conditions or laboring under onerous co-pays. But that'll probably be bartered away, too, and we'll be left at the mercy of people like this s,o.b. M.D. who says it's a "privilege" to be healthy. So I'm guessing he's not down with that Hippocratic Oath stuff, either, huh?
Hard Rock overextended. Having doubled down on its costly purchase of the Hard Rock Hotel & Casino, manager/minority owner Morgans Hotel Group finds itself playing for time with its lenders. Reinventing The Joint proves to have been a good idea; ditto the new convention space — both are helping to stave off catastrophe.
But it was sheer pigheadedness of Morgans to push ahead with not one but two new hotel towers amid declining ADRs and slippage in occupancy. When Boyd Gaming called a timeout on Echelon (partly due to partner Morgans' fecklessness), it should been a cue to "wrap" the megaresort-sized expansion of the Hard Rock, at least for the time being.
