M-G-M vs. $MGM

There’s been much confusion involving the (actual) insolvency of Metro-Goldwyn-Mayer vs. the (urban legend) bankruptcy of MGM Grand Mirage Resorts International, so The Onion gets in on the act. Let’s not forget all the overseas players the Green Monster scared away with its original entryway, one of the several miscalculations that got the Strip leviathan off to a wobbly start. As for M-G-M’s financial troubles, they’ve paralyzed Continue reading

Posted in Architecture, International, MGM Mirage, Movies, The Strip | 1 Comment

Quote of the Day

“Anyone who attempts to shoot video on the show floor and is not accompanied by a G2E Press Representative will be escorted off the premises.”the American Gaming Association, just rrrrrrrrrrrolling out that welcome mat for media covering Global Gaming Expo next week. And don’t even think about bringing a tape recorder, buster, to catch any of the pearls of wisdom that will drop from Gary Loveman‘s lips about how the biggest problem afflicting the casino industry is media misconceptions. (Such as, “There’s an air of paranoia surrounding this year’s G2E”?). Happy Armistice Day!

Posted in Current, G2E, Harrah's | 3 Comments

Quote of the Day

Garth Brooks may be a very talented performer but he’s not worth $253. Hell, I wouldn’t even pay $253 to see Elvis if you could resurrect him.” — Las Vegas Sun reader Phillip McWatt, balking at a $100 price increase for Brooks’ Wynncore show. Brooks is in the second year of an exclusive five-year arrangement with Wynn Resorts.

Posted in Current, Economy, Entertainment, Steve Wynn, The Strip, Tourism | 6 Comments

Tropicana memory lane

Heartfelt thanks to S&G reader Pete F. for sharing his video of the Tropicana Las VegasTokyo Suite, circa 2005. That’d be in the waning days of the Aztar Corp. era, while the footage above was taken during the short-lived Columbia Sussex ownership and features a high-angle view of the Trop’s unofficial signature amenity during that period. Going back to late-period Aztar, we have the following walking tour. Take a good look at those slot machines and stools. You’re never going to see them on-property again. (Ditto the gauntlet of vendor carts en route to the Island Tower.) The Trop was the last major Strip property, incidentally, to install ticket-in/ticket-out slots, a symptom of Aztar’s benign neglect.

Which brings us to …

… the new-look Trop, courtesy of Onex Corp. This looks like the same suite I was shown during my property tour last June, although I thought it kind of stuffy (the air circulation, not the decor) and found some of the lower, single-story suites much more to my liking. But, periodic fuzziness aside, this filmlet gives you a good, unfiltered gander at the emerging “South Beach” aesthetic. Crockett and Tubbs would fit right in. For a before-and-after comparison, try this:

Man, some of the old rooms look so ghastly you’d think you were staying a half-block down, at Hooters Casino Hotel, where knotty pine is king.

Back to serious work. My “Question of the Day” duties require me to compile a list of the 10 largest tribal casinos in the U.S. Excepting Foxwoods Resort Casino and Mohegan Sun, does anybody care to guess who the other eight will turn out to be? If I get enough conjectures we can have a prize drawing.

Posted in Alex Yemenidjian, Architecture, Current, Entertainment, history, Technology, The Strip, Tourism, Tribal, Tropicana Entertainment | 12 Comments

Gaming’s big election night; Coming attractions

This just in: Fuming over a 5,000-vote-plus margin of defeat, opponents of a casino in western Maine are demanding a recount. Casino developer Black Bear Entertainment calls this “a needlessly divisive exercise.” Do I sense the subtle touch of Penn National Gaming at work here?

Gaming-law expert I. Nelson Rose has been thoroughly policing up the aftermath of the 2010 election for the casino industry. For instance, in Iowa, all 17 counties with existing casinos reafffirmed the status quo, although Wapello County voters opted to prohibit casino expansion into their corner of the Hawkeye State. A PAC called Racino Now is taking credit for the election of a slate of pro-racino candidates in Minnesota.

And, in a very tight Midwest gubernatorial contest, GOP candidate Bill Brady (left) may well have sunk his chances with the last-minute broadside, “Video poker is the scourge of Illinois.” Way to snatch defeat from the jaws of victory, dude. State legislators are itching to expand legalized gambling yet again — economically futile as that may seem (the Land of Lincoln’s casino revenues are still declining). Even a Gov. Pat Quinn victory hasn’t prevented them from going into hurry-up mode.

I’d like to know more vis-a-vis Rose’s assertion that “tea-party wacko Sharron Angle was backed by anti-gambling activists.” If Continue reading

Posted in Alex Yemenidjian, Downtown, Economy, Election, Environment, history, Illinois, Iowa, Minnesota, Penn National, Racinos, Sahara | 3 Comments

Steve Wynn & the Half-Blood Princes; Harrah’s thinks ahead; rough road for Revel

Count Wynn Las Vegas President Andrew Pascal among the casualties of Steve Wynn‘s divorce from ex-wife Elaine Wynn. As of Monday, former nephew-in-law Pascal joined the ranks of Nevada‘s unemployed, ceding authority to Marilyn Winn. Pun opportunities aside, Winn’s sudden departure from Harrah’s Entertainment leaves Planet Hollywood, The Rio and Paris-Las Vegas president-less. That may not be as big a problem as it sounds. Winn’s tenure at The Rio and Paris coincided with what might be termed an “accelerated depreciation” of both properties, with the physical appearance of each being permitted to go to seed in the wake of Harrah’s onerous buyout.

With Pascal out of the line of succession, eyes now turn upon Wynn Macau COO Linda Chen, whose name has been bruited about in connection with the void that will be left by the (hopefully distant) retirement of Wynn himself. New recruit Winn is a good corporate soldier but if Wynn Resorts were looking for a more dynamic property-level executive, it would surely have cast its eyes elsewhere. Marilyn Winn isn’t who you bring aboard to shake things up; she’s somebody you hire when your priority is to stretch every dollar until it screams — or so her track record would indicate. But does the acquisition of a Harrah’s executive portend a downmarket shift at Wynncore? Clearly not, seeing how Garth Brooks tickets just got jacked up $100 and Wynncore is maintaining higher ADRs than the competition.

Whether or not Winn figures into Wynn’s succession plans, we’re at least on far more reassuring ground than last May. At that time, Continue reading

Posted in Atlantic City, California, Current, Economy, Entertainment, Environment, George Maloof, Harrah's, Indiana, Macau, Missouri, Movies, Regulation, Station Casinos, Steve Wynn, The Strip, Tribal, Wall Street | 4 Comments

What if they held an implosion and nobody came?

Tropicana Las Vegas CEO Alex Yemenidjian has played the publicity game very astutely of late. So it’s hard to imagine what he was thinking when he decided to implode a wing of low-rise hotel rooms in the dead of night and without any advance fanfare. The demolished wing will give way to a Tropicana Avenue porte-cochere. Still, here was a chance to draw attention to another dramatic change at the Trop and Yemenidjian, so to speak, blew it. Incidentally, “South Beach” is the Trop’s preferred code phrase for repositioning the venerable resort toward the growing Latino market, though you have to wonder why management feels such euphemistic dissembling is necessary.

Be patient, Ohio. We are informed that Dan Gilbert and Harrah’s Entertainment have agreed “in principal [sic]” on Harrah’s Continue reading

Posted in Alex Yemenidjian, Architecture, Current, Economy, Harrah's, Marketing, MGM Mirage, Ohio, The Strip | 4 Comments

Sheldon Adelson, beard

Last week, S&G unearthed a contribution from self-professed “too liberal” Sheldon Adelson to flaming homophobe Rep. Michele Bachmann (R-MN). Turns out, she’s not the only apostle of intolerance with whom Adelson has crept under the covers. Last Sunday, the Las Vegas Review-Journal‘s Howard Stutz exposed that Adelson had funneled money to Sharron Angle (a veritable buffet of bigotry) through the National Republican Senatorial Campaign Committee and a Newt Gingrich-run PAC, American Solutions for Winning the Future. Protestations of “undue pressure” to the contrary, Angle turns out to have been willing to take that icky-poo gambling money if a PAC was used as a sort of fiduciary condom. Besides, her infamous refusal to accept donations from casinos had been (unsuccessfully) scrubbed from her Web site the moment she found out she’d need some extra dough to make it through to November.

In the past, Adelson has wept crocodile tears over the persecution of homosexuals in Iran. But when it comes to infringements upon human rights (like that quaint Yankee notion called “free speech”) in Red China, Adelson is wont to tell us to Continue reading

Posted in Election, Harrah's, International, Macau, MGM Mirage, Midnight Jim Gibbons, Politics, Sheldon Adelson, Steve Wynn | 8 Comments

Quote of the Day

“When inequality rises, the richest rake in their winnings and buy even bigger mansions and fancier cars. Those a notch below then try to catch up, and end up depleting their savings or taking on more debt, making a financial crisis more likely.” — Nicholas Kristof explaining (indirectly) how giving Steve Wynn the economic policy he demands will all but guarantee a rerun of 2004-09 bubble-and-burst cycle.

Posted in Current, Economy, Steve Wynn, Taxes | 1 Comment

Juice job of 2011

Harrah’s Entertainment and the AFL-CIO have collected the requisite 20,000 signatures to place its request for a publicly funded stadium out back of Imperial Palace (currently a vast, dark wasteland) before Nevada solons. CEO Gary Loveman would throw in some acreage and taxpayers — tourists and conventioneers, mainly — would unknowingly foot the bill through yet another increase in sales taxes on the Strip, raising them to some of the highest in the country.

The proposal is crafted in such a way that only the Harrah’s site would qualify, leaving other aspirants (such as Paul & Sue Lowden) on the outside, looking in. The 2011 Legislature could simply rubber-stamp this juice job. Considering that you and I are expected to help pay for it, lawmakers should at least have the stones to put on the 2012 electoral ballot so voters can decide whether it’s a pig in a poke or a wise investment.

Posted in Archon Corp., Economy, Election, Harrah's, Politics, Sports, Taxes, The Strip, Tourism | 2 Comments

G2E bargain at Station; analysts split on Sands

If you’re looking for an affordable room in Las Vegas during Global Gaming Expo, try Expedia‘s German site (“.de”). A European-based S&G source reports finding rooms at Boulder Station going for €57 and Fiesta Rancho asking €59 — or $79 and $82, respectively. Rooms at that house of horrors, Circus Circus, are bringing owner MGM Resorts International €124 (or $172), thanks to the clown palace’s greater proximity to the Sands Expo Center Las Vegas Convention Center. It certainly behooves Station Casinos to cultivate a wallet-friendly reputation: Since Las Vegas is deemed the major U.S. city that will be last to exit the Great Recession, by definition Station would be the last casino company to recover.

Motley Fool columnists take dramatically different perspectives on the future of Las Vegas Sands, depending on what metrics they employ. Anand Chokkavelu rated Sands a “terrible” stock last July and is somewhat chastened by the share price’s 96% ramp up since then — superior to companies with stronger fundamentals. I say “somewhat” because he has “no confidence this casino will ever stop loading up on debt and growing for growth’s sake.” Hard to argue with that. CEO Sheldon Adelson doesn’t have a history of learning from his mistakes and some of this recent proposals to grow the company — five $2 billion casinos in Florida, a comparable expansion into Texas — look borderline loony. Had Pennsylvania not thrown Adelson a lifeline in the form of table games, he’d probably be shopping around Sands Bethlehem even as we speak.

Sands’ emphasis on quality hotel-room product is yielding results in Macao, though, where gains by rival Melco Crown Entertainment properties are being offset by increased hotel stays at Adelson’s properties, which are enjoying Continue reading

Posted in Current, Economy, Florida, G2E, James Packer, Lawrence Ho, Macau, Melco Crown Entertainment, MGM Mirage, Pennsylvania, Sheldon Adelson, Stanley Ho, Station Casinos, Steve Wynn, Texas, The Strip, Tourism, Wall Street | 3 Comments

Quote of the Day

“In the face of all those challenges, like our Gilded Age forebears, we have a political system that manages to be both volatile and gridlocked — indeed, it may be gridlocked not least because it is so volatile. And, like their 19th-century forebears, today’s politicians have great difficulty gaining traction on any of those challenges. Now as then, it’s hard to lead citizens who are so eager to ‘throw the bums out’ at every opportunity.” — historian David M. Kennedy on the parallels between the U.S. in 1870-1900 and now.

Posted in Economy, history | 4 Comments

Harrah’s Lousiana Purchase?

According to an S&G source, Harrah’s Entertainmentsoon to be Caesars Entertainment — is supposedly laying the groundwork for a purchase of L’Auberge du Lac from Pinnacle Entertainment. Harrah’s CEO Gary Loveman was supposedly on-property last month and L’Auberge’s latest general manager is Geno M. Iafrate, an old Harrah’s hand. While Pinnacle CEO Anthony Sanfilippo would have been familiar with Iafrate from his own tenure with Harrah’s, my source says Iafrate was chosen to help smooth the transition to a new corporate regime.

Harrah’s bailed out of Lake Charles four years ago, its operations shattered by Hurricane Rita. The grand strategy was to trade its assets there with Pinnacle’s ones in Biloxi, thereby facilitating the expansion of Grand Casino Biloxi into a Margaritaville-branded megaresort. Then Loveman went all LBO-crazy, poof went the Margaritaville budget and Harrah’s finds itself Continue reading

Posted in Atlantic City, Current, Harrah's, Louisiana, Mississippi, Pinnacle Entertainment, The Strip, Wall Street | 2 Comments

Quote of the Day

“These bastards are so cheap they make Harrah’s look generous by comparison.” — an East Coast player’s complaint about Penn National Gaming‘s casinos.

Posted in Harrah's, Penn National | Comments Off on Quote of the Day

Quote of the Day

“Suffice to say, it’s a very strange situation that someone who wants to be a representative of the state of Nevada never reached out to the No. 1 industry and even actively attacked Senator [Harry] Reid for helping it. I don’t get that.” — MGM Resorts International spokesman Alan Feldman on Sharron Angle‘s quixotic anti-CityCenter jihad.

Posted in CityCenter, Current, Economy, Election, Harry Reid, MGM Mirage, The Strip | 2 Comments

Icahn’s CEO jumps ship


In something of a shocker, Scott Butera, CEO of Tropicana Entertainment is leaving the firm to join a rival — but undisclosed — casino company. It’s an amicable parting, judging by the fact that Butera is staying to smooth over the transition. Maybe the realization that Carl Icahn wasn’t going to open Fontainebleau (now Uncle Carl’s Carpet Barn) anytime soon and possibly dimmed the job’s luster for Butera. More to the point, Butera’s not an operator (as he demonstrated at the Tropicana Las Vegas), he’s a reorganizer (as he proved at Trump Entertainment Resorts).

So let the guessing game begin. In order to fit Butera’s portfolio of expertise, it has to be a casino company that’s in serious financial straits. We can rule out Continue reading

Posted in Carl Icahn, CityCenter, Colony Capital, Columbia Sussex, Current, Detroit, Don Barden, Donald Trump, Economy, Fontainebleau, Herbst Gaming, Morgans Hotel Group, Shuffle Master, Tribal, Tropicana Entertainment, Wall Street | 4 Comments

Iowa is flat

Actually it’s not, if you’ve lived there (as I did for four wonderful years). However, Iowa‘s casino industry is, down one-tenth of a percent from October 2009. Actually, nine of the 17 non-tribal casinos recorded revenue increases, particularly the small riverboats, led by Isle of Capri CasinosMiss Marquette, up 11%. But a terrible month at Harrah’s Council Bluffs (left, -12%) and a bad one at a few other riverboats plus the Mystique racino flattened the landscape. Ameristar Casinos‘ Council Bluffs property led all riverboats by a whopping margin, recording $13.4 million in revenue — more than double the amount raked in at Harrah’s competing property. If Ameristar is indeed put up for sale, Continue reading

Posted in Ameristar, Colorado, Cordish Co., Current, Economy, Election, Harrah's, Horseracing, Illinois, Indiana, Iowa, Isle of Capri, Laughlin, Maryland, Missouri, Penn National, Pinnacle Entertainment, Racinos, Steve Wynn, The Strip, Wall Street | 1 Comment

A brief digression … and dark doings in Maine

For those of you who are fascinated by the inexact science known as polling, there’s plenty of interesting reading about What Went Wrong in Nevada (and elsewhere). Major news organizations blew off internal tracking polls, to their eventual mortification. They evidently couldn’t bring themselves to believe that, say, that the National Republican Senate Campaign Committee had it right and their preferred buy-a-poll outfits were errant by a country mile. The rinky-dink methods of Mason-Dixon, garbage-in/garbage-out pollster of choice in Southern Nevada are getting particularly unflattering examination. The erstwhile Jedi master of poll methodology, Nate Silver has an interesting mea culpa regarding the undersampling of the Hispanic vote (a hornet’s nest that Sharron Angle insanely swatted time after time after time, even though it represented a quarter of the Nevada population and 17% of the electorate, and broke 9-to-1 the other way), which led to several Tuesday-night surprises, like the considerable underestimation of GOP Sen.-elect Marco Rubio‘s victory margin in Florida.

As for the cell phone vs. land line issue and pollsters’ adherence to the latter, we have reached a nodal point in the history of opinion-sampling. In 1932, George Gallup made his name by polling the presidential race on a door-to-door basis. His rivals simply polled people who had telephones (during the Great Depression, mind you). Thus, Gallup was the only pollster to show Franklin Delano Roosevelt winning the presidency … and the rest is history. I know a number of people whose only phone is their cell and if polling methods don’t change to reflect this irrevocable technological shift, 2012 could be a lot like 1932 — hopefully in a non-economic sense.

Sore losers. Despite a 7,000-vote margin of victory for a casino in Oxford County, Maine, opponents are demanding a recount and muttering dark threats Continue reading

Posted in Economy, Election, Florida, Horseracing, Penn National, Racinos, Taxes, Technology | 2 Comments

Quote of the Day

“I’m not into psychoanalyzing people, I don’t have the background for that, but he just doesn’t seem particularly happy with everything and every success that he’s had.” — Rep. Shelley Berkley (D-NV) on former boss Sheldon Adelson. The latter’s 2010 electoral largesse included a donation to lightning-rod Rep. Michele Bachmann (R-MN), giving the lie to Adelson’s claim of being “socially very liberal.”

Posted in Election, Politics, Sheldon Adelson | 1 Comment

All systems go at Trop … but more trouble on Paradise

As new owner Onex Corp. continues with a full-court press of renovations, the Nevada Gaming Control Board has given the new ownership consortium its thumbs-up. The makeover has continued apace since my visit in June. An inside look at details of the makeover can be found in the Desert Companion omnibus feature “You Make Me Feel Brand New.” In addition to my coverage of the Trop and several other repurposed Las Vegas buildings, it contains a report by Eating Las Vegas co-author Al Mancini on the redemption of the Gold Spike, once Vegas’ skankiest casino, bar none.

Told ya so. When some $770 million was splurged to buy the Hard Rock Hotel & Casino, I figured it was the death knell of Echelon and might take down purchaser Morgans Hotel Group, too. Today comes news that the Hard Rock might be the next Vegas casino to go into foreclosure (a fate which even the Riviera managed to avoid via a prepackaged bankruptcy). “After completing a $750 million expansion of the property early this year that included 865 new rooms and suites, the property appears to be having trouble filling all the new rooms at profitable rates,” reports the Las Vegas Sun.

Update: The Sun has corrected its story, now stating that the HRH is not at risk of foreclosure but — should that happen — Morgans could get booted from its management contract.

No surprise there, I guess … unless you’re a Morgans executive. They seem to have boundless reserves of Continue reading

Posted in Alex Yemenidjian, CityCenter, Cosmopolitan, Detroit, Dining, Downtown, MGM Mirage, Mississippi, Morgans Hotel Group, Regulation, Riviera, The Strip, Tourism | 3 Comments