Not even the cachet of Carey Hart and occasional appearances by Pink were enough to keep Wasted Space going. The Hard Rock Hotel is calling it quits on the club, bumping it in favor of a race and sports book. Not coincidentally, the HRH had just inked a pact with Cantor Gaming to bring the latter’s mobile-gambling application to the Hard Rock for sports-wagering purposes. Even less coincidentally, CEO Joseph Magliarditi came to the Hard Rock from M Resort, which was Cantor’s second client in Las Vegas (the first being Las Vegas Sands). Incidentally, the Palms was tinkering with a rival application made by a small company but it never seems to have gotten off the ground.
Although handheld gambling has been a dud, when it comes to supplanting slot and table-game play, it’s been a home run with sports bettors. I’m sure Morgans Hotel Group and its co-owners will also be able to “own” more of the sports book revenue, even after Cantor takes it cut, than they were hosting Wasted Space. Combine this with a rumor that the Hard Rock’s poker room is downsizing and we could be looking at a fundamental restructuring of the Hard Rock’s business model. Given the property’s struggles in the post-Peter Morton era, it’s an idea that’s past due.
And I’m Santa Claus. What a bunch of cutups they are at Harrah’s Entertainment. We’re asked to believe that a $52 million writeoff of real estate underlying the abortive Foxwoods Philadelphia project is simply an “accounting determination” that reduces the value of the land to $15 million (a 77% depreciation). Since the sine qua non of any Harrah’s involvement with the revival of Foxwoods Philly was a land-for-equity swap and a “term sheet” for a new development deal is overdue, it’s difficult to believe Harrah’s protestations that nothing is in the works … unless CEO Gary Loveman thinks the whole Ed Snider-led deal is FUBAR, and is getting ready to try and unload the land at — pardon the pun — dirt-cheap prices.
Don’t tell Sharron Angle but not only has CityCenter failed to move the needle on Las Vegas visitation even remotely close to MGM Resorts International CEO Jim Murren‘s downsized prediction of 7%, Continue reading →