Resorts World postponed (again); Drugs-for-points scandal settled

Guess what? Tortoise-powered Resorts World Las Vegas has been hit with another construction delay. (Shocking. Absolutely shocking.) It’s getting pushed back all the way into summer of 2021, a half-year delay. Sometimes one thinks it will be a miracle if this place ever opens. The delay is intended to help accommodate “a 5,000-seat state-of-the-art theater; a 75,000-square-foot nightlight and daylife concept; a 50-foot diameter video globe; and additional luxury suites, villas and penthouses with individual lobbies, open balconies and a sky casino.” That’s in addition to a long list of amenities that includes a sevenfold pool area. Olde Cathay design elements of Paul Steelman‘s original concept have long since been banished but now the planned Asian theme has been downsized to “Asian touches” throughout the resort. Maybe someone was pondering Lucky Dragon‘s sad fate. The latest additions and revisions to the project have pushed the budget to $4.3 billion, the most ever spent on a Las Vegas Strip megaresort, eking past The Cosmopolitan of Las Vegas‘ $4.2 billion. Given the trouble the Cosmo had generating decent ROI, I sure hope Scott Sibella knows what he’s doing.

* 160 days in jail might not seem like a slap on the wrist … unless you’re looking at 20 years in the slammer. The five-month sentence is what Candace Crow Ghost drew for her role in a bizarre scheme to trade players’ club points for illicit hyrodocodone or oxycodone. Crow Ghost’s light sentence (which includes repaying some of the $5,301 she swindled) takes into account time already spent in the pokey and rehabilitation. She’ll be on probation for two years. “She paid $25 for each 10 mg pill of Oxycodone, $15 for each 10 mg pill of Hydrocodone, and $10 for each 5 mg pill of Hydrocodone,” according to Casino.org. In return, her pushers got 426,000 points (100 points to the dollar) and over $1K in comped meals. Ten suppliers got 86’d from Grand River Casino for their part in the scheme. They’ll be helping Crow Ghost repay what she embezzled.

* Las Vegas Sands is selling bonds at just over investment grade, a low rate motivated by worries over concession renewal in Macao. The proceeds will go primarily toward stock buybacks. Fitch Ratings stated it “believes that the risk of the concession not being extended is very remote. A more plausible risk is LVS being subject to onerous extension terms, such as a higher tax, a concession payment, or a call by the government for significant lower ROI investments.” As for potential development in Japan, costly as it might be, Fitch says Sands “can absorb” the cost without greatly affecting its leverage. The ratings house doesn’t expect construction in Nippon to begin until “2022 at the earliest,” by which time the Macanese concession issue will probably have been settled.

* Don’t like what’s on the menu? At some select Las Vegas Strip restaurants you just have to utter a few magic words to get some top-secret items. My fantasy favorite is the “ultimate surf and turf” at Bellagio‘s Le Cirque. And you literally never know what’s on tap at Beerhaus. The selection changes daily. If you want to know what the cut of the week is at Charlie Palmer Steak you’ll have to do some advance research. They won’t tell you about it.

Jottings: Is this laid-an-egg video posted by the Palms a metaphor for the money-losing casino’s financial performance? … Pansy Ho has reduced her stake in MGM Resorts International, making a cool $140 million in the process. She now owns roughly 2.25% of the gaming behemoth. The news didn’t hurt MGM’s share price, which leapt 13.5% that day … Lake Las Vegas is where casinos go to die but The Speakeasy is going to try and beat the odds with 15 slot machines. One caveat: Eateries in this space tend to have a high mortality rate.