If you’re having to go hat in hand to the bank to ask for a renegotiated home loan, take comfort in the thought that you’re hardly alone. Even plutocrats like Columbia Sussex CEO William J. Yung are having to plead for new loan terms, lest an asset like the Westin Casuarina fall into receivership (second item). Then again, if you’re in the market for a bargain, the WesCas’s 2009 cash flow of $7.9 million implies a resale value of anywhere from $55 to $79 million (or 7-10X EBITDA). The hotel-casino is encumbered to the tune of $150 million (19X EBITDA) and four months in arrears on its mortgage. Considering that Yung is offloading hotels at fire-sale prices, it wouldn’t hurt Harrah’s Entertainment, Boyd Gaming or perhaps even reconstituted Station Casinos to pitch him a lowball offer.
Strippers in your pocket. If you don’t feel like carrying a bulky text — or an e-book on your iPad — to a strip club, take heart. Arnold Snyder‘s Topless Vegas is now available in handy pocket-sized format. It’s definitely a more user-friendly version, as you navigate your way from one “gentlemens’ club” to the next. Even if shipping is included, you’re getting the skinny on eight nudie clubs and 20 topless bars at a price of $0.40 cents per titty bar. Besides, at this size, you only need one hand to read it.
Yeah, I agree. The Westin is actually a very nice asset. While the location is less than ideal, its real problem is that Columbia Sussex owns it! I like your idea. It could be a really nice addition to the locals market or another strategic pick-up for Harrah’s to round out that area.
No you didnt. yes you did say. “you only need one hand to read it”