{"id":1020,"date":"2008-11-06T15:37:00","date_gmt":"2008-11-06T23:37:00","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/blogs\/dmckee\/index.cfm\/2008\/11\/6\/Five-years-ago-today-"},"modified":"2008-11-06T15:37:00","modified_gmt":"2008-11-06T23:37:00","slug":"five-years-ago-today","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/five-years-ago-today\/","title":{"rendered":"Five years ago today …"},"content":{"rendered":"

 … Columbia Sussex<\/strong> came to town<\/a>. Considering that CEO William J. Yung III<\/strong> purchased a dead, disreputable hotel-casino and put $90 million into reworking it into an attractive property (people whose judgment I trust swear by the comfiness of its beds), he got off on the right foot here. Later, he would venture out of his niche and try to be a Strip operator, and … let's just say it didn't go so well. Turn the page in your textbooks to Chapter 11.<\/p>\n

Speaking of ColSux<\/strong>, comes shocking news today that Las Vegas Sands<\/strong> is in danger of bankruptcy<\/a>. The company's debt-to-earnings ratios are out of kilter (or, in proper financial parlance, gone all skeewumpus). That's an event which, like ColSux's loss of the Atlantic City Tropicana<\/strong>, will set in event a cascade of other defaults, should it come to pass.<\/p>\n

In the short term, this means Sheldon Adelson<\/strong> needs to find some loose change in his sock drawer, pronto, and will have to apply the brakes to several developments. According to Liz Benston<\/strong>, both the Marina Bay<\/strong> megaresort in Singapore<\/strong> and what's left of Sands Bethlehem<\/strong> will be finished. Everything else … not so much.<\/p>\n

\"\"<\/p>\n

Adelson: Little about which to smile<\/em>.<\/p>\n

This is bad news for the Cotai Strip™<\/strong>, unless you're of the persuasion that Sands expanded in Macao far past what the market would bear. So a forced slowdown is a blessing in disguise. I should add that the Motley Fool<\/strong> warned of this very scenario<\/a> last June, when it pegged Sands as a "deathbed stock.<\/p>\n

Elsewhere in Adelsonia<\/strong>, the candidate for whom Freedom's Watch<\/strong> stumped the hardest, Sen. Gordon Smith<\/strong> (R-OR) waved the surrender flag<\/a>.<\/p>\n

All in all, this is one shitty day to Sheldon Adelson.<\/p>\n","protected":false},"excerpt":{"rendered":"

 … Columbia Sussex came to town. Considering that CEO William J. Yung III purchased a dead, disreputable hotel-casino and put $90 million into reworking it into an attractive property (people whose judgment I trust swear by the comfiness of its … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[15,14,26,62,33,12,108,9],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/1020"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/comments?post=1020"}],"version-history":[{"count":0,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/1020\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=1020"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=1020"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=1020"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}