{"id":10556,"date":"2013-03-07T12:25:42","date_gmt":"2013-03-07T20:25:42","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=10556"},"modified":"2013-03-07T12:25:42","modified_gmt":"2013-03-07T20:25:42","slug":"no-surprise-mgm-abandons-ho-tram-strip","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/no-surprise-mgm-abandons-ho-tram-strip\/","title":{"rendered":"No surprise: MGM abandons Ho Tram Strip"},"content":{"rendered":"

\"\"As of June 3, MGM Resorts International<\/strong>‘s involvement in Vietnam<\/strong>‘s long-troubled Ho Tram Strip<\/strong> will be a closed chapter in the company’s history. This morning, Pinnacle Entertainment<\/strong> announced yet another delay — shocking! — in MGM Grand Ho Tram Beach<\/strong>, which Jim Murren<\/strong>‘s subsidiary, MGM Hospitality<\/strong>, was to manage. MGM, sensibly, never put real money into this Vietnamese chimera. Pinnacle, however, did and nearly $25 million of its $116 million investment is gone with the wind, undoubtedly to be followed by additional writedowns. Pinnacle hitched its wagon to the star of Canadian firm Asian Coast Development Ltd<\/strong>. and, since ACDL controls 76% of the project, Pinnacle is stuck in the passenger seat as aforesaid wagon sinks into a Vietnamese quagmire. As Deutsche Bank<\/strong>‘s Carlo Santarelli<\/strong> wrote, “We view the decision by MGM Hospitality to step away from the project as a clear sign that the probability of near term solutions … is remote<\/em>.” He added, dryly, “we do not believe the delay post<\/em> [sic] the 1Q13 for the opening will come as a surprise to many<\/em>.”<\/p>\n

As the kids say, “LOL!” Surprised? Not hardly! MGM was circumspect with regard to Ho Tram and Pinnacle was rash. Score another victory for the tortoise over the hare.<\/p>\n","protected":false},"excerpt":{"rendered":"

As of June 3, MGM Resorts International‘s involvement in Vietnam‘s long-troubled Ho Tram Strip will be a closed chapter in the company’s history. This morning, Pinnacle Entertainment announced yet another delay — shocking! — in MGM Grand Ho Tram Beach, … 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":[28,22,11,30,38],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/10556"}],"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=10556"}],"version-history":[{"count":1,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/10556\/revisions"}],"predecessor-version":[{"id":10557,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/10556\/revisions\/10557"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=10556"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=10556"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=10556"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}