{"id":12287,"date":"2013-12-17T14:00:44","date_gmt":"2013-12-17T22:00:44","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=12287"},"modified":"2013-12-18T09:35:22","modified_gmt":"2013-12-18T17:35:22","slug":"genting-steve-wynn-so-much-more","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/genting-steve-wynn-so-much-more\/","title":{"rendered":"Genting, Steve Wynn & so much more"},"content":{"rendered":"

\"Resorts<\/a>Genting Group<\/strong> has narrowed its price target<\/a> for finishing Resorts World Vegas<\/strong>. It will spend between $3 billion and $4 billion to complete the project (for which it has already paid $350 million for land). For a post-recession Vegas that’s a high price point. Look at the struggles endured by $4 billion Cosmopolitan<\/strong>. Ever discreet, MGM Resorts International<\/strong> keeps the returns on its $8.5 billion (at minimum) CityCenter<\/strong> very much on the QT. At one point, Genting was talking about a $7 billion Resorts World LV, which isn’t an investment — it’s suicide, especially on the North Strip.\u00a0The silence and gloom shrouding the Echelon<\/strong> site are not to be taking for a sign of Genting having second thoughts, though. “The Genting folks take a longer-term view of their investments. They are not in any rush,” Wells Fargo Securities<\/strong> analyst Dennis Farrell<\/strong> told Howard Stutz<\/strong>. Certainly, the metrics of Vegas’ gradual recovery<\/a> ought to be encouraging to Genting. A $2.65 billion grab bag of projects is rising to meet the incremental new demand.<\/p>\n

He bombed<\/strong> on the Las Vegas Strip<\/strong> with Fontaineblea<\/strong>u but Jeffrey Soffer<\/strong> is going to try again in Miami Beach<\/strong>. There’s an interesting clause in his new deal with\u00a0Istithmar Hotels<\/strong>, explained thusly<\/a>: “Given that the term ‘earnout’ refers to compensation on the back end of an acquisition, it appears that Soffer\u2019s group bought out Dubai World<\/strong>\u2019s 50 percent stake in the hotel and promised to given them residual payments should Florida<\/strong> legalize gambling<\/em>.”<\/p>\n

We know that the pressure to expand casino gambling is escalating in Tallahassee<\/strong> again and that Miami Beach<\/strong> is the most obvious location for more casinos. This might be the time for Genting to dust off its shelved Resorts World Miami<\/strong>, lest Soffer steal a march on any expansion.<\/p>\n

\"Walsh\"<\/a>Boston<\/strong> Mayor-elect Martin Walsh<\/strong> is hinting that he’ll bigfoot any casino deal<\/a> set for Everett<\/strong> or Revere<\/strong>. “Both casinos are going to be within a couple of feet or maybe a yard of Boston, and I would argue that even though it might not be physically located inside of Boston, it\u2019s three feet away, and we should be regarded as a host community<\/em>,” he ranted. He probably can’t stop either project at this point, so this has to be looked upon as a money grab. But he still may try commit economic seppoku<\/em> and kill Wynn Everett<\/strong> and Suffolk Downs<\/strong> alike. Boston appears to have elected a lunatic.<\/p>\n

Add Colorado<\/strong> to the roster of states that are considering legalized i-poker. A new legislative push is expected<\/a> in the new year and Pinnacle Entertainment<\/strong> is watching events with interest, as is MGM Resorts International<\/strong>, racking \u00a0up big numbers with myVegas, one of the hottest-selling applications on the market. Indifferent response in Nevada to i-poker may cool Colorado solons’ ardor, though.<\/p>\n

Congratulations<\/strong> to Foxwoods Resort Casino<\/strong>, which broke a 22-month drought<\/a> in slot revenues, despite dramatically lower coin-in. Mohegan Sun<\/strong> was not so lucky, dropping 1% for the month.<\/p>\n

Stat of the Day<\/strong>: “Saratoga\u2019s harness track casino was the first one to open in New York<\/strong>, in January 2004. Before then the raceway had 125 jobs and raced 129 days with $2.9 million in purses. It now employs 630 people<\/a> not counting 300 horse-related jobs, and races 170 days with $15 million in purses<\/em>.”<\/p>\n

Now for a word from our sponsor<\/strong> … ‘Twas the week before Christmas<\/strong> and you didn’t have anything to stuff the stocking of that special someone. Which was when Huntington Press<\/strong> came to your rescue with everything<\/a> from the latest edition of Eating Las Vegas<\/em> to handheld casino games and strategy cards. And they’re all in stocking-friendly sizes. What could be better?<\/p>\n","protected":false},"excerpt":{"rendered":"

Genting Group has narrowed its price target for finishing Resorts World Vegas. It will spend between $3 billion and $4 billion to complete the project (for which it has already paid $350 million for land). For a post-recession Vegas that’s … 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":[56,27,28,134,14,36,59,166,120,37,112,11,167,101,30,33,111,32,9],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/12287"}],"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=12287"}],"version-history":[{"count":2,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/12287\/revisions"}],"predecessor-version":[{"id":12291,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/12287\/revisions\/12291"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=12287"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=12287"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=12287"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}