{"id":146,"date":"2009-08-18T22:23:00","date_gmt":"2009-08-19T02:23:00","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/blogs\/dmckee\/index.cfm\/2009\/8\/18\/Greek-Isles-sold-few-care"},"modified":"2009-08-18T22:23:00","modified_gmt":"2009-08-19T02:23:00","slug":"greek-isles-sold-few-care","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/greek-isles-sold-few-care\/","title":{"rendered":"Greek Isles sold, few care"},"content":{"rendered":"

\"\" Vegas' hardest-luck casino changed hands … again<\/a>. Short of another irrational spike in off-Strip land valuations, Canpartners Realty Holding Co. IV LLC<\/strong> is never going to see its $67 million again. The Greek Isles<\/strong> is in a dead zone, a block too far north (being a block away from Encore<\/strong> doesn't do you any good if you're on the wrong side of the block) and two blocks too far east.<\/p>\n

Ah well, kinda serves Canpartners right for lending $56 million against a property that was never worth but a fraction of that amount. And until Canpartners gets a gaming license and captures the casino revenue, instead of leasing out the space as a big-ass slot route, it might as well buy a Motel 6<\/strong> instead.<\/p>\n

Had enough?<\/strong> You'd think that after spending six of the last eight years being used as a doormat by the opposition, congressional Democrats would be saying, "It's payback time." Not yet<\/a>. If anything finally gets their back up, it may (ironically) be a President whose desire for comity too often translates into giving the store away.<\/p>\n

There are still a few crumbs left upon the table for those of us who are uninsured, afflicted with pre-existing conditions or laboring under onerous co-pays. But that'll probably be bartered away, too, and we'll be left at the mercy of people like this s,o.b. M.D.<\/a> who says it's a "privilege" to be healthy. So I'm guessing he's not down with that Hippocratic Oath stuff, either, huh?<\/p>\n

\"\"<\/p>\n

Hard Rock overextended<\/strong>. Having doubled down on its costly purchase of the Hard Rock Hotel & Casino<\/strong>, manager\/minority owner Morgans Hotel Group<\/strong> finds itself playing for time<\/a> with its lenders. Reinventing The Joint<\/strong> proves to have been a good idea; ditto the new convention space — both are helping to stave off catastrophe.<\/p>\n

But it was sheer pigheadedness of Morgans to push ahead with not one but two<\/em> new hotel towers amid declining ADRs and slippage in occupancy. When Boyd Gaming<\/strong> called a timeout on Echelon<\/strong> (partly due to partner Morgans' fecklessness), it should been a cue to "wrap" the megaresort-sized expansion of the Hard Rock, at least for the time being.<\/p>\n","protected":false},"excerpt":{"rendered":"

Vegas' hardest-luck casino changed hands … again. Short of another irrational spike in off-Strip land valuations, Canpartners Realty Holding Co. IV LLC is never going to see its $67 million again. The Greek Isles is in a dead zone, a … 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":[60,14,105,4,102,33],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/146"}],"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=146"}],"version-history":[{"count":0,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/146\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=146"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=146"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=146"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}