{"id":17231,"date":"2015-11-17T12:15:24","date_gmt":"2015-11-17T20:15:24","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=17231"},"modified":"2015-11-17T12:15:24","modified_gmt":"2015-11-17T20:15:24","slug":"up-and-down-the-strip","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/up-and-down-the-strip\/","title":{"rendered":"Up and down the Strip"},"content":{"rendered":"

SLS Las Vegas<\/strong> is finally doing better, if by “doing better” you mean losing only $39 million in a full 3Q15<\/a> as opposed to the $46 million lost in the truncated (five-week) 3Q14. Stockbridge Capital Partners<\/strong> continues to have to prop up Sam Nazarian<\/strong>‘s pipe \"SLS<\/a>dream, paying another $31 million subsidy to the casino. This brings Stockbridge’s underwriting to $59 million for the year. SLS President Scott Kreeger<\/strong> told Howard Stutz<\/strong> that Stockbridge is\u00a0“committed to the make the property better,” a commitment that comes with a hefty price attached. Nor is Stockbridge demonstrating great business savvy: Why pay to keep the meaningless, equity-less SLS moniker? At least the W<\/strong> rebranding of the Lux Tower<\/strong> is a big, belated step in the right direction.<\/p>\n

One private-equity firm\u00a0that’s actually flourishing on the Strip is Blackstone Group<\/strong>, which turned in yet another profitable quarter<\/a> at The Cosmopolitan of Las Vegas<\/strong>. Even the fire at the Bamboo Pool<\/strong> came up trumps for the Cosmo: The insurance settlement\u00a0represented 55% of the nearly $5 million profit.<\/p>\n