{"id":18974,"date":"2016-10-10T11:35:34","date_gmt":"2016-10-10T19:35:34","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=18974"},"modified":"2016-10-10T11:58:04","modified_gmt":"2016-10-10T19:58:04","slug":"local-is-beautiful-adelson-loses-partner","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/local-is-beautiful-adelson-loses-partner\/","title":{"rendered":"Local is beautiful; Adelson loses partner"},"content":{"rendered":"

Motley Fool<\/em> columnist Travis Hoium<\/strong> says investors are missing a good bet if they overlook Las Vegas<\/strong> locals operators to focus on the big Las Vegas Strip<\/strong> players. He \"palms-pic\"cites Station Casinos<\/strong>, Boyd Gaming<\/strong> and Penn National Gaming<\/strong> (presumably for M Resort<\/strong>) as good off-Strip investments. “Most people who don’t live in Las Vegas probably don’t realize what a big business the locals market is for gaming companies. In the past 12 months, $2.8 billion has been won by casinos in Clark County<\/strong> that aren’t on the Strip or in downtown Las Vegas. That’s up 5.6% from 2011, which isn’t a lot of growth, but it’s something,” Hoium writes, noting that Station and Boyd are both in the process of enlarging their Vegas Valley presence.<\/p>\n

“Smaller bets are a little easier for companies to stomach,” he adds, citing Boyd’s $380 million purchase of Aliante Casino<\/strong> and Station snapping up the Palms<\/strong> for $313 million. The bargain play of them all was M Resort, acquired for a mere $23 million. Combined with the Tropicana Las Vegas<\/strong>, Penn is seeing a 12% return on investment for its Nevada<\/strong> properties — extremely good in an industry where you’re lucky to see 10% ROI these days. Hoium concludes, “off the Strip there are still opportunities for investors, and they may be a better value than their larger competitors.”<\/p>\n

* If Sheldon Adelson<\/strong> wants to one-up Steve Wynn<\/strong>, he can point to Forbes<\/em> magazine’s ranking of him as the 14th-richest American, worth $32 billion<\/a>. Wynn clocks in far behind, \"sheldonadelson\"at number 246. Adelson’s NFL<\/strong>-stadium project, however, finds itself without a developer, now that Ed Roski<\/strong>‘s Majestic Realty Co<\/strong>. has exited the picture<\/a>.\u00a0\u201cAs the project matured over the last couple of months, it started becoming more clear that this was likely going to be a family investment or project,” explained Majestic Executive Vice President Craig Cavileer<\/strong>. He described the breakup as cordial. However, it poses another wrinkle for Nevada legislators to consider<\/a> this week as they meet in special session<\/a> to consider a tax hike to fund the stadium. On the plus side for Adelson, the Nevada Taxpayers Association<\/strong> has dropped its opposition to the tax increase, taking a neutral stance.<\/p>\n

* As she continues to attempt to pry loose her Wynn Resorts<\/strong> stock, Elaine Wynn<\/strong> is now hinting at securities-law violations by the company and requesting whistleblower protection<\/a>. She’s been very vague as to the particulars and company spokesman Michael Weaver<\/strong> responded, \u201cOur company takes its obligations under all federal laws very seriously and is frustrated when those laws and valid protections are twisted and used to pursue a personal agenda.\u201d Wynn says she is the victim of “Draconian” retaliation for alleged disclosure of company information<\/a>, particularly details she obtained from Wynn Resorts auditors. Having been rebuffed in district court, Ms. Wynn is taking her case to the Nevada Supreme Court<\/strong> now. As we’ve seen before, Hell hath no fury like a Wynn scorned.<\/p>\n

* Bruno Mars<\/strong> has been rumored as a headliner for MGM National Harbor<\/strong> but he’s a lead-pipe cinch to open The Park Theater<\/strong> at Monte Carlo<\/strong>, with a pair of New Year’s Eve concerts<\/a>, part of a long-term MGM Resorts International<\/strong> pact for the singer. Mars also opened The Chelsea<\/strong> at The Cosmopolitan of Las Vegas<\/strong>, making him Las Vegas’ go-to guy for christening new concert halls.<\/p>\n

* Why can’t Nevada regulators tighten anti-money-laundering rules on sports books? Because they’re chronically underfunded. A proposal to increase scrutiny of money in sports books has been sent back<\/a> to Nevada Gaming Control Board<\/strong> staff “to determine if it would create additional burdens on its tax and audit divisions.” While Silver State legislators are voting to give Sheldon Adelson a big tax handout, they’re still funding gaming regulation at levels that date back to the opening of The Mirage<\/strong>. The casino industry has grown enormously in Nevada and regulation has been unable to keep pace.<\/p>\n

* Another significant gaming-industry figure has passed. Ed Doumani<\/strong>, whose accomplishments included co-building the Golden Nugget Atlantic City<\/strong> with Steve Wynn, died on Sept. 28, information that was only disclosed late last week<\/a>. The former co-owner of the downtown Golden Nugget<\/strong> also built the La Concha<\/strong> and El Morocco<\/strong> on the Strip. Doumani also had a seven-year run as owner of the Tropicana Las Vegas, eventually selling it to Ramada Inns<\/strong> in 1977. \u201cMy dad didn\u2019t even have a sign on the door of his office when people would be looking for the chairman of the company at the Tropicana,\u201d said son Lorenzo Doumani<\/strong>. His father’s memorial service will be held at the Neon Museum<\/strong>, aptly enough, since the La Concha lobby serves as the museum’s visitor center.<\/p>\n

* Do you miss coin-in slots? The Los Angeles Times<\/em> tells you where to find them<\/a> (mostly at Circus Circus<\/strong>, among other MGM properties). You know it’s a good story when Sigma Derby<\/strong> rates a mention, still hanging tough at MGM Grand<\/strong> … at least until they can’t service the machine anymore.<\/p>\n","protected":false},"excerpt":{"rendered":"

Motley Fool columnist Travis Hoium says investors are missing a good bet if they overlook Las Vegas locals operators to focus on the big Las Vegas Strip players. He cites Station Casinos, Boyd Gaming and Penn National Gaming (presumably for … 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":[23,60,66,51,14,4,140,189,63,72,11,159,69,25,12,57,32,31,8,9,38],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/18974"}],"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=18974"}],"version-history":[{"count":5,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/18974\/revisions"}],"predecessor-version":[{"id":18981,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/18974\/revisions\/18981"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=18974"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=18974"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=18974"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}