{"id":207,"date":"2009-10-06T16:10:00","date_gmt":"2009-10-06T20:10:00","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/blogs\/dmckee\/index.cfm\/2009\/10\/6\/300-mil-for-Fbleau"},"modified":"2024-02-14T08:50:17","modified_gmt":"2024-02-14T16:50:17","slug":"300-mil-for-fbleau","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/300-mil-for-fbleau\/","title":{"rendered":"$300 mil for F'bleau?"},"content":{"rendered":"

That’s the latest; namely, that Penn National Gaming<\/strong> will put down less than $300 million<\/a> as a “stalking horse” bid on Fontainebleau<\/strong>. Penn would also be on the hook for the costs of the project’s bankruptcy proceedings. Potentially getting a Strip resort for less than 10% of its cost sounds like a good deal for Penn … until you think about the hundreds of millions of dollars (possibly as much as $2 billion<\/a>) that stand between F’bleau and the finish line.<\/p>\n

Sue Lowden evidently didn’t<\/strong> get the memo that Mike Ensign<\/strong> is no longer writing fat campaign checks at Mandalay Resort Group<\/strong>. How else to explain the Archon Corp<\/strong>. treasurer’s loud and frequent<\/a> fealty to Ensign fils<\/em>, the ethically challenged<\/a> junior senator from Nevada? Lowden’s proclamations provided an irresistible temptation<\/a> for Democratic Senatorial Campaign Committee<\/strong> spokesman Ed Schultz<\/strong>, who sniped, “Sue Lowden’s support of John Ensign<\/strong> may have fundraising value to her, but it is a reflection of her own character and fitness for office. She has shown more fidelity to him, than he has shown to his own wife<\/em>.” (Lowden is gunning for<\/a> Sen. Harry Reid<\/strong>‘s seat.)<\/p>\n

In her capacity at Archon, Lowden could line the younger Ensign up with a dandy post-senatorial job as a casino greeter at her Pioneer Gambling Hall<\/strong> in Laughlin. (As for Lowden, at least she’s off Jon Ralston<\/strong>‘s “Chicken List,” after gracing the Face to Face<\/em> set. Your turn, Sheldon Adelson<\/strong>. Does Sue Lowden have more huevos<\/em> than you?)<\/p>\n

The perils of Packer<\/strong>. Reeling from a $1 billion loss on his overseas casino misadventures, James Packer<\/strong> and his Crown Ltd<\/strong>. are putting some of their Melbourne<\/strong> land on the block.<\/p>\n

\"\"<\/p>\n

Not buying it<\/strong>. Although MGM Mirage<\/strong> CEO Jim Murren<\/strong> may have predicted that CityCenter’s premiere would increase Vegas visitation by 10%, but gaming analysts aren’t having any of it<\/a>, especially when all the new room capacity is at the high end. Also, it’s remembering that the 1998-2000 roll of megaresort openings and the 2005 debut of Wynn Las Vega<\/strong>s coincided with robust U.S. economies. Andrew Zarnett<\/strong> advises casino bosses to look at current numbers as the new baseline<\/a> — which sure beats pining for the vertiginous and unsustainable levels of two years ago.<\/p>\n

Macanese machinations<\/strong>. Conventional wisdom on the advisability of floating IPOs in Hong Kong<\/strong> continues to seesaw. The Wall Street Journal<\/em> runs the numbers<\/a> and finds gaming stocks defying the market’s downward trend. Which is good news for Steve Wynn<\/strong> and possibly even Las Vegas Sands<\/strong>‘ public offering, which is taking forever to reach the launch pad.<\/p>\n","protected":false},"excerpt":{"rendered":"

That’s the latest; namely, that Penn National Gaming will put down less than $300 million as a “stalking horse” bid on Fontainebleau. Penn would also be on the hook for the costs of the project’s bankruptcy proceedings. Potentially getting 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":[56,14,59,52,96,62,11,69,33,12,32,9,38],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/207"}],"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=207"}],"version-history":[{"count":3,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/207\/revisions"}],"predecessor-version":[{"id":33041,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/207\/revisions\/33041"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=207"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=207"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=207"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}