{"id":245,"date":"2009-04-03T21:32:00","date_gmt":"2009-04-04T01:32:00","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/blogs\/dmckee\/index.cfm\/2009\/4\/3\/Kansas-update"},"modified":"2022-08-04T08:57:59","modified_gmt":"2022-08-04T16:57:59","slug":"case-bets-kansas-update-cordishs-push-penns-prudence-taxing-sex","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/case-bets-kansas-update-cordishs-push-penns-prudence-taxing-sex\/","title":{"rendered":"Case Bets: Kansas update, Cordish's push, Penn's prudence, taxing sex"},"content":{"rendered":"

Details of Lakes Entertainment<\/strong>‘s just-under-the-wire entry into the Kansas<\/strong> casino derby are beginning to emerge — and it looks a bit half-assed<\/a>. Particularly non-confidence-inspiring was the admission, “We’re going to go find the cash.” If somebody as flush as Phil Ruffin<\/strong> can’t scare up $175 million, what makes Lakes confident it can score $260 million? Demote this bid from “contender” to “also-ran” status.<\/p>\n

Another Kansas applicant<\/strong> also is moving aggressively elsewhere. Cordish Co.<\/strong> is looking to snap up three tracks<\/a> owned by bankrupt Magna Entertainment<\/strong>. Racino conversion, though is not on the agenda, according to Cordish.<\/p>\n

No fools.<\/strong> It looks as though Penn National<\/strong> has sworn off the Strip<\/a> and small wonder. If execs at Harrah’s Entertainment<\/strong> or MGM Mirage<\/strong> say they want to deal but insist on 10X-12X cash flow as their asking price, they’re not going to find takers. I presume that their rationale — and it’s hardly without merit — is that if business returns to the levels it enjoyed four years ago those multiples will go down.<\/p>\n

Whether that argument will fall upon receptive ears seems unlikely. But look on the bright side: You could pay 12 times EBITDA for the Tropicana Las Vegas<\/strong> and it would still only cost you $54 million.<\/p>\n

Five bucks a f**k?<\/strong> Sure prostitution is legal in 10 counties of Nevada, a state whose economy is built on the perception of an anything-goes atmosphere. But tax bordellos by the lay? Horrors!<\/p>\n","protected":false},"excerpt":{"rendered":"

Details of Lakes Entertainment‘s just-under-the-wire entry into the Kansas casino derby are beginning to emerge — and it looks a bit half-assed. Particularly non-confidence-inspiring was the admission, “We’re going to go find the cash.” If somebody as flush as Phil … 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":[70,7,67,45,11,31,21],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/245"}],"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=245"}],"version-history":[{"count":1,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/245\/revisions"}],"predecessor-version":[{"id":31502,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/245\/revisions\/31502"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=245"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=245"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=245"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}