{"id":4338,"date":"2010-08-11T13:30:05","date_gmt":"2010-08-11T21:30:05","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=4338"},"modified":"2010-08-11T13:30:42","modified_gmt":"2010-08-11T21:30:42","slug":"underwater-at-the-westin","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/underwater-at-the-westin\/","title":{"rendered":"Underwater at the Westin"},"content":{"rendered":"<p><img loading=\"lazy\" class=\"alignleft size-medium wp-image-1481\" title=\"westin-casuarina-hotel-las-vegas\" src=\"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2009\/12\/westin-casuarina-hotel-las-vegas-300x172.jpg\" alt=\"\" width=\"300\" height=\"172\" srcset=\"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2009\/12\/westin-casuarina-hotel-las-vegas-300x172.jpg 300w, https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2009\/12\/westin-casuarina-hotel-las-vegas-150x86.jpg 150w, https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2009\/12\/westin-casuarina-hotel-las-vegas.jpg 600w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/>If you&#8217;re having to go hat in hand to the bank to ask for a renegotiated home loan, take comfort in the thought that you&#8217;re hardly alone. Even plutocrats like <strong>Columbia Sussex<\/strong> CEO <strong>William J. Yung<\/strong> are having to plead for new loan terms, lest an asset like the <strong>Westin Casuarina<\/strong> fall into receivership (<a href=\"http:\/\/online.wsj.com\/article\/SB10001424052748703435104575421811400422480.html?mod=googlenews_wsj\" target=\"_blank\">second item<\/a>). Then again, if you&#8217;re in the market for a bargain, the WesCas&#8217;s 2009 cash flow of $7.9 million implies a resale value of anywhere from $55 to $79 million (or 7-10X EBITDA). The hotel-casino is encumbered to the tune of $150 million (19X EBITDA) and four months in arrears on its mortgage. Considering that Yung is offloading hotels at fire-sale prices, it wouldn&#8217;t hurt <strong>Harrah&#8217;s Entertainment<\/strong>, <strong>Boyd Gaming<\/strong> or perhaps even reconstituted <strong>Station Casinos<\/strong> to pitch him a lowball offer.<\/p>\n<p><strong><img loading=\"lazy\" class=\"alignleft size-thumbnail wp-image-4339\" title=\"1586_large\" src=\"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2010\/08\/1586_large-99x150.jpg\" alt=\"\" width=\"99\" height=\"150\" srcset=\"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2010\/08\/1586_large-99x150.jpg 99w, https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2010\/08\/1586_large.jpg 133w\" sizes=\"(max-width: 99px) 100vw, 99px\" \/>Strippers in your pocket<\/strong>. If you don&#8217;t feel like carrying a bulky text &#8212; or an e-book on your <strong>iPad<\/strong> &#8212; to a strip club, take heart. <strong>Arnold Snyder<\/strong>&#8216;s <em>Topless Vegas<\/em> is now <a href=\"http:\/\/www.shoplva.com\/products\/topless-vegas-pocket-guide\" target=\"_blank\">available in handy pocket-sized format<\/a>. It&#8217;s definitely a more user-friendly version, as you navigate your way from one &#8220;gentlemens&#8217; club&#8221; to the next. Even if shipping is included, you&#8217;re getting the skinny on eight nudie clubs and 20 topless bars at a price of $0.40 cents per titty bar. Besides, at this size, you only need one hand to read it.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you&#8217;re having to go hat in hand to the bank to ask for a renegotiated home loan, take comfort in the thought that you&#8217;re hardly alone. Even plutocrats like Columbia Sussex CEO William J. Yung are having to plead &hellip; <a href=\"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/underwater-at-the-westin\/\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[60,15,28,14,4,7,57,9,38],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/4338"}],"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=4338"}],"version-history":[{"count":2,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/4338\/revisions"}],"predecessor-version":[{"id":4341,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/4338\/revisions\/4341"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=4338"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=4338"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=4338"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}