{"id":6351,"date":"2011-04-20T13:17:17","date_gmt":"2011-04-20T21:17:17","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=6351"},"modified":"2017-11-08T09:00:55","modified_gmt":"2017-11-08T17:00:55","slug":"marriotts-master-plan-cosmo-blows","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/marriotts-master-plan-cosmo-blows\/","title":{"rendered":"Marriott’s master plan?; Cosmo blows?"},"content":{"rendered":"

\"\"Last week, we were discussing United Coin<\/strong>‘s assertion that a Marriott<\/strong>-branded hotel-casino may be erected on the acre formerly occupied by the old Sport of Kings<\/strong> gambling parlor. I recently had a chance to scope out United’s Little Acre and am more puzzled than ever by the slot route-operator’s claim. The footprint of the site might barely hold a hotel tower (with a very small gaming floor — I mean tiny<\/em>) but there’s no room whatsoever for the all-important parking garage. The latter would be a valuable asset during conventions, when parking along Convention Center Drive<\/strong> becomes a lucrative source of ancillary revenue for hotels and office towers nearby.<\/p>\n

Besides, there’s already a Marriott not even a half-block away<\/a>. Perhaps what the hotelier hopes to do is build a second tower, directly opposite the Las Vegas Convention Center<\/strong> (with a slot route for a “casino,” like a big-ass Dotty’s<\/strong>) but it would probably need to acquire and cannibalize the intervening land. That’s occupied by Piero’s<\/strong><\/a>, eatery and onetime sparring grounds for cronies of owner Freddie Glusman<\/strong> and the late, much-missed Bob Stupak<\/strong>, and by Piero’s parking lot. If Marriott can swing a deal to either buy Glusman out or subsume his restaurant into a greatly expanded Convention Center hotel, the scheme begins to make sense.<\/p>\n

Trouble in paradise?<\/strong> Bit by bit, dark mutterings of Bad Things have been rumbling from Cosmopolitan of Las Vegas<\/strong>. Blogger Bess Levin<\/strong> mis-diagnoses the reason why Deutsche Bank<\/strong> may have trouble breaking even on the $3.9 billion property<\/a> — its sheer cost (including some overstuffed pay packets: CEO John Unwin<\/strong> made only $100,000 less last year than did Caesars Entertainment<\/strong> supremo Gary Loveman<\/strong>) . However, if it’s not pulling in the gamblers — as she reports and Union Gaming Group<\/strong>‘s Bill Lerner<\/strong> corroborates — that’s real trouble. Gambling dollars may represent a smaller piece of the Las Vegas<\/strong> revenue pie (causing budgetary problems further down the food chain in Carson City<\/strong>) but they’re still critical. The Sahara<\/strong> was never going to pencil out for Sam Nazarian<\/strong> as long as he abstained from getting a casino license, and both Credit Suisse<\/strong> and Goldman Sachs<\/strong> have set up stalking-horse entities that can be licensed and enable the corporate parent to partake of gaming dollars.<\/p>\n

Heck, the Cosmo redesigned its casino floor to put it all at one level and smack-dab on the Strip. Long story short, to make good on that four bil, Deutsche Bank needs fewer customers blowing chunks<\/a> outside Marquee<\/strong><\/a> and more of them blowing their wads at the craps table.<\/p>\n","protected":false},"excerpt":{"rendered":"

Last week, we were discussing United Coin‘s assertion that a Marriott-branded hotel-casino may be erected on the acre formerly occupied by the old Sport of Kings gambling parlor. I recently had a chance to scope out United’s Little Acre and … 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":[65,66,28,18,14,4,75,54,19],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/6351"}],"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=6351"}],"version-history":[{"count":9,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/6351\/revisions"}],"predecessor-version":[{"id":20552,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/6351\/revisions\/20552"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=6351"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=6351"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=6351"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}