{"id":709,"date":"2009-02-21T14:05:00","date_gmt":"2009-02-21T22:05:00","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/blogs\/dmckee\/index.cfm\/2009\/2\/21\/Case-Bets-Penn-in-Vegas-Fontainebleau-Fine-Cotton-RIP"},"modified":"2022-12-18T10:48:33","modified_gmt":"2022-12-18T18:48:33","slug":"case-bets-penn-in-vegas-fontainebleau-fine-cotton-r-i-p-2","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/case-bets-penn-in-vegas-fontainebleau-fine-cotton-r-i-p-2\/","title":{"rendered":"Case Bets: Penn in Vegas, Fontainebleau, Fine Cotton R.I.P."},"content":{"rendered":"

Phil Hevener<\/strong>, the guy who was onto the Imperial Palace<\/strong> sale before anyone else, says Penn National<\/strong> pitched offers for not only The Mirage<\/strong> but also Caesars Palace<\/strong> … at insultingly low EBITDA multiples. The Strip has seen much better days but it’s not a flea market.<\/p>\n

Et tu, F’bleau?<\/strong> It hasn’t even opened and already Fontainebleau<\/strong>‘s viability as a going concern is in doubt<\/a>. Those thousand condos represent a giant millstone around the resort’s neck; the relationship between Vegas casino operators and the condo business has been akin to that between lemmings and the sea. Already, it’s looking like a rerun of the Harrah’s\/Station<\/strong> scenario: Partial recovery for senior debtors and a dime on the dollar for junior ones.<\/p>\n

See no evil, speak no evil<\/strong>. A robbery was committed<\/a> at a casino “in the 4000 block of West Flamingo Road<\/em>,” an address that just so happens to exactly coincide with the Gold Coast<\/strong>. (The Palms<\/strong> is in the 4300 block.) This is at least<\/em> the third time that I can recall offhand in which the location of a casino robbery was obfuscated by local law enforcement — nor the first time that Las Vegas Metro<\/strong> has placed a higher priority on protecting casinos’ images than on solving crimes. It might be easier to find witnesses if you told the public where the crime took place<\/em>, no?<\/p>\n

I got a horse right here<\/strong>, his name is not<\/em> Paul Revere and if you backed this horse you had quite a lot to fear. A quarter-century ago, literal also-ran Fine Cotton<\/strong> wound up at the center of a bizarre racing-fraud scandal<\/a> involving a — get this — impostor horse. Could Dick Francis<\/strong> have dreamt up a better yarn than this?<\/p>\n

Station to the rescue<\/strong>. With Thunder Valley<\/strong> execs given the chop and new managment parachuting in from Station Casinos<\/strong>, work has resumed<\/a> at the Sacramento-area casino-resort — after some downsizing of the original expansion plans. Kudos, Station.<\/p>\n","protected":false},"excerpt":{"rendered":"

Phil Hevener, the guy who was onto the Imperial Palace sale before anyone else, says Penn National pitched offers for not only The Mirage but also Caesars Palace … at insultingly low EBITDA multiples. The Strip has seen much better … 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":[103,60,59,7,67,11,69,9,20],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/709"}],"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=709"}],"version-history":[{"count":1,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/709\/revisions"}],"predecessor-version":[{"id":32070,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/709\/revisions\/32070"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=709"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=709"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=709"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}