{"id":851,"date":"2009-04-03T10:22:00","date_gmt":"2009-04-03T18:22:00","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/blogs\/dmckee\/index.cfm\/2009\/4\/3\/Case-Bets-Station-Casinos-CityCenter-Pittsburgh-James-Packer"},"modified":"2012-07-13T13:01:34","modified_gmt":"2012-07-13T21:01:34","slug":"case-bets-station-casinos-citycenter-pittsburgh-james-packer-2","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/case-bets-station-casinos-citycenter-pittsburgh-james-packer-2\/","title":{"rendered":"Case Bets: Station Casinos, CityCenter, Pittsburgh, James Packer"},"content":{"rendered":"<p><strong>Credit-default swaps<\/strong>, some of those financial instruments that have played hob with the U.S. economy, are <a href=\"http:\/\/uk.reuters.com\/article\/marketsNewsUS\/idUKN3142053620090331?rpc=401&amp;\">making a cameo appearance<\/a> in the tortured saga of <strong>Station Casinos<\/strong>. <span style=\"text-decoration: line-through;\">If you insured Station&#8217;s debt, that insurance is worth more than the paper your CDS is printed upon &#8212;<\/span> <span style=\"text-decoration: line-through;\"><a href=\"http:\/\/uk.reuters.com\/article\/marketsNewsUS\/idUKN3142053620090331?rpc=401&amp;\">but not by much<\/a><\/span>.<\/p>\n<p><strong>Congratulations, MGM Mirage<\/strong>. Your probable rescuer is a bottom-feeder who&#8217;s preparing to <a href=\"http:\/\/www.reuters.com\/article\/marketsNews\/idINBNG21847020090403?rpc=44\">root around amidst the dregs<\/a> of the banking industry. However, with <strong>CityCenter<\/strong> as much as $3.8 billion shy of the finish line, MGM isn&#8217;t in a position be picky about going into business with the K-Mart of casino owners.<\/p>\n<p><strong>Rivers Casino<\/strong>, the former <strong>Majestic Star<\/strong>, has some <a href=\"http:\/\/www.post-gazette.com\/pg\/09092\/960206-100.stm\" class=\"broken_link\">CityCenter-style construction problems<\/a>. This project has been so vexed and hexed that nothing comes as a surprise anymore.<\/p>\n<p><strong>Interesting business model<\/strong>. Halfway around the globe, <strong>Melco Crown Entertainment<\/strong>&#8216;s got a lot riding on its <strong>City of Dreams<\/strong> <a href=\"http:\/\/www.cityofdreamsmacau.com\">megaresort<\/a>. To bring back the whales, it&#8217;s essentially promising that they can <a href=\"http:\/\/business.smh.com.au\/business\/packer-pins-hopes-on-macau-20090401-9jqm.html\">welsh on their markers<\/a> with impunity. Or, as the company puts it, &#8220;<em>Aggressive enforcement actions against a customer [may] unduly alienate the customer and cause the customer to cease playing at our casinos<\/em>.&#8221; And, gosh knows, nobody wants to alienate a deadbeat debtor.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Credit-default swaps, some of those financial instruments that have played hob with the U.S. economy, are making a cameo appearance in the tortured saga of Station Casinos. If you insured Station&#8217;s debt, that insurance is worth more than the paper &hellip; <a href=\"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/case-bets-station-casinos-citycenter-pittsburgh-james-packer-2\/\">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":[3,83,96,94,62,93,11,91,95,57,38],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/851"}],"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=851"}],"version-history":[{"count":1,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/851\/revisions"}],"predecessor-version":[{"id":9320,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/851\/revisions\/9320"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=851"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=851"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=851"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}