Two Way Hard Three | Las Vegas Casino & Design Blog

Episode #74 is up!

Listen here: http://www.vegasgangpodcast.com/2012/02/vegas-gang-74-february-23rd-2012/

This time on the show:

- Wynn vs. Okada
- Echelon
- MGM Results and CityCenter's Flaws
- Dr. Dave's Banging Week

** Sure Bets **

Chuck - Delancy Street Foundation Moving Team
Dr. Dave - KISS $500 VIP Ticket to Golf
Hunter - Ollo Clip

Will Gary Loveman expand the Caesars empire (ha ha) into the Las Vegas locals market? That's the theory that our intrepid columnist, Mr. Jeff Simpson, is putting forth in this latest edition of SIMPSON ON VEGAS.

Enjoy after the jump and leave your comments to tell us what you think about this possibility.

I'm on the ground this week for the Cosmo opening and today was my second chance to tour the property, this time in a more extended fashion than last week. It was great to be able to spend a little more time and really check things out.

I'm still excited. The rooms really are drop dead gorgeous and the terrace views from the upper floors are insane. They make you gasp when you step out for the first time.

I've posted a bunch of photos as well as a video. Enjoy.

I also got a chance to join a David Rockwell interview with Blackjacker1979. Rockwell had a hand in a large amount of the property design. That should be posted soon - it's only about ten minutes but was quite interesting. Thanks to Eric for letting barge in.

Hotel check-in is tomorrow afternoon starting at 1pm, followed by a chance to try some nibbles from the various restaurants. The curtain goes up for the public at 8pm - I'll be at the craps tables.

Can't wait!

The Fontainebleau is about to open.

A re-invigorated Plaza project has broken ground and Boyd is halfway through putting up a gorgeous red-gold glass curtain wall on Echelon Place. Jim Murren is a semi-successful investment banker in Connecticut, the Marnell's own the recently joined Rio/Palms complex and Nevada's recently elected junior senator is attending the groundbreaking of a monorail extension that will bridge McCarran Airport, The Strip and Fremont Street.

Can we fast forward to 2017? I'm sure that's what some Las Vegas casino operators would wish for. It's hard to blame them.

Things look a bit sour for Las Vegas - August numbers notwithstanding, let's be honest - some of the city's best boom-time customers don't have any more money to spend on bottle service and $500 dinners at SW. Sure, the biggest players haven't lost enough to kill their gambling habit but that mid-tier backbone - successful young people, boomers and a smaller segment of folks truly blowing the rent on a weekend in Vegas - they're still pretty fucked up from this recession.

Well, at least it's not as bad as it is in Atlantic City where the top operator doesn't even want to own the other half of their property. In my mind, AC is toast.

As someone that has spent the last ten years as mostly excited about Las Vegas and now sells a product that is inexorably linked to the city, I have to say that things look very tough for the next few years.

A CB Richard Ellis study publicized today really laid out the bad news. The market won't be able to handle the massive increase in supply for some time. Thanks a lot CityCenter. At least we don't have any more rooms coming online anytime soon... Oh, crap... Thanks a lot Cosmo.

The Cosmopolitan will be the last property for awhile, and that's almost certainly a good thing. In a way, they may end up with an advantage - they can be the 'newest property on The Strip' for five years or more. That title worked great for The Aladdin. Oh well, whatever, nevermind.

Some of the issues mentioned in the report are structural - air traffic is more difficult than ever in the era of shoe-bombers and naked body scanners. Asian baccarat is slated to increase but that alone is not a market savior. The formerly solid underbelly of Las Vegas tourism - that combination of California drive-ins along with southern and midwestern vacationers... well, they're hurting... and that's not going to change anytime soon (damn that Obama-Reid-Pelosi-Boehner-Palin-McCain cabal!)

It's easy for Wynn to charge $200+/night for a weekend night when the town is half full but when Luxor, Excalibur, Monte Carlo and Treasure Island are all offering rooms in the sub-$50 range (sans the ridiculous resort fees), those rates are harder to justify... and how anyone could feel good about a $150/night room at Aria or Vdara mystifies me. Just say no.

But it's not the Wynns of the world I'm worried about. Aside from maybe Las Vegas Sands, they're probably best positioned to ride this turbulence out. As a lover of the history of Las Vegas, it makes me a little sad to see how little of their revenue now comes from the 'Gambling Capital of the World'. In quarterly earnings today, LVS reported that barely 15% of their revenue comes from their two Strip casinos. With Singapore on the rise, LVS is again a gaming company to watch, even if their numbers don't yet match Chairman Adelson's bluster.

Why am I writing this? I dunno. For whatever reason, a few stories today sucked me in and I felt compelled.

See you Saturday.

News this morning that Boyd Gaming will decline their opportunity to purchase the other half of Borgata, currently owned by MGM Resorts Intl. and held in trust. Boyd is the managing partner of Borgata.

http://www.lasvegassun.com/news/2010/oct/25/boyd-gaming-wont-buy-rest-atlantic-citys-borgata/

Frankly I'm a little surprised - they only had to cough up $250MM and it's not even worth that to them? Clearly the macro trend of the city weights heavily on this decision.

This moves the process along a bit for MGM for whom the asset is tied up in a trust following action by the New Jersey Casino Control Commission.

This time on the show:

Podcast-a-palooza - Oct. 30th, 2010. Our guest will be Tropicana Las Vegas President Tom McCartney - all the details are available on the Web site.

* PENN Swallows M
* August Gaming Figures
* MGM May Sell Borgata ; Not Making Much Money
* Room Rate Survey Data

* Vegas Gang 'Sure Bets'

Check out the show: http://www.vegasgangpodcast.com

Feel free to leave your comments below. If it's a question that you want asked on the show, please make that clear in your post. You can also send those to editor@ratevegas.com.

We're doing a Vegas Gang episode on Thursday so I guess I should just say thank you and leave it at that. This is great material.

Instead, I'm going to once again report on difficulty for MGM Resorts International - profits are still a Mirage - they just can't Wynn (get it?!? I'm so clever).

When a company does an early release of their financials and it includes several bullet points and a few paragraphs of figures, always read it in reverse. The most interesting stuff is always hidden behind a smokescreen of PR-speak.

The part of the company not infected with the virus that is CityCenter continues to deflate - down 13% for wholly owned operations (it was -16% last quarter). CityCenter may be a debacle but MGM needs the other places to keep the lights on.

As for Borgata, they did get an offer but it's below the amount they've been carrying on their books for the asset so they'll be taking a write-down this quarter to align their books with... well, reality. Will BOYD also have to do a write-down? I'd say probably.

When the Borgata thing is eventually settled, they'll not only get the cash from the sale but also their share of operations put into trust since the Pansy Ho debacle. That'll be one fat quarter when it hits but that's like when the drug dealer comes to your house and opens up his briefcase. He's not moving in, don't get too excited.

Say what you want about Borgata - and Atlantic City is certainly in trouble - but it is the top property there and has been helping to fill Jimbo's bank account every month. MGM may not have had much choice when it came to selling but that cash-flow is going to leave a hole of at least some size once the post-sale hangover wears off.

Interestingly enough, the day after we get news of improved Strip numbers (up 21%) for August, MGM reports taking an almost 10% hit in casino revenue for the quarter. How is that supposed to jive? This story cites baccarat as a bright spot but MGM's bac volume was down 6%. Does that mean that September cratered? Or were all these gains elsewhere? MGM still controls a huge percentage of the high-end bac play so this seems a bit odd.

As I previously wrote in my series on CityCenter, MGM is now going back to the markets for capital - they have loans of over a billion dollars due next year that they need to pay off. It will be interesting to see how much this influx of supply will impact prices on the open market. Much to the Swami's chagrin, stock was down 6% in after hours trading.

There is some good news, something else that I hinted at in my previous series - Aria is starting to swing over to the profitable side of the fence. It's had good volumes but this time around it got the hold percentages it needed to post a number in the black. ADR and REVPAR for Aria are both improving.

So I guess everything's fine...

Let's start June with a new customer satisfaction survey which shows The Orleans as the overall winner, and Venetian as the upscale winner.
Orleans Ranks High in Customer Satisfaction Survey

Vegas Gang is back!

Win an iPad! Details here: http://www.ratevegas.com/blog/2010/03/submit_your_veg.html

* Station Casinos Re-Org
* CityCenter's First Hundred Days
* CityCenter vs. Perini
* Atlantic City Mini-Casinos
* Closure of CalNeva

Feel free to leave your comments below. If it's a question that you want asked on the show, please make that clear in your post. You can also send those to editor@ratevegas.com.

Station Casinos, currently working their way through bankruptcy, unveiled a reorganization plan that would sell off a large portion of the company's assets.

http://www.lasvegassun.com/news/2010/mar/25/station-casinos-files-reorganization-plan/

This would leave the Ferttita's in control of Red Rock, Sunset Station, Palace Station and Boulder Station, properties dispersed across the Valley.

Given that Boyd Gaming has tried at various times in the past 18 months to purchase some or all of these assets, it would follow that they would be able to unload these properties if they so chose.

Curious what would happen with Aliante and Green Valley, which are 50% owned by the Greenspun family. Do they have the financial means to buy the other 50%? Would they be serious bidders?

The process for MGM Mirage to divest itself of its 50% share in Atlantic City's Borgata is starting to become clear:

http://www.lasvegassun.com/news/2010/mar/12/mgm-mirage-sell-its-stake-atlantic-citys-borgata/

Boyd is the obvious buyer as they own the other half. Who else though? Have recent developments scared off Atlantic City investment? It will be an interesting barometer.

Boyd Gaming, who made an offer for some of debt-plagued Station earlier this year, has now said it wants to buy the entire company for $2.45 billion. Station Casinos is in Chapter 11 bankruptcy.

http://www.lasvegassun.com/news/2009/dec/16/boyd-gaming-makes-offer-buy-station-casinos/

I can see how this would make sense - they seem like organizations with comparable goals and customer bases. Station rebuffed the previous offer.

I'm trying something a little different this quarter - a single thread to cover all gaming companies reporting.

I will update this thread as other companies report.

Wynn Resorts - Net Income: $34.2 million Revenue: $773.1 million
* Wynn Las Vegas / Encore Las Vegas: ADR: $210 Occupancy: 83.9%
* Wynn Macau: ADR: $263 Occupancy: 89.2%

Boyd Gaming - Net Income: $6.3 million Revenue: $398.2 million
The Echelon project will remain mothballed for three to five years.

Harrah's Entertainment - Net Income: -$1.05 billion (loss) Revenue: $2.28 billion
Harrah's is privately held.

Las Vegas Sands - Net Income: -$123 million (loss) Revenue: $1.14 billion

MGM Mirage - Net Income: -$750.4 million (loss) Revenue: $1.533 billion LV Sun

Station Casinos - Net Income: -$455.4 million (loss) Revenue: $255.7 million. Station is privately held. http://www.lasvegassun.com/news/2009/nov/16/station-casinos-loss-widens-reorganization-costs/

In Boyd Gaming's Call, they said that Echelon would remain dormant for three to five years, but they wouldn't take down the construction already started: "We anticipate using or incorporating the structure that's already in place into the new project."
I don't know the cost of clearing the land compared to maintaining the construction hulk, but this is obviously detrimental to The Strip. Further, when the market recovers, it doesn't seem likely that Boyd would follow its original vision for the development.
Boyd should be a good citizen and remove the skeletons. We may see how much influence Steve Wynn has on the subject: "When told that Boyd wasn't going to do anything with Echelon until the next presidential election, Wynn became somewhat incredulous. He wants to see Echelon's unfinished steel structure disappear as much as he wants to see the Obama administration vacate the White House."

Echelon Could Use Some "Tarp" Assistance

Happy to be back after a little bit of a break. Lots to talk about, as always.

We discuss:

* MGM Mirage Pulls a Rabbit Out of its Hat
* Fontainebleau May Not Be Totally Screwed (we'll see)
* UNLV Center for Gaming Research Trends
* MGM Mirage Selling Properties

Feel free to leave your comments below. If it's a question that you want asked on the show, please make that clear in your post. You can also send those to editor@ratevegas.com.

Not much of a surprise given all that's gone on with the company - it seems they are going to use the bankruptcy laws to attempt to re-organize.

http://www.lasvegassun.com/news/2009/mar/18/station-seek-bankruptcy-protection-april-15/

Not much else to say - just the latest step for Station as it attempts to survive a dramatic fall off of its Las Vegas business combined with the staggering debt load accumulated by going private.

Boyd Gaming, who shut down their Strip project Echelon last year, is making a bid for a chunk of troubled Las Vegas locals operator Station Casinos.

http://www.lvrj.com/news/breaking_news/40115287.html

For $950 million they would purchase Green Valley Ranch, Aliante Station, Texas Station, Wild Wild West and both Fiestas. Boyd has a large locals operation already that could potentially meld well with Station's offerings.

Update: There's some discrepancy over exactly which assets are included in the proposal. This LV Sun blurb doesn't mention GVR: http://www.lasvegassun.com/news/2009/feb/23/boyd-gaming-offers-buy-station/

Updated March 3rd: As of today, Station has rejected this offer from Boyd: http://www.lvrj.com/news/breaking_news/40660477.html

We're back with another episode! It can be downloaded here.

This time around we discuss:

* Boyd Offers to Buy Station Assets
* Wynn Resorts Q4 2008
* iPhone Card Counting Software Makes the Rounds
* 2008 Gaming Abstract Figures
* M Resort Opens Sunday

Feel free to leave your comments below.

The LV Sun has an interesting article about the possibility of shifting the gaming age from 21 to 18 in Nevada in an effort to stimulate an industry that's hurting.

A few episodes ago, we discussed potential regulatory changes in gaming as a response to the economic crisis, though we focused on allowing strip clubs in casinos, the general concept is the same - will changes in regulation be sped along due to cash problems?

http://www.lasvegassun.com/news/2008/nov/07/idea-floated-lower-state-gambling-age-18/

Harrah's earnings took a hit, as expected.

From the Sun: http://www.lasvegassun.com/news/2008/nov/07/harrahs-sees-fall-third-quarter-earnings/

The RJ says they are going to work on cost cutting: http://www.lvrj.com/business/34137664.html

Also, from a newer blog that Dave Schwartz clued me in on, some info on AC layoffs: http://www.gamingatlantic.com/index.cfm/2008/11/7/Atlantic-City-Blues--good-news-too

This RJ piece indicates that Boyd Gaming is not sure when construction on their halted Las Vegas Strip project, Echelon, will resume.

http://www.lvrj.com/news/breaking_news/33468339.html

BYD reported its earnings today (not great) and yesterday we got news that retail operator General Growth Properties is trying to sell off Las Vegas assets because it can't make the mortgage payments. Crazy times indeed.

This was rumored the past few days. It's too bad for Las Vegas and the North Strip. I hope they can resume construction in a year or so. BYD's Conference Call is at Noon today, so we'll get more information then.

NEW YORK, Aug 1 (Reuters) - Casino operator Boyd Gaming Corp (BYD.N: Quote, Profile, Research, Stock Buzz) said on Friday it has decided to delay construction of its new Las Vegas Strip casino called Echelon and suspended quarterly dividends.

The company also posted lower second-quarter profit as the U.S. economic slowdown reduced gambling revenue.

The company also said it has decided to delay the construction of Echelon due to the challenging economic environment. It plans to resume construction in three or four quarters, assuming credit market conditions and economic outlook improves.
Boyd Delays Echelon

The first episode of what could become a new, semi-regular podcast has been posted.

It doesn't yet have a name but the working title is 'Vegas Roundtable'. It's a gaming industry related podcast in a discussion format. Today's participants include:

Jeff Simpson - http://www.lasvegassun.com and http://www.inbusinesslasvegas.com

David McKee - http://www.lasvegasadvisor.com/blogs/dmckee/

Dave Schwartz - http://www.dieiscast.com

Chuck Monster - http://www.vegastripping.com

Thanks to all participants. The podcast is in my normal feed for 'The Worst Las Vegas Podcast' but it will probably move to a dedicated feed. Also, if anyone can think of a good name, drop them in the comments.

If you don't subscribe to the feed and want the direct URL, here it is:
http://media.ratevegas.com/35-roundtable_1-02_07_08.mp3

Here we are with a special Thanksgiving-eve 'Strip Walk' segment. This time around, mike_ch checks out the Frontier, Encore, City Center, Luxor, The Mirage and more. Text after the jump...

Photos: http://www.ratevegas.com/photo/gallery/stripwalk

This would be huge if LVS acquired Boyd especially for the Echelon site on the Strip.

"Activity was brisk, for instance, in Boyd Gaming Corp. as rumors swirled that the casino company might be in the sights of Las Vegas Sands Corp."

Rumors Swirl That LVS Interested in Boyd

Our second time using Talkshoe.com and it was a lot of fun. Regular readers like Detroit1051, Mike E, Brian Fey, mike_ch and BarbaryKevin were all in on the action.

We covered a broad range of issues, from Cotai, Harrah's, Wynn Resorts, Las Vegas Sands, Palazzo, Encore, IGT and a lot more.

During the show we talked about Chuck's Macau diary. That link is here: http://www.macautripping.com

We're back with another Strip Walk! This was written almost a week ago and this time around you'll get Mike's comments but a few of my own sprinkled in - I was in Vegas for one night last week and took some of my own photos as well.

As always, the photos are here: http://www.ratevegas.com/photo/gallery/stripwalk

Commentary after the jump...

Welcome to a new semi-regular feature, 'Strip Walk'. These photo updates from the Las Vegas Strip (and other parts of the Valley) have previously been presented by our man in the field, mike_ch. Well, now he's an official part of the crew and we're aiming to get these two you about every other work, time and schedule permitting.

His notes follow after the jump and the photos for this and future walks are here:

http://www.ratevegas.com/photo/gallery/stripwalk

Enjoy!

This interesting story in the RJ caught my eye - a well known casino security expert that has trained many in the industry has been accused of colluding to fix high stakes poker games in Atlantic City.

While an integral part of internal controls and even public safety, we don't hear about much of this stuff and that's why I thought it was worth sharing and discussing.

http://www.lvrj.com/business/9112526.html

Technorati Tags: atlantic city, borgata, gaming industry, poker

Boyd Gaming broke ground on Echelon Place, the complex that will sit where the Stardust did for 50 years.

David's got some good coverage and it's also been all over the 'Net today.

You guys excited about Echelon? After seeing Borgata in AC, I can say that Boyd has it in 'em. Could be great.

Technorati Tags: borgata, boyd, casino design, gaming industry, las vegas, lasvegas

Thanks to mike_ch who is back with another Las Vegas Strip development/construction update.

The photos are here: http://www.ratevegas.com/photo/gallery/mikech

Keep reading after the jump!

Technorati Tags: bellagio, casino design, condos, gaming industry, las vegas, lasvegas, lasvegassands, luxor, mandalay bay, mgm mirage, palazzo, photography, planet hollywood, project citycenter, trip report, vegas, vegas photos, venetian, wynn, wynnlasvegas

We really don't do a lot of Atlantic City coverage - I've only been there one time myself... Not a place that I would want to visit on a regular basis but I had an interesting day there and a great meal at one of Borgata's gourmet rooms.

Borgata itself was impressive - standing in their casino you would be hard pressed to forget you were on the Jersey shore. It feels like a Mandalay Bay-ish type of place.

Anyway, thanks to reader Tom M., for a slew of photo updates:
http://www.ratevegas.com/photo/gallery/atlanticcity

Some interesting new projects like an expansion at Borgata, plus of course MGM Mirage's possible entry into the market - AC is hopping!

Technorati Tags: atlantic city, borgata, boyd, casino design, gaming industry

Another construction update from mike_ch. This one covers Paris, Bill's Gamblin' Hall and Saloon, The Venetian, Encore, Palazzo, Stardust (RIP), Frontier, Bellagio, Planet Aladdin, and Luxor.

Thanks again to him for providing this stuff.

Photos are located here: http://www.ratevegas.com/photo/most_recent

Also, we've got new VIDEOS! You can watch them here (goes from most recent to older): http://www.ratevegas.com/photo/videos

I'll be in Vegas this weekend to see Spamalot, take some photos, tour the CityCenter sales pavilion and attend wedding (not in that order).

According to filings with Clark County zoning, Boyd Gaming has updated their master plan for Echelon Place to include 1,000 more rooms than previously approved. In addition, the 1,000 condo/hotel rooms in the original plan have been jettisoned.

The plan now includes 5,280 rooms with some featuring kitchens. The site is still split into multiple towers, housing the various hotel components they have planned.

For development geeks, the filing is here:
http://dsnet.co.clark.nv.us/dsnetapps/agendaweb/Data/P0205590.htm

Technorati Tags: boyd, casino design, echelon, gaming industry, las vegas, lasvegas

Boyd Gaming will implode on of the Strip's oldest hotels, the Stardust, on March 13th at 2:30am.

The building is being cleared to make way for Echelon Place, a large casino/retail/hotel development. Workers have been gutting it for the best several months - you can barely recognize the shell of the hotel tower and the distinctive neon sign is long gone, to be preserved at the Neon Museum.

Technorati Tags: boyd, casino design, echelon, gaming industry, las vegas, lasvegas, stardust, vegas

This time around I spent most of the episode talking about Wynn Resorts, Ltd., 4th Quarter earnings report. There's also some stuff on MGM Mirage and others.

Update: For some reason that I can't explain, this episode sounds somewhat tinny. Sorry about that.

A reminder - feel free to call in and leave us a message about anything Las Vegas or Web site related. The call in number is: 702-508-4232.

iTunes: http://phobos.apple.com/WebObjects/MZStore.woa/wa/viewPodcast?id=197984456
Direct RSS: http://www.ratevegas.com/feed/podcast

Technorati Tags: boyd, gaming industry, las vegas, lasvegas, lasvegassands, macau, mgm mirage, podcast, sands, sandsmacau, vegas, venetian, wynn, wynn macau, wynnlasvegas

Thanks again to Mike_ch who is kind enough to share his updates and thoughts on what's going on down on the Las Vegas Strip.

This one covers the Stardust, Bellagio, Wynn Las Vegas and Encore, The Venetian, Palazzo, Luxor, Mandalay Bay, Monte Carlo, New York New York, Planet Aladdin, and more.

Photos are located here: http://www.ratevegas.com/photo/gallery/mikech

Keep reading after the jump for the report.

Technorati Tags: aladdin, bellagio, boyd, caesars, casino design, gaming industry, harrahs, las vegas, lasvegas, lasvegassands, luxor, mandalay bay, mgm mirage, mirage, palazzo, photography, planet hollywood, project citycenter, stardust, vegas, vegas photos, venetian, wynn, wynnlasvegas

Boyd Gaming posted some nice results yesterday:

http://www.reviewjournal.com/lvrj_home/2007/Feb-21-Wed-2007/business/12696493.html

Boyd is building Echelon Place in Las Vegas on the site of the Stardust, which is set to come down in mid-March. Their joint venture in Atlantic City with MGM MIRAGE, Borgata, has many folks believing that Echelon is a project to watch and their Las Vegas opening will be a bigger splash than some have predicted.

Technorati Tags: atlantic city, borgata, boyd, casino design, gaming industry

Looks like something at the Stardust site is on fire. Thanks to Christian for the updated photos!

http://www.ratevegas.com/photo/gallery/stardust

Technorati Tags: boyd, las vegas, stardust

The Nevada Gaming Control Board approved the deal that swaps the Barbary Coast hotel and casino on the Las Vegas Strip for 24 acres of land located near Boyd Gaming's 'Echelon Place' site.

Harrah's had been trying to grab the site for years and Boyd finally relented last year. Harrah's is expected to include the Barbary site in any Strip re-development master plan, though that may have been slowed down due to the company being taken private.

Along with the sale, the Barbary Coast will be changing its name to 'Bill's Gambling Hall and Saloon'. The award winning restaurant 'Michael's' will be moving to the South Point down the road.

More info:
http://www.reviewjournal.com/lvrj_home/2007/Feb-08-Thu-2007/business/12456754.html

Technorati Tags: boyd, casino design, gaming industry, harrahs, las vegas

Today's newspapers have some interesting stories.

First off is the Sun with an article on Bobby Baldwin and the CityCenter plan. Some of the water and special features are alluded to here. A very interesting article. From this piece I can't help but think that pretty soon there will be way too many interesting resorts to really see Las Vegas in a single weekend anymore... if you can even do that still today.

http://www.lasvegassun.com/sunbin/stories/consumer/2007/jan/21/566630061.html

Second is an article on implosion prep for the Stardust:

http://www.reviewjournal.com/lvrj_home/2007/Jan-21-Sun-2007/business/12010899.html

Technorati Tags: boyd, casino design, condos, echelon, gaming industry, las vegas, mgm mirage, project citycenter, vegas

What did you think was the most interesting/biggest story of 2006 that related to Las Vegas and/or casino gambling?

Was it Harrah's being taken private? Wynn Resorts opening in Macau? The Stardust going dark? The insanity around the Tropicana bidding war? I'm interested to hear your take.

The RJ has a story on that topic today with a few examples but we don't have to limit the discussion to those options.

http://www.reviewjournal.com/lvrj_home/2006/Dec-31-Sun-2006/business/11367452.html

And, for a little bit of history, these are the posts from December 2005. Funny to think of all that has happened this year.

http://www.ratevegas.com/blog/2005/12/

Technorati Tags: boyd, gaming industry, las vegas, lasvegassands, macau, mgm mirage, stardust, vegas, venetian, wynn, wynn macau

Some quick hits on upcoming development projects in Las Vegas from the Sun.

* Some discussion on Caesars Palace and the Roman Forum / new tower development.

* The Harrah's Center Strip project is still under wraps, likely delayed due to the potential private equity take-over of the company. This potentially includes the re-development of Bally's, Imperial Palace, Harrah's Las Vegas and the Flamingo, with varying degrees of severity.

* Echelon Place is moving along.

* Station has plans for Durango Station some day.

http://www.lasvegassun.com/sunbin/stories/consumer/2006/dec/05/566636105.html

Technorati Tags: boyd, caesars, casino design, echelon, gaming industry, harrahs, las vegas, lasvegas, station, vegas

Roll The Bones is a new book by Dr. David Schwartz, the director of the Center for Gambling Studies at UNLV. His blog, DieIsCast.com is a great source for gambling information and news along with the ever-popular casino carpet gallery.

Dave has written several gambling related books in the past, including Suburban Xanadu, a study of the casino resort's evolution (this book features an in-depth look at Martin Stern, Jr., who's work we have mentioned several times in the past here on this site) and Cutting The Wire, a look at the Wire Act and Internet gambling.

You can buy this book here (and it supports this site in a small way): Roll the Bones: The History of Gambling

Keep reading after the jump...

Technorati Tags: atlantic city, boyd, caesars, casino design, gaming industry, harrahs, hilton, las vegas, lasvegassands, macau, mgm mirage, project citycenter, ratevegas.com, vegas, wynn

I'm always a little reluctant to post links to WSJ articles since you have to subscribe to read it. Still, I love the Journal and check it out every day and we've got a section piece on Boyd and Station today that's interesting so I'm posting it.

The concept is looking at Red Rock and South Point (South Coast) and how these investments didn't produce the returns they wanted... Station missed this quarter for the first time in a looong time.

http://online.wsj.com/article_print/SB116364714531124738.html

Technorati Tags: boyd, gaming industry, las vegas, lasvegas, red rock, station, vegas

Another update from Mike on the construction situation. No photos this time but still some good info on Mandalay, Luxor, Excalibur, MGM Grand, Wynn and Stardust.

Keep reading after the jump for the details.

Technorati Tags: casino design, gaming industry, las vegas, lasvegassands, mandalay bay, mgm grand, mgm mirage, palazzo, treasure island, wynn, wynnlasvegas

Thanks to mike_ch for another set of construction updates from the field!

This time around we get info on Encore, Aladdin/Planet Hollywood, Palazzo, Bellagio, MGM Grand, The Mirage, Treasure Island and the last day of the Stardust!

Thanks again to Mike for providing this stuff.

The photos are up in their respective categories but to see all recent photos:

http://www.ratevegas.com/photo/most_recent

Regarding his question below about The Mirage, they have partnered with the Los Angeles Lakers to be their official Las Vegas hotel. Oh, and by the way Mike, that picture of Bellagio's front desk office - I've always thought that was a great space. Nice shot.

Okay, Mike's update is after the jump.

Technorati Tags: aladdin, bellagio, boyd, casino design, echelon, gaming industry, las vegas, mgm grand, mgm mirage, mirage, palazzo, photography, planet hollywood, stardust, treasure island, vegas, vegas photos, venetian, wynn, wynnlasvegas

Michael Gaughan's South Point

Third Quarter earnings are coming out. The RJ gave a preview:
Big Six Earnings Preview

For conference call junkies, a schedule follows the jump.

I got my review copy of Dave Schwartz's new book, "Roll The Bones" today and I've started to read it. Dave is a friend of mine and I feel lucky to call him that. He's the number one gambling historian and author of several books. He works at UNLV as the Director of the Center for Gaming Research. His Web site is located here, which we are now proudly hosting for him: http://www.dieiscast.com

A full review will follow when I'm done but so far, it's great. Anyone that's seriously interested in gambling should buy this book right now.

The link below is from Amazon.com and not only do you get the book for a great price, but we get a small cut of the proceeds, so you are supporting the site and getting what so far seems like a great book.

Ok, here goes: Roll the Bones: The History of Gambling

Enjoy.

Technorati Tags: atlantic city, aztar, bellagio, borgata, boyd, broadway, caesars, casino design, cirque du soleil, fremont, gaming industry, golden nugget, hard rock, harrahs, hilton, hooters, las vegas, luxor, macau, mandalay bay, mgm grand, mgm mirage, mirage, monorail, palazzo, palms, planet hollywood, playboy, project citycenter, red rock, riviera, sahara, southcoast, stardust, station, table games, treasure island, tropicana, vegas, venetian, wynn, wynn macau, wynnlasvegas

Boyd's sale of the South Coast to operator Michael Gaughan is sailing through regulation. Gaughan is turning in $512 million in stock in return for the property.

It was approved by the Nevada Gaming Commission on Thursday after being approved by the Gaming Control Board previously. The NGC approval is the last stage in the State's regulatory process.

The property will be re-named the South Pointe after the sale is completed.

http://www.reviewjournal.com/lvrj_home/2006/Oct-20-Fri-2006/business/10337323.html

Technorati Tags: boyd, gaming industry, las vegas, lasvegas, southcoast, vegas

A few quick items:

Harrah's is set to remodel the rooms at the Flamingo, casting any demolition rumors into severe question:
http://www.vegastripping.com/news/news.php?news_id=1387

After losing the Tropicana assets, Pinnacle will buy the Sands in Atlantic City:
http://www.vegastripping.com/news/news.php?news_id=1390

Boyd has announced the Stardust will close November 1st:
http://www6.lexisnexis.com/publisher/EndUser?Action=UserDisplayFullDocument&orgId=616&topicId=12552&docId=l:503697936&start=6

Technorati Tags: casino design, gaming industry, harrahs, las vegas, atlantic city, tropicana

(Sorry I am late with this, my Internet access has been down.)

So, it looks like Boyd is offloading its newest property, the supposedly underperforming South Coast, to the operator himself, Michael Gaughan.

Interesting.

More info: http://lvbusinesspress.com/articles/2006/07/25/breaking_news/04news.txt

Technorati Tags: boyd, gaming industry, las vegas

Wow, if this is true, it's mighty insane. The Las Vegas Business Press is reporting that Harrah's might swap the Rio with Boyd Gaming for the Barbary Coast, enabling Harrah's to create their massive Strip project.

We'll see.

http://www.lvbusinesspress.com/articles/2006/06/26/news/news06.txt

Technorati Tags: boyd, casino design, gaming industry, harrahs, las vegas, vegas

Finally, the word on the Stardust site.

There's a lot of info, so you probably want to read the details for yourselves:

Press Release

And, the new Web site for the resort:

Echelon Las Vegas

Technorati Tags: boyd, casino design, gaming industry, las vegas, echelon, vegas

Boyd Gaming's newest resort, the South Coast, is quickly going up on Las Vegas Blvd., South of Mandalay Bay.

About four months from opening, this RJ article takes a walk through the partially finished complex:

South Coast Coming Online

Technorati Tags: boyd, /casino design, /las vegas, /lasvegas, /vegas

Boyd has been talking up their expansion of the Borgata in Atlantic City, NJ.

At the same time, all eyes are on their Stardust site in Las Vegas - will there be a Borgata Las Vegas on the horizon?

Borgata Expansion

Technorati Tags: borgata, /boyd, /casino design, /las vegas, /lasvegas, /stardust, /vegas