The biggest bet on the Las Vegas Strip has not paid off yet. Private equity firms Apollo Global Management and TPG Capital LP TPG.UL bought Harrah’s Entertainment, which operates nearly 40 casinos across the United States, for $31 billion in January. It was the peak of a leveraged buyout bubble that moved [...] [...more]
I got a comment on LVRED from Matt at PepperCom about the idea of green technology and he left me with a video to watch. You should definitely watch it yourself. I won’t spoil the answer for you, but I’m pretty sure when you come to a website like this, you know what answer to [...] [...more]
MGM Mirage’s stock dropped Thursday as an analyst cautioned that the casino operator’s high-end Las Vegas Strip properties are showing signs of weakness in the third quarter to date. Casino operators, like many other industries, have started to feel pressure as consumers continue to tighten spending due to the housing downturn, diminishing credit and rising food [...] [...more]
The 24-hour on-site security at Monterey at the Las Vegas Country Club condominiums has been an important aspect to buyers within the development’s one- and two-story residences, located along the fairways and mature landscaping of the country club development, according to Nancy Green, sales agent. “Not only do residents love the look and the feel of [...] [...more]
Developers of a $5 billion Las Vegas Strip casino resort modeled after the Plaza Hotel in New York say they have deferred a $625 million loan for the project until May 2009 and will not break ground until sometime next year. Groundbreaking was originally scheduled for sometime this year, but Elad IDB Las Vegas President and [...] [...more]
Union officials say a tentative agreement has been reached by two unions and Tropicana Entertainment for a new contract covering 750 workers at the company’s Las Vegas Strip casino. The agreement with the culinary and bartenders unions covers workers at the Tropicana Hotel & Casino. Culinary secretary-treasurer D. Taylor praised Tropicana chief executive Scott Butera in a [...] [...more]
Casino operators have been rolling snake eyes this year. In the U.S., would-be gamblers, hit with higher gas prices and rising unemployment, are nixing their Las Vegas vacations this summer, and some gaming companies are being forced to delay expansion plans or file for bankruptcy amid the credit crunch. And things have gotten dicey overseas: [...] [...more]
A year and a half after Bill Yung paid $2.8 billion for Aztar Corp. and its Tropicana casinos in Las Vegas and Atlantic City, his casino company filed for Chapter 11 bankruptcy protection and he was forced out of his job. Yung isn’t the first executive to stumble in the deceptively profitable casino business. But his [...] [...more]
Construction on the $5 billion Plaza casino-hotel on the Las Vegas Strip is being delayed until 2009, according to an article in the Wall Street Journal. The project was set to begin construction by the end of 2008 but Michelle Tsang, a spokeswoman for Elad IDB Las Vegas, told the Wall Street Journal that the owners [...] [...more]
Land prices in Southern Nevada land dropped nearly 21 percent in the second quarter from the same period last year, reports Applied Analysis, a local business advisory firm. Median vacant raw land prices were $570,279 per acre at the end of June, or $148,232 less than 12 months earlier. It equals average sale prices of [...] [...more]
