frankie the snitch?

Frank "Lefty" "The Snitch" Rosenthal? From the Las Vegas Review Journal:

'Lefty' Rosenthal was an FBI snitch
by JANE ANN MORRISON

Back before he was mayor of Las Vegas, when he was the city's leading mob attorney, Oscar Goodman insisted he didn't represent snitches.

He represented Frank Rosenthal. Now that Rosenthal is dead, three former law enforcement sources with first-hand knowledge confirmed what was long suspected. Lefty Rosenthal was an FBI informant, whether his attorney knew it or not.

While Rosenthal was alive, no one would confirm it. Nobody wanted to be the one who got Lefty whacked. Read more.

leave the kids at home!

Oh for the love of Christ! From the Las Vegas Sun:

Parents arrested after 10-month-old abandoned at casino
By Mary Manning

Metro Police arrested the parents of a 10-month-old boy Friday after the baby was left in a stroller in front of the Imperial Palace hotel and casino for more than an hour.

Officers arrived at the hotel at about 5:35 p.m. Friday after two concerned tourists reported to security guards that the baby was alone in his stroller, police said.

Through video surveillance cameras, officers identified the parents who had abandoned the child, police said.

The parents were inside the casino gambling. When questioned, they told police they had left the baby after an argument. Both parents left the baby in his stroller on the sidewalk in front of the casino, police said. Read more.

And of course, it happened at the finest dump on the Strip, the ol' Imperial Palace. Lovely.

How many times do we have to cover this? Unless your children are legally able to get past a bouncer at ghostbar--or you're planning on selling them on the black market--DO NOT BRING THEM TO VEGAS!

Seriously, Las Vegas is NO place for children. Leave them at home!

You'd think this sort of thing is self evident. Apparently not.

"...eight straight months of declining revenue on the las vegas strip..."

I shouldn't be so harsh on Boyd Gaming, though. It's not like they're alone in this economic mess. The Big Three in Vegas--Las Vegas Sands Corp., MGM Mirage and Wynn Resorts Ltd.--are getting clobbered in the markets.

From Bloomberg.com:

Las Vegas Sands, MGM, Wynn May Signal 'Ugly' 2009
By Beth Jinks

Oct. 27 (Bloomberg) -- Las Vegas Sands Corp., Wynn Resorts Ltd. and MGM Mirage, the three largest U.S. casino companies, may signal an "ugly" year ahead as gamblers curb casino trips and betting from Las Vegas to Macau.

Eight straight months of declining gambling revenue on the Las Vegas Strip and tightened visa limits by authorities in Macau, the only place in China where casinos are legal, eroded third-quarter profits, said Dennis Forst, an analyst at KeyBanc Capital Markets in El Segundo, California.

Shares of Wynn, controlled by billionaire Steve Wynn, have dropped 67 percent this year. Sands shares plunged 23 percent on Oct. 24, bringing its year-to-date decline to 94 percent and forcing it to relinquish its ranking as the biggest U.S. casino company by market value to Wynn.

No. 2 MGM Mirage, majority owned by Kirk Kerkorian, has fallen 87 percent. Penn has shed 79 percent, while Melco Crown Entertainment Ltd. has lost 72 percent. Read more.

I'm no economist, but Vegas will come back. It may take a year or two, but it'll come back. Gaming/travel/tourism are not recession-proof industries, you know. What I'm most curious of, though, is which hotel-casinos in Vegas will fold. The Big Three have deep enough pockets to survive. Harrah's is THE biggest casino company in the world, so they're probably safe. But it's going to be the little guys and outliers who lose. Are there any left in Vegas? Not many, but a few.

2009 promises to be nothing if not exhilarating.

will boyd's echelon ever open?

Things are not looking good for Boyd Gaming's mega-resort on The Strip, The Echelon. From Reuters:

Boyd Gaming sees Las Vegas project stalled thru 09

LOS ANGELES, Oct 28 (Reuters) - Casino operator Boyd Gaming Corp (BYD.N: Quote, Profile, Research, Stock Buzz) said on Tuesday it does not expect to resume construction next year on its stalled Las Vegas Strip project and declined to comment on its fourth-quarter earnings outlook.

Boyd said in August it expected to halt construction of the partially built $4.8 billion Echelon project for at least nine months.

Chief Executive Keith Smith, speaking on a conference call, said the company is now looking at alternatives, including opening the project in phases, modifying its scope or entering into other partnerships.

Chief Operating Officer Paul Chakmak, citing uncertainty in the current economic environment, said the company would not issue its typical quarterly earnings forecast. (Editing by Jeffrey Benkoe)

This is bad. Very bad. The Echelon was slated to open in 2010. When the credit markets went kaput, they halted construction for the rest of '08. Now all of '09 is getting wiped out? Opening in phases or modified scope?

So much for building a competitor to its neighbor across the street, The Wynn.

notorious vegas legend dies.

How on EARTH did I miss this? From the Los Angeles Times:

Frank 'Lefty' Rosenthal dies at 79; sports betting expert inspired movie 'Casino'

Frank "Lefty" Rosenthal, the onetime Chicago bookmaker who ran four Las Vegas casinos in the 1970s and whose turbulent life and near-death experience with a car bomb inspired the movie "Casino," has died. He was 79.

Rosenthal, who was barred from casinos because of alleged mob ties, died of a heart attack Monday at his home in Miami Beach, a Fire-Rescue spokeswoman told the Associated Press.
Read more.

In the annals of Las Vegas/casino movies, Casino is easily one of my favorites.

allegiant bucking the trend.

Perhaps all is not lost right now on the Vegas tourism industry. From the Las Vegas Review Journal:

Allegiant revenue jumps despite financial downturns
By Benjamin Spillman

Las Vegas-based Allegiant Travel Company managed to increase revenue more than 35 percent in the third quarter despite operating a leisure-based airline at a time when the hospitality and airline industries are suffering from dramatic financial downturns.

Allegiant reported today that it earned $116.9 million in the third quarter, up 35.4 percent from the same quarter in 2007. However, profits on the revenue fell 4.2 percentage points to 6.9 percent, in large part because fuel costs were higher.

During a conference call with analysts company officials were upbeat despite dire predictions for leisure travel. They said lower fuel prices will give the airline more flexibility in the future and discussed several possibilities for increasing revenue further, including the potential to charge passengers for carry-on luggage. Read more.

I've always liked their model of providing direct flights to destination cities for secondary markets. I've also flown them a couple times. The first time was not that great, but the second time was very good. I'd fly them again.

dear vegas...you want me on that dice table. you need me on that dice table.

While I'm keenly aware the Strip prefers its dealers to break in on the Strip, let me tell you firsthand the Midwest riverboats are not the minor leagues. I'm not arguing the action in Joliet is better than Bellagio, but the games, rules and procedures are taught the same across the board.

I've been a dealer for about two years total now (with a seven year sabbatical in between stints) and working the dice table on a riverboat is nothing to sneeze at. I've observed games at all levels and at several casinos and here are a few observations:

Riverboats Love Speed.
For better or worse (and I think it's worse), riverboat dice pits have an unhealthy obsession with speed. I know how it goes. More rolls = more money. But it's silly. Vegas dice tables move at a relaxed pace, but not too slow. The key difference is...

Midwest Dice Players Love Prop Bets.
Perhaps I'm not watching the right games at the right time in Vegas, but I have never seen the same sort of prop section on the Strip as I do at a Midwest riverboat. Sure, a Vegas game will have the obligatory hardway bets, a couple C/E bets, maybe even a Horn High 12. But come to the riverboat and you'll see one player simultaneously booking: $10 Horn High Yo, $9 hopping sevens and a $1 ace-deuce. THEN another player on the same game will have the easy eights hopping and a High-Low.

Every. Single. Roll.

Don't tell me Midwest games are soft. The players are prop action freaks...at their own peril.

Procedure Suffers Everywhere.
I know most dealers fancy themselves to be procedurally sound, but I think they all get bored. How many stickmen take their eyes off the dice? How many 21 dealers correct their own mistakes? This happens at EVERY casino.

Final observation...

I Can Deal Anywhere.
Let me tell you why: During my shift Saturday night I was dealing to every skill level of player, action from $40 buy-ins to players working black, all manner of prop betting and all manner of...well, etiquette.

While it was mentally taxing, it was not too much to bear. If I can deal that game in the Midwest, I could do it standing on my head at Paris, or Caesars or the Wynn.

Count it.

caesars palace: "what sagging economy"?

Looks like the new Caesars Palace tower is ready for business. From Forbes:

Caesars Palace tops off sixth tower on Vegas Strip
By OSKAR GARCIA

Casino company Harrah's Entertainment Inc. topped off a 23-story tower at Caesars Palace on Tuesday as part of a $1 billion expansion at its flagship Las Vegas Strip resort.

The 665-room Octavius Tower is the sixth at Caesars and is part of an expansion the company hopes will help the hotel-casino compete with planned neighboring luxury resorts.

Gary Selesner, president of Caesars Palace, said expansion plans haven't changed, despite difficult economic conditions.

"This is all about the future," Selesner said. "We're building our capacity for the turnaround that will come, whether it's one, two or three years down the road."

Average Las Vegas hotel room rates for August were $107 per night, down 15.3 percent from August 2007. Occupancy was down, too, with 88.3 percent of rooms filled in August, down 2.9 percent compared with August 2007.
Read more.

I'm most struck by the last paragraph there, although Las Vegas is not going to go bust in the current economy. When the economy plunged after 9/11, many Vegas casinos and resorts merged to survive. There will be some fluctuation and lean times, but the economy will rebound.

I doubt anything could turn Vegas dark, quite honestly.

no bonus for mgm mirage.

Looks like I picked a bad time to start thinking about moving to Vegas. From the Las Vegas Review Journal:

MGM Mirage employees to miss bonus
Cash program out because company 'unlikely' to meet profit goals for 2008
By HOWARD STUTZ

MGM Mirage told its workers Monday that it was eliminating this year's cash bonus program, which is based on achieving a certain level of profitability.

"It is unlikely we are going to meet those goals this year," MGM Mirage spokesman Gordon Absher said.

The company's cash bonuses differed for all employees and the company did not say what the triggering points were for each level. Absher said the casino operator wouldn't say how much it was saving by eliminating the bonus program for 2008. Read more.

This isn't terribly surprising news. Vegas profits have been down all year. Nevertheless, it does show the economy is affecting everyone.