one more word about the greektown.

Looks like the Greektown could have a new owner, according to the Detroit Free Press:

Celani aims to buy Greektown Casino
BY MARY FRANCIS MASSON

Tom Celani, a Bloomfield Hills businessman and investor, is trying to buy Greektown Casino in downtown Detroit.
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Celani, who was an initial investor in MotorCity Casino, has partnered with Plainfield, a Connecticut-based hedge fund, to bid for Greektown, which is being marketed to buyers through bankruptcy proceedings. Read more.

Call me a neophyte, but how a casino goes bankrupt is beyond me.

BEYOND me!

visiting detroit's greektown casino.

I was in Detroit this weekend for a day trip to catch my first-ever NHL game. I'm a huge fan of the Detroit Red Wings, so it was great to take in a game at the venerable old Joe Louis Arena. Too bad the Wings lost.

I decided to park my car at the Greektown Casino and take the downtown people mover to and from the game, which was incredibly convenient (take note, big cities with traffic congestion issues!).

Aptly named for the neighborhood within which it resides, the Greektown Casino-Hotel boasts a 100,000-foot gaming floor with more than 2,600 slots as well as the full compliment of table games, 400 guest rooms in a 30-story tower, a nightclub and several restaurants from which to choose.

Obviously, the Greektown is shooting for weekend warriors to enter and never set foot outside the complex until they check out.

I was only there for a couple hours, but wandered the two-level gaming area to take it all in.

My first thought was, "Where are the video poker machines?" Instead of putting them among the slots, video poker is in its own, all-too-cozy room away from nearly ever other part of the casino. It's honestly kind of a strange location, if you ask me.

Greektown is one of the remaining ethnic neighborhoods in Detroit; something that's fading away in many big cities (and something you can't create out of corporate investment). The casino butts up against a street lined with Greek restaurants and businesses. It's very unique and worth the visit.

The casino itself wasn't bad, but didn't stand out at all, compared to other casinos I've visited in the Midwest. The table games pits seemed disjointed, if you ask me. The video poker room might be claustrophobic to some, but didn't bother me.

Overall, it's not bad. I'd have to go back and stay for a weekend to get a better feel for it all. I can't complain, though. I did win a few bucks. Their slot machines offer something I've never seen before in a casino for players club members: you have the choice of cashing out of a slot machine with a voucher or putting the money onto your players card; sort of like a debit card. Clever and I suppose convenient. But let's be real. They're trying to keep the money in-house. I'll take the cash, thank you very much.

opening the horizons.

Ostensibly, this blog is about the Las Vegas gaming industry. Lately, it's only been about being dormant. I'm working on changing that. I'm also expanding the discussion ton include topics on gaming around the country as well as the entertainment itself. Don't get me wrong here. I do believe many everyday Vegas travelers are interested in the business aspect of gaming. But they also want to learn more about casinos to determine vacations and weekend getaways.

Casino gaming is no longer a dirty little secret. It's regarded as entertainment just like movies, theater, dining and sports.

Consider this blog a window to the business side as well as the travel side.

Stick around.

citycenter in jeopardy?

Is the Las Vegas Review Journal guilty of hyperbole, or are they predicting the death of CityCenter? Decide for yourself:

CityCenter future in doubt after Dubai partner sues MGM Mirage
By HOWARD STUTZ

The survival of the $9.1 billion CityCenter development was called into question Monday when the investment arm of the Persian Gulf state of Dubai sued MGM Mirage over concerns about the project’s viability.

According to the lawsuit filed in Delaware Chancery Court, Dubai World, a 50-50 joint venture partner in CityCenter, is asking for unspecified damages and wants to be relieved of its obligations under the companies’ agreement that was struck in August 2007.

Dubai World, which is financing its portion of CityCenter through its Infinity World subsidiary, contends that recent statements by MGM Mirage constitute a breach of the joint-venture pact and has put the project at risk. A spokesman for MGM Mirage was unavailable for comment this morning. As of noon PDT, MGM Mirage had not issued a statement about the legal action.

The lawsuit seemingly took MGM Mirage by surprise. Last week, during the company’s fourth-quarter earnings conference call, MGM Mirage Chairman and CEO Jim Murren was asked about the relationship with Dubai World. “Our relationship with Dubai World is outstanding and has been since August of ’07 when we consummated the joint venture,” Murren said. “They have been steadfast partners.” Read more.

mgm mirage break-up...start the clock.

Looks like MGM Mirage's day just got worse. From the Las Vegas Review Journal:

Dubai partner sues MGM Mirage over CityCenter

DUBAI, United Arab Emirates — The Dubai state-run developer involved in the $8.6 billion CityCenter complex on the Las Vegas Strip says it is suing partner MGM Mirage amid concerns about the project's viability.

Dubai World says subsidiary Infinity World filed the lawsuit in Delaware Chancery Court "to protect its rights and the best interests of the CityCenter project."

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MGM Mirage is struggling under more than $13 billion in debt as it pushes ahead on CityCenter, its largest casino yet.

Infinity says recent statements by MGM Mirage about its future viability constitute a breach of contract and put the CityCenter project at risk.

It says it's asking the court to relieve it of its obligations under the joint venture agreement.

The irony of a casino plowing forward with a semi-risky venture while accruing a mountain of debt is not lost on me. When they started this project, it looked like a license to print money. The economy was soaring. Vegas tourism was at an all-time high and the affluent, young crowd was streaming onto the Strip in droves.

All the major Strip operations could afford to charge high prices for rooms, dinner, entertainment, etc. They were trying to push all the penny slot players and nickel blackjack players downtown with all the other riff-raff.

But now, MGM stock is barely worth the paper it's printed on.

I'm not celebrating MGM's recent misfortune. It disappoints me to no end. But it's worth noting all the corporate monsters of the Strip have only themselves to blame. Goliath smote Goliath.

Start the clock on the breakup of MGM Mirage.

nhl in vegas, eh?

This is a big deal to a hockey fan like me. From ESPN.com

NHL awards show moves to Las Vegas

NEW YORK -- The NHL is moving its annual awards show from Toronto to Las Vegas.

Part of a three-year deal with the Las Vegas Convention and Visitors Authority announced Friday, this year's show will be held June 18 at the Palms Hotel.

"Las Vegas specializes in shining the spotlight on outstanding performers," NHL commissioner Gary Bettman said. "It's innate energy offers an exciting setting for our celebration of excellence."

the strip for sale?

Could the current recession spur a return to individual-owned Strip resorts? One former casino owner (and soon-to-be owner of Treasure Island) seems to think so.

From LasVegasNow.com:

One Casino Does Well, Despite Recession

(Phil Ruffin) believes his pending purchase of the Treasure Island is a great long-term investment, citing its attractive selling price of $775 million, its premier location on the Strip, its recent renovation, and its lack of debt.

In fact, Ruffin says debt is what's doing in the Strip's corporate conglomerates right now, "The problem is all that debt that is just piled on. They can't pay the debt service so all the banks are going to have to restructure that debt."

Ruffin says that will likely mean a dilution of ownership and a return, in part, to days past in Las Vegas, where there were more individual casino owners and a more personal touch, "You got a lot more personal attention. The owner was right there on the property and could make instant decisions. That's why I'll have my office located inside the TI." Read more.

Am I the only one who noted the irony of a casino being in debt up to its own eyeballs? Seriously! These places are licenses to print money! I digress.

I'll be interested to see if Harrah's and MGM-Mirage sell off any properties during the economic downturn. It's no secret Las Vegas is hurting right now. You don't even have to listen to Phil Ruffin talk of it. I know people on the front lines in Las Vegas and they'll tell you it's slow right now. Everyone's in survival mode.

I'd like to think it'll get better before the end of the year, but that's looking less and less likely.

I wonder if you'll see more folks like Phil Ruffin and Steve Wynn out there this year; individuals who want to own a piece of the Strip. Now may be the time for some prime real estate in the desert.