boyd creating distance from echelon?

Telling, telling quote from Boyd Gaming's third quarter results statement:

Based on our current outlook, we do not anticipate that Echelon will resume construction for three to five years.

While Boyd claims to be committed to a Strip presence, their actions show all they're committed to is a dormant construction site. Unless, of course, they plan to divest from the project and look to purchase another Strip property. It would only surprise me because Boyd has never shown much interest in owning one of the larger Strip properties. But given MGMMirage's financial woes and all-in strategy with CityCenter, perhaps Boyd (or someone) could purchase a property on the cheap.

citycenter: game changer or sinking ship?

I don't know of too many casinos that can make up a $4 billion shortfall overnight. From the Las Vegas Review Journal:

THE STRIP: CityCenter valued below cost
MGM Mirage: Half-stake in project worth $2.44 billion

By HOWARD STUTZ
CityCenter is worth about half of what it cost MGM Mirage and Dubai World to build the massive Strip development, according to third-party valuation specialists.

In a statement to investors Tuesday, in which MGM Mirage said it was writing down more than $1 billion related to CityCenter, the company estimated the value of its 50 percent ownership in CityCenter at approximately $2.44 billion. The project's total construction budget is $8.5 billion.

"This decision and related market conditions led to the conclusion that the carrying value of the residential inventory is not recoverable," MGM Mirage said in a statement.

MGM Mirage said CityCenter was required to have unnamed third parties review its residential inventory for impairment because of the company's decision to reduce the cost of project's 2,400 residential condominiums by 30 percent.

Also, MGM Mirage's largest shareholder, billionaire Kirk Kerkorian, hinted he might divest himself from the company. Read more.

MGM Mirage
CityCenter

a one-way ticket to vegas.

It's official. I'm moving to Las Vegas. After years of pondering, planning and thinking about it, it's now a reality.

I will be embarking on the cross-country journey on or around 9 Nov 09 and reporting for my first day of work in the desert on 16 Nov 09.

I'm excited. I'm nervous. I'm ready to get this show on the road.

Stick around for more dispatches from the desert.